In the bustling tech landscape of Southeast Asia, startups and investment activities continue to drive innovation and economic growth.
This week, several significant developments highlight the region’s dynamic entrepreneurial spirit. Singapore-based Linnovate Partners secured a substantial US$40 million in funding from Seatown Private Capital Master Fund, fuelling its expansion in asset servicing and fintech solutions for alternative investments.
Indonesian carbon management platform Jejakin raised US$2.7 million to enhance R&D and market presence, while Uber Technologies inked a deal to acquire foodpanda’s delivery business in Taiwan for US$950 million. Singapore’s VFlowTech extended its Series A round to scale its vanadium-based redox flow battery operations, and Solana-based Zeta Markets closed a US$5 million funding round to enhance its decentralized exchange.
Other notable highlights include Sqreem Technologies’ acquisition of digital ad network TotallyAwesome, Chainstack’s strategic investment, and Golden Gate Ventures’s launch of a US$100 million MENA fund.
Join us as we delve into these transformative updates reshaping the Southeast Asian tech ecosystem.
Linnovate Partners bags US$40M funding
Singapore-based Linnovate Partners, an asset servicing and fintech company for the alternative investment industry, has received a US$40 million funding commitment led by Temasek-owned SeaTown Private Capital Master Fund.
This capital infusion will enable Linnovate to scale operations and drive innovation.
Founded in 2016, Linnovate Partners focuses on driving innovation in the alternative investments industry. Its private equity and venture capital clients leverage its technology-enabled asset servicing solutions to enhance their operations through its core services: fund administration, investor relations, regulatory compliance, portfolio monitoring, reporting services, and consulting services. These services are powered by its cloud-based platform RAISE.
Jejakin raises US$2.7M
Jejakin, an Indonesian-based carbon management platform, has secured US$2.7 million in a funding round from Bhinneka Power, Indogen Capital, SMDV, and East Ventures.
The capital will be mainly invested in R&D, technological improvement, and market growth.
Jejakin was founded in 2018 by Arfan Arlanda, Sudono Salim (CGO), Andreas Djingga (COO), and Haris Iskandar (Chief of Sustainability and Climate Change) with a mission to make a positive impact on the environment.
The startup offers AI and IoT-based solutions that help companies achieve zero emissions targets. The integrated Jejakin platform allows companies to carry out emission calculations from operational activities. It makes it easier to determine, execute, and report their sustainability plans, including nature-based and carbon-related projects, thus helping companies reduce their emissions.
Uber Eats to acquire foodpanda’s delivery biz in Taiwan
Global ride-hailing giant Uber Technologies has signed an agreement to acquire foodpanda’s delivery business in Taiwan from Delivery Hero for US$950 million in cash.
The deal is expected to close in H1 2025. Until then, Delivery Hero will continue to operate foodpanda Taiwan. The acquisition is subject to regulatory approval and other customary closing conditions.
The deal will combine Uber’s expertise in running a marketplace with foodpanda’s extensive coverage across Taiwan and its relationships with local brands.
VFlowTech secures Series A extension round
VFlowTech, a vanadium-based redox flow (VRF) battery company in Singapore, has extended its Series A round by raising investment from PSA Unboxed, the external innovation and corporate VC arm of global port operator PSA International.
The startup will use the capital to expand into hybrid energy storage solutions, expand its manufacturing capacity and increase R&D activities. In addition to its current facility in Singapore, VFlowTech is also expanding its manufacturing capabilities in India.
VFlowTech was established in 2018 by Kumar (CEO) and Dr Arjun Bhattarai (CTO) in collaboration with Entrepreneur First, with support from SG Innovate and the Nanyang Technological University, Singapore.
Zeta Markets closes US$5M funding round
Zeta Markets, a Solana-based decentralised exchange for on-chain perpetuals, has closed a US$5 million strategic funding round led by Electric Capital, with participation from DACM, Selini Capital, and Airtree Ventures.
Prominent angel investors also joined, including Anatoly Yakovenko of Solana, Mert Mumtaz of Helius, Richard Wu of Tensor, Marius Ciubotariu of Kamino, Stepan Simkin of Squads, Alex Smirnov of Debridge, Genia Mikhalchenko of Pyth, Nom of Bonk, and JMR Luna of Wintermute.
Zeta Markets claims to have seen significant growth, crossing US$6 billion in total trading volume and over 100,000 monthly active users.
“At Zeta Markets, our aim is to craft the ultimate one-stop trading platform, where users can benefit from the transparency of DeFi without having to sacrifice convenience and speed. This raise helps accelerate our current momentum and deliver an order of magnitude improvement via a ground-up redesign of our DEX,” said Tristan Frizza, Founder of Zeta Markets.
Sqreem acquires TotallyAwesome
Singapore-headquartered digital behaviour aggregator Sqreem Technologies has acquired TotallyAwesome, an advanced digital advertising network for kids, teens, and families.
The details of the transaction remain undisclosed.
Post-acquisition, Sqreem will integrate TotallyAwesome’s reach of over 900 million users and human-curated whitelists with its proprietary artificial intelligence (AI) technology to “produce enhanced, precision-targeted web environments” for young users and their families.
Chainstack rakes in strategic funding
Singapore-based Web3 infrastructure provider Chainstack has secured an undisclosed sum in strategic investment.
The investors are SBI Ven Capital, Sygnum, Azimut Group, Unicorn Factory Ventures, and Ventech Ventures.
Founded in 2018, Chainstack offers a suite of services connecting developers with Web3 infrastructure, powering applications in DeFi, NFT, gaming, and analytics. Chainstack enables companies (from startups to large enterprises) to cut down the time to market, costs and risks associated with creating and scaling decentralised applications.
Chainstack’s offerings encompass integrations with over 25 public blockchains, four consortium networks, four appchain protocols, and partnerships with all major cloud providers. It serves over 100,000 Web3 developers.
Golden Gate Ventures launches US$100M MENA Fund
Singapore’s leading VC firm, Golden Gate Ventures, has announced the first close of its inaugural MENA (Middle East and North Africa) fund at US$20 million.
The anchor investor is Al Khor Holding. Other Limited Partners are Al Attiya Group and former Qatar Prime Minister Sheikh Jassim Bin Jabor Al Thani.
The US$100-million Golden Gate Ventures MENA Fund I will focus on powering startups in key sectors such as alternative energy, greentech, B2B artificial intelligence, and energy-related deep tech, on top of fintech, healthtech, and edtech.
Osome closes US$17M Series B round
Singapore-based online bookkeeping and accounting firm Osome has closed its over US$17 million Series B funding round from new and existing investors, including Illuminate, Ratio, Constructor Capital, and AltaIR.
With the new funding, Osome will enhance its product offerings for modern financial challenges, focusing on automation and AI components to better serve its customer base. The funds will also support marketing, customer service, and go-to-market efforts.
Founded in Singapore in 2017 by Victor Lysenko, Konstantin Lange, and Anton Roslo, Osome offers a full-fledged service that integrates software with the expertise of accountants, tax specialists, and corporate secretaries to handle financial administration. This way, it aims to disrupt the fragmented accounting and corporate services industry.
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