Mandiri Capital Indonesia (MCI), the corporate venture capital arm of Bank Mandiri, has made its first investment under a new investment strategy, backing premium Japanese-inspired cakes and gifting brand DORÉ by LeTAO.

Founded more than a decade ago, DORÉ by LeTAO has grown to 22 stores across four major markets: Jakarta, Bandung, Surabaya, and Bali, making it one of Indonesia’s established premium Japanese-inspired cakes and gifting brands.

The investment, whose value was undisclosed, marks MCI’s return to the market after nearly two years of pausing new deals to reorient its investment strategy and upgrade its organisation capability, capacity and quality. As the first investment under MCI’s new “mini private equity”…