AwanTunai secures IDR 300 billion debt facility from HSBC
AwanTunai, an Indonesian fintech firm, has secured a IDR 300 billion debt facility from HSBC.
This financing is part of HSBC’s USD 1 billion ASEAN Growth Fund, which was launched in March to support companies leveraging digital platforms across Southeast Asia. Unlike traditional banking loans that focus on historical performance and collateral, this fund emphasizes the business potential of the borrower.
AwanTunai aims to close the inventory purchase financing gap for Indonesia’s micro, small, and medium enterprises (MSMEs), estimated at around USD 50 billion. Its AwanToko platform allows warung owners to check stock conditions and prices at hundreds of wholesalers and make online orders.
Through the AwanTempo service, MSMEs can receive funding of up to IDR 500 million for inventory purchases. HSBC’s facility will help AwanTunai expand these services, enabling small retailers to operate more efficiently and profitably.
RevComm raises USD 10 million in pre-Series B round
RevComm, a B2B software-as-a-service company specializing in artificial intelligence-driven communication solutions, has completed a USD 10 million pre-Series B funding round.
The round saw continued support from existing investors Sony Innovation Fund (Innovation Growth Ventures), World Innovation Lab (WiL), and the All Star SaaS Fund, and participation from new investors Salesforce Ventures and TB Innovations. Additionally, the funding included a loan from the Upsider Blue Dream Fund (managed by Upsider Capital) and asset financing from Money Forward Kessai.
Since its last funding round in October 2020, RevComm said it has achieved significant progress in supporting various forms of communication, including telephone, online meetings, and face-to-face interactions. The company has expanded its product offerings to include MiiTel Meetings and MiiTel RecPod, enhancing overall corporate productivity through advanced analytical capabilities and AI-driven insights.
The funds from this round will be used to further develop RevComm’s AI-driven conversation analysis services, support international expansion, and improve organizational infrastructure.
Indonesia’s Kargo Technologies reportedly bag fresh funding
Kargo Technologies, an Indonesia-based B2B trucking platform, has reportedly secured fresh funding from various investors including AC Ventures and Tenaya Capital, according to regulatory filings accessed by DealStreetAsia.
In case you missed it:
- Alphabet, the holding company of search giant Google, has announced an additional USD 5 billion investment in Waymo, its self-driving car unit. This investment follows Waymo’s previous external funding rounds, which raised USD 2.25 billion in 2020 and USD 2.5 billion in 2021 from investors such as Andreessen Horowitz, AutoNation, and Fidelity Investments. This funding boost comes after Waymo expanded its service in June, removing its waitlist and opening its rides to all San Francisco users. Waymo provides around 50,000 weekly paid trips, primarily in San Francisco and Phoenix, and has completed about 2 million trips to date. —CNBC
- Cohere, a Toronto-based AI startup specializing in developing large language models (LLMs) for businesses, has raised USD 500 million in a Series D funding round. Led by Canadian pension investment manager PSP Investments, the round also saw participation from new backers such as Cisco Systems, Japan’s Fujitsu, AMD Ventures, and Canada’s export credit agency EDC. The fresh financing more than doubles Cohere’s valuation from last year and brings its total funding to USD 970 million. The funds will be allocated to further develop Cohere’s AI models, expand its customer base, and support the company’s growth. —Bloomberg
Hive Health, AgFunder VC, Liblib AI, and more led yesterday’s headlines:
- Hive Health, a health insurance company based in Manila, raised USD 6.5 million in a pre-Series A funding round. Key investors include Gentree Fund and Beenext, with participation from Y Combinator, The Graduate Syndicate, Amasia, and Oak Drive Ventures. Notable angel investors such as David Wells, Lee Kheng Nam, Natasha Reyes, and Edwin Mercado also contributed.
- AgFunder VC, a deep tech venture capital firm, closed its fourth early-stage fund at USD 102 million, surpassing its target. The fund received investments from family offices like GeoBlue AG and Nest, as well as institutions such as Norichukin Bank and Alexandria Real Estate.
- LiblibAI, a Beijing-based image generation platform, raised several hundred million RMB across three funding rounds within the past year. The angel round saw investment from Source Code Capital, Gaorong Ventures, and GSR Ventures. An unnamed strategic investor led the second round, and Future Capital took the lead in the third, with existing shareholders providing ongoing support. Foresight Capital acted as the exclusive financial advisor.
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