Tag: Funding round

Indonesia – Indonesia-based coffee chain Flash Coffee has raised an additional $3 million in fresh funding to accelerate its nationwide expansion and roll out a bold new store concept across key cities.

The new funding round was led by TA Ventures, with continued backing from long-time investor White Star Capital. The investment follows a strong year for Flash Coffee, marked by solid unit economics and an average store-level EBITDA of 22%.

The capital will be used to support Flash Coffee’s expansion strategy, which includes surpassing 70 stores across Indonesia in 2025 and entering two additional cities. With revenue per store having doubled over the past year and all outlets now operating profitably, the company is positioning itself for sustained national growth.

Richard Armstrong, venture partner & SEA lead at TA Ventures, said, “We spent significant time analysing the opportunities of this category in Southeast Asia; as a result, we’re excited to join Flash Coffee’s journey. Today’s Indonesian consumer is cross-generational, seeking experiences that are meaningful and personal. Flash Coffee has perfectly adapted, responding to this shifting consumer behaviour.”

Part of the funding will also go toward enhancing Flash Coffee’s store design. The new concept integrates natural textures, regional materials, and greenery to create spaces that encourage longer visits and deeper brand engagement.

Flash Coffee is also introducing a refreshed brand identity, which includes a redesigned logo and the ‘Kebanggaan Indonesia’ (‘Proudly Indonesian’) watermark. The rebranding effort draws from local craftsmanship and culture, aligning the company more closely with its Indonesian roots.

Developed entirely in-house, the visual overhaul is intended not just as a stylistic update but as a strategic tool to strengthen customer loyalty and support profitability as the company scales across both existing and new markets.

“The past year has been about discipline. We’ve focused on getting the fundamentals right: profitable stores, stronger teams, better menus, and spaces that reflect modern Indonesia. We didn’t chase growth; we earned it,” said Jakob Angele, executive chairman of Flash Coffee. 

“This latest investment will help us scale what works: beautifully designed stores, high-performing teams, and a product that speaks to today’s Indonesian consumer,” he added.

Singapore – Klook has announced US$100m in funding led by growth investment firm Vitruvian Partners. The latest investment underscores continued confidence in Klook’s vision, market leadership, and operational excellence as the company accelerates its efforts to capture the fast-growing market of next generation travelers and deepen its reach across Asia-Pacific.

The investment from Vitruvian Partners, known for backing high-growth, category-defining companies, brings a wealth of expertise and global perspective to Klook’s next phase of growth. 

With a strong track record of supporting travel innovators and scaling global businesses, Vitruvian’s partnership reinforces Klook’s ambition to expand its reach, and solidify its position as a category leader.

Marking its 10th anniversary in 2024, Klook has been instrumental in redefining how travelers discover and book in-destination experiences. The company has facilitated millions of seamless travel moments, empowered local businesses, and contributed US$7.2b in GDP and supported over 219,000 jobs in Asia-Pacific, reaffirming its pivotal role as a key economic engine in the region’s tourism sector.

Ethan Lin, CEO and co-founder of Klook, said, “Over the past decade, Klook has established itself as the go-to platform for travel experiences in Asia Pacific, reimagining how travelers discover and connect with destinations. With the region set to remain the heartbeat of global tourism, Klook’s strong brand, extensive supply network, and deep local expertise position us to deliver even greater value to the next generation of experience-driven travelers across the world. We are excited to welcome Vitruvian on this journey.”

Meanwhile, Sophie Bower-Straziota, partner at Vitruvian Partners, commented, “We are thrilled to partner with Klook at this pivotal moment in its journey. Klook’s track record of innovation, commitment to customer experience, and deep market expertise make it uniquely positioned to lead the transformation of travel experiences in Asia Pacific. We believe Vitruvian’s investment and its deep thematic expertise in the global travel experience market will help further drive Klook’s growth by strengthening its operational capabilities and expanding its reach.”

The newly secured capital will drive Klook’s next phase of growth and innovation. Through its expanded AI partnership with Google Cloud, the company plans to enhance customer experience, merchant operations, and internal productivity. Klook is also future-proofing the tourism sector through digital transformation and fostering community impact in collaboration with tourism boards across Asia-Pacific.

Moreover, a recent agreement with the Philippine Department of Tourism (DOT) exemplifies this approach, accelerating the digital transformation of the country’s tourism sector and improving access to authentic local experiences.

Singapore – Supermom, a Singapore-based AI consumer data platform designed by and for mothers, has successfully secured S$18m (US$14m) in a series B funding round, attracting investment from four key investors.

