HungryPanda banks USD 55 million to fuel North American expansion
HungryPanda, the go-to app for Asian food lovers living abroad, has just wrapped up a USD 55 million refinancing and fundraise led by Mars Growth Capital, a joint venture between Liquidity Group and MUFG. Familiar faces like Perwyn, Kinnevik, 83North, and Felix returned to back the company.
With this new injection of capital, HungryPanda plans to bolster its position in the Asian food delivery market while expanding its reach into North America, where it aims to serve a wider range of minority communities.
Since its founding in 2017, HungryPanda has linked millions of users across more than 80 cities in 10 countries to their favorite Asian dishes. With partnerships involving over 100,000 merchants, the app has solidified its leadership in the niche food delivery sector. In 2024, the company reached a key milestone, achieving profitability while maintaining a 30% growth rate.
Generative AI startup TeamSolve snags USD 2.5 million
TeamSolve, an emerging player in the AI sector, has snagged USD 2.5 million in seed funding, with SGInnovate and Burnt Island Ventures co-leading the round.
Founded in 2022, TeamSolve aims to help industrial and utility companies address the talent gap through its generative AI-powered copilot solution. The solution functions as a “second brain” for frontline workers, offering real-time insights into asset health, integrating field observations and troubleshooting guides, and adapting to user inputs via familiar platforms like WhatsApp.
In a statement, TeamSolve CEO Mudasser Iqbal said the funds will be used to enhance the company’s capabilities, expand its market presence, and sharpen its focus on delivering impactful AI-driven solutions.
SoftBank backs OpenAI with USD 500 million stake
SoftBank’s Vision Fund has invested USD 500 million in OpenAI, according to a report from The Information. The investment is part of OpenAI’s USD 6.5 billion convertible note raise, which is expected to push OpenAI’s valuation to a jaw-dropping USD 150 billion.
The fundraise coincides with OpenAI’s plans to restructure its corporate framework, including removing its current profit cap to attract more investors. It’s a significant step for a company that has already reshaped the artificial intelligence landscape with its ChatGPT product, and SoftBank’s involvement underscores just how much potential this tech powerhouse holds.
Kasco raises Series D1 funding as air suspension takes off in China’s NEV market
Kasco, a company specializing in automotive suspension technology, has raised RMB 450 million (USD 63 million) in a Series D1 funding round, according to 36Kr. The round was co-led by a GAC-managed fund and BOC Asset Investment, bringing Kasco’s total funding to RMB 1.5 billion (USD 210 million) over five rounds.
The new capital will be used primarily to expand production and develop new products, enabling Kasco to enhance its role in China’s burgeoning new energy vehicle (NEV) market.
Founded in 2018, Kasco now holds a 40.3% share of China’s air suspension market, which is becoming a key feature for premium NEVs as the sector continues to evolve.
Pallav locks in seed funding to transform banking in Indonesia
Pallav, an Indonesian fintech company, has locked in an undisclosed amount of seed funding, according to DailySocial. The funding round included investors like M Venture Partners, Kadan Capital, and Monk’s Hill Ventures, alongside individual investors such as Jefferson Chen (Advance Intelligence Group) and Arun Pai (formerly of AsiaCollect).
Pallav aims to modernize Indonesia’s traditional financial institutions by offering a digital credit operating system. This system is designed to optimize loan recovery and improve efficiency for banks, particularly those handling high-risk customers. By automating manual processes, Pallav hopes to enable banks to serve more customers at a lower cost, while improving margins.
Supermom said to have landed at least SGD 18 million in funding
Supermom, a go-to parenting platform, has landed at least SGD 18 million (USD 14 million) in its latest funding round, according to regulatory filings accessed by DealStreetAsia. Granite Asia, previously known as GGV Capital, is said to be leading the round.
The funding will enable Supermom to expand its presence across Southeast Asia, with the company focusing on scaling its platform to meet the needs of a growing user base of parents in the region.
Qarbotech, Rey, Nio, and more led recent headlines:
- Qarbotech, a Malaysia-based climate tech startup, raised USD 1.5 million in a seed extension round led by 500 Global, with participation from Better Bite Ventures, ID Capital, EQT Foundation, and Epic Angels Limited.
- Rey, an Indonesian insurtech startup, reportedly secured an additional USD 3.5 million in seed funding, led by new investors CyberAgent Capital, Arthazen Capital, and PT Gametraco Tunggal.
- Nio, one of China’s leading electric vehicle manufacturers, reportedly secured RMB 3.3 billion (USD 462 million) in new capital for one of its subsidiaries. The investors include a consortium backed by the Hefei government, including Hefei Jianheng New Energy Automobile Investment Fund Partnership, Anhui Provincial Emerging Industry Investment, and CS Capital.
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