Asia

Elephantech wants to create circuit boards that are kinder to the environment • ZebethMedia

By zebethcontrolPosted on November 17, 2022Posted in Asia, Environmentally Friendly, Hardware, Japan, pcb, printed circuit boards, Startups, VentureNo Comments

Printed circuit boards (PCB), which perform essential functions in electronic devices, including displays and sensors, need a lot of energy to create. Moreover, traditional PCB manufacturing processes generate large amounts of liquid waste and high carbon emissions. Still, there are more environmentally friendly ways of producing PCBs, including additive manufacturing processes that use inkjet and laser printing, while fully biodegradable PCBs are also on the horizon. To get its slice of $90 billion PCB manufacturing pie, Tokyo-based startup Elephantech has developed an eco-friendly PCB called P-Flex, using inkjet printing-based electronic circuit manufacturing technology which it says reduces carbon emissions by 77% and water consumption by 95% compared to conventional processes. The main change Elephantech ushers in to the PCB process is that while electronic circuits are typically made through so-called “subtractive” manufacturing which involves layering an entire surface with metal before dissolving the areas that aren’t necessary, with Elephantech’s “pure additive” process, it only puts metals in place where they are needed to begin with. Nothing is subsequently removed (i.e. wasted). The company also says that its nanoparticle inkjet technology helps cut costs by 32%, through removing a number of procedures from the manufacturing process. To meet its mission “to create a sustainable world through resource-and energy-efficient manufacturing technologies,” Elephantech has secured 2.15 billion yen (~$15 million) in funding, at a 12.3 billion yen ($88 million) valuation, a company spokesperson told ZebethMedia. The new capital, which brings its total raised to approximately 7 billion yen ($50 million) since its inception in 2014, will help the startup scale its business from R&D and its current production volume, which is focused on its domestic market, to target customers globally. Regular circuit Elephantech started the mass production of its PCBs two years ago in its Nagoya facility, and while it is currently focused on single-sided flexible substrates, it plans to produce multi-layered and rigid PCBs, which constitute different layers, including a copper layer, substrate layer and silkscreen layer. The company said that its inkjet printing technology can also be used in other sectors such as healthcare, optics, and textiles. In August, the startup announced a dye removal technology called neochromato, co-developed with Japanese textile chemical company Nicca Chemical. The neochromato process supports removing print from polyester fabrics without using water, and putting new print on the textiles to reuse the material with a different design before recycling to reduce apparel waste. The outfit said the process could reduce about 48% of CO2 emissions when clothes are recycled with a different pattern compared to chemical recycling, which reduces about 20% of the carbon emissions. A number of fledgling startups are working to address and optimize different aspects of the PCB design process, including a company called Celus, which recently raised $25.6 million for a platform that automates circuit board design. Then there’s Luminovo, which secured $11 million to reduce waste in PCB manufacturing by bringing together the entire material and production costing process. So it’s clear that there is a growing impetus to optimize and improve on a technology that powers just about every electronic contraption there is, from smartphones to microwave ovens. Combined with growing environmental concerns and the role that electronics plays in that, Elephantech is perhaps in a strong position to gain traction in global markets, and its latest cash injection will go some way toward helping. Elephantech’s funding round included investments from Anri V Investment, Shin-Etsu Chemical, Nose, Shizuoka Capital, Eiwa Corporation, Nanobank, Mitsubishi Gas Chemical, Kenbishi Sake Brewing, D&I Investment, Epson, Sumimoto, East Ventures and Beyond Next Ventures.

