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's GXS Bank has received regulatory approval to acquire Validus Capital in an all-cash deal set to close by April 2025, marking the first acquisition of a local fintech by a Singapore digital bank. The acquisition will make Validus Capital, which has facilitated over $1 billion in SME financing since its 2015 founding, a fully-owned subsidiary of GXS Bank while allowing Validus Group to focus on its profitable operations in Indonesia and Thailand. The deal aims to create synergies by combining GXS Bank's balance sheet and regional network with Validus Capital's digital lending solutions, enabling the bank to expand its SME offerings beyond its current services for sole proprietors with integration expected to complete by year-end. The Straits Times has more here.
• PT Midi Utama Indonesia (Alfamidi) has sold its 70% stake in PT Lancar Wiguna Sejahtera (LWS), the operator of Lawson convenience stores in Indonesia, to PT Sumber Alfaria Trijaya (Alfamart) for approximately $11.8 million. The divestment is part of Alfamidi's strategy to streamline operations and focus on its core business, with proceeds intended to support operational needs and capital expenditures. With this transaction, Alfamart becomes the majority shareholder of Lawson's 374 stores in Indonesia, further consolidating the Alfa Group's retail portfolio while Alfamidi expects improved profitability and cash flow from focusing on its 2,368 self-branded minimarkets, 62 supermarkets, and 5 fruit stores. IDN Financials has more here.
• TVS Motor has acquired "identified assets" from Singapore-based e-scooter startup Ion Mobility for US$1.7 million, following previous investments of over US$24 million, though the company divested its stake in Ion Mobility as part of this transaction without disclosing the buyer or potential write-offs. According to Ion Mobility's founder James Chan, who will join TVS as senior vice president overseeing the ASEAN market, the deal includes all of Ion Mobility's assets and intellectual property, with plans to relaunch the M1-S electric scooter under the TVS brand in markets outside Indonesia. Despite establishing operations across Singapore, Indonesia, Vietnam, and China with over 130 employees, Ion Mobility was unable to secure additional financing to continue as an independent company, leading to this acquisition that aims to advance electric mobility solutions in the ASEAN region. TechInAsia has more here.
• AnyMind Group, a Singapore-founded and Tokyo-based BPaaS company, has acquired Vietnamese social and live commerce agency Vibula, marking its first acquisition in Vietnam and 11th globally. Vibula, founded in 2021, offers services in social commerce marketing, influencer networks, and e-commerce management across various consumer sectors. The deal will allow AnyMind to integrate Vibula’s expertise into its human-AI hybrid live commerce model, expanding its presence in Southeast Asia’s growing e-commerce market, which is projected to reach $63 billion in Vietnam by 2030. Vibula, in turn, will leverage AnyMind’s GenAI-powered platform, AnyLive, to enhance its clients’ live shopping capabilities. Vietnam Investment Review has more here.

Private Equity

• Thien Viet Securities (TVS) has exited its five-year investment in Vietnamese pediatric clinic chain Nhi Dong 315, which it first backed in 2020 as the company's first institutional investor. While financial terms of the exit weren't disclosed, the sale doesn't appear to involve GIC, Singapore's sovereign wealth fund, which recently invested an additional $135 million in Nhi Dong 315. Founded in 2019, Nhi Dong 315 has expanded to over 150 clinics and diversified beyond pediatrics into multiple medical specialties, highlighting the attractiveness of Vietnam's healthcare sector for private equity investors amid growing demand for better medical facilities. DealStreetAsia has more here.
• Singapore investment firm Conifer Capital has invested $7 million in Nephro Plus, a dialysis provider in the Philippines founded by US-trained nurse Donna Gatus Mangulabnan. The funding will help Nephro Plus expand its network of public-private partnership clinics to address the Philippines' severe dialysis shortage, which currently affects over 100,000 patients requiring treatment with a shortfall of approximately 8,000 dialysis stations. Government healthcare reforms are expected to significantly increase dialysis subsidies from PhilHealth to $1.3 billion by 2025, up from $300 million in 2022, creating growth opportunities in what Conifer Capital describes as "one of Asia's most underserved yet fastest-growing dialysis markets." Business NewsAsia has more here.
• Sin Chew Woodpaq, a Singapore-based specialized logistics firm under the M3 SG group, has secured a strategic investment from Heliconia Capital Management, a subsidiary of Temasek Holdings, to support its regional expansion and enhance capabilities in high-tech sectors like semiconductors and aerospace. While the investment amount remains undisclosed, the funding will help scale operations through both organic growth and acquisitions, especially in Malaysia and Thailand. Sin Chew, originally a wooden case manufacturer founded in 1972, now serves over 550 multinational and Fortune 500 clients with end-to-end engineering logistics solutions. The company plans to double its workforce and launch a 300,000 sq ft advanced logistics hub in Singapore by 2026 to further optimise supply chains and support growing demand. PR Newswire has more here.

