Hoopi Holdings, a collectibles and trading cards platform headquartered in Malaysia with a presence in Indonesia, has closed its initial institutional funding round.

The investment was spearheaded by Jakarta-based Creative Gorilla Capital (CGC), which focuses on early-stage consumer-facing businesses.

The funding will enable Hoopi to broaden its platform’s user base and enhance its core services, supporting its strategic growth across the Southeast Asian region.

Also Read: Mighty Jaxx closes Series A+ round to take its phygital collectibles to China

Hoopi was founded by founders who possess considerable entrepreneurial experience in the gaming industry. They identified a market opportunity within Southeast Asia’s fragmented toy collectibles and trading cards market, which is characterised by concerns around authenticity and issues of transparency.

To address these challenges, Hoopi provides a comprehensive suite of services, including a consumer-to-consumer marketplace, an auction-based card trading system, local card grading services, and gamified experiences for rare, high-value collectibles.

Since its official launch in September 2024, Hoopi claims to have achieved nearly US$2.25 million in gross merchandise value (GMV) through over 40,000 paid orders as of February 2025. The platform currently boasts more than 20,000 active users and over 3,000 registered sellers.

Currently operational in Malaysia and Singapore, Hoopi is poised to expand into Indonesia in April 2025 and Thailand later in the year.

Hoopi’s CEO and co-founder Michael said the funding will strengthen Hoopi’s core strategic pillars and support the establishment of its growing presence in Malaysia, Singapore, and – imminently – Indonesia, with the upcoming launch of the Hoopi Store in Jakarta.

“Bolstered by an established supply and distribution network, a platform experiencing consistent GMV growth, our soon-to-be-launched offline physical stores, and our proprietary in-house grading service, Grade Master, I am confident that Hoopi and its integrated ecosystem are uniquely positioned to redefine and lead the collectibles experience in Southeast Asia,” he added.

Hoopi is the strategic partner of Robbi Art for the Southeast Asian region. Robbi Art is a premium toy collectible brand renowned for its collaborative production of limited-edition figurines.

The Southeast Asian trading cards and toy collectibles market is estimated to be valued at US$5.99 billion in 2025 and is projected to grow at a compounded annual growth rate (CAGR) of 3 per cent to approximately US$7 billion by 2030, driven by several key factors.

A central aspect of the industry’s growth is the significant role of nostalgia and emotional connection, as collectibles and childhood trading card games often evoke cherished memories and a sense of personal history. These items offer comfort and continuity, leading many individuals to retain them even during times of financial uncertainty.

Also Read: Collektr bags US$1.3M to expand livestream collectibles platform across APAC

In addition, the market thrives on its deeply embedded, community-driven nature, with passionate and dedicated fanbases fostering continuous engagement through tournaments, online forums, and collaborative events. These communities not only maintain interest but also inspire innovation and sustain demand, ensuring the market remains vibrant.

Moreover, the perception of collectibles as alternative investments has gained traction, as rare or limited-edition items are increasingly seen as tangible assets with the potential for long-term appreciation. Together, these elements support the industry’s robust performance despite broader economic challenges.

In November, Collektr, a livestream collectibles platform headquartered in Malaysia, raised US$1.3 million in a pre-Series A funding round led by AC Ventures Malaysia, with participation from The Hive Southeast Asia, Creador Foundation, and 18 unnamed angel investors.

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Fintech investment in Southeast Asia dropped 66 per cent to US$193 million in the first quarter of 2025 from US$584 million raised in Q1 2024.

The decline is 30 per cent quarter over quarter, according to the “SEA Fintech Quarterly Funding Report—Q1 2025” by data intelligence platform Tracxn.

January emerged as the highest-funded month within Q1 2025, accounting for US$108 million, or 57 per cent of the total funding.

Also Read: Can Singapore stay on top of the Web3 world? All signs say yes

Despite the overall funding contraction, the regional fintech space witnessed the emergence of one new unicorn, Sygnum, which provides banking solutions for digital assets. Notably, Sygnum is reported to be the only fintech unicorn globally in 2025 thus far.

This achievement comes despite the absence of any US$100 million+ funding rounds in Q1 2025, contrasting with one such round in both Q1 2024 and Q4 2024. The region also recorded one unicorn in Q1 2024, while no new unicorns were observed in Q4 2024.

Singapore continues to be the epicentre of fintech funding in the region, attracting a substantial 74 per cent of the total investment in Q1 2025, followed by Thu Duc (Vietnam) and Petaling Jaya (Malaysia).

In terms of sector performance, cryptocurrencies led the way with US$97.5 million in funding, although this represents a 24 per cent decrease year-on-year and a 3 per cent dip from the previous quarter. Sygnum’s US$58 million Series C funding round contributed significantly to this segment.

