Lhoopa raises USD 80 million in one of Southeast Asia’s largest startup funding rounds in 2024
Lhoopa, a prop tech company focused on affordable housing in emerging markets, has raised USD 80 million in its latest funding round, marking one of the largest rounds completed by a Southeast Asian startup in 2024.
Of the total, USD 20 million was raised in equity, co-led by the World Bank’s International Finance Corporation (IFC) and Wavemaker Partners. The round saw participation from Pavilion Capital, 10X Group, Concentric Equity Partners (CEP), UAE-based Mirath Investments, US-based NataRock Partners Fund, Steve Melhuish (PropertyGuru Group and Wavemaker Impact), Black Kite Capital, and Ron Hose (Coins.ph). Existing investors Patamar Capital and Tekton Ventures also joined the round.
The equity round facilitated the commitment of USD 60 million in debt facilities from the Asian Development Bank (ADB), the US International Development Finance Corporation (DFC), and Lendable, a provider of debt to fintech in emerging markets.
Founded in 2018, Lhoopa leverages data and technology to develop affordable homes in the Philippines. The new capital will support its expansion within the Philippines and into other emerging markets, enhance its technology capabilities, and launch green housing options. Additionally, the company plans to hire more executives, senior managers, and product developers.
“Affordable housing is not typically seen as a venture play, but [Wavemaker Partners believes that] Lhoopa is solving a longstanding problem that will only worsen unless it is addressed. Currently, the Philippines has an affordable housing backlog of over 6.5 million, projected to reach 22 million by 2040. Lhoopa is demonstrating that with boldness, innovation, and differentiated execution, affordable housing can be both profitable and impactful,” said Paul Santos, managing partner at Wavemaker Partners.
Breakthrough Victoria leads investment in Australia-based JigSpace
JigSpace, a spatial computing demonstration platform, has closed its latest funding round, raising an undisclosed sum. The round was led by Breakthrough Victoria, with participation from Investible (through its first early-stage fund and Club Investible Syndicate) as well as several unnamed global investors.
Founded in 2017, JigSpace creates immersive product demonstrations to help engineers, sales teams, and trainers bring complex, static computer-aided 3D designs to life. Awareness of the platform has steadily grown since JigSpace partnered with Apple for the latter’s Vision Pro device, which launched publicly in February 2024.
Investible reported that JigSpace’s app has gained significant traction on app stores and its partnership with Apple has also resulted in a strong pipeline of enterprise contracts with companies like Emirates, Panasonic, PepsiCo, and Sauber Motorsport.
Riding the momentum, JigSpace plans to use the newly raised capital to accelerate its product development roadmap, refine its platform as a collaboration tool, and integrate with other artificial intelligence components. The funds will also support the expansion of JigSpace’s sales team in the US, aligning with the company’s ambition for global growth.
![Photo of Numa Bertron (left) and Zac Duff, co-founders of JigSpace.](https://console.kr-asia.com/wp-content/uploads/2024/07/JigSpace-Numa-Bertron-Zac-Duff-1024x759.jpg)
Recent deals completed in China:
- Xiaohongshu, one of China’s fastest-growing social media platforms, has attracted an investment from venture capital firm DST Global in a funding round that involved the sale of existing shares, valuing the company at USD 17 billion. Other participants include HongShan, Hillhouse Investment, Boyu Capital, and CITIC Capital. The deal size was not disclosed. —Financial Times
- Vito Diagnostics, a Shanghai-based medical diagnostics company, has raised a seven-figure RMB sum from Hongde Fund. The funding will primarily support R&D and its market expansion efforts. Founded in 2024, Vito Diagnostics aims to deliver precision medicine solutions through cutting-edge diagnostic technologies, including third-party medical testing, clinical mass spectrometry applications, and mass spectrometry kits. —36Kr
- SemiDrive Technology, an automotive chip maker, has secured RMB 1 billion (USD 137.7 million) in a funding round from the Beijing Economic-Technological Development Area (Beijing E-Town), a hub for tech development in Beijing. The funds will facilitate SemiDrive’s move to a new global headquarters in Beijing E-Town, and bolster its R&D and production capabilities. —DealStreetAsia
Latest funding deals in India:
- Icanheal, a healthcare platform focused on improving affordability and patient navigation, has secured an investment of INR 150 million (USD 1.7 million) from IvyCap Ventures. The funds will be utilized to enhance Icanheal’s platform capabilities, particularly for patients facing critical care diseases like cancer. Icanheal aims to address gaps in the healthcare ecosystem by offering tailored financing options to democratize access to advanced medical treatments.
- Moving Tech, the company behind community-led mobility apps like Namma Yatri, Yatri Sathi, Yatri, and Mana Yatri, has raised USD 11 million in a pre-Series A funding round from Blume Ventures, Antler, Google, and other investors. This is the first venture funding for the Bengaluru-based company. The funds will be used for technology, R&D, and product innovation. —Entrackr
- UptimeAI, an AI tech startup, has raised USD 14 million in its Series A funding round led by WestBridge Capital, with participation from Emergent Ventures and Aditya Birla Ventures. The funds will be used to scale its platform, expand its product portfolio, and broaden its presence in North America, the Middle East, and Asia. —Entrackr
- Infra.Market has secured nearly USD 18 million in debt financing. This debt infusion follows a USD 50 million equity funding round that saw support from the Mars Unicorn Fund. The funds, raised through non-convertible redeemable debentures, will support Infra.Market’s operations in the construction materials sector. The company supplies across 16 states in India and exports to markets such as Dubai, Singapore, and Italy. —Entrackr
- Dezerv, a wealth management platform, has raised USD 32 million in a Series B funding round led by Premji Invest, with participation from Elevation Capital, Matrix Partners, and Accel India. Dezerv offers portfolio management services to high-net-worth individuals (HNWI) and claims to have delivered close to 30% returns since its inception. The funds will be used for growth and strengthening the company’s financial position. —Entrackr
- Goat Brand Labs, an e-commerce rollup company, has raised USD 21 million in debt and equity from BlackRock, Mayfield, and NB Ventures, among others. The funds will be allocated toward the growth of its portfolio brands. —Entrackr
- Awign, a “work-as-a-service” platform, has raised USD 24.5 million from Japan-based Mynavi Corporation, which now controls a 73% stake in the company. Awign will use the proceeds for its general operations, working capital needs, and business expansion. —Entrackr
- Arya.ag, an agritech startup, has raised about USD 29.2 million from its existing investors. The funds will support Arya.ag’s operations as a grain commerce platform, connecting agriculture producers and buyers while providing ancillary services such as warehousing and debt through third-party lenders. —Entrackr
- Oyo, one of India’s leading hotel aggregators and operators, has raised close to SSD 50 million from InCred. —Entrackr
BluSmart, Niv Della, Kindred, and more led yesterday’s headlines:
- BluSmart, a Gurugram-based electric mobility startup, raised USD 24 million in a pre-Series B funding round. The investment saw participation from responsAbility Investments AG, Sumant Sinha, the family office of cricketer Mahendra Singh Dhoni, existing investors, and the founders.
- Niv Della Beauty Innovations, the company behind D2C brands Colourette and Fresh Formula, bagged USD 2 million in funding. The round was led by DSG Consumer Partners, with existing investor Foxmont Capital Partners also participating.
- Kindred, a women’s health platform based in the Philippines, reportedly secured USD 2.5 million in the first tranche of its pre-Series A funding round. The round was led by Integra Partners and included participation from Kaya Founders, KSR Ventures, Pawikan Capital Group, Tenco Capital, and Ava Zobel Pessina.
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