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.

‍

Private Equity

• Singapore-based private equity firm Growtheum Capital Partners (GCP) is investing approximately 7 billion pesos ($121 million) in Mets Logistics, a Philippine cold-chain solutions provider, to accelerate its expansion in the logistics sector. Mets currently operates cold storage facilities nationwide, with around 100,000 pallet positions and facilities in Carmona, Cebu, Cagayan de Oro, and Balagtas in Cavite. The investment, which includes 500 million pesos from the company's founder-shareholders, is subject to regulatory approvals and aims to enhance Mets's cold chain logistics capabilities. This deal is part of Growtheum's broader investment strategy in Southeast Asia, having previously invested in various sectors including e-grocery, digital lending, healthcare, and dairy production. Philippine Daily Inquirer has more here.
• BECIS, a Singapore-based energy-as-a-service provider, raised $53 million in equity funding led by existing shareholders including FMO, Norfund, and Siemens Financial Services. The funding, along with $80 million in loans secured earlier this year, will support BECIS's renewable energy solutions across eight markets in Asia. These projects include solar energy, bioenergy, and energy analytics to help corporations achieve sustainability goals. BECIS aims to expand its portfolio to over 600 MWp in solar assets and 400 TPH in bioenergy capacity by 2025. PR Newswire has more here.

M&A Deals

• PHINMA Education, a KKR-backed higher education group in the Philippines, has acquired a 94.62% stake in St. Jude College Dasmariñas Cavite for 432 million pesos ($7.4 million), adding 3,000 students to its network. The fast-growing institution now comprises 10 schools, including nine in the Philippines and one in Indonesia, serving over 150,000 students. This acquisition is the first since KKR's investment in the company through its Global Impact Fund II in May. PHINMA Education aims to expand further to provide education to underserved learners, according to its President and CEO, Dr. Chito B. Salazar. Technode has more here.
• Vietnam-based Techcombank is reportedly exploring a stake sale that could facilitate the partial exit of private equity firm Warburg Pincus, which owns a 9% stake in the bank. Techcombank, which seeks strategic investors, may offer a total of 15% stake, including Warburg's secondary shares and primary shares from the bank itself. While Warburg Pincus denied initiating an exit, the potential transaction aligns with Techcombank’s broader strategy to attract global investors, following its successful $922 million IPO in 2018. The bank, with a market cap of $6.5 billion, posted strong financial growth in 2024, with profits up 33.5% year-on-year and total assets increasing 18.7%. The Edge Malaysia has more here.

