Southeast Asia has witnessed a remarkable rise in high-growth technology startups, often referred to as “soonicorns.” These startups, valued between US$50 million and $1 billion, are poised to become the next generation of unicorns.

Strong economic growth, favourable government policies, increasing VC investment, and technological advancements drive the soonicorn boom.

While the future looks bright for Southeast Asia’s soonicorns, they face several challenges, including intense competition, regulatory hurdles, and talent shortages. However, the region’s vast market potential and supportive ecosystem present significant opportunities for these startups to achieve sustainable growth and become global leaders.

Below is Southeast Asia’s list of prominent soonicorns:

SiCepat

SiCepat is an app-based provider of e-commerce delivery services. It offers same-day, on-demand, multi-modal, and international shipping services. The company enables users to track packages, check shipping costs and check receipts.

Headquarters: Indonesia
Founding year: 2014
Total funding raised: US$323.5 million
Investors: MDI Ventures, Daiwa Securities Group, DEG, Indies Capital Partners, Pavilion Capital Partners, Kejora Capital, Trihill Capital, Falcon House Partners, Tokopedia, Barito Pacific, InterVest.

TNG Digital

An app-based mobile wallet startup. TNG’s services include online shopping, travel booking, bill payments, money transfer, toll payments, and QR transit. Users can reload the wallet via online banking, credit or debit cards, or purchase Touch ‘n Go Reload PIN (soft pins) at the Customer Experience Centre. It also allows users to keep track of their expenses.

Also Read: Malaysian e-wallet firm TNG Digital scores US$168.3M financing led by Lazada

Headquarters: Malaysia
Founding year: 1997
Total funding raised: US$168.3 million
Investors: Lazada, AIA.

Mirxes

It is a developer of miRNA-based tests for the detection of cancer. The company’s core technology is a highly specific RT-PCR primer that imposes a conformational restriction on miRNA for efficient binding to mature, but not precursor miRNAs, coupled with optimised RT-PCR reagents. These primers confer high specificity, sensitivity, and enhanced signal-to-noise ratio in amplification reactions. Mirxes also manufactures miRNA detection and quantification kits for research and is developing miRNA-based liquid biopsy kits for gastric cancer, lung cancer, and breast cancer detection.

Headquarters: Singapore
Founding year: 2014
Total funding raised: US$207 million
Investors: EDBI, Mitsui, nhhventures.com, Rock Springs Capital, CCB International, Kaixuan Venture Capital, Zhengda Life Science Fund, Tenda Capital, Charoen Pokphand Group, Keytone Ventures, Venturecraft, Gaorong Capital.

AscendEX

AscendEX is an online trading and exchange platform for cryptocurrencies. It provides solutions such as cash and margin trading, futures and copy trading, staking and yield farming of digital assets, and more. AscendEX also enables users to purchase cryptocurrencies by making fiat payments.

Founding year: 2018
Total funding raised: US$50 million
Investors: Polychain, Hack VC, Jump Capital, Alameda Research, Uncorrelated Ventures,
AcheronTrading, Nothing Research Ltd, Eterna Capital, Palm Drive Capital, SkyGate Digital, AlphaCoin Fund, Varys Capital, Evernew Capital, Marshland Capital.

BandLab

BandLab is a cloud-based music creation startup. It features a digital audio workstation for users to compile music. The chat feature built into the platform helps users to communicate with other users.

Headquarters: Singapore
Founding year: 2014
Total funding raised: US$143 million
Investors: Cercano Management, Prosus, K3 Ventures, Vulcan Capital, Caldecott Music Group.

M-DAQ

M-DAQ is a platform offering trade management solutions for investors. It assists users in making cross-border investments in exchange-traded products. The firm also offers cross-border trading, broker services, and solutions to enable inbound and outbound trades.

Also Read: M-DAQ acquires Malaysia’s Easy Pay Transfers for ASEAN expansion

Headquarters: Singapore
Founding year: 2010
Total funding raised: US$252 million
Investors: Affinity Equity Partners, Alternatives.pe, Samsung Venture Investment, Ant Group, EDBI, GSR Ventures, Vickers Venture Partners, NTT Communications, Murano Corp, Citi Ventures, GSR Ventures, Shinhan Financial Group, Aetius Capital, Voveo Capital, Amand Ventures, assets-inc.com.

