Patrick Walujo’s Northstar closes SEA early-stage tech fund at $140m

Northstar Group’s Patrick Walujo / Photo credit: Northstar Group

Singapore-based Northstar Group has completed the fundraise for Northstar Ventures (NSV) I, its first early-stage fund, with US$140 million in capital commitments.

NSV I targets consumer internet, fintech, and enterprise software companies that operate in Southeast Asia, primarily in Indonesia. It has already backed more than 10 startups in the region, such as UTown Singapore Technology, Gently, Maka Motors, and Locofy.ai.

Since it was established in 2003, the Northstar Group has invested over US$4 billion in more than 50 Southeast Asian companies, along with its co-investors. The private equity and venture capital firm was co-founded by Patrick Walujo, CEO of Indonesian tech titan GoTo Group.

For NSV I, the Northstar Group attracted a variety of global investors, including sovereign wealth funds, institutional investors, family offices, and high-net-worth individuals. With the final close of NSV I, the Northstar Group now manages more than US$2.6 billion in committed capital.

The fund plans to use the Northstar Group’s network of portfolio companies, strategic partners, and regional founders to help its early-stage investee companies grow, said Carlson Lau, managing director of Northstar Ventures.

See also: TikTok partnership reduces GoTo’s burden, pressures Sea: analysts