Emerging Market Deal Flow: Signals of Resilience Across Regions

Market conditions vary by region, but September delivered clear signs of investor conviction across several emerging ecosystems. 

• Latam continued its dominance of EM late-stage growth with notable equity and debt transactions occurring in September.

• Southeast Asia is still recovering amidst tricky macro conditions, but there are pockets where “good” deals are being done.

• In Africa, 58 startups raised $140m in funding, a notable uptick to last month, according to Africa: The Big Deal data.
  
  

This month’s themes:

• Real world AI use cases continue to attract top tier capital in Latam.
• The access to credit and digital payments remains a strong theme in Southeast Asia.
• As the African ecosystem matures, we see digital businesses now able to sustainably compete with the traditional incumbents.

Companies to watch: 

• Enter (Brazil, AI/legaltech) – $37.5 million funding round, bringing its post-money valuation to $375 million. The round was led by Founders Fund, with participation from Sequoia Capital, ONEVC, and Atlantico. Enter’s core business is using artificial intelligence (AI) to automate legal tasks. 

• Honest (Indonesia, cross-border payments) – The credit card issuer secured new funding, led by Japanese strategic Orico, and included investment from XYZ Venture Capital, SV Pacific Ventures, and Village Global, and US-based Gilgamesh Ventures. 

• Breadfast (Egypt, ecommerce) – The quick-commerce grocery app has raised US$10 million from the European Bank for Reconstruction and Development (EBRD) as part of its Series B2 financing, led by Novastar Ventures.
  
  

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