Alternative lending secured US$34.6 million, marking a 47 per cent year-on-year decline and a 40 per cent quarter-on-quarter decrease. Techcoop, a platform providing lending solutions for the agriculture industry, raised US$28 million in a Series A round within this sector.

Also Read: SEA’s startup funding rebounds slightly in March, but y-o-y dip remains steep

Investment tech garnered US$34.3 million in funding, showing a 45 per cent decrease compared to Q1 2024 but a 37 per cent increase from Q4 2024. Endowus, an investment platform, secured US$17.5 million in a Series B funding round.

The report also noted a decrease in seed-stage funding, which totalled US$34.1 million in Q1 2025, a 52 per cent drop from Q1 2024 and a 22 per cent decrease from Q4 2024. Early-stage rounds, however, saw an increase of 47 per cent quarter-on-quarter, reaching US$101 million, although this was still a 68 per cent decline from Q1 2024.

Late-stage rounds experienced the most significant declines, with $58 million raised, representing drops of 70 per cent and 64 per cent compared to Q1 2024 and Q4 2024, respectively.

The Southeast Asia fintech space witnessed six acquisitions in Q1 2025, a 45 per cent reduction from the 11 acquisitions recorded in Q1 2024 but a 20 per cent increase from the five acquisitions in Q4 2024. Notably, Coinseeker, a blockchain intelligence platform, was acquired by Titanlab for US$30 million.

The region has not seen any IPOs in the sector for the last five quarters.

Also Read: Singapore surpasses San Francisco as world’s top hyper-growth startup hub

Tracxn’s analysis suggests that the funding downturn in Q1 2025 is attributable to global funding challenges, increased investor caution, and potential market saturation. Despite this, the report underscores the region’s underlying potential, evidenced by continued digital adoption, government support, the focus on region-specific solutions by fintech companies, and the emergence of a new unicorn. The dominant funding share secured by Singapore and the relative strength of the cryptocurrencies and alternative lending sectors indicate an evolving fintech landscape in Southeast Asia.

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April 10, 2025, the world woke up to a dramatic shift in global risk sentiment, spurred by President Donald Trump’s unexpected announcement of a 90-day pause on reciprocal tariffs for most countries, excluding China.

This move, paired with a jaw-dropping 125 per cent tariff hike on Chinese imports, has sent shockwaves through markets, igniting a rollercoaster of reactions that deserve a deep and thoughtful exploration. Let’s unpack this market wrap, weaving together the data, the human stakes, and my own take on what it all means.

The announcement came like a thunderclap after days of escalating tension, with both the US and China locked in a high-stakes game of economic brinkmanship. Just yesterday, tariffs on China jumped by another 50 per cent, pushing the total to an unprecedented 125 per cent. It’s a bold, almost theatrical escalation, signalling that Trump is doubling down on his hardline stance against Beijing.

Meanwhile, the 90-day pause on tariffs for other nations—a flat 10 per cent duty remains in place—offers a lifeline for negotiations, a chance to step back from the edge of a full-blown global trade war. The markets, ever sensitive to such twists, responded with a fervour that hadn’t been seen in years.

The S&P 500 surged 9.5 per cent, its largest single-day rally since October 2008, while the Nasdaq soared 12.1 per cent, marking its biggest daily gain in 24 years. The CBOE Volatility Index, or VIX, often dubbed Wall Street’s “fear gauge,” plummeted 35.8 per cent to 33.62, a dramatic exhale after peaking at 52.33. It’s as if the markets collectively sighed in relief, at least for now.

What’s driving this euphoria? For one, the pause on universal tariffs has lifted a dark cloud of uncertainty that had been suffocating investor confidence. The prospect of reciprocal tariffs—matching duties imposed by other countries on US goods—had threatened to choke global trade, spike inflation, and drag economies into recession. Trump’s decision to hit the brakes, even temporarily, suggests a willingness to negotiate rather than bulldoze ahead, a pragmatic pivot that markets have seized upon.

But it’s not all rosy. The US-China trade war is intensifying, and with neither side showing signs of backing down, the stakes are higher than ever. The 125 per cent tariff on China is a gauntlet thrown down, a dare for Beijing to retaliate further or come to the table. It’s a risky play, and one that could backfire if China opts for escalation over compromise.

Turning to the bond market, US Treasury yields paint a complex picture. The 10-year yield climbed 3.9 basis points to 4.332 per cent, and the 2-year yield leaped 18.2 basis points to 3.908 per cent, reflecting a surge in risk-on sentiment. Yet, the 20-year and 30-year yields bucked the trend, easing slightly, a subtle hint that investors remain wary of the long-term fallout from this trade saga.

