Rising startups on Tech In Asia: fresh farm produce, biotech, cloud kitchens

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. Mafengwo (China)

Online travel agency Mafengwo raised a US$250 million funding round led by Tencent with participation from General Atlantic and Qiming Venture Partners. The startup has reportedly grown its gross merchandise volume by more than 100% year-on-year for the past four years. More info.

2. Biofourmis (Singapore)

AI healthtech startup Biofourmis raised US$35 million in a series B round led by Sequoia Capital India and the venture fund of Massachusetts Mutual Life Insurance Company. Openspace Ventures, Aviva Ventures, SGInnovate, EDBI, and Chinese healthcare startup Jianke participated in the round. More info.

3. Spinny (India)

Spinny, a used cars platform, raised US$13.2 million in a series A funding round led by Accel and SAIF Partners, with participation from Blume Ventures and Simile Ventures. The fresh funds will be used to expand to more locations in India and improve the platform’s inventory. More info.

4. Dahmakan (Malaysia)

Cloud kitchen startup Dahmakan raised over US$5 million in a series A round with participation from Partech Partners, UpHonest Capital, Y Combinator, Atami Capital, and a private investor, who is the former CEO of food giant Nestle. The startup will be launching distribution satellite kitchens in Malaysia. More info.

5. Luxstay (Vietnam)

Luxstay, which has a platform that can be described as an Airbnb for luxury homes, closed a US$4.5 million bridge round of funding. Korea-based GS Home Shopping and Bon Angels participated in the funding round. More info.

6. Outpost (Indonesia)

Outpost, a co-working and co-living startup with locations in Bali and Phnom Penh, raised US$1.3 million in seed funding. EverHaus, Strypes Holdings, and Clarenberg Ventures participated in the seed fund. More info.

7. Ovvy (Singapore)

Ovvy, a services marketplace, raised US$435,000 in seed funding from angel investor Rapzo Capital. The startup will be expanding the range of services offered via its platform. More info.

8. Livspace (India)

Ikea has made a strategic investment in home interior and renovation platform Livspace through Ingka Investments. Ingka Investments is the investment arm of Ingka Group, which is one of Ikea’s strategic partners within its franchise system. More info.

9. Sayurbox (Indonesia)

Sayurbox, a distribution platform for fresh farm produce, will be receiving an investment from e-commerce unicorn Tokopedia, according to Tech In Asia’s sources. The startup has previously raised a seed round by Patamar Capital, East Ventures, and Insignia Venture Partners. More info.

10. MetroMart (Philippines)

Delivery startup MetroMart, which currently operates in 11 cities in the Philippines, aims to scale up and transform into a “super app”. It is expanding its range of services and is now raising a US$2 million series A round. More info.

11. Daung Capital (Myanmar)

Daung Capital, a startup founded by a Singaporean ex-banker, offers microloan products. Last month, it raised series A Funding for an undisclosed amount. The business is reportedly valued at US$12 million. More info.

12. Fave (Singapore)

Payment and rewards platform Fave acquired food-ordering apps CutQ and FoodTime for an undisclosed amount. CutQ and FoodTime’s leadership team will join Fave. More info.

Want to catch up on previous lists? You can do so here.