14/2/2019 – The Indonesia-only independent capital firm, Intudo Ventures announced on Thursday that they successfully closed their second fund with US$50M.
Intudo Ventures is set to be laser-focused on Indonesian based companies. Taking full advantage of Indonesia’s dominant internet economy market size in Southeast Asia, rapidly growing private consumption and rising middle class. They also selectively invest in overseas breakout companies that has a thoroughly fleshed-out Indonesian market in their roadmap.
The early stage fund, focusing on pre-series A and series A rounds in the Indonesian market has successfully closed a US$20M debut fund last February. The firm explained that they are also leaving room for opportunistic seed and Series B investments in companies with breakthrough potential.
Companies in their portfolio include used car selling platform BeliMobileGue which raised a US$10 Million series A, co-working space operator CoHive, payment gateway provider Xendit, genetic testing startup Nalagenetics, student loan platform Dana Cita, fintech startups Oriente and EMQ, fitness startup Ride Jakarta and more.
In a press statement, Intudo reveals that there are 20 Indonesian families in their LP (Limited Partners), the company aims to give the companies in their portfolio a push by connecting them with the correct LPs and business holdings.
Other families in Intudo’s LPs include Founders Fund, Wasson Enterprise, the US-based family office of former Walgreens CEO Greg Watson, Japan-US VC Fund World Innovations Lab, Taiwan’s Uni-President Enterprises Corp and CTBC Group also from Taiwan.
Intudo Ventures is co-founded by Eddy Chan formerly operating an investment firm associated with Goldman Sachs and Patrick Yip who invested and co-founded the smart light company Leeo.
“We’re not biased to any one family, we invest in a purely financially-driven manner,” added Yip.
Chan is also actively seeking for any Indonesian talent to be scouted into the firm’s portfolio as new hires or brains for incubation of new projects.
The firm is looking to invest in 12 to 16 companies with an initial investment amount of US$500,000 to US$5 million into each company following their first investment from its second fund.