Day: December 21, 2024

1337 Ventures, through its 1337 Accelerator Fund I, announced an investment in Vircle, a Malaysian neo-banking platform focused on transforming financial literacy for children.

“Our core mission has always been to teach kids how to manage money wisely, and this investment enables us to scale our operations and expand our reach,” said Gokula Krishnan Subramaniam, Founder and CEO of Vircle, in a press statement. “With the support of 1337 Ventures & strategic guidance, we are poised to grow across Southeast Asia (SEA), helping millions of children develop critical financial skills.”

Vircle builds a child-safe financial management and pocket money platform that aims to provide parents with an app to manage all their child’s pocket money and financial learning skills at one place, both for in-school and out-of-school spending.

Designed to help children budget, save, and spend responsibly, the platform aims to bank one million children in Malaysia and expand to three million across SEA within five years.

For its school spending pocket, Vircle Club provides children a prepaid Visa card which the company said is the first with parental controls and child safe protection.

Also Read: CARDS raises funding to revolutionise school management in Indonesia’s smaller cities

Vircle also partners with major private and international schools by providing cashless school platforms and has recently partnered with U Mobile to pilot cashless payments in Malaysian public schools.

Launched in January 2022, the 1337 Accelerator Fund I addresses the critical gap in early-stage funding for Malaysian startups.

Managed by 1337 Ventures in collaboration with seasoned investors such as Asgari Stephens and Suresh Thiru (ex-COO of JobStreet), the fund aims to provide early-stage startups with critical capital, mentorship, and strategic support. It runs its signature accelerator programme, Alpha Startups.

1337 Ventures also introduced the 1337 Capital Fund 1 in 2024 to support “high-growth startups that create lasting impact and deliver long-term value across diverse sectors.”

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Image Credit: 1337 Ventures

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Insurtech platform bolttech today announced a Series C funding round led by Liquidity and MUFG’s Dragon Fund.

Investors such as Baillie Gifford and Generali (through Lion River, the group’s company dedicated to private equity), among the few, also participated in the funding round that is expected to total more than US$100 million.

Following the company’s Series A and B rounds, this Series C up-round values bolttech at US$2.1 billion.

The investment aims to further enhance its global growth strategy.

According to a press statement, the strategic support of lead investor Dragon Fund, alongside the follow-on investors and the Series C funding, will enable bolttech to continue to enhance its platform’s capabilities.

Also Read: Filipino insurtech startup Hive Health nets US$6.5M led by Gentree, BEENEXT

It will also expand the company’s market presence globally, accelerating its goal of making insurance more tailored, accessible, affordable, and convenient for customers.

Dragon Fund CIO Ridhi Chaudhary will join the company’s Board of Directors following the investment.

Rob Schimek, Group Chief Executive Officer, bolttech, said, “This latest round of funding is an endorsement of our value proposition and marks another significant milestone for bolttech. The funding also demonstrates our relentless pursuit of innovation and excellence as we enable the insurance industry.”

“With this investment from Dragon Fund and our Series C investors, we will continue to revolutionise the future of insurance through our leading technology-enabled ecosystem.”

bolttech currently serves customers in more than 35 markets across Asia, Europe, North America, and Africa.

Before this, the company announced the participation of impact investor LeapFrog Investments with a US$50 million investment.

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Image Credit: bolttech

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Earth Venture Capital, a global climate tech firm backing deep-tech startups to decarbonise Emerging Asia, announced its participation in Mojave Energy Systems’ US$9.5 million Series A funding round.

The investment, alongside the participation of Fifth Wall, At One Ventures, Myriad Venture Partners, Starshot Capital, and Alumni Ventures Group, raises Mojave’s total funding to US$25.6 million.

In the next phase of innovation, Mojave plans to unveil ArctiDry HP, the first air conditioning system to integrate liquid desiccant technology with a reversible heat pump. This next-generation solution promises zero-carbon heating and cooling, aligning perfectly with Asia’s tightening energy efficiency and environmental regulations.

ArctiDry offers 50 per cent reduction in electricity consumption, enabling precise temperature and humidity control for industries such as healthcare, education, hospitality, and manufacturing with its patented liquid desiccant HVAC system and an ISMRE2 efficiency rating of up to 11 lbs/kWh.

The ArctiDry solution was launched in January 2024 with units manufactured and shipped from Mojave’s Anderson, South Carolina facility.

Mojave is expanding its Sales Partner Network and preparing to scale operations further in 2025.

Also Read: Funding the green transition: Southeast Asia’s climate tech leaders of 2024

Southeast Asia (SEA) faces mounting pressure to transition to sustainable cooling solutions with its rapid urbanisation and economic growth. The region’s HVAC sector is poised for exponential growth, with air conditioning installations projected to rise from 50 million units in 2020 to 300 million by 2040, consuming nearly 30 per cent of building electricity by 2035.

