SEA Digest: Vietnam’s Bizzi snags $3m; PH’s edamama bags debt from Innoven

Photo by Micheile Henderson on Unsplash

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. 

Do Ventures and existing investor Qualgro also joined the round. 

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.

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.