Venture Capital

• Indonesian agritech startup Eratani has secured $6.2 million in Series A funding led by Singapore's Clay Capital, with participation from several other investors. The company, founded in 2021, will use the capital to expand its technology offerings including precision agriculture tools and sustainable cultivation practices to improve farm productivity. Eratani's platform connects over 34,000 smallholder rice farmers across Indonesia to financing, agricultural inputs, training, and markets, resulting in a reported 29% boost in farmer productivity. Despite a broader slowdown in Indonesia's agritech sector, the funding highlights continued investor interest in sustainable agricultural solutions addressing food security concerns. AgFunderNews has more here.
• Indonesian agritech startup Semaai has secured a bridge funding round of up to $3 million from both new investor Bidra Innovation Ventures and existing backers, including Sumitomo Corporation Equity Asia. Founded in 2021, the company has recently undergone significant operational changes, including scaling back its lending business following industry-wide scrutiny after an aquatech scandal, while focusing on developing proprietary agricultural input products such as specialized fertilizers. Despite broader venture capital hesitancy in Indonesia's agritech sector, Semaai's strategic pivot and development of innovative agricultural inputs has attracted investor interest as it aims to reach profitability within the next year. The company continues to focus on its core mission of connecting smallholder farmers with better inputs, advisory tools, and working capital in Indonesia's fragmented agricultural ecosystem. DealStreetAsia has more here.
• Singapore-based women's health supplement brand Moom Health has secured SGD3.5 million (US$2.7 million) in pre-Series A funding led by Wipro Consumer Care Ventures, with participation from DSG Consumer Partners, Racer Ventures, and HPRY Holdings. Founded in 2021, the company creates natural, expert-backed supplements specifically designed for modern Asian women and currently operates in Singapore, Malaysia, and Hong Kong. The new funding will support Moom Health's product innovation, supply chain improvements, market expansion, and growth of both digital and retail presence as they continue to address specific women's health needs with popular products like Happy Hormones and Healthy V. e27 has more here.
• Indonesian research startup Populix has secured $4.3 million in the first close of its Series B funding round led by MSW Ventures, with participation from existing investors Intudo Ventures and Acrew Capital. The technology-based research company connects businesses with targeted respondents throughout Indonesia, providing end-to-end research solutions for market and public policy studies. Populix plans to use the new capital to develop AI capabilities, particularly synthetic respondents that simulate human survey responses, automate more of its research pipeline, and expand across Southeast Asia, despite posting increased losses of $2.4 million in 2023 compared to $2.08 million the previous year. The Business Times has more here.
• Singapore-based Device-as-a-Service platform Cinch has raised up to $28.8 million in debt and equity funding led by Monk's Hill Ventures, with participation from multiple venture investors including Z Venture Capital and 1982 Ventures. Founded in 2023 by Mahir Hamid, Cinch offers subscription-based access to electronic devices like smartphones and laptops, partnering with major brands such as Samsung Electronics Singapore as the official subscription partner for the Galaxy S25 series. The company aims to scale its circular tech ecosystem across Southeast Asia, addressing the growing demand for affordable technology access while reducing e-waste through its refurbishment and redeployment model that eliminates the need for upfront device ownership. Monk’s Hill Ventures has more here.
• Flagright, an AI-native anti-money laundering compliance platform founded in 2022 by Baran Ozkan and Madhu Nadig, has secured $4.3 million in seed funding led by Frontline Ventures with participation from several angel investors and existing backers Y Combinator, Pioneer Fund, and Moonfire Ventures. The company has evolved from a real-time transaction monitoring platform into a comprehensive AML compliance system that offers dynamic risk scoring, automated case management, and AI-powered solutions that have reportedly reduced false positives by 90% and operational costs by 80% for its over 50 customers across six continents. The fresh funding will support the development of Flagright's AI Forensics product family and international expansion, including strengthening operations in New York and San Francisco while establishing a new EMEA headquarters in London to complement existing offices in Berlin, Singapore, and Bangalore. Fintech News Singapore has more here.
• Greentech company Nūl Global Technologies has launched with $500,000 in pre-seed funding to address sustainability issues in the fashion industry. The company's platform leverages AI, data science and machine learning to help retailers improve inventory management through better stock planning, allocation and replenishment, while enabling brands to redistribute inventory to more profitable locations. With its new funding, Nūl plans to advance its pilot projects across Southeast Asia and expand brand partnerships as it moves toward product commercialization. Built In Singapore has more here.
• Se’Indonesia, a fast-growing food brand known for its traditional smoked meats, has raised $9.66 million in fresh funding from investors including Insignia Ventures, Trihill Capital, and Saison Capital. The funds will support working capital and expansion, with plans to grow to 150 online outlets and 30 dine-in stores by year-end. Originally launched as Lakuliner in 2021, the company rebranded in 2024 and has addressed early operational challenges through tech upgrades and strategic hiring, achieving monthly profitability and double-digit sales growth. The funding reflects broader investor interest in Indonesia’s tech-enabled F&B sector, driven by a young, urban population and demand for scalable, resilient consumer brands. DealStreetAsia has more here.
• Safety AI startup viAct has raised $7.3 million in a Series A funding round led by Venturewave Capital, with participation from Singtel Innov8, Korea Investment Partners, and others. The funds will be used to enhance viAct’s AI models for hazard prediction, environmental compliance, and workforce safety in heavy industries. Founded in 2016, viAct provides AI-powered solutions like “Scenario-based Vision Intelligence” to improve safety and productivity in sectors such as construction, oil & gas, and manufacturing. With a strong track record of preventing workplace incidents and boosting efficiency, the company now plans to expand into the MENA and European markets. e27 has more here.
• Singapore-based cleaning robot maker LionsBot International has raised approximately $20.6 million in its latest funding round, with backing from existing investors such as Wisag, Reiwag Singapore, and SuperSteam Asia Pacific. The round, likely part of a Series B, values the company at around $165.9 million, though total funding may be higher when including other financial instruments. Founded in 2018, LionsBot develops autonomous cleaning robots like LeoBot, designed for commercial spaces with features like AI-enabled batteries, obstacle avoidance, and remote supervision. Despite growing interest in the global cleaning robot market, LionsBot posted a $16.06 million loss in 2023, with revenues declining and costs increasing year-over-year. DealStreetAsia has more here.
• Singapore-based cross-border payments company Thunes has raised $150 million in a Series D round co-led by Apis Partners and Vitruvian Partners to support its global expansion, especially in the US where it now holds licenses in all 50 states. Thunes operates a Direct Global Network that spans 130+ countries, enabling payments in over 80 currencies through 550 direct integrations. With clients including Visa, PayPal, and Uber Eats, Thunes reports a $150 million revenue run-rate and positive EBITDA, highlighting its financial stability amid growth. This marks one of Southeast Asia’s few “megadeals” of 2025 so far, during a time of declining overall deal activity in the region. PR Newswire has more here.
• Singapore-based cybersecurity startup SquareX has raised $20 million in a Series A funding round led by SYN Ventures, with participation from existing investor Peak XV Partners. The company develops a browser detection and response (BDR) solution through a disposable browser extension that protects users from threats like spearphishing, browser-native ransomware, and malicious file downloads. The new funds will primarily support product development and team expansion in the US. SquareX’s approach eliminates the trade-off between security and usability, addressing rising cybercrime in Southeast Asia as digital adoption accelerates. TechInAsia has more here.

