A Singapore-based venture capital firm called Northstar Group has secured US $90 million in the first close of its new investment program, Northstar Ventures I. (NSV I).
The corporation wants to raise $150 million for the new fund in total. It anticipates a second closure in the first quarter of this year at about US $120 million, and a third close at roughly US $150 million or more in the middle of 2023.
Northstar stated in a statement that the new fund focuses on early-stage firms in Indonesia and, to a lesser extent, other Southeast Asian nations. The firms in the portfolio of NSV I, which focuses on businesses in the consumer internet, FinTech, and enterprise software sectors, include Makmur, Wahyoo, Flex, Maka, Jagat, and 1Bstories.
Since its inception in 2003, Northstar has made investments in over 50 businesses in Southeast Asia, including Gojek and Indomaret. The business presently manages US $2.6 billion in committed capital as of NSV I’s first closure.
