“FRESH from raising S$3 million in a Series A round, human-resources (HR) tech startup EngageRocket is expanding in Indonesia and eyeing Thailand, Malaysia and The Philippines as potential markets, its co-founder and chief executive Leong Chee Tung told The Business Times.”
“Fintech Brighte has secured $15.5 million in Series C funding, as it prepares to make a move into Australia’s home improvement sector.”
“Indonesian business-to-business marketplace Ralali raised US$13 million in a series C funding round…”
“Wavecell, a privately held communications platform-as-a-service (CPaaS) provider based in Singapore, has been acquired by New York-listed 8×8 for around US$125 million (S$170 million) in cash and stock, marking the US firm’s entry into the South-east Asian market.”
“Singapore-based venture capital firm Qualgro led a roughly US$11.2 million series A funding round for Pazzi, a brand and development company spun out of the French robotics and foodtech startup Ekim.”
“ShopBack, a Singapore-based startup that offers cashback and consumer rewards in Asia Pacific, has closed a $45 million round led by new investors Rakuten Capital and EV Growth.
Founded in 2014, the startup had been relatively under-the-radar until late 2017, when it announced a $25 million investment that funded expansion into Australia, among other things. Now, it is doubling down with this deal, which sees participation from another new backer, EDBI, the corporate investment arm of Singapore’s Economic Development Board. ShopBack has now raised close to $85 million from investors, which also include Credit Saison Blue Sky, AppWorks, SoftBank Ventures Korea, Singtel Innov8 and Qualgro.”
“Southeast Asia’s venture capital space is booming right now. Openspace Ventures just announced the close of its newest $135 million fund, Golden Gate Ventures hit the first close on its upcoming $100 million vehicle, and a third Singapore-based fund is also raising big right now: Qualgro.
Unlike others, Qualgro has operated relatively under the radar to date.”
“Southeast Asian venture capital fund Qualgro is preparing to double down on its investments in the region and target more Australian investments, after closing the first 60 per cent tranche of a fresh $US100 million ($137.4 million) fund.”
“For Qualgro Venture Capital, finding money is not a big challenge in Southeast Asia but finding companies with great ideas is. Even so, this has hardly dampened Qualgro’s outlook for the market. Last month, this portal had reported that the firm was on the road to raise $100 million for its second vehicle. “The pain point right now is about finding great companies. Finding the money is not an issue. Great companies in SE Asia tend to be the same ones that receive a lot of investment, so they are usually oversubscribed rather than the other way round, Heang Chhor, founder, Qualgro, said in an interaction.”