Summer International uses social media data to launch new beauty brands • ZebethMedia

By zebethcontrolPosted on November 17, 2022Posted in Asia, beauty, Influencer Marketing, Singapore, social media, south korea, Southeast Asia, Startups, Summer International, wellnessNo Comments

If you follow #beautytok, #beautytube or any beauty content on social media platforms, you know that popular product trends are hard to keep up with. Summer International stays ahead of the game by identifying the most influential content creators, and working with them to incubate new brands. Founded in Singapore and based in Los Angeles and South Korea, Summer International announced today it has raised a $5 million seed round from investors including GDP Ventures, Teja Ventures, Gushcloud International and Singaporean angel investors Koh Boon Hwee and Shirley Crystal Tan. NYX founder and Bespoke Beauty Brands CEO Toni Ko will also join Summer International as a strategic investor. NYX was acquired by L’Oreal in 2014 for about $500 million. Summer International co-founder and CEO Xiaoski Kuik said the company’s goal is to create an ecosystem to help influencers and creators launch and sell beauty brands using consumer data and analytics. It operates in the United States, South Korea, Singapore, the Philippines and Indonesia. The company launched in 2018 along with Gushcloud International, an influencer marketing firm. Since then, Summer International has incubated brands like skincare line Baby Face with Singaporean influencer Jamie Chua, who has over 1.2 million followers, and wellness brands HANJAN, which launched in April at Coachella and recently struck a partnership with singer Nicole Scherzinger. Kuik told ZebethMedia that Summer International looks for creators and influencers who have a strong connection with their audience based on engagement rates, how active they are a video-first platforms and whether they have a strong localized community and global presence. “Many times, creators seek us out because of our reach and resources,” she said. “We have our own supply chain and we have the power to distribute brands across Asia via our social commerce and live distribution platforms. Our goal is to establish these top influencers as founders of the next-gen beauty, skincare and wellness brands and to provide them with the access and necessary resources they need to break into the market.” Other companies that also work with creators to launch brands include Pietra and Forma Brands. Ko said Summer International differentiates by owning its own distribution network and it also has a network of live commerce and social commerce distributors, mainly micro influencers based in Southeast Asia. “It gives us the ability to understand data of what consumers want and would buy and this allows us to collaborate with creators to build brands in a more cost-efficient manner,” Kuik said. Summer International’s live commerce distribution network helps it understand what brands and products consumers from different parts of Southeast Asia want to buy. It also provides data points like pricing and demographics to create new brands and market them. Summer International brands are sold through a mix of digital and offline channels, including e-commerce platforms, social and live commerce platforms and big box stores. They are also available on Summer.store, the company’s proprietary social commerce network.

Korean VC Sopoong closes $8M fund for startups focused on environmental impact • ZebethMedia

By zebethcontrolPosted on November 17, 2022Posted in Asia, Climate, climate tech, social impact, Sopoong Ventures, south korea, Startups, VentureNo Comments

