Rising startups: New wave of car marketplaces are taking off

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 that we think investors should look at.

1. WeLab (Hong Kong)

Alibaba-backed WeLab has raised US$156 million in a series C strategic financing round. WeLab founder and CEO Simon Loong said that the new funds will be used to further develop and broaden its platform as well as invest in research and development. Founded in 2013, WeLab is a virtual bank that uses risk management technology and AI to analyze unstructured mobile big data within seconds and provide financial services. It operates in Hong Kong, China, and Indonesia under different brands. More info.

2. Carsome (Malaysia)

Used-car trading platform Carsome has raked in US$50 million in a series C round to solidify its position as a market leader in the region. Founded in 2015, Carsome provides a one-stop solution for car sellers and dealers, offering services such as vehicle inspections, ownership transfers, instant payments, and easier paperwork. It plans to use the new funds to expand into more cities in Southeast Asia, make key management and tech hires, and offer financing products to dealers. More info.

3. AWAK Technologies (Singapore)

Automated Wearable Artificial Kidney (AWAK) Technologies has raised US$40 million in an oversubscribed funding round. Founded in 2007, AWAK focuses on medical technologies using regeneration technology for end-stage kidney disease. It will use the new funds to complete the late-stage clinical studies and trials of its wearable and portable AWAK Peritoneal Dialysis (AWAK PD) device, and prepare for manufacturing and commercialization. More info.

4. Ecom Express (India)

Ecom Express, a tech-enabled company providing end-to-end logistics solutions, has secured US$36 million in equity investment from CDC Group, a UK government-owned development finance institution and impact investor in South Asia and Africa. Founded in 2012, Ecom Express offers express delivery services for the ecommerce industry. The company will use the new capital to further expand toward rural centers, invest in technology, deploy advanced parcel sortation systems, strengthen network reliability and infrastructure, and create development impact. More info.

5. Zetwerk (India)

Zetwerk, a business-to-business marketplace for the manufacturing industry, has secured US$32 million in a series B funding round led by Lightspeed Venture Partners and Greenoaks Capital. Founded in 2018, Zetwerk connects buyers and suppliers for customized products in the manufacturing industry. The company seeks to go beyond discovery and venture into financing, logistics, helping suppliers in purchasing materials and more. More info.

6. Sparkplus (South Korea)

Co-working space operator Sparkplus has raised 30 billion won (US$25.2 million) in a series B funding round. Sparkplus was founded in 2016, opening its first co-working space in Yeoksam in southern Seoul. It now has 12 locations across the capital. The company claims a 95% occupancy rate in its 12 locations, which cover a total of 36,363 square meters of space with 8,500 seats. It plans to launch two more offices next year. More info.

7. Style Theory (Singapore)

Fashion rental subscription platform Style Theory has raised US$15 million in a series B round led by SoftBank Group’s early-stage venture arm, SoftBank Ventures Asia. Founded in 2016, Style Theory provides economically sustainable fashion choices. It operates through the Style Theory app, which keeps data such as body measurements to filter out items available in the users’ size and provide a rating on how well the item would fit them. More info.

8. Sunday (Thailand)

Full-stack insurtech startup Sunday announced it has secured US$11 million in a series A2 funding round led by fintech venture firm Quona Capital. The new funding will enable Sunday to expand its business and enhance its core technology, which leverages machine learning to price insurance premiums in real time. Founded in 2017, the startup aims to be a “one-stop insurance shop” for health care, mobile gadget, motor vehicle, and travel insurance. More info.

9. Ecozen Solutions Private Limited (India)

The Innovation in Food and Agriculture Fund (IFA Fund) managed by Sathguru Catalyzer Advisors announced their investment in agritech company Ecozen. With this investment, Ecozen has completed its $6 million Series B fundraise. Ecozen provides on-farm solar-based cold storage and smart solar irrigation solutions. It is well known for its renewable energy-based, technology-led solutions for challenges in the agricultural supply chain. These products help value creation in perishables through increased yields, longer shelf-life and better price realization.

10. Qiscus (Indonesia)

Qiscus makes a software development kit (SDK) that enables developers to integrate chat and messaging features into their apps. The company has close relationships with Kata.ai, a prominent Jakarta-based chatbot developer, education tech startup Ruangguru, and telcos like Telkom and Indosat. They are raising a US$3 million series A round that will be closed in the first half of 2020. The startup is planning to use the money to expand its product range. More info.

11. Motorist (Singapore)

Automotive platform Motorist, backed by JobsCentral co-founders Lim Der Shing and Huang Shao-Ning, is already profitable and looking to raise US$2.2 million to US$2.9 million in a series A round. The funds will bankroll its expansion into Thailand, Vietnam, and Indonesia as well as its efforts to scale its existing Malaysia business and build up a full suite of services in Singapore. More info.

12. Intrepid Group (Singapore)

Ecommerce service provider Intrepid Group said it has raised an undisclosed amount in a series A funding round led by Kairous Capital, a regional VC firm focused on cross-border investments between China and Southeast Asia. Intrepid helps brands optimize their ecommerce presence on platforms like Lazada, Shopee, Tokopedia, Facebook, and Instagram. It helps businesses use technologies like AI for automation, run digital marketing campaigns, and refine their strategy through its data services. More info.

13. Interloan (Vietnam)

Fintech firm Interloan has received US$500,000 from Phoenix Holdings after it was named one of the winners at Fintech Challenge Vietnam 2019. Interloan, founded by Vietnamese founders with banking and IT backgrounds, is a peer-to-peer lending platform that allows officials and employees of a company to provide financing to one another. Interloan CEO Tran Dai Duong said the company plans to use the new capital to continue investing in technology infrastructure, establish partnerships with new banks, and carry out its business development plans. More info.

14. Wela (Philippines)

Leave a Nest Co., Ltd. a Japanese knowledge-based platform, announced its investment and partnership with Wela at the recently concluded Hyper Interdisciplinary Conference. Wela is a multi-award startup being recognized by different incubators and accelerators in the Philippines, and a recipient of the startup grant from the Department of Science and Technology’s Philippine Council for Industry, Energy and Emerging Technology Research and Development. One of Wela’s products is Wela School Systems, an integrated school management system that provides tools to increase productivity and streamline data management for teachers.