Northstar Group, a Singapore-based VC firm, has raised US$90 million in the first close of its new investment initiative, Northstar Ventures I (NSV I
The company aims to secure a total of US$150 million for the new fund. It expects a second close in the first quarter of this year at around US$120 million, with a third close in mid-2023 hitting the US$150 million mark or more.
In a statement, Northstar said the new fund targets early-stage startups in Indonesia and, to a lesser extent, other countries in Southeast Asia. NSV I focuses on companies in the consumer internet, fintech, and enterprise software sectors, with a portfolio including Makmur, Wahyoo, Flex, Maka, Jagat, and 1Bstories.
Founded in 2003, Northstar has invested in more than 50 companies across Southeast Asia, including Gojek and Indomaret. With the first close of NSV I, the firm now manages US$2.6 billion in committed capital.