Loan brokerage platform Jeff App has raised $1.5 million and plans to expand its business outside of Vietnam. Meanwhile, Pakistan-based Truck It In has completed its pre-seed round at $4.5 million.
Fintech startup Jeff App nets $1.5m for SE Asia expansion
Jeff App, a Latvian loan brokerage platform that has operations in Vietnam, has bagged a $1.5 million seed extension round led by Nordic VC firm J12 Ventures, to accelerate key hires and expansion into other Southeast Asian markets.
India-based iSeed Ventures, Slack’s investor Toy Ventures, existing backers EstBAN, Startup Wise Guys, and other angel investors also participated in the funding.
Jeff App said in a statement it has raised $2.5 million to date.
The fresh capital will be used to scale the company’s team from 15 to over 40 employees, which will help with its market expansion, growth in B2B sales and partnerships, and offline services. Jeff App is making forays into Indonesia and the Philippines.
The startup uses alternative financial data to help unbanked people access financial services. It claims to have grown 9x between end-January and August.
“This extra capital injection will help us to reach even more customers and set up for a strong Series A in 2022,” said Jeff App co-founder and CEO Toms Niparts. He added that data from the company’s platform has attracted larger partners and brands to collaborate in co-branded services and joint solutions.
Pakistan’s Truck It In raises $3m pre-seed extension
Pakistani logistics startup Truck It In has raised a $3 million extension round, taking its pre-seed round to $4.5 million.
The investment was co-led by existing investors Global Founders Capital and Fatima Gobi Ventures, with participation from Germany-based Picus Capital, and Pakistan’s Zayn Capital.
Zayn Capital, Deosai Ventures, and +92 Ventures had joined Truck It In’s $1.5 million round in April.
Connecting shippers and truckers through its online platform, Truck It In said it will use the funding to expand more services and product features. “We’re at the very early stages of transforming a critical industry and aim to help over 3 million businesses save $1 billion annually in supply chain inefficiencies,” said Muhammad Sarmad Farooq, CEO and co-founder at Truck It In.
The startup also claims this is the largest pre-seed round in the trucking space in the region.
A lot of tech startups in Pakistan have raised major investments so far this year, such as B2B marketplace Bazaar’s $30 million Series A, online pharmacy Dawaai raising $8.5-million, and influencer marketing platform Walee raising $2.7 million. In January, payment firm Keenu attracted a $5 million equity commitment from the World Bank’s IFC.
In March, Indus Valley Capital closed its $17.5 million debut fund to invest in Pakistani Internet startups. The fund was oversubscribed, exceeding its initial target of $15 million.