Rising startups on Tech In Asia: a cybersecurity unicorn, an Ikea-backed startup, and more

Which are the startups that are on the path to becoming the next big thing? In this regular post, we give you an overview of the companies that have raised money in the past week, as well as those we think investors should look at.

1. Acronis (Singapore)

Acronis is a cybersecurity firm based in Singapore and Switzerland that recently received US$147 million in an investment round led by investment banking giant Goldman Sachs. This puts the company’s valuation to over US$1 billion. Acronis plans on using the new funds to build additional data centers, bankroll acquisitions, and grow its engineering teams in Singapore, Bulgaria, and Arizona. More info.

2. Livspace (India)

Livspace, the Ikea-backed home decoration startup is ready to go global. The company’s co-founder, Anuj Srivastava, says he’s “scoping out” Southeast Asia but feels the model works in pretty much any country. The company will be sustained by the US$98 million it has raised from other big-name investors such as Goldman Sachs and Jungle Ventures. More info.

3. Advance.ai (Singapore)

The AI and big data firm raised US$80 million in a series C round led by private equity investor Pavilion Capital and Chinese venture capital from Gaorong Capital (formerly Banyan Capital). Unicorn Venture and eGarden Ventures also participated in the round, alongside existing investors GSR Ventures and Vision Plus Capital. More info.

4. First Circle (Philippines)

First Circle is a fintech startup that aims to make it easier for SMEs to borrow capital through its website. Since its inception, First Circle has raised US$28.5 million in funding, placing 15th on CB Insights’ March 2019 list of best-funded Asia-Pacific startups. More info.

5. Groww (India)

Groww is an online investment platform that announced it has raised about US$21.6 million in a series B round led by US-based fund Ribbit Capital. Existing investors Sequoia Capital India and Y Combinator also participated in the round. The company plans to use the new investment to double its staff to about 200 over the next year and launch more products. More info.

6. Terafunding (Korea)

Terafunding is a peer-to-peer lending platform that just announced the completion of its US$18 million series B funding round that it closed in August. Financial firms KBI Investment, Hana Ventures, IBK Industrial Bank, and Woori Bank have become shareholders following the fundraise. Proptech investor Woomi Construction also participated in the round as a strategic investor to collaborate with Terafunding in the small- to mid-sized residential development industry. More info.

7. Practice Ignition (Australia)

Accountancy software solution developer Practice Ignition has raised AU$26 million (approx. US$17.78 million) in a series B round led by Tiger GLobal Management. Right Click Capital and Craig Winkler, co-founder of MYOB and board member at accounting software platform Xero, also participated in the round. More info.

8. Gushcloud (Singapore)

Global digital talent agency Gushcloud raised US$11 million in a round led by Indonesian venture builder GDP Venture, marking its first fundraise since co-founders Althea Lim and Vincent Ha bought back the company from previous parent Yello Digital Marketing Global. KBI Investments, Kejora Ventures, Golden Equator Capital, and Korea Investment Partners’ GEC-KIP also participated in the round alongside individual investors such as American entrepreneur and record executive Russel Simmons. More info.

9. Julo (Indonesia)

Peer-to-peer lending firm Julo raised an additional US$10 million in a series A2 round led by fintech venture company Quona Capital. Skylar Capital, East Ventures, Provident Capital, Gobi Partners, and Convergence Ventures also participated in the round. Julo plans to use the new funds to expand its business and further develop its credit scoring technology. More info.

10. Seppure (Singapore)

Seppure is a startup that creates sustainable solutions for separating chemical mixtures. The company secured US$21.55 million in a seed round led by US-based hardware investor SOSV. Entrepreneur First, 500 Startups, SGInnovate, Belmond Capital, Rekanext, Nanyang Technological University chairman Koh Boon Hwee, along with several other prominent investors also participated in the event. More info.

11. Crowde (Indonesia)

The agriculture-focused peer-to-peer lending startup has secured US$1 million in a pre-series A round led by Mandiri Capital Indonesia (MCI), Bank Mandiri Indonesia’s corporate venture capital unit. MCI also served as an institutional lender for credit loans through Crowde for US$7.1 million. Crowde will use the new funds to build technologies that support farmers in the country. More info.

12. Mars Finance (China)

Global crypto exchange Binance participated in a funding round for crypto media platform Mars Finance, marking its first investment in a Chinese company since Beijing banned cryptocurrency trading in the country in 2017. Ceyuan Ventures, Matrixpoint, the financial services startup of Bitmain Technologies co-founder Wu Jihan also participated in the round. This puta Mars Finance’s valuation at about US$200 million. More info.

13. AttainU (India)

Edtech startup AttainU has received an undisclosed amount of angel funding from ex-Google India head Shailesh Rao, ex-Intuit India head Nikhil Rungta, Snapmint co-founder Anil Gelra, KredX co-founder Manish Kumar, and angel investing platform LetsVenture. AttainU plans to use the fresh investment to bolster its faculty and counselling teams, further develop its courses, and build a semi-automated platform to help with the reception of students. More info.

14. MoolahSense (Singapore)

MatchMove, a bank-as-a-service platform, has inked an agreement to acquire a strategic stake in peer-to-peer lender MoolahSense. The acquisition is a “multimillion deal” for up to 20% equity in MoolahSense. MatchMove also plans to take a majority stake in MoolahSense over the next 12 months.More info.

15. Tiejia Gangquan (China)

16. GyroGear (Singapore)

17. Eatgether (Taiwan)

18. Blowhorn (India)

19. SmartBite (Malaysia)