Indonesia launches I-HIVE to unite local and global investors behind its Halal startups as funding hits a multi-year low
Founding collaborator HASAN.VC steps up cross-border investment into Indonesia, while fellow collaborators Moria Ventures and PUM open corridors to Saudi and the Netherlands.
The Indonesia Halal Innovation and Venture Ecosystem (I-HIVE) launched on 14 October at the 13th Indonesia Sharia Economic Festival (ISEF) in Jakarta, giving Indonesian startups building halal products a shared route to local and global investors. I-HIVE brings together 26 partners, from Bank Indonesia, the National Committee for Islamic Economy and Finance (KNEKS), financial regulator OJK, planning agency Bappenas and five government ministries to industry associations, investors, banks and universities, around one goal: making Indonesia’s halal innovators strong at home, with high capability and high impact, so that from there they can expand regionally and globally.
The launch comes at a tight moment for Indonesian founders. Startup funding in Indonesia fell to US$355.7m across 91 deals in 2025, down from roughly US$6.9bn at the 2021 peak, according to DiscoveryShift’s Indonesia Startup Report 2026. Economic think tank Celios estimates that only about 10% of venture capital in the country’s digital economy comes from domestic sources, leaving founders reliant on foreign investors.
Demand is moving the other way. Muslim consumer spending across six real-economy sectors reached US$2.6T in 2024 and is projected to hit US$3.56T by 2029, according to the State of the Global Islamic Economy Report 2025/2026, which ranks Indonesia fourth globally. Bank Indonesia reports that the country’s halal value chain grew 5.5% year on year in Q2 2026, faster than the wider economy. With the phase-in period for mandatory halal certification of small businesses having ended on 17 October 2026, demand for compliance, traceability and supply-chain technology is set to rise.
I-HIVE is designed as a catalyst for Indonesia’s startup economy to revive itself from the ground up, built on the strength of unity: regulators, local and foreign investors, and founders working together.
I-HIVE organises the ecosystem along a single pipeline that takes startups from innovation and venture formation through incubation, halal and investment readiness, financing and market access, to scale. It connects eight groups of actors: policymakers and regulators, halal and Sharia assurance bodies, universities and research institutes, incubators and accelerators, investors, Islamic social finance institutions, industry players, and community and international networks.
I-HIVE will also run a sandbox for halal innovation and halal startups, in line with KNEKS’ roadmap for the halal startup ecosystem, which targets acceleration in 2026 and 2027 and scale by 2030.
“Indonesia’s halal startups already have products people want and a market of more than 200 million Muslim consumers. What holds many back is access to investors who understand Sharia-compliant business and will stay with them as they grow,” said Helma Agustiawan, Deputy Director of Islamic Business Incubation at KNEKS.
“I-HIVE puts regulators, investors and founders on one platform, so local, regional and Gulf capital can reach Indonesian innovators faster.”
HASAN.VC, an early-stage venture capital fund, is a founding collaborator and investment partner of I-HIVE. Its Labuan-domiciled fund is backed by a private group of angel investors, family offices and waqf (Islamic endowment) funds across Southeast Asia, the Gulf and North America. That model, many investors backing founders as one, reflects the collaboration and unity I-HIVE is built on.
With 15 Indonesian startups backed over the past two years, HASAN.VC is among the most active venture investors in the country, in a market that recorded 91 disclosed startup deals in all of 2025.
In 2024, HASAN.VC held its Jakarta Demo Day jointly with KNEKS’ Halal Startup Demo Day, drawing more than 200 potential investors to 18 halal startups from Indonesia, Malaysia and Singapore. HASAN.VC was the sole investor behind the Rp3.4bn in deals closed that year. As more investors have joined, deal value at the event rose to Rp21.1bn in 2025 and about Rp35bn (around US$2m) in 2026, a tenfold increase in two years, spanning investment and trade.
HASAN.VC aims to invest in two more Indonesian startups before the end of 2026 and plans to scale up its Indonesian investments in 2027.
