Startups based in Southeast Asia secured US$213 million across 25 funding rounds in June 2024, according to a report by Tracxn. This is a decline of 57.14 per cent compared to the same month in the previous year but close to a 48 per cent increase over the previous month.
With 11 deals, seed-stage rounds dominated the overall startup funding scene in June this year, followed by 10 early-stage deals and four late-stage ones.
NewView Capital, Square Peg Ventures, EQT, and Lightspeed Ventured were the most active investors in June 2024.
Below are the top startup funding deals of June 2024:
Nium (Singapore)
Nium is a real-time, cross-border payment company. It offers payment infrastructure for banks, fintech firms, and businesses everywhere to collect, convert, and disburse funds instantly across borders. The fintech company claims its payout network supports 100 currencies and spans 220-plus countries. Funds can be disbursed to accounts, wallets, and cards and collected locally in 35 markets. Nium holds regulatory licences and authorizations in more than 40 countries.
Amount raised: US$50 million
Investors: A Singapore-based sovereign wealth fund, BOND, NewView Capital, and Tribe Capital.
k-ID (Singapore)
k-ID aims to simplify online safety and privacy management for game developers, parents, kids, and teens. Founded by Kieran Donovan, Timothy Ma, Julian Corbett, and Jeff Wu, k-ID is a cross-platform, instant sign-on solution for kids and teens. It has been built as an all-in-one answer for solving the complex issue of privacy and online safety for young players globally.
Amount raised: US$45 million
Investors: Andreessen Horowitz (a16z), Lightspeed Venture Partners, Konvoy, TIRTA, Okta, and Z Venture Capital.
Peak3 (Singapore)
Formerly known as ZA Tech, Peak3 offers modular and comprehensive insurance core and distribution systems. It collaborates with global insurers and digital platforms to enhance its insurance offerings through embedded insurance solutions. The firm has operations spanning Europe, Asia, and North America.
Amount raised: US$35 million
Investors: EQT and Alpha JWC Ventures.
Particle Network (Singapore)
Particle Network is a modular Layer 1 blockchain focused on chain abstraction technology, which simplifies developer and user experiences. Its key offering is “universal accounts,” which allow users to use funds from any chain to transact across the blockchain ecosystem. Universal accounts are supported by two underlying functionalities — universal liquidity and universal gas — which enable users to spend their tokens across any chain and pay for gas or transaction fees in any of their tokens.
Amount raised: US$15 million
Investors: The Spartan Group, Gumi Cryptos Capital, SevenX Ventures, Morningstar Ventures, Flow Traders, and HashKey Capital.
McEasy (Indonesia)
Founded in 2017 in Surabaya (East Java) by Hendrik Ekowaluyo and Raymond Sutjiono, McEasy aims to transform Indonesia’s transportation and supply chain ecosystem. The mission is to create an end-to-end digital ecosystem that integrates and streamlines logistics operations.
Its McEasy Platform (MEP) offers a suite of solutions to address challenges in the nation’s logistics ecosystem, including IoT mobility for fleet management, end-to-end logistics delivery solutions, and vehicle spare parts and maintenance solutions.
The startup claims it has partnered with 1,500 companies over the past 18 months.
Amount raised: US$11 million
Investors: Granite Asia and East Ventures.
Mober (the Philippines)
Mober is a green logistics company in the Philippines. It aims to drive the transition to green deliveries in the Philippines. It helps businesses decarbonise their delivery processes with solutions that avoid upfront costs, promoting a future where business meets sustainability.
To support its long-haul operations, Mober plans to place pocket charging points across Luzon’s northern and southern regions.
Amount raised: US$6 million
Investors: Clime Capital and Southeast Asia Clean Energy Facility II (SEACEF II).
REVOX (Singapore)
REVOX aims to construct a modular AI Agent network and decentralised applications, providing users with fair and efficient information across Web3 and other broad sectors. Through decentralised AI infrastructure, REVOX is set to revolutionise the creation of decentralised AI applications, becoming the go-to platform for Web3 AI developers and users.
REVOX’s flagship applications, ReadON DAO and TON application ShareON, boast over 4 million users with more than 400,000 daily active users on-chain.
Amount raised: US$6 million
Investors: SevenX Ventures, Arweave SCP Ventures, Cointelegraph Acceleration, Skyland Ventures, Taisu Ventures, 0x Consulting, and 7upDAO.
iPiD (Singapore)
iPiD (International Payment Identity) offers payee verification and identification solutions. Founded in 2021 by a team of former Swift executives, iPiD is a fintech company aiming to enhance the security and convenience of global payments. Its flagship offering, Validate, tackles the escalating issue of fraud and failed payments within the payment industry by confirming payee names and bank account details. This solution enhances customer experience and combats authorised push payment (APP) fraud.
Amount raised: US$5.3 million
Investors: Monk’s Hill Ventures, Quona Capital, QED Investors, Jungle Ventures, 1982 Ventures, Saison Capital, and Resolution Ventures.
Botsync (Singapore)
Botsync is a robotics startup that develops integrated automation solutions. Founded in 2019, the startup streamlines manufacturing operations through system-agnostic no-code integration solutions (syncOS) and a suite of autonomous MAG Mobile Robots, integrating cross-platform operations from different automation systems all on one platform.
Through its flagship syncOS Integrator platform, Botsync also integrates different automation systems. It features pre-built integration with major robotic and automation products, allowing users to easily connect different robotic systems without having to write any integration code.
MAG Mobile Robots replace forklifts, trolleys, pallet trucks, and other equipment to eliminate manual operations between machines and automate intralogistics operations.
Amount raised: US$5.2 million
Investors: Capital 2B, Betatron Venture Group, IvyCap Ventures, AppWorks, Iterative, Wong Fong, ZB Capital, Nalin Advani, and Ascend Angels.
Hubble (Singapore)
Hubble aims to transform progress and payments in the built environment industry. Founded in 2016, Hubble digitises and automates site processes to track and expedite progress and enable on-demand liquidity through early payment solutions based on verifiable progress data. Its full-stack progress-to-payment platform synergises the progress data insights from Hubble.Build (its construction management division) with early payment solutions from the financial services division.
Since its inception in mid-2023, Hubble.Financial claims to have demonstrated 655 per cent growth to reach over US$20 million across its projects. This number is expected to more than double in 2024 and beyond.
Amount raised: US$5 million
Investor: AlteriQ Global (lead).
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