In the dynamic landscape of Southeast Asia’s burgeoning tech ecosystem, 2023 has witnessed an unprecedented surge in funding, propelling the region’s most innovative startups to new heights.
As the global tech industry continues to recognise the region as a powerhouse of entrepreneurial talent, investors are pouring substantial capital into diverse cutting-edge ventures. From fintech disruptors redefining financial services to health-tech pioneers revolutionising healthcare accessibility, these startups are reshaping the socioeconomic fabric of the region.
Among the standout performers is Kredivo, securing a staggering amount in funding to further its mission of growing its digital credit card payment platform. Meanwhile, Investree is making waves with its digital financial solutions to largely underbanked MSMEs.
From Singapore’s vibrant city-state to the emerging tech scenes in Indonesia, Malaysia, Thailand, and beyond, these startups attract investment and shape Southeast Asia’s digital future.
Below is the list of 30 top-funded startups in the region:
Kredivo
Country: Indonesia
Funding: US$270 million (Series D)
Investors: Mizuho Financial Group, Square Peg Capital, Jungle Ventures, Naver, GMO Venture Partners, Openspace Ventures, and Naver Financial
Brief profile: Kredivo is a digital credit card payment platform that offers various payment methods to help customers break large payments into affordable and safer payments.
Investree
Country: Indonesia
Funding: US$231 million (Series D)
Investors: JTA International Holding and SBI Holding
Brief profile: Investree provides digital financial solutions to largely underbanked MSMEs who previously faced difficulties securing loans without collateral from traditional financial institutions.
eFishery
Country: Indonesia
Funding: US$200M (Series D)
Investors: 42XFund, responsAbility, 500 Global, Northstar Ventures, Temasek, SoftBank, and Kumpulan Wang Persaraan
Brief profile: eFishery is one of Indonesia’s largest digital co-operatives for fish and shrimp farmers. It offers an integrated aquaculture ecosystem that provides access to technology, supporting over 70,000 fish and shrimp farmers in 280 cities across Indonesia.
Carsome
Country: Malaysia
Funding: US$200 million (Series E)
Investors: 65 Equity Partners, SeaTown Holdings International, Qatar Investment Authority, Gobi Partners, and Asia Partners
Brief profile: Carsome is an integrated car e-commerce platform. It aims to digitise the region’s used car industry across Malaysia, Indonesia, Thailand, and Singapore.
bolttech
Country: Singapore
Funding: US$196 million (Series B)
Investors: Tokio Marine Insurance Group, MetLife, Khazanah Nasional Berhad, Pacific Century Group, Mundi Ventures, EDBI, and Activant Capital
Brief profile: bolttech is an insurtech startup aiming to make connections between insurers, distributors and customers easier and more efficient to buy and sell insurance and protection products. It works with insurers, telcos, retailers, banks, e-commerce and digital destinations to embed insurance into their customer journeys at the point of need.
Also Read: MetLife, Khazanah join US$196M Series B round of insurtech startup bolttech
TrustIQ
Country: Indonesia
Funding: US$105 million (Series D)
Investor: Sherpa
Brief profile: TrustIQ is a fintech company providing an online platform for users to apply for online loans without collateral.
HaloDoc
Country: Indonesia
Funding: US$100 million (Series D)
Investors: Astra Digital, Openspace Ventures, and Novo Holdings
Brief profile: Halodoc is a health-tech platform aiming to simplify access to healthcare by connecting millions of patients with licensed doctors, insurance, labs, and pharmacies.
Aspire
Country: Singapore
Funding: US$100 million (Series C)
Investors: Lightspeed Venture Partners, Picus Capital, PayPal, MassMutual Ventures, LGT Capital Partners, Tencent, and Peak XV Partners.
Brief profile: Aspire is an all-in-one finance operating system for new-age businesses. The company claims it helps SMEs save time and money with multi-currency accounts and cards, expense management, payable management, and receivable management solutions – all in one account.
Advance Intelligence Group
Country: Singapore
Funding: US$80 million (Series E)
Investors: Warburg Pincus and Northstar Group
Brief profile: Advance Intelligence Group provides loans, risk management solutions and a merchant service platform.
Thunes
Country: Singapore
Investment: US$72 million (Series C)
Investors: Marshall Wace, Bessemer Venture Partners, 01Fintech, Visa, EDBI, and Endeavor
Brief profile: A cross-border remittance solution for money-transfer operators.
Airalo
Country: Singapore
Funding: US$67.3 million (Series B)
Investors: e&, Liberty Global, Rakuten Capital, Singtel Innov8, Orange Ventures, T Capital, Telefonica, Peak XV Partners, KPN Ventures, I2BF Global Ventures, Antler, Orange, and Surge.
