In a dynamic landscape marked by innovation, six tech startups in Southeast Asia have recently secured substantial venture capital investments, reshaping industries across the region.
Gravel, founded in 2019, facilitates construction and renovation through its technology-driven platform, securing US$14 million. Igloo, leveraging big data for insurance solutions, raised US$36 million, while Qarbotech, a Malaysian agritech startup, secured US$700,000 for its groundbreaking photosynthesis enhancement technology.
Klook, a leading online travel platform, raised a significant US$210 million, affirming its commitment to immersive travel experiences. Bitsmedia, connecting faith and technology through apps like Muslim Pro, garnered US$20 million, and Doctor Anywhere, a telemedicine pioneer, secured US$40.8 million to enhance healthcare accessibility and personalisation.
Gravel
Funding: US$14 million
Investors: New Enterprise Associates (NEA), Weili Dai (Co-Founder of Marvell Technology Group), Lip-Bu Tan (Executive Chairman of Cadence Design System and Chairman of Walden International), SMDV, and East Ventures.
Brief profile: Founded in 2019, Gravel is an app that assists in building, renovating, and repairing spaces by connecting customers to workers, tools, materials, and experts using technology.
Igloo
Funding: US$36 million
Investors: Eurazeo, Openspace Ventures, and La Maison
Brief profile: Incorporated in 2016 by Wei Zhu (ex-CTO of Grab), Igloo leverages big data, real-time risk assessment, and automated claims management to create B2B2C insurance solutions for platforms and insurance companies. It primarily targets the gig economy by providing “comprehensive and competitively-priced” insurance for delivery riders through its Foodpanda partnerships in Thailand, Singapore, and the Philippines, as well as Lozi and Ahamove in Vietnam.
Qarbotech
Funding: US$700,000
Investors: 500 Global and Temasek Foundation
Brief profile: Malaysia-based sustainability and agritech startup Qarbotech has developed QarboGrow, a photosynthesis enhancement technology. The patented nanotechnology is an on-plant or in-soil solution that boosts agricultural productivity, increasing crop yields by up to 60 per cent. Its unique formulation contains biocompatible organic compounds with properties similar to chlorophyll, thus expanding the photosynthesis rate of leafy plants.
Klook
Funding: US$210M
Investors: Bessemer Venture Partners led the round, with participation from BPEA EQT, Atinum Investment, Golden Vision Capital, Krungsri Finnovate, Kasikornbank Financial Conglomerate, SMIC SG Holdings, Citi, JP Morgan, and HSBC.
Brief profile: Klook, an online platform for experiences and travel services in Asia,
Launched in 2014, Klook curates “quality” experiences ranging from attractions and tours to local transport and experiential stays in over 2,300 destinations globally. Over 80 per cent of bookings are made through mobile. The firm claims the influx of new customers acquired in 2023 more than doubled that of 2019, while repeat customers contributed to over half of the total bookings.
Bitsmedia
Funding: US$20M
Investors: Gobi Partners, CMIA Capital Partners, and Bintang Capital Partners.
Brief profile: Founded in 2009, Bitsmedia is a leading tech company at the forefront of connecting faith and technology for the global Muslim community. Its flagship product, the Muslim Pro app, has clocked over 150 million downloads across 190 markets. In July 2022, the firm launched Qalbox, a global content streaming service celebrating Muslim identities and cultures. Bitsmedia has an office in Kuala Lumpur, Malaysia.
Doctor Anywhere
Funding: US$40.8M
Investors: Square Peg and Novo Holdings
Brief profile: Founded as a telemedicine platform in 2017, Doctor Anywhere is a tech-led healthcare company providing comprehensive care encompassing primary care, specialist care, telehealth, preventive health, and wellness solutions. It focuses on enhancing healthcare accessibility, improving health outcomes, and delivering a personalised, borderless, and inclusive healthcare experience.
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