MatchMove

MatchMove offers businesses a white-label wallet that can be used for online and offline purchases. It also provides a virtual card that can be linked to the wallet. The wallet facilitates QR-based payments and can be integrated into websites for accepting online payments.

Headquarters: Singapore
Founding year: 2009
Total funding raised: US$15,60,00,000
Investors: Nityo, Singapura Finance, Vickers Venture Partners, Iconic World, NTT Docomo Ventures, PT Kresna Graha Investama, GMO Venture Partners, Credit Saison, RMA, Crystal Loft, Plug and Play APAC, KFC Ventures.

aCommerce

The platform offers end-to-end e-commerce solutions for brands. Its services include website development, performance marketing, warehousing, fulfilment, shipping, and delivery. Its product offerings also include multi-channel management, inventory management, logistics management, custom integration, and more.

Headquarters: Thailand
Founding year: 2013
Total funding raised: US$118.8 million
Investors: Indies Capital Partners, Emerald Media, Blue Sky Alternative Investments,
DKSH, Sinar Mas, January Capital, MDI Ventures, Inspire Ventures, Ardent Capital, Sumitomo, JL Capital, APD, CyberAgent Capital, Ntt Docomo Ventures, Asia Pacific Digital, GMO Venture Partners, Ideosource, Alpha JWC Ventures, Maloekoe Ventures

Aerodyne

It is a provider of SaaS and AI-based drone analytics startup. The data collected by drones is processed by AI-based proprietary software in order to offer actionable insights. Its nested drones return to automated stations for data download and autonomous recharging for subsequent missions.

Headquarters: Malaysia
Founding year: 2014
Total funding raised: US$86 million
Investors: PETRONAS, Kumpulan Wang Persaraan, Realtech Fund, KOBASHI HOLDINGS,
Autonomous Control Systems Laboratory, North Summit Capital, ARC Ventures, Gobi Partners, Indorama Group Investments, 500 Global, Maples Group, Leave a Nest Capital, Leave a Nest, VentureTECH, InterVest, Kejora Capital, Drone Fund, Mavcap, Intres Capital Partners, Plug and Play APAC.

ADA

A provider of digital analytics and artificial intelligence services. The company provides business insights, data enrichment, advanced analytics, understanding the consumer mindset, and executing end-to-end digital marketing solutions. It also offers integrated digital, analytics, marketing, and e-commerce solutions.

Headquarters: Singapore
Founding year: 2018
Total funding raised: US$140 million
Investors: Mitsui, SoftBank, Sumitomo.

Cialfo

A cloud-based platform offering school management software, the platform offers various features, including a database of postsecondary schools, reports and insights, sharing of electronic documents, personalised college recommendations, and tracking of completion.

Also Read: Edutech firm Cialfo raises US$20M more to extend its Series B round to US$60M

Headquarters: Singapore
Founding year: 2012
Total funding raised: US$77 million
Investors: Tiger Global Management, DLF Venture, Lim Teck Lee, January Capital, Vulcan Capital, SEEK Investments, SIG Venture Capital, Square Peg Ventures, Bisk Ventures, Alto Partners, Enterprise Singapore, Seed Capital, YK Capital, Govin Capital, DBS Bank, Singapore Airlines, Singapore Health Management, Sycamore Partners, Arcus Invest, George Street Capital, WATIGA, Dragonfly Education Group, B Capital, Cowrie Capital, Blowfish Ventures, Great Noble International, DIVINE BLESSING INVESTMENTS, Gracejoy Liquids, SEEDS Capital.

SOCAR

SoCar is an app-based car rental platform. The app enables users to search, compare, and book car rentals on the platform after providing relevant details. Its features include a keyless/app-controlled lock system, complimentary parking passes & insurance, and online payments among others. It also offers door delivery and pick-up for rental services.

Headquarters: Malaysia
Founding year: 2017
Total funding raised: US$73 million
Investors: EastBridge Partners, Sime Darby, Eugene, KH Energy.

Syfe

An app-based for trading in ETFs and stocks. It allows users to buy, sell, and trade ETFs and stocks through app-based platforms. It features a digitised wealth manager for risk assessment, tracking investment performance, customising investment portfolios, and accessing recommendations and insights for users.

Headquarters: Singapore
Founding year: 2017
Total funding raised: US$85.6 million
Investors: Valar Ventures, Unbound, Presight Capital, Apeiron Investment Group, Unbound, AmpVentures, Shubham Global Ventures, Tona Investment, SBM Ventures, CVP, J B Ventures, Rawlinson & Hunter, Moon Land Holding, Pitanga Invest, GE32, ICOA Ug, Altruistas.

