FB Pixel no scriptDeals in brief: Openspace Ventures leads Series B investment in Fano Labs, Edukita and Happynest bag funding, seven India investment deals, and more | KrASIA

Deals in brief: Openspace Ventures leads Series B investment in Fano Labs, Edukita and Happynest bag funding, seven India investment deals, and more

Written by KrASIA Writers Published on   5 mins read

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

Openspace Ventures leads Series B investment in Fano Labs

Fano Labs, a Hong Kong-based company specializing in “language artificial intelligence technologies,” has completed its Series B funding round, led by Openspace Ventures with the support of other investors including HSBC, Greater Good Investment, and the family office of Hong Kong billionaire Kenneth Lo, alongside existing shareholders. Fano Labs did not disclose the specific amount raised.

Established in 2015 as a spin-off from the University of Hong Kong, Fano Labs offers a range of solutions aimed at addressing common challenges encountered in multilingual environments, prevalent in regions like Singapore and across Asia. For example, one of its upcoming products, Callinter, can swiftly analyze audio recordings to detect instances of misconduct or misselling, tackling compliance challenges often faced in the financial services industry.

The capital infusion will fuel Fano Labs’ expansion in the Asia Pacific region, with a particular focus on establishing an office in Singapore to serve international clients.

Photo of Miles Wen (left) and Victor OK Li, co-founders of Fano Labs.
Photo of Miles Wen (left) and Victor OK Li, co-founders of Fano Labs. Photo and header photo courtesy of Fano Labs.

Edukita receives backing from Star Capital Investments and W Ventures

Edukita, an Indonesian edtech startup, has raised seed funding from Star Capital Investments and W Ventures, according to filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA) accessed by DealStreetAsia.

According to the filings, Edukita will receive equity funding in two tranches, comprising USD 800,000 in the first tranche from both investors, and another USD 500,000 from Star Capital Investments in the second tranche. The media outlet said that the startup could raise another USD 200,000 from other investors.

Edukita will also issue shares worth USD 1.3 million to SAFE holders, including 500 Southeast Asia, Evolve Capital Management, and Aldi Haryopratomo.

Happynest secures USD 720,000 in seed round

Happynest, a Vietnam-based housing and lifestyle community platform, has secured USD 720,000 in a seed funding round led by Touchstone Partners.

It intends to utilize the funds to grow its network and develop new product offerings to foster stronger connections within its community.

Talino Venture Studios launches and invests in fintech startup Higala

Talino Venture Studios, a venture studio focused on sustainable innovation, and Chemonics International, a climate-focused consulting firm, have jointly launched and invested in Higala, a fintech startup based in the Philippines

Higala offers a platform that connects new providers of financial services, including microfinance institutions, with the broader industry. It aims to address their exclusion due to high switching and on-ramp costs, promoting financial inclusion by operating a system that lowers the cost of real-time payments. By doing so, it hopes to provide inclusive financial solutions to the underbanked and encourage merchants to accept digital payments.

Latest funding deals in India:

  • Damensch, a Bengaluru-based D2C menswear brand, has secured INR 216.2 million in an extended Series B funding round from existing investors including Matrix Partners, Saama Capital, Whiteboard Capital, and A91 Emerging Fund. —Entrackr
  • Plotline, a no-code app development platform, has raised USD 2.6 million in a seed funding round from Elevation Capital. The startup will utilize the capital to bolster key functions like R&D, marketing, and sales. A chunk of the capital will also be deployed to drive expansion in markets such as the US, Middle East, Africa, and the Asia Pacific. —Inc42
  • TalkEsport, an esports and video gaming media platform, has secured USD 1 million of pre-Series A funding from Saswat Ventures, a family fund floated by the startup’s principal investor BL Sharma. The company plans to use the capital to further develop its website, set up a production studio in Mumbai, and launch a mobile app. —Inc42
  • Go Desi, a Bengaluru-based confectionery brand, has raised USD 4.9 million in a Series B funding round led by Aavishkaar Capital. The round also saw participation from existing investors Rukam Capital, Roots Ventures, and DSG Consumer. The startup will utilize the proceeds for geographical expansion and capacity building. —VCCircle
  • Fresh From Farm, a Gurugram-based retailer of farm produce, has secured USD 2 million in a pre-Series A funding round led by angel investor Ashish Kacholia, with participation from Inflection Point Ventures. —VCCircle
  • Kyari, an Indore-based online seller of plants and pots, has raised around INR 65 million in a pre-Series A funding round jointly led by Agra Gwalior Pathways and Airen Holdings, with participation from Amit Kumat (Prataap Snacks), Rajesh Patel (Apricot Foods), Sawan Laddha (Workie), We Founder Circle (WFC), Ivy League Ventures, and Jito. —VCCircle
  • Culture Circle, a marketplace for luxury products, has raised an undisclosed amount in a pre-seed funding round from IIMA Ventures. The company will use the proceeds to expand its product categories and broaden its offline presence with experience centers in Delhi, Hyderabad, and Mumbai. It also intends to launch its platform in international markets like the UAE, Singapore, and Thailand. —VCCircle

Recent acquisitions in India:

  • Pravis Growth Partners, a digital marketing solutions provider set up by the co-founders of Momspresso, has acquired a significant stake in StreamO, a company serving in-stream ads targeting specifically gaming communities.
  • Ugro Capital, a listed non-banking financial company (NBFC), has announced that it will acquire MyShubhLife, a Bengaluru-based lending technology startup, in a deal comprising cash and equity. —Inc42
  • Togai, a Chennai-based billing infrastructure provider, is set to be acquired by subscription management and monetization software company Zuora. This deal is expected to be finalized in May, subject to customary approvals and closing conditions. —Inc42

IvyCap Ventures, Ion Energy, ReturnKey, and more led yesterday’s headlines:

  • IvyCap Ventures, an Indian venture capital firm, announced the closure of its third fund at INR 21 billion (USD 251.6 million). The fund drew commitments from various institutions, family offices, and the IIT Alumni Trust, of which nearly 60% are existing investors of IvyCap’s first and second funds.
  • Ion Energy, a Thai solar company, raised USD 3 million in a Series A funding round from Beacon Venture Capital (Beacon VC), the corporate venture capital arm of Thailand’s Kasikornbank, and Solar United Network Group (SUN Group).
  • ReturnKey, a Southeast Asian recommerce platform, secured fresh funding in a Series A round, according to regulatory filings.

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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