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.

This roundup highlights the most notable activity across markets including Indonesia, Vietnam, the Philippines, Malaysia, Singapore, and Cambodia. Whether it’s Pertamina’s first foray into Philippine renewables, the Beam-Neuron micromobility merger, or emerging tech solutions like Rebee’s physiotherapy platform and AI Hay’s hyperlocal knowledge engine, the stories below provide a snapshot of Southeast Asia’s fast-evolving business and technology landscape.

M&A Deals

• Indonesian state energy firm Pertamina has acquired a 20% stake in Philippine clean energy developer Citicore Renewable Energy Corp (CREC) for approximately $120 million, marking Pertamina's first investment in the Philippine renewable energy sector. The deal enables joint investments in solar, wind, and carbon-related projects across both Indonesia and the Philippines, with Citicore currently operating 287MW of solar capacity and targeting five gigawatts within five years. Citicore, one of the Philippines' largest solar power producers, also has 803MW of wind projects in its pipeline, including 362MW already approved under the government's Green Energy Auction programme. This partnership allows both companies to accelerate their clean energy goals and expand renewable energy development throughout Southeast Asia. Forbes has more here.
• Singapore-based micromobility companies Beam Mobility and Neuron Mobility have signed a preliminary agreement to merge, with the deal expected to close within 60 days pending approvals. The combined entity will retain both brand names in their strongest markets—Neuron in Australia and Canada, and Beam in South Korea, Southeast Asia, and Turkey, with a recent expansion into the U.S. Neuron CEO Zachary Wang will lead the new company as global CEO and chairman, while Beam’s CEO Alan Jiang will become CEO for Asia. The merger aims to create a global e-scooter operator by leveraging Beam’s fleet and market expertise with Neuron’s success in tender-based markets to drive sustainable growth and profitability. TechNode Global has more here.
• South Korean media company SBS Co. Ltd is investing 331 billion rupiah ($20.3 million) in Indonesia’s PT MD Entertainment Tbk through a rights issue, marking its first strategic entry into the Indonesian entertainment market. MD Entertainment will issue 987 million new shares, potentially raising up to 791.8 billion rupiah ($48.8 million), with proceeds used to repay debt and support working capital. The investment will give SBS a 3.8% stake, while CEO Manoj Punjabi’s ownership will slightly increase. Despite a drop in net income in 2024 due to rising costs, MD Entertainment saw revenue growth and continues to expand its media footprint, recently acquiring and rebranding NET TV to MDTV. IDN Financials has more here.

Private Equity

• Khmer Water Supply Holding (KWSH), which provides clean piped water to rural communities in Cambodia, has secured equity funding from Marubeni Corporation and other investors, including a follow-on investment from Insitor Partners. The new capital will support KWSH’s efforts to expand existing water stations, increase household connections, acquire new licenses in underserved areas, and enhance service and operational standards. This funding builds on a prior $2.3 million investment from InfraCo Asia, which facilitated the installation of 600km of new pipeline. The investment marks a step forward in improving rural water access and infrastructure in Cambodia. Cambodia Investment Review has more here.