Two years ago, South Korea unveiled a plan to reach carbon neutrality by 2050. Getting there will be another story. Although Korean manufacturers say they are trying to change their ways, the country’s GDP is linked to some uniquely pollutive industries, including petrochemical producers, automakers and shipbuilders. Though some businesses may never be truly sustainable, a venture firm in Seoul argues that emerging climate-tech startups will help big manufacturers do better overall. Sopoong, a social impact-focused VC, intends to support environmentally minded tech founders in South Korea and Southeast Asia, while building a bridge between Korean conglomerates and startups in the sector. Sopoong has closed on around $8 million (10.3 billion won) for its latest, sixth fund, bringing the firm’s total assets under management to approximately $22 million (28 billion won). I spoke with Sopoong chief executive Max Sang-Yeop Han, a serial entrepreneur who joined Sopoong in 2016 and acquired the firm in 2019, to learn about the VC’s plans. “It is a significant signal for large South Korean corporates participating as limited partners of environmental and climate tech-focused venture capitals like us,” Han said. “Participating LPs [Korean conglomerates] are passionate about climate technology and want to take part to address the climate and environment issue as they agree that the climate crisis is one of the urgent problems.” Korean petroleum refining company GS Holdings and chemical company Isu participated in Sopoong’s climate-focused fund as limited partners as of April, Han said, adding that they will be more like strategic partners to Sopoong. Non-profit organizations such as Asan Nanum Foundation, established by Hyundai Group, and D.Camp, as well as startup founders and executives, including the co-founder and former CEO of Krafton, Gang-Seok Kim, also joined Sopoong’s climate fund, Han continued. The early-stage VC had already set up five social impact funds and backed 81 startups since 2020, after Han acquired the firm in December 2019. Sopoong was launched in 2008 by Jaewoong Lee, who co-founded South Korea’s largest internet portal operator Daum Communication, which merged with Kakao in 2014. Now, the VC firm wants to zero in on the climate crisis and other environmental issues through its sixth fund, but other tech sectors like SaaS and IT will still be on its radar, according to Han. “Two-thirds of the fund will be invested in the environment and climate tech, including renewable energy, agri-tech, and food tech, and the rest will go to the information technology industry investment,” Han said. Its sweet spot is early-stage ventures from seed to series A stages across South Korea and Southeast Asia. Its average check size is $150,000, but the firm can go up to $600,000, Han told ZebethMedia. The sixth fund has already invested in 16 startups, including MetaTexture, a plant-based food startup; Selex, a Vietnam-based electric scooter and battery-swapping technology startup; Myorange, a platform for managing charitable donations; and Function 12, an automation tool that helps users complete coding and design files. Nine of the 16 portfolio companies are participating in Sopoong’s first accelerator program, which launched in June and runs for six months. Sopoong invests up to $350,000 into each startup via the accelerator program and offers mentorship, co-working space, administrative support and networking opportunities with experts. On top of the accelerator, the firm also launched a six-month fellowship program to foster climate tech entrepreneurship. So far, Sopoong says it has selected 13 individuals with master’s or doctoral degrees in environment-related majors, offering them $1,700 in grants per month and other support, including the accelerator program. If participating fellows succeed in founding a startup, Sopoong could make a seed investment, Han said.

IFC launches $225M platform to back early-stage startups in Africa, Asia, Middle East • ZebethMedia

By zebethcontrolPosted on November 15, 2022Posted in africa, Asia, IFC, Middle East, VentureNo Comments

The International Finance Corporation (IFC) has today launched a $225 million platform to back early-stage startups in Africa, Middle East, Central Asia, and Pakistan. The IFC, a member of the World Bank, will through the platform make equity and “equity-like” investments in tech startups to “grow them into scalable ventures that can attract mainstream equity and debt financing.” The institution said in a statement that it will also use the sector-agnostic platform to work closely with other members of the World Bank to champion for regulatory reforms, sector analyses and other changes that can grow the venture capital ecosystems in these regions. The IFC will also rally for more capital from other development institutions and the private sector. It has so far received a $50 million backing from the Blended Finance Facility of the International Development Association’s Private Sector Window, which de-risks investments in low-income countries. “Support for entrepreneurship and digital transformation is essential to economic growth, job creation, and resilience,” said Makhtar Diop, IFC’s managing director, in a statement shared with ZebethMedia. “IFC’s Venture Capital Platform will help tech companies and entrepreneurs to expand during a time of capital shortage, creating scalable investment opportunities and backing countries’ efforts to build transformative tech ecosystems. We want to help develop homegrown innovative solutions that are not only relevant to emerging countries but can also be exported to the rest of the world,” he said. The IFC’s regions of focus continue to receive a small percentage of the global capital funding, and IFC hopes to help bridge this gap. This is, especially, in the wake of a funding slowdown amidst macroeconomic headwinds. IFC hopes to grow the platform to other startup ecosystems beyond major hubs like Egypt, Kenya, Nigeria, Pakistan, Senegal, and South Africa. The platform adds to IFC’s Startup Catalyst Program, which is also part of investments and efforts to tap tech ecosystems in Africa, Middle East, Central Asia, and Pakistan. In its initial program, IFC has made investments in Twiga Foods, a Kenyan technology food distribution platform; TradeDepot, a B2B e-commerce startup connecting brands with retailers; and Toters, an on-demand delivery platform in Lebanon and Iraq.

