Tech in Asia - A strong start to the new year

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FOMO Saturday

Hello there

Happy 2022! I hope your year has been off to a good start 🥳.

It’s been a busy first week of January on my end as I get up to speed with work and try to keep up with my new year’s resolutions. We’ve hit the ground running here at Tech in Asia, kickstarting the engines after taking some time off for the year-end holidays, and it looks like Southeast Asia's startups have gotten the same memo.

Over the past week, startups in Asia raised over US$2.4 billion in funding, and seven companies made it to our M&A list for the week - a pretty strong start to the new year.

I’m excited about what 2022 holds for us, but if this first week is any indication, we’re in for some exciting times ahead.

You can find all other important investment deals that happened in the last few days in our weekly funding news wrap-up.

Let’s dive into the biggest deals and M&As that recently took place.

-- Stefanie
 


 

THE BIGGEST DEALS BY COUNTRY

 

🇮🇳 Flipkart: The Indian ecommerce firm raised US$233 million from its Singapore-based holding company in a late-stage round.

🇨🇳 Antiy: The China-based network security provider raised US$140 million in series C money from undisclosed investors.

🇮🇱 Remilk: The Israeli foodtech startup raised US$120 million in series B funding from CPT Capital, Chartered Group, Hanaco Ventures, Izaki Ventures, OurCrowd, Paradigm Shift Capital, Precision Capital, Rage Capital, Tal Ventures, and fresh.fund.

🇰🇷 Dealicious: The B2B ecommerce firm based in South Korea raised US$43.2 million in a series C round from DSC Investment, KDB Bank, Smilegate Investment, Stonebridge Capital, and Yuanta Investment.

🇧🇩 ShopUp: The Bangladeshi social commerce platform bagged US$34 million from undisclosed investors in a series B round.

Here’s the complete list of this week’s funding chart: 112 deals worth over US$2.4 billion.

 


 

M&As

 

🇮🇳 India-based Dimentrix, a software engineering startup, was acquired by consumer tech udChalo for an undisclosed amount.

🇵🇭 The ASEAN Fintech Group, a venture firm focused on fintech adoption, has acquired JazzyPay, a Philippines-based digital payments provider valued at US$1.8 million.

🇱🇰 Sri Lankan AI startup Linear Squared was acquired by Manthan Software Services (Algonomy) for an undisclosed amount.

🇮🇳 Amsterdam-based Borzo, a same-day intracity delivery service for businesses, has acquired India’s Now, a crowdsourced bike taxi and delivery platform, for an undisclosed sum.

🇮🇱 Israel-based Perflow Medical has been acquired for about US$100 million by an unnamed Chinese private equity firm.

🇰🇷 Picky, a South Korean app that helps users find the best skincare products, was acquired by Korean beauty products aggregator B2Link. The companies have not disclosed the size of the acquisition.

🇮🇱 Google has acquired Israeli cyber security startup Siemplify for US$500 million.

 


 

STARTUPS THAT ARE RAISING FUNDS


Fundraising is hard. To make things slightly easier, we’ve compiled this list of fundraising startups for our subscribers. Do you run a startup that’s raising at the moment or know someone who does? Sign your company up for listing here.

🇸🇬 EduX is a Singapore-based launchpad for studying abroad that aims to help students discover, consider, and apply to their dream university.

🇮🇩 Eratani is a Jakarta-based firm that offers tech-based agriculture microfinancing, as well as supply chain and commerce solutions for paddy farmers.

🇸🇬 Visual Reality, also known as Visre, is a Singapore-based startup looking to build digital health applications for the metaverse, beginning with functional eye tests on a virtual reality platform.

You can find the full list of fundraising startups in Asia over here.
 
 

KILLER PITCH DECKS

1️⃣ This startup’s pitch deck caught Entrepreneur First’s eye

Waste Labs is a Singapore-based AI and sustainability startup that aims to improve waste collection by helping garbage collectors and cities better analyze their systems. The company raised US$500,000 in pre-seed funding in 2021 using this pitch deck. The deck highlights how current waste collection systems are impractical and result in unrecycled waste. It goes on to emphasize Waste Labs’ mission to modernize planning around waste collection and its success so far.
 

2️⃣ This Visa-backed firm’s pitch deck got it a US$10 million series B top-up

Finix, a US-based payments management startup, centralizes payment options for businesses. The startup used this pitch deck to secure its second round of series B funding in 2020. The deck clearly outlines Finix’s solution and shows the growth of payments made through its software as well as the advantages of this approach.
 

3️⃣ This pitch deck helped a coffee firm close a US$6.5 million series A round

Sleepy Owl is a Delhi-based direct-to-consumer company in the ready-to-drink coffee space. Founded in 2016 by Ajai Thandi, Arman Sood, and Ashwajeet Singh, the startup offers cold-brew packs, hot-brew bags, ready-to-drink cold-brew bottles, ground coffee, and a range of other merchandise. To secure its series A round, the startup used this pitch deck, which shares details of the business and the firm’s expectations for how the global and local coffee market will grow in the future.
 


 

EXCLUSIVE LISTICLES

 

Lists of most active investors in the region

China | India | Indonesia | Japan | Singapore | Southeast Asia
 

List of top-funded startups in Asia

China | India | Indonesia | Israel | Japan | Hong Kong | Singapore | South KoreaVietnam
 

List of largest exits in Asia

China | India | Indonesia | Singapore | Southeast Asia

 


 

THOUGHTFUL READS

 

1️⃣ What’s new, 2022?

What does the new year hold for us? Well, according to Nicole Quinn, general partner at Lightspeed Ventures, non-fungible tokens (NFTs) are likely to go mainstream, the metaverse is set to take off, and quick commerce could grow even further, among other new developments in 2022. Read the rest of her predictions here.
 

2️⃣ The role VCs play in ESG

Environmental, social, and governance (ESG) startups are unsurprisingly on the rise, given that issues like inequality and climate change continue to plague our world today. But to make a difference, these startups need investments, which is where VCs come into the picture. This article explores the necessary steps VCs need to take to support the startups that want to make the world a better place.
 

3️⃣ The state of web3 investments

Web3 is a hot topic in the tech and startup world right now, given the interest around blockchain and related developments like NFTs and cryptocurrency. This piece from Forbes looks back at VC investments into web3 startups in 2021, and looks ahead at the sector's future potential.
 

4️⃣ DAOs vs VCs

More on the web3 front: decentralized autonomous organizations (DAOs) are fast becoming a way for cryptocurrency-focused startups to raise money. Blockchain-based and decentralized, DAOs offer startup founders a different channel for investments, as well as greater community support and guidance. But could it disrupt crypto VCs completely?
 

5️⃣ Signs from the stock sell-off

The stock and crypto markets kicked off 2022 on a bit of a downbeat note, with many investors selling off their holdings. According to Fred Wilson, principal of Union Square Ventures, this could be a sign that things are normalizing after the havoc wreaked by the pandemic.

Did these eye-popping figures shock you? Share this with a friend who would enjoy this week’s funding news as much as you do. 😉

If you liked today’s edition, give us some feedback here.

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Tech in Asia’s newsletters are handcrafted daily with love - and sometimes powered by good kopi. 
Today’s edition was written by Stefanie Yeo. It’s edited by Arpit Nayak.


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