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Hello reader,
If I had a nickel for every time an Indonesian food company made it to the weekly list of top-funded firms in the last couple of weeks, I’d have two nickels, which isn’t a lot. But it’s interesting that it happened in two consecutive newsletter issues, right?
Phineas and Ferb jokes aside, the idea of snack brands and restaurant operators appearing alongside SaaS platforms and biotech companies on these lists reminds me of the sheer scale of the country’s market.
Sentiment might be low on Indonesia’s tech scene right now, but the opportunities remain. Let’s hope things pick back up soon.
You can find all other important investment deals that happened in the last few days in our weekly funding news wrap-up.
Let’s dive into the biggest deals and M&A that recently took place.
— Winston
The biggest deals by country
🇸🇬 Endowus, a Singapore-based digital investment management platform, has raised US$70 million in equity funding via a round led by the UK’s Illuminate Financial. Existing investors Prosus and Citi Ventures also participated in the round, which included US$20 million in equity issued from the conversion of existing notes.
🇨🇳 Chinese biotech firm Nuclide Tongchuang Technology Co. has closed a US$60.6 million series A round. Neovision Capital, China-Russia Energy Cooperation Equity Investment Fund, and SPIC Industrial Fund Management were the participating investors.
🇯🇵 Japan-based CraftBank, which runs a SaaS business management platform for construction companies, has received US$26.6 million in series B funding. Participating investors included JIC Venture Growth Investments, Angel Bridge, and Mitsubishi UFJ Capital.
🇰🇷 Habit Factory, a South Korean fintech company that operates an insurance app called Signal Planner, has closed a US$24.5 million series D round. Shinhan Venture Investment, Smilegate Investment, and KB Investment were among the participating investors.
🇮🇩 Hangry, multi-brand virtual restaurant operator from Indonesia, has scored US$10.5 million in a series A5 funding round led by Alpha JWC Ventures.
M&A
Startups that are raising funds
Behind the Glasswall
Exclusive listicles
Thoughtful Tidbits
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