Is the Asia Pacific’s funding landscape still in a precarious state?
According to a joint report by Temasek and Bain & Company, private funding in digital economy-related sectors has regressed to 2017 levels, marking a significant shift from the highs of 2021. In the first half of 2023, 564 deals were completed, securing a total of USD 4 billion in funding—a sharp contrast to the 2,697 deals that amassed USD 27 billion in 2021. This decline has impacted startups at all stages.
Investors are also grappling with challenges, with 87% reporting increased fundraising difficulties, and 64% observing reduced diligence and top-of-funnel activity.
Despite these hurdles, private equity and venture capital funds committed in 2022 surpassed the previous year, reaching USD 15.7 billion compared to USD 12.4 billion in 2021.
Could we be on the verge of a turning point? Share your thoughts with us at: [email protected].
That’s all for this week. If there are any news or updates you’d like us to feature, you can also get in touch with us via the email above.
Antler invests in 15 startups across Singapore and Indonesia
The early-stage venture capital firm has injected USD 2 million into 15 startups from Singapore and Indonesia.
Over 150 founders from diverse backgrounds and industries participated in Antler’s recent ten-week residency program, resulting in the formation of these startups, with each startup securing around USD 125,000 in pre-seed funding.
Some of these startups include:
- Alter is developing a gaming-focused social networking and collaboration platform.
- Bootloader Studios develops unique experiences that foster emotional connections and improve well-being by leveraging artificial intelligence and mixed reality technology.
- Club Kyta offers an integrated omnichannel distribution solution for D2C lifestyle brands, focusing specifically on tier-two and tier-three cities in Indonesia.
- Hazana is a halal financing company focused on supporting small and medium enterprises.
- Katalis is an end-to-end AI marketing toolbox for e-commerce.
- Optacloud specializes in solutions that utilize machine learning techniques to reduce cloud bills and minimize latency with minimal engineering effort.
- Plans is developing a digital fertility assistance platform for family planning.
- Siftee is a data and research marketplace that enables the search, validation, and download of specific insights, down to the metadata level.
- Sqouts is an artificial intelligence-powered talent acquisition platform that aims to help companies hire qualified talent quicker, better, and easier.
- Trivium is building a platform that provides infrastructure to simplify the launch of investment products.
AVPN launches second edition of sustainability-focused fund
AVPN, an Asian social investor network, has unveiled the APAC Sustainability Seed Fund (SSF) 2.0, with the support of Google.org and the Asian Development Bank (ADB).
APAC SSF 2.0 is a USD 5 million initiative aimed at supporting non-profit organizations that leverage technology to address climate and sustainability challenges in the Asia Pacific. In addition to financial support, the fund will provide networking opportunities and capacity building to enhance the solutions of its grantees.
“AVPN is optimistic about the potential of climate tech to contribute towards averting the climate crisis. Our mission is to support both impact organizations on the ground, as well as policymakers and social investors, to harvest the potential of climate tech for social good,” said Naina Subberwal Batra, CEO of AVPN.
BusCaro secures USD 1.5 million in pre-seed round
The Pakistan-based local transportation startup, has secured USD 1.5 million in a pre-seed funding round led by Orbit Startups, with participation from Wahed Ventures and angel investors.
Having closed this funding round, BusCaro is currently focused on growing its business by expanding its B2C and B2B2C partnerships. Additionally, it aims to collaborate with the public sector to explore opportunities related to transportation subsidies, carbon emissions reduction, software-as-a-service, and government transportation contracts. The company plans to integrate electric vehicles into its operations starting next year. —TechCrunch
iPeakoin completes Series A round
iPeakoin, a digital banking company headquartered in Singapore and Hong Kong, has closed its Series A funding round, raising close to USD 10 million. ZhenFund led the investment.
Mirae Asset launches two new ETFs on Hong Kong Stock Exchange
The global asset management firm has announced the launch of the Global X Japan Global Leaders ETF and the Global X Innovative Bluechip Top 10 ETF on the Hong Kong Stock Exchange, aiming to offer investors portfolio diversification and improved returns. Both exchange-traded funds will commence trading today.
Recent deals completed in China:
- VppTech, a Beijing-based virtual power plant solution provider, has completed a Series A funding round, raising an undisclosed amount of investment. It will utilize the funds for technology R&D and to promote its virtual power plant platform. —36Kr
- AdvanSol, a Suzhou-based inverter and module-level power electronics (MLPE) manufacturer, has raised an eight-figure RMB sum following the completion of an angel funding round. Changyingxin Investment led the round while InvesTarget served as the exclusive financial advisor. —36Kr
- Everstrong Technology, a Ningbo-based integrated circuit materials company, has completed a Series B funding round, raising an undisclosed amount of investment from Rising Investments. —36Kr
- Fire Cloud Technology, a Shanghai-based battery technology company, has announced the completion of an angel funding round led by Atom Ventures, raising an eight-figure RMB sum. The funds will be used for product R&D and to implement the company’s product engineering roadmap. —36Kr
Latest venture capital deals in India:
- Zappfresh, a meat delivery platform, has raised around INR 300 million (USD 3.6 million) in a funding round jointly led by Ah! Ventures, HT Media, Unity SFB, and Heifer Impact. The funds will be used to finance the company’s expansion and acquisitions, as well as infrastructure upgrades. —Entrackr
- Conscious Chemist, a Delhi-based skincare brand, has secured an undisclosed amount of bridge funding from Inflection Point Ventures. The company intends to utilize the funds to expand its product categories, enhance its branding, and establish offline retail stores. —VCCircle
Lendela, Climate Alpha, Defog, and more led yesterday’s headlines:
- Lendela, a Singapore-based personal loan platform, raised USD 5 million in an oversubscribed Series A funding round led by Chocolate Ventures. Cocoon Capital, Phillip Private Equity, and Genting Ventures also participated in the round.
- Climate Alpha, a Singapore-based AI-powered analytics platform, secured USD 5 million in a seed funding round led by Jungle Ventures. The investment was made as part of First Cheque@Jungle, a bespoke program recently introduced by Jungle Ventures.
- Defog, a Singapore-based AI-powered data analytics firm, raised USD 2.2 million in a seed funding round led by Script Capital and Y Combinator. Hike Ventures, Pioneer Fund, and several undisclosed angel investors also participated in this round.
If there are any news or updates you’d like us to feature, get in touch with us at: [email protected].