Deals of the week: Khong Guan takes a bite of SGProtein; Singapore startups take the funding cake

THESE South-east Asian tech deals made headlines in the past week:

1. SGProtein raises S$4 million led by biscuit-maker Khong Guan

Plant-based meat startup SGProtein has raised S$4 million in a seed round led by Khong Guan – another traditional food-and-beverage company getting on the foodtech bandwagon.

Khong Guan signed a shareholders' agreement with SGProtein's founders and investors to invest in a 30 per cent stake in the company for S$1.5 million in cash.

Commonwealth Capital, which has stakes in home-grown brands The Soup Spoon, Udders and Pastamania, joined the round.

2. Singapore takes lion's share of venture dollars in South-east Asia

Tech startups in the city-state attracted S$5.5 billion of capital over the past year, Singapore’s Second Minister for Trade and Industry Tan See Leng said.

This marks a dip from the S$8.5 billion raised in 2019, according to figures from Enterprise Singapore. Still, the amount of capital raised is almost three times what was received five years ago.

Since 2014, the city-state has accounted for well over half the total aggregate value of deals in the Asean region.

3. Tazapay raised nearly US$1.8 million in a seed round

Singapore-headquartered cloud-based trade management platform Tazapay raised nearly US$1.8 million in a latest seed round.

Existing investors Sequoia India's Surge and Saison Capital, together with new partners RTP Global and January Capital, participated in this round. The fresh funds will be used for customer acquisition resources and scaling technology and growth teams.

Additionally, the startup's whole suite of services will go fully operational in Singapore, Malaysia, India and Thailand.

4. UI-licious gets US$1.5 million led by Monk's Hill Ventures

Software testing automation startup UI-licious has raised US$1.5 million in a pre-Series A funding round led by Monk's Hill Ventures.

The new funds will be used to expand the startup's product development, widen its customer base of small and large enterprises and grow its sales and marketing teams.

UI-licious offers a proprietary smart testing engine that allows one to automate user interface (UI) testing without needing to know coding.