Tracxn - Southeast Asia Tech Monthly Funding Report

TRACXN MONTHLY REPORT
SEPTEMBER 2023
SEA TECH

Southeast Asia Tech - September 2023 Copyright © 2023, Tracxn Technologies Limited. All rights reserved.
Contents
2
SEA Tech Snapshot 3
Investment Snapshot 4
List of Funding Rounds 5
New Investors 9
Top Funded Business Models - last 1 year 11
New Analyst Picks 12
IPOs 14
Acquisitions 15
Recent News 16

SEA Tech Snapshot – September 2023
SEA Tech: Snapshot – September 2023
Note : "Investors" refers to "Institutional Investors" only
3
$224M
17 1
Overall Geo Stats
20
8
90
14
30
Funding Rounds $ Invested Analyst Picks
iMin Upgraded to
MINICORN
New Investors
Yonghua Capital
Medical Informatics
Series A+ rounds Active Investors IPOs
SIMPPLE
Acquisitions
Rabbit Line Pay
AskDr
Top Funding Rounds Top Markets Top Investors Top Cities
Monthly Leader Board
Singapore
(15 Rounds, $146M)
Jakarta
(3 Rounds, $13.2M)
Ho Chi Minh City
(2 Rounds, $21M)
Bandung
(2 Rounds, $8.7M)
$50M - Series B
Bolttech (2020, Singapore, $493M)
$23.5M - Series B
Segari (2020, Tangerang, $39.5M)
$21M - Series B
Gene Solutions (2018, Ho Chi Minh City,
$36M)
$21M - Series A
Chitose Bio Evolution (2011, Singapore,
$28M)
Alpha JWC Ventures
(2 Investments)
Antler
(2 Investments)
Comma3 Ventures
(2 Investments)
EMURGO
(2 Investments)
Insurance IT
Bolttech
Online Grocery
Segari
Cryptocurrencies
Flashwire
Crop Tech
Chitose Bio Evolution
Market Size
Companies Covered 42,297
Funded Companies 5,971
Total Funding $78.9B
Funding in last 12 months $5.6B
Top Exits
IPOs 144
Acquisitions 680
Company Stage
Unicorns 40
Soonicorns 163
Minicorns 522
Editor Picks 2,742
Series A+ 1,207
Series C+ 204
Acqui-Hires 32
Deadpooled 10,142
Top Cities
Singapore (2,985 Rounds, $37.6B)
Jakarta (974 Rounds, $24.1B)
Top Investors
East Ventures (202 Investments)
500 Global (156 Investments)

Investment Snapshot
Investment Snapshot of SEA Tech as of September 2023
SEA Tech: Investment Snapshot
4
# Rounds
$ Funding
Investment Trend Top Investments (September 2023)*
Bolttech
(2020, Singapore, $493M)
$50.0M - Series B LeapFrog
Segari
(2020, Tangerang, $39.5M)
$23.5M - Series B
Gene Solutions
(2018, Ho Chi Minh City, $36.0M)
$21.0M - Series B Mekong Capital
(2011, Singapore, $28.0M)
$21.0M - Series A Shiseido
AWAK
$20.0M - Series B Vickers Venture Partners
Flashwire
$10.0M - Series A Legend Trading
Novelship
$9.5M - Series B IGlobe Partners
Bobobox
(2017, Bandung, $22.3M)
$8.3M - Series B Kakao Investment
GamePhilos
$8.0M - Seed Xterio
Manuva
(2017, Jakarta, $8.0M)
$8.0M - Series B Tin Men
GRVT
$7.1M - Seed XYZ-Ventures
*Shows only the lead Investors

