To adapt with phenomenon in industry 4.0 which disruptive technology quickly emerges and can threaten many companies, PT Telekomunikasi Indonesia Tbk (Telkom) implements internal corporate venturing by establishing Amoeba Digital Program that is lab to manage innovation by employees who form a team named Amoeba. Amoebas are incubated by adopting lean start-up methodology thus they can be considered as a start-up. They have to go through steps of innovation journey and after all the steps are passed and there is potential upscale revenue, they will become Business As Usual of Telkom. Venture B is one of Amoebas that has launched its product and generated revenues. However, recent Venture B’s revenues is decreasing, thus Venture B needs to implement new business model and needs more financing. A problem confronting Telkom as the parent company which provides the venture capital is determining the value of the venture to determine whether funding should be provided. Therefore, this research is conducted to give insight on how much the venture is really worth and how Venture B will be going in the future. Methodology used in this research is both qualitative and quantitative approach to understand the business situation and get a picture of the venture in a form of numbers or value. Combined of Damodaran and First Chicago method will be used to value the venture considering these methods can overcome issues emerged in valuing start-up company and provide better view on Venture B’s overall potential through combining the value of three different scenarios. The value of Venture B with new business model then will be compared with the value of Venture B with existing business model. From the result, Telkom can know how much Venture B is really worth which can help Telkom determine future strategy.