GoFreight raises $28M to become the “Shopify of freight forwarding” • ZebethMedia

By zebethcontrolPosted on November 14, 2022Posted in Asia, Freight Forwarding, GoFreight, logistics, Startups, taiwanNo Comments

Unicorn Flexport is revolutionizing the world of logistics, serving as a freight forwarder with software that enables customers to manage their shipments. But there are still thousands of smaller freight forwarders, many running on outdated ERP software or spreadsheets. A startup called GoFreight wants to help them compete by providing the “Shopify of freight forwarding,” with backend software that makes their operations run more smoothly, and a frontend that lets them set up a storefront and provide quotes in a few minutes. The Los Angeles and Taipei-based startup has raised $23 million in Series A funding, co-led by Flex Capital and Headline. The round included participation from LFX Venture Partners, Palm Drive Capital and returning investors Mucker Capital, Cornerstone Ventures and Red Building Capital. GoFreight, which currently has about 1,000 customers, helps manage transportation of goods through ocean, air and land routes. It also lets them set up online storefronts with a few clicks. Potential customers can connect to freight forwarders by sending them an inquiry through storefront and getting a quotation within a few minutes, instead of the 24 to 48 hours usually necessary. Once a freight forwarding job is underway, shipments can be tracked with an EDI-integrated, real-time tool, so freight forwarders and customers know exactly where their shipment containers are. Tracking software also integrates with accounting tools on GoFreight’s platform, so users know how the performance of shipments is impacting their earnings. Co-founder and CEO Trenton Chen earned his Masters and PhD in the United States before returning to Taiwan to join TSMC. At that time, AppWorks and other startup programs were getting a lot of attention, and Chen decided he wanted to become an entrepreneur. He left TSMC (“it was a tough decision, because no one agreed with that,” he told ZebethMedia), and gave himself six months to find a viable idea. During that time, one of his co-founders was living in Los Angeles, working as an importer for a family business. “When I was in the States, I knew a lot of people in this industry as well. So many of our good friends asked us to go there and see how bad the software is. So in the last month of my six month period, I decided to give it an opportunity, bought a ticket for three months to go to LA and spend time with the first 10 freight forwarders, learning how they do business with software. We founded GoFreight after the first week we were there,” Chen said. Even though Chen says the global freight forwarding market is worth about $280 billion dollars, almost all the software it runs on is outdated. GoFreight’s goal is to empower traditional freight forwarders to stay competitive with the same quality of technology that Flexport has. “A freight forwarding business is about how to ship cargo from point A to point B. Software can really help, but that’s not their main business. The service itself is the main business and software cannot help minimize the shipping costs or get it there faster. But it can certainly help provide additional valuable information to customers, importers and exporters,” Chen said, adding, “We try to empower incumbents to compete with Flexport. That’s an approach to make this entire industry better and faster.” Chen says GoFreight differentiates from other freight forwarding software startups because most of them are trying to create new ERP system, or integrate with existing ones. This is challenging to do because many freight forwarders use ERP systems that are out of date, and it’s a fragmented market. Some don’t even use ERP systems; instead, they work off of spreadsheets or pen-and-paper systems. On the backend, GoFreight’s software has sales, operating and accounting tools, so when customers have an inquiry, freight forwarders can enter it into their system and then come back with a quotation. Once a job is confirmed, GoFreight manages bookings, real-time shipments and any necessary electronic filings. They can also generate and send invoices through GoFreight. “Very importantly, we’re trying to become the Shopify of the space, so in one-click they can open an online store, and their importers can use the online web portal to send an inquiry and it just pops up in the system, automatically with pricing and they can book their tickets online,” said Chen. “So the front end application is so important and we provide visibility solutions as well.” A major challenge that GoFreight wants to solve is the process of generating quotes, which can take a couple days since freight forwarding orders are complex. For example, if a customer wants to ship three containers from Shanghai to Los Angeles, freight forwarders need to check with overseas agents who are also freight forwarders. They also need to arrange trucking and warehouses. Another thing to consider is spot rates versus contract rates, since spot rates can be much lower. Most of this work is done through emails, phone calls and text messages, but a centralized customer-facing app means freight forwarders can complete the entire process, including checking with overseas agents, through GoFreight’s integrations, which Chen says reduces the process from two days to about 10 or 20 seconds. GoFreight is currently working with partners to build a network that connects customers with freight forwarders, and freight forwarders with carriers. GoFreight also provides a digital payment solution, since most payments were done by paper checks. This means freight forwarders can issue a link to customers, and once they click on that they are taken to GoFreight’s website, where they can decide what invoices to pay with credit cards or bank accounts. Then that information goes back into GoFreight’s ERP system. Analytics provided by GoFreight can help freight forwarders make more money, Chen said. For example, if they book a 40-foot container, GoFreight will record how much they paid for it and how much customers were charged. The system analyzes performance for top customers and overseas agents, uncovering hidden fees so freight forwarders have a better understanding of the real cost