List of Funding Rounds (1/4)
List of Funding Rounds in SEA Tech in September 2023
SEA Tech: List of Funding Rounds
Note: Seed Stage (Seed, Angel), Early Stage (Series A, Series B), Late Stage (Series C+), PE
5
LATE STAGE
$2.8M - Series E
Carousell (2012, Singapore, $375.6M)
Online listing platform offering multi-category second-
hand products
GoTo Group
EARLY STAGE
$1.3M - Series A
Zi.Care (2018, Jakarta, $3.8M)
Digital administrative management tool for hospitals
and doctors
Medical Informatics, TMI, Madina Pay, Iterative
$3.9M - Series B
Staffinc (2018, Jakarta, $11.0M)
Cloud-based HRMS platform for enterprises
Antler, Pacific Trustees, Mynavi, Altara Ventures
$5.8M - Series A
DELOS Aqua (2021, Menteng, $13.8M)
Operators of land-based recirculating aquaculture
systems for sustainable production of shrimp
Monk's Hill Ventures
EARLY STAGE
$6.0M - Series A
KUPU (2020, Menteng, $11.0M)
Online job board platform for multi-industry
Ascend Capital Group, Sinar Mas
$8.0M - Series B
Manuva (2017, Jakarta, $8.0M)
Online platform for custom packaging manufacturers
Tin Men
$8.3M - Series B
Bobobox (2017, Bandung, $22.3M)
Offers online platform that provides tech-first hotel
accommodation
Kakao Investment, Emtek, Alpha JWC Ventures

6
EARLY STAGE
$9.5M - Series B
Novelship (2017, Singapore, $21.6M)
App-based marketplace for fashion products
East Ventures, IGlobe Partners, GSR Ventures
$10.0M - Series A
Flashwire (2020, Singapore, $10.0M)
Digital banking platform for cryptocurrency
Cobo, SuperChain Capital, Gate.io, VeChain, CyberX,
and 1 more
$20.0M - Series B
AWAK (2007, Singapore, $60.0M)
Developer of portable dialysis device
Vickers Venture Partners, Lion X Ventures, Eckuity,
Advanced MedTech
EARLY STAGE
$21.0M - Series A
Chitose Bio Evolution (2011, Singapore, $28.0M)
Provider of biotechnology solutions for diversified
industries
MITSUI MINING & SMELTING, Ikeda Toka Kogyo,
Shinko Shoji, , Shiseido, and 2 more
$21.0M - Series B
Gene Solutions (2018, Ho Chi Minh City, $36.0M)
Developer of genetic testing solutions for diagnosis of
multiple diSEA ses
Mekong Capital
$23.5M - Series B
Segari (2020, Tangerang, $39.5M)
Online platform offering multi-category grocery
products
EARLY STAGE
$50.0M - Series B
Bolttech (2020, Singapore, $493.2M)
Insurance as a service solution for businesses and
individuals
LeapFrog
Series A
Saladin (, Ho Chi Minh City)
App-based platform for life and non-life insurances
Monk's Hill Ventures, Patamar Capital, Peak XV
Partners, Venturra Capital
Series B
DocDoc (2012, Singapore, $29.6M)
AI-enabled platform for booking appointment with
doctors
Sumitomo Corporation

7
EARLY STAGE
Series A
Cricket One (2016, Binh Phuoc, $18.0K)
Produces and supplies edible insects
Cub Capital
SEED STAGE
$400.0K - Seed
Kora (2023, Bandung, $400.0K)
Platform offering post-harvesting technology solutions
Antler, Gibran Huzaifah
$500.0K - Seed
RegenX (2023, Singapore, $500.0K)
Platform connecting agriculture farmers with buyers
Wavemaker Impact
$2.0M - Seed
Helix (2023, Singapore, $2.0M)
Marketplace connecting crypto lenders to real-world
assets, offering curated alternative investment
opportunities
Saison Capital, Superscrypt, Emoote, EMURGO, Outlier
Ventures, and 1 more
SEED STAGE
$3.8M - Seed
Range Protocol (2023, Singapore, $3.8M)
Decentralized asset management platform
HashKey Capital, Nomad Capital, Spark Digital Capital,
Asymmetry Ventures, Mirana, and 2 more
$5.0M - Seed
iMin (2018, Singapore, $5.0M)
Provider of POS solutions for e-commerce businesses
Yonghua Capital
$6.5M - Seed
Mythic Protocol (2021, Singapore, $6.5M)
Developer of blockchain-based ARPG game for PC and
console
Alpha JWC Ventures, Planetarium Labs, EMURGO,
MARBLEX, Arcane Group, and 5 more

