CARDS, an Indonesian SaaS-based school management platform, has secured undisclosed seed funding led by US-based fintech investor Katha VC.

DS/X Venture and edutech accelerator EduSpaze also co-invested.

This funding will fuel expansion and product development. The firm will build a regional sales team, strengthen after-sales service teams to ensure smooth product implementation in every school and develop new technologies such as artificial intelligence (AI) to facilitate school staff operations.

Also Read: Investor insights: How they evaluate SaaS companies to invest in

Additionally, CARDS will explore strategic partnerships with companies, government entities, and educational organisations to enhance market penetration and create a broader impact.

Founded by Muh Arif Mahfudin (CEO) and Hari Yuliawan (COO), CARDS, a product of PT Cazh Teknologi Inovasi, is designed to digitise various operational functions of schools, ranging from administration and finance to digital payments. The solution encompasses all operational and academic activities and actively involves teachers, staff, students, and parents, who utilise CARDS services daily.

“We are building a new ecosystem in schools, not just providing partial solutions to problems. We address the most crucial aspect, which is the operational system, and then develop and transform other areas such as cashless transactions in school canteens, more effective teaching and learning processes, attendance systems, and modernised financial reporting and school fee payments,” stated CEO Mahfudin.

Currently, it focuses on the digital transformation of educational institutions in tier 2 and tier 3 cities in Indonesia. The disparity in technology ownership between schools in these cities and those in tier 1 cities poses a significant barrier to development and management.

Also Read: Conquer the B2B SaaS game: 10 content marketing strategies for startups

Since its launch in 2021, CARDS claims to have attracted over 500 schools across Indonesia, from elementary to secondary levels, including private schools, pesantren, and public schools. It has also reached profitability.

The post CARDS raises funding to revolutionise school management in Indonesia’s smaller cities appeared first on e27.

Southeast Asia’s (SEA) digital economy has reached a turning point in 2024, with businesses shifting from rapid growth to disciplined profitability.

The region’s digital landscape, once defined by high user acquisition costs and heavy promotional spending, has evolved. Companies across sectors such as e-commerce, online travel, and food delivery are now taking a more strategic approach to revenue and cost management, inspired by mature markets such as China.

The emphasis on effective monetisation, operational efficiency, and adapting to changing consumer behaviour drives sustained profitability, further supporting the region’s digital economy.

But how do companies make it happen?

Monetisation strategies: Leveraging core and adjacent revenue streams

In this digital economy, one of the primary ways businesses are achieving profitability is through innovative monetisation strategies that optimise core revenue sources and create new income streams.

Increased commissions and take rates

Many SEA companies are maximising earnings by raising commission rates across sectors. Online travel agencies (OTAs), for example, have increased their commission rates to levels seen in more established digital economies such as China, substantially boosting their profitability.

In e-commerce, platforms are similarly optimising take rates and exercising greater discipline in promotional campaigns. These adjustments are leading to higher margins without alienating customers or reducing the value offered.

Also Read: CARDS raises funding to revolutionise school management in Indonesia’s smaller cities

Expanding revenue streams with high-margin offerings

Beyond core services, businesses are exploring adjacent revenue streams with strong profit potential. In e-commerce, for instance, advertising has become a significant revenue driver, thanks to the rapid growth of video commerce and new ad formats like live ads during livestreams.

Food delivery platforms are also benefiting from in-app advertisements and subscription models, which add incremental revenue without the need for additional service offerings.

Travel platforms have expanded their services to include car rentals, guided tours, and financing options for trips, all of which provide new revenue sources with higher margins.

Cost optimisation and operational efficiency: Reducing expenses and improving productivity

In parallel with revenue-boosting efforts, companies also optimise costs to improve profitability. This focus on cost management is critical for maintaining sustainable growth in competitive markets.

Scaling back on customer and partner incentives

For years, customer incentives were a staple in attracting and retaining users, but today, companies are rethinking this strategy to improve unit economics. Food delivery platforms, for example, have scaled back on discounts and free food offers, focusing instead on promoting cost-effective alternatives like self-pick-up.

Similarly, transport platforms have reduced customer incentives and introduced surge pricing mechanisms to enhance profitability. These steps allow businesses to maintain service quality without the unsustainable expense of extensive promotions.

