The number of social finances and social enterprises are steadily in indonesia. however, there is yet to be a comprehensive research in this context. the objective of this study is to explore and identify the unique challenges of social investment in indonesia. there are three key players in social investment ecosystem in indonesia. social enterprises, which aim to solve social or ecosystem environmental problems, are mostly at their early stage and not investment ready. Meanwhile, many investors, with or without intention to invest for social mission, are not willing to fund early-stage enterprises.