Notwithstanding the tepid deal climate and investor caution, SE Asia remains an attractive story for venture capital investors as valuations moderate.
Among our most-read stories in July, we look at how venture capital investors in the region have stepped up due diligence and distanced themselves from high-cost sectors even as there is enough dry powder waiting to be deployed.
In an interview, Helen Wong of AC Ventures, which closed its fifth fund earlier this year, said SE Asia continues to attract the interest of global LPs.
The July edition of top stories also features funding scoops, based on regulatory filings, accessed by DealStreetAsia’s DATA VANTAGE. We brought you funding updates on Vietnamese creator economy startup METUB, Indonesian B2B trucking company Kargo, Trip.com’s investment in Vietnam’s co-living operator M Village and the earnings analysis of Indonesian grab-and-go coffee chain Kopi Kenangan.
Discover the value of DATA VANTAGE firsthand with a free one-month trial. Sign up now by filling out this form. Have questions about the platform or would like to see a demo first? Write to us at subs@dealstreetasia.com.
We also captured fundraising updates from L Catterton Asia, Indian VC Omnivore, Greater China’s LongRiver and HongShan.
In The LP View series, we looked at how RMB fund managers are facing a steep learning curve as they set out to attract commitments from China’s growing class of state LPs.
If you missed these stories, here is a curated list of trending scoops and analytical takes from July 2024:
Top stories of July 2024
65 Equity Partners, AC Ventures said to weigh investment in Temasek-backed Oatside
The company makes oat milk products and is raising a Series B round. The growing investor interest in the startup makes it somewhat of an outlier in SE Asia’s food tech sector.
GIC said to be weighing sale of its minority stakes in Bukalapak, Emtek
GIC, which bought into Emtek in 2015 by acquiring an 8.07% stake for $200 million, currently holds 7%. Its stake in the online marketplace Bukalapak stands at 9.44%,
Six months on, TikTok-Tokopedia merger reshaping Indonesia’s e-commerce landscape
ByteDance’s e-commerce ecosystem has undergone significant changes after the merger. More importantly, it has raised questions about the merger’s impact on Indonesia’s e-commerce.
Despite string of recent failures, investors keep faith in Vietnam’s tech startups
In the volatile startup ecosystem, failures are more common than successes. In Vietnam, several tech startups have folded up or suspended operations in the last few years.
Foreign LPs continue to evince interest in Southeast Asia, says AC Ventures’s Helen Wong
“We have attracted some Korean LPs, who are quite interested in our part of the world. We have also attracted Middle East sovereigns, and family offices from Europe.”
Morgan Stanley fund backs Vietnamese creator economy startup METUB
North Haven Thai Private Equity, launched by Morgan Stanley Private Equity Asia with Bangkok Bank, has invested $15.5 million in the Vietnamese company.
Indonesia’s Kargo pockets fresh funding from AC Ventures, others
The company has secured $22.5 million so far in a round backed by Cyprus-based SiteGround Capital, Peak X, Intudo Ventures AppWorks, and Dubai-based Mawja Group, filings show.
Trip.com picks minority stake in Vietnam’s co-living operator M Village
Trip.com Group is investing in M Village in two tranches – $7.5 million and $2.5 million. The Vietnamese firm has already received the first tranche.
Fuelled by expansion spree, Kopi Kenangan’s losses surged 70% in 2022
The company’s losses were mainly driven by increased raw material costs, employee compensation, and marketing and advertising expenses.
Valuation reset sets the stage for tech IPO revival in Indonesia
As shares of newly-listed Bukalapak and GoTo have been declining since listing, tech startups learned that they must focus on fundamentals before winning in the public market.
Indonesian VCs optimistic about startup fundraising as valuations moderate
Due to the heightened caution, VCs seemingly restrained themselves from investing despite having ample dry powder.
L Catterton Asia eyes $500m corpus for debut India-focused investment vehicle
So far, L Catterton has parked capital in India through its Asia fund and counts Drools Pet Food, Sugar Cosmetics, and PVR Cinemas among its portfolio companies.
Indian VC Omnivore eyes SE Asia entry, nears final close of third fund
The agri and farm-focused VC will likely close the vehicle at over $210 million. It is looking to invest in SE Asian startups from the third fund.
Investors vie for a scoop as India’s ice cream startups ride the quick commerce wave
In prominent deals this year, Singapore-based Jungle Ventures topped up $20 million in Walko Foods while PE firm Kedaara Capital acquired Dairy Day for $150 million.
LongRiver closes inaugural USD fund at $385m to scoop early-stage tech, healthcare deals
This development made LongRiver one of the few emerging fund managers operating largely from China to raise a US dollar vehicle at a time when macroeconomic slowdown and geopolitical risks have blocked many fundraising efforts in the private markets.
HongShan closes $2.5b RMB fund with backing from China’s state capital
China-focused HongShan is one of the few top-quartile fund managers who are savvy in working with state capital operators for RMB opportunities in the country.
The LP View: RMB fund managers face steep learning curve to woo China’s rising state LPs
State capital providers have taken centre stage in bankrolling homegrown startups in the world’s second-biggest economy as global USD investors rein in their allocations to China.
