Top ten highlights from the APAC PE, VC, and startup ecosystem this week:
- Aruna Layoffs: Aruna, a startup in Indonesia’s aquaculture industry, has reportedly laid off 40% of its staff amid fundraising efforts, separate from scandal-hit eFishery.
- eFishery Troubles: eFishery faces potential shareholder losses as a forensic audit suggests investors may recover under 10 cents per dollar invested due to mismanagement and significant losses.
- Legal Action Against eFishery: eFishery is said to be lodging a police report against its co-founders for alleged misconduct leading to massive financial losses for the company.
- VC Fundraising in Southeast Asia: VC firms in the region raised $915 million in the second half of 2024, marking a four-year low in fundraising activity.
- Techcoop Series A Round: Vietnamese agritech platform Techcoop secured $70 million in a Series A round, becoming one of the largest fundraisings in Southeast Asia.
- Kredivo Acquires GajiGesa: Indonesian fintech company Kredivo acquired earned wage access startup GajiGesa at a fraction of its previous valuation.
- Seedcom Seeks Exit: Vietnam-based Seedcom is reportedly planning to exit from last-mile logistics services provider Scommerce to focus on its retail business.
- Emtek’s Stake Increase: Indonesian conglomerate Emtek raised its stake in e-commerce company Bukalapak by 1.3 trillion rupiah ($79.6 million) through its subsidiary.
- Danantara Indonesia Fund: Sovereign wealth fund Danantara Indonesia targets large-scale projects in natural resources processing, AI development, and energy and food security.
- Private Equity Exits and Fundraising: With expectations of increased exit activity, private equity firms like Dymon Asia Private Equity and HighLight Capital are preparing for distributions and exits amidst market changes and opportunities for investments in Japan.
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