Venture Capital

• Vietnamese education technology company Galaxy Education has secured nearly $10 million in funding from East Ventures and other investors, achieving company-wide profitability in Q1 2025. The funding will primarily support GE's national English as a Second Language program, which aligns with Vietnam's government directive to improve English proficiency across the country. At the core of GE's approach is its AI-powered ICAN platform that personalizes learning experiences and provides real-time support for teachers. Founded in 2020, the company now serves over 8 million learners across Vietnam and 34 countries through its three main brands: HOCMAI (K-12), ICAN (language education), and FUNiX (online university). PRNewswire has more here.
• Instapay Technologies, a Malaysian digital payment platform, has raised $3 million in a Series A2 funding round led by US family offices and supported by existing investors including Singapore-based ACA Investments. The company, which launched in 2019 to serve unbanked migrant workers in Malaysia, offers an e-wallet that enables digital cross-border remittances, bill payments, and mobile top-ups. The funding will be used to support product expansion, technological upgrades, and innovation in cross-border payments, with plans to launch business-to-business remittance services through its Glyd Corporate Expense Management platform. FinTech Global has more here.
• Technology company Multiplier Holdings launched on Thursday with $27.5 million in seed and Series A funding led by Lightspeed Venture Partners, with participation from Economic Development Board Investments and previous investors SV Angel and Ribbit Capital. The Singapore-headquartered company acquires professional services firms and integrates them into its AI-driven practice management platform, helping automate time-consuming tasks and improve client outcomes. The funding will be used to expand its portfolio globally, particularly targeting companies in tax, accounting, and similar professional services sectors, while accelerating development of its AI automation platform. Multiplier aims to create a library of configurable AI and workflow components that can be tailored to fit the specific needs of each acquired company. The Business Times has more here.
• Philippines-based financial services firm Salmon Group Ltd has completed an $88 million fundraise, consisting of a $60 million drawdown from a Nordic bond framework and $28 million in new equity from US institutional investors led by Spice Expeditions. The funding represents one of the largest recent investments in Philippine fintech and marks the first-ever Nordic bond issuance by a Southeast Asian technology firm. Founded in 2022, Salmon operates a BSP-regulated bank and uses AI-enabled technology to offer consumer credit products and high-yield savings deposits at 8.88 percent, one of the highest rates in the Philippines. The company plans to use the funding to expand its credit-led, technology-centric banking model across Southeast Asia, building on its success with over 3,000 locations in the Philippines. TechNode Global has more here.
• Dennis Chua has launched Timah Partners, a permanent holding company that raised $50 million in Series A funding to address SME succession challenges in Southeast Asia. The company provides structured succession solutions for retiring SME founders, including a CEO-in-Training program to develop younger leaders, with initial operations focused in Singapore where SMEs employ over 70% of the workforce. The venture is backed by prominent investors including executives from Danaher Corporation, TransDigm Group, and 3G Capital. This permanent capital model offers an alternative to traditional family succession or private equity exits, addressing the critical succession gap facing Asia's aging entrepreneur population where most business owners lack formal succession plans. TechInAsia has more here.
• SSI Digital Ventures, the investment platform of Vietnamese securities firm SSI, has invested in U2U Network, a Layer 1 blockchain project focused on DePIN (Decentralized Physical Infrastructure Networks). The investment was made through SSI's $200 million digital technology and blockchain investment platform launched in January, which plans to invest in 10 promising blockchain and AI projects this year with ticket sizes ranging from $50,000 to $5 million. SSI Digital Ventures has also signed strategic cooperation agreements with Tether and Amazon Web Services (AWS) to promote digital financial infrastructure, blockchain, and cloud computing development in Vietnam. The platform ultimately aims to expand to $500 million by attracting external investors and focuses on supporting blockchain innovations across finance, healthcare, education, and agriculture sectors. Messari has more here.
• 3cat, a Malaysian omnichannel platform for secondhand electronics, has raised an undisclosed amount in its pre-Series A funding round led by The Radical Fund, AEON, and returning investors. Founded in 2023, the company operates both online and through physical stores, having opened over 20 outlets in its first year. The new funding will support 3cat’s expansion to nearly 100 stores across Malaysia. This growth aims to capitalize on the country’s booming secondhand smartphone market, projected to reach $800 million by 2026. Business NewsAsia has more here.
• Vietnamese AI-driven platform AI Hay has raised $10 million in a Series A round led by Argor Capital, with participation from existing investors including Square Peg, Northstar Ventures, AppWorks, and Phoenix Holdings. This brings the company’s total funding to over $18 million as it aims to scale its platform to serve 100 million Vietnamese with hyperlocal, intelligent AI tools. AI Hay reports over 15 million downloads and 100 million monthly questions answered, offering context-rich answers via large language models, curated local content, and a user community. The new funding will support expansion into web-based experiences, further product innovation in education and entertainment, and the development of AI companions. The Business Times has more here.
