Southeast Asia witnessed a number of major developments in the past week, including a couple of M&As and many funding deals.
Below is a snapshot of all the major happenings in the region’s startup ecosystem.
The Edgeof acquires SoftBank unit
The Edgeof, a newly formed ecosystem builder and VC firm, has agreed to acquire SoftBank Ventures Asia Corp., a wholly-owned subsidiary of SoftBank Group. The strategic initiative aims to enhance support, development, and expansion of startups poised to transform the world, spanning from Singapore to the greater pan-Asian market.
The transaction details remain undisclosed.
NusaTrip acquires VLeisure
NusaTrip, a Jakarta-based online travel agency and a unit of Nasdaq-listed Society Pass Inc. (SoPa), acquired the Vietnamese online B2B hotel platform VLeisure. With this, NusaTrip gains an operational foothold to expand its B2C and B2B businesses in Vietnam. At the same time, VLeisure will leverage SoPa’s capital and NusaTrip’s technology to market its hotel management SaaS products to small-to-medium-sized hotels initially in Vietnam and then to the rest of Southeast Asia.
Zi.Care attracts US$2M funding
Singapore-based early-stage VC firm Oriza Greenwillow Technology Fund committed to investing US$2 million in Indonesian startup Zi.Care, which digitises medical records for hospitals. The Jakarta-headquartered electronic medical records (EMR) startup is eyeing a total of US$3 million in this Series A round. Several other regional VCs will also be invited to participate. The startup will use funds to strengthen its focus on increasing digitalisation in the health sector.
Amanotes invests in Swedish startup
Vietnam’s music games publisher Amanotes invested in the pre-Series A funding round of Swedish startup Reactional Music. Other investors in the round are Butterfly Ventures and angels, including Kelly Sumner, a former chairman of Mediatonic, CEO of Red Octane, and CEO of Take 2 Interactive. This round follows a number of seed rounds at the Stockholm headquartered Reactional.
SC Ventures invests in BetterTradeOff
Singapore-based fintech startup BetterTradeOff, which aims to make financial planning accessible to everyone, secured an undisclosed sum investment from SC Ventures, the VC arm of Standard Chartered Bank.BetterTradeOff will use the capital for technological enhancements and geographical expansion.
TablePointer raises US$2.3M
TablePointer, an energy-efficiency-as-a-service (EEaaS) startup in Singapore, received over US$2.3 million in an oversubscribed seed funding round led by Wavemaker Partners, AgFunder, and ENGIE. The funding will be used to add new features and product modules and enter fast-growing markets in Southeast Asia.
Legit Group nets US$13.7M
Legit Group, a multi-brand cloud kitchen operator, secured a total of US$13.7 million in a Series A round of financing. MDI Ventures, the VC arm of Telkom Indonesia, led the round, with participation from SMDV, East Ventures, and Winter Capital. The firm will use the capital to expand in 2023 by targeting Jabodetabek and other cities with large delivery markets; currently, 95 per cent of Legit’s outlets are only still within the Jakarta area.
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MindX nets US$15M Series B
MindX, an online coding school in Vietnam, raised US$15M in a Series B financing round, led by Kaizenvest. Aksorn, Mynavi Corporation, and Wavemaker Partners also joined the round. The edutech startup will use the money to grow its platform, expand its reach into smaller cities and rural areas, as well as to create more educational content.
Fit Hub secures US$6.5M
Indonesian tech-enabled fitness startup Fit Hub bagged US$ 6.5 million in a new financing round. The investors include Global Founders Capital, Trihill Capital, Goodwater, Wavemaker Partners, East Ventures, Gentree, and BAce Capital. The capital raise will help Fit Hub expand its offline and online presence, offering free workout content and e-commerce for healthy foods, apparel, workout equipment, and supplements. The startup also plans to open 100 clubs by year-end.
Travelio nets Series C
Indonesian property rental startup Travelio secured an undisclosed sum in a Series C extension round led by an unnamed Korean financial group. Korea’s DAOL Ventures (former KTB), Orzon Ventures (powered by Thailand Conglomerate PTTOR and 500 Global), and Appworks from Taiwan also participated, along with the existing backer Pavilion Capital. The startup will use the funds to expand into new cities in Indonesia and launch a new vertical in the rent-to-own sector.
SmartRyde secures US$3.4M Series A+
SmartRyde, a pre-booked airport transfer marketplace in Japan, has announced a JPY 450 (US$3.4) million fundraise through the third-party allocation of shares led by NVC No.1 Limited Liability Partnership (a fund jointly managed by NVenture Capital Limited and NEC Capital Solutions Limited). SMBC Venture Capital, Yamaguchi Capital, Hiroshima Venture Capital, Shigagin Regional Revitalization SD Fund, and Iyogin Capital. The round also comprises a subordinated loan from Japan Finance Corporation.The startup will invest the capital in expanding corporate functions and building strengths of business teams and in product development.
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Copyright: Elnur
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