Also Read: Indonesia versus the Philippines: A closer look into digital economy in these 2 countries in 2024

AI-driven operational efficiency

Technology, particularly AI, is central to many companies’ efforts to streamline operations and cut costs. Food delivery services use AI for order batching and route planning, significantly reducing delivery times and minimizing cost per order. These efficiencies enable companies to serve more customers while keeping operational expenses under control.

Transport platforms also improve profitability through AI by refining payment processing and streamlining service operations. These AI-driven improvements enhance productivity and reduce overhead, allowing companies to maximise returns on every transaction.

Strategic market expansion

Expanding services into new geographic or demographic markets can be a profitable growth strategy if approached carefully. For example, transport platforms are broadening their reach by entering second-tier cities and rural areas where competition may be lower and demand for motorbike services is rising.

This selective approach to expansion helps companies capture new customer segments without incurring the high costs often associated with rapid, widespread expansion into already saturated markets.

Shifting market dynamics: Adapting to a maturing digital landscape

As the digital economy matures, businesses are adjusting to a new set of market dynamics. The race for new users is giving way to a focus on maximising revenue from existing customers.

Deepening engagement with existing users

User acquisition costs in SEA were previously driven by the need to scale rapidly. Today, businesses are focusing more on increasing engagement with their current customer base, a strategy that is both cost-effective and profitable.

In e-commerce, for example, the main revenue drivers are now repeat purchases by existing customers who are spending more frequently online. By prioritising engagement over expansion, companies find sustainable ways to grow revenue without excessive marketing expenditures.

Also Read: Echelon Philippines 2024: Expert panel on building a strong foundation for startup success

Video commerce as a growth engine

Video commerce has become a pivotal factor in reshaping the SEA e-commerce landscape. In the digital economy, this form of media not only boosts GMV but also provides a powerful avenue for customer acquisition and advertising revenue. The interactive and engaging nature of video commerce attracts users, increases shopping frequency, and provides advertisers with high-impact placements.

As video commerce becomes more ingrained in the regional e-commerce experience, it will likely drive continued revenue growth and contribute significantly to sector-wide profitability.

In 2024, the path to profitability in the SEA digital economy is calculated decisions and strategic execution. By balancing revenue diversification with cost discipline and adapting to changing consumer preferences, businesses in SEA are positioning themselves to survive and thrive in an increasingly competitive market.

—

Image Credit: © rawpixel, 123RF Free Images

The post Path to profitability: How SEA startups are thriving in 2024’s digital economy appeared first on e27.

As Singapore drives towards a greener future, the shift towards electric vehicles (EVs) is rapidly gaining momentum. With the government’s goal of installing 60,000 EV charging points by 2030, the question arises: are Singapore’s homes and condominiums ready to support this transition?

The answer involves addressing several challenges related to infrastructure, power supply, and network connectivity—particularly for residents in high-rise buildings. For EV adoption to be seamless, these issues must be tackled with thoughtful solutions.

Shared facilities and charging access in condominiums

In Singapore, most residents live in high-rise buildings like HDB flats and condominiums, where communal parking spaces are the norm. Unlike landed homeowners, who can install private EV chargers, condo residents must share common charging facilities. This shared arrangement can lead to friction among drivers, especially when multiple users need access to limited charging points. The uncertainty around charger availability can heighten range anxiety for EV drivers.

To address this, charging operators, are exploring advanced booking systems and virtual queues. These solutions allow drivers to schedule their charging sessions and reserve spots without waiting physically. By minimising conflicts over access and improving convenience, such systems can reduce frustration and create a more equitable charging experience for residents.

Power supply limitations in older buildings

Many of Singapore’s residential buildings—particularly older condominiums and HDB flats—were constructed long before EVs became part of the transportation landscape. As a result, their electrical infrastructure often lacks the capacity to support multiple charging stations. Without careful planning, attempting to install several EV chargers can overwhelm a building’s power supply.

Also Read: Exponent Energy unlocks a zero to 100 per cent 15-min rapid charge for electric vehicles

Dynamic load balancing technology offers a potential solution. This system distributes power efficiently across charging stations, ensuring that no single charger consumes too much electricity at once. Prioritising power allocation for residents over visitors can also help mitigate bottlenecks, providing a faster, more reliable experience for regular users while optimising the building’s power resources.

