GoTo-linked VC rebrands, closes $240m second fund

Photo credit: GoTo

Go-Ventures, an independent VC fund linked to Indonesia’s GoTo Group, has rebranded to Argor and announced the completion of its new US$240 million venture fund.

Aditya Kamath, a partner at Argor, said the name comes from the combination of the words “ardor,” “rigor,” and “go.” The firm plans to scout for both early and mid-stage companies that tackle large and attractive market opportunities while creating significant societal impact.

“Despite the challenging macro environment globally, we remain excited about the potential of Southeast Asia’s technology ecosystem, which is underpinned by secular consumption and technology adoption across both consumers and businesses,” Kamath added.

It was reported last year that Argor was raising US$200 million for its second fund, which would see super app Gojek pitch in 20% of the amount.

Argor has already made several investments in the past, particularly in companies that cover sectors such as specialized B2B marketplaces, tech-enabled consumer businesses, SME digitalization platforms, environment tech, and embedded finance.

Argor was launched in 2018 with the support of Gojek, before the ride-hailer merged with Tokopedia to formed GoTo Group. The VC firm backs high-growth startups in Indonesia and other Southeast Asian countries.

The company said it keeps a close relationship with GoTo and its other limited partners, but its strategy and investment choices are independent of them.

It closed its first venture fund in 2020 with a total commitment of US$175 million and has backed 19 companies so far. Some of Argor’s previous investments include those in Philippine-based coffee startup Pickup Coffee, Indonesian agritech firm AgriAku, and Singapore HR platform Skuad.

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