Private Markets

Bangladesh-based ecommerce startup PriyoShop is looking to add US$5 million in a bridge funding round to its cart.
Founded in 2020, PriyoShop handles commerce through its app and manages logistics in locations like Dhaka and Chattogram through its own fleet.
The company said that third-party logistics companies then take on shipping across the rest of Bangladesh.

Better Bite Ventures, Shiok Meats CEO Invest in Animal-Free Dairy Startup Phyx44

By e27

Phyx44, a biotech-enabled food science startup based in Bengaluru, India, has secured US$1.2 million in seed capital.
The startup will use the money to accelerate R&D, expand the team and work on the co-development of product formulation with key partners.
Founded in early 2021, Phyx44 develops animal-free milk proteins and fats for use in dairy products. It bets on microbial fermentation as the best way to replicate dairy.

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Nov 04

Daily Brief Private Markets: Alternative Assets Marketplace Fundnel Buys Hg Exchange and more

By Smartkarma Daily Briefs | Daily Briefs, Private Markets

In today’s briefing:

Alternative Assets Marketplace Fundnel Buys Hg Exchange, Rebrands as Alta
FishLog Raises US$3.5M to Empower Cold Storage Warehouses in Indonesia to Improve Utility
TV Tokyo Leads Vietnamese Digital Entertainment Firm’s Series D Round
Lazada Group Publishes First ESG Report

Alternative Assets Marketplace Fundnel Buys Hg Exchange, Rebrands as Alta

By e27

Singapore-based Fundnel, a leading digital marketplace for alternative investments, has acquired the blockchain-powered private digital securities exchange Hg Exchange (HGX).
According to a press release, the acquisition will enable Alta to support the tokenisation and digital custody of alternative assets.
This will create an end-to-end solution that makes it cheaper and faster to trade private securities, funds, and asset-backed securities like real estate and luxury assets.

FishLog Raises US$3.5M to Empower Cold Storage Warehouses in Indonesia to Improve Utility

By e27

FishLog, an ecosystem enabler for the fisheries cold chain industry in Indonesia, has closed its US$3.5 million pre-Series A round
FishLog was established in 2020 by Bayu Anggara, Reza Fahlepi, and Abdul Halim to solve the fragmentation in cold chain fisheries in Indonesia
The agritech startup improves cold storage, processor, and distribution in Indonesia’s fisheries to enable the industry to meet global supply and demand better

TV Tokyo Leads Vietnamese Digital Entertainment Firm’s Series D Round

Vietnam-based Pops Worldwide, a digital entertainment firm, has raised an undisclosed amount in its series D round.
While it did not disclose the size of the deal, the firm previously told Tech in Asia that it had planned to raise US$50 million for its series D round.
Founded in 2008 by Esther Nguyen, Pops has 690 million viewers across its OTT, YouTube, TikTok, and Facebook platforms.

Lazada Group Publishes First ESG Report

Singapore-based ecommerce giant Lazada has released its first environmental, social, and governance (ESG) report.
As a largely unexplored concept in Southeast Asia, the firm enlisted the help of an independent consultant to map out its ESG priorities.
The core tenets of the firm’s ESG framework are “empowering communities, developing a future-ready workforce, ensuring responsible stewardship, and effective governance.”

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Nov 01

Daily Brief Private Markets: SoftBank Robotics: Robotics Arm of Japanese Conglomerate SoftBank and more

By Smartkarma Daily Briefs | Daily Briefs, Private Markets

In today’s briefing:

SoftBank Robotics: Robotics Arm of Japanese Conglomerate SoftBank
Geek+: Global Leader in Smart Logistics Robotic Technology
HAI Robotics: The Pioneer and Leader in ACR Robot Market
XPeng Robotics: Early-Stage VC Investment in Developer of Smart Robot Pony
Gaussian Robotics: Leading Provider of AI-Powered Cleaning Robots
MegaRobo: China-Based Disruptor in Life Science Automation
UBTech Robotics: China’s Global AI and High-Tech Robotics Unicorn
Keenon Robotics: Innovative Chinese Maker of Indoor Robots
Dobot: Make Smart Manufacturing Accessible
ROKAE Robotics: Founder-Led Supplier of Flexible Cobots and Lightweight Industrial Robots

