52 Organizations Who Are Shaping Impact Investment and Social Enterprises in Indonesia


July 24, 2018

5 min read

Summary Points:

  • Leverage financial institutions’ (VCs, impact investing) knowledge and experience to learn about deal pipelines, fundraising, and investment strategies.
  • Partner with government entities and private corporations who are pioneering public-private partnerships in the social entrepreneurship ecosystem
  • Consult with ecosystem enablers—Startup Assistance Organisations (SAOs), co-working spaces, individual figures, think tanks—to figure out where best you fit into the space and what your next steps are moving forward.

Over the past few years, Indonesia’s social entrepreneurship scene has been flourishing. While the country is clearly under the spotlight, few people know how to navigate the market, who to meet, and on which doors to knock.

Knowing that the country ecosystem can be fragmented and challenging for newcomers, ANGIN prepared an article to share a clear list of important organizations and individuals who are shaping the Indonesian social enterprise and impact investment space.

Beyond financing institutions such as venture capitalists and impact investors, we also mapped out other ecosystem enablers such as Indonesian governments, think-tank and research organizations, development organizations, academia, and others which we find to be equally important.

The graphic below highlights the different groups of key players that we have identified. Read our full article here.

Disclaimer: This is ANGIN’s opinion based on our interaction and observations over the past few years. As the list is definitely subjective, the aim of this list is to act as a starting point to bring more clarity on the impact investment and social enterprise ecosystem.

We will continue to fill out this open google database. If you would like to nominate any organization, we also have a form you can fill out.

We’ve included some insights into why a few of these categories matter, and how the work these organizations have done has contributed to the Indonesian social entrepreneurship ecosystem. We believe their work has helped lay the foundation for a bright future in this field as it speeds up and matures over the coming years.

Impact Investors

Impact Investors aim to create value in both financial returns and impact targets. As some of the pioneers in the social enterprise field, with a focus on gender-lens investing, these companies have experience not only in Indonesia, but also in South-East Asia and the rest of the world (Aavishkaar and Patamar Capital are from India and the US respectively). These players took important first steps in mobilising capital towards impact—taking a chance in funding ventures that didn’t have access to regular capital. The four we have selected represent a range of investments in agriculture, tech, education, and have worked to fund startups and businesses that increase access to facilities for rural areas.

Venture Capitalists

While not necessarily the first thing we think of when it comes to financing social enterprises, VCs still play a huge part in financing ventures that have direct and indirect social impact. From funding ecosystem builders such as EV Hive (now Cocowork), to early stage tech companies, VCs have helped grow the entrepreneurship scene in Indonesia. Collectively, these three VCs have at some stage invested in all four of Indonesia’s unicorns, and have stakes in several other upcoming companies. While VCs usually don’t bother with jargon and don’t use the term ‘social enterprise’, they value these metrics when financing ventures. Their efforts in creating pipelines and developing institutional knowledge have brought about strong local and international relationships to develop the vibrant ecosystem in Indonesia.

Startup Assistance Organizations (SAOs)

Ranging from early stage incubators to programs dedicated to help facilitate IPOs, these organizations are varied in structure, target demographics, and mandates. Some provide mentorship programs, while others are incubators that take the smallest ideas and turn them into movements. They are a great resource to identify driven entrepreneurs who take the extra mile to commit extra time and resources to hone their capacity and ideas. Ashoka has been around in Indonesia since 1983, while newer firms like Instellar consolidate years of experience their team has from the industry into a new breed of consulting/incubator company targeted at social entrepreneurs.


Indonesia has housed impact-focused entrepreneurs for more than the last twenty years, and we see more and more entrepreneurs joining the industry every year. These entrepreneurs have provided the industry with great success stories and some of the largest social enterprises in Asia (YCAB). They have also dedicated efforts to encourage future entrepreneurs to create their own social enterprises, and continuously work with the public and private sectors in developing this new wave of enterprises.

Think Tank, Research Organizations

Shaping the way we conceptualize social impact and analyzing current trends, think-tanks and research organizations have developed industry knowledge and advised firms around the world in impact and social entrepreneurship. Their reports and partnerships will provide insights into the ecosystem, and help investors, startups, and other actors develop the fluency they need to achieve larger objectives.

Private Corporations

Here is a list of private corporations that are doing good through significant corporate social responsibility (CSR) efforts. They are one of the key actors in shaping the social entrepreneurship ecosystem, as they allocate resources and their media influence to put social entrepreneurs and innovative ideas under the spotlight. Some of these organizations have awards that highlight founders (the EY Social Entrepreneur of the Year), others offer pro-bono work in developing some of the more renowned organizations (BCG with PLUS) in the country, while some have organized startup competitions that have become centers for displaying the latest ideas (Telkomsel’s TheNextDev).

About Author
David Soukhasing
David Soukhasing Managing Director ANGIN

After a career in Private Equity and startups, David landed in Indonesia in 2013 to manage the accelerator program and investments of a global impact investor supporting high-growth double bottom line companies. He then joined IMJ Investment Partners (Spiral Ventures), one of the most active tech seed venture capitalists in Southeast Asia. Since 2015, David has been leading ANGIN, turning the company from a NGO model to a for-profit model funded by both local angel investors and international funds (500 Startups, Fundedhere).

He is also a Partner at Teja Ventures and consultant for several organizations working with entrepreneurs (e.g. OXFAM, World Bank, UNDP).