Indonesia-focused Intudo Ventures closed its USD 115 million raise for the firm’s Fund III. The fund was oversubscribed and raised the amount in less than three months, the company said on Wednesday. The capital is drawn from global investment institutions, funds, and family offices in the United States, Europe, and Asia. These include Black Kite Capital, the family office of Singaporean businessman Koh Boon Hwee; Wasson Enterprises, the family office of former Walgreens CEO Gregory Wasson; as well as PIDC, the investment arm of Taiwan-based international food conglomerate Uni-President Enterprises Corp.
The close of Fund III brings Intudo Ventures’ total assets under management to approximately USD 200 million.
Using the new funds, Intudo will invest in 12 to 14 homegrown Indonesian companies operating in various sectors, including agriculture, B2B and enterprise services, education, finance and insurance, healthcare, logistics, as well as new retail and entertainment. Ticket sizes will range from USD 1 million to USD 10 million.
Founded in 2017, Intudo has invested in 23 companies so far. These include health tech company Halodoc, freight-forwarding logistics firm Kargo, and crypto exchange Pintu. The firm has a presence in Indonesia and Silicon Valley.
The firm also runs the Intudo Pulkam S.E.A. Turtle Fellowship in the US, where it mentors aspiring Indonesian founders by hosting university and industry events, such as the annual Harvard Asia Business Conference, MIT Asia Business Conference, Southeast Asia MBA Weekend, weekly discussions with Indonesian professionals and student associations, and visits to top tech companies in Silicon Valley.
“With borders closed and outside investors locked out, pairing global growth investors with hyper-local single country managers has proven to be a winning formula for success,” said Eddy Chan, founding partner of Intudo Ventures. “In Indonesia, Intudo has consistently stepped up to the plate to deliver value for our founders pre- and post-investment, and we are proud to play a part in making Indonesia the next emerging market success story.”