66 Organisations and Individuals who shape the social enterprise and impact investment in Indonesia (2019 Edition)


October 1, 2019

5 min read

The landscape of social entrepreneurship and impact investment in Indonesia keeps evolving. While more are contributing to the Sustainable Development Goals (SDGs), some have become less active or even left our ecosystem. With fragmented information, newcomers (international or domestic) often find it challenging to map out key players in the space.

To navigate through this dynamic environment, ANGIN has released an update on the list (available in English and Bahasa) of organisations and individuals who are highly contributing to the development of the Indonesian social entrepreneurship and impact investment space. This list is a follow up to our 2018 research which received tremendous enthusiasm from many types of audience.

This article aims to serve as a starting point to bring more clarity on the impact investment and social enterprise ecosystem. In identifying key players in this space, we broadened our definition of impact. Many organisations may have contributed to the SDGs without labelling themselves as an impact/social player. Nonetheless, they provide capital, job opportunities, connections, and other resources to sustain the impact creation. Let’s elaborate on some of the categories here.

Impact Investors

Impact Investors aim for both financial returns and impact outcomes. While not the most active category of investors in financing the Indonesian SDGs, they have solid access to pipelines, some have deep expertise in certain verticals (e.g. agriculture, education, healthcare). We observe key impact investors who have been more in Indonesia active this year. They include SEAF who now has a new representative in Indonesia and IIX who has recently invested in Krakakoa.

Venture Capitalists (VC)

By solely looking at capital deployment in social enterprises, VCs are the biggest capital provider for businesses that create direct and indirect impact. Some VCs (e.g. Alpha JWC, East Ventures, and Agaeti) have supported the rising social enterprises, or impact ventures who actually contribute to the SDGs, from edutech startups (e.g. RuangGuru), SMEs enablers (e.g. Warung Pintar and Wahyoo), to a renewable energy startup (e.g. Xurya). Their efforts in creating new champions, injecting best practices in a new impact investment industry (several lead rounds and impact investors follow) and supporting their portfolio have been acknowledged by social enterprises themselves.

Startup Assistance Organizations (SAOs)

Here we include incubators, accelerators, and programs designed to help startups and SMEs. Ranging from early stage incubators (e.g. SIAP) to programs dedicated to help scale up the business (e.g, Endeavor and Instellar), these organisations are varied in structure, target demographics, and mandates. They are a great resource to identify driven entrepreneurs that take the extra step of committing extra time and resources to hone themselves and their ideas. Check out ANGIN’s research on the SAO in Indonesia.


During our journey, we have met so many inspiring entrepreneurs and we see more joining the industry.  We featured some of the most admirable and accomplished Indonesian impact and social entrepreneurs. They have provided the industry with great success stories and invaluable insights in a specific topic, such as agriculture value chain, impact investment, and last-mile technology. 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 in which we conceptualise social impact and analyse 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

Private corporations are demonstrating greater contribution through strategic corporate social responsibility (CSR) efforts or business development programs. With extensive resources, media influence, and potential synergy within their network, these companies help social entrepreneurs to showcase their work and develop innovative ideas. Some of them co-organise programs to support entrepreneurs (e.g. DBS, Telkomsel), some provide funding under their investment arms (e.g. Salim Group, Astra) and others launched new products to channel the philanthropic fund (e.g. Principal Asset Management).

Tech giants

This is a new category in our list as we could not miss their contribution to the Indonesia SDGs. Their efforts around procurement, suppliers, vendor training and access to market (sometimes finance) are note-worthy. These unicorns (i.e. Gojek, Tokopedia, and Bukalapak) have supported SMEs, train talents and been an inspiration for the next generation of social entrepreneurs.

By providing you with key trends and go-to players, we hope new entrants will see this as a starting point to explore the Indonesian market. Read the full report to identify your touch points today!