Intudo Ventures, an Indonesia-focused venture capital firm, has closed a new $ 50 million fund. This is Intudo's second fund after its $ 20 million debut last year.
The company is a relatively new freshman in Southeast Asia, however, a key differentiator is that it focuses exclusively on Indonesia, the world's fourth-largest populous country, 260 million people and the region's largest economy.
It is also the dominant market for technology and internet in the region. According to a much cited report by Google and Singapore's Temasek state fund, Indonesia's online economy will grow from $ 8 billion in 2025 to $ 100 billion by 2025
Another factor distinguishing Intudo from other companies is the approach of working with local partners. Most VC companies in Southeast Asia tend to source their LPs from Singapore, West Asia and China, with only a few local families or conglomerates influencing the markets included. In Indonesia, Intudo claims to have more than 20 families, in contrast to the conventional approaches of two or three.
Founding partners Eddy Chan and Patrick Yip told TechCrunch that most of their capital is from US LPs, with no investor providing more than 10 percent of the fund's assets. Foreign donors include the Founders Fund, former Walgreens CEO Greg Wasson's Family Office, Japan's World Innovation Lab, and Taiwan's CTBC Group.
"Indonesia is a market dominated by about 100 nuclear families" We are back from 20 of the most influential groups in the market, "said Chan in an interview.
The goal is to help Intudo's portfolio companies seize the opportunities of these LPs and their business units.
When we sign up for LPs, we primarily want to bring in the network and resources for the startup we invest in. We'll find a seizure and hopefully offer an unfair advantage … a leg up for grabs, "Chan said.
" We're not limited to one family, we're purely financial in their investment. Added Yip.
. Yip is the local presence that returned to Indonesia 15 years ago. Chan is in the US for eight months a year, where he spends a lot of time studying an Indonesian talent to seek a potential employment project in the US or start new projects.
"We Think We Think Long Term Either put them in our portfolio, find companies with them, or invest in a Bain or McKinsey firm," said Chan.
Yip used to run a Goldman Sachs related business Investment firm and spent some time at retail giant CP, Chan, has now spent time as an investor and co-founder of smart light company Leeo before moving to restructuring in 2015.
The fund itself focuses on Series A and Pre-A with some B Series with an initial investment of $ 500,000, $ 5 million more for follow-up, the partners said, but the focus is on doubling some of the prospects, with the fund making about 12-15 transactions during its life cycle
Chan said that when it comes to going beyond the fund's deal range, the thesis of involving his LPs is so hip ptete he would like to invest in Indonesia. With only one year since the completion of the Intudo debut fund, this theory has not been tested, although BeliMobilGue has just raised a $ 10 million series A in an early bet
At least for the time being, Intudo wants to use the laser Indonesia focus.
"Will we add other countries on the road? Time will tell, "Chan said. "This is our bread and butter, where we are strong and what we have set for our LPs."