Gobi Partners backs Funding Societies to deepen SME lending in Southeast Asia
Funding Societies (also known as Modalku in Indonesia), a Southeast Asian digital lender, has received a fresh equity investment from Gobi Partners, bolstering its campaign to widen access to credit for small and medium enterprises across Southeast Asia. The deal’s value was not disclosed, but it follows a string of recent milestones:
- December 19, 2024: Raised USD 25 million in equity funding from Cool Japan Fund.
- November 5, 2024: Secured a USD 100 million credit facility from HSBC’s ASEAN Growth Fund.
- September 11, 2024: Received an undisclosed equity investment from Maybank.
- January 3, 2024: Secured investments from Khazanah Nasional and CGC Digital.
- November 2, 2023: Raised USD 7.5 million in debt funding from Norfund.
- September 27, 2023: Secured USD 27 million in debt funding from AlteriQ Global, Aument Capital Partners, and Orange Bloom.
To date, Funding Societies said it has disbursed more than USD 4 billion to nearly 100,000 SMEs. The company plans to channel its new capital into sharpening its artificial intelligence-powered credit assessment models, expanding its payments offering, and targeting segments that conventional banks often overlook.
Stride lands Series A funding to power Vietnam’s rooftop solar future
Stride, a Vietnam-based clean energy startup, has reportedly closed a Series A funding round, according to TechNode Global. The company secured backing from new investor UOB Venture Management alongside returning investors Clime Capital and Touchstone Partners.
Founded in 2021, Stride helps households and SMEs adopt rooftop solar and battery storage systems by bundling financing, technology, and quality control into a single offering. The company says the latest funding will help scale its digital platform, which connects solar installers with customers, and unlock new sources of financing from local and overseas lenders.
Stride’s expansion aligns with Vietnam’s revised power development roadmap, which aims to add over 25 gigawatts of solar capacity by 2030—nearly half of the country’s new power generation. The company previously raised seed funding from Clime Capital’s Southeast Asia Clean Energy Fund I (SEACEF I), with its latest backing coming from the successor vehicle, SEACEF II. It also arranged debt financing from Swedish impact investor Trine earlier last year.
Vertex Ventures Japan makes first close on debut fund
Vertex Ventures Japan (VVJ), the Japanese arm of Vertex Holdings, has made the first close of its maiden fund, targeting JPY 10 billion (USD 67 million) to back startups in deep tech, artificial intelligence, digital transformation, and the creator economy.
The fund is anchored by Vertex Holdings and steered by new hires Naonori Kurokawa, a seasoned deeptech investor, and Akiko Kihara, a co-founder of fashion e-commerce firm Zozo.
VVJ’s strategy centers on bridging Japanese innovation with global growth networks, particularly through the wider Vertex ecosystem in Southeast Asia, China, and the US. The team also promises hands-on involvement with its portfolio, from funding to scale-up to international expansion.
Enya bags funding to grow in Asia and the Middle East
Enya, which makes organic and biodegradable menstrual care products, has reportedly bagged funding from 500 Global and secured venture debt from Crusade Partners, per TechNode Global. The startup is scaling both its D2C and B2B offerings.
Its expansion playbook includes moving into new markets like Hong Kong, Singapore, and Dubai, and embedding its products into workplace and hospitality environments. “Periods don’t stop at work, in hotels, or while shopping—so neither should access to menstrual products,” said Christian Teo, founder of Enya.
The company’s broader goal: to make period care as accessible and expected as soap or toilet paper, in line with gender inclusivity and hygiene standards.
1982 Ventures extends its Southeast Asia footprint with Higala and Unearth
Higala, a Philippines-based fintech company, has landed funding from 1982 Ventures, with follow-on support from Talino Ventures and Chemonics. The company is building an instant payment network for rural banks using ISO 20022 messaging standards and open-source tech from Mojaloop. Higala plans to launch its platform banking service by midyear.
Separately, 1982 Ventures has also invested in Unearth, a Malaysian startup focused on secondhand furniture. Launched in 2020, Unearth refurbishes and resells used furniture, aiming to reduce landfill waste. The new funds will go toward boosting its collection capacity and refurbishment operations.
Saudi Arabia’s Nayla Finance raises USD 4 million to scale SME lending
Nayla Finance, a fintech firm based in Saudi Arabia, has raised USD 4 million in seed funding from Sanabil Venture Studio by Stryber.
The startup operates a digital lending platform for small businesses in sectors like F&B, retail, and e-commerce. It uses alternative data and in-house risk models to assess creditworthiness—targeting entrepreneurs left behind by traditional banks.
Nayla is also lining up an additional USD 2.7 million in debt financing to expand its loan book. The company expects to receive its license from the Saudi Central Bank by Q2 2025, when it will formally launch operations.
Motion Ventures eyes USD 100 million for second maritime tech fund
Motion Ventures, a venture capital firm based in Singapore, has launched its second fund with a USD 100 million target—potentially the largest venture fund globally focused on maritime innovation. The firm plans to invest in up to 25 startups developing both hardware and software to modernize port logistics, vessel operations, and sustainability.
The new fund builds on Motion Ventures’ first portfolio, which includes more than 30 companies and two profitable exits. Early investments from the second fund include OceanScore and Fernride.
Venturi Partners targets USD 225 million to back Asia’s consumer brands
Venturi Partners, a growth-stage investment firm headquartered in Singapore, is raising a second fund of up to USD 250 million, with a target of USD 225 million and a first close expected in Q2 2025. The firm has visibility on commitments totaling around USD 130 million.
Venturi will continue investing in growth-stage consumer companies across India and Southeast Asia, especially in verticals like healthcare, retail, education, and fast-moving consumer goods. Its first fund raised USD 180 million and backed startups including Livspace, Country Delight, and Believe.
Grab, Kyberlife, Fore Coffee, and more made recent headlines:
- Grab, the Singapore-based tech giant, reportedly began due diligence on Indonesian rival GoTo Group, signaling early interest in a possible acquisition. But a transaction is far from certain, as it would hinge on regulatory approval and agreement on deal terms.
- Kyberlife, a Singapore-based health tech startup, raised USD 3 million in an investment round led by 5I Ventures, with participation from East Ventures, A2D Ventures, and NUS Alumni Ventures.
- Fore Coffee, an Indonesian coffee chain, is preparing for an IPO on the Indonesia Stock Exchange, aiming to raise up to IDR 379.76 billion (USD 23 million).
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