Spiral Ventures

Spiral Capital LLP is a Tokyo-based venture capital firm that focuses on investments across various stages, including seed, early, mid, and late-stage companies. Established in 2015, the firm primarily targets sectors such as healthcare, industrials, transportation, logistics, and emerging technologies, which encompass artificial intelligence, the Internet of Things, and blockchain. Spiral Capital seeks investment opportunities in East Asia and Japan, emphasizing the potential of innovative startups and growth-oriented enterprises. The firm has evolved from its previous identity as Spiral Ventures Japan LLP, reflecting its commitment to fostering technological advancements and supporting entrepreneurial initiatives within the region.

Irawan Ganda

Principal and Head of Southeast Asia

Ryuusuke Hirota

Partner

Yuji Horiguchi

Founder, CEO and Managing Partner

Sujit Kunte

Partner and Head of India

Akitomo Naoi

Senior Associate

Tomokazu Okuno

Representative Partner

Shuzo Ueki

Associate

Past deals in Indonesia

UangTeman

Series B in 2019
UangTeman is an online lending service that specializes in providing instant short-term microcredit to consumers in Indonesia. Founded in 2014, the company offers unsecured loans of up to 3.5 million Rupiah, which can be borrowed for a maximum period of 30 days. UangTeman's platform is designed to deliver accessible online financing as an alternative to traditional lending models used by banks and other financial institutions. The service is available in various regions across Indonesia, including Greater Jakarta, Yogyakarta, Bandung, and Surabaya, among others. By focusing on quick and reliable loan access, UangTeman caters to the financial needs of individuals seeking immediate funding solutions.

Carsome

Series B in 2017
Carsome Sdn Bhd is an online platform that facilitates the sale of used cars by connecting customers with dealers across Malaysia and beyond. Founded in 2015 and headquartered in Petaling Jaya, the company offers a comprehensive suite of services that streamline the car-selling process, including vehicle inspection, valuation, bidding, payment, and logistics. Customers can sell their vehicles quickly and efficiently, often within a day, without incurring any fees. In addition to its core selling platform, Carsome also provides curated options for buyers seeking pre-owned vehicles. The company has expanded its operations to include markets in Indonesia, Thailand, and Singapore, enhancing its regional presence and accessibility.

SwipeRx

Series A in 2017
mClinica develops mobile platforms that strengthen the pharmaceutical supply chain, generate data, improve patient adherence to medication, and build the capacity of the pharmacy workforce. Since 2017, mClinica has connected 150,000 pharmacy professionals and 40,000 pharmacies through a single digital channel. Their users reach approximately 150 million patients each month. mClinica currently operates across Indonesia, Philippines, Vietnam, Cambodia, Thailand, Malaysia, and Singapore with capacity for expansion. Their team is composed of over 120 team members including experts in public health, data science, and pharmacy. mClinica is supported by impact investors like the Global Innovation Fund (backed by USAID, UKAID, DFAT, Swedish Government, and the Omidyar Network) and Patamar Capital (formerly Unitus Impact) as well as other investors from the US, Europe, and Asia. mClinica implements projects both digitally and on the ground to connect the world’s pharmacies and transform global health. mClinica follows a social enterprise business model in which they seek double-bottom line returns – maximizing both financial returns and social impact. mClinica’s rapid growth and success is increasingly recognized. mClinica was the recipient of the Data Driven Apps Award of the World Government Summit in 2019, USAID-FHI360 Data for Resilience Award, Pierre Fabre Foundation Prize for eHealth Innovation, and Hack Osaka. The company has consistently been recognized as one of the most innovative startups in healthcare in Asia Pacific.

Kudo

Series B in 2016
Kudo is an Indonesian technology company founded in 2014, based in Tangerang, that focuses on enhancing the e-commerce and payment markets in Indonesia. It develops a platform that integrates offline and online shopping experiences by installing kiosks in various locations such as malls, universities, and convenience stores. These kiosks enable customers to purchase game vouchers, discount vouchers, and cellphone balances without the need for credit cards. Kudo's team comprises skilled professionals with backgrounds in prominent global technology and management consulting firms, contributing to its innovative approach in the sector. In 2017, Kudo was acquired by GP Network Asia Pte. Ltd., further expanding its capabilities and reach in the market.

Orori

Series A in 2016
PT. Orori Indonesia operates a jewelry e-commerce platform that specializes in gold, diamonds, and various other jewelry items. Founded in 2004 and based in Jakarta Pusat, Indonesia, the company also provides customers with the option to invest in gold bars. ORORI emphasizes transparency by displaying detailed information about its products, including original dimensions, ensuring that customers receive exactly what they see online. The platform aims to simplify the jewelry shopping experience, making it accessible and convenient for individuals with busy lifestyles.