8
SEED STAGE
$7.1M - Seed
GRVT (2022, Singapore, $7.1M)
Hybrid derivatives exchange offering finance using
blockchain
XYZ-Ventures, SIG, Delphi, Zero Age Ventures, ABCDE,
and 2 more
$8.0M - Seed
GamePhilos (2022, Singapore, $8.0M)
Developer of PC and console-based casual games
Xterio, Animoca, , SevenX, GSR, and 4 more
Seed
SLEEK (2019, Bangkok)
Manufacturer of electric scooters
ORZON Ventures, January Capital, A2D Ventures
SEED STAGE
Seed
NexMind (2019, Puchong)
Provider of cloud-based artificial general intelligence
robots
500 Global
Seed
Finology (2017, Kuala Lumpur)
Online platform offering loan management solutions
Silverlake Group, The Hive Southeast Asia, MTDC
Seed
0xScope (2022, Singapore, $3.0M)
Provider of a platform offering knowledge graphs
OKX
SEED STAGE
Seed
Kiddocare (2018, Cyberjaya, $193.5K)
Provider of an app-based marketplace for babysitters
, Gobi Partners, ScaleUp Malaysia,

New Investors (1/2)
List of New Investors in SEA Tech in September 2023
SEA Tech: List of New Investors
9
Investor Company Info Round Amount Round Name
Yonghua Capital
84 portfolio companies | Private equity firm focused on multiple sectors
iMin
$5.00M Seed
Medical Informatics
1 portfolio companies | Provider of remote monitoring platform for healthcare
organizations
Zi.Care
Digital administrative management tool for hospitals and doctors
$1.34M Series A
MARBLEX
2 portfolio companies | Provider of blockchain-based multiple games
Mythic Protocol
Developer of blockchain-based ARPG game for PC and console
$6.50M Seed
Sumitomo Corporation
24 portfolio companies | Conglomerate company
DocDoc
AI-enabled platform for booking appointment with doctors
Undisclosed Series B
Emoote
6 portfolio companies | Emoote | Web3 Crypto Fund in Entertainment and
Media
Helix
Marketplace connecting crypto lenders to real-world assets, offering
curated alternative investment opportunities
$2.00M Seed
Planetarium Labs
2 portfolio companies | Developer of community-driven Web3 games
Mythic Protocol
Developer of blockchain-based ARPG game for PC and console
$6.50M Seed
Superscrypt
21 portfolio companies | Blockchain focused on investment firm
Helix
Marketplace connecting crypto lenders to real-world assets, offering
curated alternative investment opportunities
$2.00M Seed
Kakao Investment
24 portfolio companies | Venture capital firm focused on software, fintech, and
commerce sectors
Bobobox
Offers online platform that provides tech-first hotel accommodation
$8.33M Series B
Delphi
40 portfolio companies | Provider of blockchain based reSEA rch services
GRVT
Hybrid derivatives exchange offering finance using blockchain
$7.10M Seed
Undivided Ventures
3 portfolio companies | Venture capital firm focused on early-stage investments
Solar AI Technologies
Provider of solutions for rooftop solar assessment
$1.50M Seed

New Investors (2/2)
List of New Investors in SEA Tech in September 2023
SEA Tech: List of New Investors
10
Investor Company Info Round Amount Round Name
Lion X Ventures
1 portfolio companies | Venture capital fund focused on investing in health tech
startups
AWAK
Developer of portable dialysis device
$20.00M Series B
Trinity Optima Production
1 portfolio companies | Trinity Optima Production
Genexyz
Provider of virtual avatars for content creators
$1.00M Seed
A2D Ventures
2 portfolio companies | Fundraising solution for startups
SLEEK
Undisclosed Seed
GoTo Group
2 portfolio companies | Limited information available
Carousell
Online listing platform offering multi-category second-hand products
$2.80M Series E
Shiseido
3 portfolio companies | Provides skincare and cosmetic products
Provider of biotechnology solutions for diversified industries
$21.00M Series A
Pentathlon Ventures
25 portfolio companies | Venture capital fund investing in early to series A stage
startups
Cerebry
AI-based tutoring platform for students
$1.00M Seed
Foxconn Co-GP Fund
1 portfolio companies | Venture capital fund investing in energy tech startups
ALVA
$49.99M Series B
c3ecospace
1 portfolio companies | C3ecospace – Creative Collective Capital | Creative
Industry Management Company in Atlanta
KometGames
Developer of mobile-based casual video games
$1.00M Seed
StashAway
1 portfolio companies | App-based robo advisor and savings platform for
individuals
GORO
Online platform to invest in real estate rental properties through
fractional investing
$1.00M Seed
Pacific Trustees
1 portfolio companies | Pacific Trustees Group International
Staffinc
Cloud-based HRMS platform for enterprises
$3.90M Series B

