Insurance Technology Funding - Indonesia

Indonesia insurance technology sector saw the largest funding in the first half of the year (H1 2024) with $47m. To compare, the same period last year saw $7.5m in funding. Other than insurtechs, fintech and enterprise applications emerged as the top-performing sectors in H1 2024. Despite these sector successes, no new unicorns were created in H1 2024, in contrast to one unicorn in the same period last year.

Fintech - startups in Indonesia raised $128m in H1 2024, a 61% plunge from $329m in H1 2023. Enterprise applications witnessed a 56% decline in funding, to $45.1m from $104m in H1 2023.

Globally, Indonesia ranked 29th in funding, demonstrating resilience amidst global economic challenges. The total funding raised by the Indonesia tech startup ecosystem amounted to $191m, reflecting a 79% decline from $918.3m in H2 2023 and a 64% decrease from $526m in H1 2023, highlighting the evolving investment climate.

Funding patterns at various stages showed distinct trends. Seed-stage funding reached $26m, a 42% decline from $45m in H2 2023 and a 27% decrease from $32m in H1 2023.

Cautious Sentiment - Early-stage funding totaled $113m, a 42% drop from $148m in H1 2023. Late-stage investments stood at $52.2m, a significant 92% decrease from $681m in H2 2023, reflecting cautious investor sentiment in later-stage ventures.

Jakarta led in city-wise funding in the first half of 2024, followed by Yogyakarta and Bandung. Tech startups based in Jakarta raised $185m, far ahead of those based in Yogyakarta ($3.5m) and Bandung ($2.5m).

Despite challenges, Indonesia's tech startup ecosystem remains vibrant and adaptive, supported by strategic investments and sectoral diversification.