Category

Private Markets

Jun 01
0

Daily Brief Private Markets: Credit Scoring Firm Rings up $4m to Boost Financial Literacy in Indonesia and more

By | Daily Briefs, Private Markets

In today’s briefing:

  • Credit Scoring Firm Rings up $4m to Boost Financial Literacy in Indonesia
  • East Ventures Backs SG Microbiome Firm Bound for Indonesia
  • Indonesian Agritech Firm EFishery Hits Unicorn Status with $108m Series D
  • JumpStart Coffee Gets Fresh Funding, Targets Overseas Expansion

Credit Scoring Firm Rings up $4m to Boost Financial Literacy in Indonesia

By Tech in Asia

  • Financial illiteracy has become a global problem, leading many to make uninformed, crippling decisions. This is especially true in Indonesia.
  • With informal financing and predatory lending running rife, the country has a financial literacy rate of 38%.
  • SkorLife, a credit builder based in the country, looks to change this. Founded by Ongki Kurniawan and Karan Khetan in 2022, the startup allows users to check their credit scores from Indonesia’s bureaus.

East Ventures Backs SG Microbiome Firm Bound for Indonesia

By Tech in Asia

  • Amili, a Singapore-based gut microbiome company, has raised an undisclosed sum from East Ventures in a new funding round.
  • The fresh funds will be used for its expansion to Indonesia, focusing on addressing gut health issues specific to the local context.
  • Amili’s current offerings include gut microbiome sequencing services for healthcare professionals and probiotic formulations tailored to Asian consumers. Microbiome sequencing is a method for studying bacteria to fuel research on disease protection.

Indonesian Agritech Firm EFishery Hits Unicorn Status with $108m Series D

By Tech in Asia

  • Indonesian agritech startup eFishery has raised US$108 million in series D funding, pushing its post-money valuation to US$1.3 billion, according to VentureCap Insights, which tracks regulatory filings.
  • The latest round is led by 42xfund and it saw participation from existing investors Northstar Group and SoftBank Vision Fund II.
  • EFishery last raised US$90 million in a series C funding round in January 2022.

JumpStart Coffee Gets Fresh Funding, Targets Overseas Expansion

By Tech in Asia

  • JumpStart Coffee, an Indonesian startup that makes smart coffee machines, has raised an undisclosed amount in a series B round led by Cool Japan Fund and Living Lab Ventures.
  • Founded in 2018, JumpStart specializes in manufacturing vending machines that can serve over 20 types of coffee and non-coffee drinks.
  • The startup said it has installed 2,000 machines in the Greater Jakarta Area, Bandung, and Surabaya.

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May 25
0

Daily Brief Private Markets: Japan-Based Nuclear Fusion Firm Powers up with $79m Raise and more

By | Daily Briefs, Private Markets

In today’s briefing:

  • Japan-Based Nuclear Fusion Firm Powers up with $79m Raise
  • Nazara Subsidiary Nodwin Gaming Raises $28m at $349m Valuation
  • Jenfi Nets US$6.6M to Expand Its Revenue-Based Financing Business in SEA
  • Northstar, Golden Gate Join $4.3m Round of SG AI Firm
  • Ex-Zalora CMO’s Telehealth Platform ORA Secures US$10M Series A
  • MetLife, Khazanah Join US$196M Series B Round of Insurtech Startup Bolttech

Japan-Based Nuclear Fusion Firm Powers up with $79m Raise

By Tech in Asia

  • Kyoto Fusioneering, a Japan-based energy company, has raised US$79 million in an oversubscribed round.
  • The firm develops equipment that harnesses fusion energy, which involves merging two or more hydrogen atoms – the same process that powers the sun.
  • According to the company, its method of energy generation produces no greenhouse emissions, no long-lived radioactive waste, and no risk of nuclear reaction-triggered meltdowns.

Nazara Subsidiary Nodwin Gaming Raises $28m at $349m Valuation

By Tech in Asia

  • Nodwin Gaming said it has secured US$28 million in funding from new and existing investors to grow its gaming and esports ecosystem in India.
  • With the round, Nodwin, a subsidiary of media platform Nazara Technologies, said its post-money valuation has reached US$349 million. It added that its revenue has grown by a compound annual growth rate of 68% in the last 2 years.
  • Nodwin didn’t disclose the names of five investors participating in this round.

