The 10 Biggest APAC Funding Rounds of March 2020

The 10 APAC-based companies bagged a cumulative total of over US$1.8 billion in investments this March despite economic slowdown

According to an S&P Global report, Asia-Pacific economies could suffer $211 billion due to the coronavirus pandemic, while countries like Japan, Australia and Hong Kong could face recession. Amid the growing economic toll of COVID-19, China saw the most active venture capital investment market in the APAC region, although the number of deals decreased by 38% and the value of deals dropped by 37%, according to the Asia Pacific Markets Monthly Newsletter February 2020 by S&P Global.

On February 19, 2020 Moody’s Investor Services lowered its growth forecast for the Asia-Pacific region to 5.2% for 2020. According to the report, the coronavirus pandemic has caused supply chain disruptions and weakened demand for Asian exports, which will negatively impact growth in the region.

Below are the top 10 startups in the APAC region who received more than US$1.8 billion, cumulatively, in investments this March. They are ranked according to the size of funding raised. Post-IPO funding and debt refinancing are not included on the list.

1. GO-JEK raises $1.2 billion

Indonesia’s ride hailing giant Gojek raised $1.2 billion in its second tranche of Series F funding, according to Bloomberg. The latest investment raises GO-JEK’s total funding to $4.5 billion. GO-JEK is competing with Grab in meal deliveries and ride hailing, and aims to become an all purpose ‘super-app’ for consumers.

2. MiningLamp raises $300 million

Beijing-based Big Data and Artificial Intelligence unicorn MiningLamp Technology announced on March 27 that it has successfully raised $300 million in a Series E funding round, co-led by Singapore state’s investment arm Temasek Holdings and Chinese social networking giant Tencent. MiningLamp has raised $786.6 million in funding till date. The latest funds will be used for talent acquisition, R&D, and business expansion, according to MiningLamp statement.

3. CureFit raises $110 million

Indian health and fitness startup CureFit raised $110 million in its second Series D funding round led by Singapore state-owned Temasek Holdings. With the latest investment, CureFit’s value is expected to cross $800 million while its total funding stands at approximately $404.6 million.

4. Abbisko Therapeutics raises $70 million

China-based innovative drug research and development startup Abbisko Therapeutics raised $70 million dollars in a Series C investment round led by Singapore’s Temasek on March 25. Abbisko’s total funding now stands at $148 million.

5. Vivriti Capital raises $50 million

India-based digital enterprise debt-platform and lender Vivriti Capital raised $50 million in Series B funding from LGT Lightstone Aspada. With the latest round of financing, Vivriti’s total funding stands close to $100 million. The startup registered a profit of over $265, 000 and aims to make a profit of more than $1.4 million by December 2020.

6. Udaan raises $30 million

Indian Business-to-Business (B2B) ecommerce unicorn Udaan raised $30 million from Singapore-based parent company Trustroot Internet on March 23. With the latest investment, Udaan’s total funding stands at approximately $900 million. As of October 2019, the firm is valued at $2.8 billion.

7. Yitu Technology raises $30 million

Chinese Artificial Intelligence (AI) unicorn Yitu Technology raised $30 million from Runcheng Pilot Fund on March. This pushes Yitu’s total funding to $411.8 million.

8. North Ocean Photonics raises $28.5 million

China based developer and manufacturer of micro-optical products, North Ocean Photonics, raised $28.5 million in Series B round of funding on March 23.

9. Doctor Anywhere raises $27 million

Singapore-based health tech startup Doctor Anywhere raised $27 million in a Series B funding round on March 31. Doctor Anywhere’s total funding haul now stands at more than $40 million. The startup has rapid expansion plans and already operates in Vietnam and Thailand.

10. Mountain Top raises $25.8 million

Chinese celebrity management agency Mountain Top raised $25.8 million in Series B funding from existing investor ByteDance, a Beijing-based digital media unicorn that owns popular social media app TikTok.

Header image: Pepi Stojanovski on Unsplash

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Monika Ghosh
Monika Ghosh is a Staff Writer at Jumpstart

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