Category

Private Markets

Oct 28
0

Daily Brief Private Markets: HK Fintech Firm Banks $40m in Series A Money and more

By | Daily Briefs, Private Markets

In today’s briefing:

  • HK Fintech Firm Banks $40m in Series A Money
  • Agritech Startup Raises $1.8m Pre-Seed, Largest in Bangladesh
  • Ex-Gojek VP’s Mobile Café Network Jago Nets US$2.2M Pre-Series A
  • KYAN Therapeutics Bags US$5M to Bridge the Cancer Care Gap Using Tech

HK Fintech Firm Banks $40m in Series A Money

By Tech in Asia

  • Hong Kong-based Reap, a B2B fintech firm, has raised US$40 million in a series A funding round
  • Founded in 2018 by Daren Guo and Kevin Kang, Reap’s platform helps users access payables management as well as international payments and collections.
  • Through its data, the firm is able to lower costs for operating companies

Agritech Startup Raises $1.8m Pre-Seed, Largest in Bangladesh

By Tech in Asia

  • Agroshift, a Bangladesh-based agritech startup, raised US$1.8 million in a pre-seed round

  • Agroshift is an agricultural supply chain platform that helps farmers sell produce through demand aggregation, sourcing, and delivery.

  • Agroshift sets up digital ordering systems in factories, which workers order produce from. The firm aggregates these orders to farmers, then drops off the items at partnered factories.

Ex-Gojek VP’s Mobile Café Network Jago Nets US$2.2M Pre-Series A

By e27

  • Jago offers a hyperlocal approach to retail by serving neighbourhoods within a 1-2km radius to prepare and deliver fresh beverages within minutes quickly
  • Jago, an Indonesia-based mobile café network, today announced the completion of a US$2.2 million pre-Series A round of financing
  • The funds will be directed towards expanding to over 200 mobile cafés, covering 20 hyperlocal areas in Jakarta. The company will also strengthen its core team in operations and technology.

KYAN Therapeutics Bags US$5M to Bridge the Cancer Care Gap Using Tech

By e27

  • From drug development to personalised medicine, KYAN Therapeutics offers a solution to identify the optimal outcome for millions of possible drug-dose combinations
  • Singapore-based KYAN Therapeutics, a biotech company with novel personalised medicine and drug-dose combination optimisation technology, has closed a US$5 million oversubscribed pre-Series A funding round.
  • KYAN will use the funds to advance clinical development, expand lab infrastructure and treat more patients globally.

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Sep 21
0

Daily Brief Private Markets: India EdTech Woes: Waning Demand and more

By | Daily Briefs, Private Markets

In today’s briefing:

  • India EdTech Woes: Waning Demand, Dried up Funding & Risk of Eroding Valuations

India EdTech Woes: Waning Demand, Dried up Funding & Risk of Eroding Valuations

By Devi Subhakesan

  • BYJU’S (1391510D IN), the world’s most valued online learning company, shocked the street with reported losses of USD576 mn on revenues of USD286 mn for the year ending March2021.
  • Post-Pandemic return to school has reset growth trajectory for India’s blooming EdTech sector that thrived during COVID times attracting multi-billion dollar valuations.
  • Industry wide layoffs and few shut downs have raised concerns on growth prospects for edTech players and sustainability of their boom period valuations. 

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Sep 16
0

Daily Brief Private Markets: East Ventures Pours Seed Funding into Indonesian Online Kitchen Startup and more

By | Daily Briefs, Private Markets

In today’s briefing:

  • East Ventures Pours Seed Funding into Indonesian Online Kitchen Startup
  • Fazz Secures US$100M Series C to Grow Its Lending Services, Expand Team in SEA
  • Glife Technologies Raises US$3M Series A+ to Connect Restaurants with Farmers
  • SG Fintech Firm M-Daq Expands into Japan with New Office

East Ventures Pours Seed Funding into Indonesian Online Kitchen Startup

By Tech in Asia

  • Food delivery is the digital sector with the highest adoption in Southeast Asia. The pandemic gave the segment a huge boost, as people were forced to stay at home.
  • Local food startup Uena tried to solve this by building a network of online kitchens that can deliver these meals directly to customers.
  • It targets lower and middle-income segments, such as office workers, university students, convenience store employees, and couriers of food delivery apps.

