Tevo secures US$10M from PvX to scale its consumer AI apps without selling equity

Tevo, a Southeast Asian consumer and AI apps company, has secured US$10 million in non-dilutive user-acquisition financing from PvX, a Singapore-based platform specializing in growth capital for mobile gaming and consumer app businesses. This financing is designed to scale user acquisition across Tevo's portfolio of consumer apps and AI products, without requiring the company to sell shares.

Unlike traditional equity rounds, non-dilutive financing is often tied to marketing performance, allowing companies to acquire users and repay the financing from revenues generated by those users. For Tevo, the new capital will be used to prioritize markets, increase marketing spend on user cohorts that have already proven profitable, and invest in AI-native product features.

CEO and founder Thanh Luu explained that this financing will help the company scale globally and accelerate its vision as the leading AI apps and services company in Southeast Asia. User acquisition financing is becoming increasingly popular as app businesses seek alternative growth funding in the post-venture capital downturn era.

PvX has committed over US$750 million globally for user acquisition in mobile gaming and consumer app companies, with a focus on Singapore as a base. Southeast Asia, with its mobile-first population and high digital service usage, presents a significant opportunity for consumer app companies, but many global players are still based outside the region.

Tevo's diverse portfolio of consumer and AI apps, encompassing practical and entertainment categories, is well-positioned to leverage this financing opportunity and test the long-term value of users acquired through performance-linked capital.