Participated · Series C · Feb 2022

Funding Societies operates a digital platform that uses alternative data to provide faster-turnaround, lower-cost financing to underserved SMEs in Malaysia. The company has disbursed close to MYR 7 billion in financing to more than 10,000 Malaysian businesses. Its platform enables scaled delivery of working capital and other credit products by digitizing credit assessment and execution. Funding Societies has an existing partnership with MDV that began in 2022 and has now been extended via a multi-year facility announced in this deal. The company and MDV say the partnership aims to widen financing access for technology-based and growth-oriented SMEs and to support broader economic impacts such as job creation. Funding Societies will continue exploring further collaborations with MDV to support SME financing needs.

Participated · Series B · Mar 2021

SiCepat, founded in 2014, is an end-to-end logistics provider in Indonesia that began with last-mile deliveries for small merchants and has expanded to serve large e-commerce platforms. Its services now include warehousing and fulfillment, middle-mile logistics, and online distribution, positioning it across the supply chain. The company says it was profitable and reported it could fulfill more than 1.4 million packages per day in 2020. SiCepat plans to use new funding to further fortify its position in the Indonesian market and potentially explore expansion to other Southeast Asian markets, according to its CEO. The Indonesian logistics market is highly fragmented, which SiCepat and other startups are addressing amid rising e-commerce demand accelerated by the COVID-19 pandemic. Prior to this round, SiCepat disclosed a $50 million Series A in April 2019. Sicepat Ekspres is an Indonesian logistics startup that provides courier, warehouse, air and cargo delivery services and serves tens of thousands of online merchants. The company claims to deliver over 200,000 packages daily and currently operates 600 outlets nationwide. Sicepat aims to expand its physical footprint with a target of 200 drop points in Greater Jakarta this year and will add 50 drop points in Jakarta alone, plus more in major Javan cities including Bandung, Surabaya, Yogyakarta, Malang, and Semarang. The funding will also be used to add vehicles to its fleet to handle seasonal surges around Ramadan and Eid al-Fitr. Sicepat plans to accelerate its IT capability by developing a transport management system to monitor operations more quickly and conveniently. According to Crunchbase, the company has raised a total of USD 53.5 million across two funding rounds since its 2014 founding.

Led · Equity · Jan 2020

aCommerce is described in the article as a Bangkok-based brand ecommerce enabler. The company announced on Tuesday that it has raised $15 million from Indies Capital Partners. Indies Capital Partners is identified as a Singapore-based investor. The article does not disclose the financing instrument (equity, debt, etc.) or the valuation. No additional investors, prior rounds, operating metrics, or use of proceeds were mentioned in the article. aCommerce is an e-commerce enabler that helps brands execute across multiple channels by providing logistics, fulfillment, delivery and digital marketing services. The company operates in Thailand, Indonesia, the Philippines and Singapore and works with brands including Samsung, Unilever, Nestlé, L’Oreal, Philips and Mars. CEO Paul Srivorakul said aCommerce has shifted from solely digital media to enabling commerce across on- and offline fronts to help brands own their retail footprint and customer data. B2B sales now account for 30% of the startup’s revenue, up from 10% a year earlier. The company raised $65M in a Series B led by KKR-backed Emerald Media and said it will use funds to expand into Vietnam and Malaysia. The Series B takes aCommerce to $94M raised to date. aCommerce operates a suite of services that help e-commerce companies, brands and traditional retailers manage online business operations including inventory, warehousing, logistics, fulfilment and digital marketing. The company is active in Thailand, Indonesia and the Philippines and was founded in 2013 in Bangkok. Management says the business recently saw Indonesia overtake Thailand as its largest revenue generator. aCommerce plans to expand into Malaysia, Vietnam and to re-enter Singapore with partner DKSH. Financially, the company has cash on hand from prior rounds, says it can break even next year with current funds, and raised new capital to grow ahead of a larger Series B. The new funding is intended as a sprint to improve valuation and minimize dilution before a planned Series B in excess of $50 million later this year. aCommerce provides end-to-end e-commerce services for retailers and brands, covering logistics, warehousing, online sales and other commerce-related services. Founded in June 2013 and based in Bangkok, the company works with over 150 clients. Management says the business is beginning to break even in its two largest markets, Indonesia and Thailand, and that overall revenue grew 150% in Q4. The company plans to use its new partnership to expand further in Southeast Asia, specifically into Malaysia, Singapore and Vietnam. aCommerce’s long-term goal is to build a platform that increases efficiency across e-commerce transactions. CEO Paul Srivorakul emphasized the company will remain independent while leveraging the partnership to pursue cross-border and B2B opportunities. aCommerce is a Bangkok-headquartered, NTT Docomo-backed logistics and commerce-fulfillment company that provides backend technology and logistics services to online retailers, including Line. The company supports regional e-commerce operations and has seen particularly strong traction in Indonesia, where its business "has exceeded forecasts." aCommerce reported regional revenue growth of 700–800% over the past year, though raw revenue figures were not disclosed. Management has deferred a previously expected Series B to focus on execution and further value creation over the next eight to nine months. The firm previously raised a $10.7 million Series A in June 2014 and has now received a $5 million capital injection from existing backers. When it does raise the Series B, leadership expects the round to exceed $30 million.