500 Startups
Malaysia’s Carsome raises $200m at $1.3b valuation
Malaysia-headquartered used car trading platform Carsome has achieved a valuation of $1.3 billion with the close of an extended Series D funding round worth $170 million.
China's DayDayCook agrees $300m SPAC merger
DayDayCook, a China-focused direct-to-consumer brand that started as a cooking-themed video platform, has agreed to merge with a US-listed special purpose acquisition company (SPAC) at an enterprise valuation of $300 million.
Asia fintech: Platform plays
Expansion is the dominant theme in financial technology as start-ups leverage existing assets to enter new verticals, typically in lending. Which ones will become Asia’s preeminent platforms?
NFTs: Spirits in an invisible world
The use of blockchain to create digital assets has evolved from the mass circulation of ethereal, volatile, and interchangeable tokens into something that feels much more real
Bukalapak gains 25% on debut after $1.5b Indonesia IPO
Indonesian e-commerce platform Bukalapak hit the upper limits of its trading range within minutes of debuting on the Jakarta Stock Exchange following an IDR21.9 trillion ($1.5 billion) IPO.
Southeast Asia's FinAccel agrees $2b SPAC merger
FinAccel, operator of Indonesia-focused consumer credit platform Kredivo, has agreed to merge with a US-listed special purpose acquisition company (SPAC) at an enterprise valuation of $2 billion.
Indonesia's Bukalapak set for domestic IPO
Indonesian e-commerce platform Bukalapak – which counts GIC, and Microsoft among its investors – has unveiled plans to become the first of the country’s technology unicorns to complete a domestic IPO.
Deal focus: The e-commerce agglomeration effect
Inspired by Thrasio buying up e-commerce brands in the US and using its resources to drive growth, Una Brands wants to do the same in Asia. The start-up has secured $40 million to kick-start this effort
Asia brand aggregator raises $40m
Una Brands, an aggregator of e-commerce brands with a presence across Asia, has launched with A$50 million ($40 million) in seed funding from 500 Startups, Kingsway Capital, 468 Capital, Presight Capital, and Global Founders Capital.
SPACs in Asia: Out of the comfort zone
Several Asian stock exchanges will consider allowing SPAC offerings, but implementation may run contrary to their regulatory ethos – and there is no guarantee of a strong market response
500 Startups appoints Asia regional director
500 Startups has appointed Ee Ling Lim, formerly the VC’s country lead for Singapore, as regional director for Asia Pacific.
Sequoia India leads $30m round for Indonesia's Bibit
Sequoia Capital India has led a $30 million investment in Bibit, an Indonesian robo-advisory app for first-time investors.
500 Startups launches Cambodia division
500 Startups has launched a Cambodian unit in partnership with Khmer Enterprise, a start-up ecosystem support arm of the local government’s Entrepreneurship Development Fund.
Deal focus: Fave wins endorsement for ecosystem pivot
Having found online-to-offline services and mobile payments too crowded, Malaysia's Fave turned itself into a digitization guide for small businesses. Collaboration with India's Pine Labs should strengthen its offering
Corporate VC in Asia: Moment of truth
Cutting non-core operations is the standard corporate response to an economic downturn. Companies in Asia must decide whether the long-term benefits of exposure to new technologies outweighs short-term pain
VC-backed Ayannah merges with India's ECAPS
Philippines financial services player Ayannah, which is backed by Golden Gate Ventures, has merged with India’s Electronic Cash and Payment Solutions (ECAPS).
Korea GPs back $281m Malaysia VC fund
Korea’s SK Group, Hanwha Asset Management, and KB Investment have contributed to a MRY1.2 billion ($281 million) VC fund launched by the Malaysian government.
ESG and VC: Deferred dialogue
Institutional LPs are traditionally less engaged with VC versus PE when it comes to responsible investment standards. A multitude of drivers are changing this, but not quickly
Coronavirus & Vietnam: Hobbled winner
A successful COVID-19 containment plan has underlined Vietnam’s status as a leading investment destination in Southeast Asia. GPs are impressed but still hamstrung
Q&A: Zenysis Technologies' Jonathan Stambolis
Zenysis Technologies develops artificial intelligence-enabled systems that help governments improve healthcare management. CEO Jonathan Stambolis explains how demand has increased in response to COVID-19
Profile: 500 Startups' Khailee Ng
Khailee Ng’s transition from start-up founder to VC investor has made him happier and healthier. He plans to continue pushing 500 Startups into uncharted territory within Southeast Asia
Openspace makes first Thailand investment
Southeast Asia-focused Openspace Ventures has made its first investment in Thailand, co-leading a $10 million Series B round for financial technology player Finnomena alongside China’s Gobi Ventures.
Singapore's Carousell merges with Asia assets of Telenor
Singapore-based online consumer-to-consumer marketplace Carousell has merged with the Southeast Asia subsidiary of Norwegian telecommunications giant Telenor Group.
Kejora, InterVest lead $30m Series B for Malaysia's Aerodyne
Indonesia’s Kejora Ventures and Korea’s InterVest have jointly led a $30 million Series B investment in Malaysian drone technology supplier Aerodyne.