Jakarta (VNA) - The Indonesian venture capital (VC) firms’ association (Amvesindo) announced that Indonesian startups had lured 1.9 billion USD in funding through 52 funding rounds by the end of the third quarterof 2020.

Amvesindo Chairman William Gozali explained that while startup investments in Indonesia experienced a decline in 2017, the number continued to rise between 2018 and 2019.

Startup companies in the country lured 2.9 billion USD of investment in 2019, higher than 1.4 billion USD in 2018.

He held that in 2020, the investment will reach about 2 billion USD, lower than that in the previous year.

Along with impacts of the COVID-19 pandemic, he held that funding circulation is another reason behind the decrease, adding that the number of transactions will continue to rise in the rest of the year.

Gozali said by the end of September this year, financial technology (fintech) startups ranked first in funding attraction with eight transactions, Edutech with six transactions, Software as a service (SaaS) with six transactions, retail with five transactions, and logistics and e-commerce, four.

Notably, Kopi Memories received a large amount of new funding with an investment of 109 million USD, followed by Kargo Technologies with funding of 31 million USD, Gudang Ada's 25.4 million USD, Investree 23.5 million USD, Koinworks 20 million USD, and Shipper 20 million USD./.