In case if someone is looking for multiple entries to same target or TypeScript based configuration.

proxy.conf.ts

const proxyConfig = [
  {
    context: ['/api/v1', '/api/v2],
    target: 'https://example.com',
    secure: true,
    changeOrigin: true
  },
  {
    context: ['**'], // Rest of other API call
    target: 'http://somethingelse.com',
    secure: false,
    changeOrigin: true
  }
];

module.exports = proxyConfig;

ng serve --proxy-config=./proxy.conf.ts -o

In case if someone is looking for multiple context entries to the same target or TypeScript based configuration.

proxy.conf.ts

const proxyConfig = [
  {
    context: ['/api/v1', '/api/v2],
    target: 'https://example.com',
    secure: true,
    changeOrigin: true
  },
  {
    context: ['**'], // Rest of other API call
    target: 'http://somethingelse.com',
    secure: false,
    changeOrigin: true
  }
];

module.exports = proxyConfig;

ng serve --proxy-config=./proxy.conf.ts -o