These are the top startup news stories we published this week

Southeast Asia witnessed many actions this week, from Grab Co-Founder’s stepping down from her active role, to LiveIn’s acquisition of KT Management, besides numerous funding announcements.

Here’s a brief of each news article we published this week:

Startup Studio Indonesia alumni raise US$65.8M

Startup Studio Indonesia (SSI), a startup accelerator backed by the Ministry of Communication and Informatics of Indonesia (Kominfo), announced on Friday that its alums have collectively secured funding worth US$65.8 million (Rp977,6 billion) since its launch.

The programme has opened registration for its seventh batch, which looks to admit 18 early-stage startups, bringing the total number to 115. One business analyst assigned to guide the startup will assist each participant.

Startup Studio Indonesia will continue supporting the development of early-stage startups by improving their product iterations and business models and enhancing user retention before entering the market expansion phase.

ZUZU Hospitality bags US$9M Series B

ZUZU Hospitality, a revenue platform provider for independent hotels, on Friday announced an oversubscribed US$9 million Series B funding round led by SoftBank Ventures Asia, with participation from Atinum Partners and existing investors Wooshin Venture Investment, Visor Ventures and JG Digital Equity Ventures.

The startup plans to double its hotel partner count across the region with a keen focus on India and reach an impressive milestone of 5,000 partners by the end of 2024. Furthermore, it plans to invest strategically in AI tools to improve pricing, automate guest management, and improve partner experience.

These advancements aim to enhance ZUZU Hospitality’s offerings and revolutionise how independent hotels operate in today’s competitive market.

Evermos nets US$39M Series C

Indonesia-based social commerce platform Evermos on Friday announced that it raised US$39 million in its Series C funding round.

It was led by the International Finance Corporation (IFC) and IFC Emerging Asia Fund, with the participation of returning partners such as Jungle Ventures, Shunwei Capital, UOB Venture Management, and Telkomsel Mitra Inovasi.

This funding round also saw investment from new partners SWC Global, Endeavor Catalyst, and Uni-President Asset Holdings.

Evermos will channel this latest funding towards strengthening its reseller network by deepening penetration in Java and expanding to Sumatra.

Insider scores US$105M funding

Insider, an online platform for building individualised, cross-channel experiences, on Friday, announced an up to US$105 million investment from existing investors Qatar Investment Authority (QIA) and Esas Private Equity.

The latest investment takes the Sequoia Capital-backed Insider’s total funding to US$274 million.

Insider CEO and Co-Founder Hande Cilingir said: “These funds will be used exclusively for the purpose of acquiring exceptional product companies in APAC, including Singapore, to complement our technology further and create product synergies.”

“The response from the market, and our customers, following Insider’s acquisition of MindBehind, earlier this year, has increased our appetite to explore further opportunities to acquire unique organisations with industry-first technologies to better serve our customers, drive more value, and source innovative solutions to marketers’ biggest frustrations and challenges,” he added.

Co-Founder Tan Hooi Ling to step down from her active role at Grab

Southeast Asian super app giant Grab on Thursday announced that its Co-Founder Tan Hooi Ling has decided to relinquish her active role in the company, including her directorship, effective 2023-end.

Ling will transition into an advisory role in the company.

The Nominating Committee of the Board will review potential candidates to supplement the Board later this year. Grab will make a further announcement upon the changes to its Board of Directors taking effect.

“People who know me well know that I am an adventurer at heart, and there are many other personal passions that I have put aside to build Grab with Anthony. With the strong leadership bench we currently have, I believe now is the right time for me to pass on the baton to our next generation of leaders and to pursue these other passions,” Ling said in a statement.

Bossjob rakes in US$5M in venture funding

Bossjob, an online job search platform in the Philippines, on Thursday, announced that it secured US$5 million in funding from an undisclosed venture fund.

The startup will use the investment to enhance its platform, refine the user experience, and expand the team.

The deal comes as the company expands into Singapore, Indonesia, and Hong Kong.

