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April 22, 2019
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Intudo Ventures

Startups Weekly: Is Y Combinator’s latest cohort too big?

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Greetings from Chittorgarh, one of my stops on a two-week excursion through Goa and Rajasthan, India. I’ve been a little too busy exploring, photographing cows and monkeys and eating a lot of delicious food to keep up with *all* the tech news, but I’ve still got the highlights.

For starters, if you haven’t heard yet, TechCrunch launched Extra Crunch, a paid premium subscription offering full of amazing content. As part of Extra Crunch, we’ll be doing deep dives on select businesses, beginning with Patreon. Read Patreon’s founding story here and learn how two college roommates built the world’s leading creator platform. Plus, we’ve got insights on Patreon’s product, business strategy, competitors and more.

Sign up for Extra Crunch membership here.

On to other news…

Y Combinator’s latest batch of startups is huge

So huge the Silicon Valley accelerator had to move locations and set up two stages at its upcoming demo days (March 18-19) to accommodate the more than 200 startups ready to pitch investors (who will have to hop between stages at the event). There will also be a virtual demo day live-streamed for some investors to watch “because there are so few seats.” Here’s what I’m wondering… At what point is a YC cohort too big? If investors aren’t even able to view all the companies at Demo Day, what exactly is the point? Send me your thoughts.

Deal of the week

Another week, another SoftBank deal. The Vision Fund’s latest bet is autonomous delivery. The Japanese telecom giant has invested $940 million in Nuro, the developer of a custom unmanned vehicle designed for last-mile delivery of local goods and services. The startup, also backed by Greylock and Gaorong Capital, will use the cash to expand its delivery service, add new partners, hire employees and scale up its fleet of self-driving bots. And while we’re on the subject of autonomous, TuSimple, a self-driving truck startup, has raised a $95 million Series D at a unicorn valuation.

Mamoon Hamid and Ilya Fushman

The future of KPCB

TechCrunch’s Connie Loizos spoke with Mamoon Hamid and Ilya Fushman, who joined Kleiner Perkins from Social Capital and Index Ventures, respectively. The pair talked about Kleiner Perkins, touching on people who’ve left the firm, how its decision-making process now works, why there are no senior women in its ranks and what they make of SoftBank’s Vision Fund.

Here’s your weekly reminder to send me tips, suggestions and more to kate.clark@techcrunch.com or @KateClarkTweets

Facebook almost bought Unity

Facebook CEO Mark Zuckerberg considered a multi-billion-dollar purchase of Unity, a game development platform. This is according to a new book coming out next week, “The History of the Future,” by Blake Harris, which digs deep into the founding story of Oculus and the drama surrounding the Facebook acquisition, subsequent lawsuits and personal politics of founder Palmer Luckey. Here’s more on the acquisition-that-could-have-been from TechCrunch’s Lucas Matney.

Venture capital funds

Indonesia-focused Intudo Ventures raised a new $50 million fund this week to invest in the world’s fourth most populated country; InReach Ventures, the “AI-powered” European VC, closed a new €53 million early-stage vehicle; and btov Partners closed an €80 million fund aimed at industrial tech startups.

Xiaomi-backed electric toothbrush startup Soocas raises $30M

Startup cash

Jobvite raises $200M+ and acquires three recruitment startups to expand its platform play
Opendoor files to raise another $200M
DriveNets emerges from stealth with $110M for its cloud-based alternative to network routers
Figma gets $40M Series C to put design tools in the cloud
Xiaomi-backed electric toothbrush Soocas raises $30 million Series C
Malt raises $28.6 million for its freelancer platform
Elevate Security announces $8M Series A to alter employee security behavior
Massless raises $2M to build an Apple Pencil for virtual reality

Subscription scooters

Just when you thought the scooter boom and the subscription-boom wouldn’t intersect, Grover arrived to prove you wrong. The startup is launching an e-scooter monthly subscription service in Germany. Their big idea is that instead of purchasing an e-scooter outright, GroverGo customers can enjoy unlimited e-scooter rides without the upfront costs or commitment of owning an e-scooter.

If you enjoy this newsletter, be sure to check out TechCrunch’s venture-focused podcast, Equity. In this week’s episode, available here, Crunchbase News editor-in-chief Alex Wilhelm and General Catalyst’s Niko Bonatsos chat startups.

Want more TechCrunch newsletters? Sign up here.

News Source = techcrunch.com

Indonesia-focused Intudo Ventures raises new $50M fund

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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 over 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.

A Google-Temasek report forecasts significant growth across Southeast Asia, with Indonesia taking the lead

Another factor that separates Intudo from other firms is its approach to working with local partners. Most VC firms in Southeast Asia tend to source their LPs from Singapore, West Asia and China with a smattering of local families or conglomerates who wield influence on the ground in markets. In Indonesia, Intudo claims to have over 20 families among its LP base, as opposed to the conventional approach of two or three.

However, founding partners Eddy Chan and Patrick Yip told TechCrunch that the majority of its capital comes from U.S-based LPs, with no investor providing more than 10 percent of the fund’s capital. Some of its overseas backers include Founders Fund, the family office of former Walgreens CEO Greg Wasson, Japan’s World Innovation Lab and Taiwan’s CTBC Group, according to the partners.

“Indonesia is a market we feel is dominated by about 100 core families, we are back by 20-some of the most influential groups in the market,” Chan said in an interview.

