The week that was — February 14-19

Traders continue to stay busy as the flurry of news from the private markets shows. Let’s dive into the big stories of the past week.

The Bargain corner

One of our scoops this week featured Indonesian digital payments platform Xendit, which is finalizing a new funding round worth over $200 million from global investors Coatue Management and Insight. Partners.

Singapore’s sovereign wealth fund GIC has invested $170 million for a minority stake in Asia Healthcare Holdings, South Asia’s largest single-specialty healthcare platform backed by private equity firm TPG.

Merchant trading platform Pine Labs secured $150 million from New York-based investment firm Alpha Wave Global in a round that included a mix of primary and secondary deals. The Sequoia Capital-backed company has received $75 million in equity funding from Alpha Wave so far, according to regulatory filings.

Singapore-based startups Zilingo and ShopBack, both backed by public investor Temasek Holdings, are reportedly looking to raise at least $150 million each in separate funding rounds that could push them into the unicorn club.

Southeast Asian online lending platform Funding Societies, popularly known as Modalku in Indonesia, raised $144m in a Series C+ round, as well as $150m of debts. SoftBank Vision Fund 2 led the round.

Indonesia-based digital banking and financial platform Akulaku has raised $100m in new funding from Thai lender Siam Commercial Bank (SCB) in what is believed to be a pre-IPO round in stock exchange. The company is expected to consider listing later this year.

Alternative protein maker Next Gen Foods has raised $100 million in a Series A funding round from Indonesia-based venture capital firm Alpha JWC Ventures and other backers including EDBI and the British company MPL Ventures, a venture capital firm owned by Paul McCartney.

Social e-commerce startup DealShare has raised an additional $45 million in its Series E funding round from an affiliate of the Abu Dhabi Investment Authority. The latest funding brings its total funding to $393 million and its valuation to $1.7 billion.

Silent Eight, a Singapore-based startup that uses artificial intelligence to fight financial crimes, raised $40 million in a Series B funding round. The latest round was joined by backers Wavemaker Partners and SC Ventures, the venture capital arm of Standard Chartered.

Reebelo, a Singapore-based e-commerce marketplace that lets users buy and sell used tech gadgets, raised $20m in a Series A round led by venture capital firms Cathay Innovation and June Fund.

Singapore-based Appboxo, a platform that allows customers to build their own awesome apps, has raised $7 million in a Series A round led by RTP Global.

Lummo, an Indonesian direct-to-consumer SaaS startup formerly known as BukuKas, has secured an undisclosed amount of funding from Jeff Bezos’ personal investment firm Bezos Expeditions as part of its Series C round.

News of mergers and acquisitions

B2B fintech unicorn Nium is in preliminary talks to acquire SoCash, a Singapore-based fintech startup, industry sources have told DealStreetAsia. The deal will likely be a share swap, with the two sides expected to discuss further details in the coming weeks.

Bangladeshi travel technology platform GoZayaan has acquired Pakistani online travel and tourism portal FindMyAdventure. Although the size of the deal was not disclosed, sources told DealStreetAsia that it was over $3.5 million.

Fund Manager Updates

Malaysia-based private equity firm Creador has so far raised $660 million for its fifth fund and expects to close the vehicle within the next two months.

Singapore-based venture capital firm Jungle Ventures is exploring secondary sales for portfolio companies such as interior design startup Livspace, B2B commerce platform Moglix and SaaS company Deskera.

US pension fund Virginia Retirement System (VRS) has committed a total of $525 million to two Asia-focused vehicles – a private credit fund managed by Ares SSG and a closed-end fund Blackstone which invests in the opportunistic real estate.

Singapore-based private equity real estate firm Q Investment Partners is aiming to raise $100 million in capital to acquire multi-family housing assets in Japan, CEO and co-founder Peter Young told DealStreetAsia.

The Texas Employees Retirement System (ERS) has made a $50 million commitment to PAG Real Estate’s latest core-plus/value-add pan-Asian real estate fund.

Avendus Future Leaders Fund II has secured capital commitments worth $200 million, primarily from Indian investors. The fund was initially aiming to raise Rs 750 crore ($100 million) with a greenshoe option of another Rs 500 crore ($67 million).

Hong Kong-based life sciences venture capital (VC) firm Delos Capital has made the first closing of its $300 million Fund III with the backing of investors from the United States and China. Greater China.

Chinese alternative asset management firm Sino-Ocean Capital has set up a $600 million Special Situations Fund to invest in residential properties in key cities in the Yangtze River Delta Economic Zone on the central coast of China and in the southern Greater Bay Area.

Australian renewable energy investor Clean Energy and Finance Corporation (CEFC) has committed $80 million to IFM Investors’ second middle-market private equity (PE) fund.

Dutch development bank FMO has proposed an $18 million investment in Singapore-based venture capital firm Jungle Ventures’ fourth Southeast Asia-focused venture capital fund.

UAE-based investment firm Gulf Capital is set to launch its fourth private equity fund this year, targeting more assets in Southeast Asia. The company opened an office in Singapore in December to invest in Southeast Asia and India.

Blackstone has acquired a majority stake in ASK Investment Managers Limited (ASK), one of India’s largest asset and wealth management companies, for an undisclosed amount. It acquired the stake from private equity firm Advent International and other sellers.

Swiss bank Pictet Group plans to step up its alternative investments by tracking growth in the healthcare, technology and environment sectors. Pictet Alternative Advisors (PAA), a 100% owned unit of the bank, is set to launch its third thematic fund, focused on investing in companies related to the environment.

Data and analysis

Sea Ltd’s popular NYSE-listed game Free Fire and 54 other Chinese-origin apps were banned by India this month over security concerns. The ban poses a serious risk not only to the company’s gaming business, but also potentially to its e-commerce initiatives through Shopee, writes editor Angus Mackintosh in this article.

We spoke to Anuj Maheshwari from Temasek to understand the factors driving agriculture and food investments from the public investor. The company was one of the top three investors in the space last year and has invested more than $8 billion in food-related ventures since 2013.

Boosted by a pick-up in risk appetite and improving exit prospects, Southeast Asian venture capital firms saw 21 final closings in 2021, nearly double the year’s total former. Although the number remains below pre-pandemic levels, it is a clear sign that the overall fundraising landscape is improving, according to the latest report from DealStreetAsia – DATA ADVANTAGE.

Nearly 20 social commerce startups in Southeast Asia have announced new funding rounds since the start of 2020, led by Indonesia. What is driving interest in this segment?

Eight of the 25 new Southeast Asian unicorns in 2021 came from Thailand, Malaysia, Vietnam and the Philippines. Can we expect these markets to produce more this year?

weekend reading

How does a new Singapore-based oat milk brand plan to compete against rivals such as Oatly in the crowded dairy alternatives market? We posed this and other questions to OATSIDE, which was founded by a former Heinz ABC executive, and his private equity firm Proterra.

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