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. www.capitalnetwork.co

M&A Deals

• Partners Group has agreed to acquire Singapore-based Digital Halo Pte Ltd with an initial commitment of approximately $400 million, aiming to develop it into a next-generation data centre platform with over 500 MW capacity across Southeast and North Asia. The strategy includes building facilities in Manila and Johor Bahru, with current shareholder ARCH Capital retaining a minority stake. This acquisition aligns with Partners Group's global investment focus on data centres, representing their fourth such acquisition after investing over $4 billion in the space since 2021. Data Center Dynamics has more here.
• Gnosis has acquired Headquarters (HQ.xyz), the leading onchain business account platform, for a total investment of $14.95 million, marking Gnosis' first formal expansion into Asia and one of the largest acquisitions from its ecosystem to date. HQ.xyz will be rebranded to Gnosis HQ and integrated into the Gnosis ecosystem, providing businesses with self-custodial Visa corporate cards, stablecoin off-ramps, and financial reporting infrastructure. Founded in 2022 and headquartered in Singapore, HQ.xyz enables businesses to spend stablecoins from self-custodial accounts across global payment networks while maintaining full control over their assets. Fintech Finance has more here.
• Brookfield Asset Management has made its first direct investment in Singapore by acquiring two business parks and a high-tech industrial building for S$535.3 million ($413 million) from Mapletree Industrial Trust. The move reflects Brookfield's confidence in Singapore’s high-tech R&D sector, supported by long-standing government initiatives and the city-state’s role as a strategic manufacturing and Southeast Asian hub. Brookfield, which has operated in Singapore since 2014, sees the country as a key location in its Asia Pacific strategy and has collaborated with local investors across various asset classes. This acquisition aligns with Brookfield’s global focus on decarbonisation, digitalisation, and deglobalisation, and adds to its portfolio of over $1 trillion in assets under management. DealStreetAsia has more here.
• Navis Capital Partners has exited its controlling stake in Vietnamese seafood producer Godaco Seafood through a management buyout, marking the firm's second exit this year after selling Malaysia's Everrise supermarket to Grab. Since Navis's 2012 investment, Godaco has grown from a medium-sized pangasius processor into one of Vietnam's largest seafood exporters with a fully integrated platform including farms, feed mills, and processing facilities, serving over 70 countries. The exit reflects a broader trend in Asian private equity where challenging market conditions are driving more management buyout deals, as firms seek alternative exit strategies amid difficult market environments. Navis, which manages $5 billion in assets and is currently raising its ninth flagship fund targeting $1 billion, has been actively using continuation funds and management buyouts as exit mechanisms for its Southeast Asian portfolio companies. Yahoo Finance has more here.
• China's Livzon Pharmaceutical Group has acquired a 64.81% majority stake in Vietnamese pharmaceutical company Imexpharm Corporation for approximately $219 million, making it the largest shareholder of the Ho Chi Minh City Stock Exchange-listed firm. The acquisition was conducted through Livzon's subsidiary LIAN SGP HOLDING PTE, which purchased 99.8 million shares from various sellers including SK Investment, Binh Minh Kim Investment JSC, and KBA Investment JSC. Livzon, founded in 1985 and specializing in modern drugs, biological therapies, and traditional Chinese medicines, stated that this acquisition will support its expansion into overseas markets. The deal gives the Chinese pharmaceutical group a strategic foothold in Vietnam's pharmaceutical sector, as it continues to expand its presence across over 30 countries globally. Vietnam Investment Review has more here.
• Thai insurtech Rabbit Care, a direct-to-consumer insurance platform under BTS Group, has acquired online motor insurance distributor GluayGluay.com to strengthen its position in Thailand's fragmented insurance brokerage market. The acquisition brings GluayGluay's database of over 100,000 motor insurance inquiries into Rabbit Care's proprietary CareOS platform, enabling more efficient comparisons and tailored services for customers. This marks Rabbit Care's third brokerage acquisition following Asia Direct Broker (2021) and EasyCompare (2023), as the company continues its strategy to consolidate Thailand's highly fragmented market of around 800 licensed brokers. The move comes as Southeast Asia's digital insurance market is projected to triple from $2.4 billion in 2024 to $7.5 billion by 2030, driven by increasing consumer demand for online insurance services. TechNode Global has more here.
• Prime Infrastructure Capital Inc, the infrastructure unit of Filipino billionaire Enrique Razon Jr., has agreed to acquire a 60% controlling stake in First Gen Corp's natural gas business for 50 billion pesos ($896 million). The deal gives Prime Infrastructure control over key gas-fired power plants in Batangas City with a combined capacity of over 6,500MW, marking one of the Philippines' largest energy transactions. First Gen will retain 40% ownership while the partnership aims to expand natural gas platforms to enhance the country's energy security. The acquisition complements Prime Infrastructure's existing investments in the Malampaya gas field and strengthens its energy portfolio in the Philippines. Reuters has more here.