Brief profile: It operates eSIM stores intended to provide connectivity to global and local travellers.
Also Read: Etisalat’s VC arm, Singtel Innov8 join Airalo’s US$60M Series B round
Thuocsi
Country: Vietnam
Funding: US$51.5 million (Series B)
Investors: UOB, Smile Gate Investment, and Cocoon Capital
Brief profile: It is a provider of marketplace for pharmacies.
YouTrip
Country: Singapore
Funding: US$50 million
Investors: Lightspeed Partners (lead).
Brief profile: A fintech company providing multicurrency wallets, YouTrip offers services such as payments, foreign exchange, remittances and cards.
Mirxes
Country: Singapore
Funding: US$50 million (Series D)
Investors: EDBI and Mitsui & Co,
Brief profile: It is a developer of miRNA based test for the detection of cancer.
F88
Country: Vietnam
Funding: US$50 million (Series C)
Investors: Vietnam-Oman Investment and Mekong Capital
Brief profile: It is a provider of asset-backed loans.
Durapower Group
Country: Singapore
Funding: US$50 million (Series C)
Investor: Banpu NEXT
Brief profile: It is a manufacturer of lithium-ion battery systems & solutions.
ALVA
Country: Indonesia
Funding: US$50 million (Series B)
Investors: Horizons Ventures, Indika Energy, Brama One Ventures, Foxconn Co-GP Fund
Brief profile: It is a manufacturer of electric scooters.
Holmusk
Country: Singapore
Funding: US$45 million (Series B)
Investors: Veradigm, Heritas Capital Management, Health Catalyst Capital, dRx Capital,
Northwell
Brief profile: An AI-based digital health solutions and data analytics for providers.
Capillary Technologies
Country: Singapore
Funding: US$45 million (Series D)
Investors: Avataar Ventures, Pantheon, 57 Stars, Unigestion, Filter Capital, and Innoven Capital
Brief profile: An omnichannel loyalty management software solution for businesses.
SEDNA
Country: Singapore
Funding: US$42 million (Series C)
Investors: Insight Partners and G. K. Goh Holdings
Brief profile: A cloud-based enterprise collaboration management startup.
Roojai
Country: Thailand
Funding: US$42 million (Series B)
Investors: HDI Global and IFC
Brief profile: An online distribution platform for auto insurance.
Also Read: Thai insurtech firm Roojai bags US$42M in fresh funding
PickUp Coffee
Country: the Philippines
Funding: US$40 million (Series A)
Investors: Openspace Ventures, Kickstart Ventures, Go Ventures, Venturi Partners, and Gentree
Brief profile: It is a coffee brand.
Evermos
Country: Indonesia
Funding: US$40 million (Series C)
Investors: IFC, SWC, Endeavor, Jungle Ventures, Shunwei Capital, UOB, and TMI
Brief profile: An online reselling platform offering multi-category products.
MAKA Motors
Country: Indonesia
Funding: US$37.6 million (seed)
Investors: AC Ventures, East Ventures, SV Investment, Northstar Group, Skystar Capital, Peak XV Partners, Openspace Ventures, Shinhan Venture Capital, Beenext, Kinesys Group, and M Venture Partners
Brief profile: A manufacturer of electric motorcycles.
utu
Country: Singapore
Funding: US$35 million (Series B)
Investor: SC Ventures
Brief profile: A cross-border loyalty and rewards platform.
Inteluck
Country: Singapore
Funding: US$34 million (Series C)
Investors: Navegar and East Ventures.
Brief profile: Inteluck has built a digital B2B platform that provides technology-driven supply chain services to enterprises, spanning full truckload transportation, warehouse management, international freight forwarding, distribution, and customised supply chain solutions.
Endowus
Country: Singapore
Funding: US$35 million (Series B)
Investors: Citi, MUFG, UBS, EDBI, Prosus, Lightspeed Venture Partners, and Singtel
Brief profile: A digital wealth platform, Endowus offers services that cover personal savings, private wealth, and public pensions through a personalised digital wealth experience.
Soft Space
Country: Malaysia
Funding: US$31.5 million (Series B)
Investors: Southern Capital, Transcosmos, JCB, RHL Ventures, KB Investment, Hibiscus Fund.
Brief profile: A payment processing solution for businesses.
HealthifyMe
Country: Singapore
Funding: US$30 million (Series C)
Investors: LeapFrog, Khosla Ventures, Finnfund, Van Lanschot Kempen, Unilever Ventures, Chiratae Ventures, Blume, and HealthQuad
Brief profile: An online fitness and health management startup.
Una Brands
Country: Singapore
Funding: US$30 million
Investors: Northstar Group
Brief profile: Una is an e-commerce aggregator.
The post 30 top-funded Southeast Asian startups in 2023 appeared first on e27.