Northstar Group is a prominent private equity and venture capital firm that has been actively investing in companies across Southeast Asia. With offices in Singapore, Indonesia, Thailand, Vietnam and Malaysia, Northstar has emerged as a leading investor in tech, healthcare, consumer and financial services startups and growth-stage companies across the region. This article will provide an overview of Northstar’s investments, investment strategy, portfolio companies and overall impact in Southeast Asia’s dynamic startup ecosystem.

Northstar’s Large and Diverse Portfolio of Investments
Over the past decade, Northstar has deployed over $1 billion into companies across Southeast Asia, making it one of the most active institutional investors in the region. Its portfolio includes over 30 companies across different sectors, stages and geographies. Some of its more notable investments include Singapore-based ride-hailing giant Grab, Indonesia’s leading e-commerce platform Tokopedia (acquired by Gojek), high-growth Vietnamese fintech firm Momo, Singapore-headquartered gaming chair maker Secretlab, and several other market-leading startups.
Strong Focus on Early to Growth Stage Investments
While Northstar does invest in later stage companies, it has developed a strong reputation for identifying and backing startups in their early and growth stages. The firm has repeatedly shown the ability to spot emerging champions in Southeast Asia’s startup ecosystem and support their growth through successive funding rounds. For instance, Northstar invested in Grab’s Series A in 2014 and continued participating in later rounds as Grab grew to become Southeast Asia’s most valuable startup.
Tech and Fintech at the Core of Northstar’s Strategy
In line with broader VC investment trends, Northstar has placed heavy emphasis on investing in technology and financial services startups across Southeast Asia. Its portfolio has significant representation from e-commerce companies like Tokopedia and Bukalapak, ride-hailing and food delivery giants like Grab and Gojek, digital banking and payments companies like Momo and Xendit, and SaaS startups. Technology and fintech companies have attracted the majority of Northstar’s investments.
Strong Interest in Indonesian Startup Ecosystem
While diversified across the region, Northstar has taken a special interest in Indonesia – Southeast Asia’s largest economy. It has been one of the most prolific institutional investors in Indonesian startups. Major Indonesian bets include Tokopedia, Bukalapak, nuclear energy startup ThorCon, digital media startup IDN Media, and several others. Indonesia presents attractive demographics, economic growth and startup opportunities that align with Northstar’s investment strategy.
Commitment to ESG and Impact Investing
In recent years, Northstar has strongly positioned itself as an impact investor, seeking to back companies that create positive environmental, social and economic impact alongside financial returns. For example, it led a $226 million round in 2020 into Indonesian startup Hara, which works with smallholder farmers to improve incomes and environmental sustainability. Overall, ESG factors and positive impact creation play an important role in Northstar’s investment decisions.
In summary, Northstar Group has emerged as one of the top institutional investors actively funding tech startups and growth companies across Southeast Asia. Its large, diversified portfolio skews towards early stage investments in e-commerce, fintech and other technology companies, with a strong focus on Indonesia. As the Southeast Asian startup ecosystem matures, Northstar is well positioned to continue its momentum.