StashAway

StashAway is an app-based robo advisor and savings platform for individuals. The startup offers money management solutions to consumers, portfolio management, and options to invest in ETFs. It also assists with risk management and retirement planning to help with personal finance management.

Headquarters: Singapore
Founding year: 2016
Total funding raised: US$75.3 million
Investors: Eight Roads Ventures, Peak XV Partners, Square Peg Ventures, Burda Principal Investments, ACA, Community Holdings, United Networks Limited, Summit Partners, SEA Dragon Venture Platform, Sprint Time Investment, Sprint Time, Fidelity International Strategic Ventures.

OY!

An app-based messaging and payment solution for businesses. Apart from the basic features of the messenger app, the app also lists local businesses, including contact details, location, and other relevant information. Its payment solutions include payment gateways, bulk payments, invoice payments, and more. Businesses listed include restaurants, healthcare service providers, government services, retail, and other professional services.

Headquarters: Indonesia
Founding year: 2017
Total funding raised: US$75 million
Investors: MDI Ventures, Pavilion Capital Partners, AC Ventures, Central Capital Ventura, Orion, Saison Capital, Wavemaker Partners, SBVA, Alfamart.

Osome

Osome provides software-based accounting services for small and medium-sized businesses. It offers services for accounting, taxation, bookkeeping, business reporting, payroll management, and more. Additionally, it enables users to share documents in any format with service providers.

Headquarters: Singapore
Founding year: 2017
Total funding raised: US$75 million
Investors: Constructor Capital, Altair, Illuminate Financial, AFG, Rockstone Ventures,
Target Global, Altair Capital, Phystech Ventures, s16vc, ACE & Company, HS Investments, Terra VC, LVL1 Group, Masik Enterprises, AltaClub, Bon Vivant Holdings, Berryfield Ventures, Pagil, Adru Tech, Elliott Trade and Investment, Cognitum, Banean, Digital Direction Singapore Services, XA Network, 10 Square Capital, Altair Capital, AdFirst, Ad.ru, INVESTORO, GLOBAL ACCELERATION ACADEMY.

Zipmex

An app-based exchange platform for cryptocurrencies. The startup allows users to create personalised investment portfolios to start investing in multiple digital assets. Zipmex also provides real-time transactions with multi-layer authentication and also supports margin trading on a selected range of cryptocurrencies.

Headquarters: Singapore
Founding year: 2018
Total funding raised: US$62.9 million
Investors: Krungsri Finnovate, Mindworks Capital, Master Ad, TNB Aura, B Capital, Plan B Media, Jump Capital, Krungsri, V Ventures, Thoresen Thai Agencies, Infinity Blockchain Ventures, Segway Ventures, Aura Ventures.

Moladin

An online listing platform for used cars. Buyers can search for cars on the platform and get the contact details of the owners. Car owners can also advertise their cars on the platform.

Headquarters: Indonesia
Founding year: 2016
Total funding raised: US$146 million
Investors: Ascend Capital Group, DST Global, East Ventures, Northstar Group, Peak XV Partners, Global Founders Capital, K3 Ventures, CyberAgent Capital, Berjaya, TH Capital.

Shipper

Shipper is a web-based online platform offering shipping solutions. The platform aggregates various shipping providers, enabling users to find, compare, and place shipping orders. It offers features like order management, pickup scheduling, international and express deliveries, returns management, etc. In addition, it provides an API to integrate with e-stores and customised checkout options.

Headquarters: Indonesia
Founding year: 2016
Total funding raised: U$S132 million
Investors: DST Global, Prosus, Floodgate, Lightspeed Venture Partners, AC Ventures,
Y Combinator, Insignia Ventures Partners, Peak XV Partners, Naspers, Convergence Ventures, Endeavor, Indogen Capital, Digitaraya, NOMD, Alter.

Fazz

Fazz provides SaaS-based accounting and finance management solutions. It offers solutions for bill payments, money transfers, inventory management, loans and cards.