The goal is to help Intudo’s portfolio companies tap into opportunities from those LPs and their business holdings.

“When we sign up LPs, first and foremost we want to be able to engage the network and resources for the startup we invest into. We find a fit and hopefully provide some kind of unfair advantage… a leg up when they want to compete,” Chan explained.

“We’re not biased to any one family, we invest in a purely financially-driven manner,” added Yip.

Intudo Ventures’ founding partners Eddy Chan and Patrick Yip

Yip provides the on-the-ground presence having returned to Indonesia from the U.S. 15 years ago. Chan is in the U.S. for eight months a year, he said, where he spends much of his time seeking out Indonesia talent studying in the U.S. for prospective hiring or incubating new projects.

“We have a long-term view that we either place them in our portfolio, found companies with them or put them in with a Bain, or McKinsey type company,” Chan explained.

Yip formerly operated an investment firm associated with Goldman Sachs and spent time at retail giant CP, Chan, meanwhile has spent time as an investor and co-founded smart light company Leeo before leaving in 2015 following a restructuring.

The fund itself is focused on Series A and pre-A with some Series B with an initial investment of $500,000-$5 million with more for follow-on rounds, the partners explained. But the focus is on doubling down on a few prospects, with the fund slated to do around 12-15 deals through its lifecycle.

Chan said that when it comes to going beyond the fund’s deal range the thesis is to involve its LPs who, he claimed, are keen to invest in Indonesia further down the line. With just a year since Intudo’s debut fund closed that theory has not been tested yet although one early bet, BeliMobilGue just raised a $10 million Series A. Others in the portfolio include co-working venture CoHive, payment gateway company Xendit and fitness startup Ride Jakarta.

For now, at least, Intudo intends to remain laser-focused on Indonesia.

“Down the road will we add other countries? Time will tell,” Chan said. “This is our bread and butter and where we’re strong and what we have committed to for our LPs.”

News Source = techcrunch.com

BeliMobilGue raises $10M for its used-car sales platform in Indonesia

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BeliMobilGue, a used car sales platform in Indonesia, has fueled up with a $10 million Series round for the race to dominate the automotive market in Southeast Asia’s largest economy.

The company was started in 2017 as a joint venture between Europe’s Frontier Car Group (FCG) and Intudo Ventures, a VC firm focused on Indonesia. BeliMobilGue said today that the capital came from FCG and new investors, which include Tunas Toyota — the authorized dealership for Toyota cars in Indonesia.

It’s worth noting that FCG itself is a venture which, as the name sounds, develops on automotive ventures in emerging (frontier) markets in Latin America, Asia and Africa. Its investors include Naspers/OLX, Balderton Capital, TPG Growth and Partech Ventures.

This Series A round follows a $3.7 million round last year for BeliMobilGue — which means ‘buy my car’ in Indonesia’s Bahasa language.

BeliMobilGue is aimed at making it easy for car owners to sell their vehicle.

The first step is an online price estimation for vehicle. If the owner is happy with the valuation, BeliMobilGue takes the vehicles in and, after a one hour check attended in person by its testers, it arranges a sale to its network of over 1,000 dealers and private buyers. The entire process is targeted at one hour and is free for consumers, BeliMobilGue CEO Rolf Monteiro told TechCrunch.

The company has 30 physical testing points across Jakarta, Indonesia’s capital city, and with this money in the bank it is targeting expansion to Java. By the end of this year, Monteiro forecasts that the number of physical stations will have passed 100.

Another target for this year is ancillary services. BeliMobilGue is focused on enabling dealers, many of whom are often small businesses rather than nationwide chains, to growth with its service so it is offering financial packages financed by a third-party bank.

“The difference between small and large dealerships is their access to capital,” Monteiro explained in an interview. “We are a little bit more comfortable [than a bank] to extend their finance because we’re not just using data, we’re sitting on that dealer relationship.

“Plus we are sitting on cars, so we are financing cars that come from our platform and [if necessary] we can help offload the car for the dealer,” he added.

BeliMobilGue aims to sell vehicles within an hour, that includes a comprehensive inspection that’s carried out by its staff and covers 300 points.

BeliMobilGue is far from alone in going after Indonesia, which is the world’s fourth most populous country and the cornerstone of most digital strategies for the region. An annual report from Google and Temasek forecasts that Indonesia’s online economy will grow to $100 billion by 2025 from $8 billion in 2015. Southeast Asia as a whole is predicted to reach $240 billion, which is telling of the significance of Indonesia.

With that in mind, regional rivals have doubled down on Indonesia.

Carro has raised $78 million to date — including a $60 million Series B last year — while Carsome has $27 million and iCar Asia, from venture builder Catcha, has pulled in $39 million to date.

Each of that trio serves multiple markets across the region, not Indonesia exclusively, which is where Monteiro believes he can find an advantage. While he admitted that BeliMobilGue could have raised more money — it stuck to finding ‘smart money’ over amassing pools of cash, he said — he sees the existance of competition as win-win for the industry.

“Indonesia is a massive market,” he said. “Whether it is us, Carro or Carsome, the competition helps educate the market and it will get us new business. But, as much as I welcome them, I want that dominant position.”

Adding strategic investors like Tunas Toyota is, Monteiro believes another key differentiator.

“An investor like Tunas has 25-30 years of experience, so, for us, this partnership is golden. We’re quite content with the round and how it played out,” he said.

News Source = techcrunch.com

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