Intudo, the Indonesia-only venture capital firm, said it has raised $125 million across two investment funds — $75 million for Intudo Ventures IV, and $50 million for another fund that will invest in downstream natural resources and renewable energy.

Intudo said Fund IV will invest in Indonesian startups that take advantage of the country’s location, digital advancements, and expanding middle-class population — essentially those playing to the country’s strengths in consumer products, aquaculture and horticulture, as well as commercial distribution, regulatory, and deep tech startups. The other fund will be its 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 essential for the country on a global scale, founding partner of Intudo, Eddy Chan, told TechCrunch.

“In Taiwan, it’s semiconductors going to the world. In Japan, electronics used to be prevalent. In Israel, it’s cybersecurity. SaaS in India. South Korea has K-pop. In Indonesia, we need to find more gold in aquaculture shrimp [farming],” Chan said.

Intudo typically writes checks between $1 million and $10 million, and is targeting a portfolio of 14-18 Indonesian companies, aiming to buy large stakes in each via Intudo Ventures IV, Chan said. He explained that in a typical Series A round, the firm will invest $3 million to $5 million for stakes of 20% to 30%.

“I think winning in Southeast Asia [requires] a small fund size and significant ownership… In contrast, the market is currently dominated by many peers with $200 million or $300 million funds, but with ownership targets of only 10% to 15%,” he said.

“Many of the funds in the market are Indonesia-focused, but we make the distinction that we’re Indonesia only. 100% of our fund’s investment is in Indonesia,” said Patrick Yip, a founding partner at Intudo.

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

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

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

“Eighty percent of our deals are followed by our global LP base from Korea, Silicon Valley, Europe, 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.

Out of the new natural resources fund, Intudo has invested in CarbonEthics, an Indonesia-based developer of tech-enabled natural climate solutions.