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

• Indonesian state oil company Pertamina's power subsidiary will acquire a 20% stake in Philippines' Citicore Renewable Energy for 6.70 billion pesos ($114.8 million), purchasing 2.23 billion shares at 3 pesos each. The investment will support Citicore, a major Philippine solar power producer, in developing renewable energy projects both domestically and in Indonesia, with aims to contribute 1 GW of green energy capacity annually. The partnership represents a significant cross-border renewable energy collaboration in Southeast Asia, with the funds being directed toward Citicore's pipeline of green energy projects. Inquirer.net has more here.
• Japan's AEON Financial Service has acquired PTF, SeABank's consumer finance arm, for 4.3 trillion dong ($170 million), following approval from Vietnam's central bank more than a year after the initial agreement. The deal is part of SeABank's capital restructuring strategy and marks another significant entry into Vietnam's consumer finance sector by a foreign financial institution, with PTF being one of Vietnam's first non-bank credit organizations since its establishment in 1998. This transaction is part of a broader trend of foreign financial institutions entering Vietnam's consumer finance market, including recent deals like SCB's planned $896 million acquisition of Home Credit Vietnam, Krungsri's purchase of SHB Finance, and Sumitomo Mitsui's investment in FE Credit. Fintech Singapore has more here.

Venture Capital

• Hong Kong-based construction tech firm Varadise Limited has secured $3 million in Series A funding, led by Betatron Venture Group and the Hong Kong government’s Innovation and Technology Venture Fund. The funding will support Varadise’s international expansion into Southeast Asia, China, and the Middle East, aiming to establish it as a global leader in built environment technology. Founded in 2019, Varadise leverages advanced Digital Twin technology, AI, IoT, and data analytics to optimize the entire lifecycle of urban development, from construction to sustainability-focused facility management. The company has successfully delivered over 100 projects, including the Tung Chung New Town Extension, showcasing the transformative potential of its platform in creating smarter and more sustainable cities. Tech In Asia has more here.
• Endowus, an Asian wealth management platform, has raised an additional $17.5 million in funding, bringing its total fundraising to $110 million, with new investors including OSK Ventures and Jeremy Lin's JLIN, alongside existing investors like Prosus and UBS. The company plans to use the new capital to expand its operations in Hong Kong and Singapore, with a focus on talent acquisition and technology improvements, particularly in AI implementation. Additionally, Endowus intends to broaden its investment offerings under its Private Wealth brand, partnering with major global firms like Apollo, Blackstone, and KKR to provide alternative investment options including hedge funds and private market investments. The Asset has more here.
• Kyna English, a Southeast Asian online education platform specializing in personalized English tutoring, has successfully completed its Series B funding round led by Asia Business Builders, with participation from DTP Education Group and the company's CEO Ho Hong Bao Tram. The company, which launched in 2020 and currently serves over 150,000 learners with 15,000 daily classes and 8,000+ tutors, plans to use the funding to expand into Thailand, Indonesia, and Laos while enhancing its AI-powered learning platform, including its Kyna AI Tutor that provides personalized lesson plans and feedback. The investment will also enable Kyna English to partner with DTP to leverage its network and resources, furthering its mission to provide accessible, personalized English education across Southeast Asia, where it has already conducted 10 million one-on-one classes to date. Vietnam Investment Review has more here.
• Gene Solutions, a Vietnamese genomic testing startup specializing in blood-based DNA tests for tumor screening, has secured new funding from Singapore's August Global Partners (AGP) to advance its early cancer detection technology and precision therapeutics across Asia. The company, which currently operates in multiple Asian markets including Vietnam, Singapore, Thailand, and Hong Kong, aims to develop accessible and affordable diagnostics while also seeking partnerships with biopharmaceutical companies for developing novel cancer therapeutics. Gene Solutions is targeting to raise an additional $30-50 million this year as part of its expansion plans, with potential plans for a public listing by end-2026 in markets such as Singapore, Hong Kong, Japan, or the US. TechNode Global has more here.
