Indonesia: Intudo Ventures raises $20m for debut fund, doubling initial target

Intudo Ventures, an Indonesia-focused venture capital firm, raised $20 million in its debut fund as it seeks to capitalize on rising consumption in the world’s fourth most-populous nation.

The fund closed after doubling its initial target of $10 million, said Patrick Yip, a Jakarta-based founding partner of Intudo. Its strategy is to take equity and a board seat in about a dozen startups in the consumer, health, financial services and education sectors.

While Southeast Asia is home to 620 million people, Intudo is keeping its focus on Indonesia because the region that includes Vietnam and Malaysia is fragmented by language, culture and demographics. Deals in Indonesia reached $3 billion in the first eight months of last year, compared with $1.4 billion for all of 2016 and $44 million in 2012, according to a joint study by Google Inc. and AT Kearney Inc.

“The notion that Southeast Asia is one cohesive market is a fallacy,” Yip said. “We are an Indonesia only fund.”

Yip said Indonesia is entering a stage where U.S. investors are showing more interest, buoyed by the success of startups such as Go-Jek that have now become unicorns, or companies with valuations of more than $1 billion.

Intudo has already backed used car marketplace BeliMobilgue.co.id, indoor cycling and fitness studio Ride Jakarta and co-working space operator EV Hive.

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Bloomberg

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.