Hong Kong startup funding falls 76.76% in October 2026

By Daniel Okafor

Hong Kong startups raised $94.09 million across five funding rounds in October 2026, according to TNGlobal's Hong Kong Monthly Funding Tracker.

Total capital deployment fell 76.76% from $404.84 million in September 2026. The tracker also put the October 2025 total at $117.32 million, 19.80% higher than October's result. Round count fell to five, from nine in September and seven a year earlier. TNGlobal credits data platform Tracxn for the tracker's graphics, data and information.

What caused the sharp monthly pullback?

The tracker attributed the decline mainly to September's $300 million Qupital raise, whose absence left October supported by a thinner set of mid-sized late-stage deals. Two rounds supplied about 86% of the month's capital. Fenorri alone supplied roughly 44%.

TNGlobal placed October below Hong Kong's stronger recent months but above a lean stretch in mid-2026. The mechanism was concentration. One large September financing gave way to two dominant October financings, and the total contracted with them.

How did the funding split by stage?

Late-stage funding accounted for 86.2% of October's capital, or $81.09 million, according to TNGlobal. Early-stage rounds contributed 10.6%, or $10 million. Seed-stage rounds supplied 3.2%, or $3 million. The tracker defines late-stage as Series C onward plus private-equity funding.

TNGlobal said the stage mix remained late-stage-led, but at a much smaller scale than September. The tracker attributed the late-stage figure to two mid-sized raises, Fenorri and PhotonPay, rather than a single blockbuster. That distinction explains how a dominant late-stage share coexisted with a sharply lower monthly total.

Which deals and investors received the capital?

TNGlobal's five-deal list breaks down as follows:

• Fenorri — $41.1 million. The round accounted for roughly 44% of total October funding, according to the tracker.
• PhotonPay — $40 million. Blockchain Capital invested $40 million in the Hong Kong company through its venture-capital fund. IDG Capital invested $40 million through its private-equity fund. TNGlobal records one $40 million round.
• Omnichat — $10 million. Openspace Capital invested $10 million in the Hong Kong company through its venture-capital fund.
• Notey — $3 million. The tracker lists the round at that amount.
• Xverse — Undisclosed. Alliance DAO invested an undisclosed amount in the Hong Kong company. TNGlobal lists Alliance DAO among incubators.

Fenorri and PhotonPay together made up about 86% of all October capital, according to TNGlobal. The remaining disclosed sums sat with Omnichat and Notey, while Xverse's contribution remained undisclosed. That concentration left the month's capital base dependent on two late-stage financings.

What role did fintech play?

TNGlobal highlighted fintech as a recurring feature of Hong Kong funding activity. PhotonPay's $40 million round kept payments and financial infrastructure near the center of the month's deal flow. PhotonPay was also one of the two leading deals by capital, alongside Fenorri.

Why did exit activity remain at zero?

October recorded no IPOs and no acquisitions, according to the tracker. September also produced zero IPOs and zero acquisitions. October 2025 produced no IPOs but one acquisition. October therefore extended a quiet stretch for Hong Kong exit activity.

The tracker recorded $94.09 million of new capital across five rounds. Its exit record showed no IPO or acquisition. The next TNGlobal tracker will show whether capital spreads beyond Fenorri and PhotonPay, and whether exits return after two consecutive months without an IPO or acquisition.