Category: Funding Rounds

Indonesian Digital Trust Provider Seeks Series C Funding Round Lead By KKR

Kohlberg Kravis Roberts, also known as KKR, the global investment firm, said that it would participate as the lead investor for the Indonesian-based digital trust provider company, Privy. 

The Series C funding round, which will be led by KKR, is set to inject the digital trust provider with $48 million in fresh funding. The funding round, besides participation by KKR, will also see participation from investors such as MDI Ventures, GGV Capital, Telkomsel Mitra Inovasi, and new investors that include Singtel Innov8. 

Privy enables users and enterprises to digitally sign and transfer documents online with an integrated audit trail by using electronic identity verification technology that works across platforms. 

The startup’s success is apparent with more than 30 million verified users and 1,800 enterprise consumers on its digital signature, digital verification, and subscription products, and it processes more than 40 million digital signatures per year. 

The funding will be used to build on Privy’s leading market position as the go-to digital signature and digital identity provider in Indonesia, as well as support the development of new products and services for consumers and businesses to go digital. There are also plans to expand to overseas markets with the new funding round. 

This round of funding comes after Privy raised $17.5 million in a Series B funding round led by GGV Capital in October last year. The round also saw the participation of Endeavour Catalyst, Buana Sejahtera Group, and existing investors MDI Ventures, Telkomsel Mitra Inovasi, Mandiri Capital, and Gunung Sewu Group. 

According to Louis Casey, KKR’s growth technology lead in Southeast Asia, “we look to leverage KKR’s global network and operational expertise to take Privy to its next level of growth and extend its leadership in digital trust for individuals and enterprises in Indonesia and beyond.” 

The investment in Privy comes after KKR’s other recent growth technology investments in the broader Asia-Pacific region, including Education Perfect, an education software platform in New Zealand; dataX (formerly from Scratch), internet software and services company in Japan; NetStars, the operator of Japan’s largest QR code payment gateway; and Livspace, a Direct-to-Consumer home renovation platform with a presence in India and Singapore. 

Saas Unicorn Amagi Receives Fresh Funding From General Atlantic Amounting To $105 Million

Bengaluru-based Saas unicorn Amagi has recently raised a whopping $105 million in a mix of primary and secondary funding from private equity firm General Atlantic. 

The funding round saw participation from Norwest Venture Partners and Avataar Ventures, said the Bengaluru-headquartered startup in a statement. 

This is the second round of investment for the Bengaluru-based company in 2022. In the previous funding round, the startup raised $95 million from General Atlantic via a fresh allotment of preference shares, as per a regulatory disclosure. 

The funding round, which was led by Accel in March this year, provides the company with a complete suite of solutions for the creation, distribution, and monetization. 

The company, which has previously already attained a unicorn status, further bolstered its position in India’s saturated unicorn club. The recent investment gives General Atlantic an 8% stake in the company, with the company’s valuation at around $1.45 billion post-allotment.

Founded in 2008, Amagi is a media technology company that provides cloud broadcast and targeted advertising solutions to broadcast TV and streaming TV platforms. The company enables content owners to launch, distribute, and monetize live linear channels on free ad-supported streaming TV and video services platforms. The company also offers 24×7 cloud-managed services bringing simplicity, advanced automation, and transparency to the entire broadcast operations. 

Amagi has been looking to expand its international footprint as well as its product portfolio. The company was also exploring allied and adjunct opportunities in the cloud and video market and evaluating merger and acquisition (M&A) opportunities that can contribute to revenue growth or add technology capabilities to product lines. 

Among the customer’s customers are media conglomerates such as NBCUniversal and Paramount; connected TB majors such as Samsung TV Plus and LG Channels; Content owners like Tastemade, USA Today, and AccuWeather; and streaming companies such as Fubo, STIRR, and Rakuten TV. 

At present, Amagi claims to support 650+ content brands, 800+ playout chains, and over 2,000 channel deliveries on its platform, with a presence in over 40 countries, including cities and regions such as New York, Los Angeles, Toronto, London, Paris, Australia, South Korea, and Singapore.

Singapore-Based Bolttech Concludes Series B Funding Rounds

Bolttech, which is one of the world’s fastest-growing international insurtech companies, announced that their Series B funding round will be led by Tokio Marine, alongside other shareholders. 

Tokio Marine and other shareholders will lead bolttech’s Series B funding round in a move that values the Singapore-based insurtech unicorn at approximately US$1.5 billion, one year after it closed the largest-ever Series A funding round for an insurtech. 

According to the company, the proceeds of the Series B funding round will be used primarily to fuel the business’ continued global expansion. The strategic partnership with Tokio Marine would also complement the capabilities and reach of the company, as well as enhances its distribution strength, product innovation, and balance-sheet capacity. 

Bolttech’s Chief Executive Officer, Rob Schimek, said that “securing a lead investor of Tokio Marine’s high caliber and esteem is a strong validation of international investors’ belief in the resilience of bolttech’s business model, our long-term proposition, and our role in shaping the future of insurance distribution. Tokio Marine will be a pivotal strategic partner as we continue to accelerate our growth strategy and global expansion.”

