A soon-to-unfold David vs. Goliath startup battle

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Hello readers,

Of all the deals that took place this week, the US$125 million acquisition of Singapore-based Lomotif was the one that caught my attention.

For starters, it’s one of the largest acquisitions of a Singaporean startup in recent years. Then the list of Lomotif’s backers includes Ted Farnsworth, the former chairman of defunct theater subscription service MoviePass.

But arguably more interesting is the fact that Lomotif is a rival of short-video app TikTok. The latter has over 1 billion monthly active users and is backed by parent company ByteDance, whose US$140 billion valuation makes it the most valuable tech unicorn in the world, according to CB Insights.

With Lomotif slated to expand into the US and other countries across the world, it will be interesting to see this David and Goliath story unfold in the near future.

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 and M&As that recently took place.

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BIGGEST DEALS BY COUNTRY

🇮🇱 Xsight Labs: This Israeli fabless semiconductor company bagged US$100 million in series D money from Accton Technology, Atreides Management, Battery Ventures, Fidelity Management & Research Company, Intel Capital, M12, Valor Equity Partners, and Xilinx.

🇮🇩 Xendit: The Indonesia-based fintech startup raised a US$64.6 million series B funding round from Accel Partners and Y Combinator.

🇨🇳 Innovusion: The Chinese firm, which manufactures light detection and ranging sensor systems for autonomous vehicles, scored US$60 million from Bertelsmann Asia Investments, Joy Capital, and Temasek Holdings in its series B funding round.

🇮🇳 Doubtnut: The India-headquartered multilingual online learning platform got US$30 million from Lupa Systems, Omidyar Network, Susquehanna International Group, Sequoia Capital, and WaterBridge Ventures in its series B fundraise.

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