To support web3 startups in SEA, Finch Asia, IndoGen, Tokocrypto execs announced Cydonia Fund

Finch Asia and IndoGen Capital have teamed together to form Cydonia Fund, which will invest in pre-seed through Series B web3 firms in Southeast Asia.

Top Tokocrypto (Indonesia-based crypto exchange) executives Teguh Kurniawan Harmanda, Chung Ying Lai, and Nanda Ivens are among the important blockchain figures that have joined Cydonia Fund.

“Cydonia Fund will focus on growing the web3 ecosystem here and beyond, supporting the likes of TokoLabs by Tokocrypto portfolio (the exchange’s startup empowerment programmatic arm),” said Ying Lai, an advisor to the fund.

IndoGen will enlist the assistance of its whole ecosystem, including Jababeka, Mahaka Media Group, and the Japanese Trade Organization, as part of the arrangement (JETRO). IndoGen manages two funds, each with over 25 firms in its portfolio, including unicorns (Carsome, Shipper, Aruna, Evos, and Travelio).

“We are confident that this collaboration will take Cydonia Fund to the world stage. The size of the fund is significant; imagine around 40-50 portfolios of diverse stages,” said Chandra Firmanto, Managing Partner of IndoGen.

Finch Asia is a global venture capital firm with about $400 million in assets under management. It has made noteworthy investments in Grab, AyoConnect, Tada, Cermati, and Jojonomics as an active fund.

Tokocrypto is a well-known cryptocurrency exchange. Since its launch in September 2018, the exchange claims to have amassed over 2.5 million registered users under the guidance of Harmanda, Ivens, and Lai. It became Indonesia’s first regulated crypto-asset exchange in November 2019.

“Like many other ventures, we began as a startup until we could finally stand firm and secure our position in the rapidly developing web3 sector. We’re excited to see more players appearing in the blockchain scene in the region and provide all the support we can give as experts in the field,” said Lai.

“By collaborating with Tokocrypto execs, Cydonia Fund seeks to participate in discovering the latest web3 adoption, and in doing so, leveraging Tokocrypto Execs’ first-hand experience and expertise as key figures in the development of the web3 landscape in Indonesia. We saw similar collaborations happening on the other side of the world, such as the one initiated by FTX, Solana Ventures, and Lightspeed Venture Partners in the US in 2021. Very few VCs have built a strategic relationship with the leading crypto exchange as the domain expert,” said Hans de Back, Managing Partner of Finch Asia.