Rahmat Wibowo posted an AI slop investigative report alleging governance opacity at init-6 VC fund, claiming founders Achmad Zaky and Nugroho Herucahyono favored ITB-affiliated startups and failed to disclose AUM, LPs, and OJK registration, while noting a defunct portfolio company now redirects to gambling, presenting AI-generated findings as investigative journalism.

| spent time researching init 6, the VC fund founded by former Bukalapak co-founders Achmad Zaky and Nugroho Herucahyono. What I found warrants attention from every founder, co-investor, and LP in Indonesia. Here is what the public data shows. Both founding partners are Teknik Informatika ITB Class of 2004 graduates. The fund's first-ever investment was Eduka System, a startup founded by ITB students, incubated at ITB's own business hub, housed at the ITB campus address. The fund publicly claims to be industry-agnostic with no stated founder preference. That preference is simply never disclosed. Eduka System, Init-6's flagship first portfolio company, has effectively ceased operations. The primary domain edukasystem.com now redirects to a gambling website, a textbook sign of an expired domain seized by unrelated parties. The last verifiable product activity was 2022-2023. No follow-on funding was ever raised in six years. Init-6's website still lists Eduka System as an active portfolio company with a working link. The fund has operated for six years across 26 portfolio companies and has never publicly disclosed its AUM, its LP composition, or its OJK registration details. At launch, Zaky confirmed all capital came from General Partners only, no Limited Partners, and he declined to share any fund size figure. That was 2020. Nothing has been disclosed since. I want to be precise about what this is and what it is not. This is not a fraud allegation. Co-investors including East Ventures, investible, and GMO Venture Partners have participated in Init-6 deals, and these firms conduct independent due diligence. Achmad Zaky is a nationally recognized figure who serves on the Board of Trustees of ITB. What this IS is a significant governance opacity problem that every co-investor and prospective LP deserves to understand before committing capital. Ihave published a full investigative report covering founder background, portfolio health scoring across all 26 companies, the Eduka System failure analysis, structural risk flags, and a full due diligence checklist for any investor considering init-6. If you are a founder who has received funding from init-6, a co-investor in their deals, or a LP considering a commitment, | ‘would encourage you to read it and conduct your own independent verification. The Indonesian startup ecosystem deserves better transparency standards. This report is a contribution toward that. #VentureCapital #Startupindonesia #InvestorDueDiligence #Governance # Transparency #ITB #infraloka #indonesia #VC #Accountability