DATA VANTAGE | Techcoop, OY! Indonesia and Tin Men Capital in focus

Edition #465, 1st May 2025

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Dear Reader,

Vietnamese agritech startup Techcoop issued [redacted] worth of new preference shares last week as part of the $28 million equity component of its ongoing Series A round, which was announced in December. The funding round also includes $42 million in debt financing.

The latest tranche was allocated to key participants in the round, namely AppWorks Ventures, BlueOrchard Finance, Capria Ventures, Dutch development bank FMO, and lead investor TNB Aura. All five are named investors in the Series A, and the issuance reflects a staggered disbursement strategy commonly seen in structured rounds involving a mix of institutional and impact-focused capital.

With the new issuance, Techcoop’s total paid-up capital stands at [redacted]. At a share price of [redacted], the company’s post-money valuation is estimated at [redacted], based on official filings.

TNB Aura has emerged as Techcoop’s largest institutional investor, with a cumulative $8.2 million committed through multiple vehicles. TNB Aura now ranks as the third-largest shareholder behind co-founders Hao Diep and Minh Tuan. It also secured a partial secondary exit earlier this month, transferring 174 preference shares to AppWorks on April 17.

Other major investors in Techcoop include Ascend Vietnam Ventures with $6.8 million, followed by FMO and BlueOrchard with $5.8 million and $5.1 million, respectively.

Top 10 institutional investors in Techcoop

Source: DATA VANTAGE, based on ACRA filings

Founded in 2022, Techcoop operates a B2B platform focused on digitising and financing Vietnam’s agricultural supply chains, targeting high-value crops such as cashew, coffee, and fresh produce. The firm has attracted attention for its hybrid model that combines fintech, traceability tools, and market access, aligning with broader LP interest in food security and sustainable agri-systems in Southeast Asia.

Agritech marches on

Venture funding into Southeast Asia’s agritech sector showed resilience in Q1 2025, despite the ripple effects of the governance scandal surrounding Indonesian aquaculture firm eFishery since December last year.

While the scandal raised red flags, it did not trigger a collapse in deal activity. Agritech startups recorded five deals during the quarter, only slightly below the six seen in each of the previous two quarters. The stability suggests investor confidence remains intact, partly because the sector is still building from a low historical base.

Indonesia led the region in the 12 months ended March 31, 2025, with 10 agritech deals, followed by Singapore with eight. The focus of activity varies: Indonesian startups are primarily tackling inefficiencies in supply chains and improving access for smallholder farmers, while Singapore’s ecosystem leans toward deep tech innovations such as agri-biotech and precision farming.

The contrasting approaches reflect broader trends in the region, with impact-focused investors backing models that combine scalability with food security outcomes. Despite governance setbacks, agritech continues to attract capital as climate resilience and supply chain modernisation stay high on investor agendas.

The data and information in this newsletter comes from DATA VANTAGE, which tracks regulatory filings to provide you with the latest information on startup fundraising, shareholding and financials. Find out how it can aid you in your decision-making — book a demo today or write to us at subs@dealstreetasia.com

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Other updates from DATA VANTAGE

[Redacted], the corporate venture arm of [redacted], has sold its entire 5.3% stake in e-payment firm OY! Indonesia to [redacted], marking a full exit from the fintech startup amid ongoing shifts in Indonesia’s venture capital landscape.

[Redacted] secured $3.2 million in fresh funding last month from existing investors, including SEEDS Capital, K3 Aquarius Fund, and Altara Ventures, to support the continued development and deployment of its personalised cancer therapy optimisation platform across key markets in Asia.

Florissant VCC has acquired an 8.3% stake in [redacted], a Southeast Asia-focused proptech startup that operates a digital real estate platform, providing a partial exit for existing investors [redacted] and [redacted].

Mimin, a generative AI solutions provider based in Indonesia, officially closed its funding round last week with a final tranche of preference share allotments to Skystar Capital, Urban Gateway Fund, and Kopital Ventures, bringing the total raise to $1.5 million.

Tin Men Capital, a Singapore-based VC firm focused on B2B tech in Southeast Asia, has fully exited its stake in industrial AI startup [redacted]. The exit was followed by SixSense issuing new preference shares worth $5.2 million last week, regulatory filings show.

Separately, Tin Men Capital has invested $2.5 million in Singapore-based industrial AI startup [redacted] as part of its recently announced $4.3 million Series A round. Other participants in the round include SEEDS Capital and Hiven, a joint venture between CJ International Asia and KK Fund.

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