In April, there is one common theme among the later stage funding announcements that e27 managed to gather: Fintech.
There are at least three startups that are working in the fintech sectors announcing their funding rounds this month, and they are mostly working to channel capital towards small- and medium-sized enterprises (SMEs).
Does this mean that the COVID-19 pandemic has zero to limited impact on fundraising activities in the region? It is hard to say as these funding rounds were likely to have been closed before the COVID-19 pandemic spread throughout the region. The next two months will be crucial in determining that.
1. BIT
Funding: “Seven figure USD” in Series B
Investors: Kyuu Roku (lead)
BIT will use this financing to invest in their automatic speech recognition, language sentiment analysis and other technology.
2. Voyager (PayMaya)
Funding: US$120 million
Investors: PLDT, KKR, Tencent, IFC, and the IFC Emerging Asia Fund
The investment is part of a broader fundraise for Voyager and is intended to support its fintech product PayMaya’s growth, as it pursues its mission to accelerate digital and financial inclusion in the Philippines and enable the wider Filipino population to participate in the digital economy.
Also Read: Meet the 29 most notable early stage funding announcements of April 2020
3. Investree
Funding: US$23.5 million in Series C
Investors: MUIP, BRI Ventures
Investree plans to further develop its services to support small and medium-sized enterprises (SMEs) in Indonesia and to expand activities in the Philippines and Thailand.
4. KoinWorks
Funding: US$20 million
Investors: Quona Capital, Triodos Bank, EV Growth, Saison Capital
The new money will go towards borrowers who are mostly digital SMEs.
5. Cohesity
Funding: US$250 million in Series E
Investors: DFJ Growth, Foundation Capital, Greenspring Associates, Wing Venture Capital, Baillie Gifford, Sozo Ventures, Sequoia Capital, SoftBank Vision Fund 1, Hewlett Packard Enterprise, Cisco Investments
With the fresh funding, Cohesity is now valued at US$2.5 billion, more than double the valuation from the company’s Series D round less than two years ago.
7. Novade
Funding: Undisclosed
Investors: SIG, Vulcan Capital, Wavemaker Partners, Enterprise Singapore
The company plans to use the funding to accelerate its global expansion and market penetration in Europe, China, and Japan, as well as to increase investments in its technology and artificial intelligence capabilities.
8. Funding Societies
Funding: US$40 million in a Series C
Investors: Existing investors
The platform, also known as Modalku in Indonesia, originally intended to utilise the fresh funds in new initiatives, however, due to market uncertainty caused by COVID-19, the original plans have now been scaled down.
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