SINAR Mas Land launched the Urban Gateway Fund (UGF) as an early stage fund for investment in start-up companies engaged in urban planning development. Sinar Mas Land runs UGF in a strategic partnership with East Ventures, Redbadge Pacific, and Prasetia Dwidharma to support start-ups that focus on the urban life and proptech sectors. South Korean developer GS E&C will also be one of UGF’s investors and strategic partners in a long-term partnership with Sinar Mas Land in Indonesia.
There are six main sectors in urban living technology that will be the focus of the Urban Gateway Fund. These sectors are fundamental needs for future urban development, including mobility and transportation, property technology, data analysis and AI (artificial intelligence), Omni-channel retail (physical and online retail management), sustainable resource management, and smart city tech. Acceleration in the six sectors is expected to meet the needs of urban development for future generations.
UGF will provide access to the smart city ecosystem in BSD City and other Sinar Mas Land ecosystems through three stages. First, UGF provides a pilot platform and facilitates investment recipients to integrate their ideas/prototypes into the dynamic Sinar Mas Land community. Second, UGF provides various supports for investment recipients to incubate and validate solution options in urban planning development. Third, UGF also provides the best opportunity for investment recipients to collaborate with Sinar Mas Land leaders in city development and property management.
Sinar Mas Land Group CEO Michael Widjaja said in an effort to transform BSD City into an integrated smart digital city, his party opened up opportunities for start-ups to provide ideas and solutions that enrich the city’s ecosystem. “UGF provides financial support and opportunities for potential start-ups to test their solutions. We hope that the results of the innovations that will be presented will be enjoyed and improve the quality of life of the wider community,” said Michael.
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Co-Founder & Managing Partner of East Ventures Willson Weather said several years ago when Michael Widjaja expressed his vision to transform BSD City into a progressive digital city, his party immediately supported and worked together to realize this vision. East Ventures will continue to support digital innovation in Indonesia with BSD City as a living lab to implement innovations from its ecosystem.
Timothy Yong, Managing Partner of Redbadge Pacific, explained that BSD City has an ecosystem and a captive market that can not only encourage the growth of startups in the proptech and urban fields, but can also encourage the presence of other start-ups. Start-up companies will certainly take advantage of the opportunity to create the BSD City ecosystem, which is a leading development in Indonesia. Strategic support and a real ecosystem, he continued, are important for proptech activists and start-up companies to be able to develop at an early stage.
CFO of Prasetia Dwidharma, Ardi Setiadharma, added that his party is collaborating with Sinar Mas Land in the Escalate accelerator program. Both companies support start-ups to grow in the Sinar Mas Land ecosystem. UGF can be the right tool for Escalate’s best graduates who provide technology development for the advancement of smart cities. “We are excited to be present with UGF to enable more local start-ups to showcase their technology and solutions, even to guide them to become leaders in Indonesia and Asia. (RO/OL-14)