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Hello reader,
When you’ve been writing this newsletter for long enough, you start to notice patterns even when you’re not actively looking for any. For example, I’ve noticed that China and India regularly dominate the weekly list of top fundraising deals, indicating the sheer breadth and depth of their respective markets even as the tech economy has shifted from spring to winter.
On the other hand, there have been fewer Indonesian firms locking down deals. There has also been a slow but steady increase in funding for companies based in the Middle East and North Africa.
Whether these highly unscientific observations of mine indicate anything about the future of tech, I can’t say. (Yes, this is me covering my butt.) However, they could serve as a jumping-off point for deeper research into the trends and movements within the ecosystem.
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 that recently took place.
— Winston
The biggest deals by country
🇮🇳 Infra.Market, an online construction materials marketplace based in India, has raised US$83 million in series G funding ahead of its IPO. Existing investors such as Accel, Evolvence India, and Nexus Ventures participated in the round, which was led by NKSquared and Tiger Global.
🇨🇳 Chinese biotech firm AusperBio has closed a US$63 million series B round. Participating investors included YuanBio Venture Capital (Bioventure), CDH Investments, and Hankang Capital.
🇸🇦 Erad is a Saudi Arabia-based fintech startup that provides financing to small and medium-sized businesses. It has received US$33 million in debt financing from Stride Ventures.
🇮🇩 Finture Group, a digital bank and credit payment platform headquartered in Indonesia, has secured US$32 million in series C money from backers such as Spice Expeditions and Moore Strategic Ventures.
🇯🇵 Japan-based biotech firm FerroptoCure has locked in US$3.22 million in series A funding, with participation from Vision Incubate, Japan Science and Technology Agency, and Tokyo University of Science Innovation Capital, among other investors. It has also received a grant from the Japan Agency for Medical Research and Development.
Startups that are raising funds
Behind the Glasswall
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