Jenfi Nets US$6.6M to Expand Its Revenue-Based Financing Business in SEA

By e27

  • Jenfi, a fintech company specialising in revenue-based financing, has raised US$6.6 million in pre-Series B funding.
  • Headline Asia led the round, with participation from Monk’s Hill Ventures, ICU Ventures, Granite Oak, Korea Investment Partners & Golden Equator Capital, and Atlas Ventures. Existing early investors also participated.
  • With the funding, the fintech firm plans to expand its presence in Singapore, Vietnam and Indonesia by broadening its customer base while expanding into new markets across Southeast Asia.

Northstar, Golden Gate Join $4.3m Round of SG AI Firm

By Tech in Asia

  • Only six months after its establishment, Singapore-based Locofy launched a beta of its low-code development tool in January 2022.
  • It has since received over 100,000 sign-ups across 195 countries.
  • Its tech helps designers automate front-end code directly from their designs and integrate them with existing workflows, leveraging AI to convert designs into coding languages to save time.

Ex-Zalora CMO’s Telehealth Platform ORA Secures US$10M Series A

By e27

  • Singapore-headquartered telehealth platform ORA has raised US$10 million in a Series A funding round co-led by TNB Aura and Antler.
  • Gobi Partners, Kairous Capital, and GMA Ventures also joined the round, bringing ORA’s total funding to date to above US$17 million.
  • With this new round of funding, ORA will seek to expand its presence into new territories, both geographically and with new offerings.

MetLife, Khazanah Join US$196M Series B Round of Insurtech Startup Bolttech

By e27

  • Singapore-based insurtech startup bolttech has closed its Series B financing round at US$196 million, led by existing shareholder Japanese insurance holding company Tokio Marine.
  • Other key investors include global life insurance giant MetLife through its subsidiary MetLife Next Gen Ventures, Malaysia’s sovereign wealth fund Khazanah Nasional, and new and existing shareholders.
  • This funding takes the company’s valuation to US$1.6 billion and comes exactly seven months after Tokio Marine led the first tranche of bolttech’s Series B round.

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May 18
0

Daily Brief Private Markets: SK Pharmteco Pre-IPO Funding & Impact on SK Inc and more

By | Daily Briefs, Private Markets

In today’s briefing:

  • SK Pharmteco Pre-IPO Funding & Impact on SK Inc

SK Pharmteco Pre-IPO Funding & Impact on SK Inc

By Douglas Kim

  • SK Pharmteco is currently 100% owned by SK Inc. It is one of the largest CMO players in Korea. SK Pharmteco is trying to raise nearly 600 billion won. 
  • SK Pharmteco is seeking valuation of about 5 trillion won which is much higher than its book value of 1.65 trillion won.
  • Our NAV valuation of SK Inc suggests an implied NAV of 21.2 trillion won or 286,636 won per share, representing 75% upside from current levels.

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May 13
0

Daily Brief Private Markets: Flash Coffee Closes $50m Funding and more

By | Daily Briefs, Private Markets

In today’s briefing:

  • Flash Coffee Closes $50m Funding, Targets Profitability by 2024

Flash Coffee Closes $50m Funding, Targets Profitability by 2024

By Tech in Asia

  • Rocket Internet-backed Flash Coffee has officially closed its series B round totaling US$50 million.
  • In a statement, the company said it would expand deeper into Indonesia, with plans to open a branch in Surabaya in July. It already has a presence in Jakarta and Bandung.
  • Besides Indonesia, Flash Coffee also operates in Singapore, Hong Kong, South Korea, Thailand, and Taiwan.

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May 05
0

Daily Brief Private Markets: India-Based Firm Hauls in $30m to Simplify Logistics and more

By | Daily Briefs, Private Markets

In today’s briefing:

  • India-Based Firm Hauls in $30m to Simplify Logistics
  • Coldspace Raises US$3.8M in Seed Round Led by Intudo Ventures
  • India’s BluSmart Banks $42m to Deploy 10,000 EVs by 2024
  • Advance Intelligence Group Raises US$80M to Further Develop AI Innovations

India-Based Firm Hauls in $30m to Simplify Logistics

By Tech in Asia

  • Reliance on ecommerce has intensified within the past few years, but the pandemic, geopolitical tensions and government restrictions have disrupted the global supply chain.

  • Over the course of a decade, companies are expected to see losses equal to nearly half of what they make in a year.

  • US- and India-based Pando is looking to solve this issue and has raised funding to help it do so.

Coldspace Raises US$3.8M in Seed Round Led by Intudo Ventures

By e27

  • Coldspace, an Indonesian integrated cold chain solutions provider, today announced the completion of a US$3.8 million seed funding round
  • With this funding, Coldspace plans to expand its service capacity, including greater capacity for cold storage, reefer trucks, fulfilment, and geographic expansions
  • The company offers businesses and consumers cold storage facilities and reefer trucks through its own inventory as well as a third-party aggregated marketplace of cold chain partners empowered through the company’s tech stack.

