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EntodoThe Indonesian venture capital firm alone said it has raised $125 million across two venture funds — $75 million for Intudo Ventures IV, and $50 million for another fund that will invest in natural resources and renewable energy.
Entodo said the fourth fund will invest in Indonesian startups that take advantage of the country’s location, digital advances, and expanding middle-class population — primarily those that exploit the country’s strengths in consumer products, aquaculture and horticulture, as well as commercial, commercial and regulatory distribution. And deep tech startups. The other fund will be the first attempt to leverage Indonesia’s strong position in the global nickel and cobalt market to invest in natural resources and renewable energy.
Identifying areas where Indonesia is competitive is essential for the country on a global level, Intudo co-founder Eddie Chan told TechCrunch.
“In Taiwan, semiconductors are spreading around the world. In Japan, electronics has been all the rage. In Israel, this is cybersecurity. SaaS is in India. South Korea has K-Pop. In Indonesia, we need to find more gold in Aquaculture (shrimp farming).”
Chan said Intudo typically writes checks worth between $1 million and $10 million, targeting a portfolio of 14-18 Indonesian companies, with the aim of buying significant stakes in each through Intudo Ventures IV. He explained that in a typical Series A round, the company will invest between $3 million to $5 million in exchange for stakes ranging from 20% to 30%.
“I think winning in Southeast Asia (requires) a small fund size and large ownership… In contrast, the market is currently dominated by many of their peers with $200 million or $300 million in funds, but with ownership targets of 10% to 15%.” only”. He said.
“Many funds in the market focus on Indonesia, but we differentiate that we are only Indonesia. 100% of our fund investments are in Indonesia,” said Patrick Yip, co-founder at Intudo.
Yip added that the company is finalizing a number of deals that will be unveiled in the coming months.
Intudo said it caps each limited partner’s investment at 10% of the total fund size to ensure fair treatment of all limited partners and maintain its independent investment thesis.
The new fund comes three years after the company closed its third fund, worth $115 million. The company appears to have expanded its LP base since then, receiving investments from institutions and family offices from the US, Asia, Europe and the Middle East, including Netherlands-based Orient Growth Ventures and Singapore-based Black Kite Capital. More than 20 global funds and managing partners, 15 Forbes-listed billionaires and their associated companies, and more than 30 influential families in Indonesia also invested, the company said.
“Eighty percent of our deals are tracked by our global LP base from Korea, Silicon Valley, Europe and the Middle East,” Chan said.
Before founding Intudo in 2017, Yip worked at a private equity firm, while Eddy Chan was a lawyer and ran his startup. The company has a team of 12 people and more than $350 million in assets under management.
From the new natural resources fund, Intudo invested in it Carbon ethicsan Indonesia-based developer of technology-enabled natural climate solutions.
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