Fazz Secures US$100M Series C to Grow Its Lending Services, Expand Team in SEA

By e27

  • Fazz claims it saw US$10B in annualised transaction volumes over the past year and looks to double the volumes in the next 12 months
  • Fazz, a digital financial services group dual-headquartered in Singapore and Indonesia, has announced a US$100 million Series C funding round.
  • Fazz will use the funds to grow the business and expand its teams in Singapore, Indonesia, Malaysia, Vietnam and Taiwan from 800 to 1,400.

Glife Technologies Raises US$3M Series A+ to Connect Restaurants with Farmers

By e27

  • Glife Technologies aggregates demand for food produce from restaurants and match it with suppliers, giving restaurants better access to a variety of products
  • Singapore-headquartered Glife Technologies, a B2B marketplace to connect restaurants with farmers, has extended its Series round with a US$3 million investment from Tin Men Capital.
  • Glife will use the fresh funds to accelerate the launch and operations of its digital marketplace for F&B suppliers and merchants in Q42022 and enlarge its market share in the Indonesian market.

SG Fintech Firm M-Daq Expands into Japan with New Office

By Tech in Asia

  • M-Daq Global, a Singapore-based fintech firm that provides forex solutions, has opened an office in Japan as part of its international expansion plans.

  • The move comes after the company expanded into European markets by signing an agreement with London-based trading platform Turquoise to provide multiasset services.
  • The company has processed over US$32 billion in cross-border transactions over 45 markets since the launch of its Aladdin FX ecommerce solution in 2016.

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Sep 09
0

Daily Brief Private Markets: Circles.Life: A Fully Virtual Mobile Operator Targeting APAC’s Digital Natives and more

By | Daily Briefs, Private Markets

In today’s briefing:

  • Circles.Life: A Fully Virtual Mobile Operator Targeting APAC’s Digital Natives
  • East Ventures Leads $26m Round of Indonesian Agritech Firm
  • Japan’s Corporate IT Operations Firm JOSYS Nets US$32M Funding, to Expand to Singapore
  • Vietnamese D2C Apparel E-Commerce Startup Coolmate Banks US$2.3M, Plans IPO in 2025
  • Japanese Virtual Office Platform Raises $32m for Market Expansion

Circles.Life: A Fully Virtual Mobile Operator Targeting APAC’s Digital Natives

By Alec Tseung

  • A fully virtual mobile operator which leases its 4G/5G networks to provide digital mobile services targeting mainly young digital natives. 
  • Circles.Life is known for offering very flexible plans with highly competitive pricing; it also offers its proprietary tech platform, Circles Global, as a B2B SaaS product.
  • It was reported to be in early talks with a SPAC for a potential merger in July this year.

East Ventures Leads $26m Round of Indonesian Agritech Firm

By Tech in Asia

  • Gokomodo, an Indonesia-based agriculture supply chain platform, said it earned US$26 million in a series A round led by East Ventures.
  • Gokomodo is a B2B startup that offers digital procurement, digital commerce, and distribution services.
  • Its clients also have the option of buying competitive products through the company’s ecommerce storefront.

Japan’s Corporate IT Operations Firm JOSYS Nets US$32M Funding, to Expand to Singapore

By e27

  • JOSYS is a B2B platform that streamlines corporate IT operations through automated management of IT devices and SaaS applications
  • JOSYS, a Japanese company offering a B2B SaaS platform for corporate IT operations, has raised US$32 million in a funding round led by Global Brain Corporation
  • With this money, JOSYS — a spin-off of the Tokyo Stock Exchange-listed RAKSUL — plans to strengthen its development wing in India and sales structure in Japan

Vietnamese D2C Apparel E-Commerce Startup Coolmate Banks US$2.3M, Plans IPO in 2025

By e27

  • Coolmate says it has tripled its revenue over the past year and is on track to hit the US$19 million revenue milestone in 2022.
  • As Vietnam’s e-commerce is expanding quickly and the country’s robust textile and garment industries are transforming through more consolidated value chains, Coolmate will utilise the new capital to achieve its 2022 sales target and plan for an IPO in 2025.
  • Founded in early 2019, Coolmate employs the D2C e-commerce model (providing products directly through online channels) to cut the distribution costs in traditional retail.

Japanese Virtual Office Platform Raises $32m for Market Expansion

By Tech in Asia

  • Japan-based virtual office platform oVice has secured US$32 million in series B funding from an unspecified group of local and overseas investors.
  • Launched in 2020, oVice’s software provides customizable virtual offices, classrooms, and event venues for companies disrupted by the pandemic.
  • Currently, the firm has reported over US$6 million in annual recurring revenue and said it has long-term contracts with over 2,200 organizations.

