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

Amvesindo Chairman William Gozali explained that whilestartup investments in Indonesia experienced a decline in 2017, the numbercontinued to rise between 2018 and 2019.

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

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

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

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

Notably, Kopi Memories received a large amount of newfunding with an investment of 109 million USD, followed by Kargo Technologies with funding of 31 million USD, Gudang Ada's 25.4 million USD, Investree23.5 million USD, Koinworks 20 million USD, and Shipper 20 million USD./.