SUCCESS STORIES

Project Liquid A Strategic Due Diligence for Startup Investment

Introduction

In mid-2024, a leading corporate venture capital (CVC) firm in Indonesia identified a high-potential opportunity in Project Liquid, a startup operating in the digital hybrid services sector. With an unconventional business model and strong market traction, the startup attracted significant attention. To ensure a sound and strategic investment decision, the CVC engaged Protemus Consulting to conduct comprehensive financial and tax due diligence. The aim was not only to assess the associated risks but also to validate the valuation and ensure compliance with international financial standards

Understanding the Digital Hybrid Services Landscape

Project Liquid operates in a sector that blends traditional service offerings with digital innovation, resulting in complex financial and operational structures. For investors, this model presents opportunities for scale, but also raises concerns around financial clarity, revenue sustainability, and valuation integrity. Recognizing these dynamics, Protemus Consulting began the engagement by gaining a thorough understanding of the client's strategic goals and the startup’s business framework.  

The Solution

Protemus Consulting conducted a comprehensive review of Project Liquid’s financial statements and tax filings to uncover potential risks and ensure regulatory compliance. An operational review was also carried out to assess the startup’s scalability and business model sustainability. Beyond the due diligence scope, Protemus provided additional support by advising both parties on adopting appropriate accounting practices and implementing IFRS, helping elevate the startup’s financial reporting to international standards.

The Outcome

Thanks to this engagement, the CVC was able to make an informed investment decision based on a clear and accurate picture of the startup’s financial and operational standing. The due diligence results also confirmed that Project Liquid’s valuation was fair and well-supported by data, which greatly facilitated investment negotiations. Moreover, the startup benefited from enhanced financial practices and better alignment with international accounting standards. With improved transparency and a stronger reporting foundation, Project Liquid is now better positioned for long-term growth and global partnerships.

Conclusion

This case illustrates how Protemus Consulting’s due diligence expertise and added-value advisory services enabled a successful alignment between investor confidence and startup preparedness. By addressing both compliance and strategic concerns, the engagement not only de-risked the investment for the CVC but also helped Project Liquid evolve into a more resilient and investor-ready company.

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