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1. TRACXN TOP BUSINESS MODELS REPORT
April 22, 2022
SOUTHEAST ASIA TECH

2. Southeast Asia Tech - Top Business Models Report Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Contents
Southeast Asia Tech Funding Overview 3
Top Funded Business Models 4
One Pagers 9
Appendix 59
2

3. Southeast Asia Tech - Top Business Models Report Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Funding in last 1 year
3
Logistics Tech $4.2B
Payments $3.4B
Alternative Lending $1.7B
Auto E-Commerce & Content $1.0B
B2B E-Commerce $1.0B
Road Transport Tech $934M
Y-o-Y Funding
Top Investors by Funding Rounds
Seed
Stage
Y Combinator
East Ventures
Global Founders Capital
47
20
20
Early
Stage
East Ventures
ACVentures
Insignia Ventures Partners
21
16
14
Late
Stage
EDBI
Sequoia Capital
Tiger Global Management
8
7
6
Funding by Geography
Top Feeds by $ Funding
Top Funding Rounds
$ Funding # Rounds
J&T Express
(2015, )
$2.5B - Series C
Coda Payments
(2011, )
$690M - Series C
EMERITUS
(2010, )
$650M - Series E
Ninja Van
(2014, )
$578M - Series E
Atome
(2016, )
$500M - Series D
Grab
(2012, )
$375M - Series H
CARRO
(2015, )
$360M - Series C
Mynt
(2015, )
$300M - Series D
Gojek
(2010, )
$300M - Series H
Carsome
(2015, )
$300M - Series E
Tiki
(2010, )
$258M - Series E
Acronis
(2003, )
$250M - Series E
Singapore (51%)
Jakarta (28%)
Ho Chi Minh City (4%)
Hanoi (3%)
Petaling Jaya (2%)
Others (12%)

4. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Southeast Asia Tech - Top Funded Business Models - last 1 year (1/5)
4
Rank Business Model $ Funding # Rounds Top Funding Round Details
1▲16 Online Business Payments $1.1B 7 Coda Payments | $690M | Series C Link
2▲5 Digital Wallets $998M 7 Grab | $375M | Series H Link
3-- Online Professional Learning Courses $650M 2 EMERITUS | $650M | Series E Link
4-- Retail Stores Shopper Financing Platforms $540M 2 Atome | $500M | Series D Link
5▲32 C2B Used Cars Marketplaces $512M 4 Carsome | $300M | Series E Link
6▲78 P2P Used Cars Marketplaces $483M 4 CARRO | $360M | Series C Link
7▲16 Business Payments Solutions $400M 3 VNPAY | $250M | Series B Link
8-- Online B2B Horizontal Retailers $382M 5 Moglix | $250M | Series F Link
9▲28 Internet First P2P Business Loans $334M 6 Modalku | $144M | Series C Link
10-- PC and Console Casual NFT Game Developers $312M 4 Sky Mavis | $152M | Series B Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

5. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Southeast Asia Tech - Top Funded Business Models - last 1 year (2/5)
5
Rank Business Model $ Funding # Rounds Top Funding Round Details
11▼1 Two Wheeler Ride Hailing $300M 1 Gojek | $300M | Series H Link
12-- Internet First Point of Sale Financing Marketplaces $252M 3 FinAccel | $125M | Series C Link
13-- Omnichannel Banking Solutions $250M 1 VNLIFE | $250M | Series B Link
14▲12 B2B Grocery Marketplace $233M 6 Ula | $87.0M | Series B Link
15▼3 B2B Horizontal Marketplaces $213M 7 GudangAda | $100M | Series B Link
16▲136 Remittance Softwares for Enterprises $205M 3 NIUM | $200M | Series D Link
17-- Life Sciences Research Instruments $200M 1 Esco Lifescie.. | $200M | Series A Link
18▼20 Residential Real Estate Listings $172M 3 PropertyGuru | $147M | Series D Link
19▲42 Online K-12 Chinese Tutoring $162M 3 LingoAce | $105M | Series C Link
20-- Strategy NFT Games $160M 5 Axie | $150M | Series B Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

6. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Southeast Asia Tech - Top Funded Business Models - last 1 year (3/5)
6
Rank Business Model $ Funding # Rounds Top Funding Round Details
21▲16 Plant Based Meat Substitutes $150M 5 Next Gen Foods | $100M | Series A Link
22▲3 Rewards and Cashback Apps $150M 1 ShopBack | $150M | Series B Link
23▲94 Corporate Travel & Expense Cards $148M 3 Spenmo | $85.3M | Series B Link
24▲14 Retail Banking $148M 2 TONIK | $131M | Series B Link
25▲32 CPG Brands E-Commerce Software Suite $128M 7 SIRCLO | $45.0M | Series B Link
26▲72 Pan-Cancer Drugs $125M 1 Hummingbird B.. | $125M | Series C Link
27-- B2B Grocery Marketplaces $123M 3 Growsari | $77.5M | Series C Link
28▲138 Cryptocurrency Banking $120M 2 Sygnum | $120M | Series B Link
29▲18 Cryptocurrency Exchanges $119M 10 PDAX | $50.0M | Series B Link
30▲91 Crypto Financial Services $114M 6 Matrixport | $100M | Series C Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

7. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Southeast Asia Tech - Top Funded Business Models - last 1 year (4/5)
7
Rank Business Model $ Funding # Rounds Top Funding Round Details
31▼20 Online P2P Second Hand Goods Listings $110M 2 Carousell | $100M | Series E Link
32▼22 Web Based Platform for Doctor Consultation $104M 3 Doctor Anywhere | $104M | Series C Link
33▲5 White Label Wallet Solutions $102M 2 MatchMove | $100M | Series D Link
34-- B2B Farm Produce Marketplaces $102M 5 TaniHub | $65.5M | Series B Link
35-- Internet First NFC Prepaid Cards $100M 1 BigPay | $100M | Series A Link
36▲63 Cryptocurrency Custodian Services $98.0M 3 Hex Trust | $88.0M | Series B Link
37▼35 Bioplastics $95.1M 1 RWDC Industr.. | $95.1M | Series B Link
38▲183 Cryptocurrency Trading Platforms $95.0M 4 AscendEX | $50.0M | Series B Link
39▼12 Free Float Electric Kick Scooter Rentals $93.0M 1 Beam | $93.0M | Series B Link
40▼10 Mutual Fund Investment Platforms $90.0M 4 Pluang | $55.0M | Series C Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

8. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Southeast Asia Tech - Top Funded Business Models - last 1 year (5/5)
8
Rank Business Model $ Funding # Rounds Top Funding Round Details
41-- Internet First Personal Loans Marketplace $90.0M 2 JULO | $60.0M | Series B Link
42-- CPG Brands Storefronts $80.0M 2 LummoSHOP | $80.0M | Series C Link
43-- Payroll Management $77.2M 3 Multiplier | $60.0M | Series B Link
44-- Fitness & Nutrition Training & Planning Apps $75.0M 1 Healthify | $75.0M | Series C Link
45▲1 OTT Live Streaming Distribution Solutions $73.7M 2 Kumu | $73.7M | Series C Link
* Rank is based on $Invested in last 1 year in the Business Model. ▲- Indicates change in Rank from previous 1 year.

9. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Coda Payments (2011)
$690M - Series C - Apr 2022
Voyager Innovations (2013)
$210M - Series F - Apr 2022
$167M - Series E - Jun 2021
OY! (2017)
$30.0M - Series A - Sep 2021
$45.0M - Series A - Jul 2021
Durianpay (2020)
$2.0M - Seed - Aug 2021
Dragonpay (2010)
Undisclosed - Series B - Jul 2021
Online Business Payments - Southeast
Asia
01
9
Back to index
Payments (Grab)
(# Cos: 1048 | $20.3B)
Business Payments (Xendit)
(# Cos: 497 | $2.8B)
Online Payments (Coda Payments)
(# Cos: 196 | $1.7B)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$1.1B (▲940%)
7(▲40%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
7
$1.7B
29
-
196
6
Coda Payments
(2011, $715M)
InstaReM
(2014, $59.5M)
Voyager Innovations
(2013, $712M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

10. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Grab (2012)
$375M - Series H - Jul 2021
Mynt (2015)
$300M - Series D - Nov 2021
Gojek (2010)
$300M - Series H - May 2021
MoMo (2007)
$200M - Series E - Dec 2021
Ascend Money (2013)
$150M - Series C - Sep 2021
Flip (2016)
$48.0M - Series B - Dec 2021
TNG Digital (2017)
Undisclosed - Seed - Jul 2021
Digital Wallets - Southeast Asia
02
10
Back to index
Payments (Xendit)
(# Cos: 1048 | $20.3B)
Consumer Payments (Gojek)
(# Cos: 470 | $17.3B)
Wallets (Grab)
(# Cos: 189 | $16.8B)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$998M (▲74.6%)
7(▼58.8%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
7
$16.8B
32
-
189
11
Grab
(2012, $10.4B)
Gojek
(2010, $4.9B)
LinkAja
(2019, $100M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

11. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Online Professional Learning Courses -
Southeast Asia
03
11
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$650M ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$691M
10
-
139
1
Continued Learning (Cakap)
(# Cos: 705 | $730M)
Professional (Binar Academy)
(# Cos: 327 | $712M)
Online Learning (Hacktiv8)
(# Cos: 322 | $701M)
Multi Disciplinary (Kyna.vn)
(# Cos: 154 | $692M)
Online Courses (EMERITUS)
(# Cos: 139 | $691M)
EMERITUS
(2010, $690M)
Kyna.vn Mindtera
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
EMERITUS (2010)
$650M - Series E - Aug 2021
Mindtera (2021)
Undisclosed - Seed - Aug 2021

12. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Atome (2016)
$500M - Series D - Oct 2021
Pace (2020)
$40.0M - Series A - Nov 2021
Retail Stores Shopper Financing
Platforms - Southeast Asia
04
12
Back to index
In Store Retail Tech (Moka)
(# Cos: 380 | $2.1B)
Purchase Financing (Pace)
(# Cos: 2 | $540M)
Shopper (Atome)
(# Cos: 2 | $540M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$540M ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$540M
2
-
2
1
Atome
(2016, $500M)
Pace
(2020, $40.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

13. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
C2B Used Cars Marketplaces - Southeast
Asia
05
13
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$512M (▲1607%)
4(▲300%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$661M
7
-
17
3
Auto E-Commerce & Content (Roojai)
(# Cos: 440 | $1.4B)
Second Hand Vehicles (Carmudi Indonesia)
(# Cos: 159 | $1.3B)
Cars (CARRO)
(# Cos: 129 | $1.3B)
C2B Marketplace (Carsome)
(# Cos: 17 | $661M)
Carsome
(2015, $586M)
Moladin
(2016, $43.2M)
myTukar
(2017, $30.9M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Carsome (2015)
Undisclosed - Series E - Mar 2022
$300M - Series E - Jan 2022
$170M - Series D - Sep 2021
Moladin (2016)
$42.0M - Series A - Jan 2022

14. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
P2P Used Cars Marketplaces - Southeast
Asia
06
14
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$483M (▲4287%)
4(▲300%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$602M
3
-
9
1
Auto E-Commerce & Content (Roojai)
(# Cos: 440 | $1.4B)
Second Hand Vehicles (Carmudi Indonesia)
(# Cos: 159 | $1.3B)
Cars (Carsome)
(# Cos: 129 | $1.3B)
P2P Marketplace (CARRO)
(# Cos: 9 | $602M)
CARRO
(2015, $602M)
Otobro Caramo
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
CARRO (2015)
$7.0M - Series C - Jan 2022
$15.6M - Series C - Dec 2021
$100M - Series C - Nov 2021
$360M - Series C - Jun 2021

15. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
VNPAY (2007)
$250M - Series B - Aug 2021
Xendit (2014)
$150M - Series C - Sep 2021
Doku (2007)
$32.0M - PE - Aug 2021
Business Payments Solutions - Southeast
Asia
07
15
Back to index
Payments (Grab)
(# Cos: 1048 | $20.3B)
Business Payments (Moka)
(# Cos: 497 | $2.8B)
Diversified (Xendit)
(# Cos: 80 | $948M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$400M (▲466%)
3( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
7
$948M
14
2
80
6
Xendit
(2014, $238M)
2C2P
(2003, $85.0M)
MC Payment
(2005, $8.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

16. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Moglix (2015)
$250M - Series F - Jan 2022
$120M - Series E - May 2021
Dagangan (2008)
$11.5M - Series A - Sep 2021
Undisclosed - Seed - Jun 2021
EI Industrial (2018)
$670K - Seed - Oct 2021
Online B2B Horizontal Retailers -
Southeast Asia
08
16
Back to index
B2B E-Commerce (ShopUp)
(# Cos: 356 | $1.8B)
Horizontal (Ula)
(# Cos: 83 | $943M)
E-Distributor (Moglix)
(# Cos: 24 | $505M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$382M ( -- )
5( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$505M
6
1
24
3
Moglix
(2015, $471M)
Dagangan
(2008, $11.5M)
Bhinneka
(1993, $22.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

17. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Internet First P2P Business Loans -
Southeast Asia
09
17
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$334M (▲1275%)
6(▼14.3%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$488M
15
-
27
8
Alternative Lending (Akulaku)
(# Cos: 733 | $3.1B)
Online Lenders (Kredivo)
(# Cos: 559 | $2.7B)
Business Loans (Amartha)
(# Cos: 141 | $712M)
Diversified (Funding Societies)
(# Cos: 40 | $492M)
Marketplace (Modalku)
(# Cos: 33 | $492M)
P2P (Investree)
(# Cos: 27 | $488M)
Investree
(2015, $23.5M)
Modalku
(2016, $145M)
Funding Societies
(2015, $217M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Modalku (2016)
$144M - Series C - Feb 2022
Funding Societies (2015)
$144M - Series C - Feb 2022
Undisclosed - Series C - Oct 2021
Validus (2015)
$37.5M - Series B - May 2021
Crowdo (2012)
$5.9M - Series A - Jan 2022
Komunal (2018)
$2.1M - Series A - Sep 2021

18. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
PC and Console Casual NFT Game
Developers - Southeast Asia
10
18
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$312M ( -- )
4( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$313M
3
-
4
1
PC & Console Gaming (Axie)
(# Cos: 235 | $670M)
Game Developers (VNG)
(# Cos: 115 | $367M)
PC & Console Games (IGG)
(# Cos: 83 | $362M)
Casual Games (YOMI Studio)
(# Cos: 54 | $313M)
NFTs (Sky Mavis)
(# Cos: 4 | $313M)
Sky Mavis
(2019, $311M)
YOMI Studio
(2015, $2.0M)
Chumbi Valley
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Sky Mavis (2019)
$150M - Series B - Apr 2022
$152M - Series B - Oct 2021
$7.5M - Series A - May 2021
YOMI Studio (2015)
$2.0M - Seed - Apr 2022

19. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Gojek (2010)
$300M - Series H - May 2021
Two Wheeler Ride Hailing - Southeast
Asia
11
19
Back to index
Road Transport Tech (Beam)
(# Cos: 795 | $15.7B)
Ride Hailing (Grab)
(# Cos: 261 | $15.4B)
Motorized Two-Wheelers (Gojek)
(# Cos: 46 | $4.9B)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$300M (▲98.7%)
1(▼75%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$4.9B
5
-
46
1
Gojek
(2010, $4.9B)
Angkas Teknojek
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

20. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Internet First Point of Sale Financing
Marketplaces - Southeast Asia
12
20
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$252M ( -- )
3( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$507M
6
-
12
2
Alternative Lending (Amartha)
(# Cos: 733 | $3.1B)
Online Lenders (Investree)
(# Cos: 559 | $2.7B)
Consumer Loans (FinAccel)
(# Cos: 309 | $1.4B)
Point of Sale Financing (Kredivo)
(# Cos: 37 | $1.2B)
Marketplace (Akulaku)
(# Cos: 12 | $507M)
Akulaku
(2014, $345M)
FinAccel
(2015, $160M)
Fundiin
(2018, $1.8M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
FinAccel (2015)
$125M - Series C - Sep 2021
Akulaku (2014)
$125M - Series E - Jun 2021
Fundiin (2018)
$1.8M - Seed - Sep 2021

21. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
VNLIFE (2007)
$250M - Series B - Jul 2021
Omnichannel Banking Solutions -
Southeast Asia
13
21
Back to index
Banking Tech (TONIK)
(# Cos: 290 | $1.4B)
Banking Channels (Active.Ai)
(# Cos: 25 | $575M)
Omnichannel (VNLIFE)
(# Cos: 12 | $551M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$250M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$551M
5
-
12
1
VNLIFE
(2007, $550M)
Bank Genie Wee Digital
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

22. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
B2B Grocery Marketplace - Southeast
Asia
14
22
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$233M (▲594%)
6(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$273M
5
-
9
3
Online Grocery (HappyFresh)
(# Cos: 685 | $1.2B)
B2B Ecommerce (TreeDots)
(# Cos: 55 | $435M)
Multi-Category (Growsari)
(# Cos: 15 | $273M)
Marketplace (Ula)
(# Cos: 9 | $273M)
Ula
(2019, $141M)
Growsari
(2016, $123M)
Zeemart
(2016, $6.8M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Ula (2019)
$23.1M - Series B - Nov 2021
$87.0M - Series B - Oct 2021
Growsari (2016)
$77.5M - Series C - Mar 2022
$45.0M - Series C - Jan 2022
Undisclosed - Series B - Jun 2021
FreshKet (2016)
Undisclosed - Series A - Mar 2022

23. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
GudangAda (2019)
$100M - Series B - Jul 2021
Ula (2019)
$23.1M - Series B - Nov 2021
$87.0M - Series B - Oct 2021
Dropee (2016)
$3.0M - Series A - Jan 2022
Burket (2018)
Undisclosed - Seed - Jun 2021
Ralali (2015)
Undisclosed - Series D - Mar 2022
Eezee (2016)
Undisclosed - Seed - May 2021
B2B Horizontal Marketplaces -
Southeast Asia
15
23
Back to index
B2B E-Commerce (ShopUp)
(# Cos: 356 | $1.8B)
Horizontal (Moglix)
(# Cos: 83 | $943M)
Marketplace (Ula)
(# Cos: 40 | $436M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$213M (▲158%)
7(▲40%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$436M
16
-
40
4
Ula
(2019, $141M)
Ralali
(2015, $22.5M)
GudangAda
(2019, $135M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

24. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
NIUM (2002)
$3.0M - Series D - Feb 2022
$200M - Series D - Jul 2021
Wallet Engine (2014)
$2.4M - Seed - Dec 2021
Remittance Softwares for Enterprises -
Southeast Asia
16
24
Back to index
Digital Remittance (InstaReM)
(# Cos: 160 | $1.1B)
Enablers (Thunes)
(# Cos: 17 | $433M)
Software for Enterprises (NIUM)
(# Cos: 11 | $303M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$205M (▲9679%)
3(▲50%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$303M
5
-
11
1
NIUM
(2002, $300M)
Qwikwire
(2013, $460K)
Wallet Engine
(2014, $2.4M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

25. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Esco Lifesciences (1978)
$200M - Series A - May 2021
Life Sciences Research Instruments -
Southeast Asia
17
25
Back to index
Life Sciences Platforms and Tools (Cordlife)
(# Cos: 138 | $557M)
Instruments (Curiox)
(# Cos: 19 | $230M)
Diversified (Esco Lifesciences)
(# Cos: 5 | $200M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$200M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$200M
1
-
5
1
Esco Lifesciences
(1978, $200M)
Biomedia Watech
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

26. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Residential Real Estate Listings -
Southeast Asia
18
26
Back to index
Residential Real Estate Tech (99 Group)
(# Cos: 411 | $1.5B)
Listings (PropertyGuru)
(# Cos: 292 | $1.3B)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$172M (▼63%)
3(▼57.1%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
20
$1.3B
45
2
292
5
PropertyGuru
(2007, $642M)
99 Group
(2014, $25.5M)
PropertyGuru
(2007, $543M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
PropertyGuru (2007)
$147M - Series D - Aug 2021
Pinhome (2019)
$25.5M - Series A - Jul 2021
PropertyScout (2019)
Undisclosed - Seed - Jan 2022

27. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Online K-12 Chinese Tutoring -
Southeast Asia
19
27
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$162M (▲1143%)
3(▲50%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$182M
2
-
6
1
K-12 EdTech (Quipper)
(# Cos: 878 | $704M)
B2C Learning Solutions (Ruangguru)
(# Cos: 395 | $538M)
Language Learning (Cakap)
(# Cos: 62 | $198M)
Chinese (T-Lab)
(# Cos: 9 | $182M)
Online Tutoring (LingoAce)
(# Cos: 6 | $182M)
LingoAce
(2013, $180M)
T-Lab
(2020, $1.6M)
KIRIN Mandarin
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
LingoAce (2013)
$105M - Series C - Dec 2021
$55.0M - Series B - Oct 2021
T-Lab (2020)
$1.6M - Seed - Sep 2021

28. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Strategy NFT Games - Southeast Asia
20
28
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$160M ( -- )
5( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$166M
13
-
20
0
PC & Console Gaming (IGG)
(# Cos: 235 | $670M)
Blockchain Games (Heroverse)
(# Cos: 48 | $182M)
NFTs (Planet Sandbox)
(# Cos: 48 | $182M)
Strategy Games (Axie)
(# Cos: 20 | $166M)
Axie
(2018, $159M)
Heroverse
(2021, $1.7M)
Starbots
(2021, $2.4M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Axie (2018)
$150M - Series B - Oct 2021
$7.5M - Series A - May 2021
Chain Crisis (2021)
$2.5M - Seed - Feb 2022
Starbots (2021)
$2.4M - Seed - Nov 2021
Heroverse (2021)
$1.7M - Seed - Sep 2021

29. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Plant Based Meat Substitutes -
Southeast Asia
21
29
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$150M (▲577%)
5( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$176M
9
-
10
2
Food Tech (Healthify)
(# Cos: 873 | $753M)
Novel Foods (TurtleTree)
(# Cos: 35 | $256M)
Food Products (Umami Meats)
(# Cos: 32 | $211M)
Alternative Proteins (Growthwell)
(# Cos: 20 | $211M)
Meat Substitute (Shiok Meats)
(# Cos: 12 | $207M)
Plant Based (Next Gen Foods)
(# Cos: 10 | $176M)
Next Gen Foods
(2020, $132M)
Growthwell
(1989, $30.0M)
Green Rebel
(2021, $7.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Next Gen Foods (2020)
$100M - Series A - Feb 2022
$20.0M - Seed - Jul 2021
Growthwell (1989)
$22.0M - Series A - Sep 2021
Green Rebel (2021)
$7.0M - Seed - Apr 2022
WTH (2019)
$1.2M - Seed - Oct 2021

30. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Rewards and Cashback Apps - Southeast
Asia
22
30
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$150M (▲275%)
1(▼50%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$292M
5
-
13
1
Coupons and Deals (Giladiskon)
(# Cos: 265 | $477M)
Rewards & Cashback (Snapcart)
(# Cos: 75 | $423M)
Online (Happihub)
(# Cos: 35 | $406M)
Horizontal (Fave)
(# Cos: 35 | $406M)
Mobile (ShopBack)
(# Cos: 13 | $292M)
ShopBack
(2014, $260M)
Fave
(2015, $32.0M)
Happihub
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
ShopBack (2014)
$150M - Series B - Mar 2022

31. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Corporate Travel & Expense Cards -
Southeast Asia
23
31
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$148M (▲3518%)
3(▲50%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$152M
2
-
6
2
Finance & Accounting Tech (BukuWarung)
(# Cos: 540 | $695M)
Accounting Solutions (BukuKas)
(# Cos: 404 | $622M)
Procure to Pay (Spenmo)
(# Cos: 39 | $163M)
Travel & Expense (Jojonomic)
(# Cos: 17 | $158M)
Card Solutions (Volopay)
(# Cos: 6 | $152M)
Volopay
(2020, $31.1M)
Spenmo
(2019, $121M)
Xpensio
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Spenmo (2019)
$85.3M - Series B - Feb 2022
$34.0M - Series A - Sep 2021
Volopay (2020)
$29.0M - Series A - Mar 2022

32. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Retail Banking - Southeast Asia
24
32
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$148M (▲605%)
2(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$175M
1
-
3
1
Banking Tech (Active.Ai)
(# Cos: 290 | $1.4B)
Internet First Banks (Aspire)
(# Cos: 52 | $331M)
Digital Native Banks (Opal Payment)
(# Cos: 6 | $175M)
Retail Banking (TONIK)
(# Cos: 3 | $175M)
TONIK
(2018, $175M)
Salaam Bank NEEBank
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
TONIK (2018)
$131M - Series B - Feb 2022
$17.0M - Series A - May 2021

33. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
CPG Brands E-Commerce Software Suite
- Southeast Asia
25
33
Back to index
Brands Tech (Trax)
(# Cos: 41 | $1.6B)
ECommerce Software (SIRCLO)
(# Cos: 15 | $295M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$128M (▲814%)
7(▲40%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
1
$295M
10
-
15
6
SIRCLO
(2013, $92.0M)
Anchanto
(2011, $16.1M)
aCommerce
(2013, $119M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
SIRCLO (2013)
$36.0M - Series B - Sep 2021
$45.0M - Series B - May 2021
Great Deals E-Commerce (2017)
$30.0M - Series B - May 2021
Intrepid (2017)
$11.0M - Series B - Jun 2021
etaily (2020)
$4.3M - Seed - Jan 2022
$1.6M - Seed - Aug 2021
Jet Commerce (2017)
Undisclosed - Seed - Feb 2022

34. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Hummingbird Bioscience (2015)
$125M - Series C - May 2021
Pan-Cancer Drugs - Southeast Asia
26
34
Back to index
Oncology (Mirxes)
(# Cos: 38 | $779M)
Drugs (ASLAN Pharmaceuticals)
(# Cos: 24 | $506M)
Pan Cancer (Hummingbird Bioscience)
(# Cos: 3 | $151M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$125M (▲1983%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$151M
2
-
3
1
Hummingbird Bioscience
(2015, $150M)
CytoMed Therapeutics
(2018, $1.1M)
Auxi Therapeutics
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

35. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
B2B Grocery Marketplaces - Southeast
Asia
27
35
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$123M ( -- )
3( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$123M
1
-
3
1
B2B E-Commerce (Moglix)
(# Cos: 356 | $1.8B)
Food & Beverages (TreeDots)
(# Cos: 56 | $411M)
Groceries (ShopUp)
(# Cos: 51 | $411M)
Multi Category (OctoRocket.asia)
(# Cos: 4 | $123M)
Marketplace (Growsari)
(# Cos: 3 | $123M)
Growsari
(2016, $123M)
OctoRocket.asia Mungmee
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Growsari (2016)
$77.5M - Series C - Mar 2022
$45.0M - Series C - Jan 2022
Undisclosed - Series B - Jun 2021

36. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Sygnum (2018)
$120M - Series B - Jan 2022
Flint (2021)
$5.1M - Seed - Jan 2022
Cryptocurrency Banking - Southeast Asia
28
36
Back to index
Cryptocurrencies (PDAX)
(# Cos: 1247 | $1.1B)
Financial Services (Coins.ph)
(# Cos: 877 | $935M)
Banking (Sygnum)
(# Cos: 17 | $130M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$120M (▲5966%)
2( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$130M
5
-
17
3
Sygnum
(2018, $120M)
Hodlnaut Flint
(2021, $5.1M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

37. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Cryptocurrency Exchanges - Southeast
Asia
29
37
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$119M (▲612%)
10(▲42.9%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
9
$204M
44
-
301
5
Cryptocurrencies (imToken)
(# Cos: 1247 | $1.1B)
Financial Services (Coins.ph)
(# Cos: 877 | $935M)
Investment Industry (Liquid)
(# Cos: 588 | $625M)
Crypto Exchanges (PDAX)
(# Cos: 301 | $204M)
PDAX
(2017, $62.5M)
Liquid
(2014, $20.0M)
Kyber Network
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
PDAX (2017)
$50.0M - Series B - Feb 2022
$12.5M - Series A - Aug 2021
Zipmex (2018)
$11.0M - Series B - Mar 2022
$41.0M - Series B - Aug 2021
zkLink (2019)
$8.5M - Series A - Oct 2021
Sparrow Exchange (2018)
$4.4M - Series A - Nov 2021
NASDEX (2021)
$1.1M - Seed - Aug 2021
View all 10 Funding Rounds on Tracxn Platform

38. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Matrixport (2019)
$100M - Series C - Aug 2021
EvryNet (2018)
$7.0M - Series A - Oct 2021
CYBAVO (2018)
$4.0M - Seed - Jun 2021
AntEx (2019)
$2.5M - Seed - Oct 2021
Carb0n.fi (2021)
$600K - Series A - Jan 2022
hi (1994)
Undisclosed - Seed - Jul 2021
Crypto Financial Services - Southeast
Asia
30
38
Back to index
Cryptocurrencies (imToken)
(# Cos: 1247 | $1.1B)
Financial Services (PDAX)
(# Cos: 877 | $935M)
Diversified (Coins.ph)
(# Cos: 113 | $160M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$114M (▲2984%)
6(▲500%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
3
$160M
22
-
113
3
Coins.ph
(2014, $10.0M)
Matrixport
(2019, $129M)
CRYPTO
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

39. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Online P2P Second Hand Goods Listings -
Southeast Asia
31
39
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$110M (▲37.5%)
2(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
5
$387M
9
-
72
2
Horizontal E-Commerce (Tokopedia)
(# Cos: 581 | $6.9B)
Second Hand (Kaskus)
(# Cos: 90 | $390M)
Listings (OLX Indonesia)
(# Cos: 73 | $387M)
P2P (Carousell)
(# Cos: 72 | $387M)
Carousell
(2013, $373M)
OLX Indonesia
(2005, $13.7M)
Kaidee
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Carousell (2013)
$10.0M - Series E - Nov 2021
$100M - Series E - Sep 2021

40. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Web Based Platform for Doctor
Consultation - Southeast Asia
32
40
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$104M (▲29.1%)
3(▲50%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$317M
17
-
126
2
Healthcare Booking Platforms (Homage)
(# Cos: 674 | $519M)
Doctors (Alodokter)
(# Cos: 308 | $419M)
Telemedicine (Riliv)
(# Cos: 178 | $319M)
Teleconsultation (Halodoc)
(# Cos: 176 | $319M)
Diversified (Doctor Anywhere)
(# Cos: 126 | $317M)
Doctor Anywhere
(2015, $135M)
Halodoc
(2016, $180M)
EDoctor
(2014, $1.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Doctor Anywhere (2015)
$104M - Series C - Aug 2021
Medici
Undisclosed - Seed - Feb 2022
Undisclosed - Seed - Aug 2021

41. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
White Label Wallet Solutions - Southeast
Asia
33
41
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$102M (▲388%)
2(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$159M
4
1
12
1
Payments (Grab)
(# Cos: 1048 | $20.3B)
Enablers (Tookitaki)
(# Cos: 76 | $251M)
White Label Solutions (Wallet Engine)
(# Cos: 29 | $173M)
Wallets (MatchMove)
(# Cos: 12 | $159M)
MatchMove
(2009, $156M)
Wallet Engine
(2014, $2.4M)
Kashmi
(2014, $530K)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
MatchMove (2009)
$100M - Series D - Jun 2021
Wallet Engine (2014)
$2.4M - Seed - Dec 2021

42. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
B2B Farm Produce Marketplaces -
Southeast Asia
34
42
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$102M ( -- )
5( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
2
$143M
10
-
21
5
B2B E-Commerce (Moglix)
(# Cos: 356 | $1.8B)
Food & Beverages (Growsari)
(# Cos: 56 | $411M)
Groceries (TaniHub)
(# Cos: 51 | $411M)
Farm Products (ShopUp)
(# Cos: 30 | $253M)
Marketplace (TreeDots)
(# Cos: 21 | $143M)
TreeDots
(2017, $15.0M)
TaniHub
(2015, $94.0M)
Eden Farm
(2017, $20.8M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
TaniHub (2015)
$65.5M - Series B - May 2021
Eden Farm (2017)
$19.0M - Series A - Nov 2021
TreeDots (2017)
$11.0M - Series A - Nov 2021
AgriAku (2021)
$6.0M - Seed - Mar 2022
Undisclosed - Seed - Dec 2021

43. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Internet First NFC Prepaid Cards -
Southeast Asia
35
43
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$100M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$101M
3
-
7
1
Payments (Gojek)
(# Cos: 1048 | $20.3B)
Consumer Payments (Grab)
(# Cos: 470 | $17.3B)
Payment Cards (Volopay)
(# Cos: 61 | $321M)
Prepaid Cards (YouTrip)
(# Cos: 53 | $290M)
General Purpose (MyMy)
(# Cos: 36 | $108M)
Reloadable (PayMaya)
(# Cos: 36 | $108M)
NFC (BigPay)
(# Cos: 7 | $101M)
BigPay
(2017, $100M)
FlexM
(2014, $866K)
YoloPay
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
BigPay (2017)
$100M - Series A - Aug 2021

44. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Cryptocurrency Custodian Services -
Southeast Asia
36
44
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$98.0M (▲1533%)
3(▲200%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$105M
5
-
9
2
Cryptocurrencies (imToken)
(# Cos: 1247 | $1.1B)
Financial Services (Coins.ph)
(# Cos: 877 | $935M)
Investment Industry (PDAX)
(# Cos: 588 | $625M)
Custodian Services (Hex Trust)
(# Cos: 9 | $105M)
Hex Trust
(2018, $104M)
Onchain Custodian Atato
(2017, $1.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Hex Trust (2018)
$88.0M - Series B - Mar 2022
$10.0M - Series A - Oct 2021
Undisclosed - Series A - Jul 2021

45. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Bioplastics - Southeast Asia
37
45
Back to index
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$95.1M (▼28.5%)
1(▼50%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$263M
2
-
3
1
Advanced Materials (Nodis)
(# Cos: 28 | $265M)
Biomaterials (BIOSTARCH)
(# Cos: 6 | $263M)
Biodegradable Polymers (Osteopore)
(# Cos: 4 | $263M)
Bioplastics (RWDC Industries)
(# Cos: 3 | $263M)
RWDC Industries
(2015, $263M)
BIOSTARCH Global Biopolymers
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
RWDC Industries (2015)
$95.1M - Series B - Nov 2021

46. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Cryptocurrency Trading Platforms -
Southeast Asia
38
46
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Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$95.0M (▲ >10K%)
4(▲300%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$104M
16
-
125
4
Cryptocurrencies (imToken)
(# Cos: 1247 | $1.1B)
Financial Services (Coins.ph)
(# Cos: 877 | $935M)
Investment Industry (PDAX)
(# Cos: 588 | $625M)
Online Trading Platforms (AscendEX)
(# Cos: 192 | $205M)
Regular Trading (Pintu)
(# Cos: 125 | $104M)
Pintu
(2016, $41.0M)
AscendEX
(2018, $50.0M)
Phemex
(2016, $5.0M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
AscendEX (2018)
$50.0M - Series B - Nov 2021
Pintu (2016)
$35.0M - Series A - Aug 2021
$6.0M - Series A - May 2021
Cabital (2020)
$4.0M - Seed - Sep 2021

47. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Free Float Electric Kick Scooter Rentals -
Southeast Asia
39
47
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Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$93.0M (▲258%)
1( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$135M
1
-
3
1
Electric Vehicles (ION Mobility)
(# Cos: 173 | $304M)
Vehicle as a Service (BlueSG)
(# Cos: 34 | $175M)
Kick Scooters (Neuron)
(# Cos: 13 | $175M)
Free Float (Beam)
(# Cos: 3 | $135M)
Beam
(2018, $135M)
Scootbee OoGyaa
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Beam (2018)
$93.0M - Series B - Feb 2022

48. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Mutual Fund Investment Platforms -
Southeast Asia
40
48
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Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$90.0M (▲282%)
4(▲100%)
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
2
$131M
5
-
13
3
Investment Tech (OurCrowd)
(# Cos: 960 | $1.5B)
Online Trading Platforms (Ajaib)
(# Cos: 433 | $499M)
Public Market Funds (Bareksa)
(# Cos: 14 | $131M)
Mutual Funds (Pluang)
(# Cos: 13 | $131M)
Pluang
(2019, $113M)
Bareksa
(2013, $3.5M)
FINNOMENA
(2016, $13.2M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Pluang (2019)
$55.0M - Series C - Jan 2022
$35.0M - Series B - Sep 2021
Bareksa (2013)
Undisclosed - Series C - Nov 2021
Makmur (2020)
Undisclosed - Seed - Sep 2021

49. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Internet First Personal Loans
Marketplace - Southeast Asia
41
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Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$90.0M ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$129M
8
1
79
2
Alternative Lending (Investree)
(# Cos: 733 | $3.1B)
Online Lenders (Akulaku)
(# Cos: 559 | $2.7B)
Consumer Loans (Kredivo)
(# Cos: 309 | $1.4B)
Personal Loans (UangMe)
(# Cos: 115 | $164M)
Marketplace (JULO)
(# Cos: 79 | $129M)
JULO
(2016, $105M)
UangMe
(2018, $24.0M)
KTC
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
JULO (2016)
$30.0M - Series B - Apr 2022
$60.0M - Series B - Feb 2022

50. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
CPG Brands Storefronts - Southeast Asia
42
50
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Brands Tech (Trax)
(# Cos: 41 | $1.6B)
Storefront (LummoSHOP)
(# Cos: 3 | $140M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$80.0M ( -- )
2( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$140M
3
-
3
1
LummoSHOP
(2019, $140M)
Ecomobi Chatgenie
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
LummoSHOP (2019)
$80.0M - Series C - Jan 2022
Chatgenie
Undisclosed - Seed - Nov 2021

51. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Payroll Management - Southeast Asia
43
51
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HRTech (Healthify)
(# Cos: 1779 | $542M)
Payroll Management (Multiplier)
(# Cos: 82 | $92.2M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$77.2M ( -- )
3( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$92.2M
8
-
82
3
Multiplier
(2020, $77.2M)
HReasily
(2015, $5.0M)
Sprout
(2015, $7.6M)
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Multiplier (2020)
$60.0M - Series B - Mar 2022
$13.2M - Series A - Nov 2021
$4.0M - Seed - Jul 2021

52. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Fitness & Nutrition Training & Planning Apps -
Southeast Asia
44
52
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Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$75.0M ( -- )
1( -- )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$100M
1
-
17
1
Fitness & Wellness Tech (Riliv)
(# Cos: 391 | $111M)
Physical Fitness (Fitnesia)
(# Cos: 248 | $105M)
Fitness and Diet Training Apps (Sirka)
(# Cos: 117 | $103M)
Fitness & Nutrition (Active8Me)
(# Cos: 24 | $100M)
Apps (Okfits)
(# Cos: 18 | $100M)
Training & Planning (Healthify)
(# Cos: 17 | $100M)
Healthify
(2012, $100M)
Okfits Myfitsociety
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.
Healthify (2012)
$75.0M - Series C - Jul 2021

53. Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
Southeast Asia Tech - Top Business Models Report
Recent Funding Rounds
Kumu (2017)
$73.7M - Series C - Oct 2021
Undisclosed - Series B - Jun 2021
OTT Live Streaming Distribution
Solutions - Southeast Asia
45
53
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OTT Video (iflix)
(# Cos: 223 | $756M)
Video Distribution (GoStream)
(# Cos: 19 | $103M)
Live Streaming (Kumu)
(# Cos: 13 | $100M)
Taxonomy
$ Invested in last 1 year in Southeast
Asia Tech
Key Stats
# Funding Rounds in last 1 year in
Southeast Asia Tech
$73.7M (▲391%)
2( <> 0% )
Funded Companies
Companies
Acquisitions
Total $ Invested
IPOs
Soonicorn Club
-
$100M
6
-
13
1
Kumu
(2017, $100M)
GoStream GoStudio
Note: The last node in the Taxonomy represents the Business Model addressed in the title of the slide.

54. Southeast Asia Tech - Top Business Models Report Copyright © 2022, Tracxn Technologies Limited. All rights reserved.
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