Mojave’s ArctiDry aims to address this challenge head-on by providing a scalable solution to reduce energy consumption and emissions.

“We are grateful for the ongoing support of our investors as we transition into this next phase, focused on accelerated adoption, product line expansion, and new market development,” said Phil Farese, CEO, Mojave.

“This latest round validates our market leadership and proven success in achieving unprecedented levels of energy efficiency with our liquid desiccant DOAS, while delivering the reliability, performance, and ease of operation that customers need.”

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Image Credit: Earth Venture Capital

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Malaysia-based fintech startup Swipey has secured undisclosed funding from 1337 Ventures as part of its broader funding plan.

“With the support we have received from 1337 Ventures, we have been able to advance our platform and continue automating financial processes for Malaysian businesses,” Kalyana ‘Mohan’ Teagarajan, CEO and co-founder of Swipey, said in a press statement.

“This funding has already played a key role in enabling us to empower businesses to manage their finances more efficiently, allowing them to focus on scaling faster. This gives us the momentum needed as we gear towards pre-series A fundraising to build the products our customers need.”

Providing a CFO-in-a-box service, Swipey aims to help digital businesses manage their finances through a Finance Operating Platform that centralises and simplifies.

It enables businesses to spend smarter, reduce costs, and focus on scaling their success through unified banking and Fin-Ops solutions. The platform integrates innovative tools such as a spend management dashboard that provides real-time actionable insights, corporate Visa cards, and digital accounts payable for vendors and other operating expenses.

Also Read: Super app remains primary driver of AI innovation in Asia’s fintech industry: Money20/20

Swipey said it has supported over 2,000 businesses, from Zus, Baskin Robbins, and BFM to Maxis and government agencies such as MyDIGITAL.

Swipey was funded by the 1337 Accelerator Fund I, which aims to bridge the funding gap faced by early-stage startups in Malaysia.

Managed by 1337 Ventures in partnership with seasoned angel investor Asgari Stephens and former JobStreet COO Suresh Thiru, the fund supports innovative solutions across various industries.

This investment comes from Swipey winning MyFintech Week hosted by Bank Negara Malaysia.

In addition to its robust platform, Swipey has also formed strategic collaborations with various government agencies, including Malaysia Debt Ventures Bhd (MDV), a government agency focused on increasing governance and visibility into grants disbursed, further enhancing its service offerings to SMEs.

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Image Credit: Swipey

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Despite a notable contraction in tech funding across Southeast Asia (SEA) in 2024, Singapore has emerged as a beacon of resilience and opportunity.

Tracxn’s annual report highlights the city-state’s commanding presence, accounting for an impressive 67.86 per cent of the region’s total tech funding. This dominance underscores Singapore’s enduring appeal as a hub for innovation and investment, even during challenging periods.

In this climate, local players like Funding Societies continue to shine. The fintech platform recently secured US$25 million to bolster its payments business across SEA, further cementing its position as a critical enabler of SME growth. With over US$4 billion in financing distributed to about 100,000 SMEs, Funding Societies exemplifies how fintech innovation drives meaningful impact.

Meanwhile, sustainability-focused ventures also gained momentum. Earth Venture Capital’s US$9.5 million backing of Mojave Energy Systems showcases a commitment to green tech innovation. Mojave’s upcoming ArctiDry HP, an air conditioning breakthrough blending liquid desiccant technology with a reversible heat pump, reflects the region’s growing emphasis on sustainable solutions.

These milestones remind us that, even in lean times, strategic investments and groundbreaking technologies continue to shape the narrative, reaffirming SEA’s dynamic and resilient tech ecosystem.

Anisa,
Editor

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NEWS & VIEWS

Report: Despite significant tech funding decline in 2024, Singapore emerges as standout performer
Singapore secured 67.86 per cent of the region’s total tech funding in 2024, according to Tracxn in their annual report

Funding Societies raises US$25M to further expand payments business in SEA
Funding Societies said it has achieved over US$4 billion in business financing, serving about 100,000 SMEs

1337 Ventures invests in Vircle to transform financial literacy for kids across SEA
Designed to help children spend responsibly, Vircle aims to bank one million children in Malaysia and expand across SEA within five years

bolttech announces Series C funding led by Dragon Fund to push for global growth
bolttech currently serves customers in more than 35 markets across Asia, Europe, North America, and Africa

Earth Venture Capital backs Mojave Energy Systems in US$9.5M Series A funding
Mojave plans to unveil ArctiDry HP, the first air conditioning system to integrate liquid desiccant technology with a reversible heat pump

Swipey gets funding from 1337 Ventures to automate financial process for Malaysian businesses
This investment comes on the back of Swipey winning the MyFintech Week competition hosted by Bank Negara Malaysia

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