Ecosystem Roundup: Indonesia dominated F&B funding in 2021, Tonik bags US$131M, Grab faces setback in MY

SEA’s F&B tech startups raised a record US$461M funding in 2021: Alpha JWC Ventures-DealStreetAsia report
It was US$250M over 36 deals in 2020; F&B startups have raised over US$900M of private capital funding over ten years from 2012 to 2021, with Indonesia dominating the funding size with at least US$644M raised.

Filipino neobank Tonik scores US$131M Series B investment, claims US$100M consumer deposits
Investors include Mizuho Bank, Prosus Ventures, Sixteenth Street Capital and Nuri Group; Tonik provides loans, deposits, payments, and card products to consumers and plans to roll out all-digital consumer lending products.

Grab’s move to challenge anti-competition fine faces setback
The federal court has allowed a request by the Malaysia Competition Commission to stay the hearing on Grab’s legal challenge to its proposed US$21 million fine; The hearing was sought by Grab and its local units to challenge the fine for abusing market dominance.

Altara Ventures hits the final close of inaugural fund oversubscribed at US$130M
Altara Ventures will invest in early-stage startups in the fintech, consumer, enterprise software, logistics, healthtech and edutech sectors; It has so far invested in Tonik, Stashfin, Sampingan, Clevai, PolicyStreet, Senseye and FreeAgent CRM.

Razorpay acquires Malaysian fintech Curlec
The deal will allow both companies to build and scale payments solutions for Malaysian businesses; Curlec operates tech solutions for companies of all sizes to collect recurring payments and take control of their cash flows.

Crypto exchange PDAX closes US$50M+ Series B round to engage Filipinos in metaverse apps
Investors include Tiger Global, Kingsway Capital, Jump Capital, Draper Dragon, Beenext Ventures and Cadenza Capital;
PDAX facilitates the exchange of crypto and fiat currencies and enables payments in and out of metaverse applications

Transitioning to new energy? Here’re 5 prominent solutions for your business
Energy-as-a-service and microgrids-as-a-service are gaining momentum, serving as effective financing schemes for companies to apply new energy without upfront investments.

Indonesian tech firm IndoSterling Technomedia secures US$42M from LDA Capital
IndoSterling has built a diverse portfolio that includes companies in Indonesia’s edutech, proptech, and digital publishing sectors; The platform focuses on B2B markets and is the digital tech arm of Jakarta-based IndoSterling Group.

Indonesian API provider Brick cements US$8.5M seed funding
Investors include Flourish Ventures and Antler; Brick builds APIs for tech companies, making it easier for them to offer payment, credit, investment, and insurance products to their consumers by connecting those platforms with hyperlocal data sources.

SG logistics firm GoComet banks US$7M in Series A money
Investors include Rider Global, Atlas Ventures, Jetty Ventures, Rebright Partners, and Leo Capital; GoComet uses deep-learning algorithms to automate end-to-end logistics operations for companies; It allows firms to reduce freight costs, track shipments in real-time, and optimise operations.

Recruitment SaaS platform Manatal raises US$5.1M from Surge, angels
The startup aims to transform how SMEs recruit by using an AI-powered applicant tracking system, allowing companies to hire faster, better and save costs.

majoo attracts US$5M more to offer end-to-end SaaS solution to Indonesian MSMEs
Investors are AC Ventures, Quona Capital, BRI Ventures and Xendit; Its SaaS solution involves employee management, POS, and inventory management; Since its launch, it claims to have acquired 25K+ active merchants.

Grab’s former Vietnam top exec nets US$3M for his quick commerce startup Rino
Investors include GFC, Sequoia India, Venturra Discovery, Saison Capital; Rino will use the funds to expedite its blueprint for 10-minute instant delivery by setting up hundreds of ‘dark stores’ in the country.

Blockchain-based roleplaying game Summoners Arena raises US$3M seed funding
Investors include Pantera Capital, Coinbase Ventures, Onechain Technology, GuildFi, and Coin98 Ventures; Summoners integrates traditional and blockchain gaming elements to provide a multi-layered experience for players to take part in immersive gameplay, experience true ownership over gaming assets while earning digital assets.

Vietnam’s social commerce platform Selly bags US$2.6M pre-Series A
Investors are CyberAgent Capital, Do Ventures, Genesia Ventures, JAFCO Asia, and Kvision; Selly has more than 300K resellers on its platform, most of whom are homemakers and people who have lost their jobs due to the pandemic.

Ex-Grab employee’s healthtech firm Medici bags pre-Series A money
Investors include Wavemaker Partners, Jungle Ventures, and Insignia Venture Partners; Medici aims to make healthcare and insurance more accessible and affordable in Vietnam; It has partnered with 50+ hospitals and clinics.

Franklin Templeton joins hands with F10 to launch fintech incubation programme in Singapore
Besides seed funding, selected startups will be granted two years of residency, individualised milestone-based programming and extensive mentoring by Franklin Templeton and F10.

NGC Ventures backs blockchain gaming incubator and launchpad Seedify
Interested participants are given the exclusive opportunity to participate in initial game offerings on Seedify and buy in-game tokens prior to launch.

NEXEA renews partnership with MaGIC
Their Entrepreneurs Programme continues to provide a platform for tech entrepreneurs to connect with peers and like-minded individuals to grow, gain knowledge, and develop; Since collaborating with NEXEA in March 2021, MaGIC has empowered 15 participants.

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