Singapore-based venture capital (VC) firm NSI Ventures has closed its debut fund at a little over $80 million, an executive with direct knowledge of the development told DEALSTREETASIA.
This is amongst the largest first vehicles raised by a local venture capital firm, and NSI’s investors include Singapore-state fund Temasek Holdings.
This portal had exclusively reported earlier that Temasek had invested in Singapore-based venture capital firm Monk’s Hill Ventures, which is also raising $80 million in its debut fund.
NSI Ventures did not comment on a detailed query from DEALSTREETASIA.
NSI, which is the VC arm of Singapore-headquartered private equity firm Northstar Group, invests in startups at both the Series A and Series B stage, and its focus areas include consumer applications, fintech, cloud software and smart hardware.
Northstar is also the anchor investor in NSI’s first vehicle.
The VC firm has already made eight investments from this fund, and its portfolio includes, Chope, which helps diners make instant reservations across the region’s restaurants, Singapore-based online grocer Redmart, local big data start-up Crayon Data, and Go-Jek, the leading provider of motorcycle transportation and courier services throughout Indonesia.
The fund has also invested in Zimplistic Invention, whose first product is the highly-anticipated Rotimatic, an advanced automatic flatbread maker. Its other investments till date include Oway, an online travel agent based in Myanmar, workplace platform ConneXionsAsia and Tradegecko that provides a cloud-based SaaS solution aimed at helping SME’s manage inventory and orders.
Prior to Northstar’s backing, NSI Ventures co-founders and general partners Hian Goh and Shane Chesson had set up Pivotal Asia Ventures in 2010. They had invested in Chope, Crayon Data and Redmart through this vehicle.
Goh co-founded Asian Food Channel alongside former BBC journalist Maria Brown. The culinary channel was sold to US-based Scripps Network Interactive for an undisclosed amount in April 2013. With the proceeds from the sale, Goh then teamed up with Chesson to start venture capital firm Silicon Island.
NSI’s close of its debut fund indicates that Singapore’s VC ecosystem is reaching maturity, and is also making the transition to larger fund sizes as all leading players are raising capital for their second vehicles.
Jungle Ventures‘ founders Anurag Srivastava and Amit Anand, in a recent interaction with this portal, had said the firm had clocked $65 million in commitments, for its $100 million second investment fund.
The investors in Jungle’s second fund include Singapore state fund Temasek Holdings, the city-state’s Thakral business family, as well as the private sector lending arm of the World Bank – International Finance Corporation.
In June, DEALSTREETASIA had reported that Innosight Ventures, was raising a new $50 million fund, to make series A investments in technology, media and telecommunications companies.