Overcoming network connectivity issues in basement parking areas

Many condominiums feature underground parking spaces, where weak or non-existent network signals can disrupt the app-based systems required to initiate EV charging. Poor connectivity in these areas can lead to delays and frustration, making it difficult for users to start their charging sessions seamlessly.

Innovative solutions are emerging to address these issues, such as charging apps that function even in low-signal environments. By allowing users to scan a QR code that initiates charging once they reconnect to a stronger network, these technologies ensure that poor connectivity doesn’t become a barrier to smooth EV adoption.

Integrating renewable energy for sustainability

As Singapore works to reduce its carbon footprint, it’s important to consider not just the vehicles themselves but also how they are powered. For landed homeowners, installing solar panels offers an opportunity to charge EVs directly with renewable energy. Condominiums, too, can play a role in sustainability by integrating green energy tariffs or exploring the installation of rooftop solar panels.

The integration of renewable energy into EV charging systems aligns with Singapore’s broader sustainability goals. By supplementing traditional power sources with cleaner alternatives, homes and condominiums can contribute to a more environmentally friendly future, reducing their reliance on fossil fuels and lowering their carbon emissions.

Conclusion: A future-ready approach

As the adoption of electric vehicles accelerates, Singapore’s homes and condominiums must prepare for this shift. Addressing shared charging facilities, power supply limitations, and network connectivity challenges are critical steps in ensuring that EV owners can charge their vehicles efficiently and without undue stress.

Novowatt is at the forefront of providing these solutions, from dynamic load balancing and reservation systems to innovations that overcome connectivity issues. By embracing these innovative approach and integrating renewable energy into the charging infrastructure, residential properties can contribute to a more sustainable and efficient future. Together, we can ensure that Singapore’s EV revolution not only meets demand but does so in a way that supports the nation’s long-term sustainability goals.

—

Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic.

Join us on Instagram, Facebook, X, and LinkedIn to stay connected.

Image credit: Canva Pro

The post Singapore’s green future – Are homes and condominiums ready for EVs? appeared first on e27.

Singapore-based Capital C Corporation, which provides financial services to the underserved across Southeast Asia, has secured an undisclosed amount in a pre-series A funding round from Phillip Private Equity, Azure Capital, and high-net-worth individuals.

The strategic raise will help Capital C expand into new Southeast Asian markets and develop a super app.

Also Read: How digital banking is driving financial inclusion in SEA

Capital C provides personal payday loans, business loans, partnerships, and acquisitions advisory through digital micro-financing and strategic planning. Its streamlined loan application process connects customers to rapid, hassle-free disbursement and personalised credit options.

It is now developing new debit and credit card solutions for those new to credit or seeking alternatives to traditional options.

The fintech firm is also working on a super app to expand access to credit facilities for individuals and small businesses, including the unbanked, underbanked, and those with limited credit histories. It will also host digital microfinancing services, including personal and business loans, ‘buy now, pay later’ solutions, and hire products.

By doing so, users will have access to a full suite of financial services tailored to meet personal and business needs, reinforcing Capital C’s commitment to expanding beyond just a loan provider.

Also Read: Bridging the financial inclusion gap in Asia: The role of fintech

The World Bank estimates that 80 per cent of people in Indonesia, the Philippines, and Vietnam, and 30 per cent in Malaysia and Thailand, remain unbanked despite high internet penetration rates. In Singapore, though only 2 per cent of the population is unbanked, 38 per cent are considered underserved, underscoring the ongoing need for inclusive financial solutions even in more developed economies.

The post Capital C bags investment to build financial inclusion super app for SEA appeared first on e27.

Today, Google, Temasek, and Bain & Company’s collaborative effort unveiled the ninth edition of the e-Conomy SEA report, which focuses on the digital economy’s profitability.

This report showcases the impressive strides made by key players in the Southeast Asian (SEA) region towards profitability. This has been achieved through tighter commissions, targeted incentives, and the development of new revenue streams, leading to a remarkable 2.5 times increase in profits over the past two years.

The digital economy’s profitability has skyrocketed from US$4 billion in 2022 to an impressive US$11 billion in 2024. The report predicts the digital economy will reach a Gross Merchandise Value (GMV) of US$263 billion in 2024, marking a 15 per cent increase over the previous year. Revenues are also projected to reach US$89 billion in 2024, indicating a 14 per cent growth.

