Vietnam-based accounting automation tool Bizzi has raised $3 million in pre-Series A while the Philippines’s e-commerce player edamama has secured debt capital from Innoven Capital.
Vietnam’s Bizzi bags $3m pre-Series A
Vietnam-based accounting automation tool Bizzi has raised $3 million in a pre-Series A round led by Japanese fintech company Money Forward, according to an announcement.
Founded in the midst of the pandemic, Bizzi claims that it is the first mover in invoice processing automation solutions powered by AI and robotic process automation (RPA) in the Vietnamese market.
It connects vendors and customers to automate financial processes namely bills payments, receipt scanning, compliance, and bookkeeping. Currently, it has more than 100 major clients including Grab, GS25, Circle K, Tiki, Guardian, and over 4,000 vendors using the platform on a daily basis. Its current monthly value of processed invoices has exceeded $300 million.
In May, Bizzi raised nearly $500,000 in a round led by Singapore-based Qualgro, with participation from existing investor 500 Startups Vietnam.
The company is also looking into expanding to other SEA markets, said co-founders Nghia Vu and Nguyen Nguyen.
Philippines’ edamama raises new fund from Innoven Capital
Philippines’ e-commerce player edamama has announced the closing of a debt capital investment by Innoven Capital.
The deal marks Innoven Capital’s first investment in the Philippines.
edamama plans to deploy Innoven’s investment towards accelerating its logistics and fulfillment capabilities ahead of a planned Series A funding round early next year.
Launched in Metro Manila last year, during one of the world’s strictest pandemic lockdowns, edamama has scaled rapidly to become the country’s leading vertical e-commerce player in the parenting space, with millions of site visitors and gross merchandise value growing over 50x since its launch quarter.
In July, edamama announced raising $5 million in its pre-Series A funding round from a consortium of strategic investors comprising Gentree Fund, Robinsons Retail, Kickstart Ventures and Foxmont Capital Partners.
Innoven Capital is a joint venture between Seviora Holdings (a wholly-owned subsidiary of Temasek
Holdings) and United Overseas Bank Group. It has made over $800 million in loan disbursements across Asia in the past six years and has more than 20 portfolio companies such as Byju’s, OYO, Carsome and FirstCry.