The only way out is through

Welcome to Tech in Asia’s free Saturday VC newsletter! Get full access to our subscribers-only premium content and other insightful analysis on the big and messy topics of Asia’s tech and startup community by registering here.

Hello reader,

My colleague Stefanie wrote in the previous newsletter about how little deals there were last week. Wanna hear about another trend? This is the fifth week in a row that our database showed no M&A deals being completed.

The lack of exits is the latest in a series of concerning signs, but frankly who doesn’t already know that we’re deep in a tech winter at this point? If there’s one thing I’ve learned from being in and around startups and tech my whole career, it’s that we just have to feel the feelings and then get back to work.

After all, the only way out is through.

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

🇨🇳 Chinese biotech firm Chengdu New Radiomedicine Technology has closed a US$113 million series D round. Participating investors included PICC Capital Investment Management Co., Ltd, Shenzhen Capital Group, and Hunan Chasing Fund Management.

🇮🇳 Kuku, a mobile content platform in India, has closed an US$85 million series C funding round. It was led by Granite Asia, while Vertex Growth Fund, Krafton, IFC, Paramark, Tribe Capital India, and Bitkraft also participated.

🇯🇵 Japan-based Emole, which operates the short-drama app Bump, has received US$4.8 million in debt financing from Shizuoka Bank.

🇰🇷 Mofac Studios is a South Korean AI-based content production company. It has received US$4.2 million in funding from Altos Ventures.

🇮🇩 Indonesian snack brand Mamame Whole Foods has scored US$2 million in seed funding from Granite Asia.

---

Startups that are raising funds

---

Behind the Glasswall

---

---

Exclusive listicles

---

Thoughtful Tidbits