The funding round is spearheaded by Granite Asia, one of Asia’s top venture capital firms, and features participation from Hearst Ventures, along with returning investors Qualgro and AC Ventures.

This latest funding round follows Supermom’s Series A raise of S$8m in December 2022, which was also led by Qualgro, reinforcing the belief that Supermom is a standout innovator harnessing AI and data to deliver value for families and consumer brands.

Supermom plans to utilise the funds to enhance its AI capabilities and expand internationally, allowing for improved product offerings and increased innovation to deliver greater value to both brands and consumers. Additionally, team expansion will be prioritised to accelerate development initiatives.

“We are thrilled to partner with Supermom as they build the largest AI driven data platform in SEA connecting brands and consumers. At Granite Asia, we believe in supporting companies that positively impact communities, and Supermom’s vision of empowering parents across SEA to live better and smarter aligns with our values. We look forward to helping accelerate their growth and expand their reach across the region,” shared Jenny Lee, managing partner at Granite Asia. 

Katie Hu, managing director of Hearst Ventures, added, “We were impressed by the way in which the Supermom platform has delivered significant business growth for brands while enhancing parenthood experiences for mothers and families. Its expanding footprint in the Southeast Asia region makes it an attractive company to watch out for. We are looking forward to working with the Supermom leadership to unleash their ambitions for the region.” 

Commenting on the continuous commitment by Qualgro, Weisheng Neo, partner at Qualgro, shared, “As an AI and data investor, our confidence in Supermom’s team stems from our strong working relationship that has led to accelerated growth and outstanding products. We have been impressed by the speed and dedication for building an advanced data platform.” 

“We have seen the Supermom business in Indonesia grow significantly in the last one year, with the launch of Project 1MPACT and onboarding of new agencies and brands. We are excited to be a part of their growth journey in SEA’s largest and fastest-growing market,” added Adrian Li, managing partner at AC Ventures. 

Supermom has established a robust ecosystem that connects over 10 million parents across Southeast Asia, supported by more than 6,000 online communities and over 250 consumer brands, including multinational companies such as AIA, Kimberly Clark, Abbott Laboratories, and Unilever, as well as local giants like Mandiri, Indofood, and Wings Group.

The platform has proven its value in offering families valuable insights into lifestyle and consumption choices. Additionally, Supermom creates income-earning opportunities for mothers by rewarding them for their insights and user-generated content, while also fostering connections among like-minded parents. 

Commenting on the funding, Luke Lim, CEO of Supermom, said, “We are grateful to our investors—both new and returning—for believing in our vision and extending their support. As a company, we remain committed to building the largest AI-driven data platform in SEA, connecting brands and consumers. Our track record in the last four years of scaling the business by focusing on our core solutions and core clients has helped us to build a solid foundation for growth. We are thrilled to have Granite lead this investment round. With their extensive global experience in transforming tech startups into industry leaders, we are confident in the future growth and impact of our business.” 

Supermom was established by Joan Ong, a former managing director of global MICE organiser Terrapinn, along with Luke Lim and Rebecca Koh, chief of staff of Supermom. 

Australia – Scope3, a sustainability platform focused on decarbonising media and advertising, has secured $25m in new funding, led by Google Ventures (GV), to extend its efforts into the rapidly growing AI sector.

The new investment will help Scope3 continue to promote sustainability in the media and advertising industries while addressing the environmental impact the booming AI industry brings.

As the climate crisis intensifies, the rapid adoption of AI is generating substantial environmental impact, with training a single AI model consuming vast energy and emitting significant carbon. Companies are under pressure to deploy AI while meeting climate goals, often without clear solutions to control emissions. 

Amid rising concerns over AI’s long-term environmental impact, Scope3 is stepping in to help businesses balance sustainability with AI-driven innovation. The platform is now extending its proven methods for decarbonising the media and advertising supply chain to address the carbon footprint of AI.

“The most innovative companies in the world are considering sustainable AI practices that address environmental concerns while delivering real business value. Scope3 has the talent, technology, and expertise needed to decarbonise the media and advertising industry,” said Erik Nordlander, general partner at GV. 

“We’ve seen the impact Brian O’Kelley and the Scope3 team have had on the advertising and marketing supply chain, and we’re excited to double down on our investment based on the traction we’ve seen. We’re proud to deepen our partnership with Brian and support Scope3’s mission as we move toward a more sustainable future,” he added. 

Scope3’s funding round saw participation from existing investors Venrock, Room40 Ventures, and Craft Ventures, alongside new backers Aperiam Ventures and Virgo Strategic Investments.

