SEA

It remains dedicated to seed-stage investing, cutting checks of up to $500,000, but is now open to larger follow-on checks of up to $5 million, as well as potential investments through special-purpose vehicles, such the $21.2 million vehicle it previously executed for Carousell.

Bukalapak is Indonesia’s fourth-largest e-commerce company after Tokopedia, Sea Ltd’s Shopee and Alibaba’s Lazada.

iProperty Malaysia and thinkofliving will continue to operate separately, PropertyGuru said. The group will work to ensure the smooth integration of the businesses while delivering the same value and services to property seekers, agents, and developers.

Public listing expected to enable Kredivo’s continued growth in Indonesia, expansion into regional markets, and the ability to enter new business lines.

The fundraising, a so-called private investment in public equity (PIPE), would be part of a deal to merge the online travel startup with Bridgetown Holdings Ltd as soon as this year.

2020 was the year of the pandemic, and undoubtedly, the year of e-commerce. With the mobility restrictions, people were spending more time at home and turning to the Internet to meet more of their daily needs. The result of this massive digital adoption was the exponential growth of the Southeast Asia e-commerce market.

The fund will be used for iStore iSend’s talent acquisition and improving its proprietary system to help the company in its plan for cross border expansion.

The combined company will have an enterprise value of approximately $1.35 billion and an equity value of approximately $1.78 billion at closing.

The funds raised will further develop Partipost’s tech platform and accelerate business expansion into Vietnam, as well as strengthen current operations in Singapore, Indonesia, Taiwan, Malaysia, and the Philippines.

The development comes at a time when more global PE firms are looking for investment opportunities in the tech sector in Southeast Asia.