Indonesia-focused venture capital firm Intudo Ventures on Thursday announced that it has closed its second fund at $50 million.
The early-stage fund will focus on investing in Indonesia-focused companies capitalising on the rapid growth of private consumption and rising middle class in the country.
According to the firm, LPs in the fund include US-based family office of former Walgreens CEO Greg Wasson, Founders Fund, Japan’s World Innovation Lab, the investment arm of Taiwan-based food and beverage conglomerate Uni-President Enterprises Corp, and Taiwan’s CTBC Group. It added more than 20 Indonesian business families also invested in the fund.
“Every LP is capped at no more than 10 per cent of the total fund size to ensure that Intudo Ventures acts as an independent firm that can invest in the most return-driver manner,” said Intudo Ventures.
Intudo Ventures raised its $20 million debut fund last February and has invested in used car platform BeliMobilGue.co.id, co-working space operator CoHive, P2P app Xendit, fitness startup Ride Jakarta, biotech startup Nalagenetics, student loan platform Dana Cita, fintech startups Oriente and EMQ as well as hospitality firm ARTOTEL.
Founded by Patrick Yip and Eddy Chan, the VC firm strives to take lead or co-lead positions in all of its investments. It will seek to back 12 to 16 companies with Fund II by cutting initial cheques of $500,000 to $5 million.
The Jakarta-based firm added that it focuses on Series A investments while leaving room for opportunistic seed and Series B investments in founders and companies with “break-out potential”.
“Intudo Ventures utilises an Indonesia ‘beach-head’ strategy, connecting portfolio companies with high quality international capital and curate access to the market; while also working with leading Indonesian groups and local online/offline distribution partners to create in-market growth opportunities for portfolio companies,” said the firm in its statement.
A relatively newcomer to the Indonesian market, Intudo Ventures may have to compete with other local VC firms such as East Ventures and SMDV (formerly known as Sinar Mas Digital Ventures) for deals.
At the recently held Indonesia PE-VC Summit 2019, East Ventures managing director Willson Cuaca said the firm will focus on investing in “new consumption” for 2019. The firm is one of Indonesia’s most prolific investor, having launched six funds in the last seven years. It also claims to have provided seed investment to 70 per cent of Indonesian startups that have gone on to raise Series A funding.