Soft Space Sdn Bhd, a Malaysian based leading fintech, recently announced it has raised US$31.5 million in its Series B funding round, making it the largest Series B raised by a Malaysian startup. Global drone service leader, Aerodyne Group held the record previously with its US$30 million announced in Oct 2019.
Soft Space is one of RHL Ventures portfolio originally invested in 2021. For perspective, Grab, when it was a Malaysian founded startup, raised US$15 million in its Series B in 2014. Carsome raised US$19 million in its Series B in March 2018. Soft Space however, launched in 2012, has taken the longest to hit its Series B. But it is in the B2B space where enterprise focused startups tend to take much longer to hit market traction and scale. Soft Space’s funding achievement is also notable as it is in a red ocean of fintech startups where its technology platform must stand up to the highest scrutiny by its traditional banking customers.