A Recap on What Happened This Week: Asian Startup News Overview (9th December- 16th December)

There is no doubt that with a fast-growing economy and the highest continental GDP, the Asian startup ecosystem is by far the largest and most populous in the world. Today the Asian startup ecosystem's ethos is influenced by its vast geographical area, which spans more than 45 countries, and a steadily growing middle class. This is especially evident in China and Japan, which are expected to dominate future market trends, but also in Asia, which is expected to account for 87% of the emerging middle class by 2030. Even if they are not currently ranked at the top, the startup ecosystems in Asia are clearly growing and showing massive potential for future growth. 

This week, we saw some major fundings for growth expansion while some companies they partnered to develop products, providing a boost to the current Asian startup ecosystem.

These are top 5 Asian Startups that excelled this weekend.

Casa Mia

Casa Mia Coliving, based in Singapore, announced the successful completion of its seed round financing, raising US$1.3 million from real estate and private equity veterans. The funds raised will be used to expand ColivHQ, Asia's first dedicated property management software for the coliving industry, and to improve its functionality. While real estate remains an appealing investment for institutional investors, the coliving sector is one of the fastest growing in this asset class, owing to high transaction volumes and strong returns, which have been aided by the sector's increasing maturity. Global funding in the coliving space increased by more than 210 percent annually between 2015 and 2019, totaling more than US$3.2 billion, according to JLL. Because of changing global demographics and urbanization trends, demand for co living is expected to remain high. Expatriate gig workers (young professionals seeking international experiences early in their careers) and digital nomads have become popular; they prefer arrangements in accessible locations with low living costs, convenient amenities, and communities of like-minded people.

Osome

Singapore-based financial administration startup Osome said on Tuesday that it has raised $25 million in a Series B funding round. Illuminate Financial, AFG Partners and Winter Capital participated in the round, which follows Osome's recent digital banking partnership with Singapore bank Oversea-Chinese Banking Corporation. The fresh funds bring the total amount raised by the company to date to $51 million. Osome's last fundraising was in June 2021, when it amassed $16 million in a Series A round led by London-based venture capital company Hedosophia. Other investors included European investment manager Target Global, Tel Aviv-based AltaIR Capital, U.S.-based Phystech Ventures and U.S. and Europe-focused early-stage fund S16VC. They were joined by angel investor Peng T Ong, co-founder and managing partner of venture capital company Monk's Hill Ventures.

Halodoc

Halodoc, one of Indonesia's largest health tech startups, is aiming to bring its telemedicine app to other Southeast Asian countries, such as Thailand and Singapore, its CEO told. "We always have this dream to simplify health care access," Jonathan Sudharta, Halodoc's CEO and co-founder, said in an interview. "We never say it's just for Indonesia." Founded in 2016, Halodoc offers long-distance consultations with doctors and an online drug delivery service on its app. Since the outbreak of the corona virus pandemic, it has also provided a platform to help patients book COVID-19 tests and hospital appointments. Although Sudharta did not give a detailed schedule for his company's expansion abroad, Halodoc's "strategic countries" for such a move are Thailand, Vietnam and Malaysia, he said. Halodoc expects demand for its services in those markets, as their cities have similar problems to those of Indonesia, such as traffic jams. After branching out into other Southeast Asian markets, Sudharta intends to move beyond the region. Sudharta said Indonesia usually imports solutions from abroad. But Southeast Asia's largest economy has "so many different health care problems that a company like Halodoc can solve problems in Indonesia," he said. Those solutions can then be exported to places such as the U.S., Europe, Japan and Singapore, he added.

Rapidus

IBM Corp announced a collaboration with Rapidus, a newly formed chip maker backed by the Japanese government, to produce the most advanced chips currently available. The announcement comes as tensions between the United States and China remain high, particularly over chips, with Washington recently restricting Beijing's access to advanced semiconductor technology. Japan, which has long trailed in chip manufacturing, is now racing to catch up and ensure that its automakers and information technology firms do not run out of the critical component. Last month Japan said it will invest an initial 70 billion yen ($500 million) in Rapidus, a venture led by tech firms including Sony Group Corp and NEC Corp. While that is small in the world of chip manufacturing where plants can cost tens of billions of dollars to build, sources say more investments are on the way. Dario Gil, director of research at International Business Machines Corp, stated that the two companies will collaborate to manufacture IBM's so-called 2-nanometer-node chips, which were unveiled last year.

Teleport

Teleport has raised new growth capital of $50m to build its freighter fleet and expanding logistics operations in Indonesia, the Philippines and Malaysia. The funds will also be used to further invest in technology that supports its operations across southeast Asia, said Teleport, the logistics venture of Capital A (formerly AirAsia Group Berhad). In September, the company announced it would be increasing its freighter aircraft from one to four, with the addition of three Airbus A321 freighters leased from BBAM. Teleport said the three A321Fs would be operated by AirAsia and will be delivered in stages starting in the first quarter of 2023.