The Weekly

The Weekly by CapitalNetwork delivers a recap of the latest news in Southeast Asia's private equity, venture capital, and M&A markets. Join us to make sure you don’t miss our next briefing.

M&A Deals

• Actis has completed its $600 million acquisition of a 40% stake in MTerra Solar, a subsidiary of Meralco PowerGen Corp., marking the largest foreign direct investment in a single greenfield infrastructure project in the Philippines. MTerra Solar, currently under development, will have a capacity of 3,500 MWp of solar power and 4,500 MWh of battery storage upon completion. The project aims to support the Philippines' goal of sourcing 35% of its energy from renewables by 2030. Actis will collaborate with MGen to expand the initiative, highlighting the potential for large-scale renewable energy in Southeast Asia. Inquirer.net has more here.

Private Equity

• Malaysia’s state-owned private equity fund Ekuinas has invested in Bluesify Solutions, a local cybersecurity firm, through its Dana Asas I fund. While financial details were not disclosed, the investment aims to enhance Malaysia’s cybersecurity landscape and help Bluesify expand across Southeast Asia. Bluesify provides cybersecurity services to sectors like finance, healthcare, and government, aligning with the growing regional cybersecurity market, projected to reach $7.1 billion by 2029. The investment comes as Malaysia enforces its Cyber Security Act 2024, introducing stricter compliance requirements for cybersecurity providers handling critical infrastructure. The Edge Malaysia has more here.

Venture Capital

• Vietnam-based solar firm Stride has secured Series A funding from UOB Venture Management, Clime Capital, and Touchstone Partners to scale its business and expand green financing opportunities. Stride’s platform facilitates rooftop solar and battery storage adoption for residential and SME customers by providing tailored financing, technology, and quality assurance solutions. This investment aligns with Vietnam’s Power Development Plan VIII (PDP8), which aims to increase solar capacity to 34GW by 2030, with solar accounting for 45% of the additional power capacity. Since its founding in 2021, Stride has rapidly grown into a leading provider of financed clean energy solutions, supporting Vietnam’s transition to renewable energy. AsiaTechDaily has more here.
• Malaysia-based wealth management platform Versa has completed its Series A funding round, led by AHAM Asset Management Berhad, with participation from notable investors. The funding will be used to accelerate user acquisition and enhance its product offerings over the next five years. Since its launch in 2021, Versa has helped Malaysians save over MYR 500 million ($113 million) in 2024, with 90% of its users under 40. The platform continues to drive financial inclusivity by offering nearly 20 conventional and Shariah-compliant funds, eliminating front-end fees, and introducing innovative features like Versa Quest to boost user savings. TechNode Global has more here.
• Filum AI, a Vietnam-based AI-driven customer experience management (CXM) platform, has raised $1 million in a seed round led by South Korean VCs Nextrans and TheVentures, along with Vietnam’s VinVentures and several individual investors. The company, founded in 2020, provides AI-powered solutions to automate customer interactions and optimize customer journeys for enterprises across retail, finance, and service sectors. With over 1 million customer interactions processed, Filum AI plans to use the new funding primarily for product development (65%) and growth initiatives (35%). Investors see Filum as a market leader in Vietnam’s CXM space, with the potential to expand globally and compete with established players like Qualtrics. Vietnam Investment Review has more here.
• Mito Health, a Singapore-based startup, has raised an additional $2.2 million in seed funding, bringing its total funds to $4 million as it develops an AI-powered preventive health platform. The company, which launched in San Francisco last summer, offers comprehensive blood testing services covering over 100 biomarkers and has expanded to all 50 U.S. states, partnering with labs like LabCorp and BioReference. Mito Health aims to provide customers with personalized health insights and actionable steps to prevent disease and optimize longevity, and has recently welcomed renowned longevity researcher Professor Brian Kennedy to its scientific advisory committee. The startup is building an AI concierge doctor that uses blood work to help customers understand and improve their health through personalized recommendations across supplements, exercise, and nutrition. TechNode Global has more here.
• Finory, a Malaysian personal finance management app, has received investment from 1337 Ventures to expand its innovative financial technology platform. Initially designed to help users consolidate and manage their bank and credit card statements, Finory has evolved to provide enriched financial data and insights to banks and financial institutions, helping them streamline lending assessments and improve customer service. The app's core technologies, including transaction parsing, categorization, and analysis, now serve both individual users seeking to optimize their personal finances and financial institutions looking for deeper customer insights. With the support of 1337 Ventures, Finory is scaling its mission to simplify and enhance financial management for Malaysians and financial service providers alike. FinTech Global has more here.

Funds

• Singapore-based Motion Ventures has launched its $100-million second fund, Motion Ventures Fund II, to support digital and green innovations in the global shipping industry. The fund will invest between $250,000 and $10 million in at least 25 maritime tech startups and has already secured over half of its target, backing companies like OceanScore and Fernride. Fund II builds on the success of Motion Ventures' first fund, which ranked among the top 10% of 2021 VC funds and recorded two profitable exits. The launch comes as the maritime digitization market is projected to reach $423.4 billion by 2031, driven by regulatory and customer demand for cleaner shipping solutions. Global Newswire has more here.

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