GoTo-backed venture capital firm Go-Ventures has secured $240 million in total in the final close of its second flagship venture fund as it officially rebrands as Argor, according to a company announcement.
The second venture fund has secured commitments from sovereign wealth funds, institutional investors, corporates, and family offices from Asia, the Middle East, Australia, Europe, and the US.
While GoTo remains an investor in its funds, Argor’s strategy and investment decisions continue to be independent of GoTo and other limited partners.
The decision to rebrand comes as the firm seeks to reinforce its independence and expand capabilities to drive growth for its portfolio companies.
“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”, said Aditya Kamath, a partner at Argor.
Argor, launched in 2018 as Go-Ventures, targets early-stage startups mostly in Indonesia and also in India, Malaysia, Vietnam, and Africa.
Go-Ventures II LP, which was launched in December 2021 with a target of $200 million, made a $173.7 million initial close last year. It followed a similar arrangement for its $175-million debut fund in 2020, which has invested in 19 companies in Southeast Asia.
The second venture fund has already invested in companies operating in sectors such as B2B marketplaces, tech-enabled consumer businesses, SME digitization platforms, environment tech, and embedded finance.
Argor’s portfolio includes Indonesian digital platform Juragan Material, which raised about $4 million in Seed funding last year; podcast platform NOICE, which secured $22 million in Series A round; as well as investing platform Pluang and agritech startup eFishery, among others.
While most of its investees are in Indonesia, the fund has also deployed capital in India, Malaysia, Vietnam and Uganda, including India’s Mobile Premier League, Rebel Foods and Mall91; Malaysia’s FoodMarketHub; and Uganda’s SafeBoda.