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Sep 07
0

Daily Brief Private Markets: Ninja Van: SEA’s Last-Mile Courier with ~100% Regional Coverage and more

By | Daily Briefs, Private Markets

In today’s briefing:

  • Ninja Van: SEA’s Last-Mile Courier with ~100% Regional Coverage
  • Carro: Southeast Asia’s Leading Used Car Marketplace

Ninja Van: SEA’s Last-Mile Courier with ~100% Regional Coverage

By Alec Tseung

  • Ninja Van is a leading Singapore-based logistics company in Southeast Asia with almost 100% last-mile courier coverage of the region. 
  • The company was valued at $1.85bn based on its previous capital raise in September 2021.
  • An investment in the company could offer indirect and broader exposure to Southeast Asia’s e-commerce sector since it counts most of the e-commerce players in the region as its clients.      

Carro: Southeast Asia’s Leading Used Car Marketplace

By Alec Tseung

  • An online used car marketplace in Singapore that offers full-stack services across a customer’s car ownership lifecycle.
  • The company facilitated an annual run-rate GMV of ~S$1 billion (with >2 million MAUs) in 2020 and managed to earn a revenue of c. $465m in FY21.
  • It reached unicorn status in the previous round of fund raise in Jun 2021 and has started preparing for an IPO internally.

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Sep 06
0

Daily Brief Private Markets: Trax: An AI-Powered Retail Analytics Solution Provider and more

By | Daily Briefs, Private Markets

In today’s briefing:

  • Trax: An AI-Powered Retail Analytics Solution Provider
  • Advance Intelligence Group: The Parent Company of BNPL’s Atome
  • Coda Payments: Payment Solutions for Mobile Gaming Publishers

Trax: An AI-Powered Retail Analytics Solution Provider

By Alec Tseung

  • Trax is a retail analytics company that provides digital solutions for both consumer packaged manufacturers/brands and retailers.
  • The company provides a suite of AI-powered solutions that help digitize and automate the operations of the brick-and-mortar stores.
  • It was valued at $2.4bn in its last capital raise and was reported to have been preparing for a US IPO for a year.

Advance Intelligence Group: The Parent Company of BNPL’s Atome

By Alec Tseung

  • Advance Intelligence Group provides digital commerce and financial services across Asia through its 3 key business units – Atome Financial, Advance.AI, and Ginee.
  • The company was valued at >$2bn based on its latest fund raise in September 2021.
  • The BNPL industry is expected to face sector headwinds, but the company is likely in a better position than other pure-play BNPL companies, thanks to its more diversified business portfolio. 

Coda Payments: Payment Solutions for Mobile Gaming Publishers

By Alec Tseung

  • Coda Payments provides solutions that help digital content publishers monetize their products and services.
  • The company is now in >50 markets and was valued at $2.5bn based on its last capital raise in April 2022.
  • With its offerings, Coda Payments is well-poised to benefit from the strong future growth in the mobile gaming sector.

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Sep 05
0

Daily Brief Private Markets: M-DAQ: A B2B FX Solutions Specialist and more

By | Daily Briefs, Private Markets

In today’s briefing:

  • M-DAQ: A B2B FX Solutions Specialist
  • Moglix: An E-Commerce Platform for B2B Procurement
  • Nium: Southeast Asia’s First B2B Payment Unicorn

M-DAQ: A B2B FX Solutions Specialist

By Alec Tseung

  • M-DAQ is an FX solutions specialist that builds OTT applications to facilitate cross-border business and transactions for various industries.
  • The company was reported to have processed ~S$10bn gross transactions and raked in ~S$46m revenue in FY19.
  • The company already broke-even back in 2018 and now has a solid, blue-chip shareholder base.

Moglix: An E-Commerce Platform for B2B Procurement

By Alec Tseung

  • Moglix is an India-based e-commerce platform for B2B procurement of industrial supplies.
  • The company has been actively expanding into the supply chain financing space in recent years by leveraging its supply chain network and expertise.
  • The company was valued at $2.6bn in its last capital raise in Jan 2022.

Nium: Southeast Asia’s First B2B Payment Unicorn

By Alec Tseung

  • Nium is a global B2B payment platform that embeds an ecosystem of financial services for its clients: Banking-as-a-Service & Crypto-as-a-Service.
  • The company was valued at $2bn based on its latest capital raise and is expected to generate a run-rate revenue of $100m in 2022.
  • A “payment + ecosystem/services” business model rather than just processing cross-border payments likely provides the right value proposition for users.