Headquarters: Indonesia
Founding year: 2016
Total funding raised: US$155 million
Investors: Fintech MUFG, Tiger Global Management, DST Global, Insignia Ventures Partners, ACE & Company, EDBI, InterVest, Ilham, Y Combinator, B Capital, Lendable, Quiet Capital, BRI Ventures, Tiger Global Busines, Vertex Ventures, Convergence Ventures, MDI Ventures, Indigo, GMO Venture Partners, Insignia, Vis Capital, Magic Fund, Partech Partners, AC Ventures, Rancilio Cube SICAF.

Mekari

Mekari provides an HR management and accounting solution startup. It offers talent for HR and payroll management, Jurnal for accounting and bookkeeping solutions, Klikpajak for online tax payment and reporting, and Sleekr, an employee administration solution.

Headquarters: Indonesia
Founding year: 2015
Total funding raised: US$71 million
Investors: Money Forward, MidPlaza, East Ventures, Mandiri Capital Indonesia, PT Prasetia Dwidharma, Beenext.

Pintu

An app-based platform for storing, buying, and selling digital assets and cryptocurrencies. The startup offers a deposit account, exchange platform, digital wallet for storing and receiving digital assets, and more.

Headquarters: Indonesia
Founding year: 2016
Total funding raised: U$S154 million
Investors: Pantera Capital, Northstar Group, Lightspeed Venture Partners, Intudo Ventures, Alameda Research, Blockchain, Castle Island Ventures, ventures.coinbase.com,
Coinbase, Fifth Down Capital.

PropertyGuru

A provider of an online property listing platform to buy or sell residential properties. The platform enables users to specify their requirements and search for the properties by applying the filter based on location.

Also Read: EQT Private Capital Asia to acquire PropertyGuru for US$1.1B

Headquarters: Singapore
Founding year: 2007
Total funding raised: US$690 million
Investors: KKR, TPG, Square Peg Ventures, Emtek, REA Group.

Flash Coffee

It is a tech-enabled coffee chain that offers caffeine products. The startup offers a variety of coffee and non-coffee products, including snacks, seasonal specials, flash combos, essentials, flavoured lattes, flavoured Americanos, tea-based drinks, frappes, and refreshers.

Headquarters: Indonesia
Founding year: 2019
Total funding raised: U$S65 million
Investors: White Star Capital, Delivery Hero Ventures, Geschwister Oetker, Conny & Co, Citadel, Vulpes Ventures, Al-Dhow Engineering General Trading & Contracting, OurCrowd, Global Founders Capital, Dxventure, Digital Rain Venture, Flash Ventures, minimal vc, 3 Peaks Ventures.

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Sleek.com, an online platform that provides company registration, compliance, and financial services to small and medium-sized enterprises (SMEs), has secured US$5 million in a debt financing round led by Singapore-based Fintech Nation Fund.

Sleek intends to allocate the funds to bolster its growth initiatives, thereby solidifying its market position in Singapore, Hong Kong, Australia, and the UK.

Also Read: Soonicorns on the horizon: Unveiling Southeast Asia’s future leaders

Co-founder Julien Labruyere said, “The funds will be allocated to accelerating our growth in a sustainable manner, as we have done throughout the past years, driving 30 per cent growth year on year while decreasing our cash burn dramatically and improving our customer satisfaction metrics.”

The startup also announced that its Singapore unit has achieved profitability in Q2 and aims for group profitability by the end of this year.

Founded in 2017 by Labruyere and Adrien Barthel, Sleek is a back-office operating system for SMEs that provides company registration, accounting, tax, payroll, and a neobank business account, all built in-house. The AI-powered platform automates repetitive and manual tasks coming with company admin, allowing its staff to focus on value-added services.

Present across Singapore, the UK, Australia, and Hong Kong, Sleek claims it has served over 450,000 clients across 110 countries and processed millions of bookkeeping transactions digitally.

Founded in 2020 by Varun Mittal, Fintech Nation has evolved from a grassroots platform to an ecosystem builder comprising an investment platform and a think tank. The investment platform arm invests in early-stage fintech and embedded finance companies in Southeast Asia and offers a range of investment vehicles to suit every requirement.

Also Read: 6 common questions about establishing a fintech company in Vietnam

The think tank arm aims to use advocacy and access as its two pillars to bring startups, financial institutions, and investors’ aspirations and motivations to policymakers, regulators, and other official development institutions. The ecosystem builder arm focuses on recognising emerging and existing industry leaders and organising meetups and masterclasses.

