Exclusive: NSI Ventures closes debut fund at $80m, Temasek among investors

NSI Ventures co-founder Hian Goh (middle) speaking to his team. Image from NSI Ventures.

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.

Related: Exclusive: Temasek, Cisco invest in Monk’s Hill fund for Southeast Asia

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.

Related: Singapore based Chope secures $8m in Series C round led by F&H Fund Management, NSI Ventures

NSI Ventures nears final close of $50m first fund

EXCLUSIVE: Rotimatic creator gets Series A funding from NSI Ventures

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.

Also Read: Jungle Ventures clocks 65% commitment for $100m fund from Singapore’s Temasek & NRF, Kumar Malavali, Prabhu Goel & Indonesia’s Orion

Exclusive: Innosight Ventures to raise new $50m fund, to target Series A investments in regional firms

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.