Intudothe Indonesia-only venture capital firm, said it had raised $125 million through two investment funds: $75 million for Intudo Ventures IV and $50 million for another fund that will invest in natural resources and downstream renewable energies.

Intudo said Fund IV will invest in Indonesian startups that take advantage of the country’s location, digital advancements and expanding middle class – primarily those that leverage the country’s strengths in consumer products, aquaculture and horticulture, as well as commercial distribution, regulation, and deep tech startups. The other fund will be the first attempt to leverage Indonesia’s strong position in the global nickel and cobalt market to invest in natural resources and renewable energy.

Identifying areas where Indonesia is competitive is critical for the country globally, Eddy Chan, founding partner of Intudo, told TechCrunch.

“In Taiwan, semiconductors are exported to the world. In Japan, electronics were widespread. In Israel, it’s cybersecurity. SaaS in India. South Korea has K-pop. In Indonesia, we need to find more gold in shrimp farming (farming),” Chan said.

Intudo typically writes checks between $1 million and $10 million and targets a portfolio of 14 to 18 Indonesian companies, with the aim of acquiring significant stakes in each through Intudo Ventures IV, Chan said. He explained that in a typical Series A round, the company will invest between $3 million and $5 million for stakes of 20 to 30 percent.

“I think winning in Southeast Asia (requires) a small fund size and a large stake…In contrast, the market is currently dominated by many competitors with funds of $200 million or $300 million, but with ownership targets of only 10-15%. he said.

“Many funds in the market are Indonesia-focused, but we make the distinction that we are uniquely Indonesian. 100% of our fund’s investments are in Indonesia,” said Patrick Yip, founding partner of Intudo.

The company is finalizing a number of deals that it will unveil in the coming months, Yip added.

Intudo said it caps each limited partner’s investment at 10% of the total fund size to ensure fair treatment for all LPs and maintain its independent investment thesis.

The new fund comes three years after the company closed its third fund at $115 million. The company appears to have expanded its LP base since then, receiving investment from institutions and family offices in the United States, Asia, Europe and the Middle East, including Netherlands-based Orient Growth Ventures , and Black Kite Capital, based in Singapore. More than 20 global funds and managing partners, 15 Forbes-listed billionaires and their associated companies, and more than 30 influential families in Indonesia have also invested, the company said.

“Eighty percent of our transactions are followed by our global LP base in Korea, Silicon Valley, Europe and the Middle East,” Chan said.

Before founding Intudo in 2017, Yip worked for a private equity firm, while Eddy Chan was a lawyer and ran his own startup. The firm has a team of 12 and more than $350 million in assets under management.

Through the new natural resources fund, Intudo has invested in CarbonEthicsan Indonesian developer of technology-based natural climate solutions.