NextPay, a Philippine-based digital financial solutions platform, announced raising $1.6 million in a seed funding round co-anchored by Singapore venture capital firm Golden Gate Ventures and Gentree Fund, the investment vehicle of the Sy Family Office.
Local investors Kickstart Ventures, Foxmont Capital, First Asia Ventures, and angel investor Lisa Gokongwei of JG Summit also backed the seed funding, along with Tribe Capital, Broadhaven Ventures, 1982 Ventures, Saison Capital, Razorpay, Goldwater Capital, and other angel investors.
Launched in 2020, NextPay’s platform provides financial services such as digital invoicing, cash management, and batch payments to any bank or e-wallet in the Philippines. The startup said it has processed over $9.1 million in digital transactions for more than 100 businesses with over 350 employees since its launch.
NextPay said it will use the fresh funding to expand its services, grow its customer base, and introduce new digital banking solutions to MSMEs in the Philippines.
“This investment supports our goal of putting the power of big banks in the hands of small businesses,” NextPay co-founder and CEO Don Pansacola said.
AI robotics startup Augmentus secures seed funding
Augmentus, a Singapore-based no-code artificial intelligence (AI) robotics programming startup, announced raising an undisclosed amount in its seed funding round led by early-stage venture capital firm Cocoon Capital.
The fresh funds will be used to support the debut of the startup’s robotics platform, which aims to streamline the $20-billion robotics software market. Augmentus, founded in 2019, also plans to hire new talent to support its growth.
The startup currently works with 15 manufacturers to deploy its software for applications ranging from harvesting and plant inspections in urban farms to advanced spraying and welding in automotive production.
Its integrated artificial module, for instance, allows users to train the robots or software to identify and classify objects, such as car parts or strawberries. The complex industrial robots can be deployed in a matter of minutes instead of the usual weeks, it added.
Augmentus said it has partnered with major global robot manufacturers, including ABB, Universal Robots, TM Robots, Kuka, Nachi, and Mitsubishi Electric, to support over 60% of the industrial robots in the market.
SOUTHEAST ASIA DEAL MONITOR
DealStreetAsia has also put together a table listing out prominent venture capital transactions in Southeast Asia in the week beginning July 26.
|Startups||Headquarter||Investment Size||Investment Stage||Lead Investor(s)||Other Investor(s)||Industry / Verticals|
|1 Play Sports||Singapore||$2,500,000||ThinKuvate, H Capital Investment||Media|
|iStore iSend||Malaysia||Kuroneko Innovation Fund||Logistics|
|Hoow Foods||Singapore||$2,200,000||Pre-Series A||Farquhar VC||Trive Ventures||Foodtech|
|HappyFresh||Indonesia||$65,000,000||Series D||Mirae Asset, Naver Corp||STIC, LB Investment||Ecommerce|
|Nium||Singapore||$200,000,000||Series D||Riverwood Capital Partners||Temasek, Visa, Vertex Ventures, Atinum Group of Funds, Beacon Venture Capital, Rocket Capital Investment||Fintech|
|Epost||Malaysia||$1,400,000||Warisan Quantum Management||Logistics|
|NextPay||Philippines||$1,600,000||Seed||Golden Gate Ventures, Gentree Fund||Tribe Capital, Broadhaven Ventures, 1982 Ventures, Saison Capital, Razorpay, Goodwater Capital||Fintech|