Biofourmis CEO Kuldeep Singh Rajput
Dear Pro member,
Superbank and Genesis have introduced a financing solution, committing up to IDR 600 billion to support innovative Indonesian startups. It aims to empower Indonesian startups, particularly those at the Series B or C stage, enabling them to achieve their full potential.
The collaboration addresses the substantial 60% year-on-year decline in venture capital funding for startups across the Asian region.
In a surprising move, digital therapeutics company Bioufourmis’s Founder Kuldeep Singh Rajput stepped down from the post of CEO for an unknown reason. This abrupt move comes in the wake of the company’s layoff of 120 staff workers.
The Singapore and US-based unicorn is backed by the likes of SoftBank, Openspace Ventures, MassMutual Ventures, Sequoia Capital, and EDBI.
In 2020, the company raised US$100 million in Series C financing.
These are the two top stories of today’s Ecosystem Roundup.
Scroll down for more headlines from across Southeast Asia.
Sainul,
Editor.
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Superbank, Genesis to provide US$40M financing for Indonesian startups
The financing will combine conventional bank credit and venture capital investment, while minimising equity dilution for shareholders; They will also primarily target firms at the Series B and Series C stages.
Biofourmis CEO steps down abruptly
Kuldeep Singh Rajput stepped down from the post less than two months after the firm laid off 120 employees; He will be replaced by Ben Wanamaker of General Atlantic.
Thai food delivery startup Line Man Wongnai takes majority stake in Rabbit Line Pay
Line Man Wongnai was formed in 2020 from a merger between Line Man, the Thai food delivery business of chat app operator Line, and restaurant aggregator Wongnai.
Vietnamese recruitment platform TopCV bags Series B round
Japan’s Mynavi Corporation is the investor; TopCV provides tools for jobseekers to prepare resumes that increase the chances of finding placements.
Qashier banks US$10M Series A financing for domestic, international expansion
The investors are Delivery Hero Ventures, IFP Securities, Antler Elevate, and Cocoon Capital;
Qashier claims to have processed over US$1B worth of transactions and empowered over 6K businesses across SEA since its inception.
Proptech company iMyanmarHouse acquires used cars listing portal CarsDB
The collaboration has expanded iMyamarHouse’s user base and catalysed cross-platform interactions, creating a one-stop digital destination for both real estate and automotive enthusiasts.
Ex-Fave boss Joel Neoh, Pickup Coffee backers invest in Malaysian coffee upstart
Koppiku will be launching its maiden store in the upscale Kuala Lumpur suburb of Mont Kiara on September 1; The firm’s major shareholder is Malaysian entrepreneur Rajiv Bhanot.
MiyaHealth nets US$1.8M more to expand into Poland, Indonesia, Philippines
The investors include Fondation Botnar, ST Engineering Ventures, Elev8, and HealthXCapital;
Miya Health, an AI-driven interoperable digital healthcare firm, also eyes markets like Thailand, Vietnam, and the Middle East.
Former Uber, Deliveroo execs launch HK wholesale platform Markato
The lead investor is Lightspeed; Makato, an online wholesale marketplace for independent retailers and buyers, plans to expand to other Asian markets in the next year.
Meet the startups joining Tenity’s latest incubation programme in Singapore
The 14 startups will receive an initial USS$52K investment each from the Tenity Incubation Fund II as part of the four-month programme.
Threads starts testing search feature in Australia, New Zealand
At the moment, users can only search for usernames on Threads; However, the company is working on bringing full-text search; It is planning for a wider rollout to other English-speaking countries.
Indian spacetech firm SatSure bags US$15M in Series A money
Baring Private Equity Partners India and Promus Ventures led the round; SatSure will use the fresh funds to launch four high-resolution optical and multispectral satellites by Q4 2025.
For Soul Parking, fixing Indonesia’s two-wheeler parking issue is a walk in the park
Soul Parking has developed a compact storage system that can accommodate up to 8x more vehicles than a conventional parking lot.
How Ridge aims to introduce AI tech to small businesses in the F&B sector
Ridge helps restaurant owners use AI-driven insights for operational efficiency, enhancing menu optimisation and promotions.
igloo’s journey to Space with its resilient smart padlock technology
igloohome’s Space Edition Smart Padlocks defy limits, reaching 33km above Earth. CEO Anthony Chow details the tech and transformative applications.
15 times the Malaysian startup ecosystem catches our eyes in 2023
Despite back-to-back global crises, startups and investors in Malaysia continue to make moves this year.
The power of diversity: Leveraging and building an inclusive workplace for all
Employees are more likely to stay with organisations that prioritise diversity and inclusion, reducing turnover and promoting long-term retention.
From Seed to Series: Navigating different funding rounds with PR
In today’s competitive startup scene, the integration of PR into the funding journey is no longer a luxury but a necessity.
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The post Ecosystem Roundup: Superbank, Genesis to invest US$40M in ID startups; Biofourmis CEO steps down abruptly appeared first on e27.
