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Indonesian shoe brand raises funding from state-owned BRI

Brodo to strengthen supply chain network to help deepen market penetration

Brodo launched in 2010 with leather-based footwear as it sought to fill the gap between local and international shoe brands.    © Reuters

KUALA LUMPUR -- Indonesia's first locally-incorporated, Indonesian Financial Services Authority-licensed venture capital vehicle Sembrani Nusantara Fund, which is managed by BRI Ventures, announced on Monday that it has led a series A funding round in shoe brand Brodo. The funding amount was not disclosed.

BRI Ventures is a corporate venture capital company under Indonesia's state-owned BRI Group, the largest microfinance institution in the world, Indonesia's biggest digital bank and the nation's largest SME lender. 

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