Southeast Asia health tech platform Speedoc raises $28M • ZebethMedia

By zebethcontrolPosted on November 8, 2022Posted in Asia, Biotech & Health, health care, Health tech, healthcare, malaysia, Singapore, Southeast Asia, Speedoc, Startups, telemedicineNo Comments

Speedoc, a health tech platform that brings hospital care to homes, has raised $28 million in pre-Series B funding. The round included Bertelsmann Investments, Shinhan Venture Investment and Mars Growth. Returning investor Vertex Ventures Southeast Asia and India, which led Speedoc’s $5 million Series A in 2020, also participated. Based in Singapore, Speedoc was founded in 2017 by Dr. Shravan Verma and Serene Cai. Its services include telemedicine consultations, on-site doctor and nurse visits, virtual hospital wards and ambulance hailing. Speedoc is available in a total of nine cities, including eight in Malaysia. Dr. Verma told ZebethMedia that he became interested in creating an app for on-demand medical services while he was a doctor in an emergency department, and saw how many patients had to wait hours for minor conditions. Cai, meanwhile, wanted to create an easier way for people to get medical help, especially in underserved communities, while her family was caring for her grandmother, who had severe dementia. Speedoc is currently participating in the Ministry of Health Office for Healthcare Transformation’s Mobile Inpatient Care@Home initiative, and its hospital partners include National University Health System (NUHS), the Singapore General Hospital (SGH) and Khoo Teck Puat Hospital. As part of the program, Speedoc plans to expand its virtual hospital program, which includes a 24/7 patient care team. H-Ward is one of the main ways Speedoc differentiates from other telemedicine platforms, Dr. Verma said, because it standardizes services like telemedicine, remote monitoring and home-based doctors and nurses for continuous care. Patients are able to receive frequent medical reviews, 24/7 nursing, intravenous therapies, blood tests and in-person visits. “Research and survey findings have shown that given the same medical care and treatment, patients could recover faster at home,” Dr. Sherma said. “We have also been encouraged by our patients advocating for home-based care, and preferences to be admitted at home. Most importantly, on the impact on the healthcare landscape, the thrust towards virtual hospitals will ensure more optimal utilization rates, and more capacity for medical personnel to attend to life-threatening conditions.” Speedoc will use its new funding to expand in Southeast Asia, especially in cities where there is a shortage of healthcare professionals. In a statement about the funding, Shinhan Venture Investment (Global Investment) director Jinsoo Lee said, “Healthcare provision and delivery in Southeast Asia is poised for tremendous change in the next decade. We believe the healthcare model Speedoc champions will see greater adoption in meeting the healthcare gap in the region.”

