Polygon's US$450m raise sees no shortage of takers

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FOMO Saturday

Hello there ,

By the time you’re reading this, I’ll be on a plane to Melbourne for my first overseas trip of the 2020s.

As I write this, I’m partly excited to finally be taking a real vacation but also extremely nervous that I’m missing one or some of the many documents I need for traveling - there’s so much more to prep before a flight now than before the pandemic.

Speaking of “so much more,” Polygon, an India-based Ethereum scaling platform, raised US$450 million in strategic funding from a whopping 36 investors this week. This is also the first time I’ve had to write such a long blurb since I’ve started doing this newsletter (see below).

You can find all the 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.

-- Nathaniel
 


 

THE BIGGEST DEALS BY COUNTRY

 

🇮🇳 Polygon Technology: The India-based Ethereum scaling platform raised US$450 million in strategic investments led by Sequoia Capital India, with Softbank Vision Fund 2 and Galaxy Digital/Galaxy Interactive participating. Other investors in this round include Tiger Global, Republic Capital, Makers Fund, Scopely, Sangha Capital, Sino Global Capital, CoinFund, Alan Howard, Alameda Research, DCG, Bitfinex, Celsius, Seven Seven Six, Transcend Fund, WorkPlay Ventures (Mark Pincus), Third Point, Blue Pool Capital, Accel Partners, Steadview Capital, Finality Capital Partners, Unacademy, Elevation Capital, Sound Ventures, Animoca Brands, Ghaf Capital, Dune Ventures, Union Square Ventures, Voodoo, Dragonfly Capital, Spartan Group, Variant Fund, Standard Crypto, and Kevin O’Leary.

🇸🇬 Tonik: The Singapore-headquartered neobank bagged US$131 million in series B money from Alpha JWC Ventures, Blauwpark Capital, Citius, Insignia Ventures Partners, Kraft Group, Mizuho Bank, Nuri Group, Point72 Ventures, Prosus Ventures, Sequoia Capital, Sixteenth Street Capital, and iGlobe Partners.

🇨🇳 Hongsong Class: The Chinese social media platform secured US$100 million in a series A+ round from Bertelsmann Asia Investments, BlueRun Ventures, China Creation Ventures, Matrix Partners China.

🇮🇱 Scopio Labs: The Israeli hardware startup got US$50 million in series C funding from Aurum Ventures MKI, Ilex Medical, Mizrahi-Tehafot Bank, and OurCrowd.

🇵🇭 Philippine Digital Asset Exchange: The Philippine-based fintech firm scored US$50 million in series B money from Tiger Global Management.

Here’s the complete list of this week’s funding chart: 129 deals worth over US$2.3 billion.

 


 

M&As

 

🇰🇷 Shiftee, a South Korea-based software-as-a-service platform, was acquired by local counterpart BusinessOn for US$22.4 million.

🇮🇳 Lawyered, an India-based legaltech startup, acquired local legal compliance startup Let’s Scale Up for an undisclosed amount of money.

🇮🇳 Mumbai-based Fitpage acquired India Running, a registration platform for races, for an undisclosed amount.

🇮🇳 FirstMeridian, an Indian human resources investment platform, acquired RLabs, an IT staffing and consulting firm, for an undisclosed sum.

🇲🇾 Razorpay, a India-based fintech unicorn, acquired Curlec, a Malaysian fintech firm, for an undisclosed sum.

🇮🇳 GlobalBees, an Indian rollup ecommerce firm, acquired Reach, a local fitness and accessories brand, for an undisclosed amount.


 


 

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.

🇸🇬 CrediLinq is a Singapore-headquartered credit-lending platform that aims to disrupt credit underwriting and designing tech solutions and power business growth for SMEs.

🇸🇬 JogaApp is a Singapore-based startup that offers a mobile-based digital solution for sports-related businesses and professionals.

🇮🇩 Abit Technology is an Indonesian startup that provides consulting services for building solution software and digital experiences for clients.

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

 
 

KILLER PITCH DECKS

1️⃣ The pre-series A pitch deck of a Pakistani health super app

Find My Doctor is a Pakistan-based super app that provides a one-stop, at-home solution for all medical needs. It used this pitch deck to raise pre-series A funding this year. The deck is concise and well designed, looks professional, and balances words and visuals. It begins with an introduction of the team, followed by key information on Find My Doctor’s growth and services.
 

2️⃣ This pitch deck caught the eye of Y Combinator and Sequoia

Mesh is a HR-focused tech platform that makes it easy for employees to manage goals, get timely feedback, and grow faster. It used this pitch deck to secure seed funding last year. The deck is colorful, clear, and creative. It breaks down the startup’s goal and states the problems that most employees encountered during the pandemic.
 

3️⃣ An Indian payment platform’s pitch deck helped it secure seed funding

DanaMojo is an India-based payments solution platform for non-governmental organizations (NGOs), aiming to plug the pain points in raising donations. It used this pitch deck to rake in US$396,500 in seed funding in 2020. The deck is accessible and comprehensive, laying out the relevant information about the company. It immediately points out the payment-related issues NGOs face while raising funds and uses data to back up the startup's solution.

 


 

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 You should get a career coach

If you’re looking for fulfillment in your work or trying to move on from a bad experience in a previous job, career coaches can help you figure things out. This article on Harvard Business Reviews argues the case for why everyone should get a career coach and shares some tips on how to choose one.
 

2️⃣ How the tech talent crunch is affecting M&As

Due to the tech talent crunch plaguing the business world, companies are turning to acquihires to acquire others’ workforces. However, Jonathan Low, partner and co-founder of Predictiv, says this could spell trouble for M&As. Read Low’s thoughts on the matter in this blog post.
 

3️⃣ What HubSpot’s co-founder thinks peers need to focus on

Founders have a gazillion things on their plate day in and day out, especially when their startups are in the early stages. However, without the right foundations, businesses could fall apart pretty quickly. Dharmesh Shah, HubSpot's co-founder and CTO, discusses the five cornerstones to business building that he learned on his entrepreneurial journey in this First Round Review article.
 

4️⃣ The VC analyst experience

Hoping to get into the VC world, u/alexei_amel asked the r/venturecapital community about their experiences as a VC analysts. Read what users shared about their experience in this thread.
 

5️⃣ Lessons learnt from 65 rejections for VC roles

Rachael Sacks, a serial angel investor and VC, took to Twitter to share what she’d learned from being rejected 65 times for roles in the VC world. Read the full thread here.


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 Nathaniel Fetalvero. It’s edited by Arpit Nayak.


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