Startup Fund for Outsiders Accidentally Invests in Another Insider
VC firm launches fund for fresh faces, invests in someone with three unicorn logos on his CV.
JAKARTA — Leading venture capital firm Merdeka Capital today announced the successful deployment of its new $35 million microfund, specifically designed to support so-called "non-obvious founders."
Within hours of launch, the fund’s first investment was completed: a $1.2 million pre-seed round for a startup led by Aditya R., a Jakarta-based former VP at GoJek, INSEAD graduate, and two-time Y Combinator applicant.
“We really believed we were funding someone different this time,” said Amira L., general partner at Merdeka Capital. “His LinkedIn photo looked like it was taken in a kampung. Turns out it was just Ubud.”
Merdeka Capital’s internal due diligence team confirmed that Aditya had briefly experimented with growing out his facial hair and switching his profile description to “Community Builder in Informal Market Networks.” These changes were mistakenly interpreted as indicators of “grassroots authenticity” and “on-the-ground lived experience.”
The new fund had been launched under the theme #BeyondTheBubble, featuring keynote speeches from government ministers and a panel titled “Redefining Founder DNA: Investing in People Who Don’t Look Like Us.”
The commitment to backing “non-obvious founders” was central to the firm's strategy to meet emerging ESG and DEI mandates from LPs based in Tokyo and Singapore.
“We were very intentional this time,” said Andre S., a senior associate. “We filtered out any CVs with Ivy League MBAs, GoTo, and McKinsey. Somehow Aditya slipped through because he wrote ‘non-traditional background’ on his slide. Later we realized he meant he once took a year off to ‘find himself.’”
Merdeka Capital has since taken corrective measures, including adding a new checkbox on its founder pipeline CRM. The firm has also initiated a new “KYC” process, which includes a requirement for at least one family member of the founder to have sold something in a traditional market, or used a feature phone in the last five years.
Despite the misfire, optimism remains high inside Merdeka Capital.
Aditya’s startup, PasarChain, is building a “decentralized trust infrastructure for hyperlocal commerce.” Aditya has assured investors that although his background includes senior leadership roles at three tech unicorns, he now feels spiritually aligned with the warung economy after a recent breathwork retreat in Uluwatu.
“At the end of the day, founders are fluid,” said Amira. “Just because someone was elite, doesn’t mean they feel elite anymore. What matters is that he’s passionate. And willing to change his LinkedIn banner.”
Meanwhile, genuine non-obvious founders remain largely unfunded.
“Yeah, I saw that announcement,” said Siti, a market stall owner and self-taught credit risk manager in Surabaya who runs a 50-person informal supply chain over WhatsApp. “I applied to a VC once. They said I needed a deck, traction, and a warm intro. I have receipts, margins, and 18 cousins who swear by me. But apparently that’s not scalable.”
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