Tevo, a Southeast Asian consumer and AI apps company, has secured $10 million in non-dilutive user acquisition financing from Singapore-based PvX Partners, as it looks to scale its portfolio globally.
The facility will be used to expand user acquisition across Tevo’s consumer apps and AI products, including higher marketing spending on proven user cohorts and continued investment in AI-native product features, according to an announcement.
Vietnam-based Tevo operates around 45 consumer and AI apps spanning work utilities, education and entertainment, which have generated nearly 200 million instals globally.
“Non-dilutive UA financing lets us put more capital behind products that already have product-market fit,” said Thanh Luu, founder and CEO of Tevo. “This facility also gives us the flexibility to scale globally and accelerate Tevo’s 2030 vision as the leading company in AI apps & services, and among the top 5 largest mobile apps & games companies from Southeast Asia,” Luu added.
PvX, a user acquisition financing platform, has surpassed $750 million in committed UA financing for mobile gaming and consumer apps globally.
The deal comes as consumer-app companies increasingly tap specialised financing to fund user acquisition without diluting existing shareholders.
Last year, Tevo announced the closing of a seed funding round led by EZTech and UX Foundation. Tevo also entered a strategic partnership with MobiFone Global to jointly launch the Dramini short drama app in global markets. MobiFone Global and Tevo signed a strategic partnership to co-publish mobile applications for the global market.