This data suggests that the digital economy in SEA can simultaneously achieve profitability and growth. The report further explores six digital sectors, offers insights into the current state and future prospects of technology funding in the region, and delves into the crucial factors necessary for fostering inclusive growth.

Despite a generally reserved approach from investors, there is a noticeable lean towards emerging industries, with approximately half of the investments going towards them.

Also Read: Bukalapak responds to TEMU acquisition report following recent share price increase

Although the exit environment still poses difficulties, early-stage companies in SEA have demonstrated impressive strides towards achieving profitability. There’s also a rising emphasis on fostering cross-border collaboration in exchange platforms and improving Initial Public Offering (IPO) regulations to enhance overall market conditions.

Last year’s report identified four key factors to revitalise the funding landscape: realistic entry valuations, established monetisation models, a clear route to profitability, and reliable exit strategies. The first three have been accomplished; however, developing dependable exit strategies remains a work in progress as market conditions present challenges.

Popular sectors such as e-commerce, poised to reach US$159 billion GMV by 2024, are now driven primarily by existing customers, who account for up to 70 per cent of expansion. This is a departure from past years when first-time shoppers drove growth.

The transport sector has surpassed pre-COVID-19 levels, with revenue projected to grow by 36 per cent YoY to US$1.5 billion, driven by rebounding demand and pricing. In comparison, GMV is expected to increase by 18 per cent to US$9 billion.

With the increasing popularity of AI

The SEA region is rapidly becoming a global leader in Artificial Intelligence (AI) innovation and adoption. The region’s strategic investments in AI infrastructure have fostered a vibrant ecosystem of startups, developers, and tech giants, positioning SEA to harness AI’s transformative potential across numerous sectors.

Also Read: Report: 46% of Indonesian businesses unprepared for AI-generated fraud despite risk knowledge

This growth is evident in the substantial US$30 billion worth of AI infrastructure investments the region attracted in the first half of 2024. Additionally, there is an increasing consumer interest in exploring and adopting AI solutions with searches for AI growing by 11 times in just four years.

According to the report, with its young and growing population, coupled with high rates of digital literacy and smartphone penetration, SEA provides a large and receptive market for AI-powered products and services, from travel planners to fraud detection.

As a driving value for the region’s digital economy through sector-specific and broader business use cases, pro-innovation policies that support AI growth and governance will help create more opportunities in the digital economy, it concluded.

—

Image Credit: © rawpixel, 123RF Free Images

The post The e-Conomy SEA report: SEA digital economy jumps from US$4B in 2022 to US$11B in 2024 appeared first on e27.

Climate tech venture builder Wavemaker Impact has launched Numat, a new venture focused on transforming bamboo processing with sustainable practices.

The VC firm has also infused US$525,000 into the Philippines-based firm.

Bamboo has an enormous potential for reducing carbon emissions—it absorbs around 4.6 tons of CO2 for every ton harvested, making it a powerful tool against climate change.

Also Read: Cutting carbon at the socket: measurable.energy’s smart solution to plug power waste

Founded by CEO Mark Sebastian, Numat (short for ‘New Material’) aims to transform raw bamboo into sustainable products. It runs mobile bamboo processing units that convert bamboo poles at the harvest site into various pre-processed formats for processors worldwide.

Since its inception two months ago, Numat has delivered its first three orders of bamboo poles, totaling 1,260 Tinik and Asper varieties. By the close of 2024, it will also complete its first deliveries of 12,500 rough slats to a local off-taker and the first batch of fully treated and finished slates to an international off-taker.

The startup has the capacity to enable the replanting of 5,000 new bamboo seedlings weekly to advance to sustainable growth and development of bamboo plantations across the region.

The climate tech venture also runs a BambooPreneur Program, a partnership model for landowners that allows them to join Numat through a franchise-style system. This program provides landowners with everything they need to run their own bamboo processing operations using Numat’s BambPro System.

Also Read: Embracing sustainability: A circular design perspective on e-waste

Wavemaker Impact partners with experienced entrepreneurs to launch sustainability startups. The goal is to reduce 10 per cent of the global carbon budget by 2035. Each startup that it builds is a ‘100×100’ company, with the potential to decrease 100 million metric tons of CO2e and generate US$100 million in revenue per year.

