Damn, that’s a lot of funding

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Hello readers,

I had a pretty long night last night, and it doesn’t help that I’ve been trying to cut down on my coffee intake recently to improve my sleep. So when I saw that startups across Asia had collectively raised over US$8.7 billion in funding this week, it took me a while to be sure that I wasn’t looking at the wrong column.

What’s more, two of the top five deals we saw this week raked in over a billion dollars in funding – each, not combined. Throw in the fact that 142 deals were hammered out in the last few days, and you can see why this week’s funding figure is so big.

It’s also no wonder that special purpose acquisition companies (also known as SPACs) are starting to look towards Asia.

Speaking of which, we’ve brought back Tech in Asia Explains for a second season. Our first episode is a timely exploration of why SPACs have begun hunting for target companies in Asia’s promising startup scene. Get subscribed and watch us break down why SPACs have taken to the region like moths to a flame.

And no, I’m not promoting the video just because I’m in it.

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 most noteworthy deals and M&As in the past week.

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BIGGEST DEALS BY COUNTRY

🇮🇳 Flipkart: The Indian ecommerce major raised US$3.6 billion in late-stage funding from Antara Capital, Canada Pension Plan Investment Board, DisruptAD, Franklin Templeton Investments, Government of Singapore Investment Corporation, Khazanah Nasional Berhad, Qatar Investment Authority, SoftBank Vision Fund, and Tencent.

🇰🇷 Yanolja: The accommodation-booking platform based in South Korea bagged US$1.8 billion from SoftBank Vision Fund in a late-stage funding round.

🇭🇰 GoGoX: Headquartered in Hong Kong, the logistics startup scored US$100 million in series E funding from 58.com, Alibaba Group, BOCOM International, Cainiao, China InnoVision Capital, Cyberport Hong Kong, and Qianhai Fund.

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Lists of most active investors in the region

List of top-funded startups in Asia

List of largest exits in Asia

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