Coda

Series A in 2016
Coda Payments Pte Ltd. is a Singapore-based company that provides mobile payment solutions for online digital content and services, primarily targeting emerging markets. Established in 2011, Coda enables digital content providers to monetize their offerings through a variety of payment channels. The company is known for its integration with popular gaming titles such as PUBG Mobile and Call of Duty: Mobile, as well as streaming services like beIN and Bigo Live. Users can make payments through its platform Codapay, which offers direct carrier billing and access to a wide network of alternative payment options. Additionally, Coda operates Codashop, a platform frequented by over 11 million users monthly for topping up games and services. The company collaborates with various e-commerce, telecommunications, and super app partners to enhance access to premium digital content. Coda Payments serves clients across numerous countries, including Indonesia, India, Brazil, and Egypt, and maintains a presence in Singapore, Jakarta, and Bangkok.

AsmaraKu

Seed Round in 2016
AsmaraKu.com really understand your goals as suppliers (suppliers). As a pioneer of unique E-commerce market in Indonesia, They can provide a great opportunity for you to use the services of online sales and distribution facilities to reach Their customers the most appropriate for you.

Fabelio

Series A in 2016
Fabelio is a design-centric e-tailer operating in Indonesia and soon in entire South East Asia. They partner with the best designers in Indonesia to create original designs and they work closely with the best factories to manufacture good-quality products at attractive prices. At fabelio they focus on furnishing happiness.

Kata.ai

Seed Round in 2015
Kata.ai is an Indonesian company specializing in conversational artificial intelligence, aimed at enhancing the interaction between humans and machines. Utilizing advanced natural language processing technology, Kata.ai develops intelligent chatbots for various industries, including fast-moving consumer goods and telecommunications, serving notable clients such as Unilever and Telkomsel. The company's proprietary Kata Bot Platform allows businesses of all sizes to create customized chatbots for popular messaging channels, facilitating automated conversations and improving customer engagement. Established in 2015, Kata.ai has forged partnerships with major corporations like Microsoft and Accenture, and in 2017, it secured Series-A funding led by Trans-Pacific Technology Fund.

Fabelio

Seed Round in 2015
Fabelio is a design-centric e-tailer operating in Indonesia and soon in entire South East Asia. They partner with the best designers in Indonesia to create original designs and they work closely with the best factories to manufacture good-quality products at attractive prices. At fabelio they focus on furnishing happiness.

Kudo

Series A in 2015
Kudo is an Indonesian technology company founded in 2014, based in Tangerang, that focuses on enhancing the e-commerce and payment markets in Indonesia. It develops a platform that integrates offline and online shopping experiences by installing kiosks in various locations such as malls, universities, and convenience stores. These kiosks enable customers to purchase game vouchers, discount vouchers, and cellphone balances without the need for credit cards. Kudo's team comprises skilled professionals with backgrounds in prominent global technology and management consulting firms, contributing to its innovative approach in the sector. In 2017, Kudo was acquired by GP Network Asia Pte. Ltd., further expanding its capabilities and reach in the market.

Pricebook

Series B in 2015
Pricebook Co., Ltd. is a company based in Indonesia that provides a shopping search engine focused on gadgets for consumers in Southeast Asia. The platform aims to bridge the information gap between consumers and businesses by offering comprehensive price comparison services. Through its search engine, Pricebook aggregates product information, including reviews, specifications, and availability in both online and offline stores. This enables customers to make informed purchasing decisions by easily comparing products and prices across various retailers. The company is positioned to capitalize on the rapidly growing e-commerce market in the region, striving to become the leading platform for online shoppers.

SwipeRx

Seed Round in 2014
mClinica develops mobile platforms that strengthen the pharmaceutical supply chain, generate data, improve patient adherence to medication, and build the capacity of the pharmacy workforce. Since 2017, mClinica has connected 150,000 pharmacy professionals and 40,000 pharmacies through a single digital channel. Their users reach approximately 150 million patients each month. mClinica currently operates across Indonesia, Philippines, Vietnam, Cambodia, Thailand, Malaysia, and Singapore with capacity for expansion. Their team is composed of over 120 team members including experts in public health, data science, and pharmacy. mClinica is supported by impact investors like the Global Innovation Fund (backed by USAID, UKAID, DFAT, Swedish Government, and the Omidyar Network) and Patamar Capital (formerly Unitus Impact) as well as other investors from the US, Europe, and Asia. mClinica implements projects both digitally and on the ground to connect the world’s pharmacies and transform global health. mClinica follows a social enterprise business model in which they seek double-bottom line returns – maximizing both financial returns and social impact. mClinica’s rapid growth and success is increasingly recognized. mClinica was the recipient of the Data Driven Apps Award of the World Government Summit in 2019, USAID-FHI360 Data for Resilience Award, Pierre Fabre Foundation Prize for eHealth Innovation, and Hack Osaka. The company has consistently been recognized as one of the most innovative startups in healthcare in Asia Pacific.

8villages

Convertible Note in 2013
8villages is a social network specifically designed to enable efficient marketing in rural, developing countries. It offers corporate clients and public partners mobile (SMS, voice) and web solutions to better engage and dialog wit rural consumers.

99.co

Series A in 2013
99.co operates an online real estate marketplace for buying and selling properties in Indonesia. It serves homeowners, buyers, sellers, and real-estate agents. The company was formerly known as UrbanIndo. 99.co was founded in 2011 and is based in Bandung, Indonesia. As of January 21, 2018, 99.co operates as a subsidiary of 99 Pte Ltd.
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