The post Wavemaker Impact launches Numat to transform bamboo into sustainable products appeared first on e27.

Southeast Asian startups raised US$197 million in funding across 29 rounds in October 2024, which is 61.5 per cent higher than last month but a steep 74 per cent decline from the same month the previous year, according to Tracxn.

In October this year, the region reported 13 seed-stage and early-stage funding rounds each, followed by three late-stage rounds.

Also Read: Filipino consumer fintech startup Salmon nets US$20M debt financing

Genesia Ventures and AC Ventures were the most active VCs.

Filipino consumer fintech startup Salmon topped the funding chart with US$30 million funding, followed by Broom (US$25 million), Chickin (US$20 million), and Sunbird Bio (US$14 million).

Check the infographic below for more insights:

The post SEA startup funding rebounds month-on-month but faces yearly decline appeared first on e27.

The Z Label, a tech-centric venture-building group based in Hong Kong, has raised US$11.4 million in funding led by Beyond Ventures.

The funds will be allocated to both in-house product development and co-incubating with established groups and entrepreneurs across various domains.

Inspired by successful US-based venture-building groups like Atomic Labs and CoLab, The Z Label integrates front-line technologies—including artificial intelligence (AI), big data, life and health sciences, spatial computing, and blockchain—into its products.

The group collaborates with corporate partners, supply chains, universities, and distribution channels across Hong Kong to accelerate early product-market fit and achieve commercial growth.

Also Read: HKSTP’s Derek Chim on the four skills required for startups to thrive in Hong Kong

“We believe that prioritising cutting-edge technology in our ventures unlocks new growth possibilities,” said Ruby Cheng, co-founder of The Z Label. “Our model enables brands to capitalise on emerging opportunities through an agile ecosystem enriched with capital, resources, talent, and a global network.”

“Gen Z has an inherent technological savvy and gravitates toward value-driven choices like sustainability and community engagement. They need a platform like The Z Label to thrive—we are simply igniting their potential,” said Rebecca Leung, co-founder of The Z Label.

The Z Label invites serial founders, creators, engineers, technologists, partners, and investors to join its vibrant ecosystem and co-create innovative products for the next generation.

—

Image Credit: 123RF.

The post The Z Label raises US$11.4M to fuel Gen Z-inspired tech innovations in HK appeared first on e27.

Funding Societies (also known as Modalku in Indonesia), Southeast Asia’s leading digital finance platform for micro, small, and medium enterprises (MSMEs), has secured a third credit facility from HSBC under the bank’s ASEAN Growth Fund.

Also Read: Funding Societies raises US$7.5M debt financing from Norway’s state-owned Norfund

This transaction, which forms part of HSBC’s cumulative commitment of over US$100 million since their partnership began in 2022, will enhance the fintech lender’s capacity to provide financing to underserved MSMEs across the region.

“This funding enables us to explore scalable debt financing and foster financial inclusion for underserved SMEs across the region,” Kelvin Teo, Co-founder and Group CEO of Funding Societies, said.

Founded in 2015, Funding Societies claims to have disbursed over US$4 billion in financing to 100,000+ businesses in Singapore, Indonesia, Malaysia, Thailand, and Vietnam. In recent years, it made strategic milestones including its acquisition of regional digital payments platform CardUp and co-investment into Bank Index in Indonesia.

Also Read: Funding Societies hopes to move from alternative to mainstream financing one day

Early this year, Khazanah and CGC Digital announced a joint investment in Funding Societies. A few months earlier, the fintech lender secured US$7.5 million in debt funding from Norwegian government-owned development financial institution (DFI) Norfund.

Its other investors are SoftBank Vision Fund 2, SoftBank Ventures Asia, Sequoia Capital India, Alpha JWC Ventures, SMBC Bank, BRI Ventures, VNG Corporation, Rapyd Ventures, Endeavor, EBDI, SGInnovative, Qualgro, and Golden Gate Ventures.

Despite rapid digitalisation and economic growth, Asia-Pacific’s MSMEs still face a US$2.5 trillion credit access gap, accounting for over half of the global financing shortfall. In Southeast Asia, MSMEs represent 99.9 per cent of all enterprises and contribute 35-69 per cent of each nation’s GDP.