Bossjob was founded in 2018 by Anthony Garcia and Kiat How Quak. The co-founders met at a networking event in the Philippines. As they discussed their challenges as aspirating entrepreneurs, they discovered a common challenge: finding suitable candidates in the country. They wanted to develop a tech solution to address this challenge. This led them to start Bossjob.

GoodGang Labs gets US$2M seed funding

Singapore-based avatar communications company GoodGang Labs announced on Thursday that it successfully raised US$2 million in seed funding from Kakao Investment, a subsidiary of the prominent South Korean tech giant.

The funding will be strategically allocated towards the growth and development of GoodGang Labs’ flagship product kiki town.

kiki town is a global platform for avatar-based communication that provides individuals with a virtual environment where they can freely express themselves and connect with others regardless of appearance or physical location.

It sets itself apart by exclusively transmitting voice and avatar motion data, resulting in a significantly lighter and more efficient platform. Additionally, unlike 2D-based interfaces, kiki town offers a 3D environment that aims to empower users with dynamic viewing angles through multiple virtual cameras.

SkorLife banks US$4M

SkorLife, a fintech company allowing users to access their credit scores and reports instantly from Indonesia’s credit bureaus, announced on Thursday that it secured US$4 million in a seed funding round led by global tech investor Hummingbird Ventures with participation from QED Investors.

Existing investors AC Ventures and Saison Capital also joined.

SkorLife will use the fresh funds to develop products, build brand awareness, expand the team, and accelerate growth. “With the funds we’ve raised, SkorLife is poised to accelerate its mission of promoting responsible borrowing and fair credit practices in Indonesia. We are dedicated to driving financial literacy amongst individuals and communities,” said Karan Khetan, Co-Founder and President.

BandLab receives US$25M financing

Singapore-based social music creation platform BandLab announced on Thursday that it raised US$25 million in a Series B1 financing round at US$425 million post-money valuation.

Existing investor Cercano Management (formerly Vulcan Capital, founded by Microsoft Co-Founder Paul Allen) led the round that also saw participation from Prosus Ventures.

BandLab will use this new funding to grow its workforce and double down on emerging creator campaigns. It will also channel additional resources towards supporting services, such as its music education platform BandLab for Education and other similar initiatives.

Builder.ai secures US$250M Series D

Builder.ai, an AI-powered composable software platform, announced on Thursday that it secured US$250 million in a Series D funding round led by Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar.

Existing and new investors, including Iconiq Capital, Jungle Ventures, and Insight Partners, joined.

This round takes Builder.AI’s total fund raised so far to US$450 million.

The latest round of capital will allow the UK-based firm to invest in talent, partnerships, and technology.

Vietnamese cleantech startup Stride bags US$2M

Stride, a cleantech company in Vietnam, announced on Wednesday that it secured US$2 million in seed funding from local VC firm Touchstone Partners and Singapore-based Clime Capital.

The startup will use the money to accelerate its capacity to provide low-cost, clean energy solutions for Vietnam’s residential and small business consumers.

Andrew Fairthorne, CEO at Stride, said, “The investment enables Stride to accelerate its deployment of clean energy solutions to more households and small businesses across Vietnam, thus reducing their energy expenses and assisting Vietnam in achieving its net zero targets.”

Stride aims to accelerate Vietnam’s low-carbon transition by providing households and small businesses with eco-friendly home improvement projects, smart home technology, energy-efficient products and access to solar energy.

LiveIn acquires KT Management in Malaysia

LiveIn, which provides “affordable” long-stay rental solutions in Malaysia and Thailand, announced on Monday it acquired KT Management, a student accommodation and long-term rental solutions provider in Malaysia’s northern region.

The details of the transaction haven’t been disclosed.

According to a press release, this merger aims to provide LiveIn’s flexible community living solutions and a better online-to-offline (O2O) experience for KT Management’s thousands of tenants. This means that after students graduate, they will be able to have access to any accommodation within LiveIn.

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Copyright: garagestock

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