XL-Smartfren merger approved 📶. Danantara-Qatar US$4B alliance 🇮🇩. Governance reboot for SEA startups 📘.
Dear subscribers,
The ripple effects of Trump-era trade policies continue to unsettle markets in Southeast Asia. While macro uncertainty has put many investors in “wait and see” mode, optimism remains—particularly in digital sectors. Recent startup funding activity and IPO ambitions suggest resilience in the ecosystem.
Here’s a roundup of key developments from the past week. Let’s dive in.
Best regards,
The DailySocial Team
🚨 What’s New: Indonesia Ecosystem Updates
1) Funding news: Eratani and Populix Secure New Rounds
Agritech startup Eratani raised a US$6.2M Series A led by Clay Capital, joined by TNB Aura, SBI Ven Capital, AgFunder, Genting Ventures, and IIX. Meanwhile, Indonesian consumer research platform Populix closed the first tranche of its Series B at US$4.3M, led by MSW V Asia Fund X, with continued support from Intudo Ventures, Altos Ventures, and Acrew Capital. These fresh rounds signal continued investor appetite despite a funding slowdown in the region. [Read More]
2) Government Approves XL Axiata–Smartfren Merger
Indonesia’s Ministry of Communication and Digital approved the long-anticipated merger between XL Axiata and Smartfren, forming PT XL Smart Telecom Sejahtera Tbk. The merger comes with conditions: no mass layoffs, service continuity, 8,000 new BTS sites, 16% internet speed improvement by 2029, and expanded access in underserved areas. Minister Meutya Hafid emphasized the move as critical to creating a healthier telco industry and accelerating inclusive digital transformation. [Read More]
3) Danantara Secures $4B Joint Fund with Qatar
Danantara, Indonesia’s newly established sovereign wealth fund, inked a US$4 billion joint investment deal with Qatar. Each party will commit US$2B toward strategic national projects—ranging from food security to downstream industrialization. The agreement marks Danantara’s first international partnership, following a bilateral meeting between President Prabowo Subianto and Emir Sheikh Tamim bin Hamad Al Thani in Doha. Qatar also pledged support for Indonesia’s one-million-homes initiative. [Read More]
👏 What’s Exciting: Regional Startup Highlights
HealthMetrics Expands to Indonesia
Malaysia’s healthtech startup HealthMetrics launched its Indonesian operations by rebranding its acquired unit Across Asia Assist (AAA). It expects to process over US$1B in medical claims by 2025.Treehouse Finance Hits US$400M Valuation
Singapore-based DeFi startup Treehouse Finance raised new capital via a SAFT round, pushing its fully diluted valuation to US$400M. Founded in 2021, Treehouse builds fixed-income products for DeFi users and now supports 30K+ wallets and 120K ETH in deposits.Seveno Capital Launches With US$70M, Invests in Wellness Cabins
Seveno Capital, a new VC fund focused on healthspan innovation, launched with a US$70M five-year commitment from Allen Law, founder of Park Hotel Group. Its first bet: A Cabin Company, which converts Japan’s vacant countryside homes (akiya) into restorative wellness cabins.
🚀 What’s Next: Strengthening Governance in SEA Startups
The “Governance Improvement – Maturation Map” was jointly released by SVCA, Amvesindo, and other regional VC associations. It’s a much-needed framework to prevent fraud and rebuild trust following a string of governance failures across Southeast Asia.
💡 Founder Takeaways
Governance isn’t just for investors. Publish governance principles early, set clear internal accountability, and embrace transparency.
Use tech for real-time oversight. Connect APIs to your ERP and financial systems. Set up automated alerts to flag suspicious transactions.
Enable whistleblower culture. Offer anonymous reporting tools and protect reporters from retaliation.
Mature with your funding stage. Use the maturity matrix to align governance practices with your startup’s phase and ARR milestones.
Tie governance to incentives. Link founder compensation not only to growth but also to governance improvements.
💼 Investor Takeaways
Make diligence continuous. Move beyond the initial check—conduct surprise audits, vendor interviews, and recurring background checks.
Demand real-time financial transparency. Gain direct access to bank accounts, ERP dashboards, and use tools like Transparently.AI, Vanta, and Drata.
Build a trusted advisor network. Vet your legal, audit, forensic, and cybersecurity partners carefully. Avoid "fraud consultants."
Support legal action against fraud. Push for prosecution when needed, document recurring fraud patterns, and allocate budget for litigation.
Advocate for stronger regional policies. Investors should lead in pushing for ASEAN-wide governance harmonization and the creation of fraud watchlists.
Download full version of the Maturation Map: click here.