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June 21, 2023

Go-Ventures Reinvents as Argor Capital with $240M Fund

Go-Ventures Rebrands as Argor Capital, Raises $240M for Southeast Asia Startup Investments

In a significant move, Go-Ventures, backed by Indonesia's GoTo, has successfully secured a second fund amounting to $240 million. Alongside this achievement, the firm has undergone a rebranding, now operating under the name Argor Capital. This strategic transformation aims to enhance the investment company's autonomy and bolster its capabilities in driving growth for its diverse portfolios.

Argor Capital, initially established in 2018 with GoTo's backing, primarily focused on investing in startups across Southeast Asia. While GoTo will remain an investor in Argor's latest fund, it is crucial to note that Argor's investment decisions will be independent of GoTo and other limited partners. The VC firm has attracted a wide range of limited partners for Argo's second fund, including sovereign wealth funds, institutional investors, corporations, and family offices worldwide. From Asia, the Middle East, Australia, Europe to the U.S., these partners contribute to the global reach and vision of Argor Capital.

Partner of Argor Capital, Aditya Kamath, highlighted the significance of the rebranding, stating, "While we are rebranding at a time of expansion, the word 'Go' embedded in our name is an important reminder of the strong support we have received from GoTo and our other investors since we started this journey back in 2018."

Looking ahead, Argor Capital will continue its focus on investing in early and mid-stage companies. The second fund has already been deployed in various sectors, including B2B marketplaces, consumer, environmental tech, fintech, and digital transformation platforms for SMEs. Despite the challenging global macro environment, Kamath expressed excitement about Southeast Asia's technology ecosystem, underpinned by the region's growing consumption patterns and widespread technology adoption among businesses and consumers.

Since its inception, Argor Capital has made significant strides, closing its first fund in 2020 with $175 million invested in 19 companies across Southeast Asia. The firm has expanded its team size three-fold in the past two years, with the addition of partners Siddharth Pisharody and Adrian Foo. Notable investments from the first fund include Vara, KitaBeli, Food Market Hub, Juragan Material, eFishery, and SafeBoda, showcasing the firm's diverse portfolio and commitment to supporting innovative ventures.

As Argor Capital embarks on this new phase of growth and independence, the startup ecosystem eagerly awaits its future investments and contributions to the ever-evolving tech landscape of Southeast Asia.

Neil Hodgson Coyle
Neil Hodgson-Coyle
Editorial chief at TechNews180
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