Indonesia’s Intudo Ventures closes $115 million third fund

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SINGAPORE — Indonesian venture capital firm Intudo Ventures said on Wednesday it had closed its third “Indonesia-only” fund at $115 million, amid a tech sector boom for Southeast Asia’s largest economy.

The amount brings the firm’s total committed capital to approximately $200 million, according to Intudo, which said the oversubscribed round was raised in three months.

Investors in the new fund include PIDC (President International Development Corporation), the investment arm of Taiwan food conglomerate Uni-President Enterprises.

Indonesia has seen a surge in investor interest, which helped domestic e-commerce firm Bukalapak.com raise $1.5 billion in July in the country’s biggest IPO.

Public equity capital raising by Southeast Asian firms has surged to a four-year high of $8.4 billion this year, data from Refinitiv shows.

The region’s internet economy, led by Indonesia, is forecast to triple to $300 billion by 2025 from end-2020, according to a report from Google, Temasek and Bain & Company. (Reporting by Fanny Potkin; Editing by Martin Petty)