Top ten highlights from the APAC PE, VC, and startup ecosystem this week:
- **Subdued Funding Environment**: Southeast Asian startups raised $388 million in February, indicating a slight uptick from January but far below the $1 billion benchmark.
- **SingAuto’s Series A Funding**: Singapore-based refrigerated truck startup SingAuto secured $45 million in funding from a UAE-based investor, marking the largest deal of the month.
- **Apollo Global Management Eyes BPEA Credit**: Wall Street’s Apollo Global Management is in discussions to acquire BPEA Credit, a mid-market performing credit platform focusing on India and Southeast Asia.
- **Saratoga’s Acquisition of Brawijaya Hospital & Clinic**: Indonesian investment firm Saratoga is set to acquire a majority stake in Brawijaya Hospital & Clinic from Falcon House Partners.
- **Shiok Meats’ Merger with Umami Bioworks**: Y Combinator-backed Shiok Meats seeks a merger with Singapore-based Umami Bioworks, with Umami’s CEO taking over the leadership.
- **AwanTunai’s Series B Funding**: Fintech startup AwanTunai closed its Series B round at $27.5 million, with lead investors including Norfund and Japan’s MUFG Innovation Partners.
- **Borong’s Series B Funding for Expansion**: Malaysian B2B wholesale marketplace Borong is raising a Series B round to expand into new Southeast Asian markets.
- **Kargo Technologies’ Strategic Partnership with The Lorry**: Jakarta-based Kargo Technologies is in talks with Malaysian logistics platform The Lorry for a potential M&A deal, signaling consolidation in the logistics tech sector.
- **Perfios’ $80 Million Funding**: Indian fintech startup Perfios raised $80 million from Teachers’ Venture Growth, joining the unicorn club with a post-money valuation of $255 million.
- **FMO’s Investment in Satya MicroCapital**: Dutch development bank FMO is proposing an additional $25 million investment in Delhi-based microfinance company Satya MicroCapital Limited, building on its earlier investment.
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