Before closing its second managed fund and rebranding its identity, Argor Capital completed its first fund under management in 2020 with a total of US$175 million.
Heaptalk, Jakarta — The investment arms of GoTo, Go Ventures, has rebranded its identity to become Argor Capital Management (Argor) to reinforce the firm independence, particularly in developing its portfolios.
“While we are rebranding at a time of expansion, the word ‘Go’ embedded in our name is an important reminder for us of the strong support we have received from GoTo and our other investors since we started this journey back in 2018,” the Partner of Argor Capital, Aditya Kamath, affirmed.
Concurrently, besides rebranding its identity, this investment firm also announced its new managed fund worth US$240 million (around Rp3.6 trillion) in the form of capital commitment for a second managed fund and several facilities managed separately.
The company explained that this fund comes from Sovereign Wealth Fund (SWF), institutional investors, corporations, and family offices across the globe, from Asia to the Middle East, Australia, Europe, and the United States.
Established in 2018 with the backing of Indonesia’s GoTo, the firm has strengthened its presence as a prominent investor in startups across Southeast Asia. Even though GoTo will remain one of the investors of Argor, the firm’s investment determination will continue to be independent of GoTo and other limited partners.
Furthermore, the company closed its first fund under management in 2020 with a total of US$175 million. These funds have been injected into several 19 regional startups, whereby the startups managed to seize further funding from third-party investors with a total fund of US$1.4 billion.
The firm has made investments from the first fund in companies, spanning Indonesia’s social commerce KitaBeli, a Malaysian cloud-based platform connecting food and beverages outlets directly to suppliers, a construction tech platform Juragan Material, and Indonesia‘s agritech startup eFishery.
This GoTo-backed investment firm will continue to inject into early-stage and midstage companies. Hitherto, Argor has channeled the capital from the second fund in multiple sectors, spanning the business-to-business (B2B) marketplaces, tech-enabled consumer business, environmental tech, fintech, and digital transformation platforms for SMEs.
Argor has rapidly expanded its investment and support capabilities to its portfolio by appointing Siddharth Pisharody and Adrian Foo as Partners. In addition, this venture capital firm has tripled its team across multiple areas, including technology, product, data science, talent, and marketing.
“We appreciate investors for supporting our new moves. Despite the globally challenging macro environment, we remain excited about the potential of Southeast Asia’s technology ecosystem, which is underpinned by secular consumption and technology adoption across consumers and businesses. We will continue to focus on backing startups in Southeast Asia.” added Kamath, cited in TechCrunch.
