Fintech-focused VC firm Finch Asia and Indonesian investor Indogen Capital have launched a Web3-focused fund for Southeast Asia called Cydonia.
The investment vehicle is led by representatives of both VC firms, as well as partners Teguh Kurniawan Harmanda and Chung Ying Lai – the chief operating officer and chief strategy officer of Indonesia-based crypto exchange Tokocrypto, respectively. Nanda Ivens, Tokocrypto’s chief marketing officer, also joined the fund as an advisor.
In a statement, the partners said that Cydonia is the first international Web3 fund from Indonesia. It will primarily invest in pre-seed to series B startups.
Founded in 2018, Tokocrypto currently has more than 2.5 million registered users. It became the first Indonesian regulated crypto asset exchange in 2019.
Earlier this year, the crypto firm launched the first blockchain-focused accelerator in the country in partnership with BRI Ventures.
Indogen Capital is an Indonesian VC that is backed by property company Jababeka, media conglomerate Mahaka Media Group, and the Japanese Trade Organization. It has invested in 25 companies and had exits from prominent startups such as Carsome, Shipper, Aruna, Evos, and Travelio.
Meanwhile, Finch Asia is a fintech-focused firm that has US$400 million in assets under management. Its portfolio includes the likes of Grab, AyoConnect, and Tada.