Singapore’s Go-Ventures Rebrands as Argor Capital, Raises $240M in Second Fund

Southeast Asia-focused venture capital firm Go-Ventures has successfully concluded the final close of its second flagship fund, raising a total of $240 million. As part of the announcement, the company has rebranded itself as Argor Capital Management. 

The second fund has garnered support from diverse investors, including sovereign wealth funds, institutional investors, corporates, and family offices from regions such as Asia, the Middle East, Australia, Europe, and the United States.

Argos Capital, launched in 2018 (as Gojek) with the backing of Indonesia’s GoTo, has established itself as a prominent investor in startups across Southeast Asia. Despite GoTo’s continued participation as an investor in Argor’s latest fund, the investment decisions made by Argor Capital will remain independent from GoTo and other limited partners. 

Having successfully concluded its fundraising efforts in 2023, Argor Capital intends to enhance its focus on investing in early-stage and mid-stage companies that offer solutions to large and attractive market segments.

Argor Capital‘s second venture fund has already been deployed to support investments in various sectors, including specialized business-to-business (B2B) marketplaces, technology-driven consumer enterprises, platforms facilitating small and medium-sized enterprises (SME) digitization, environmental technology, and embedded finance. 

“Argor captures the passion and spirit of partnership that our team employs as we invest in and help our portfolio companies across Southeast Asia change millions of lives for the better,” Aditya Kamath, a Partner at Argor, stated in its recent announcement. 

“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,″ he added. 

Argor Capital successfully concluded its inaugural venture fund, Fund I, in 2020, raising a total commitment of $175 million. The first fund was responsible for investing in 19 Southeast Asian companies. 

Among the notable investments made by Argor from its first fund are Vara, a platform facilitating staff management for small businesses; KitaBeli, an Indonesian social commerce application; Food Market Hub, a cloud-based platform connecting food and beverage outlets to suppliers in Malaysia, Juragan Material, a construction tech platform in Indonesia, eFishery, an Indonesian agritech startup, and SafeBoda, a ride-hailing app based in Uganda. 

Argor has recently welcomed two new partners, Siddharth Pisharody and Adrian Foo, as part of its expansion strategy. Over the past two years, the firm has experienced significant growth, expanding its team size threefold.