Along with the funding, Scope3 also unveiled its open-source AI methodology, which tracks the environmental impact of the entire AI lifecycle. This tool helps companies develop data-driven strategies to reduce carbon footprints and optimise their AI investments.

Brian O’Kelley, co-founder and CEO of Scope3, explained, “AI and the media industry are soon going to be indistinguishable. The biggest AI players are monetising through advertising, just like the search giants before them, and every marketer is using AI to create the content that fuels their campaigns. That’s why extending our methodology to capture the climate impact of AI is imperative, both for our business and the industry as a whole.”

Since its 2021 launch, Scope3 has pioneered sustainable digital media, providing tools to help the media and advertising industries reduce carbon emissions without compromising ROI or business success. In fact, thousands of brands, including Coca-Cola, GM, Mastercard, and Sanofi, use Scope3 to decarbonise their media, avoiding nearly 3,000 metric tonnes of carbon emissions in 18 months. 

Singapore – SleekFlow, a Singapore-based provider of omnichannel conversational AI for customer engagement, has secured US$7m in a Series A+ funding round led by South Korean venture capital firm Atinum Investment, bringing its total funding to US$15 million.

The new funding round is expected to fast-track SleekFlow’s global expansion, targeting key markets in Southeast Asia, the Middle East, and Europe. The investment will also fuel advancements in AI technology, including enhanced analytics and the development of sophisticated marketing workflows, while expanding communication channels such as calls and emails to better serve its growing international customer base.

The investment round also saw participation from existing backers, including AEF Greater Bay Area Fund, managed by Gobi Partners GBA, and Transcend Capital Partners. Additionally, it attracted a new investor, Moses Tsang, a former general partner of Goldman Sachs Group and chairman of Goldman Sachs (Asia) LLC.

Peter Na, regional head of the Singapore Office and director of Atinum Investment, said, “Being at the front of the rapidly expanding global customer engagement market, SleekFlow meets the evolving needs of enterprise customers. SleekFlow’s localised approaches have expanded it beyond Asia, entering new markets in the Middle East and South America. We are fully committed to supporting its ongoing global expansion and are excited for the opportunities ahead.”

Looking ahead, SleekFlow plans to secure its Series B funding within the next 12 months as it continues to solidify its position. SleekFlow’s solutions have already made significant inroads across various industries, serving prominent clients such as Delonghi, Hilton Dubai, L’Occitane, Shangri-La, Hong Kong Broadband Network, Cellini, Khind, TOTO, 7-Eleven, Kimberly-Clark, Awfully Chocolate, and Audi.

Henson Tsai, founder and CEO of SleekFlow, shared, “Since the appointment of our Chief Technology Officer, Gao Lei, a Silicon Valley veteran, we have significantly increased our engineering efforts to be at the forefront of innovative tech and advanced AI. We are more ambitious than ever, with offerings underway for fully automated sales and support journeys in voice, calls, and emails, to deliver unparalleled value to our customers across industries like insurance, healthcare, telecom, service, and retail.”

Singapore – Kasagi Labo, a local-based anime venture studio, has recently raised US$12m in funding for its pre-series A funding round in a bid to bring authentic Japanese anime to a global audience.

The funding round was led by Burda Principal Investments alongside Sfermion, Gold House, CMT Digital, and Superscrypt.

Kasagi Labo’s multifaceted approach unites fans and creators to develop and shape global anime IPs, uniquely positioning them to change the anime landscape worldwide. Moreover, through this funding, the company aims to leverage this industry momentum, investing strategically in anime productions and partnerships and leveraging their IP value chain in licensing, distribution, and merchandising.

Kendrick Wong, founder and CEO at Kasagi Labo, said, “With a strong coalition of strategic investors, industry advisors, and an experienced management team, the company is well-positioned to spearhead innovation and set new benchmarks in the global anime landscape.”

Meanwhile, Edwin Mak, principal at Burda Principal Investments, commented, “Partnering with Kasagi Labo reflects our commitment to supporting innovative and transformative businesses. Anime is a fast-growing market globally that is ripe for change. Kendrick and his team have demonstrated an ability to execute effectively against a business model which we believe has the potential to transform the industry. We are incredibly excited to lead the company’s Pre-Series A round and support their long-term growth across Asia and beyond.”

Kasagi Labo recently debuted its own VTuber project called Project: Verses, comprising of three talents. The anime venture studio also recently teamed up with Netflix and anime studio Genco to release mobile accessories based on the Pluto anime series.

