ETtech Deals Digest: Startup funding surges 170% YoY to $238 million this week

Startups raised around $238.1 million between August 10 and August 16, marking an increase of 169.7% compared to the same period last year. This marks a 119.8% drop from the previous week’s funding total of $108.4 million as well.

This week, startups, mostly in early and late stages, raised funding through 23 rounds compared to 15 rounds in the same week last year, when they raised a total of $88.3 million, according to data from Tracxn.

The largest funding round in this week was secured by electric scooter maker Ather Energy, which raised $71.5 million, marking it as the fourth unicorn startup of the year.

Most active venture capital firms in this week include Elevation Capital, Venture Catalysts, and Yali Capital.

Top Deals of the Week:

Ather Energy: Electric scooter maker Ather Energy closed a $71 million funding from existing investor National Investment and Infrastructure Fund (NIIF). Post the funding, the firm has been valued at $1.3 billion, which makes it the country’s fourth unicorn this year and second in the mobility space after Rapido.

Syfe: Singapore-based investment platform Syfe raised $27 million in equity funding from existing investors, including Peter Thiel’s Valar Ventures and London-based investment firm Unbound, and two UK-based family offices.

Neo Group: Wealth and asset management startup Neo Group raised around $47.7 million in a fresh equity funding round led by Japanese lender MUFG Bank along with New York-based Euclidean Capital. Peak XV Partners also participated in this round.

Vayana: Trade finance platform Vayana raised $20.5 million from investors led by Asia Rising Fund, co-founded by Sumitomo Mitsui Banking Corporation (SMBC), to fuel its plan to introduce new products. The Series D funding round also saw participation from existing investors, including the International Finance Corporation (IFC), Chiratae Ventures, Jungle Ventures, as well as family offices such as Quantum State Investment Fund and Emerald Company.