Fresh funds

• A report by Reuters revealed that 500-backed Indonesian e-commerce startup Bukalapak has raised US$234 million in capital in a funding round.
• Earlier this year, a story by KrAsia said the startup’s valuation is estimated to reach up to US$5 billion from the current US$3.5 billion.
• This news follows announcements this week of Fave’s US$45 million acquisition by Pine Labs and Grab’s plans to list in the United States in what is said to be the world’s biggest SPAC (special purpose acquisition company) deal at a US$40 billion valuation.
• Read the full story on Reuters here.

A mini-app with big benefits

• 500-backed digital health startup Naluri has partnered with airasia to launch Naluri Food Journal on the airasia app. This new feature dispenses nutritional and dietary advice based on the user’s photos of food.
• Powered by artificial intelligence, Naluri delivers personalized expert nutrition and diet advice from the startup’s team of registered dietitians.
• “We know that if people want to get healthier, they’re four times more likely to achieve their health goals if they have professional support, but that’s expensive. Naluri democratizes access to these services, so that everyone can have coaches, literally in their pocket!” said Azran Osman-Rani, co-founder and CEO of Naluri.
• This feature is already available to millions of airasia app users in Malaysia as a mini-app, free for a limited time.
• Read the full announcement and interview with Azran on airasia here.

Going up Down Under

• Two Australian space companies have come together in an agreement to launch small satellites to orbit — 500-backed rocket startup Gilmour Space Technologies and nanosatellite manufacturer Fleet Space Technologies.
• “We have signed a contract to launch six Fleet Space Centauri nanosatellites on our Eris rockets in 2023,” said Adam Gilmour, CEO of Gilmour Space. “It is a great example of how homegrown space companies are scaling and partnering to meet the world’s growing demand for innovative small satellite applications and affordable launch.”
• “Covid has shown how important it is to have access and control over the technology that we rely on. Sovereign satellite and launch capability will allow us to protect our assets in space and our way of life,” he added.
• Read the full announcement on Gilmour Space here.

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500 Startups is a venture capital firm on a mission to discover and back the world’s most talented entrepreneurs, help them create successful companies at scale, and build thriving global ecosystems. In Southeast Asia, 500 Startups invests through the pioneering 500 Southeast Asia family of funds. The 500 Southeast Asia funds have backed over 240 companies across multiple sectors from internet to consumer to deep technology. It continues to connect founders with capital, expertise and powerful regional and global networks to help them succeed.

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