GoTo backed Go-Ventures closes $240M second fund, rebrands as Argor Capital

Emmanuel Oyedeji -

Building on the remarkable results of its initial fund, Fund I, with millions in investments across several startups in Southeast Asia, GoTo-backed VC firm Go-Ventures is solidifying its position as a prominent investor in the region.

The VC firm has undergone another successful fundraising effort of $240 million in its second fund, Fund II, and a major transformation with its recent rebranding as Argor Capital.

The total investment in its first venture fund amounted to $175 million in 19 companies across Southeast Asia, with Financial Services and Food Delivery standing among the most successful fund investment fields. Since then, these portfolio companies have attracted significant follow-on funding totalling $1.4 billion.

Some of its notable investments in its first fund include Pickup Coffee, a Philippine-based Coffee Startup; eFishery, an Agritech startup in Indonesia; SafeBoda, a ride-hailing app in Uganda; Food Market Hub, a Malaysian B2B cloud-based platform; and AgriAku, a B2B Agritech in Indonesia.

With their first fund paving the way for success, the VC company is now casting a wide net to catch the most promising early-stage and midstage startups in sectors such as B2B marketplaces, consumer goods, environmental tech, fintech, and digital transformation platforms for SMEs with the second fund. However, the possibility that Argor Capital's inclination towards investing in the fintech and logistics sector, as seen in the previous round, will continue.

The impressive $240 million Fund II, attracted diverse support from investors worldwide, including sovereign wealth funds, institutional investors, corporations, and family offices, from Asia to the Middle East, Australia, Europe and the U.S.

To mark the new chapter, Argor Capital underwent a transformation with a fresh rebranding as Argor Capital that will allow it to operate independently, ensuring its investment decisions are made autonomously, in line with the interests of its limited partners. That is despite Indonesia's GoTo remaining one of the investors in Argor's latest fund.

Its regional rival Grab operates a venture arm called Grab Ventures, which put up $250 million in 2018 for investments in Indonesian startups. The ride-hailing company also runs a startup accelerator called Grab Ventures Velocity.