Asia Funding Roundup: 5 Startups that got Funded this Week

By Aparajita Saxena

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You're reading Entrepreneur Asia Pacific, an international franchise of Entrepreneur Media.


Take a look at five startups that received funding this week.

Bukalapak website

Indonesia's Bukalapak

E-commerce giant Bukalapak on Friday raised funding from South Korea's Shinhan Financial Group, giving the company a valuation of $2.5 billion.

Shinhan's investment banking unit joins Alibaba's Ant Financial, GIC, 500 Startups, Emteck and Mirae Asset, among others, as investors in the company. The amount of money Bukalapak raised was not disclosed.

With 40 million visitors monthly visiting its website, and nearly 910,000 app downloads over the last 30 days, Bukalapak is one of Indonesia's top e-commerce firms. It has raised a total of $50 million in funding over seven rounds, according to data aggregrator, Crunchbase.

Singapore's NuSpace

Space technology firm, NuSpace raised seed funding from Japan's Beenext, a venture capital company, for an undisclosed amount.

The company, which provides IoT connectivity, and data services using nano-satellites, said it will use the funds to build a constellation of nanosatellites to bring IoT connectivity to places that could be economically unfeasible, such as in the middle of the ocean.


Thailand's Drivemate

Peer-to-peer car sharing company raised $2.2 million in a series A funding round led by software solutions provider, Netsol Technologies Inc.

Isuzu Motors, Colopl Next and UNT Group also partcipated in the round, bringing the total investment to $2.8 million.

Sharing economy has taken off in a bit way in Asia, thanks to the popularity of some huge homegrown companies in the region. Ridehailing accounted for a huge chunk of the $100 billion internet economy in Southeast Asia, according to a recent joint study.

PayMongo's Facebook page

Philippines' PayMongo

Fintech company PayMongo raised $2.7 million in seed funding from investors including Founders fund, PayPal co-founder Peter Thiel, Stripe, Y Combinator, among others.

The company boasts more than 1,000 businesses on its platform, and says its total transaction value processed is growing at an average of 117 percent week over week.

App analytics firm Adjust

Mobile application analytics company Adjust said it would invest heavily into expanding in Southeast Asia, following its latest funding round where the Berlin-based company raised $227 million from investors including Morgan Stanley, Eurazeo Growth, and Sofina, among others.

The company, which provides data on consumer engagement with an app, reports in-app bugs, and helps apps optimise their marketing campaigns, would initially primarily focus on Singapore, Indonesia and Vietnam, it said in a press release.

Rakuten, Traveloka, Netzme, LINE, and Tencent Games are some of the high-profile companies Adjust provides its services to in Asia.

Aparajita Saxena

Former Deputy Associate Editor, Asia Pacific

Aparajita is Former Deputy Associate Editor for Entrepreneur Asia Pacific. She joined Entrepreneur after nearly five years with Reuters, where she chased the Asian and U.S. finance markets.

At Entrepreneur Asia Pacific, she wrote about trends in the Asia Pacific startup ecosystem. She also loves to look for problems startups face in their day-to-day and tries to present ways to deal with those issues via her stories, with inputs from other startups that may have once been in that boat.

Outside of work, she likes spending her time reading books (fiction/non-fiction/back of a shampoo bottle), chasing her two dogs around the house, exploring new wines, solo-travelling, laughing at memes, and losing online multiplayer battle royale games.


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