Intudo Ventures, an “Indonesia-only” venture capital firm, announced on Wednesday the closing of Intudo Ventures Fund III, a $115 million venture fund dedicated to investing in Indonesian homegrown companies capitalizing on the rapid growth of private consumption and rising middle class in the country.

The fund was oversubscribed and raised in less than three months, Intudo Ventures said in a statement.

Intudo Ventures Fund III attracted commitments from institutions, funds, and family offices, spanning the United States, Europe, and Asia.

Notable limited partners include Black Kite Capital, family office of Koh Boon Hwee; Wasson Enterprises, family office of former Walgreens CEO Gregory Wasson; PIDC, investment arm of Taiwan-based international food/beverage and retail conglomerate Uni-President Enterprises Corp; in addition to 20+ global funds and managing partners—including seven global Midas List investors, 10+ tech unicorn founders, and 30+ of Indonesia’s most prolific families and their associated conglomerates.

“Since inception, Intudo Ventures has always marched to the beat of our own drum—doing more with less by focusing exclusively on Indonesia, a country that is the largest in Southeast Asia yet remains structurally underserved by investors through a Southeast Asia regional one-size-fits-all approach. What was once a ‘nice-to have’, in-country investors have become essential for Indonesian companies to thrive, providing hyper-local support and deliverables,” said Intudo Ventures Founding Partner Patrick Yip.

Intudo Ventures 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 agriculture, B2B & enterprise, education, finance & insurance, healthcare, logistics, and new retail & entertainment, constructing a concentrated portfolio of 12-14 Indonesian homegrown companies, it added.

The firm said it will commit initial check sizes ranging from $1 million to $10 million, writing high conviction tickets to moat-driven businesses that leverage unfair advantages with respect to commercial distribution, regulatory, and deep technology specializations.

Intudo Ventures said it 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 moats and profitability; and undisputed category winners on the 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 strategically addressing pain points unique to Indonesia.

Working both hyper-locally and globally with a physical presence in Indonesia and Silicon Valley, Intudo provides founders with significant pre-and post-investment value add, delivering support upfront to founders even before a term sheet is issued.

As a single country-specific fund, Intudo works with Indonesian and global investors to provide founders with curated access to hyper-local and global resources and capital, solving for business development, corporate finance & follow-on capital, regulatory and government relations, and human capital—aspiring to be the greatest source of value-add on the cap table.

Globally, Intudo Ventures aspires to bring Indonesia to the world—while bringing the world to Indonesia. Through the firm’s Indonesia Beachhead Strategy, Intudo Ventures works closely with global investors as an in-country partner for Indonesia exposure, providing access, risk mitigation, and 24/7 on-call first responder support.

The firm said it is highly active in the United States through Intudo’s Pulkam S.E.A. Turtle Fellowship, closely mentoring aspiring Indonesian founders, sponsoring and hosting major university and industry events, weekly discussions with Indonesian professional and student associations, and visits with Indonesians at top tech companies in Silicon Valley.

As a result, through the firm’s first two funds, Intudo has sourced one-third of its deals from university campuses and tech community engagement in the United States.

“Over the past five years, the market has validated Intudo’s ‘Indonesia-only’ investment approach, demonstrating the indispensability of single country-specific funds. 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 Intudo Ventures Founding Partner Eddy Chan.

The oversubscribed close of Fund III brings Intudo Ventures’ total assets under management to approximately $200 million. Intudo portfolio companies include Xendit, Halodoc, TaniHub Group, Pintu, Kargo, PasarPolis, BeliMobilGue, Yummy Corp, and more.

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