Singapore – Travel services platform Klook has announced that it has completed its US$210m funding, supporting Klook’s business growth and fortifying its financial stability. 

Klook will strategically allocate the new funds to three key areas for growth. Firstly, in product innovation, expanding its city pass offerings to enhance traveler convenience and savings. Secondly, by scaling social and digital marketing through the Klook Kreator program, driving conversions with authentic, social, user-generated content. Thirdly, by advancing innovation through continuous AI integration.

The company will also collaborate with the new strategic investors in the region, to increase market share and boost growth, tapping into the fast-growing middle class in Southeast Asia. 

Eric Gnock Fah, COO and co-founder at Klook, said, “We are pioneering a transformative era of travel, catering to a new generation of more digitally-savvy travelers with bigger and bolder appetites for unique experiences. Our goal is to empower travelers to explore the world effortlessly through the Klook app, a one-stop platform that seamlessly connects them to a comprehensive range of in-destination services, encompassing immersive experiences and convenient ground transportation.”

Klook has demonstrated business success this year, surpassing previous milestones with a threefold increase compared to 2019 and recorded an annualised gross booking value of US$3b. 

The equity round is led by Bessemer Venture Partners, with participation from BPEA EQT, Asia investment funds Atinum Investment and Golden Vision Capital, and corporate investment arms from Southeast Asia, including Krungsri Finnovate (under Bank of Ayudhya), Kasikornbank Financial Conglomerate and SMIC SG Holdings. The round also includes bank facilities from Citi, J.P. Morgan, and HSBC. 

Meanwhile, Ethan Lin, CEO and co-founder at Klook, credits this accomplishment to the collective efforts of the team in establishing the groundwork for the post-COVID era of travel. 

“During the pandemic, we doubled down on our resources in merchant digitization and the expansion of our supply network, including car rentals and outdoor experiences. This positions us strongly to capture new travel trends coming out of the pandemic,” said Lin.

Hong Kong – Game software and venture capital company Animoca Brands Corporation Limited, a company advancing digital property rights for gaming and the open metaverse, has announced that it has received binding commitments for a funding round totaling US$20m to accelerate its ‘Mocaverse’ project. 

Mocaverse is one of the company’s marquee projects that is building on Web3-native tooling to empower products in the gaming, culture, and entertainment verticals. 

With Mocaverse, users will be allowed to create their own digital identity, accrue reputation, earn and spend loyalty points, and use their digital identity to access the Mocaverse ecosystem, seeded by Animoca Brands’ 450+ portfolio companies and partner network with over 700 million addressable users. 

The new capital secured by Animoca Brands will be used to advance the Mocaverse project, including product development, facilitating Web3 adoption, and securing partnerships to expand the gaming, culture, and entertainment ecosystems of the company’s expanded portfolio of investments in Web3 companies and projects.

Among the plans for Mocaverse is the soon-to-launch Moca ID, a non-transferrable NFT collection designed to enable users to craft their on-chain identities and participate in the Mocaverse ecosystem. 

Moca ID holders will gain exclusive access to Mocaverse ecosystem experiences and will have the unique opportunity to earn loyalty points through active engagement. These loyalty points will power a permissionless and interoperable loyalty system that will be progressively decentralised to enable third-party adoption and integration of Moca ID, with the aim of advancing the accessibility and growth of Web3.

Animoca Brands was able to raise US$20m or approximately A$31.3m  via the issue of new ordinary shares at a price per share of A$4.50. As part of the raise, the company has also granted the investors in the round a free-attaching utility token warrant on a 1:1 dollar basis.

The funding round was led by CMCC Global, with other investors including Kingsway Capital, Liberty City Ventures, GameFi Ventures, Aleksander Larsen (founder of Sky Mavis), Gabby Dizon (founder of Yield Guild Games), institutional investors at Koda Capital, and others. Yat Siu, the executive chairman and co-founder of Animoca Brands, also participated in the round.

CMCC Global is one of Asia’s first venture capital companies focused solely on blockchain and Web3 investments. As a pioneer investor in the space, CMCC Global has an enviable record of investing early in leading projects such as Ethereum (ETH) at US$7, Solana (SOL) at US$0.20 and Cosmos (ATOM) at US$0.10.

Speaking on the funding raise, Yat Siu commented, “We are deeply honoured by investors’ support for Animoca Brands and its vision of decentralisation. The ongoing evolution of the Internet involves a shift from hierarchical power structures to autonomous ones, and the DAO-based approach of Mocaverse ensures that its community will be focused on driving innovation and collaboration across the broader Animoca Brands ecosystem.”

