A Recap on What Happened This Week: Asian Startup News Overview (May 14th - May 19th)

A thriving economy and consistent growth in the tech sector have paved the way for Asian startups today to become unicorns and Decacorns. Previously, there were only three unicorns in the region when some continents in Asia were still in development but, there are now a total of 49 unicorns and Decacorns there. Given the increased use of digital services, more startups will have the opportunity to become unicorns in the post-pandemic era. Today, millions of new people have recently joined the internet and are looking for digital services and that has only happened because of the startups that have introduced new generation technologies in the field. Even larger companies are coming forward to support the startups by investing, acquiring stakes, or providing funds to accelerate their growth.

This week, we saw funds pour into some of the companies, while others launched their products into the Asian markets. A Japanese energy company, Kyoto Fusioneering, has raised US$79 million in an oversubscribed round, while a Korean startup, WeBudding, has captured the attention of the world by launching its ground-breaking platform.

Kyoto Fusioneering

Kyoto Fusioneering, a Japan-based energy company, has raised US$79 million in an oversubscribed round.The firm develops equipment that harnesses fusion energy, which involves merging two or more hydrogen atoms the same process that powers the sun.

According to the company, its method of energy generation produces no greenhouse emissions, no long-lived radioactive waste, and no risk of nuclear reaction-triggered meltdowns. The firm’s products are meant to support commercial fusion reactors.

The funds will be put into Kyoto Fusioneering’s expansion in the US and the UK, as well as further research and development for the company’s core products, including fusion plant engineering and in-vessel components for fusion reactors.

Jenfi

Jenfi, a Singapore-based fintech company focused on lending for digital-native companies, has announced raising $6.6 million in its pre-Series B funding round.

The round was anchored by Tokyo-based early-stage venture capital firm Headline Asia. Monk’s Hill Ventures, ICU Ventures, Granite Oak, Korea Investment Partners & Golden Equator Capital, and Atlas Ventures also joined the round.

Founded in 2019 by Jeffrey Liu and Justin Louie, Jenfi provides an alternative, revenue-based financing of up to $1 million for businesses to scale their marketing, inventory, and growth campaigns. The company has so far deployed over $25 million to aid the growth of over 600 companies.

ORA

Singapore’s telehealth startup, ORA, has successfully raised $10 million in its recent Series A funding round. The funding was led by well-known venture capital firms TNB Aura and Antler, with notable involvement from Gobi Partners, Kairous Capital, and GMA Ventures. With this latest injection of capital, the round brings ORA’s total funding raised to over $17 million.

The telehealth platform ORA has established itself as a prominent player in the Southeast Asian market, offering comprehensive telemedicine services. Since its launch in 2021, ORA has experienced remarkable growth, delivering over 250,000 consultations and maintaining a consistent upward trajectory.

Charles Wong, founding partner at TNB Aura, expressed his confidence in ORA’s unique approach, stating, “The company’s focus on specialized healthcare verticals, including sensitive topics, combined with its direct-to-patient strategy, has enabled it to stand out in the market. Additionally, ORA’s strong financial performance and ability to cater to the specific needs of patients throughout the entire value chain further contribute to its success.”

Tokio Marine

Global insurtech leader bolttech has announced a successful Series B funding round, raising $196 million at a valuation of $1.6 billion.

The round was led by Japan’s oldest insurance firm, Tokio Marine, with significant contributions from MetLife through its subsidiary, MetLife Next Gen Ventures, Malaysia’s sovereign wealth fund, Khazanah Nasional, and numerous new and existing shareholders.

This funding comes at a time when the insurtech sector is experiencing a drop in mega-round funding. However, bolttech has bucked this trend with the largest straight equity Series B for an insurtech in the past year, following its record-breaking Series A round in 2021.

Noutecompany

Korean startup Noutecompany has captured the attention of the world with its ground breaking platform, WeBudding, revolutionizing the digital stationary market. This remarkable achievement has now propelled its visionary founders, Donggyun Ko, Chaeyoung Lee, and Donghwan Shin, onto the prestigious Forbes 30 Under 30 list in consumer technology.

Donghwan Shin, a graduate of Seoul National University and the CEO of Noutecompany, has played a pivotal role in leading this Seoul-based edtech startup to unparalleled success. At the heart of their accomplishments lies WeBudding, a digital stationery marketplace that has gained a substantial following since its launch in 2018. Each month, more than 100,000 people, spanning countries such as the Philippines, South Korea, the US, and Vietnam, flock to WeBudding to purchase digital stationery items like stickers, notebooks, and diaries. WeBudding is now considered to Asia’s largest digital stationary platform.