Intudo doubles debut Indonesia fund

LPs include Indonesian conglomerates, US-based family offices, global venture capital funds, and entrepreneurs from the US, Taiwan, Hong Kong and Southeast Asia, co-founder Eddy Chan (pictured left) told AVCJ. The fund also attracted commitments from US-based asset managers looking for exposure to Indonesia.

Intudo expects to invest in 12-16 companies. This number is unchanged from the previous close, but the expanded corpus does allow more flexibility in terms of check size. Previously, the firm had planned to commit up to $1.25 million per initial investment, but with more capital to work this has risen to $2 million.

Intudo was launched last year by Chan, a Silicon Valley-based VC investor who has backed start-ups such as PayPal and SpaceX, and Patrick Yip (pictured right), who formerly headed Goldman Sachs' private equity team in Indonesia. The firm focuses on the opportunity presented by so-called "SEA turtles": young Indonesians educated overseas who worked for foreign technology companies and are now looking to found technology-enabled start-ups at home.

Intudo also hopes to attract fast-growing start-ups from Silicon Valley and China to Southeast Asia. The firm will co-found local joint ventures with these start-ups, leveraging its connections with local commercial entities, government agencies, and investors.

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• Topics
• Southeast Asia
• Venture
• Fundraising
• Technology
• Indonesia
• Intudo
• TMT