India’s BluSmart Banks $42m to Deploy 10,000 EVs by 2024

By Tech in Asia

  • The use of electric vehicles (EVs) is on the rise in various parts of the world, including India.

  • In recent years, companies have been racing to accelerate the adoption of the electrified tech in the country.

  • BluSmart Mobility, for instance, provides a ride-hailing service with 3,500 EVs operating in Delhi and Bengaluru. The company is also developing an EV charging hub infrastructure.

Advance Intelligence Group Raises US$80M to Further Develop AI Innovations

By e27

  • Singapore-based AI company Advance Intelligence Group today announced it has raised US$80 million from an investor consortium
  • The fundraising follows its previous Series D funding round of over US$400 million in 2021.
  • In total, the company has raised over US$700 million and has secured capital in excess of US$1 billion supporting its credit book.

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Apr 29
0

Daily Brief Private Markets: Lionheart: Over Dependence on One-Single Game and more

By | Daily Briefs, Private Markets

In today’s briefing:

  • Lionheart: Over Dependence on One-Single Game

Lionheart: Over Dependence on One-Single Game

By Shifara Samsudeen, ACMA, CGMA

  • Founded in 2018, Lionheart Studio (426630 KS) is a South Korean multiplayer online role-playing games developer for mobiles and PCs.
  • The company’s game Odin: Valhalla Rising was based on Nordic mythology and was a huge success. Lionheart is planning to add more expansions to Odin.
  • The company tried to go public in October 2022 on KOSDAQ however, it cancelled its listing plans due to negative market sentiments at the time.   

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Apr 28
0

Daily Brief Private Markets: ADB Ventures and more

By | Daily Briefs, Private Markets

In today’s briefing:

  • ADB Ventures, Touchstone Join US$3M Round of Vietnamese EV Maker Selex Motors
  • Startup Raises $2.5m to Build One-Stop Web3 CRM Tools
  • Unity Software Shanghai: Localizing Products and Services for Game Developers in China
  • SG’s Cosmose AI Hits $500m Valuation After Fresh Round
  • CloudMinds: AI-Powered Robotic Developer
  • Explico Bags US$1.4M to Make Student Assessment Easier Using AI

ADB Ventures, Touchstone Join US$3M Round of Vietnamese EV Maker Selex Motors

By e27

  • Selex Motors produces electric two-wheelers and swappable battery packs that are purpose-built for last-mile cargo delivery

  • The company aims to utilise the funds to expand its two-wheeler production lines and set up battery-swapping systems in key cities in Vietnam, aiming to become the nation’s largest battery-swapping network provider
  • Established in 2018, Selex produces electric two-wheelers and swappable battery packs that are purpose-built for large applications, including last-mile cargo delivery

Startup Raises $2.5m to Build One-Stop Web3 CRM Tools

By Tech in Asia

  • Most Web3 brands rely on Web2 apps such as Google Forms, Telegram, and Discord for customer support.
  • This makes customer relationship management (CRM) difficult due to rampant customer service fraud and the inability to identify end users across channels.
  • Based in Taiwan, MetaCRM says its Web3 CRM products can connect on-chain and off-chain data to create blockchain-native solutions and analytics tools.

Unity Software Shanghai: Localizing Products and Services for Game Developers in China

By Shifara Samsudeen, ACMA, CGMA

  • Founded in 2022, Unity Software Shanghai Co. (Unity 3D/Unity China) is a Chinese company that provides a 3D development platform, and AR/VR solutions to the gaming industry.
  • The company is a subsidiary of Unity Software (U US) and focuses on localisation Unity’s products and services to the Chinese market.
  • The company was valued at around US$1bn at the time of its formation and based on deal terms, might go for a listing when its valuation hits US$3.6bn.

SG’s Cosmose AI Hits $500m Valuation After Fresh Round

By Tech in Asia

  • Singapore-based Cosmose AI said it has received an undisclosed sum from nonprofit Near Foundation to build a payment system that allows users to shop with cryptocurrency at low transaction fees.
  • The deal bumped Cosmose AI’s valuation to US$500 million from US$100 million at the time of its series A round.
  • Using smartphone data, Cosmose AI analyzes foot traffic and engages consumers online, providing insights into offline shopping habits and driving footfall across 20 million venues in Asia.

