The Biggest VC Deals in Southeast Asia H1 2025

Supabase

Supabase is an open-source alternative to Firebase, designed to provide developers with a comprehensive backend platform. 

They raised US$200 million in Series D, valuing the company at US$2 billion. The round was led by Accel and included participation from other VCs like Coatue, Y Combinator, Craft Ventures and Felicis.

Thunes

Thunes is a cross-border network that delivers smarter payment solutions for emerging economies. It raised US$ 150 million for its Series D funding round. The round was led by private equity firms Apis Partners and Vitruvian Partners. This brings Thunes’ total raised funding amount to over US$ 350 million.

Nhi Dong 315

Nhi Dong 315 is a Vietnam-headquartered provider of comprehensive paediatric vaccination services received an investment of US$ 135 million from GIC, Singapore’s sovereign wealth fund. With the new capital, Nhi Dong 315 plans to expand the scale of clinics and vaccination centers nationwide, as well as aim to build more specialized hospitals to care for the health of women, mothers and children in Vietnam. 

Bolttech (Singapore-Subsidiary)

Bolttech is a B2B2C insurtech, headquartered in Thailand, that leverages its pioneering insurance exchange to connect insurers with distributors and their customers. 

It secured an additional US$ 47 million in funding from Sumitomo Corporation and Iberis Capital, just six months after raising approximately US$ 100 million in the first tranche of its Series C round in December 2024. That initial round was led by Dragon Fund, with participation from Baillie Gifford, Generali and others. With this latest infusion, Bolttech has raised a total of US$ 147 million in its Series C round, bringing its valuation to US$ 2.1 billion.

Syfe

Syfe is a Singapore-based digital wealth management platform that offers professional portfolio management services. In 2025, it secured an additional US$ 53 million for its Series C2 funding round, bringing its total Series C fundraise to US$ 80 million, following a US$ 27 million first close. 

The round was led by two UK-based family offices, with participation from Unbound and Valar. Syfe has now raised over US$ 130 million to date. The fundraise reflects Syfe’s strong momentum, with revenue growing 64% and EBIT increasing by over 50% for the FY ending in December 2024.

Salmon

Salmon, a Philippines-based fintech company offering digital-first lending and savings products for underserved consumers, has raised US$ 28 million in equity funding. This round includes participation from Antler Elevate, a new investor, alongside existing shareholders such as the International Finance Corporation, ADQ/Lunate, Northstar, Back in Black Capital and other investors. The round also includes a US$ 60 million drawdown under a 3-year, US$ 150 million Nordic bond framework agreement.

SIRCLO

SIRCLO is Indonesia’s leading e-commerce enabler that helps businesses sell to the Indonesia market online. This year, it secured US$ 33 million in additional funding from existing investors East Ventures, SMDV, and Vertex Ventures, despite facing a down round with reduced share prices and increased liquidation preferences. SIRCLO plans to expand its e-commerce services with the new capital. This brings its total funding to over US$ 200 million.