• Mirxes, a Singapore-based cancer detection technology company, has secured $40 million in funding from CBC Group's R-Bridge Healthcare Fund to expand its miRNA platform across Asia. The company's flagship product, GASTROClear, is currently the only approved blood test for gastric cancer detection, and with this new funding, Mirxes plans to develop tests for lung, liver, and colorectal cancers. The investment and partnership with CBC Group aim to address the increasing need for cancer screening solutions, particularly in Asia where cancer rates are rising alongside an aging population. Devdiscourse has more here.
• Bythen, a platform for creating AI-powered digital avatars called "Bytes," has raised $5 million in seed funding led by Vector Inc. and Skystar Capital, with participation from several other investors including Tokopedia co-founder William Tanuwijaya. Founded in 2024 by a team of experienced entrepreneurs, the platform enables users to create personalized digital characters for content creation, livestreaming, and video calls, with plans to onboard 15,000 virtual influencers this year across various sectors. The company aims to tap into the $325 billion creator economy by addressing the growing trend toward pseudonymous social media personas, operating on a revenue-sharing model that channels earnings back to its creator community. Digital News Asia has more here.
• Sygnum, a digital asset bank based in Singapore and Switzerland, has closed its latest funding round, raising a total of $58 million and achieving a post-money valuation of over $1 billion. The oversubscribed round included Bitcoin-focused Fulgur Ventures and participation from Sygnum's team, while the co-founders and team retain majority ownership. The funds will support Sygnum's expansion in the European Union, Hong Kong, and its institutional infrastructure, with a focus on Bitcoin technologies and potential strategic acquisitions. Founded in 2017, Sygnum offers regulated digital asset banking, tokenization, and asset management services, and has become operationally profitable as the crypto industry sees renewed growth and regulatory clarity in 2025. Cointelegraph has more here.
• Skor Technologies, the parent company of Indonesia-based Skorlife and the Skorcard credit card, has raised $6.2 million in a pre-Series A funding round led by Argor Capital, bringing its total funding to over $12 million since its 2022 inception. Initially focused on financial education through its Skorlife app, the company launched Skorcard, a digital-first credit card, in 2024 in partnership with Bank Mayapada International to address Indonesia's low credit card penetration (under 3%). Skorcard has surpassed $10 million in annualized spending volume, and Skorlife has exceeded 2 million downloads, reflecting strong consumer interest. With plans to scale operations, expand its team, and achieve $100 million in transaction volume by 2025, Skor is poised to tap into Indonesia's growing credit market while improving financial literacy and accessibility. TechNode Global has more here.
• Aura Fem Health, a Singapore-based women’s health company, has raised $200,000 in angel funding to develop its personalized health platform for women. Investors included Amit Kumar, founder of Knam Foods, and Anil Gupta, managing partner at AKG Associates. The company provides tailored solutions addressing mental, physical, and environmental well-being across all life stages, with a focus on empowering women through self-assessment, root cause analysis, and daily action plans. Currently serving women in over 10 countries, Aura is developing an app set to launch in January 2025, featuring behavioral nudges, community connections, and science-backed insights. The funding will support the company’s goal to reach 10,000 women by 2025 through the app and expanded partnerships. Femtech Insider has more here.

Funds

• Vietnam-based Asia Business Builders (ABB) has closed its second private equity fund at $70 million, falling short of its $100 million target but still significantly larger than its first $20 million fund from 2018. The new fund attracted notable investors including FMO, Pavilion Capital, IFC, and Australian Development Investments, and plans to invest in 8-10 companies with a focus on gender-balanced, high-impact SMEs in Vietnam. Having already invested in companies like Kyna English and King Pharma, ABB expects to complete 3-4 more transactions by Q1 2025, while its track record includes successful exits such as DTP Education Solutions and Trung Son Pharma. The closing brings ABB's total assets under management and distributions to approximately $100 million, building on their merchant banking foundation which has facilitated over $500 million in transactions since 2013. DealStreetAsia has more here.
• W Capital Markets Pte Ltd, a Singapore-based investment banking firm, recently completed its Series B funding round but did not disclose the investors. Founded in 2018 by veteran M&A banker Wayne Lee, the firm holds a capital market services (CMS) license in Singapore. It is an accredited issue manager for SGX Mainboard IPOs and a Catalist Continuing Sponsor, assisting companies with new listings and ongoing sponsorship on the Singapore Exchange. Singapore Business Review has more here.

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