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

• Golden Gate, a major Vietnamese restaurant group, has reportedly acquired a controlling stake in The Coffee House chain from Seedcom, though financial details remain undisclosed and both companies have not confirmed the deal. The Coffee House, founded in 2014 as a competitor to major chains like Highlands Coffee, has recently struggled with declining operations, scaling down from 150 to 93 stores and accumulating losses of 800 billion dong between 2019-2023. The acquisition represents Golden Gate's renewed attempt at the coffee market amid Vietnam's growing coffee chain sector, which reached $1.46 billion in 2023 with 13.3% year-over-year growth, driven by increasing urban disposable income and rapid urbanization. World Coffee Portal has more here.

Private Equity

• Aura Private Equity has led an $18 million investment in Global Incentive Solutions (parent company of Philippine fintech Giftaway), marking both Giftaway's first institutional funding round and Aura's first Philippine transaction. Giftaway provides digital voucher solutions to help businesses reward employees, serving around 500 companies and working with financial institutions to promote financial inclusion. The investment reflects Aura Group's confidence in the Philippine market, with the pan-Asian investment firm (managing over $1 billion in assets) currently raising a $120 million private equity fund focused on Southeast Asia. TechNode Global has more here.

Venture Capital

• Singapore-based fintech platform 129Knots has launched with a $10-million investment led by Sing Fuels, aiming to address the $2.5 trillion trade finance gap through its proprietary technology that combines blockchain, stablecoins, and asset tokenization. The startup's Tribal Knots credit engine uses machine learning for real-time credit risk assessment, with an initial focus on the marine energy transition sector and plans for expansion. Initially incubated under Singapore's Economic Development Board with support from McKinsey & Company, Enterprise Singapore, and IBM Consulting, 129Knots claims to have a deal pipeline exceeding $500 million and offers instant credit disbursement through programmable money while providing financiers better visibility into trade assets. AsiaTechDaily has more here.
• Singapore-based fileAI (formerly Bluesheets) has secured $14 million in a Series A extension round led by returning investors including Illuminate Financial, Antler Elevate, and Insignia Ventures Partners. The startup, founded in 2020, uses AI and large language models to automate file processing tasks across industries like financial services, insurance, and manufacturing, having processed over 200 million pages and saved clients an estimated $7 million in costs in 2024. The new funding will support fileAI's expansion into new markets including Japan, Thailand, Australia, and the US, as well as R&D for its new platform and the launch of a pay-as-you-go product for SME customers. FintechFinance has more here.
• Nexmedis, an Indonesian healthcare technology company founded in 2023, has secured new funding co-led by East Ventures and Forge Ventures for an undisclosed amount. The company provides an AI-powered health information system that automates administrative work, improves diagnostics, and handles insurance claims, while also developing AI transcription technology for medical conversations. The funding will be used to expand Nexmedis' presence in Indonesian hospitals and develop additional healthcare solutions for the region. TechInAsia has more here.
• Clime Capital has made an undisclosed investment in Ampotech through its Southeast Asia Clean Energy Fund II, with the funding aimed at supporting the Singapore-based startup's expansion into Vietnam, Indonesia, and the Philippines. Ampotech provides AI-enabled Internet of Things (AIoT) solutions that help businesses improve energy efficiency and manage distributed energy resources, with an integrated platform offering advantages over standard products. The company, which developed its modular AIoT solution to make energy analytics accessible to buildings of any type, counts SEEDS Capital, Earth Venture Capital, and Silicon Solution Ventures among its existing investors. The Asset has more here.
• Finmo, a Singapore-based treasury management platform founded in 2021, has raised $18.5 million in a Series A round co-led by Quona Capital and PayPal Ventures, bringing its total funding to $27 million. The company's Treasury Operating System helps businesses streamline payments, manage cash flow and foreign exchange risks, and automate compliance across multiple geographies. The new funding will support Finmo's product development, AI capabilities, and global expansion, coming at a time when Southeast Asia's fintech sector attracted $92.8 million across 13 deals in January, representing 68.27% of the region's total startup funding for the month. PRNewswire has more here.
• HD, a healthcare and surgery marketplace operating in Thailand and Indonesia, has secured $7.8 million in equity funding from investors including MSD, marking MSD IDEA Studio's first investment in Southeast Asian healthtech. Founded in 2019, HD serves 400,000 paying customers through its HDmall platform, which lists over 30,000 medical services from 2,500+ healthcare providers and processes $100 million in annual transactions. The company aims to expand to 5,000 providers and 600,000 patients by 2025, while enhancing its Jib AI chatbot's capabilities and expanding into new markets like Vietnam, leveraging the $18 million in total funding it has raised to date. AsiaTechDaily has more here.
• Klook, a Hong Kong-based platform for travel experiences, has secured $100 million in funding led by Vitruvian Partners to drive its next phase of growth and innovation. The company plans to expand its AI partnership with Google Cloud to enhance customer experiences and merchant operations, while continuing to support digital transformation efforts across Asia-Pacific. With international tourism in the region projected to grow rapidly, Klook is well-positioned to capture market share as a leader in the travel experience sector. Vitruvian’s investment reinforces Klook’s ambitions, leveraging its expertise in scaling high-growth businesses globally. TechNode Global has more here.
• Payd, a Malaysian fintech specializing in Earned Wage Access (EWA), has raised $400,000 in seed extension funding from A2D Ventures, Orbit Startups, and AngelSpark to support its expansion across Southeast Asia. The platform allows employees to access earned wages before payday, helping reduce financial stress and avoid high-interest loans. Payd has onboarded over 100,000 employees and partnered with major employers in Malaysia and Thailand, with plans to expand further into the hospitality and insurance sectors. The new funding will help Payd strengthen its regional presence and secure additional partnerships. Fintech News Malaysia has more here.