The robust demand at the 10-year Treasury note auction underscores a flight to quality amid the chaos—investors still see US debt as a safe harbour, even as yields tick higher. The US Dollar Index, however, barely budged, slipping just 0.1 per cent. This muted response stands in contrast to the sharp declines in safe-haven currencies like the Swiss franc and Japanese yen, both down 1.0 per cent, as risk appetite roared back to life.

Also Read: Trump tariffs shake markets: Why gold soars as Bitcoin stumbles in 2025

Commodities, too, joined the rally. Gold, often a barometer of fear, surged 3.3 per cent—its biggest one-day gain since March 2020—settling above US$3,100 per troy ounce. At first glance, this might seem counterintuitive given the risk-on mood, but it reflects a dual narrative: relief at the tariff pause, coupled with lingering unease about the US-China standoff. Brent crude oil, meanwhile, climbed 4.2 per cent to US$65 per barrel, buoyed by optimism that a broader trade war might be averted, at least for now.

Over in Asia, indices like the HSCEI rose 3.2 per cent, fuelled by hopes of more Chinese stimulus to counter the tariff squeeze. It’s a fragile optimism, though—US equity futures are already signalling a lower open, suggesting that yesterday’s euphoria might be short-lived.

The crypto market, ever a wild card, erupted in tandem with traditional assets. Bitcoin surged eight per cent to reclaim US$84,000, its strongest intraday gain since mid-March, sparked by Trump’s tariff rollback. Technical indicators hint at a potential sell-wall at US$85,000 as traders eye profits, but the momentum is undeniable. This rally comes on the heels of BlackRock CEO Larry Fink’s Monday warning that global markets could sink 20 per cent if tariffs took full effect—a prediction that now looks prescient, though his call for a “buying opportunity” has proven spot-on with this rebound.

Binance, commanding nearly half of Bitcoin’s spot trading volume, has solidified its dominance, with its altcoin market share swelling from 38 per cent to 44 per cent in Q1. It’s a testament to the exchange’s ability to capitalise on volatility, though it’s squeezing competitors in the process.

Ethereum, however, tells a darker story. Sliding to US$1,380—a level unseen since March 2023—it’s caught in a relentless downtrend, battered by macroeconomic headwinds and uncertainty over US trade policies. Sentiment in the crypto space is souring, with investors questioning whether ETH’s bullish structure can hold. Yet, there’s a glimmer of hope: CryptoRank data shows Ethereum trading below its realised price, a rare signal that’s historically preceded strong recoveries. It’s too early to call a bottom, but this could be an accumulation zone for the brave.

On the central bank front, the Fed’s March FOMC minutes offered little solace, overshadowed by trade developments. Policymakers flagged “longer-lasting inflationary pressures” from tariffs, with risks to inflation skewed upward and employment downward. It’s a sobering assessment, hinting at a Fed that’s boxed in—rate cuts could stoke inflation further, while holding steady might choke growth. Across the Pacific, the Reserve Bank of New Zealand (RBNZ) delivered a 25-basis-point cut, as expected, with a dovish tilt suggesting more easing ahead as Trump’s tariff fallout unfolds. Central banks are on edge, and rightly so.

Also Read: Global markets reel as Trump tariffs slam stocks and Bitcoin prices

So, what’s my take? This market wrap is a tale of two narratives: relief and reckoning. The 90-day tariff pause has unleashed a wave of optimism, giving stocks, commodities, and Bitcoin a much-needed boost. It’s a lifeline for a global economy teetering on the brink, and investors are grabbing it with both hands.

But the US-China trade war is a festering wound that won’t heal easily. That 125 per cent tariff is a provocation, and China’s next move—whether retaliation or negotiation—will shape the months ahead. The markets may be celebrating today, but this feels like a sugar high, not a sustainable recovery. Volatility isn’t going anywhere; the VIX may have eased, but at 33.62, it’s still elevated, signaling more turbulence to come.

I’m skeptical of Trump’s strategy. The pause is a shrewd tactical retreat, but the China escalation reeks of bravado over substance. It’s a gamble that could juice US manufacturing in the short term—hence the market’s cheer—but risks long-term damage if global trade fractures. The Fed’s caution and the RBNZ’s dovishness underscore the fragility of this moment.

For investors, it’s a time to tread carefully: the rally is real, but the risks are just as tangible. Gold’s surge tells me fear hasn’t left the building, and Ethereum’s woes remind us that not every asset thrives in chaos. As a journalist, I’ll keep digging, watching for the next twist in this saga—because if there’s one thing I’ve learned, it’s that in markets and politics, the only constant is change.

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Image credit: DALL-E

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ShopUp, one of the largest B2B commerce platforms in Bangladesh, and Saudi Arabia’s leading B2B marketplace and services platform, Sary, have announced a merger to create SILQ.