Elon Musk’s Twitter Blue subscription with verification may launch in India in ‘less than a month’ • ZebethMedia

By zebethcontrolPosted on November 6, 2022Posted in Apps, Asia, Elon Musk, india, Social, Twitter, twitter blueNo Comments

Twitter may extend its subscription service to India in “less than a month,” its owner and chief executive Elon Musk said, offering a glimpse at just how aggressively he plans to roll out Twitter Blue to the larger world. Twitter launched Twitter Blue in four markets — US, Canada, Australia and New Zealand — last year. The Elon Musk-owned firm plans to launch a revamped version of the subscription service in those four markets on Monday. Musk has ramped up Twitter Blue’s offerings, promising a verified checkmark to anyone who subscribes, among other features, including long form video content and having to sift through fewer ads. Those who already have the verified checkmark will need to subscribe to Twitter Blue over the coming months to retain it, Musk said in another tweet. He has previously said that Twitter Blue, which is priced at $7.99 a month in the U.S., will be more affordable in some countries to account for local purchase parity. “Power to the people,” Twitter’s iOS app update note said in anticipation of Monday rollout. “Your account will get a blue checkmark, just like the celebrities, companies, and politicians you already follow.” Musk is betting on turning the subscription service into a major revenue driver for Twitter, which he acquired last month for $44 billion — $13 billion of which he lent from banks. Musk needs to pay more than $1 billion a year in interest payments. The company this week laid off roughly half the company’s workforce, or about 3,700 jobs. In a series of tweets over the weekend, Musk offered a few more updates on Twitter Blue. He claimed the company “can beat” YouTube’s ad-revenue split to creators, and that fixing the search functionality on Twitter “is a high priority” for the firm. Twitter will soon allow users to attach long-form texts to tweets, he said. Many users who have wished to post longer texts have over the years posted screenshots of texts written on a note app. Musk said the new revamp will end such “absurdity.”

English-learning startup ELSA launches Speech Analyzer to help people gain conversational confidence • ZebethMedia

By zebethcontrolPosted on October 27, 2022Posted in Asia, elsa, English learning, ESL, Southeast Asia, Speech analzyer, Startups, vietnamNo Comments

ELSA, the English-language learning app known for its speech recognition technology, is launching a new product called the Speech Analyzer. The assessment platform plugs into communication tools like Zoom and analyzes conversational speech to suggest areas for improvement, including pronunciation, pacing and vocabulary. It is meant to act like a language coach to help people prepare for tests, presentations, interviews or just gain more confidence when speaking English. Like ELSA’s learning app, which has more than 40 million users, the Speech Analyzer provides tutorials, along with projected scores of how users might perform on major English language exams including IELTS. Based in San Francisco and Ho Chi Minh City, ELSA’s investors include Google’s AI-focused fund Gradient Ventures. Founder and CEO Vu Van told ZebethMedia the Speech Analyzer was developed after ELSA received feedback that users’ English improved while using the app, but they still felt nervous when dealing with face-to-face conversations and Zoom calls. Corporate users are often encouraged to join speaking clubs or Toastmaster to improve their speaking fluency, but lacked the time. “Recognizing those major pain points among our customers, as well as seeing the world is gravitating towards a more flexible, hybrid and remote working environment where working professionals spend hours on online meeting platforms, we felt that the need for stronger English spoken skills has become more important,” Vu said. Speech Analyzer was built as an expansion to ELSA’s learning app, to make it easier for people to get access to communication coaching. Speech Analyzer integrates with Outlook and Gmail calendars, and can be used with Zoom, Slack, Google Meet, Microsoft Teams and other platforms. It only records the voice of the user and voice recordings can also be uploaded to it. ELSA is based on mid-Western American English as the standard most often used in business, education and everyday settings, Van said, and uses major English speaking exams like TOEFL, IELTS, TOEIC, CEFR and Pearson as benchmarks. The Speech Analyzer is free to use and monetizes by charging for more advanced features and analysis. It is also available in a premium bundle with an ELSA membership.

