Intudo Ventures, an “Indonesia-only” VC company, announced the final closure of its US $115 million third fund, which was oversubscribed.
The Intudo Ventures Fund III will invest in indigenous businesses that take advantage of the increasing middle class and significant increase of private consumption.
Institutions, funds, and family offices from the United States, Europe, and Asia contributed to the fund. Black Kite Investments, Koh Boon Hwee’s family office; Wasson Enterprises, the family office of former Walgreens CEO Gregory Wasson; and PIDC, the investment arm of Taiwanese multinational F&B and retail behemoth Uni-President Enterprises, are among the notable Limited Partners.
Over 20 prominent worldwide funds and managing partners also invested, including seven international Midas List investors, over 10 tech unicorn creators, and 30 of the archipelago’s most powerful families and businesses.
Intudo is making investments in businesses that will shape Indonesia’s future, thanks to the two economic engines of private consumption and digitalisation.
With the oversubscribed fund, Intudo now has about $200 million in assets under management.
Initial check amounts will range from $1 million to $10 million, according to the business.
Agriculture, B2B & enterprise, education, finance & insurance, healthcare, logistics, and innovative retail & entertainment will be the focus of the third fund, which will build a concentrated portfolio of 12-14 indigenous firms.
Through Intudo’s Pulkam S.E.A. Turtle Fellowship, the business is involved in the United States, mentoring emerging Indonesian innovators and supporting and organizing significant university and industry events. The Harvard Asia Business Conference, the MIT Asia Business Conference, the Southeast Asia MBA Weekend, monthly talks with Indonesian professional and student groups, and visits with Indonesians at major Silicon Valley tech businesses are among the activities.
“What was once a ‘nice-to-have in-country investors have become essential for Indonesian companies to thrive, providing hyper-local support and deliverables. Acting as an in-country shepherd, Intudo supports our founders through a blend of hyper-local and global best practices, allowing us to create more favourable outcomes for our founders consistently,” said Patrick Yip, Founding Partner at Intudo Ventures. “Witnessing the resilience and growth of our founders, we are more bullish on Indonesia than ever before and are excited to work with the next generation of Indonesian entrepreneurs.”
Following its initial fund of US$20 million announced a year earlier, Intudo completed a US$50 million fund in February 2019. It has so far invested in a number of companies. Xendit, Halodoc, TaniHub Group, Pintu, Kargo, PasarPolis, BeliMobilGue, and Yummy Corp are among the most prominent.