The growth in the number of startup companies in Indonesia could not be separated from the cross-border investment that recently has become an increasingly prevalent phenomenon. Singapore is one of the countries with the highest number of investments in Indonesia among other countries in Asia. Moreover, the number of Singapore VCs in Indonesia is also the second largest after the US and is dominant in the startup industry in Indonesia when compared to VCs from Malaysia or Thailand. This research will look deeper into the burgeoning cross-border VC investment from Singapore to Indonesia startups by using institutional distance factors: 1) regulatory distance, 2) normative distance, and 3) cultural distance.