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

• Lifull Connect, a Spanish online real estate services provider, has acquired Lamudi Indonesia and Lamudi Thailand, along with other assets from Australia’s Digital Classifieds Group (DCG), to expand its presence in Southeast Asia. These acquisitions will operate under a newly formed entity, SEA Connect Ventures, which will manage operations across Thailand, Indonesia, the Philippines, Cambodia, Vietnam, and Malaysia. SEA Connect Ventures brings together high-traffic real estate platforms including FazWaz, Lamudi, Dot Property, Hipflat, and RealEstate.com.kh, positioning itself as one of the largest proptech players in the region. The move is seen as a major step toward integrating Southeast Asia’s rapidly digitizing real estate market. The Thaiger has more here.

Private Equity

• VinaCapital’s Vietnam Opportunity Fund (VOF) has exited its stake in Tam Tri Medical, a Vietnamese hospital chain, selling it to a prominent healthcare-focused private equity firm in South and Southeast Asia. VOF initially invested $25 million in 2018 and increased its stake to 49% by 2023, supporting Tam Tri’s expansion from four to seven hospitals and the development of a flagship facility. The exit, made at a premium, allows VOF to redeploy capital into other promising opportunities in Vietnam’s growing private sector. The deal aligns with a broader trend of increased healthcare investment in Vietnam, including recent activity by Quadria, Mekong Capital, Warburg Pincus, KKR, and GIC. DealStreetAsia has more here.

Venture Capital

• Singapore-based burger chain Shiok Burger has raised an undisclosed amount in a pre-Series A funding round led by AC Ventures, with participation from existing investors including CFF Fund, SPIRAL RISE Capital, and a major Chinese food conglomerate. A large portion of the capital came from increased commitments by original shareholders. The funds will be used to expand the company’s central kitchen to support its growing network of over 30 outlets. Founded by the team behind Delibowl and Nuodle, Shiok Burger has expanded from its first location at Paya Lebar Square to several sites across Singapore. TechInAsia has more here.
• Bangkok-based urban revitalization startup 10Ants Enterprise has raised $500,000 in pre-seed funding, led by climate-tech venture builder Wavemaker Impact. The funds will be used to develop its proprietary property-tech platform, which provides location analytics, eco-business tools, and expansion planning services. Founded by Chatchanart Jiratornsirikul, the company transforms underused urban spaces into affordable commercial units, offering rents up to 30% lower than market rates. 10Ants also emphasizes sustainability through green upgrades such as IoT energy systems, smart waste management, and inverter air-conditioning. TechNodeGlobal has more here.
• Sleek, a digital corporate services provider, has raised US$23 million in a Series B funding round led by Australian investment manager Ellerston Capital, with participation from SaaS company Money Forward. Founded in 2017, Sleek offers digital solutions for company incorporation, accounting, payroll, and tax compliance, serving over 16,000 SMEs annually across Singapore, Hong Kong, the UK, and Australia. The new funds will be used to enhance its automation-driven platform and broaden its service offerings. Sleek also aims to strengthen its presence in Australia and the UK while continuing to support its core Asian markets. Fintech Singapore has more here.

Funds

• Mekong Capital, a Vietnam-focused private equity firm, plans to launch a US$200 million regenerative agriculture fund in 2026, marking a strategic shift toward sectors like biotech, agtech, forestry, organic fertilizer, and ocean health. While the firm will continue investing in consumer companies, it is increasingly targeting data-rich sectors capable of leveraging analytics for growth. Founder Chris Freund emphasized the importance of integrating data technologies to enhance investment performance. Mekong Capital, established in 2001, has launched five funds to date, including its latest, the US$246 million Mekong Enterprise Fund IV, in 2019. The Star has more here.

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