Top Funded Business Models - last 1 year
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1
year.
11
Rank Business Model $ Funding # Rounds Top Funding Round
1 ▲76 E-commerce Delivery Management Solutions $455M 2 Flash Express | $447M | Series F
2 ▲3 C2B Used Car Marketplace $200M 1 Carsome | $200M | Series E
3 ▲66 Healthcare Booking Platforms $128M 2 Halodoc | $100M | Series D
4 ▲27 Mobile Crypto Wallets $115M 4 MinePlex | $100M | Series C
5 -- Business Banking Partnership Platforms $100M 1 Aspire | $100M | Series C
6 -- RegTech Suite $80.0M 1 Advance Inte.. | $80.0M | Series E
7 ▲83 Internet First Loan Marketplace $80.0M 1 Advance Inte.. | $80.0M | Series E
8 -- Remittance Softwares for MTOs $72.0M 1 Thunes | $72.0M | Series C
9 ▲130 Electric Motorcycle Manufacturers $71.0M 4 MAKA | $37.6M | Seed
10 -- Cancer Diagnostic Tests $71.0M 2 Mirxes | $50.0M | Series D

New Analyst Picks (1/2)
Interesting Companies identified by Analysts in SEA Tech in September 2023
SEA Tech: Analyst Picks
12
Upgraded to MINICORN
iMin (2018, Singapore, $5.0M, Seed)
Yonghua Capitaland
Added to Editor's Pick
Moneyyapp (2022, Singapore, Undisclosed, Seed)
Online lending platform for content creators
Angel List, GSF, Dinesh Agarwal and 18 other Investors
MFast (2017, Ho Chi Minh City, $6.0M, Series A)
Provider of automated sales and commission payment
platform for insurance and financial products
Wavemaker Partners, JAFCO Asia, Headline and 3
other Investors
Fairmart (2020, Singapore, Undisclosed, Seed)
Platform offering storefront solutions for offline
businesses
Quest Ventures, Entrepreneur First, SOSV and 3 other
Investors
SoMin (2017, Singapore, Undisclosed, Seed)
AI based social media marketing platform
Tembusu Partners, Ingria Business Incubator, Investible
and 7 other Investors
Range Protocol (2023, Singapore, $3.8M, Seed)
Decentralized asset management platform
HashKey Capital, Nomad Capital, Spark Digital Capital
Solar AI Technologies (2020, Singapore, $1.5M,
Seed)
Provider of solutions for rooftop solar assessment
Earth Venture Capital, Undivided Ventures, Investible
Retailetics (2018, Petaling Jaya, Undisclosed, Seed)
Provider of customer insights for businesses
1337 Ventures,Suresh Thiruand
Mole (2021, Kuala Lumpur, $110K, Seed)
Digital business card and mobile website software
Antlerand

New Analyst Picks (2/2)
Interesting Companies identified by Analysts in SEA Tech in September 2023
SEA Tech: Analyst Picks
13
Myleague (2020, Dong Da, Undisclosed, Seed)
Provider of an app-based platform for multiple-sport
tournament management
VSV Capitaland
Helport (2023, Singapore, Unfunded)
AI based call center automation and speech analytics
platform
PT Sandhiguna Widya Proteksi (2021, Batam,
Unfunded)
Key management system to manage cryptographic
keys
Kolkoc.link (2022, Hanoi, Unfunded)
Influencer marketing solutions for brands
SocialEpoch (2022, Singapore, Unfunded)
B2B social selling solutions

IPO Date Company IPO Mcap Exchange Ticker
13 Sep 2023
SIMPPLE (2016, , )
End-to-end IoT solutions
$0.1B NASDAQ:SPPL
IPOs
List of IPOs in SEA Tech in September 2023
SEA Tech: IPOs
14