Funds

• The Development Bank of Japan (DBJ) and Indonesia Investment Authority (INA) are launching a $60 million joint fund to finance Indonesian midsize companies, marking DBJ's first such partnership with a foreign state fund. The fund will focus on companies with annual sales between $30-60 million, targeting sectors like healthcare and logistics that align with INA's priorities. INA, a sovereign wealth fund launched in 2021 with over $10 billion in assets under management, will leverage its network to identify investment candidates while DBJ aims to build connections between Indonesian businesses and potential Japanese partners. Reuters has more here.
• Singapore-based Rigel Capital is set to close its early-stage fund, Rigel Star, at over $40 million, bringing its total capital raised across two funds to over $250 million. The firm focuses on supporting companies across their entire lifecycle, from early-stage ventures to IPO-ready businesses, with a significant focus on sustainability. Rigel Capital’s portfolio includes investments in green mobility, organic fertilisers, waste management, AI-driven tech, and digital advertising. The firm’s regional focus spans Southeast Asia, India, and the Middle East, leveraging its operational expertise to help portfolio companies expand across borders and scale. DealStreetAsia has more here.

Other

• Southeast Asian startups are increasingly turning to venture debt funding amid challenging valuations and a funding slowdown, with debt deals reaching a six-year high of 54 deals valued at $1.85 billion in 2024, representing a 150% year-over-year increase. The demand is primarily coming from companies with strong financials and clear paths to profitability, rather than those struggling with burn rates, according to InnoVen Capital SEA's research based on a survey of about 200 founders. The consumer space, particularly in Indonesia and Southeast Asia, has emerged as a leading sector for private lenders, with beauty, wellness, and fashion industries showing promise, while SaaS and fintech startups continue to attract venture debt funding. Companies like OCBC Ventura have been actively funding consumer brands, while firms such as InnoVen Capital have provided multi-year debt facilities to various tech companies in the region. DealStreetAsia has more here.

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