Intudo Ventures invests in hospitality company ARTOTEL Group
This is not the first time Intudo Ventures has diversified its portfolio into the non-tech startup categories
An ARTOTEL facility
Indonesia-based hospitality company ARTOTEL Group today announced a strategic investment from venture capital (VC) firm Intudo Ventures.
ARTOTEL Group is an Indonesia-based hospitality company founded by siblings Erastus and Christine Radjimin in 2013.
Under the brands of ARTOTEL and CURATED COLLECTIONS, ARTOTEL Group said it currently operates more than 1,000 hotel rooms featuring “tasteful, art-inspired” designs.
For hotel owners, ARTOTEL Group is involved throughout the pre-opening process from conceptualization to hotel opening, providing technical assistance and best practices in exterior and interior design, space planning, engineering and construction of the hotel and its related facilities.
In addition to hotel chains, the company also run F&B businesses, event management service, and a curated merchandise service.
ARTOTEL Group plans to use the funding to strengthen existing operations while also expanding to Southeast Asia.
Also Read: Meet the VC: Discussing sea turtles and OMO with Intudo Ventures
The group also plans to develop new hotel brands and differentiates its offerings by launching economic hotels and high-end residencies.
The company said it has over 50 properties under discussion for development with 20 properties already being confirmed for operation by 2020 and 30 in conceptualisation stage throughout Southeast Asia.
The investment from Intudo Ventures is the group’s first external funding round; it also claimed to have achieved profitability.
For Intudo Ventures, its investment into ARTOTEL is not the first that the VC firm has done into a non-tech-related company.
In February, it has invested in fitness studio chain RIDE Jakarta, to support its effort in building an online platform.
“We hope that through our network of strategic investors and partners that we can help ARTOTEL Group further develop into one of the region’s top hospitality brands and service providers,” said Intudo Ventures Founding Partner Patrick Yip.
Also Read: Intudo Ventures closes debut fund at US$20M, will focus on Indonesia market
In Indonesia, other VC firms have also begun diversifying its portfolio by investing in non-tech companies, particularly in the service or F&B industry.
In October, Alpha JWC Ventures announced an investment into coffee shop chain Kopi Kenangan while East Ventures has invested in creative consultation agency Flock and digital marketing firm Valuklik.
—
Image Credit: ARTOTEL Group
The post Intudo Ventures invests in hospitality company ARTOTEL Group appeared first on e27.