• VinVentures, the venture capital arm of Vietnamese conglomerate Vingroup, has invested in LIVEN Technology, a startup serving the event and wedding industry. Founded in 2022, LIVEN offers platforms like Your Wedding Planner, VDES.vn, and Marry.vn to streamline wedding planning, connect service providers, and provide media content. The seed funding will help LIVEN scale its operations, enhance its tech capabilities, and grow its presence in Vietnam, with plans to expand regionally by targeting the destination wedding market popular among Southeast Asia’s urban millennials. This investment aligns with VinVentures’ mission to support promising startups across Vietnam and the region. More here.
• Indonesian spend management platform Monit has raised $2.5 million in a funding round led by Cento Ventures, with participation from Sansan, 1982 Ventures, and Init 6. The funding will support the enhancement of Monit’s AI-powered financial tools, expansion of its leadership and sales teams, and regional growth across Southeast Asia. Monit addresses inefficiencies in corporate financial operations by offering real-time expense tracking, budgeting, and spend control through a platform combining corporate cards with intelligent software. Since launch, Monit has processed over $200 million in payments, grown revenue fivefold year-over-year, and aims to reach $1.4 billion in transaction volume by 2026. Fintech Finance has more here.
• Singapore-based healthtech startup Rebee has raised US$1.18 million in a seed funding round led by Paragon Ventures I, SEEDS Capital, 1337 Capital 1, The LAB9, and C-shark SG. The funds will be used to enhance Rebee’s digital physiotherapy platform and expand partnerships with healthcare providers in Singapore, Malaysia, and Australia. Rebee's platform uses wearable sensors to support home-based recovery for musculoskeletal pain, offering guided exercises, real-time feedback, and progress tracking. The company also plans to engage insurers and conduct further research on patient outcomes to improve physiotherapy accessibility across Southeast Asia. TechInAsia has more here.
• Vietnamese enterprise management software company 1Office has raised $3 million in funding from Redbadge Pacific and domestic investors, building on its previous Series A round from Japanese firm Mynavi in 2023. The company is using the capital to execute its "1Office Next" strategy, transitioning from traditional Software as a Service (SaaS) to AI as a Service (AaaS) by developing specialized AI agents for enterprise management and automation. 1Office claims to have achieved over 50% annual growth and profitability since Mynavi's investment, serving more than 6,000 clients, and is actively pursuing M&A deals with AI startups to build a comprehensive AI ecosystem. This funding reflects Vietnam's broader emergence as an AI innovation hub, with recent investments in companies like AI Hay ($10 million Series A) and partnerships between Vietnamese conglomerate Vingroup and US tech giants Nvidia and Qualcomm. DealStreetAsia has more here.
• Singapore-based robotics startup Augmentus has raised $11 million in a Series A+ funding round led by Korean firm Woori Venture Partners, with participation from new investor EDBI and existing backers Sierra Ventures and Cocoon Capital. The company, which has now raised $17.9 million total, develops a no-code robotics platform that uses 3D scanning, AI-driven path planning, and adaptive motion control to simplify robot programming for manufacturers. Augmentus plans to use the funds to meet growing demand from manufacturing clients, expand across Asia Pacific and North America, and advance R&D on next-generation adaptive robotics that can work in complex, high-mix environments. The company has sold over 50 systems across six countries and is targeting Southeast Asia's robotics market, which is projected to grow from $1.12 billion in 2024 to $1.93 billion by 2032. Morningstar has more here.
• Indonesian AI-powered credit analysis startup Sxored has raised an undisclosed amount of funding from East Ventures, less than a year after its founding in June 2024. The company's platform uses intelligent OCR and AI to automate credit document processing, extracting data from Indonesian bank e-statements, detecting fraud indicators, and generating borrower summaries while supporting property collateral appraisal. Sxored aims to replace manual PDF review processes that most Indonesian lenders currently use, with CEO Cyrill James Hardie stating the platform eliminates guesswork in document verification. The startup plans to use the funding to accelerate product development and enhance its AI and machine learning capabilities, serving banks, fintech lenders, and other financial institutions. TechNode Global has more here.

Funds

• The Australian government has committed A$50 million to a new climate investment fund in Indonesia, as part of the Australia-Indonesia Climate and Infrastructure Partnership (KINETIK). The KINETIK Affirma Capital Climate Transition Fund I will be managed by Singapore-based Affirma Capital and aims to raise $200 million to support projects in renewable energy, sustainable transport, waste management, and related sectors. The Private Infrastructure Development Group (PIDG), which facilitated the investment, will also provide environmental and social oversight. This initiative is part of a broader A$200 million partnership launched in 2023 to help Indonesia achieve its net-zero goals through policy reform, SME financing, and green infrastructure development. DealStreetAsia has more here.

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