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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