Singapore may soon require retail investors to take test before trading crypto, prohibit credit cards • ZebethMedia

By zebethcontrolPosted on October 26, 2022Posted in Asia, Crypto, cryptocurrency, SingaporeNo Comments

Singapore may soon require retail investors to take a test and not use credit card payments and other forms of borrowing for trading cryptocurrencies, the central bank proposed on Wednesday in a series of measures as the island nation looks to make citizens aware of the risks surrounding volatile assets. The Monetary Authority of Singapore said in a set of consultation papers that it’s worried that many retail customers may “not have sufficient knowledge of the risks of trading” digital payment tokens, which may lead them “to take on higher risks than they would otherwise have been willing, or are able, to bear.” Several popular crypto exchanges already require their customers to periodically sift through questionnaires before they are allowed to trade crypto and participate in derivatives trading. The central bank acknowledged [PDF] that a number of industry players are supportive of some form of assessment on the retail customer’s knowledge of risks. The central bank has also proposed that stablecoin issuers make adequate disclosures about their tokens and hold reserve assets in cash, cash equivalent or debt securities that are “at least equivalent to 100% of the par value of the outstanding” tokens in circulation “at all times.” The debt securities, the proposal says, should be issued by the central bank of the pegged currency or organizations that are both a governmental and international character with a credit rating of at least AA—. “SCS [single-currency pegged stablecoins] issuers must obtain independent attestation, such as by external audit firms, that the reserve assets meet the above requirements on a monthly basis. This attestation, including the percentage value of the reserve assets in excess of the par value of outstanding SCS in circulation, must be published on the issuer’s website and submitted to MAS by the end of the following month (for the month being attested),” the proposal says [PDF], adding that issuers also must appoint an external auditor to conduct an annual audit of its reserve assets and submit the report to MAS. The proposal marks a major shift in Singapore’s stance on crypto. Once a preferred global crypto hub for its policies, Singapore authorities have toughen their views of digital assets following the collapse of a series of firms including Terraform Labs’ stablecoin UST and native token LUNA, and hedge fund Three Arrows Capital. (More to follow)

Square Peg Capital closes $550M fund for Southeast Asia, Australia and Israel • ZebethMedia

By zebethcontrolPosted on October 26, 2022Posted in Asia, Australia, Israel, Southeast Asia, square peg capital, Venture, venture capitalNo Comments

It’s a tough market for venture capital, but Square Peg Capital is plowing ahead with its focus on Australia (where it is based), Southeast Asia and Israel. The firm announced today that it has closed its fifth fund totaling $550 million. This brings its total raised across all funds to about $1.6 billion. Square Peg has invested in more than 60 companies, and returned over $580 million to its investors across 11 exits at an IRR of 42%. Its counts Australian superannuation funds like Hostplus and AustralianSuper among its backers, and other LPs include new and returning investors from family offices, institutions and endowments. Part of Square Peg’s new capital will be used for its core venture fund, which invests in seed to Series B startups. It will also invest in the later stages of its best-performing portfolio companies through its Opportunities Fund. Square Peg Capital partners Tushar Roy and Piruze Sanbuncu Square Peg has a growing footprint in Southeast Asia, where partners Tushar Roy and Piruze Sabuncu are based. Roy told ZebethMedia in April that Southeast Asia is the firm’s fastest-growing geographical footprint. Half of its last $275 million fund, Fund 3, was invested in Southeast Asia. The firm is focused on five key areas in the region: consumer internet, fintech, edtech and the future of work, healthtech and SaaS. Some of Square Peg’s investments so far from Southeast Asian include LottieFiles, Doctor Anywhere and FinAccel. It’s new fund has also invested in recruitment automation platform Kula and open source Firebase alternative Supabase. Portfolio companies from other regions include Canva, Airwallex and ROKT in Australia, and Fiverr and AIDoc from Israel. In a statement, Sabuncu said, “We already know the potential Southeast Asia presents when we look at the basic macro numbers, but the last few years have proven that you can build global businesses from this region, or create new business models that can disrupt the way people access various services—whether it be lending, education or healthcare.”