The post Funding Societies expands financial reach with new HSBC credit facility appeared first on e27.

In 2024, Southeast Asia’s venture capital (VC) landscape demonstrated a continued appetite for growth and resilience, attracting significant capital across diverse sectors despite global economic uncertainty. The region’s startups, particularly in fintech, cloud services, sustainability, and AI, have maintained strong investor interest.

The region’s unique mix of untapped markets, a young digital-native population, and supportive government policies have kept VC funding robust in 2024, positioning it as a prime hub for innovation.

Below is the list of 25 startups that raised the largest funding rounds in the current year so far:

Ascend Money

A financial services platform for individuals

Headquarters: Thailand
Founding year: 2013
Funding raised in 2024: US$195 million
Stage: Series D
Key investors: MUFG and Krungsri Finnovate
Total funding raised since inception: US$34 million.

Supabase

A cloud-based open-source application backend development platform

Headquarters: Singapore
Founding year: 2020
Funding raised in 2024: US$82.7 million
Stage: Series C
Key investors: Peak XV Partners, Craft Ventures, Avracapital, Coatue, Felicis Ventures, and Y Combinator
Total funding raised since inception: US$199 million.

Amity Corporation

A platform-as-a-service for enterprise-grade AI applications and AI agents

Headquarters: Thailand
Founding year: 2012
Funding raised in 2024: US$60 million
Stage: Series C
Key investors: Insight Capital, SMDV, and Gobi Partners
Total funding raised since inception: US$60 million.

Also Read: Who’s still investing? The 2024 power players in Southeast Asia’s venture capital

NIUM

A provider of cross-border money transfer solutions for businesses

Headquarters: Singapore
Founding year: 2014
Funding raised in 2024:US$50 million
Stage: Series E
Key investors: NewView Capital and Tribe Capital
Total funding raised since inception: US$312 million.

Qoala

A diversified internet-first insurance platform for individuals

Headquarters: Indonesia
Founding year: 2017
Funding raised in 2024: US$47 million
Stage: Series C
Key investors: PayPal Ventures, MassMutual Ventures, MUFG Innovation Partners, Flourish, Eurazeo, AppWorks, Ohana Holdings, and Omidyar Network
Total funding raised since inception: US$134.5 million.

k ID

An online compliance engine that processes for parents and game creators to protect kids and teens privacy and safety

Headquarters: Singapore
Founding year: 2023
Funding raised in 2024: US$45 million
Stage: Series A
Key investors: a16z, Lightspeed Venture Partners, Konvoy Ventures, Okta, Z Venture Capital, and TIRTA
Total funding raised since inception: US$51 million.

Peak3

A provider of cloud-based insurance platform

Headquarters: Singapore
Founding year: 2018
Funding raised in 2024: US$35 million
Stage: Series A
Key investors: Alpha JWC Ventures and EQT
Total funding raised since inception: US$35 million.

Finture

A credit card providing POS instalment payment solutions for consumers

Headquarters: Indonesia
Founding year: 2021
Funding raised in 2024: US$30 million
Stage: Series B
Key investors: Mindworks Capital, XVC, Antao Capital, SWC, and Richen Pioneer
Total funding raised since inception: US$50 million.

AwanTunai

A provider of supply chain digitisation by ERP systems with embedded financing

Headquarters: Indonesia
Founding year: 2017
Funding raised in 2024: US$27.5 million
Stage: Series B
Key investors: Norfund, MUFG Innovation Partners, and Finnfund
Total funding raised since inception: US$55.8 million.

Syfe

An app-based platform for trading in ETFs and stocks

Headquarters: Singapore
Founding year: 2017
Funding raised in 2024: US$27 million
Stage: Series B
Key investors: Valar Ventures and Unbound
Total funding raised since inception: US$85.6 million.

Also Read: AI gold rush: How OpenAI’s Singapore expansion could reshape the startup ecosystem

Salmon

A developer of a platform offering business and consumer loans

Headquarters: The Philippines
Founding year: 2022
Funding raised in 2024: US$25 million
Stage: Series A
Key investors: IFC and Northstar Group
Total funding raised since inception: US$55 million.

