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The two funds mark the firm’s continuing focus on early-stage companies in a market where investments are increasingly skewing towards late-stage startups to avoid risks. 

The move surprised investment bankers as WeWork, which bears similarities with Ucommune, shelved its IPO plans not long ago.

Topica has been a leading name in Southeast Asia’s edtech sector.

The fresh cash will be used to expand the company’s virtual banking service and financial technologies.

Head-on competition from a deep-pocketed rival could be a headache for the still loss-making startup.

Next year, the firm plans to expand its lending services in an effort to become a “super lending” platform.

Indonesia will be a priority market for the fund.

The platform will feature 24 types of commonly used licenses and e-certificates.