The strategic union is backed by a substantial US$110 million funding round comprising equity and debt financing. The investment was spearheaded by Sanabil Investments, a wholly owned entity of Saudi Arabia’s Public Investment Fund (PIF), alongside Peter Thiel’s Valar Ventures.

Under the SILQ umbrella, the ShopUp and Sary brands will maintain their distinct operations within their respective geographical strongholds. However, they will leverage SILQ’s enhanced infrastructure, combined capabilities, and shared resources better to serve small and medium-sized enterprises (SMEs).

Also Read: How ShopUp helps Bangladesh SMEs to take on big players with its B2B e-commerce platform

Furthermore, the newly formed group will establish SILQ Financial, a dedicated financing arm focused on driving innovation in SME financing. SILQ aims to address the challenges SMEs face in emerging economies, where they contribute approximately 40 per cent to their respective countries’ GDP but often lack access to capital and robust supply chain infrastructure. SILQ intends to provide easier access to efficient sourcing, seamless logistics, and affordable financing.

Afeef Zaman, founder and CEO of ShopUp, will assume the role of CEO for SILQ Group, while Sary’s founder and CEO, Mohammed Aldossary, will lead SILQ Financial as its CEO.

“Through this merger, we’re entering what’s set to become one of the world’s largest trade corridors—projected to reach US$682 billion. We’re in the front seat to serve some of the most exciting, fast-growing economies that are set to shape global consumption in the coming decades, giving them greater access to products from around the world,” stated Afeef Zaman.

Mohammed Aldossary added, “By merging our strengths, we’re not just expanding our reach – we’re revolutionising how digital commerce serves merchants across the GCC and Emerging Asia. This union brings together the best of both worlds: deep regional expertise and world-class technology to empower every business in our ecosystem. All of this is in service to SMEs that have traditionally been an underserved and untapped community, despite their significant contributions to their respective markets.”

ShopUp was founded in Dhaka in 2017 by Zaman (CEO), Sujayath Ali (COO & CBO), Ataur Rahim Chowdhury (CPO), and Navaneetha Krishnan (CTO). ShopUp provides SMEs with a one-stop-shop solution for sourcing products, reducing the time and effort required to find suppliers, negotiate terms and orchestrate operations. Additionally, it acts as a nationwide platform for small manufacturers, mills, and brands to sell their products.

Collectively, ShopUp and Sary have served over 600,000 retailers, including hotels, restaurants, cafes, and wholesalers, impacting tens of millions of customers. Their platforms have processed over US$5 billion in transactions, including over US$750 million in financial disbursements and facilitated over 100 million shipments.

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Every day, millions of workers lift, carry, and move through physically demanding jobs—often at the cost of their long-term health. Back injuries and fatigue have become accepted as “part of the job,” especially in sectors such as manufacturing, logistics, healthcare, and hospitality. ArmasTec is on a mission to change that.

Their flagship product, the AireLevate, is a lightweight, air-powered fabric exosuit designed to reduce lower back strain during lifting and manual work. It does not have heavy metal frames or bulky batteries—just a breathable, wearable support system that relieves up to 50 per cent of the load on the spine, making a 20kg lift feel like 10.

What makes ArmasTec different is how wearable and practical the solution really is. Unlike traditional exoskeletons, the AireLevate is made from fabric and powered entirely by air. It is easy to put on, move in, and wear through an entire shift. Designed with clinical insight and built for everyday jobs, it supports the back and reduces spinal strain without getting in the way.

Also Read: Good Bards: Building the AI marketing team mid-sized companies have been waiting for

Curious if it’s working?

It is.

Workers feel the difference. One cleaner shared that his wife noticed he had more energy when he got home. A hospital therapist called it “magic.” That kind of feedback is hard to ignore.

And the traction backs it up. ArmasTec has seen 5.4 per cent weekly revenue growth, passed US$240,000 in annual recurring revenue, and has done it all entirely through inbound sales. That means zero ad spend, no outbound salesforce, and having the product to sell itself. Their flexible rental model is gaining strong traction with large employers, offering low-risk trials that lead to long-term adoption.

What is next, you asked?

ArmasTec is now raising its seed round to scale production and bring the AireLevate to more workplaces across the region. The plan includes:

• Scaling up production to meet growing demand
• Expanding into new markets 
• Hiring across engineering, sales, and operations
• Strengthening R&D to keep improving comfort and performance

ArmasTec is looking for investors who believe in a future where safety, comfort, and productivity go hand in hand. If you are building workplaces where people come first, they want to hear from you.

Because no one should have to sacrifice their health to do their job.

—

Meet the team at the TOP100 Exhibition zone during Echelon Singapore, happening 10–11 June 2025. Get your passes here.

Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic.

Join us on Instagram, Facebook, X, and LinkedIn to stay connected.

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