Portfolio

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News & Announcements

Indonesian cloud kitchen startup Yummy confirms $7.75m funding led by Intudo, SMDV

“Indonesia’s Yummy Corp, a catering solutions and cloud kitchen startup, has raised a total of $7.75 million in Series A funding led by SMDV and Intudo Ventures, according to an official statement. …The announcement confirmed a DealStreetAsia report last week which said that Yummy had closed a nearly $8-million round with Intudo Ventures as a lead investor. Established in 2017 as an affiliate of Indonesia’s F&B and entertainment major Ismaya, Yummy Corp has two services: catering solutions and cloud kitchen. Catering offers foodservice solutions to companies on-premise (by operating the company’s kitchen and cafeteria) as well as off-premise (as ready-to-eat meal delivery). In addition, employees can easily select and order their meals through the Yummybox app using their corporate balance or top up their own balance. Earlier this year, Yummybox acquired Berrykitchen, the first and largest online catering company in Indonesia.”

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TechCrunch on Intudo Ventures Closing a New $50M Fund

“Intudo Ventures, a VC firm focused on Indonesia, has closed a new $50 million fund. This is Intudo’s second fund to date following its $20 million debut last year. The firm is a relative newcomer to Southeast Asia but a key differentiator is that it is solely focused on Indonesia, which is the world’s fourth most populated country with more than 260 million people and the region’s largest economy. It is also the dominant market for tech and the internet in the region. According to a much-cited report from Google and Singapore sovereign fund Temasek, Indonesia’s online economy will grow to $100 billion by 2025, from $8 billion in 2015. That’s a dominant chunk of the Southeast Asia market, which is predicted to reach $240 billion as a whole.”

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Indonesian hospitality company ARTOTEL bags strategic funding from Intudo

“Founded in 2013 by siblings Erastus and Christine Radjimin, ARTOTEL Group specializes in integrated business offerings across hotel management, food & beverage, event management and curated merchandise. Under the brands of ARTOTEL and CURATED COLLECTIONS, ARTOTEL Group currently operates more than 1,000 hotel rooms featuring art-inspired designs. For hotel owners, ARTOTEL Group provides technical assistance in exterior and interior design, space planning, engineering and construction of the hotel and its related facilities, while in the food & beverage vertical, the company currently operates restaurants, bars, as well as beach clubs. With this round of financing, ARTOTEL plans to strengthen its existing operations while also expanding its business throughout Southeast Asia. This investment by Indonesia-based Intudo marks the first external round of investment for ARTOTEL Group, which says it has already achieved profitability.”

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Forbes Indonesia on Intudo Ventures and EMQ

“'We have built a strong partner ecosystem of financial institutions, telecommunications service providers, messaging platforms and payment processors, to offer our customers with immediate access to thousands of cash pickup options, and to any bank account or mobile wallet,' says Max Liu, chief executive and co-founder of EMQ. In typical startup fashion, Max won’t disclose any financials, except to say EMQ is growing at a 30% rate month over month. To help EMQ grow, Max recently raised $6.5 million in Series A funding from a group of investors that includes the U.S.-Indonesia crossborder firm Intudo Ventures. 'With a global remittance business of more than $600 billion, we are quite upbeat about the company’s growth,' says Max.”

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DealStreetAsia on Intudo Ventures and RIDE Jakarta

“Boutique fitness and indoor cycling studio Ride Jakarta has secured a $500,000 seed round of financing led by Indonesia-focused venture capital firm Intudo Ventures, according to a company statement... Founded in April 2015, Ride Jakarta is the first boutique studio dedicated to indoor cycling in Indonesia and has three studios in Jakarta currently... 'Ride Jakarta’s unique business model applies lessons learned from the US boutique fitness segment to Indonesia’s local market conditions. Gita and her team have demonstrated the right combination of ingenuity and perseverance to create a sustainable and scalable business model that meets the healthy lifestyle needs of Indonesians,' said Patrick Yip, Founding Partner at Intudo Ventures.”

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TechCrunch on Intudo Ventures and BeliMobilGue

“BeliMobilGue — meaning ‘Buy My Car’ — was quietly started last year as a joint venture from Berlin-based Frontier Car Group and Intudo Ventures. It acts as a middleman between Indonesia’s car dealers and consumers who want to part with their vehicle. The startup has big plans for 2018 after it raised $3.7 million this week. The investment — which is described as a pre-Series A deal — was led by Indonesia’s Intudo Ventures with participation from angel investors that include Michaelangelo Moran, one of the co-founders of Uber Go-Jek.”

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Inc42.com on Intudo Ventures and EV Hive

“This investment marks Intudo Ventures’ debut investment in Indonesia. Intudo Ventures was founded by Eddy Chan and Patrick Yip, working with founding advisor Timothy Chen, in 2017. The VC firm launched a $10 Mn fund in June 2017. Intudo Ventures ...is an Indonesia-focused independent venture capital firm. The founding team has invested in dozens of early-stage companies in Silicon Valley, China, Hong Kong, Taiwan, Singapore, and Indonesia since the 1990s. These investments include the likes of PayPal, SpaceX, Palantir Technologies, Netscreen Technologies, and Fortinet.”

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