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

• Singapore-based Titan Lab has acquired blockchain venture intelligence startup Coinseeker in a $30 million deal, with plans to integrate Coinseeker's AI-powered analytics and market insights into Titan Chain's blockchain infrastructure. The acquisition combines Coinseeker's AI-driven platform for analyzing blockchain startups and tracking funding trends with Titan Lab's existing ecosystem to create a comprehensive platform for trading, project discovery, and DeFi investment insights. This strategic move comes amid strong momentum in the blockchain sector in 2024, with DeFi projects driving fintech funding to $1.68 billion in Southeast Asia and enterprise software companies increasingly adopting blockchain technology. CoinDesk has more here.

Private Equity

• TPG has finalized an investment in Hasfarm Holdings, a Hong Kong-based floriculture business, in a deal that could value the company at over $500 million, with UBS acting as the sell-side advisor. The transaction will allow Lombard Asia to exit its 25% stake acquired through a $70 million investment in 2019, with other key shareholders including chairman Charles Target and the Hasan family in Indonesia. Founded in 1992 in Vietnam's Da Lat, Hasfarm has grown into a vertically integrated business selling temperate flowers throughout Asia, with production facilities in Vietnam, China, and Indonesia, and has recently expanded into greenhouse horticulture and clean vegetables. DealStreetAsia has more here.

Venture Capital

• Indonesian poultry startup Chickin has secured a 250 billion rupiah ($15.26m) loan facility from PT Bank DBS Indonesia to support its integrated solutions for broiler chicken farmers. Founded in 2020, the company leverages technology including cloud-based software and IoT hardware to help farmers optimize operations, successfully reducing chicken mortality rates from 6-7% to approximately 3%. Chickin processes and distributes chicken meat to over 200 companies across Indonesia, serving various sectors including hotels, restaurants, and catering services, with DBS noting that the company's technology-driven approach aligns with their values. DealStreetAsia has more here.
• iMotorbike, a Singapore-based marketplace for pre-owned motorbikes operating in Malaysia and Vietnam, has raised $10 million in a Series A funding round led by Headline Asia, with participation from other investors like Gobi Partners and Ondine Capital. The funds will support the company's expansion in Malaysia by opening new inspection centers and showrooms in key locations like Penang and Johor, as well as establishing a new branch in Taiwan. iMotorbike also plans to hire skilled staff and enhance its platform to meet growing demand. Founded in 2016, the company has gained 10,000 customers by offering a seamless motorbike trading experience and is growing its online presence, including on TikTok, where its videos have amassed 1.6 million views. AsiaTechDaily has more here.
• Indonesian integrated seaweed company Banyu has raised $1.25 million in seed funding from Intudo Ventures to tackle challenges in Indonesia's seaweed industry through innovative seedling cultivation and sustainable farming practices. Founded in December 2023, Banyu's proprietary approach produces high-quality spore seedlings that can increase yields by up to 20% compared to traditional methods, with a significantly faster four-month production cycle versus the typical 14 months. The company plans to use the funding to establish a seedling cultivation laboratory and nursery, expand its farming and exporting operations starting in Sulawesi, and create integrated ecosystems where cultivation sites are located near processing facilities to minimize transportation costs and improve supply chain efficiency. TechNodeGlobal has more here.
• Singapore-based indoor environmental quality monitoring startup uHoo has secured $3.7 million in funding led by Wavemaker Ventures and Menarco Development Corporation, with participation from several other investors. The company's flagship product, uHoo Aura, monitors 16 different parameters and integrates with building systems to optimize air conditioning, ventilation, and heating for improved health and energy efficiency. The funding will be used to expand uHoo's B2B segment and develop new hardware and software solutions amid growing demand for healthier, more sustainable buildings. The Business Times has more here.
• Singapore-based cybersecurity startup CYFIRMA has received an undisclosed investment from MDI Ventures, the corporate venture capital arm of Indonesia's Telkom. The funding will support CYFIRMA's regional expansion, particularly in Indonesia, while also enhancing its R&D capabilities in threat intelligence and external threat landscape management. The investment comes as Southeast Asia faces increasingly complex cyber threats, with CYFIRMA positioned to provide proactive solutions through its offices across Singapore, Japan, India, the US, and EU. FinTech Global has more here.

Funds

• East Ventures, an Indonesian venture capital firm, has closed a continuation fund backed by secondary specialist Coller Capital for its fifth seed fund, which raised $27.5 million in 2017 and includes portfolio companies like IDN and Waresix. The GP-led transaction brought the fund's distributions-to-paid in capital to approximately 2x while allowing limited partners to maintain participation in future portfolio growth. The move reflects a broader trend of Southeast Asian managers using GP-led secondaries to navigate challenging exit environments, with firms like Navis Capital Partners, Vertex Holdings, and others adopting similar strategies. PR Newswire has more here.
• Malaysia-based private equity firm Creador has closed its sixth fund at $930 million, surpassing its $750 million target due to strong demand from new and existing investors, including FinDev, IFC, and ADB. With $3 billion in assets under management, the firm plans to allocate 40-50% of the fund to India and the rest to Southeast Asia, focusing on sectors like retail, healthcare, financial services, and manufacturing. Creador has returned over $2 billion to investors with a 16% return rate and is preparing to deploy capital by Q1 2025. The firm is also exploring IPO exits for key portfolio companies, including Eco-Shop and Loob Holding in Malaysia, while continuing investments in Southeast Asia, such as its recent stake in Indonesia's MG Group. DealStreetAsia has more here.
• Novae Capital Partners, a new Indonesian private equity firm founded in 2024, has secured its first fund close at $100 million, with plans to reach $150-200 million by the end of 2025. The fund primarily focuses on mid-market deals in Indonesia and Southeast Asia, with ticket sizes between $10-30 million, targeting sectors like consumer, healthcare, education, and industrial services. The firm, led by experienced partners including Elliott Setiawan, has already made two investments and aims to demonstrate value creation and successful exits in a challenging liquidity environment. Experts view Novae Capital's emergence as a positive development for Indonesia's investment landscape, particularly amid a decelerating equity dealmaking market in the country. DealStreetAsia has more here.
• VinaCapital, a Vietnam-based asset manager, is raising its third venture capital fund with a target of $75 million, backed by an Asia-Pacific conglomerate as anchor investor and additional interest from corporate and family office investors. The fund plans to invest in 7-10 growth-stage startups with ticket sizes up to $10 million, focusing on emerging industries like AI, blockchain, and semiconductors, as well as digital economy sectors including healthcare, finance, and education. Vietnam has shown considerable progress in AI and semiconductors, with government initiatives like the national semiconductor strategy and partnerships with international players, while companies like FPT and VinAI are advancing AI development in the country. The firm has a strong track record, with its first fund (VinaCapital DFJ) generating a 3.8x return and its second fund (VinaCapital Ventures) launching as a $100-million vehicle in 2018 with Mirae Asset-Naver Asia Growth Fund as anchor LP. DealStreetAsia has more here.
• Singapore-based venture capital firm Elev8.vc has closed a $30 million fund focused on early-stage deep tech investments, aiming to back 20-30 startups in sectors like AI, med tech, robotics, and advanced manufacturing. The fund has already invested in several innovative companies including Aevice, Auristone, CoNEX, and others, and has received strong backing from notable investors including YouTube founder Steve Chen and Singapore's Circles.Life founder Abhishek Gupta. Working in partnership with EDBI through the SG Startup Equity scheme, Elev8.vc will provide both capital and strategic resources to help portfolio companies scale globally while strengthening Singapore's position as a hub for deep tech innovation. TechNode Global has more here.

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