Intudo Ventures, an Indonesia-focused venture capital firm, has closed Intudo Ventures Fund III, a $115 million venture fund. The fund was oversubscribed and raised in less than three months.
It is dedicated to backing Indonesian homegrown companies capitalizing on the rapid growth of private consumption and rising middle class in the country.
Intudo Ventures Fund III attracted commitments from institutions, funds, and family offices, spanning the United States, Europe, and Asia.
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Notable limited partners include: Black Kite Investments, family office of Koh Boon Hwee; Wasson Enterprises, family office of former Walgreens CEO Gregory Wasson; and PIDC, investment arm of Taiwan-based international food-and-beverage and retail conglomerate Uni-President Enterprises Corp.
Other LPs include more than 20 global funds and managing partners, more than 10 tech unicorn founders, and more than 30 Indonesian families or their associated conglomerates.
The close of Fund III brings Intudo Ventures’ total assets under management to approximately $200 million.
Intudo Ventures says it is investing in industries poised to define the future of Indonesia, driven by the dual economic engines of private consumption and digitization. Intudo Ventures Fund III will seek out opportunities in 12 to 14 companies leading digitalization in agriculture, B2B & enterprise, education, finance and insurance, healthcare, logistics, and “new retail and entertainment”.
Intudo Ventures aspires to invest in three categories of companies, including non-consensus companies at early stage in overlooked and underfunded sectors; emerging category leaders that are demonstrating breakout potential and are establishing strong defensive “moats” and profitability; and category winners on trajectory to define entire segments of the economy.
Intudo Ventures debuted in June 2017 as the first-ever Indonesia dedicated venture capital firm, with a mandate explicitly designed to support Indonesia’s best-in-class founders by addressing pain points unique to Indonesia, and providing in-country resources and networking.
It also has a presence in Silicon Valley to provide networking and other forms of support to portfolio companies, and to help connect Indonesian and global companies. About one-third of its deals in its first two funds were sourced from U.S. universities and tech communities.