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Indonesia-only venture capitalist raises smaller funds as startup sector withers BNN Bloomberg
(Bloomberg) — Intudo Ventures, an Indonesian venture capital firm, raised $75 million for its fourth fund, downsizing its previous one as Southeast Asia's startup sector contracts.
The new fund, Intudo Ventures IV, will invest in more than a dozen young Indonesian startups across sectors and help them expand globally, founding partners Eddy Chan and Patrick Yip said in an interview. The company previously secured $144 million for its third fund and also raised a separate $50 million fund to invest in areas such as renewable energy.
We don't think Indonesia and Southeast Asia can support a fund exceeding $90 million, Chan said. The market is down about 45%.
The gloomy global economic outlook has dented the valuations of technology companies, and venture capital firms have struggled to raise capital in a depressed market for IPOs. Southeast Asia remains a difficult market to raise capital as many of its still-unprofitable startups are considered high-risk by global venture capitalists.
Now, money will go extremely far in the market and the startup sector is becoming more and more capital efficient, Chan said, adding that a company's initial investment in a company will be between 1 and 10 million dollars.
Since the launch of Intudo Ventures in 2017, more capital has flowed into Southeast Asia, helping regional and local venture capital firms raise larger funds. Intudo said it would stay true to its roots as an early-stage venture capital firm with a direct focus on Indonesia.
Investors in the new Intudos fund include more than 30 Indonesian families and their conglomerates, as well as Black Kite Capital, the family office of Singaporean investor Koh Boon Hwee. Its portfolio companies include telemedicine startup Halodoc, coffee retailer Common Grounds and financial technology company Xendit.
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