Global private equity firm Elixir Capital, based in Silicon Valley, California, has announced an agreement to invest $4.5 million in Bintang Makmur, a small medium enterprise (SME) that is concerned with plastic waste recycling at Solo (Indonesia)
In early 2014, the firm has launched Elixir’s ECM Straits Fund, which has invested numerous SMEs throughout southern Asia.
The fund has made an investment in Bintang Makmur, a plastic waste management SME, established 12 years ago. “ Our investment will help the company expand and create 50 new recycle sites in Java and in Bali, bringing market share back into locally-owned hands, and catalysing job growth,” said Amir Azahar, managing director of Elixir Capital and the firm’s regional head, in Southeast Asia.
Recently, Elixir Capital has invested in digital commerce, such as – Annelutfen , Turkey’s leading e-commerce business for baby and mother products; and FashionValet, Southeast Asia’s premier online destination for fashion designs.
In addition to the investment in Indonesia, Arshad Ahmed, partner, Elixir Capital, said that the firm will support potential Indonesian entrepreneurs to change market positively, “This agreement heralds that Elixir Capital stands ready to support them and their local ecosystem,” he added.
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