Singapore’s Eureka AI secures additional $500K funding and other SE Asia deals

Eureka Ai, a Singapore-based artificial intelligence (AI) enterprise software startup, has raised an additional $500,000 in fresh funding, according to ACRA filings accessed by DealStreetAsia – DATA VANTAGE.

ACRA filings only reflect the equity funding received so far in a round and the overall funding round could be larger and/or have other components such as debt.

The filings showed that the fresh funding came from existing investor B&Y Venture Partners, a venture capital firm that invests globally at both seed and growth stages.

Eureka, founded in 2017, claims to enable customers in industries including banking, insurance, transportation, and FMCG to deliver better services to their customers using mobile operator data.

In February 2020, the startup had raised $20 million in a Series B funding round co-led by Apis Partners, Gobi Partners, Riyad TAQNIA Fund – RTF, and MEC Venture.

Indonesian cloud kitchen Legit Group nets $3m in seed funding

Indonesian cloud kitchen startup Legit Group announced raising $3 million in its seed funding round anchored by Southeast Asia-based venture capital firm East Ventures.

AC Ventures, an Indonesian venture firm, also participated in the funding round. The proceeds will be used by the startup to expand its footprint to reach a wider customer base, according to the announcement.

Launched in February this year when the F&B industry was still reeling under the throes of the COVID-19 pandemic, Legit Group said its sales have grown 9.5 times since inception, while revenue increased 61% from June to July alone.

The startup has three brands – Pastaria, Sei’Tan, and Juju Chikin – and operates from 45 distribution points.

“This pandemic has further accelerated the adoption of food delivery business and we believe this trend will stay even when the pandemic ends,” said Legit Group co-founder and CEO Sumarno Ngadiman.

SG-based logitech startup Portcast raises $3.2m

Portcast, a Singapore-based machine learning platform that uses real-time data to predict cargo flow, has raised $3.2 million in a fresh funding round, according to ACRA filings accessed by DealStreetAsia – DATA VANTAGE.

The funding round was backed by existing investors Wavemaker Partners, through its Wavemaker Pacific 3 fund, NIP Advisors, as well as Imperial Investment Ventures Ltd, Trail Mix Ventures, Innoport, and angel investors.

The latest funding round values the startup at $14.8 million.

ACRA filings only reflect the equity funding received so far in a round and the overall funding round could be larger and/or have other components such as debt.

Founded in 2017 by Nidhi Gupta and Dr. Lingxiao Xia, Portcast makes global supply chains more predictive and dynamic. Its platform enables logistics firms to improve profitability through dynamic demand forecasting and real-time vessel and container tracking.

“Portcast has been focused on building the next-gen logistics operating system to predict how cargo moves across the world and enable data-driven decisions,” according to the startup’s website.

In late 2018, the company raised about $758,000 in seed funding from the Singapore- and Los Angeles-based seed investor Wavemaker Partners and Singapore government-backed deep tech venture builder SGInnovate. It also secured around $63,000 in 2017.

SOUTHEAST ASIA DEAL MONITOR

DealStreetAsia has put together a table listing out prominent venture capital transactions in Southeast Asia from August 30, 2021.

Expand Table

StartupsHeadquarterInvestment SizeInvestment StageLead Investor(s)Other Investor(s)Industry / Verticals
ProspekuIndonesiaSeedOCBC NISP VenturaProptech
TroopersMalaysia$950,000Series AShopper360HRtech
Rocket AcademySingapore$1,100,000Pre-SeedDarius Cheng, Marcus Tan, Stanley Tang, Hendra Kwik, XA Network, Taurus Ventures, Hustle FundEdtech
VietceteraVietnam$2,700,000Pre-Series ANorth Base MediaGo-Ventures, East Ventures, Summit Media, Genesia Ventures, Hustle Fund, Z Venture CapitalMedia
CarsomeMalaysia$170,000,000MediaTekEcommerce
AyoconnectIndonesia$10,000,000Pre-Series BMandiri Capital Indonesia, Patamar CapitalFintech
BuyMedVietnam$8,800,000Smile Gate InvestmentGenesia Ventures, B Capital, and TSP ConsultingEcommerce
NeurogleeSingapore$9,700,000Openspace Ventures, EDBI, Biofourmis co-founders Kuldeep Rajput and Niu Wendou, SB Shinnecock, Daniel Song.Healthtech
KiotVietVietnam$45,000,000Series BKKRJungle VenturesSaaS
NOICEIndonesiaPre-Series AAlpha JWC Ventures, Go-VenturesKinesys Group, Kenangan FundDigital Content
HomageSingapore$30,000,000Series CSheares Healthcare GroupDG Daiwa Ventures, Sagana Capital, East Ventures (Growth), HealthXCapital, SeedPlus, Trihill Capital, Alternate VenturesHealthtech
PortcastSingapore$3,200,000Wavemaker Partners, NIP Advisors, Imperial Investment Ventures, Trail Mix Ventures, InnoportLogitech
TokuSingapore$5,000,000Series ADX VenturesTembusu Partners, Neptune Invest AsiaCloud
BorneoSingapore$15,000,000Vulcan CapitalNaspers Ventures, Lytical Ventures, Wavemaker PartnersCybersecurity
SegariIndonesia$16,000,000Series AGo-VenturesSusquehanna International Group, Alfamart, Gunung Sewu Group, Intrinity Capital.Ecommerce
VeremarkSingapore$2,750,000SeedACF Investors, Triple Point Ventures, SOV VenturesHRtech
PasarnowIndonesia
$3,300,000SeedEast VenturesSMDV, Skystar Capital, Amand Ventures, Prasetia DwidharmaEcommerce
Noodle FactorySingapore$500,000SeedEduSpaze, SuperCharger VenturesEdtech
RainforestSingapore$20,000,000Pre-Series AMonk's Hill VenturesJanuary Capital, Crossbeam Venture Partners, Amasia, Lo & Behold, Insignia Ventures, NordstarEcommerce
ZipmexSingapore$41,000,000Series BKrungrsi Finnovate, Plan B Media, Master Ad, MindWorks Capital, Jump CapitalFintech
FonosVietnam$1,100,000SeedHustle Fund, iSeedMedia
Legit GroupIndonesia$3,000,000SeedEast VenturesAC VenturesCloud Kitchen
MotoristSingapore$891,000SeedAngelCentralMobility
Eureka AISingapore$500,000B&Y Capital PartnersBig Data

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.