Hello reader, With roughly 13,400 islands, I'm pretty sure I'm not the only Indonesian who hasn't come close to seeing the whole country. Some places I haven't been to yet are Sumatra and Borneo, the latter being the site of Indonesia's planned new capital. But this isn't a story about tourism. What many people may not realize is that cities beyond Jakarta are home to venture capital firms focused on businesses in their own regions. These hyperlocal VCs operate differently from the investors typically associated with Indonesia's startup scene, using their local knowledge to finance businesses that might otherwise struggle to access capital. For today's first Top Story, I spoke with several of these investors, including Padang-based Sumbar Ventura, Banjarmasin-based Kalsel Ventura, and Yogyakarta-based Yogya Ventura. I look at how these firms operate, what sets them apart from the VCs we're more familiar with, and where they're putting their money. While foreign VCs usually invest through equity, these local players focus more on debt financing, which they see as a better fit for the businesses they serve. Meanwhile, Southeast Asia is seeing growing momentum around robotics startups. Singapore-based LionsBot, for example, has sold more than 1,000 units of its flagship cleaning robot since its launch in April. The company is targeting EBITDA profitability in the second half of 2027 and a potential listing that same year, as it looks to capitalize on growing interest in robotics and AI. My colleague Glenn has the details here. Jofie Yordan, journalist | 