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In the fiercely competitive global digital landscape, APAC is recognised as a cradle of technology, with new innovations being adopted every day. Following the technological innovation explosion in 2023, this trend shows no sign of slowing down; instead, it has paved the way for the next stage of technological advancements.

While the pursuit of innovation is essential, there’s growing concern about the risks of aimless innovation. Nguyen Thai Son, CEO of SmartOSC, warns against the pitfalls of “unchecked innovation,” where technology is applied with a lack of an overarching strategy, leading to long-term scalability issues and security risks. “Every business leader wants innovation as it is, after all, crucial to building a moat around your organisation,” he says. “But the savvy leader also sees the dangers posed by unchecked innovation”.

APAC’s business leaders in various domains are taking proactive measures to avoid this trap.

Embrace a comprehensive and balanced approach

In a highly regulated industry like banking, AI and the latest technological innovations are seen as both disruptors and enablers.

Regulatory compliance, data dependency, security risks, and technology understanding are some of the primary challenges related to AI implementation. To navigate these, Dennis Trawnitschek, Chief Officer Technology at SCBX — the mothership of the financial technology business group pursued a comprehensive strategy backed by a robust compliance framework and literacy, helping SCBX become a pioneer in transformation within the industry.

A balanced approach that integrates both top-down and bottom-up strategies is considered a go-to strategy for C-level executives when adopting AI. While high-level teams oversee AI tool integration, bottom-up involvement fosters a culture of experimentation and innovation. As Trawnitschek puts it, “AI is a team sport. While leaders need to walk the talk, everyone should embrace the change and be encouraged to start experimenting.”

To achieve this, increasing AI literacy across the organisation is a key goal, promoting a culture where employees are encouraged to understand and experiment with AI applications. This comprehensive approach to AI education is essential for embedding AI into the company’s strategic initiatives. 

Another critical area for leaders to focus on is data infrastructure and regulatory compliance, particularly in tightly regulated industries like banking and financial services. SCBX addresses this through a subsidiary dedicated to managing data and AI initiatives. By ensuring that AI technologies are both effective and compliant, organisations could navigate the complexities of regulatory requirements, which is vital for sustaining long-term growth and innovation.

Adopt the scalable tech and flexible mindset

Amid the global hype surrounding technological advancements, adopting a scalability mindset when evaluating new technologies can help leaders stay focused and optimise their tech stack. Andy Chang (Nay Lin Zaw), Head of Marketing Technology, Engagement Solutions at Electrolux Group, advocates for this approach, believing that selecting scalable technology plays a crucial role in avoiding the costly mistake of starting from scratch.

Also Read: 8 ways to utilise customer data to retain loyalty during economic challenges

It is recommended that technology needs be evaluated holistically from the outset. Leaders should consider not only immediate requirements but also the long-term objectives of the organisation. The company favours a modular approach to technology adoption, selecting fit-for-purpose solutions that can be easily replaced or upgraded as the organisation grows.

It’s also important to remember that expensive technology doesn’t guarantee success. Many companies choose the most costly options but still fail—and in those cases, it’s not a technology problem.

By avoiding monolithic systems that attempt to do everything but often fall short, the enterprise could ensure flexibility in its tech stack, enabling it to adapt efficiently to changing demands.

Have a customer-centric gene in digital transformation 

Digital transformation was once viewed as a strategic move for businesses to gain a competitive edge. However, as it has become widespread, digital transformation alone no longer guarantees differentiation. To truly stand out in the sea of sameness, enterprises must go beyond mere digitisation and embrace a customer-centric approach that drives innovation and delivers unique value.

It’s important to avoid the common pitfall of overextending resources by chasing multiple innovations simultaneously without a clear customer focus. Instead, efforts should concentrate on areas that directly impact customer experience and hold high commercialisation potential, such as AI, customer behaviour analytics, and IoT.

One effective strategy is illustrated by a recent example from the retail sector, where a leading APAC retailer replaced its outdated system with a new, supplier-focused platform for updating and managing data. Designed with a customer-centric approach, the platform enhances business analytics and reporting for suppliers, while improving security and streamlining user management. By providing real-time data on sales and inventory, it enables brands to make more informed, customer-driven decisions.

“Building a thriving innovation ecosystem requires more than just technological advancements,” Son adds. “A customer-centric approach, combined with a skilled workforce, robust infrastructure, and a supportive research environment, is crucial. Investing in these areas will ensure that brands can fully harness the potential of their innovation efforts and create long-lasting value for customers.”

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