“Indonesia has the founders, the market and now a more coordinated ecosystem,” said Umar Munshi, General Partner of HASAN.VC. “What its startups need most is patient capital that shares the risk with them. Through I-HIVE, we expect to bring more capital to Indonesian startups, and open doors to investors and the support they need to grow.”
Speaking on stage at the launch, Munshi also urged Indonesian investors to take part, noting that local participation gives investors abroad the confidence to commit. With
only about 10% of venture capital in Indonesia’s digital economy coming from domestic sources, that local base still has room to grow.
Moria Ventures bridges Saudi and Indonesian capital
Fellow I-HIVE collaborator Moria Ventures, a Jakarta-based Islamic investment firm and KNEKS partner, connects investors in Saudi Arabia and the wider Gulf with Indonesian companies. After completing multiple project financing deals in Indonesia, Moria began venture investing six months ago and has already made two investments. HASAN.VC also invested in Moria Fund, Moria Ventures’ fintech business, an early sign of how I-HIVE’s partners are already building together.
“Saudi Arabia has the resources and the Vision 2030 mandate to deploy it. Indonesia has the world’s largest Muslim population and a fast-digitising economy,” said Husni M. Bajamal, Managing Partner of Moria Ventures. “I-HIVE gives us a stakeholder-backed structure to move capital, technology and talent in both directions.”
Speaking on stage at the launch, Moria Ventures founder Musab Bin Nosair said closer cultural understanding and alignment between the Gulf and Indonesia would make cross-border business smoother and more impactful.
From Europe, I-HIVE partner PUM Netherlands, founded in 1978 by the Dutch Ministry of Foreign Affairs and employers’ federation VNO-NCW, brings 1,200 volunteer experts who advise small and medium enterprises in more than 30 countries, opening European networks to I-HIVE’s founders.
ISEF 2026, Bank Indonesia’s annual Sharia economy festival, ran from 14 to 18 October at the Jakarta International Convention Center with more than 1,000 halal industry participants and over 100 activities.
About I-HIVE
The Indonesia Halal Innovation and Venture Ecosystem (I-HIVE) is a platform that strengthens Indonesian halal and Sharia-compliant startups at home by connecting them with local and global investors, incubation, halal certification support and market partners, so they grow into high-impact businesses in Indonesia and, from there, regionally and globally.
I-HIVE was launched on 14 October 2026 at the 13th Indonesia Sharia Economic Festival in Jakarta. Its 26 partners are Bank Indonesia; KNEKS; Bappenas; the Financial Services Authority (OJK); the National Research and Innovation Agency (BRIN); the Ministries of MSMEs, Industry, Creative Economy, Communication and Digital Affairs, and Foreign Affairs; Bank Syariah Indonesia; HASAN.VC; Moria Ventures; Founder+; Angin Advisory; the Indonesian Sharia Fintech Association (AFSI); the Indonesian Venture Capital and Startup Association (AMVESINDO); the Indonesian
Business Incubator Association (AIBI); MIKTI; HIPMI Syariah; KPMI; Forum Wakaf Produktif; PUM Netherlands; Rahmania Foundation; Universitas Islam Internasional Indonesia (UIII); and FISIP Universitas Pasundan.
About HASAN.VC
HASAN.VC is a founder-focused venture capital fund dedicated to a better tomorrow by investing in Camel startups that are resilient and impactful. By identifying, nurturing, and investing in startup graduates of its Accelerator Program, HASAN.VC supports and amplifies ethical and halal business for humanity. Funded by an active community of angel investors, family offices and waqf funds spanning multiple continents, HASAN.VC’s mission is to uplift humanity by democratizing venture capital investment and channeling funds to halal or ethical tech startups from Southeast Asia and beyond.
Its Sharia advisor, Adl Advisory, supports the firm’s commitment to ethical and Sharia-compliant investment practices across its portfolio. For more information, visit www.hasan.vc.
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