Broom

An online P2P marketplace for used cars

Headquarters: Indonesia
Founding year: 2021
Funding raised in 2024: US$25 million
Stage: Series A
Key investors: Openspace Ventures, AC Ventures, Quona, MUFG, and PKSHA Technology
Total funding raised since inception: US$50 million.

Xcelerate

A platform offering integrated GRc management solutions

Headquarters: Singapore
Founding year: 2021
Funding raised in 2024: US$25 million
Stage: Series B
Key investors: Federated Hermes, Altair Capital, and Exacta Capital Partners
Total funding raised since inception: US$36 million.

Oobit

A trading platform for cryptocurrencies

Headquarters: Singapore
Founding year: 2017
Funding raised in 2024: US$25 million
Stage: Series A
Key investors: Titan, 468 Capital, and Tether
Total funding raised since inception: US$25 million.

UnaBiz

A connectivity system for IoT applications

Headquarters: Singapore
Founding year: 2016
Funding raised in 2024: US$25 million
Stage: Series B
Key investors: KDDI and Kanade
Total funding raised since inception: US$85 million.

Capria

A provider of an online platform for payday loans

Headquarters: Indonesia
Founding year: 2019
Funding raised in 2024: US$23 million
Stage: Series A
Key investor: Wagely
Total funding raised since inception: US$37 million.

Honest

An online lending platform offering personal credit cards

Headquarters: Indonesia
Founding year: 2019
Funding raised in 2024: US$21.5 million
Stage: Series B
Key investors: Rakuten and Jetha Global
Total funding raised since inception: US$61.2 million.

Carsome

An app-based C2B marketplace for used cars

Headquarters: Indonesia
Founding year: 2015
Funding raised in 2024: US$21.4 million
Stage: Series E
Key investor: AmBank Group
Total funding raised since inception: U$S80.8 million.

Morph

A consumer-centric blockchain platform

Headquarters: Singapore
Founding year: 2023
Funding raised in 2024: US$19 million
Stage: Seed
Key investors: DRAGONFLY, Pantera Capital, Foresight Ventures, Spartan Group, Symbolic Capital, Publicworks, MH Ventures, and Every Realm
Total funding raised since inception: US$20.3 million.

Also Read: Soonicorns on the horizon: Unveiling Southeast Asia’s future leaders

Mystiko

A blockchain-based network for Web3 connectivity

Headquarters: Singapore
Founding year: 2021
Funding raised in 2024: US$18 million
Stage: Seed
Key investors: Peak XV Partners, Samsung NEXT, HashKey, CoinList, Tribe Capital, Morningstar Ventures, Mirana, and Signum Capital
Total funding raised since inception: US$18 million.

Biobot Surgical

A developer of surgical automation devices

Headquarters: Singapore
Founding year: 2010
Funding raised in 2024: US$17.9 million
Stage: Series B
Key investor: ZIG Ventures
Total funding raised since inception: US$17.9 million.

Amartha

A microfinance P2P lending platform

Headquarters: Indonesia
Founding year: 2010
Funding raised in 2024: US$17.5 million
Stage: Series C
Key investors: Accion, Maj Invest, and Womens World Banking
Total funding raised since inception: US$53 million.

Qapita

A cap table and equity management software for businesses

Headquarters: Singapore
Founding year: 2019
Funding raised in 2024: US$17.2 million
Stage: Series A
Key investors: East Ventures, MassMutual Ventures, Cercano Management, Nyca Partners,
Citi, Endiya Partners, and Analog Partners
Total funding raised since inception: US$39 million.

Osome

A provider of accounting services for small and medium-sized businesses

Headquarters: Singapore
Founding year: 2017
Funding raised in 2024: US$17 million
Stage: Series B
Key investors: Constructor Capital and Altair
Total funding raised since inception: US$75 million.

FlyORO

It offers fuel technology solutions for the aviation industry

Headquarters: Singapore
Founding year: 2021
Funding raised in 2024: US$16 million
Stage: Seed
Key investors: Audacy Ventures and Investible
Total funding raised since inception: US$16 million.

—

Image Credit: 123RF.

The post 💰From fintech to IoT: Southeast Asia’s standout startups with the largest funding rounds in 2024 appeared first on e27.