Private Equity

• UOB Venture Management has invested in Bien Hoa Consumer Joint Stock Company (BHC) to acquire a 12% stake, becoming a substantial shareholder as BHC accelerates toward its planned IPO. With this capital, BHC plans to build a state-of-the-art food and beverage manufacturing facility to enhance production capacity and expand its portfolio of naturally sourced nutritional products. The partnership will focus on deploying supply chain finance solutions across the agricultural value chain, with UOBVM supporting BHC's distribution network expansion and IPO preparation as part of its strategic investment push in Vietnam, which it has identified as a key growth market. TechNode Global has more here.
• Singapore-based waste management and upcycling firm Blue Planet Environmental Solutions has raised $6.2 million in a new funding round, primarily led by BBC Ventures with a $5.7 million investment. The company, which previously secured a $35 million loan in 2023 to support its Indian operations, focuses on technology-driven solutions such as converting organic waste to energy, plastics to fuel, and e-waste to valuable metals. Founded in 2017, Blue Planet has been expanding through strategic acquisitions, including UK-based Recycle Force Limited in 2024. Its innovative approach to sustainability and regional waste management positions it as a key player in Asia’s circular economy push. DealStreetAsia has more here.

Venture Capital

• Indonesia-based construction tech startup BRIK has raised nearly $10 million in an oversubscribed Series A round led by Jungle Ventures, with participation from Accel, bringing its total equity funding to $24.7 million. The funds will support BRIK’s geographic expansion and product development focused on improving labor productivity through innovations like automated batching plants and digital construction workflows. Founded in 2022, BRIK addresses inefficiencies in Indonesia’s under-digitized construction sector through its two main verticals—MIX (concrete solutions) and PaintPro (coatings with spray-based application). The company operates a growing network of plants, stores, and a digital order platform, serving over 1,900 projects and aiming to empower small and mid-sized contractors with scalable, tech-enabled solutions. Tech In Asia has more here.
• Seedflex Technologies has raised $3.2 million in a seed extension round co-led by Z Venture Capital and Iterative to expand beyond Malaysia into other Southeast Asian markets, with Indonesia launch plans already underway. The company offers a proprietary "Pay-As-You-Sell Advance" credit solution that automatically adjusts loans based on sales revenue, and has extended offers to over 5,000 merchants with aims to reach 50,000 by the end of 2025. Founded by former Grab executives who previously led the company's fintech lending efforts in Southeast Asia, Seedflex is on track to break even in Malaysia by mid-2025 and currently collaborates with more than 10 merchant platforms serving approximately 80,000 MSMEs. e27 has more here.
• Indonesian climate tech startup Rekosistem has raised $7 million in a funding round led by Saratoga Investama and K3 Ventures, bringing its total funding to $12 million. The startup plans to use the capital to expand its waste processing infrastructure, enhance its automation-powered operating system, and scale its Extended Producer Responsibility (EPR) programs. Founded in 2021, Rekosistem offers integrated waste management solutions through its digital and physical network, serving over 90,000 households and 200 businesses while processing over 3,500 tons of waste monthly. The company claims a 442% CAGR and significant environmental impact, including reducing over 75,000 metric tons of CO₂ emissions, positioning it as a leading player in Southeast Asia’s growing climate tech sector. Indonesia Business Post has more here.
• Singapore-based edtech startup Manabie has raised $23 million in a Series B round led by JIC Venture Growth Investments, bringing its total fundraising to around $41.2 million. The company plans to use this funding to accelerate business expansion in Japan and Southeast Asia and develop products using generative AI. Founded in 2019, Manabie currently operates digital cram schools in Vietnam with approximately 30 classrooms serving around 13,000 students, and has a team of about 150 staff members across Singapore, Vietnam, Japan, and the Philippines. Tech In Asia has more here.
• Singapore-based energy storage solutions provider VFlowTech has raised $20.5 million in a funding round anchored by Granite Asia, with participation from both new and existing investors. The company will use the fresh capital to scale its proprietary Vanadium Redox Flow Battery (VRFB) systems, strengthen its AI-driven energy management platform, and develop critical supply chains including vanadium recycling. Founded in 2018, VFlowTech has already deployed its modular and scalable VRFB systems in more than 10 countries, supporting applications across utilities, grid stabilization, renewable energy integration, and industrial decarbonization. Reuters has more here.
• Singapore-based human resource software provider BrioHR has raised S$8.7 million (about $6.7 million) in a Series A funding round led by Openspace Ventures, with participation from Taiwania Hive Ventures. The two-year-old startup, which serves more than 1,000 small and mid-sized companies across Southeast Asia through its cloud platform combining payroll, leave management, and employee engagement tools, will use the fresh capital to fuel regional expansion, develop AI features, and deepen local integrations to help businesses navigate changing labor regulations. BrioHR aims to make HR seamless and accessible to every business in ASEAN, according to CEO and co-founder Benjamin Croc. DealStreetAsia has more here.
