NSI Ventures, the Singapore-based VC agency affiliated with PE agency Northstar Group that invested early in ride-sharing unicorn Go-Jek, goes unbiased after it introduced it has rebranded to Openspace Ventures.
NSI Ventures was began by Hian Goh, an entrepreneur who bought his startup Asia Meals Channel in 2013, and finance exec Shane Chesson in 2014. The agency was initially conceived because the enterprise capital arm of Northstar, which manages some $2 billion in belongings with a deal with Indonesia.
In an announcement, Goh paid tribute to Northstar’s help however mentioned that “the second has come for us to carry Openspace Ventures to the following stage, as an unbiased, Southeast Asia-focused enterprise fund supervisor.”
Following its spin-out, Northstar Group co-founder and managing associate Patrick Walujo will change into a senior advisor to the agency, offering “strategic recommendation” on investments in Indonesia.
Openspace is finest recognized in Southeast Asia for its early funding in Go-Jek, the Indonesian ride-sharing firm that’s valued at over $four billion and within the strategy of increasing throughout Southeast Asia. Up to now it has invested in 19 corporations, together with on-line trend model Love Bonito, roti bread maker Zimplistic, restaurant discovery service Chope, and digital insurance coverage startup Axinan. It introduced its second $125 million fund final December, a last shut for which is predicted this yr.
The agency mentioned that 12 of its 15 funding offers have since secured follow-on funding, with a complete of $2.2 billion poured in. A lot of that comes from Go-Jek, however even eradicating two latest rounds that complete round $2 billion, leaves good numbers for the remainder of its portfolio.
In truth, a latest report from funding tracker Prequin listed the agency because the third highest performing funding fund worldwide for these created between 2003-2015. That exhibits progress however the proof is within the pudding, and for VCs meaning LP returns. Opensauce, like others in exit-starved Southeast Asia, is but to have a liquidation occasion regardless of making promising progress.
Supply hyperlink – https://techcrunch.com/2018/04/25/singapore-nsi-ventures-is-now-opensapce/