Funds

• Clime Capital has closed its second fund, SEACEF II, raising $175 million to invest in decarbonization projects across Southeast Asia, particularly in Vietnam, the Philippines, and Indonesia. The fund, structured with first-loss junior and senior tranches, is backed by a diverse coalition of philanthropic, public, and private investors including Allied Climate Partners, Australian Development Investments, and several international development banks. In 2024, SEACEF II has already invested $35 million across five solar and electric mobility projects, with its investment expected to create over 2,000 jobs, align with the Paris Agreement, and significantly reduce carbon emissions. TechNode Global has more here.
• Several Indonesian conglomerates, including the Sinar Mas Group, are backing a new private equity fund called Sriwijaya Capital with commitments exceeding $300 million, which is currently awaiting regulatory approval in Singapore. The fund, led by a prominent local businessman as General Partner, plans to adopt a sector-agnostic strategy investing in established companies across Southeast Asia, not just Indonesia. Despite Indonesia's attractive investment landscape due to demographic advantages and steady economic growth, establishing locally licensed PE firms remains challenging due to regulatory complexity, limited deal sizes, and exit opportunities. Several existing Indonesia-focused PE firms operate with Singapore licenses, including Northstar Group managing over $2.6 billion, Capsquare Asia Partners currently exploring portfolio exits, and newer entrant Novae Capital Partners with its $100 million debut fund. DealStreetAsia has more here.

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