The Hottest Startups in Asia
Wealth2 Minutes Read

The Hottest Startups in Asia

June 13, 2024 Share

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Curious about the latest game-changers in Asia’s booming startup scene and the venture capital fueling their success?

Thanks to its remarkable rise in fundraising and investment, Asia is quickly emerging as a hub for leading companies and venture capital. Spending on venture capital in the region increased dramatically from $26 billion in 2014 to a startling $129 billion in 2018, and the trend is still rising. Let’s explore some of the notable venture capital firms and startups that are currently making waves in Asia.

Image Courtesy of Technology Magazine

Abacus Digital

Abacus Digital is a vibrant spinoff of Siam Commercial Bank, one of Thailand’s largest lenders, which was founded in 2017 by Sutapa Amornvivat. This creative business created MoneyThunder, an AI-powered app that aims to give underbanked consumers loans in as little as ten minutes. With more than 3 million users and $250 million in loans, Abacus Digital is leading the way in the financial industry. By 2025, the corporation hopes to go public with grand ambitions.

BYD

In 2023, BYD, a Chinese producer of electric vehicles (EVs), accomplished a noteworthy milestone by surpassing Tesla in sales in China, the largest automotive market globally. Surprisingly, BYD began as a manufacturer of mobile batteries and has rapidly expanded under founder Wang Chuanfu‘s direction. The reason for BYD’s success is its extensive participation in the EV supply chain, which includes the fabrication of chips and battery packs that are necessary for EVs. The growth of EVs in China has also been greatly aided by favorable government policy.

Safe Space™

Safe Space is a cutting-edge B2B2C digital platform that links clients and clinical therapists in real time. It was founded in 2017 by Antoinette Patterson and Lynette Seow. Thanks to lower overhead, this firm provides remote mental health services at reasonable costs. Safe Space has had impressive development, adding 583% more therapists in just a single year and seeing a 416% rise in clientele in only ten months. Safe Space is having a big influence on users’ mental health, as seen by the 97% of users who recommend the app and the 94% who report good effects. The firm is now soliciting contributions for a Pre-Series A investment.

Wavemaker Partners

Based in Singapore, Wavemaker Partners is a well-known Asian venture capital firm founded by David Siemer, Eric Manlunas, and Paul Santos. The company was founded in 2003, specializes on early-stage entrepreneurs, and has raised more than $580 million through various funds. Wavemaker Partners, having managed eight investment funds, has made 447 investments and successfully exited 50 of them. The company is essential to the development and financing of Asia’s next wave of creative businesses.

These illustrations show off Asia’s thriving and quickly changing startup scene. The area is brimming with ground-breaking businesses, from fintech innovations like Abacus Digital in Thailand to the mental health revolution led by Safe Space and the EV leadership of BYD in China. Meanwhile, venture capital firms such as Wavemaker Partners persist in offering the crucial financial resources and assistance required to propel the expansion of these startups. As the region’s impact on the global startup and venture capital scene grows, Asia is still one to keep an eye on for the next great invention.

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