With capital pledges totalling US $140 million, Singapore-based Northstar Group has successfully raised funds for Northstar Ventures (NSV) I, its inaugural early-stage fund.
NSV I focuses on fintech, enterprise software, and consumer internet businesses that are based in Southeast Asia, particularly Indonesia. More than ten firms in the area, including UTown Singapore Technology, Gently, Maka Motors, and Locofy.ai, have already received funding from it.
Together with its co-investors, the Northstar Group has invested more than US $4 billion in more than 50 Southeast Asian businesses since its founding in 2003. The CEO of GoTo Group, an Indonesian software giant, Patrick Walujo, co-founded the venture capital and private equity firm.
A wide range of international investors, including family offices, high-net-worth individuals, institutional investors, and sovereign wealth funds, were drawn to the Northstar Group for NSV I. The Northstar Group currently oversees committed capital valued at over US $2.6 billion following the completion of NSV I.
Carlson Lau, managing director of Northstar Ventures, stated that the fund intends to leverage the Northstar Group’s network of portfolio firms, strategic partners, and local founders to support the expansion of its early-stage investee companies.
