Intudo closes second Indonesia fund at $50m

LPs in Fund II include US venture capital firm Founders Fund, US family office Wasson Enterprise, Taiwan food and retail conglomerate Uni-President Enterprises, Taiwan financial holding company CTBC Group, and US-Japan cross-border VC investor World Innovation Lab.

More than 20 family-owned conglomerates, as well as several local technology founders and executives from Indonesia, also contributed. More than half of the participants are based in the US.

"When we were in the market, we found that a lot of companies and institutional investors were meeting all the same funds, many of which sit in Singapore and take a regional approach. So they found it very refreshing to come across a fund that was not just Indonesia-focused but Indonesia-only," Eddy Chan, a founding partner at Intudo told AVCJ. "A couple of years ago, there was a lot more wariness about the one-country strategy, but the market dynamics in Indonesia have changed."

Chan spends as much as eight months a year in the US and was an early investor in PayPal and SpaceX. He said institutional investors in the country with legacy investments in China are now turning their attention to Southeast Asia, where the volume of investable start-ups has increased markedly following the success of companies such as ride-hailing app Go-Jek and e-commerce player Tokopedia. This shift is also predicted to support the creation of other country-specific VC funds in the region.

Fund II will make deployments of $2-5 million in 12-15 Series A-stage companies with a view to taking ownership stakes of 17-20%. Some earlier-stage start-ups will be opportunistically targeted with a view to taking stakes of 20-30%. Deal sourcing will leverage Chan's connections in the US and a trend of overseas Indonesians returning home. Consumer, healthcare, financial services, and education will be the focus sectors. One investment has been made to date in a food supply chain company.

Intudo's debut fund initially closed at $10 million but doubled its corpus after reopening due to increased investor interest. It invests at the seed-stage with checks sizes up to $2 million and is said to have performed strongly to date, with several portfolio companies having attracted follow-on funding. Fund I investments include EV Hive, a co-working space provider that raised $20 million last year, and BeliMobilGue, a used car trading platform operator that raised $10 million earlier this week.

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• Topics
• Southeast Asia
• Fundraising
• Venture
• Indonesia
• World Innovation Lab (WiL)
• Consumer
• Technology
• Financial Services
• healthcare
• Education