Bolttech is one of the world’s leading embedded insurance providers. The company is a global B2B2C insurtech that leverages its pioneering insurance coverage to connect insurers with distributors and their customers. The company has licenses to operate in more than 30 markets throughout Asia and Europe and all 50 US states. 

Bolttech’s platform provides businesses inside and outside the insurance industry with everything they need to offer insurance products to meet their customers’ evolving insurance and protection needs in this digital age. The company’s connectivity enables bolttech’s partners to reimagine their business models and find new revenue streams, accelerate digital transformation, and deepen customer relationships. 

Masashi Namatame, the managing executive officer and group chief digital officer, said Tokio Marine is excited to have the opportunity to lead bolttech’s Series B round and to join the company on its incredible growth trajectory as their strategic partner. 

He added that “the scale and breadth of bolttech’s platform, coupled with its industry-leading tech and digital capabilities, and extensive insurance experience, uniquely positions it as a clear leader in the insurtech space.” 

He further said that “we look forward to working with bolttech to take advantage of the commercial opportunities our new strategic partnership will offer.” 

Since its inception in 2020, the company has experienced rapid growth with approximately US$50 billion worth of annualized premiums, 800 distribution partners, 200 insurance providers, and offers in excess of 6,000 product variations.

Line Man Wongnai Becomes Thailand’s Latest Unicorn After Securing $265 Million In Funding

In Line Man Wongnai’s latest funding round, Line Man Wongnai announced that they raised $265 million in a Series B funding round which values the company at over $1 billion, securing the company’s position as Thailand’s latest unicorn. 

The latest funding round was anchored by Singapore’s sovereign wealth fund GIC and Japan-based Line Corporation. The funding round was also participated by the likes of PTT Oil and Retail Business Public Company Limited, BRV Capital Management, Bualuang Ventures, and Taiwan Mobile. 

According to the company’s statement, the funding will strengthen Line Man Wongnai’s strong position in the food delivery market, expand new service categories, recruit tech talent and improve tech infrastructure. 

“The announcement opens the next chapter for Line Man Wongnai to grow from a local Thai startup to a regional tech platform. We thank LINE for embracing us into its deep mobile ecosystem and providing ongoing support for our journey,” said the company’s Chief Financial Officer In Young Chung. 

The valuation makes Line Man Wongnai the third unicorn in Thailand after logistics service operator Flash Express and fintech firm Ascend Money. 

The food delivery startup was formed in July 2020 from the merger of Line Man, Thailand’s on-demand assistant app, and Wongnai, a Thai restaurant aggregator. 

Yod Chinsupakul, CEO of Line Man Wongnai, said: “Food has been our passion since I co-founded Wongnai, and now, to collect millions of users with the biggest pool of restaurants we have is a dream come true. We are also proud to create over 100,000 rider jobs, most of whom earn more than twice the minimum wage.” 

Line Man Wongnai reported revenue of 1.05 billion baht in 2020, behind key rivals Grab at 7.21 billion and Foodpanda at 4.37 billion. 

The latest funding round is expected to fire up the competition while other players, which are weakening, are sharpening their focus on more specific areas. 

Competition could escalate next year, particularly when other rivals also receive funding.

$75 Million Raised in Series C Funding Round by Insurtech Startup Zopper

Insurtech platform Zopper, which is run by Solvy Tech Solutions, has raised $75 million from investors to fund its expansion plan. 

The funding round was led by Creaegis, which saw the participation from ICICI Venture and Bessemer Venture Partners, and existing backer Blume Ventures, according to the New Delhi-based company. 

The company’s cofounder Surjendu Kuila has said that the capital will be used to support the international expansion of Zopper, beef up the platform’s technology and data engineering functions, and for strategic acquisitions. 

Zopper, founded in 2011, provides an application programming interface (API)-based software platform which connects insurers and banks with third-party platforms. The integration allows these platforms to embed and distribute insurance products to customers. 

Zopper built a platform for small and medium-sized businesses, helping merchants with invoicing and payments through its point-of-sale platform for over half a decade. The company then sold that IP to PhonePe in mid-2018, but instead of joining the fintech giant, Copper has been working on a new venture from a scratch and independent of PhonePe.

Mayank Gupta, co-founder, and chief operating officer of Zopper, explained that “To PhonePe, it was an asset sale, and the proceedings of the deal were clocked as revenues on Zopper’s books. There was no change in the parent’s shareholdings, and neither did PhonePe take a stake in the holding company.”

According to Surjendu Kuila, Zopper is now scouting for acquisitions across its adjacent business lines of insurance claims and distributions. It will look to make at least two new acquisitions in the next year to help with increasing its margins. 

He said that “We will look at acquisitions which will help our core business in two ways. First is to help create a basket or bouquet of insurance products which will help increase our margins. Second is onboarding interesting platforms to make our technology stack more frictionless.”

Zopper currently has a presence in over 1,200 Indian cities and has partnered with over 150 players in the industry, including retail group Amazon, ride-hailing startup Ola, retail chain Croma, phone maker Xiaomi, Japanese conglomerate Hitachi, and Equitas Small Finance Bank. 

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