OpenAI to raise USD 40 billion in SoftBank-led round
In case you missed it, OpenAI has confirmed plans to raise up to USD 40 billion in fresh capital, setting its valuation at USD 300 billion. The round, led by SoftBank, would unfold in two parts: USD 10 billion in April and another USD 30 billion by December, contingent on OpenAI completing its transition into a for-profit entity by year-end, according to Reuters.
Microsoft, Coatue Management, Altimeter Capital, and Thrive Capital are also expected to participate. SoftBank reportedly intends to syndicate USD 10 billion of its investment to co-investors. If the structural shift does not happen, SoftBank’s investment would be capped at USD 20 billion.
Proceeds will fund artificial intelligence research, bolster the Stargate data infrastructure project (slated to cost USD 500 billion), and support further product development, including tools like ChatGPT. OpenAI is also said to be forming a public benefit corporation to align investor returns with its mission-driven goals.
If completed, the round would push OpenAI’s valuation to USD 300 billion—nearly double the USD 157 billion mark it hit in October 2024.
Hoopi lands funding to expand Southeast Asia’s collectibles scene
Hoopi, a platform focused on toy collectibles and trading cards, has wrapped up its first institutional investment round. The round was led by Jakarta-based Creative Gorilla Capital (CGC) and will bankroll Hoopi’s regional expansion—starting with a launch in Indonesia this month, followed by Thailand later in the year.
Founded by gaming industry veterans, Hoopi is tackling longstanding issues in Southeast Asia’s fragmented collectibles market, including concerns around authenticity and transparency. The platform offers a consumer-to-consumer marketplace, card grading services, gamified trading formats, and collaborative campaigns.
ShopUp and Sary merge into SILQ, raise USD 110 million to unlock Gulf-Asia trade
ShopUp, a B2B commerce platform from Bangladesh, has merged with Gulf-based Sary to form SILQ Group—a cross-border entity focused on streamlining trade between the Gulf and Asia. The merger is supported by USD 110 million in equity and debt financing, co-led by Sanabil Investments and Valar Ventures.
SILQ is positioning itself as a trade enabler along a corridor it projects will grow to USD 682 billion by 2030. Its offerings will include embedded financing, integrated logistics, and marketplace tools. A newly formed financial arm, SILQ Financial, will focus on expanding credit access for small and medium enterprises.
The group will retain both ShopUp and Sary brands in their respective home markets, with plans to expand into Qatar in partnership with the Qatar Development Bank.
Prazer Therapeutics completes Series B round to push forward TPD drug platform
Prazer Therapeutics, a biotechnology startup developing targeted protein degradation (TPD) therapies, has closed its Series B funding round with Johnson & Johnson Innovation (JJDC) leading the investment. The company raised KRW 29 billion (USD 20 million), with participation from Premier Partners, K2 Investment, Mirae Asset Capital, Quad Investment Management, STIC Ventures, K Partners, Kiwoom Investment, and Smilegate Investment.
Founded in 2019, Prazer is developing a proprietary targeted protein degradation (TPD) platform. Unlike other TPD approaches, it targets complex proteins—including aggregates and membrane-bound structures—by recruiting multiple E3 ligases. The firm’s pipeline includes drug candidates for neurodegenerative conditions and oncology.
The fresh capital will be used to grow its drug development pipeline, accelerate global commercialization efforts, and fuel collaborative R&D and tech transfer partnerships.
TPG takes majority stake in Australian home care startup Five Good Friends
Five Good Friends, an Australian home care platform, has received a majority investment from TPG, with EQT retaining a minority stake. Co-founders Simon Lockyer and Nathan Betteridge will continue in their leadership roles.
Launched in 2016, Five Good Friends runs on its own software-as-a-service platform, Lookout, which supports real-time monitoring, compliance automation, and communication between caregivers, clients, and families.
The funding will support national expansion and the wider rollout of Lookout to other care operators.
Let’s Try secures USD 2.5 million to launch better-for-you snacks in India
Let’s Try, an Indian snack brand, has secured USD 2.5 million in a funding round led by SWC Global, with participation from existing backers Wipro Consumer, 100Unicorns, Venture Catalysts, and Aman Gupta (Boat Lifestyle).
Targeting India’s traditional snacks market, the company is scaling its “better-for-you” offerings. The funds will go toward widening distribution across urban and rural centers, increasing marketing spend, and expanding the product lineup. The brand is also beefing up its e-commerce and D2C channels.
Cinch, Gridsight, Zence Object, and more made recent headlines:
- Cinch, a Singapore-based startup, raised up to USD 28.8 million in a new funding round led by Monk’s Hill Ventures, with participation from Z Venture Capital, 1982 Ventures, Ratio Ventures, and other investors.
- Gridsight, a startup out of Sydney working to modernize the way electricity grids operate, raised USD 7.5 million in Series A funding. The round was led by Airtree Ventures and included backing from Energy Transition Ventures, Aera VC, and Australian cricket captain Pat Cummins.
- Zence Object, a Hong Kong-based startup specializing in sustainable materials, raised over RMB 10 million (USD 1.4 million) to expand its portfolio of sustainable materials. The investors include AB Global Opportunities LPF and Gobi Partners.
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