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Nikhil Kapur
Sr. Investment Manager
GREE Ventures
Enricko Lukman
Co-founder & COO
Content Collision
(Moderator)
Jakob Rost
Co-founder & CEO
Ayopop
Fundraising for the Indonesian market
Perspectives from a foreign VC and a local start-up
FEATURING

Nikhil Kapur
GREE Ventures
Venture Capital Numbers
● 1000 deals/yr on google sheet.
● ~200 Indonesian deals.
● Talking to 4 companies per day.

Two categories of companies:
1. Interesting, let’s dive deeper.
2. No, not for us.
Nikhil Kapur
GREE Ventures

“We limit the number of companies that go
into the interesting category.”
“We look at two to three deals a week, and
take four to eight weeks to be convinced for
investment.”
Nikhil Kapur
GREE Ventures

Nikhil Kapur
GREE Ventures
“Out of 1000 deals, we invest in five
companies.”

‘No’ Signs
“Bad Cap Table; for example, a 20%
shareholder not active in day to day
activities.”
“Too many others to count.”
Nikhil Kapur
GREE Ventures

‘Interesting’ Signs
● Passion
● That there is a “real problem that’s being
solved”.
Nikhil Kapur
GREE Ventures

Attracting Venture Capital
“Are you really solving a big problem and
what are you trying to fix?”
“Show us the problem and what you have
done so far to solve it.”
Nikhil Kapur
GREE Ventures

“Get references.”
“I look at cold emails, but I don’t respond to all
of them. Something needs to shine a lot.”
Nikhil Kapur
GREE Ventures

“Get a right advisor, someone who has been
in the ecosystem.”
“They can give recommendations, contacts
etc.”
Nikhil Kapur
GREE Ventures

Biggest Challenges
“Building a business with a million users that
are still around 5 years later.”
“Startups are all about challenges, that’s what
we do; solve challenges.”
Jakob Rost
Co-Founder
Ayopop

Biggest Challenges
“Product type, convincing investors to invest,
convincing talents to come aboard,
partnerships with big companies.”
“Startups can be very stressful and can show
you who is able to stay.”
Jakob Rost
Co-Founder
Ayopop

Copycat Startups
“I don’t like the term copycat. If competition
exists, then there’s a demand for it. It
depends who can fulfill demand with creativity
and efficiency.”
Jakob Rost
Co-Founder
Ayopop

Copycat Startups
“It’s not about who entered the market first,
it’s about who can convince the customers
that they are better.”
Jakob Rost
Co-Founder
Ayopop

How to Start an e-Commerce
“If you really believe in it, just try. Doesn’t
matter if we invest (or) someone else invests.
If it does solve a problem and you’ve built a
strong team then why not try?”
Nikhil Kapur
GREE Ventures

How to Start an e-Commerce
“Try it on the side. If you have passion then
you can find time on the weekends / part time.
Get the first customer that believes in you.
Get test data on the side. Focus on the team
and fill out the skillset.”
Jakob Rost
Co-Founder
Ayopop

Early Startup Stages
“We invest in lines, not points.”
“If VCs say you’re ‘too early’, then they want
to see more data points.”
Nikhil Kapur
GREE Ventures

Early Startup Stages
“Don’t look at the numbers by themselves,
look for the development of them over a
period of time.”
Jakob Rost
Co-Founder
Ayopop

Differences in Investors
“Difference is between insitutional investors
and just rich investors. There's a process in
institutions. Good from a founders'
perspective because it makes sure you've
thought about these things. It's gift for early
startups.”
Jakob Rost
Co-Founder
Ayopop

Valuations Negotiation
“Valuation is more art than science and
depends a lot on negotiations. if you have the
luxury of 2 or 3 investors competing for you
then you get a better valuation.”
Nikhil Kapur
GREE Ventures

“They have benchmarks: max 30%, usually
20-25% and like to use revenue multiples and
benchmark these revenues against other
companies in the space.”
Nikhil Kapur
GREE Ventures

“ For early companies, it's based on dilution
and how much interest in that market.”
Nikhil Kapur
GREE Ventures

Single-founder vs Co-founder
“I cannot remember investing in a single
founder company. We like to see a strong
balanced team.”
Nikhil Kapur
GREE Ventures

Single-founder vs Co-founder
“Media only focuses on single founders.
single founders get glorified. 99% of startups
have a founding team. Finding a
complementary set is the biggest challenge,
you should spend some time.”
Jakob Rost
Co-Founder
Ayopop

Kopi Chat Da Bao @Block71
Jakarta
A special thanks to everyone who attended
Kopi Chat @Block71 Jakarta and made the
event possible!

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Kopi Chat with Nikhil Kapur from GREE Ventures (Sr. Investment Manager) and Jakob Rost (co-founder & CEO) from Ayopop, moderated by Enricko Lukman (co-founder & COO) from Content Collision

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Kopi Chat with Nikhil Kapur from GREE Ventures (Sr. Investment Manager) and Jakob Rost (co-founder & CEO) from Ayopop, moderated by Enricko Lukman (co-founder & COO) from Content Collision