Intudo Ventures, an Indonesia-only venture capital firm has closed its third fund at $115 million amidst the tech-segment boom in South East Asia’s biggest economy.
Intudo Ventures third fund limited partners include Wasson Enterprises LLC, Black Kite Investments, and President International Development Corporation (PIDC). Other limited partners include over 10 founders of tech unicorns, more than 20 leading global funds and managing partners, and over 30 Indonesian families and their conglomerates.
According to the company, this fundraise brings Intudo Venture’s total committed capital to about $200 million.
According to the firm, the oversubscribed round was raised in less than three months, even amid the COVID-19 pandemic. The founding partner of Intudo Ventures, Eddy Chan attributes the interest partially to the successful market debut of Bukalapak, an ecommerce company on the Indonesia Stock Exchange in August’21.
Bukalapak had become the first unicorn in the country, valued at more than $1 billion, to list on the IDX. The IPO of Bukalapak had attracted the attention of global investors, who are now looking at opportunities in the Indonesian market. According to a report from Teamsek, Bain & Company, and Google, the region’s internet economy, led by Indonesia, is expected to grow to $300 billion by 2025.
With this third fund, Intudo Ventures will invest in several startups in Indonesia that are set to grow quickly on the back of increasing digitization and rising private consumption. The firm will also seek less orthodox investment such as a local crypto-asset exchange, Pintu, it has funded.
Intudo Ventures said in a news release that it will continue to invest exclusively in the Indonesian startups including the “non-consensus” ones such as B2B, agriculture, education, finance & insurance, health & wellness, new retail & entertainment, and logistics.
According to the firm, the non-consensus sectors are likely to create new industry leaders and categories; and they are already witnessing that in their portfolio.
Intudo Ventures was founded by Eddy Chan and Patrick Yip in 2017. It is an Indonesia-focused independent venture capital firm with a concentrated portfolio approach capitalizing on the rising middle class in the country and rapid growth of private consumption.
The investment portfolio of Intudo Ventures includes Halodoc, a telemedicine platform; PasarPolis, an online insurance marketplace; TaniHub, an agritech startup. The startup has also made early-stage and new seed investments in Delman, a data management platform, Gredu, education Management Company, and in Wahyoo, a firm that enables informal eateries to automate and digitize.
Intudo Ventures also runs an office in Silicon Valley in California from which it has been courting the Indonesian talent studying at top business schools in the US to return to their homeland either to join fast-growing startups or establish their own startups or those working in the US.