Norfund

Funding Societies | Modalku, the largest unified small and medium enterprises (SME) digital finance platform in Southeast Asia, has on Thursday announced that it has raised $7.5 million in debt from Norfund, a Development Financial Institution (DFI) which operates an investment fund owned by the Norwegian government for developing countries.

Since establishment in 2014, Openspace Ventures has invested in 33 companies across verticals including logistics, FinTech, AgriTech, EdTech, HealthTech, CleanTech, and B2B SaaS. One of the firm’s earlier investments includes Indonesian unicorn Gojek.