Intudo Ventures, a venture capital firm based in Indonesia, announced yesterday the closing of their third fund, which exceeds $115 million and was oversubscribed within 3 months.
Check sizes of $1 million to $10 million await 12-14 startups, which are expected to come from a wide range of sectors, including agriculture, B2B and enterprise, logistics, and healthcare sectors.
Some of Intudo’s investors are PIDC (President International Development Corporation), the investment arm of Taiwan food conglomerate Uni-President Enterprises; Black Kite Investments, a Singapore based family office led by businessman Koh Bon Hwee; and Wasson Enterprises, a family office led by executive Greg Wasson.
From a debut fund of $10 million in 2017 to raising $50 million in its second fund, Intudo Ventures’ third fund is considered a feat.
“When we said we were going to raise $10 million, we got laughed out of the room by many managers, but four years into it, we’re running roughly $200 million dollars. It shows that for the right markets, hyperlocal is the way to go,” said Intudo Founding Partner Eddy Chan in an interview with TechCrunch.
According to Intudo, they will continue leading early-stage rounds but also consider investments for Series B or C companies of their first two funds, depending on agreements.
Tech deals boom in Southeast Asia
Southeast Asia is tech’s next frontier, as the region’s digital consumers balloon to record highs. According to a recent Facebook and Bain & Company report, the number of digital consumers in Southeast Asia has increased by over 70 million since the start of COVID-19.
Indonesia, which leads the region in digital adoption, has seen a surge in investor interest. Domestic e-commerce firm Bukalapak.com raised $1.5 billion as part of the country’s biggest IPO this year. Refinitiv data also shows public equity capital raising by Southeast Asian firms hit a four-year high of $8.4 billion in 2021.
Near-term fundraising activity will be led by Indonesian tech group GoTo’s expected completion of a $2 billion pre-IPO funding. Bankers and investors also expect about a dozen start-ups, including Traveloka and Carousell, to list regionally or in the United States over the next two years.