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Northstar Group bags USD590m, target to invest in SEA’s startup

Heaptalk Team, indonesia . 27 Dec 2021
Northstar Group plans to invest in SEA's startup

Heaptalk, Jakarta — Northstar Group, a Singapore headquartered private equity firm, announced to close its flagship funding of USD590 million. According to the Group, the tremendous fund that was collected through Northstar Equity Partners V Limited (Northstar V) is set to be delivered to mature growth companies across Southeast Asia, particularly in Indonesia.

The Company founded by Patrick Walujo conveyed that the prime focus of its upcoming investment will land on several sectors, including consumption, financial service, digital economy, and the covid-19 pandemic recovery. More specifically, Patrick, further, mentioned the characteristic of startups that can stand out in front of investors are those who always provide innovation, cut costs, and are resilient to every condition.

“For the past two years, we have witnessed unprecedented volatility, uncertainty, and complexity. However, Southeast Asia, and particularly Indonesia, strives to provide interesting middle to long investment opportunities. Along with the market recovery after being hit by the covid-19 pandemic, the favorable demographic condition, the enhancement of wealth and consumption, an improvement on education level, as well as digitalization that stays ongoing will promote huge growth in this area.” Stated Patrick Walujo, Co-Founder and Managing Partner of Northstar Group.

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Throughout 2021, part of the Northstar V’s fund has been disbursed to FMCG company Greenfields Dairy, a fintech startup Advance Intelligence Group, and SaaS startup Ula. Two of its portfolios, Advance AI and Ula, have thrived rapidly into a unicorn and soonicorn with a valuation amount to attain USD2 billion and USD100 million.

“The success of our fundraising through fifth flagship fund that took place during this challenging period has proven the power of our team and the quality of our companies’ portfolio, as well as return we provide to our investor. We expect to be able to build collaboration with more entrepreneurs in Southeast Asia to encourage their business growth through our capital contribution and skill,” added Glenn Sugita, Co-Founder and Managing Partner of Northstar Group. (WLN)