Ecosystem Roundup: Bukalapak joins Allo Bank’s US$336M rights issue; Brankas, Timo bank US$20M each

The Moladin team

The Moladin team

Bukalapak, Salim Group to participate in digital lender Allo Bank’s US$336M rights issue
Upon the rights issue, existing stakeholder Mega Corpora will transfer US$83.56M of its pre-emptive rights to Bukalapak; CT Corp, Grab, Carro and Growtheum Capital Partners also plan to participate.

7 Metaverse companies in Southeast Asia that caught our attention in 2021
As COVID-19 continues to confine people to their homes, companies in the metaverse and NFTs sectors will continue to hit the headlines in the coming years.

Aerodyne snaps up Synapse to develop next-gen drone data intelligence platform
Synapse focuses on designing and developing machine learning algorithms for cloud-based predictive analytics services for the agri, infra and oil and gas sectors; Aerodyne expects the investment to “supercharge” its AI and data analytics capabilities.

Insignia Ventures, Visa join open finance platform Brankas’s US$20M Series B round
BEENEXT and Integra Partners also joined the round; Brankas works with banks to design and maintain their open finance infrastructure, including APIs for real-time payments, identification and data, account opening, and remittances.

Timo nets US$20M to bring digital banking services to unbanked Vietnamese population
Investors include Square Peg, Jungle Ventures, Granite Oak, and FinAccel; Timo has no physical bank branches; instead, it offers customers meeting spots with coffee and seating areas to make their deposits and manage funds.

Used cars platform Moladin raises US$10M Series A led by GFC
Started in 2017 as a motorcycle platform, Moladin pivoted to become a used car marketplace in 2021; Moladin, which operates as a social commerce company leveraging agents to sell used cars to end customers, will use the funds for expansion in Indonesia.

These 8 tech verticals are ripe for explosion in Southeast Asia in 2022
While e-commerce, fintech and logistics tech were in the brightest spotlight last year, some other verticals are gradually picking up space.

Ex-aCommerce CEO raises Series A financing for his new venture Power Commerce Asia
Investors are PT Interport Mandiri Utama and PT SAP Express Tbk; Power Commerce Asia offers services, including e-commerce marketplace enablement, tech development, warehouse management, delivery service, and payment management; It will use the money for regional expansion.

X0PA AI bags US$4.2M Series A to scale its SaaS recruitment solutions
Investors are ICCP SBI Venture Partners, SEEDS Capital, AI8 Ventures, XCEL NEXT VENTURES, and SASV Investments; X0PA plans to use the capital to expand into Asia, the US, Latin America, and Europe.

Singapore’s Smarter Health raises US$3.8M for SEA expansion
Investors include East Ventures, Orbit Malaysia, Citrine Capital, HMI Group, and Emtek; Smarter Health is a unified platform that facilitates secure data exchanges between insurers, healthcare providers and patients throughout the entire healthcare journey.

FoodMap raises US$3M to connect farmers, food producers directly to B2C, B2B customers in Vietnam
Investors include Vulpes Ventures, Beenext, Ascend Vietnam and Wavemaker; FoodMap aims to solve the gap between demand and supply across the invisible supply chain with a back-end management system for farmers and suppliers.

SK Group joins Malaysia’s BigPay consortium for digital banking licence
In July 2021, Air Asia-owned Big Pay had submitted its application to Bank Negara Malaysia with the support of a consortium comprising MIDF, Ikhlas Capital, and a foreign conglomerate; In August, SK Group made a strategic investment of US$100M in Big Pay.

Bukalapak to appoint Willix Halim as new CEO, President Director
This followed the resignation of Rachmat Kaimuddin, who left Bukalapak to join the Coordinating Ministry for Maritime Affairs and Investment; A Forbes report said the company’s shares fell as much as 4.9 per cent after the resignation was being announced, touching an all-time low of IDR430.

Singapore scions form exclusive club centred around NFTs
Arc, founded by Kiat Lim and Elroy Cheo, also plans to create its own metaverse – a virtual world – with events and games; With Arc, the two will look to connect individuals from around the globe who are interested in cryptocurrency.

Beenext leads US$2.6M seed round of gaming marketplace VCGamers
Rans Ventures, Google executive Ari Fadyl and Collab Asia VP Jerry Soer also joined; The company is in the process of launching its own crypto token called VCG, which will be used for transactions on the platform.

Pandai nets US$2.03M to help students learn using gamified quizzes in Malaysia
Investors include YC, GFC, 500 Global, Soma Capital, RHL Ventures, Falnas Capital, and Kembara Kapital; Pandai allows primary and secondary school students to learn using gamified quizzes and provides personalised analysis using AI and ML learning algorithms to identify their strengths and weaknesses.

ASEAN Fintech Group acquires JazzyPay for US$1.8M to set foot in Philippines
AFG looks to leverage JazzyPay’s existing partnerships with leading national banks, e-wallets and payment processors; AFG intends to expand into Vietnam and Cambodia in 2022.

Gojek, Google and Grab CEOs back Vietnam’s stock trading app Anfin’s US$1.2M round
The app enables users to buy and sell stocks actively and quickly with small capital starting at only ~US$2; Anfin will utilise the funding to improve its “fractional share” system further to assist users in real-time trading.

Ex-Tiki executives attract US$1M for their work-and-play social network for engineers startup Oi
Investors include January Capital, Goodwater Capital, and SonTech Ventures; Startup Oi plans to utilise the money to expand its global team; Its goal is to reach 2M users in the next two years, starting with engineering talent hotbeds such as Vietnam, Indonesia, and India.

Binance Labs backs Vietnamese DeFi platform Coin98
Coin98 allows users to swap, borrow, lend, invest, and earn crypto with ease, boasting over 700K users in more than 150 countries; Through the deal, Coin98 will also contribute to the DeFi infrastructure on the Binance Smart Chain.

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An early-stage VC firm with a presence in Taipei, Singapore and Silicon Valley
Verticals: AI, AR, Big Data, blockchain, cybersecurity, e-commerce, enterprise solution, healthtech, ICT, IoT, logistics/supply chain, platform, robotics, smart cities, SaaS, transportation, and VR
Investment Location: All
Stages: Angel/pre-seed, seed, pre-Series A/bridge, Series A
Investment Range: US$100K to US$3M

January Capital
It invests in early-stage and high-growth technology companies that are powering the digitisation of commerce in Asia
Verticals: All
Investment Locations: Singapore, Australia, Indonesia, Vietnam, Thailand, the Philippines, New Zealand, Malaysia, and the US
Stages: Seed, pre-Series A/bridge, Series A, Series B
Investment Range: US$1M to US$5M

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