Follow me @samirkaji for my thoughts on the venture market, with a focus on the continued evolution of the VC landscape.
This week we are joined by Eddy Chan, founding partner of Intudo Ventures, which employs a hyper-local strategy by backing entrepreneurs in Indonesia. With over $230M in AUM, the firm has become one of the largest Indonesia-only based firms.
Eddy and I had a fun conversation on the reasons why hyper-local strategies can work, what these regions need to scale, and some of the interesting ways they leverage their LP base to help with portfolio building.
Frank, Rimerman + Co.’s history is closely intertwined with that of Silicon Valley. With humble beginnings similar to so many start-ups, Frank, Rimerman was formed with a desire to serve the entrepreneurial and venture communities of the Valley and the determination to think outside-the-box.
When it comes to venture funds, we work with almost 500 VC groups from over 20 states across the USA. We have worked with over 400 fund groups during their first year of operations, making us one of the leading providers in the country to emerging managers.
No one wants to be bored at work. That’s why we chose to work with some of the most innovative and creative people – people who are changing the world around us every day. Their excitement fuels our passion and determination to grow and serve this special community.
Frank, Rimerman + Co, Passion Works Here.
About Eddy Chan:
Eddy Chan is a founding partner of “Indonesia-only” Independent venture capital firm Intudo Ventures with over US$230 million in committed capital, that acts as the Indonesia beachhead strategy for dozens of leading institutions, funds, and family offices from around the world. Intudo portfolio companies include Xendit, Pintu, Pinhome, Halodoc, TaniHub, Kargo, PasarPolis, BeliMobilGue (acquired by OLX), Nalagenetics, Populix, and more.
Prior to co-founding Intudo Ventures, Eddy worked on venture investments in startups since the late 1990s, including PayPal, Palantir, and Affirm, founded and operated venture-backed technology companies with operations in Silicon Valley and Asia, practiced corporate/M&A law and worked as an investment banker.
Eddy holds a J.D. from Georgetown University and a B.S. in Business Administration from UC Berkeley.
In this episode we discuss:
(01:32) Why Eddy founded Intudo in 2016
(05:47) The reasons Eddy thought Indonesia was ready for a hyper-local fund
(09:52) Capital availability for companies that are in Indonesia
(16:01) Navigating hyper-local challenges of getting companies far enough so that they can attract that Series A and how its different from Silicon Valley
(22:55) How the first fundraise went and why LPs are more comfortable now
(28:41) Why independence is a core value to Eddy and why no single LP can be more than 10% of the entire fund
(31:16) How Intudo’s portfolio becomes a beachhead into Indonesia and the larger Asian market for its LPs
(37:01) Intudo’s concentrated portfolio construction
(41:09) Balancing due diligence and the speed of the market
I’d love to know what you took away from this conversation with Eddy. Follow me @SamirKaji and give me your insights and questions with the hashtag #ventureunlocked. If you’d like to be considered as a guest or have someone you’d like to hear from (GP or LP), drop me a direct message on Twitter.
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