Editor’s notes: graphics, data & information provided by data platform Tracxn
The Hong Kong Monthly Funding Tracker for September 2026 recorded a strong rebound in total capital deployment, reaching $394.84 million across 8 rounds. This represents an extraordinary 42-fold increase month-on-month (August 2026: $9.2 million), and a 7.5-fold increase compared to the same period last year (September 2025: $47 million).
Round count also climbed (8 versus 4 in August 2026 and 2 in September 2025), but the surge in dollar value was driven overwhelmingly by a single large late-stage round rather than by broad-based deal activity.
Stage-Wise Funding Trends
September saw capital concentrate heavily in mature companies. Late-stage funding dominated the month, accounting for 76 percent ($300 million) of the total capital. Early-stage funding contributed 22.5 percent ($88.84 million), while Seed-stage rounds made up the remaining 1.5 percent ($6 million).
IPOs and Acquisitions
Exit activity was absent (0) for the month.
IPOs: 0 (compared to 0 in August)
Acquisitions: 0 (compared to 0 in August, and 1 in September 2025)
Top Funding Deals in September 2026
The month was headlined by Qupital, which alone accounted for roughly 76 percent of the month’s total funding. Together, Qupital and AlphaPai made up about 89 percent of all capital raised.
Qupital – $300 million
AlphaPai – $50 million
ExploMar – $14.93 million
DYU – $14.9 million
BlueFireAI – $9 million
Infini Money – $6 million
Violoop AI – Undisclosed
I2Cool – Undisclosed
Venture Capital Funds (VC)
Eastern Bell Capital invested in AlphaPai with $50 million
Tongxin Capital invested in DYU with $14.9 million
Private Equity Funds (PE)
Next Capital invested in AlphaPai with $50 million
Shenzhen Toposcend Capital invested in I2Cool with an undisclosed amount
Key Takeaways
Record-Breaking Rebound: Total funding surged roughly 43-fold versus August, propelled almost entirely by Qupital’s $300 million late-stage round. Stripping out Qupital leaves about $95 million, a solid but far more typical month for the city.
Late-Stage Dominance: More than $300 million, over 76 percent of all capital, flowed into mature companies, led by Qupital’s raise, with AlphaPai’s $50 million round adding further late-stage weight.
No Exit Activity: Despite the significant funding rebound, September recorded no acquisitions and no tech IPOs.
AI and Hardware on the Fringe: Beyond the headline raises, smaller rounds for BlueFireAI, I2Cool, and Violoop AI pointed to steady and modest interest in the city’s AI and deep-tech stack.
TNGlobal Tracker: Southeast Asia (SEA) Monthly Funding Snapshot September 2026