Venture Capital

• Vietnamese foodtech startup Kamereo has raised $7.8 million in a Series B funding round, bringing its total funding to over $15 million, with investors including Sumitomo Corporation and other Japanese investment firms. The funds will be used to expand operations across multiple Vietnamese cities, including Hanoi and Ho Chi Minh City, which together account for over 50% of the country's GDP. Founded in 2018 by Taku Tanaka, Kamereo serves a diverse customer base including restaurants, supermarkets, convenience stores, factories, schools, and hospitals, and plans to introduce new services like a marketplace model. Following the funding, Sumitomo Corporation aims to collaborate with Kamereo to deliver high-quality, safe, and reliable food to an even greater number of customers. Vietnam Investment Review has more here.
• Singapore SaaS startup Omni HR has raised $7.4 million in a funding round led by Picus Capital, bringing its total fundraising to $9.8 million since its 2021 launch. The company plans to use the funds to enhance its product suite, expand across APAC, and introduce a multi-country payroll, catering to fast-growing businesses with regional and global operations. Omni HR offers an HR platform with automation, compliance, and insights tailored for multi-country teams, serving hundreds of businesses across Asia, with users in 79 countries and 70% of clients having employees in multiple nations. CEO Brian Ip emphasized the platform's focus on Asia's underserved HR tech market, blending localization with scalable, modern solutions to address the challenges of managing global workforces. TechNode has more here.
• Wholly Greens, a Singapore-based food tech startup, has raised S$3.2 million in funding led by Heritas Capital to support its expansion of healthy, fresh food offerings. The company, established in 2015, operates over 200 vending machines in corporate offices, hospitals, and schools, and is available at more than 560 retail touchpoints. Using proprietary software with real-time data, Wholly Greens delivers fresh foods under the Shake Salad trademark and plans to use the new funding to further expand its product offerings and distribution network across Singapore. The startup's founder notes that the ready-to-eat food business is a young but fast-growing segment in Singapore, though such convenience foods are already common in other Asian countries like Japan, Thailand, and Taiwan. DealStreetAsia has more here.
• CarDekho SEA, the Southeast Asian arm of India’s CarDekho Group, has raised $60 million in its first external funding round, co-anchored by Navis Capital Partners and Dragon Fund. Headquartered in Singapore, the company offers used car financing, dealer inventory funding, and automotive classifieds across markets like Indonesia, the Philippines, Malaysia, and Thailand. The funds will be used to strengthen its operations in Indonesia and expand its used auto financing services in the Philippines. Since its launch in 2020, CarDekho SEA has achieved significant growth, surpassing $1 billion in GMV and forming partnerships with over 50 financiers and 20,000 dealers. TechCrunch has more here.
• GDP Venture, the corporate venture capital arm of Djarum Group, has purchased nearly the entire remaining stake in Kumparan.com for $60 million, increasing its ownership to 99.99%. The acquisition reflects a strategic move to strengthen the company's presence in Indonesia's digital media landscape, with Kumparan positioned to scale operations and explore new content formats. This investment aligns with GDP Venture's broader strategy of managing digital media platforms and capitalizing on the country's expanding digital advertising market. The deal follows recent exits by other investors and underscores the growing interest of Indonesian conglomerates in the digital media sector. DealStreetAsia has more here.
• Singaporean fintech and securities firm Longbridge Group has raised over $100 million in new funding. The company has launched Longbridge Securities Singapore, offering commission-free trading on U.S. and Hong Kong stock markets, with licensing from the Monetary Authority of Singapore. Its platform supports trading in stocks, ETFs, and REITs across the U.S., Hong Kong, and Singapore markets. The funding will drive Longbridge’s global expansion into the Asia-Pacific, Europe, and the Americas while enhancing trading infrastructure in key markets like Singapore and Hong Kong. The Edge Singapore has more here.
• Saltmine, an enterprise platform transforming office space design and optimization, has raised a Series A extension led by Rigel Capital. This funding will support its expansion across Europe and the U.S., enable potential M&A opportunities, and prepare for its Series B round. The platform offers data-driven insights and tools to help companies adapt to hybrid work and workforce evolution, focusing on creating efficient and sustainable workplaces. Saltmine’s recent $20 million Series A funding, with backing from Jungle Ventures, DivcoWest, and JLL Spark, highlights its role in addressing modern workplace demands and its potential for long-term impact. DealStreetAsia has more here.
• Hong Kong-based e-commerce logistics startup Jumppoint has raised an additional $3.5 million in Series A+ funding, bringing its total funding to $20 million. Led by MindWorks Capital and supported by several investors, the funding will be used to scale its AI-driven logistics platform and expand its regional network across Southeast Asia. Jumppoint aims to address logistics challenges by offering a 48-hour end-to-end network that uses AI algorithms to reduce costs by over 50% and improve delivery speeds, serving over 6,000 businesses across 192 countries. The startup is positioning itself to fill the gap in efficient and affordable logistics solutions for intra-Asia and China-to-Southeast Asia trade routes. e27 has more here.
• Cove, a Singapore-based flexible living platform, has secured a US$4.5 million funding round from existing investors like Eurazeo and Keppel. The startup plans to use the capital to expand regionally and transition to an asset acquisition model, focusing on designing properties for young professionals and students. Cove is already expanding into South Korea and Japan, forming strategic joint ventures in both markets to access real estate networks and streamline property development. In South Korea, the company aims to launch its first flagship property in Seoul by Q1 2025. e27 has more here.
• Eureka Robotics, a Singaporean startup specializing in AI-powered robotic arms for precision tasks, has raised $10.5 million in funding led by B Capital, with support from Airbus Ventures, Maruka Corp., and others. The company plans to enter the U.S. market next year, focusing on aerospace maintenance, and expand its presence in Japan by opening a Nagoya branch targeting automotive and machinery manufacturers. With clients like Toyota, Bridgestone, and Pratt & Whitney, Eureka aims to make Japan its largest revenue stream, leveraging its aging workforce and manufacturing demand. This growth aligns with Singapore's increasing investment in deep tech startups, driven by government initiatives despite a regional decline in overall startup funding. PR Newswire has more here.

Private Credit

• Indonesian fintech startup AwanTunai, specializing in the FMCG supply chain ecosystem, has secured $60 million in syndicated debt financing led by U.S.-based impact investor Accial Capital. The funding round included participation from various impact-focused investors, including Variant Investments, Developing World Markets, responsAbility, Symbiotics, and Saison Investment Management. This strategic partnership aims to support AwanTunai in scaling operations and expanding its lending portfolio. The investment will enable the company to accelerate its growth and deepen its impact on the FMCG sector in Indonesia. DealStreetAsia has more here.

‍