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Sep 04
0

Daily Brief Private Markets: Livspace: A Tech-Enabled Home Interior and Renovation Marketplace in Asia and more

By | Daily Briefs, Private Markets

In today’s briefing:

  • Livspace: A Tech-Enabled Home Interior and Renovation Marketplace in Asia

Livspace: A Tech-Enabled Home Interior and Renovation Marketplace in Asia

By Alec Tseung

  • Livspace brings together designers, brands, manufacturers, and contractors onto its marketplace. 
  • It automates the entire process from interior design to managing last mile fulfilment for all rooms in users’ homes.
  • The company was valued at $1.2bn based on its last capital raise in Feb 2022; it operates in India, Singapore, and Malaysia and plans to expand to other makers aggressively.

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Sep 02
0

Daily Brief Private Markets: Carro Sees Profitability and more

By | Daily Briefs, Private Markets

In today’s briefing:

  • Carro Sees Profitability, Doubles Revenue to $464m
  • Glints Bags $50m Series D Funding After Doubling Revenue and Gross Profits
  • Jet Commerce Raises US$60M for Brazil and Singapore Expansion, to Further Scale up in China
  • Jungle Ventures Leads Vietnamese Insurtech Startup Medici’s Series A Round

Carro Sees Profitability, Doubles Revenue to $464m

By Tech in Asia

  • Singapore-based Carro more than doubled its revenue in its latest financial year, raking in more than S$650 million (US$464.2 million) in revenue.

  • The used-car platform, which also achieved profitability in FY 2021, said it is tracking at over US$930 million in run-rate revenue. It expects to see another 2x growth in revenue for FY 2023.
  • Aaron Tan, co-founder and CEO of Carro, attributed the firm’s profitability to its focus on online retailing and machine learning.

Glints Bags $50m Series D Funding After Doubling Revenue and Gross Profits

By Tech in Asia

  • Glints, a Singapore-based careers platform, has raised US$50 million in a series D funding round co-led by DCM Ventures, Lavender Hill Capital, and Persol Holdings.
  • The deal pushed the firm’s total funding to date to more than US$80 million, making it the most funded startup in Southeast Asia’s talent recruitment space.
  • Glints connects companies to talent pools in Indonesia, Malaysia, Singapore, Vietnam, the Philippines, and Taiwan

Jet Commerce Raises US$60M for Brazil and Singapore Expansion, to Further Scale up in China

By e27

  • Jet Commerce launched a Live Commerce service through its newest business unit, Lumbalumba, last July and inaugurated its live streaming centre
  • Indonesia-based e-commerce enabler, Jet Commerce, has announced the completion of its Series B funding round of more than US$60 million (IDR 900 billion).
  • Jet Commerce will use the funds to upgrade infrastructure, recruit more professional local talent, improve research and technology development, and strengthen its ability in brand incubation.

Jungle Ventures Leads Vietnamese Insurtech Startup Medici’s Series A Round

By e27

  • Iinsurance startup Medici claims it has hit double-digit m-o-m growth and has 35+ branches across almost 40 provinces.

  • Vietnamese healthtech and insurance startup Medici has received an undisclosed sum in a Series A round led by existing backer Jungle Ventures.
  • The company will use the money to improve its technology infrastructure to capture the tremendous growth opportunity of Vietnam’s insurance and healthcare market.

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Sep 01
0

Daily Brief Private Markets: Avanseus: A Singapore-Based Startup and Provider of AI-Based Predictive Maintenance Software and more

By | Daily Briefs, Private Markets

In today’s briefing:

  • Avanseus: A Singapore-Based Startup and Provider of AI-Based Predictive Maintenance Software

Avanseus: A Singapore-Based Startup and Provider of AI-Based Predictive Maintenance Software

By Andrei Zakharov

  • Avanseus Holdings plans to go public in partnership with Fat Projects Acquisition Corp (FATP US) The combined company is expected to trade on the Nasdaq under a new ticker symbol.
  • Fat Projects Acquisition Corp. values the combined companies at a pro forma EV of $135.7M. SPAC is focused on tech-led businesses in Southeast Asia and closed its IPO in 2021.   
  • Avanseus Holdings needs to access the capital markets to raise money and expand into new countries and industries, invest in R&D and launch new products.

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