Indonesian venture capital (VC) firm Intudo has raised $125 million across two investment funds dedicated to supporting local startups, according to a statement on Tuesday.
These include Intudo Ventures IV, LP, which closed at $75 million; and a $50-million fund focused on natural resources and renewable energy investments, bringing the firm’s total assets under management to over $350 million.
The VC firm had filed with the US Securities and Exchange Commission (SEC) in Sept 2023 to raise its the fourth fund.
Intudo, which maintains operations in both Indonesia and Silicon Valley, has attracted notable LP names, including Orient Growth Ventures and Black Kite Capital; over 20 leading global funds; 15 Forbes-listed billionaires; and more than 30 of Indonesia’s prominent family businesses.
“When we first started Intudo, Indonesia was a far different market, often running silently off the radar of not only global investors but many major multinationals as well. With massive shifts in global trade flows, rising demand for material inputs into emerging technologies, and building off Indonesia’s steady development, Indonesia now offers a different opportunity set,” said Patrick Yip, founding partner at Intudo.
“By focusing on the things that Indonesia does best, we believe that Indonesia can create outsized value to investors and businesses, and we are privileged to earn their trust,” he continued.
Through Intudo Ventures IV, LP, the firm plans to build a concentrated portfolio of 14-18 Indonesian companies, with initial investments ranging from $1 million to $10 million. The fund will target businesses with strong competitive advantages, particularly those leveraging commercial distribution networks, regulatory approvals, and deep technology specializations.
Meanwhile, the $50-million fund will focus on the downstream of natural resources and renewable energy in Indonesia. The fund fits into Indonesia’s rising position in global value chains, particularly in critical resource sectors.
The firm’s investment strategy revolves around three key dimensions. First, bringing the world to Indonesia, by focusing on sectors like EVs, batteries, carbon capture, and solar power.
Second, bringing Indonesia to the world, capitalising on the country’s strengths in consumer goods, aquaculture, and horticulture. And third, investing in Indonesia for Indonesia, targeting the nation’s vast consumer market of over 280 million people where 56% of economic activity is derived from private consumption.
Intudo distinguishes itself as the only Indonesian firm with a partner based in the US, allowing it to bridge opportunities between markets. The firm maintains the largest early-stage investment team in Indonesia and provides what it calls “white glove concierge services” to facilitate relationships between global investors and Indonesian businesses.
“Intudo is more than a venture capital firm—through our evolution, we have built the Intudo Platform, a platform for investors and founders alike that realizes value through curated relationships, resources, and access through white glove concierge services,” explained Eddy Chan, founding partner at Intudo.
The firm’s portfolio already includes notable companies such as Xendit, Pintu, Pinhome, and Jago. With its new funds, Intudo aims to continue its strategy of investing in non-consensus, overlooked sectors, believing that such companies often develop multiple competitive advantages and stronger operational fundamentals leading to profitability.
Its latest investment was in September for CarbonEthics, an Indonesian climate tech startup, in a $2.1-million seed round, also joined by several strategic angel investors. According to DealStreetAsia – DATA VANTAGE, the investment was made through its new vehicle fund, Intudo Ventures IV, LP.