• Vietnamese proptech startup Citics has raised $2.1 million in a pre-Series A funding round led by Thien Viet Securities and Ai Viet Ventures, with participation from existing investors Vulpes Ventures and Vietnam Investments Group. Despite a challenging startup environment in Vietnam, the funding will help Citics enhance its AI capabilities and expand its network of over 4,000 brokers. Citics is known for developing Vietnam’s first automated valuation model, now used by 32 banks to quickly price real estate collateral. Its platform also supports a mortgage marketplace that facilitates over $39 million in monthly loan disbursements. e27 has more here.
• Singapore-based CrediLinq, a technology infrastructure company enabling embedded finance for B2B platforms, has secured $8.5 million in Series A funding co-led by OM/VC and MS&AD Ventures. The company plans to use the capital for global expansion to the US, UK, and Australia, while also strengthening its leadership team and enhancing its technology stack. Founded in 2021, CrediLinq's platform integrates with major ecosystems like Amazon and TikTok Shop to provide working capital through its Credit-as-a-Service offering, though the company reported losses of $2.38 million in 2023 despite the growing momentum behind embedded credit. PR Newswire has more here.
• Singapore-based startup Firsty has raised S$7.5 million (~$5.8 million) to expand its global freemium telecom network that offers free mobile data access in over 160 countries through partnerships with apps and service providers like Uber. Founded in 2023 by former Adyen product leads, Firsty operates on a unique business model where partner platforms pay to ensure connectivity for their users, while also offering premium options and monetizing through targeted advertising. The company has formed a strategic partnership with travel tech firm GlobalTix, enabling over 12,000 resellers to offer travelers free mobile data without SIM swaps or roaming fees, and will use the new funding to expand its technical network, grow its partner ecosystem, and accelerate user growth across Asia. DealStreetAsia has more here.
• Indonesian proptech startup MilikiRumah has raised S$2.6 million in seed funding led by Singapore's Ruifeng Wealth Management, with additional backing from investors including PropertyGuru co-founder Jani Rautiainen. The company operates a rent-to-own housing model aimed at helping informal and non-fixed income earners in Indonesia achieve homeownership despite being excluded from traditional mortgage financing. MilikiRumah has launched a one-hectare pilot housing project in Tangerang and created a private equity vehicle targeting $50 million to acquire 2,000 new homes across Bekasi, Bogor, and Tangerang. The startup addresses Indonesia's growing housing backlog of 12.7 million units by allowing participants to move into homes with a 10% down payment and monthly installments, helping them build credit to qualify for traditional mortgages within 1-2 years. DealStreetAsia has more here.
• Graas, a Singapore-based e-commerce solutions provider, has raised $15.1 million in new funding, bringing its valuation to $114.8 million from the previous $99.7 million. The round was led by existing investor Integra Partners ($13.6 million) with participation from new investor Orbit Malaysia ($1.5 million), maintaining the same share price as its previous funding round in September 2022. The company, which operates across seven Asian countries and serves over 250 customers through its AI-driven e-commerce platform, has now raised a total of $62.51 million since inception. This funding comes amid challenging conditions for B2B commerce startups in Southeast Asia, where the sector has seen significant consolidation despite previously experiencing rapid growth. DealStreetAsia has more here.
• Vietnamese specialty coffee startup Every Half Coffee Roasters has raised $3 million in funding led by Openspace Ventures with participation from DSG Consumer Partners, following an earlier undisclosed round from the same investors in August 2024. Founded in 2021, the company operates 14 stores across Ho Chi Minh City, focusing on specialty coffee with a modern store design that combines espresso machines and hand-brewing methods. Every Half plans to use the funding to expand its store network by 150% this year, enhance customer experience, and deepen partnerships with coffee farmers, particularly in Vietnam's key coffee regions of Buon Ma Thuot and Lam Dong. The investment reflects continued investor interest in Vietnam's growing specialty coffee market, with backing from established funds that have previously invested in notable Southeast Asian consumer brands. The Investor has more here.
• Indonesia's leading early-stage angel investment network ANGIN has announced strategic investments in two startups through its WiraUsaha programme: Acronesia, an agritech company that introduces climate-smart intercropping with watermelon cultivation during palm oil replanting phases, and Collabit, a marine biotech startup that transforms fish by-products into high-value marine ingredients like collagen and peptides. Both investments are backed by Koalisi Ekonomi Membumi (KEM) and structured as founder-friendly soft loans under $100,000 with no collateral requirements, designed to support early-stage, impact-driven businesses in Indonesia. Acronesia, founded in 2020, helps palm oil farmers earn additional income while improving soil health and reducing deforestation, while Collabit, established in 2019, promotes circular economy principles by reducing fish waste and creating new income streams for coastal communities. These investments reflect ANGIN's focus on supporting locally grounded, scalable innovations that address sustainability challenges in Indonesia's agricultural and marine sectors. Asia Tech Daily has more here.

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