CloudMinds: AI-Powered Robotic Developer

By Shifara Samsudeen, ACMA, CGMA

  • Founded in 2015, CloudMinds (CMDS US) Robotics is a globally renowned creator, producer and operator of cloud robot systems and services.
  • Its flagship product “CloudMinds Operating System” is a powerful AI platform that enables robots to communicate with the cloud and perform tasks that require advanced AI capabilities.
  • CloudMinds previous attempt to list in the US was withdrawn due to security concerns, however, the company is said to be exploring a Hong Kong IPO in the near future.  

Explico Bags US$1.4M to Make Student Assessment Easier Using AI

By e27

  • Explico can generate assessment tasks, find appropriate peers for study groups, and provide transparent adaptive feedback using AI technology.

  • Explico will use the money to enhance its learning platform and expand in Southeast Asia, specifically Vietnam and Philippines, and Africa.
  • The startup focuses on assessment using artificial intelligence and machine learning to help students identify their specific and respective strengths and weaknesses

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Apr 27
0

Daily Brief Private Markets: SoftBank Group (9884 JP) – Revolut’s Impending Valuation Write-Down? and more

By | Daily Briefs, Private Markets

In today’s briefing:

  • SoftBank Group (9884 JP) – Revolut’s Impending Valuation Write-Down?

SoftBank Group (9884 JP) – Revolut’s Impending Valuation Write-Down?

By Victor Galliano

  • We have already questioned SoftBank’s private company valuation marks; a Schroders trust recently announced a 46% valuation cut in its Revolut investment, acquired at the July 2021 funding round
  • SVF2 acquired 5% of Revolut, also in July 2021; third party valuation providers indicate that the Revolut USD valuation has fallen by at least 50% in 2022
  • July 2021 was Revolut’s most recent funding round, implying that Softbank may yet need to mark down its valuation; this could also apply to the funds’ other private companies

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Apr 25
0

Daily Brief Private Markets: Kujiale: 3D Design Platform for Home Décor and more

By | Daily Briefs, Private Markets

In today’s briefing:

  • Kujiale: 3D Design Platform for Home Décor
  • PICO: Leader in Chinese XR Market

Kujiale: 3D Design Platform for Home Décor

By Shifara Samsudeen, ACMA, CGMA

  • Founded in 2011, Kujiale (1716974D CH)  is a Chinese technology company that provides a 3D design and visualization platform for home decoration and furniture.
  • The company’s AR/VR tech platform allows users to generate design sketches to decorate and furnish their homes, as well as providing information and networking services on home design.
  • The company’s parent Manycore is the largest residential interior DDC cloud-based software provider (Kujiale is the flagship product offered by Manycore) with a market share of 56.5% in 2020.

PICO: Leader in Chinese XR Market

By Shifara Samsudeen, ACMA, CGMA

  • Pico Technology (1870309D CH)  is a Virtual Reality (VR) / Extended reality (XR) technology company that develops and sells VR glasses and comprehensive XR solutions.
  • The company is the market leader in the XR market in China and has a global presence. It was acquired by ByteDance in 2021.
  • PICO is a company to watch for in the VR/XR segment given it operates in a growing market and has already established itself as a prominent player in this space.

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Apr 21
0

Daily Brief Private Markets: 2022 Financial Results of Major Unlisted Companies in Korea and more

By | Daily Briefs, Private Markets

In today’s briefing:

  • 2022 Financial Results of Major Unlisted Companies in Korea
  • VA Corporation: One-Stop Metaverse Platform

2022 Financial Results of Major Unlisted Companies in Korea

By Douglas Kim

  • In this insight, we provide 2022 key income statement items of 12 major unlisted companies in Korea that are likely to complete their IPOs in the next 6-12 months. 
  • Among these 12 private companies, the top five with the highest sales growth in 2022 include Shift Up, Foosung Global, Ecopro Materials, Nexteel, and Smilegate RPG.
  • The top five companies with the highest operating profit growth in 2022 include Nexteel, Ecopro Materials, CJ Olive Young, Foosung Global, and Smilegate RPG. 

VA Corporation: One-Stop Metaverse Platform

By Shifara Samsudeen, ACMA, CGMA

  • Founded in 2021 and headquartered in Seoul, VA Corporation (VA KS) has developed a virtual media platform for the metaverse industry.
  • Through the use of VR, the company’s metaverse platform provides services from planning and production to branding and distribution of content.
  • The company achieved the unicorn status within 13-months of its founding due to its proven track record, making it an attractive investment in the metaverse space.

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