He added, “In addition to empowering users to participate in a vibrant community that generates new economic opportunities, Mocaverse will also serve as the digital identity, reputation, and loyalty system for other decentralised organisations.”

Meanwhile, Martin Baumann, co-founder of CMCC Global, said, “Having built a long-term relationship with Animoca Brands, we are thrilled to be leading this first round of funding into Mocaverse. The project will unify the unique portfolio of companies within the Animoca Brands umbrella and will become a portal for hundreds of millions of new users to access Web3 and metaverse ecosystems. At CMCC Global, we look to support innovative founders that are pushing the boundaries of our industry. Yat Siu has proved time and again his ability to lead Web3 in creative new directions, and we are excited to be supporting him and the Animoca Brands team once again as they venture into the Mocaverse.”

Hong Kong – Digital wealth platform Endowus has announced that it has raised US$35m in funding, aimed at expanding its digital wealth leadership in Asia. New investors include Citi Ventures and MUFG Innovation Partners, as well as four of Asia’s wealthiest families with various operating businesses spanning banking to real estate across Singapore, Southeast Asia, and Greater China.

Meanwhile, other existing investors include UBS Next, Singapore-based global investor EDBI, Prosus Ventures owned by Naspers, Lightspeed Venture Partners, Singtel Innov8, and Endowus employees.

Endowus had recently launched its services in Hong Kong this year as its first overseas expansion market after Singapore. It is presently the only independent, commission-free, and conflict-free digital wealth advisor and low-cost fund platform in the city.

The successful large fundraiser comes amidst a global slowdown in fintech growth and funding. Despite the difficult financial market conditions, Endowus has continued to experience accelerated growth with group assets now crossing US$5b.

Samuel Rhee, co-founder and chairman of Endowus said, “This successful fundraise at a critical time in the growth of the company is a validation of what we have built so far, and demonstrates the strong belief in the team’s ability to execute in building the digital wealth platform of the future. Endowus is today, one of the largest independent wealth managers and the fastest-growing digital wealth platform in Asia.” 

He added, “It continues to pioneer the digitalisation of personal savings, private wealth and public pension with an unwavering belief in our vision of solving the biggest problems of an individual’s future needs, such as retirement adequacy. We are ready to embark on the next stage of growth targeting exciting new opportunities that will propel Endowus into the dominant position in the digital wealth space across Asia.” 

Meanwhile, Gregory Van, co-founder and CEO of Endowus, commented, “The next stage of Endowus’ growth will hone in on the personalisation of a joyful and meaningful investing experience for all investors at scale. As Asia looks to take over as the biggest wealth market globally, embracing technology and artificial intelligence is critical in providing clients with consistent, transparent, better, and more efficient advice at scale. 

He added, “Endowus remains resolute in helping every individual take control of their wealth goals and achieve better outcomes by systematically fixing misaligned incentives and lack of transparency as a true fiduciary and fee-only advisor. Doing this right will result in a sustainable and generational business that will have a far-reaching socio-economic impact on the lives of our clients and society.”

Singapore – Global cross-border payment infrastructure company Thunes has announced that it has extended its series C funding to US$72m, which comes after a US$60m funding from hedge fund Marshall Wace, alongside Bessemer Venture Partners and 01Fintech.

The extended funding was made possible by investments from global financial service company Visa, alongside EDBI and Endeavor Catalyst.

Thunes aims that through this extended funding, it can support its mission to address the inefficiencies of moving money internationally and create a next-generation payment system that is secure, instant and transparent.

Previously, Thunes and Visa have entered into a partnership in October 2022. In the partnership, Thunes B2B payments platform offered a send-to-wallet capability to 78 digital wallet providers globally. Using an API integration with Visa Direct, Visa’s customers can enable consumers and small businesses to send funds to eligible digital wallets in Africa, Asia, and Latin America, powered by the Thunes global network.

Peter De Caluwe, CEO at Thunes, said, “We’re proud to close Series C with such a strong roster of influential investors. Support from Visa, EDBI and Endeavor is a powerful endorsement of our strategy and capabilities, providing us with additional resources to develop innovative solutions to face industry challenges.”

He added, “By leveraging the insights and support of our investors, we will expand our network and offer businesses and consumers an unparalleled cross-border payments experience. I’m delighted to see an even deeper collaboration with Visa. Together, we will pave the way towards a global payment ecosystem that is inclusive, efficient and ubiquitous.”