Khazanah Nasional Berhad and CGC Digital announce strategic investment in Funding Societies
Digital finance platform Funding Societies, also known as Modalku in Indonesia, has secured an undisclosed amount of strategic investment from Khazanah Nasional Berhad and CGC Digital.
Khazanah’s investment falls under its Dana Impak mandate, which focuses on increasing Malaysia’s economic competitiveness and national resiliency.
Funding Societies intends to use the newly raised funds to expand its coverage in Malaysia to areas beyond Kuala Lumpur, Selangor, Penang, and Johor. It is aiming to serve over 25,000 micro, small, and medium enterprises in Malaysia by the end of 2025, having disbursed over MYR 100 million in Shariah-compliant financing in the country since its launch in May 2023.
“The investment in Funding Societies reflects our commitment to fostering financial inclusion and bridging the funding gap, especially within the MSME community. Being the backbone of Malaysia’s economy and contributing nearly half of the nation’s employment, MSMEs are both critical and critically underserved,” said Amirul Feisal Wan Zahir, managing director of Khazanah.
“CGC Digital sees this investment as a strategic win for Malaysian MSMEs. We share Dana Impak’s vision and believe that, by working together with Khazanah, CGC Digital can advance financial inclusion among underserved and unserved MSMEs in the digital ecosystem,” added Yushida Husin, CEO of CGC Digital.
Swap Energy secures USD 22 million in Series A round
The Indonesian electric vehicle battery swapping startup has secured USD 22 million in a Series A funding round led by Qiming Venture Partners. GGV Capital and existing investor Ondine Capital also participated in this round.
Qiming Venture Partners invested around USD 12 million of the total, while GGV Capital and Ondine Capital contributed USD 8 million and USD 2 million respectively. —Tech in Asia
Temasek leads USD 26 million investment in Robin AI
The legal tech startup has raised USD 26 million in a Series B funding round led by Temasek. The round also saw the participation of other investors including QuantumLight, Plural, and AFG Partners.
Robin AI integrates the Claude large language model (LLM) with its own proprietary contract data, utilizing machine learning techniques to read and analyze contracts. This model is complemented by its in-house team of legal professionals to maintain quality and accuracy across various use cases.
Micoworks raises JPY 3.5 billion in Series B round
The Japanese marketing tech company has announced the conclusion of its Series B funding round, raising JPY 3.5 billion (USD 24.6 million). The round was led by Vertex Growth (Vertex Holdings) with the support of JAFCO Group, Mitsubishi UFJ Capital, SMBC Venture Capital, and Mizuho Capital, amongst others.
The newly raised capital will be utilized to support Micoworks’ global expansion, focusing on Asian markets such as Taiwan and the Philippines, while enabling it to enhance its products and expand its operational capacities.
Vilo Gelato secures investment from Sweef Capital
The Indonesian artisan ice cream brand has secured an undisclosed amount of investment from Sweef Capital via its Southeast Asia Women’s Economic Empowerment Fund (SWEEF).
According to a statement by Sweef Capital, the investment will enable Vilo to advance three impact areas of its business model, including the integration of local female suppliers into its supply chains, setting young talent up for success in Indonesia’s food sector, and reducing the use of non-recyclable materials.
