Editor’s notes: graphics, data & information provided by data platform Tracxn
The Hong Kong Monthly Funding Tracker for October 2026 recorded a pullback in total capital deployment, reaching $94.09 million across 5 rounds. This represents a 76.76 percent decrease month-on-month (September 2026: $404.84 million), and a 19.80 percent decrease compared to the same period last year (October 2025: $117.32 million).
Round count also softened (5 versus 9 in September 2026 and 7 in October 2025). The steep month-on-month drop largely reflects the absence of a mega-round like September’s $300 million Qupital raise, leaving October to rest on a thinner set of mid-sized late-stage deals.
Stage-Wise Funding Trends
October remained a late-stage-led month, though at a far smaller scale than September. Late-stage funding accounted for 86.2 percent ($81.09 million) of the total capital. Early-stage rounds contributed 10.6 percent ($10 million), while Seed-stage rounds made up 3.2 percent ($3 million). Late-stage consists of Series C onwards and PE funding.
IPOs and Acquisitions
Exit activity was absent for the month.
IPOs: 0 (compared to 0 in September)
Acquisitions: 0 (compared to 0 in September, and 1 in October 2025)
Top Funding Deals in October 2026
The month’s capital was concentrated at the top. Fenorri alone accounted for roughly 44 percent of total funding, and together with PhotonPay the top two deals made up about 86 percent of all capital raised.
Fenorri – $41.1 million
PhotonPay – $40 million
Omnichat – $10 million
Notey – $3 million
Xverse – Undisclosed
Venture Capital Funds (VC)
Blockchain Capital invested $40 million in PhotonPay (Hong Kong).
Openspace Capital invested $10 million in Omnichat (Hong Kong).
Private Equity Funds (PE)
IDG Capital invested $40 million in PhotonPay (Hong Kong).
Incubators
Alliance DAO invested an undisclosed amount in Xverse (Hong Kong).
Key Takeaways
Sharp Pullback from September: Total funding fell nearly 77 percent month-on-month, as September’s Qupital-driven spike gave way to a far quieter month. At $94.09 million, October sits well below the city’s stronger recent months but above the lean mid-year stretch.
Late-Stage Still Leads, at Smaller Scale: Late-stage rounds again dominated the stage mix at 86.2 percent, but the figure reflects two mid-sized raises, Fenorri and PhotonPay, rather than a single blockbuster.
Fintech in Focus: PhotonPay’s $40 million round kept payments and financial infrastructure near the center of Hong Kong’s deal flow, a recurring theme in the city’s funding activity.
No Exits: With no IPOs and no acquisitions recorded, October extended a quiet stretch for Hong Kong exit activity, matching September and trailing the one acquisition seen a year earlier.
TNGlobal Tracker: Hong Kong Monthly Funding Snapshot September 2026