Intudo Ventures founding partners Eddy Chan (left) with Patrick Yip

Jakarta-based venture capital firm Intudo Ventures has closed its debut fund at US$20 million, according to a Bloomberg report. The VC had previously raised US$10 million in June last year.

Intudo Ventures targets 12 to 16 early stage companies in the field of consumer, finance, healthcare, education, and media led by local founders and returnee talents from overseas market.

Citing the fragmented nature of the region (due to culture, demographics, and language) and heightened interest in Indonesia from US investors, the VC will remain a domestic player, said Intudo’s founding partner Patrick Yip.

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joint study by Google and AT Kearny reported that Indonesia logged US$3 bilion in deals in the first eight months of last year, nearly twice of that in 2016.

Intudo Ventures was founded by Yip,Eddy Chan and Timothy Chen. Before starting Intudo, they had invested in notable companies such as PayPal, SpaceX, Palantir Technologies, Netscreen Technologies, and Fortinet.

To date, Intudo has invested in co-working space EV Hive, boutique fitness and indoor cycling studio Ride Jakarta and used car marketplace BeliMobilGue.co.id.

Image Credit: Intudo Ventures