Komunal raises USD 5.5 million in extended Series A round
The Indonesian fintech company has raised USD 5.5 million in an extended Series A funding round from Sumitomo Corporation Equity Asia and JAFCO Asia. —DealStreetAsia
Recent deals completed in China:
- BetterYeah, a Hangzhou-based AI application developer, has raised close to USD 10 million in a Series A funding round. The names of the investors were not disclosed. —36Kr
- Anhui Hongchang New Materials, a technology company specializing in the R&D and manufacturing of carbon fibers and products, has secured an undisclosed amount of Series B funding from Sinochem Capital, Fosun RZ Capital, ABC Capital Management, and Jintong Capital, amongst other investors. —36Kr
- Bio-nano Semiconductor Equipment, a company focused on the development of semiconductor technology, has raised an eight-figure RMB sum in a Series A funding round from various investors. The company will use the funds to construct its production base, build its team, and improve its management systems. —36Kr
- Senior, an autonomous vehicle company, has banked a nine-figure RMB sum in a Series B funding round jointly led by Leaguer Capital and Zhejiang Jintou Dingxin. Senior intends to utilize the funds for technology R&D and market expansion, targeting eventual large-scale commercial implementation of its solutions. —36Kr
- Rino, an internet-of-things services provider, has bagged an eight-figure RMB sum in pre-Series A funding at a valuation of over RMB 100 million. It did not disclose the names of the investors. —36Kr
- Acxel, a technology enterprise specializing in digital microfluidics, has secured close to RMB 100 million in a Series A funding round led by Shandong Luxin High-tech Industry. Existing investors Qiming Venture Partners, Linear Capital, and Cowin Capital, among others, also participated in this round. Acxel will use the funds to fast-track the development and promotion of its products and services. —36Kr
- Sinogen Pharmaceutical, a Guangzhou-based biotechnology company, has received an eight-figure RMB sum of funding following the completion of a Series B funding round led by Shanghai Trust. Ningbo Zhaoxuan and the Hebei Coastal Industry Investment Fund contributed to this round. Sinogen will allocate the funds toward its clinical research programs in mainland China, Taiwan, and the US. —36Kr
- Migelab, a Beijing-based scientific research and testing services provider, has completed its pre-Series A funding round, securing an undisclosed amount of investment from the Beijing Shunxi Equity Investment Fund. —36Kr
- Keyin (stylized as “KEYiN”), a tech-enabled skincare brand, has secured an eight-figure RMB sum from Ruoyuchen Technology (RYC), a Guangzhou-based provider of digital services for consumer brands. It will use the funds for product R&D. —36Kr
- PRCXI, a Suzhou-based life science automation technology company, has completed its pre-Series A+ funding round. Qiming Venture Partners was the sole investor for this round of financing. PRCXI will utilize the funds to scale its production, acquire talent, and explore new markets. —36Kr
- Baoying Gases, an investment and operations platform for the national gas industry, has completed its Series B and B+ funding rounds, raising a total of RMB 400 million. Amongst the investors include Cathay Capital, Bocom Capital, Hengxu Capital, and Xiamen ITG. —36Kr
Latest deals in India:
- Samasth Living, the operator of co-living space provider Settl, has raised INR 100 million (USD 1.2 million) in a pre-Series A funding round from various investors, including Gruhas, Inflection Point Ventures, Anthill Ventures, Nila Spaces Limited, Soonicorn Ventures, Awficacy Capital, Pai Ventures, and Ekyum. Existing investors We Founder Circle and Ah! Ventures also participated in this round. —VCCircle
- Torus Innotech, an agritech company operating in the states of Maharashtra and Telangana, has raised INR 110 million (USD 1.3 million) in debt and equity funding from various high-net-worth individuals. The names of the investors were not disclosed. Torus raised INR 105 million in debt funding while the remainder was secured in equity investment. —VCCircle
- SalarySe, a fintech app-based platform, has raised INR 437.1 million (USD 5.2 million) in a seed funding round led by Surge by Peak XV Partners with the support of Pravega Ventures. —Entrackr
Gentari, TiumBio, Heranova Lifesciences, and more led yesterday’s headlines:
- Gentari, a Petronas-owned energy solutions company, has invested in the Hai Long offshore wind project by acquiring a 49% stake in Canada-based Northland Power’s ownership of the project, equivalent to a 29.4% indirect equity interest.
- TiumBio, a South Korean biopharmaceutical company, sold approximately 2.32 million shares of its convertible preferred shares to SK Chemicals at a rate of KRW 8,620 (USD 6.6) per share, thereby securing an estimated KRW 20 billion (USD 15.3 million).
- Heranova Lifesciences, a female-focused health solutions provider, completed its initial and extended seed funding rounds, raising USD 13.5 million from various investors including Pivotal Bioventure Partners China, Sinovation Ventures, Emerging Technology Partners, and Triwise Capital.
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