Acquisitions
List of Acquisitions in SEA Tech in September 2023
SEA Tech: Acquisitions
15
Acq. Date Company Acquirer Deal Size
01 Sep 2023
Rabbit Line Pay(2013, Pathum Wan)
Wallet-enabled payment solution for consumers
LINE MAN Wongnai
06 Sep 2023
AskDr(2018, Singapore)
Provider of an online medical second opinion platform for
patients and doctors
08 Sep 2023
Diversely(2020, Singapore, $0.8M)
AI-driven workplace monitoring platform provider
The Access Group
12 Sep 2023
Travelstop(2018, Singapore, $4.2M)
End-to-end corporate travel management solutions
Wego
15 Sep 2023
Championfy(2020, Petaling Jaya)
Online esports tournament platform
Ampverse
21 Sep 2023
Avirtech(2015, Singapore)
Provides aerial inspection services using UAVs
Terra Drone Corp
21 Sep 2023
Caring Pharmacy(1994, Petaling Jaya)
Chain of drug stores for online purchase of medicines
BIG Pharmacy
27 Sep 2023
DirectAsia(2010, Singapore)
Online platform offering insurance services for automotives
Roojai

Recent News (1/2)
Recent News in SEA Tech in September 2023
SEA Tech:News
16
Exit News
.
● Microsoft backed Affle acquires Singapore based online-to-offline platform
ShoffrDemocracy News Live
.
● Frasers Group in talks to sell Missguided to SheinFashionUnited
.
● Wego moves into business travel with acquisition of TravelstopPhocusWire
.
● UK's Ascential acquires Singapore e-commerce services provider Intrepid for
up to $250M - TNGlobal TechNode
.
● Kaixin Auto and WM Motor sign non-binding letter of intent for merger and
acquisitionDonews
.
● Game developer VNG Corp first Vietnamese tech company to hold IPO in US
Tech Wire Asia
.
● UK’s The Access Group acquires Diversely to expand inclusive recruitment
solutionsSilicon Canals
.
● Health Innovations Acquires Askdr, a Singapore-Based Digital Health Start-Up
PR Newswire
.
Fund News
● aelf Launches $50 Million Venture Capital Fund, aelf Ventures, To Power Web3
InnovationCoincu
.
● Deepcoin Labs Secures Trading Registration, Launches $10m Fund for Web3
Projects Crowdfund Insider
.
People News
.
● Bill Artman Appointed Chief Executive Officer of Giant Eagle, Inc. Business Wire
.
● SGX revamps organisation, names Michael Syn president and global markets
head The Business Times
.
● Kredivo's Digital Bank Welcomes New Executive Katadata
.
● NFT Startup Rario Loses Founders After $120 Million Funding Last Year crast.net
.
● Azentio Welcomes Sanjay Singh as New Chief Executive Officer Devdiscourse
.
● Airasia Superapp Welcomes Gerald Young: A Strategic Move in ASEA N’s
Digital Landscape Marketing In Asia
.
● Capillary Technologies Appoints Melody Mitchem as Global Head of HR
ACROFAN

Recent News (2/2)
Recent News in SEA Tech in September 2023
SEA Tech:News
17
● Sats appoints Temasek-backed farming startup Sustenir’s chairman Pier
Sigismondi to boardThe Business Times
.
Company News
.
● Asia’s Private Market Exchange ADDX Plans Expansion In Key MENA Markets
To Serve Private Enterprises Seeking F...Global FinTech Series
.
● Thunes Expands Acceptance Network to Five Southeast Asian CountriesFintech
Finance
.
● Biosyngen received FDA approval for Phase I/II Clinical Trials for BRL03,
targeting Lung Cancer, Gastric Cance...BioSpace
.
● Coinbase Makes Move In Spain, Unleashing Crypto Services In A New Booming
Market Coincu
.
Regulatory News
.
● Bursa Malaysia Securities publicly reprimands and fines RHB Investment Bank
The Star Online

Explore more on Tracxn
Explore more about SEA Tech on Tracxn Platform
SEA Tech: Explore more on Tracxn Platform
18
Companies
Recent Companies Covered
Funded Companies
Editor's Pick
Soonicorn Club
SaaS Companies in Southeast Asia
AI Companies in Southeast Asia
Fintech Companies Southeast Asia
Consumer Digital in Southeast Asia
Company Due Diligence
Detailed profile of Ninja Van
Competitors of Trax
Cap Tables of Traveloka
Investment Activity
Recent Investments
Investment Trend of last 10 years
Mega Investments Rounds
Investors
Most Active Investors
Most Active Angel Investors
Unicorn Investors
Exits
IPO'd Companies
Recent Acquisitions
Most Active Acquirers
Recent Acquihires
News & Events
Recent News
News on People
News on Unicorns
Upcoming Events
Library
Recent Reports
Tracxn Blog
Global Sector Landscape

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