FB Pixel no scriptDeals in brief: Gapai and Elevarm secure seed funding, Rize bags USD 14 million, nine China deals, and more | KrASIA

Deals in brief: Gapai and Elevarm secure seed funding, Rize bags USD 14 million, nine China deals, and more

Written by Marvin Goh Published on   4 mins read

Bringing you the latest updates on funding deals and activities in the Asia Pacific.

Gapai secures USD 1 million from Wavemaker Partners and Antler

Gapai, an Indonesia-based startup empowering workers to pursue global careers, has secured USD 1 million in a seed funding round led by Wavemaker Partners, with participation from returning investor Antler.

The funds will be utilized by Gapai to strengthen its process for overseas placements, specifically by enhancing its technology infrastructure. In 2024, Gapai plans to onboard 70,000 Indonesian workers and match them with 2,200 global job opportunities.

Gapai aims to mitigate illegal trafficking against Indonesian migrant workers by facilitating safer cross-border job placements. The startup has built its network of talents through screening, interviewing and upskilling.

Photo of Gapai’s leadership team. From left to right: Adji Pramono (CBO), Faizal Ramanda (CPO), Radityo Susilo (CEO), Arsyanda Marsa (COO), and Rizky Primanda (co-founder).
Photo of Gapai’s leadership team. From left to right: Adji Pramono (CBO), Faizal Ramanda (CPO), Radityo Susilo (CEO), Arsyanda Marsa (COO), and Rizky Primanda (co-founder). Photo and header photo courtesy of Gapai.

Elevarm lands USD 2.6 million in seed funding

Elevarm, an Indonesia-based agritech startup, has raised USD 2.6 million in a seed funding round led by Insignia Ventures Partners, with participation 500 Global and Gibran Huzaifah (eFishery).

The investment will support the scaling of Elevarm’s production capacity to meet rising demand for seedlings and organic fertilizers. The startup also plans to advance its R&D initiative, NextBio, to foster innovation of organic agricultural products.

Photo of farmers working with Elevarm.
Photo of farmers working with Elevarm. Photo courtesy of Elevarm.

Rize bags USD 14 million in Series A funding

Rize, a Singapore-based agritech platform focusing on sustainable rice cultivation, has completed its USD 14 million Series A funding round, co-led by Breakthrough Energy Ventures, GenZero, Temasek, and Wavemaker Impact.

Rize will use the capital to enhance its technology stack, including its measuring, reporting, and verification (MRV) solution, and to support its expansion in Southeast Asia.

Photo of Rize’s team.
Photo of Rize’s team. Photo courtesy of Rize.

MetroElectro receives pre-seed investment from Wavemaker Impact

MetroElectro, an Australian climate tech startup, has received AUD 1.03 million (USD 690,000) in pre-seed investment from Wavemaker Impact, according to e27.

The startup plans to develop pilot projects and unlock further funding opportunities to drive the decarbonization of Australia’s electricity grid.

Recent deals completed in China:

  • Carmery New Materials, a Huzhou-based developer of carbon-based materials for energy storage solutions, has secured RMB 100 million (USD 13.8 million) in an extended angel funding round. The round was led by Leaguer Capital and saw participation from Shenergy ICY Capital, Orient Jiafu Asset Management, Chaowei Group, Hongyu Capital, Cuiying Venture Capital, Guohua Investment, Changxing Financial Holdings, Chengdu Hurong Venture Capital, Leyun Investment, and other investors. Lighthouse Capital was the appointed financial advisor for this round. 36Kr
  • Lichoin Tech, a cybersecurity company, announced the completion of a pre-Series A funding round, receiving an eight-figure RMB sum. The investor details were not disclosed. 36Kr
  • JHM Biopharma, a recombinant protein drug developer, has completed a Series B round of financing, raising RMB 100 million from Tonghua Dongbao Pharmaceutical. 36Kr
  • i2Cool, a developer of electricity-free cooling technology, recently secured close to HKD 100 million (USD 12.8 million) in Series A financing. The round was jointly led by Trustar Capital, Future Times Technology Holding, The Hong Kong and China Gas Company, and undisclosed investors. The capital will be used to advance the company’s R&D of new technologies, expand its product portfolio, and enter international markets. 36Kr
  • Top Favor, a fashion brand, has completed its fourth round of financing, raising an undisclosed amount from various individual investors. 36Kr
  • Sino Soar Hybrid, a Beijing-based provider of turnkey solutions for solar, hybrid, and off-grid projects, has announced the completion of a Series B funding round, bagging close to RMB 100 million. The round was jointly led by Cowin Capital and Holystar. The funds will be used to enhance the company’s core competitiveness through business development, expand its technical team, and iterate its products. 36Kr
  • Monks, a rocket composite fairing producer, raked in an eight-figure RMB sum following the completion of a Series A funding round. Hefei Angel Fund, HKUST Silicon Valley Guidance Fund, Shushan Global Science and Technology Innovation Venture Capital Fund, and other state-backed funds invested in this round. 36Kr
  • Design Order, a Shanghai-based artificial intelligence technology company, banked nearly RMB 100 million in a Series A+ funding round. The round was jointly led by Ameba Capital, Yonghua Capital, and Lenovo Capital. The funds from this round will be used for business expansion, R&D, as well as sales and marketing. 36Kr
  • TaiDoc Health, a platform for family medicine practitioners and medical service providers, has raised RMB 920 million (USD 127.3 million) in strategic funding from new investors Shanghai International Group Asset Management (SIGAM) and Mitsui Sumitomo Insurance Group, alongside existing shareholders China Pacific Insurance Company (CPIC) and HongShan. 36Kr

Matrak, Runchise, Earth VC, and more led yesterday’s headlines:

  • Matrak, a Melbourne-based startup that focuses on streamlining supply chains for the construction sector, raised AUD 2.9 million (USD 1.9 million) in a Series A funding round ahead of plans to establish a presence close to the industry’s manufacturing base in China.
  • Runchise, an Indonesia-based restaurant management and culinary franchise company, bagged USD 1 million in a new funding round from existing investors East Ventures and Genesia Ventures.
  • Earth Venture Capital, a Vietnam-based climate tech investor,  invested in Paris-based startup HyLight’s recent EUR 3.7 million (USD 3.9 million) funding round, alongside Y Combinator, Ring Capital, Kima Ventures, Collaborative Fund, and Tesla co-founder Marc Tarpenning.

If there are any news or updates you’d like us to feature, get in touch with us at: [email protected].


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