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Fenox VC Officially Launches Startup World Cup 2018 Together with BEKRAF

Fenox Venture Capital Inc.
2017-06-14 11:19 2206

JAKARTA, Indonesia, June 14, 2017 /PRNewswire/ -- Fenox Venture Capital is officially launching the Startup World Cup 2018 today. In Indonesia, Fenox and BEKRAF are working together to empower the country's startups through a global platform. Through this competition, Fenox would like to deliver opportunities from Silicon Valley to Jakarta.

The Startup World Cup is a series of global conferences and competitions with the goal of bridging startup ecosystems worldwide, while also encouraging the most talented entrepreneurs to battle for the glory of winning the Startup World Cup. There will be 30 regional events across North America, South America, Europe, Africa, Asia, and Australia, leading up to the Grand Finale in Silicon Valley. This is the first ever event of its type, organized by Fenox Venture Capital, a Silicon Valley-based global VC firm.

"With innovation happening all over the globe, we want the Startup World Cup to reach entrepreneurs in all major regions of the planet. Through this competition, we are looking forward to selecting the best startup that can represent Silicon Valley, especially in Indonesia," said Chris Abshire, Executive Director, Startup World Cup 2018 at the competition's kick-off.

Abshire added that this year's competition is planning to double the size of its outreach and double the number of entrepreneurs from Asia, Africa, Europe and America while helping foster innovation and entrepreneurship. Compared to last year, this year will have 30 regions. The figure is double from last year. "We believe that the entrepreneurship spirit is expanding. The ecosystem is growing, we believe that there is an enormous potential for entrepreneurs and with the right treatment, mentor and opportunities that we offer, and this will enhance the ecosystem of startups and significantly impact the growth of the economy, particularly in Indonesia," added Abshire.

Retno Dewati, SEA Regional Manager Fenox Venture Capital shared that Fenox sees Indonesia as more ready and open toward the startup industry. Since its first investment in 2014, Fenox has already invested in more than 25 companies across SEA with 70 percent of which from Indonesia. One of the investments from Fenox is the creation of the accelerator program that will help Indonesian entrepreneurs grow and scale up their business.

"We have already made 12 investments from two batches of the accelerator and are now opening the third batch to find another 6-10 companies to be invested in and receive intensive training from Fenox. We hope to close at least 10 deals by this year," added Dewati.

Fenox also believes that this is the time to expand and create a stronger ecosystem of startups in Indonesia.  As part of the creative industry era, Fenox is working together with BEKRAF for the Startup World Cup this year. "We believe that Indonesia is one of the potential markets where startups can grow. We have a high number of potential creative industry, and as a venture capital, we are willing to offer the opportunity to all startup players, together creating a great ecosystem of startups," said Dewati.

Triawan Munaf, Head of BEKRAF add that the number of startup players in Indonesia continues to rise, along with the growth in digital and internet penetration. From BEKRAF's point of view, this competition is the opportunity for the creative industry to grow.

"Through the Startup World Cup, I believe that together with Fenox, we would be able to find the potential entrepreneurs and bring them to the next level. It is not only about offering the opportunities to grow, but also about elevating the trust of Indonesians that the startup ecosystem is one of the best ways to grow the economy. From my end, to all developers and startup players in Indonesia, keep your spirits high, stay positive and stay creative. Believe in our own capabilities to secure trust from the global community," said Munaf.

As a world-class competition, the Startup World Cup will deliver a glorious experience. This also happened to last year's runner up, Ahlijasa, who had one of the best startups in Indonesia. "The Startup World Cup was a wonderful experience for our team. It was a good opportunity to get feedback on our business model by speaking to so many experienced judges and investors. We also managed to benchmark our business and exchange notes with other startups at the national and international levels. The exposure that we received has also opened many doors for us. We were introduced to so many potential business partners and investors," shared Jayawijaya Ningtyas -- CEO of Ahlijasa.

The Startup World Cup 2018 is officially launched in Indonesia. This program will have roadshows in eight cities starting from July 16 to August 12 in Bandung, Medan, Yogyakarta, Surabaya, Balikpapan, Bali, Makassar, Batam. These cities represent all the creative industry and startups in Indonesia from the west to the east.

"We believe that the Startup World Cup 2018 will lift the spirit of entrepreneurship in Indonesia and strengthen the startup ecosystem. As for 2017, we hope to see many startups close funding. And we believe Indonesia is the largest market for the startup ecosystem. That is why we choose Indonesia for the Startup World Cup Southeast Asia regional final due to its potential," concluded Dewati .

About Fenox Venture Capital Inc.

Fenox Venture Capital is a Silicon Valley-based venture capital firm founded by an exceptional team of seasoned entrepreneurs and proven international business leaders. We work with emerging technology companies across the world and specialize in helping entrepreneurs achieve global expansion into North America, Asia, the Middle East, and Europe. Our 60+ person team operates out of offices across eight different countries, including Japan, Indonesia, and South Korea, and offers a wide range of domain expertise.

Contact editorial:

Iriel Parmato Henry
+62 818 870 305 / 081 1985 1911
khairil.henry@edelman.com

Retno Dewati
retno@fenoxvc.vom

Source: Fenox Venture Capital Inc.
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