SoftBank Robotics: Robotics Arm of Japanese Conglomerate SoftBank

SoftBank Robotics is a pioneer in the industry of service robots and human-robot interactions. The company unveiled the world’s first social humanoid robot Pepper in 2014.
Alibaba Group and Foxconn Technology have invested $118M each in SoftBank Robotics: 5%+ investor shareholders include Alibaba (20%), Foxconn (20%), and SoftBank holds a 60% stake.
The company is struggling to grow revenues, and the business is structurally unprofitable. However, SoftBank Robotics announced RI strategy with plans to introduce a new series of smart robots.

Geek+: Global Leader in Smart Logistics Robotic Technology

Geek+ is the fastest-growing robotics startup and producer of warehouse robots powered by AI and deep learning algorithms. The company successfully integrates logistics with robots.
Beijing-Based Geek+ has raised a total of ~$532M in funding over 7 rounds. The last round was a $100M Series E in August 2022 that was led by Intel Capital.
Warehouse robots have a huge market potential driven by rising labor costs in China, lack of human labor in the warehouse segment, and huge fluctuations in production capacity.

HAI Robotics: The Pioneer and Leader in ACR Robot Market

Founded in 2016 by Richie Chen and Shengdong Xu, HAI Robotics is a pioneer in ACR systems and warehouse automation robotics unicorn.
HAI Robotics offers flexible automation solutions to improve efficiency while reducing costs. The company’s vision is to utilize robotics to create and deliver value to each factory and warehouse.
China is the hub for the production of AMRs and ACRs, easing the workforce shortage, improving operational efficiency, saving additional storage, and handling a wide range of SKUs.

XPeng Robotics: Early-Stage VC Investment in Developer of Smart Robot Pony

XPeng Robotics is a bionic smart robot maker backed by Chinese EV giant XPeng and high-profile investor IDG Capital. The company focuses on AI, robot autonomy, and interaction.
Founded in 2016 and headquartered in Shenzhen, XPeng Robotics is an affiliate of XPeng, with R&D centers in Beijing, Guangzhou, and Silicon Valley.
Bloomberg reported that $100M+ Series A financing was the largest single-tranche fundraising for the bionic robot sector in China in the past two years.

Gaussian Robotics: Leading Provider of AI-Powered Cleaning Robots

Gaussian Robotics sells a new generation of autonomous cleaning robots that can be applied in office buildings, shopping malls, indoor galleries, hotels, schools, healthcare facilities, and warehouses.
Shanghai-Based unicorn wants to disrupt the cleaning industry with automation, promoting the use of low-cost autonomous cleaning robots worldwide.
The company owns the world’s most advanced commercial cleaning robot portfolio offering cost-effective smart robotic solutions to 2,000+ customers in 40+ countries across 6 regions.

MegaRobo: China-Based Disruptor in Life Science Automation

MegaRobo is a leader in life science automation, founded in 2016 by CEO Daniel Huang and CMO Zhixin Qiao. The company reached a unicorn valuation of $1B+ in 2022.
MegaRobo wants to improve the efficiency of life sciences research by using robotics and AI technology. In June 2022, AI and robotics unicorn closed the $300M Series C round.
Using AI in R&D drug discovery is gaining traction. The global lab automation market is a ~$5B opportunity and is expected to reach ~$9.4B by 2030.

UBTech Robotics: China’s Global AI and High-Tech Robotics Unicorn

UBTech Robotics is a pioneer in AI and leader in intelligent humanoid robots. The company commercialized robots for consumers with a mission to deliver the affordable robot to each family.
UBTech Robotics has raised ~$940M in equity financing and closed an $820M Series C round in May 2018, the single largest funding ever for AI private company.
We were impressed by healthy growth at scale, diversified business lines, core AI and robotics technologies, and strong partnerships with Tencent, Apple, and Walt Disney.

Keenon Robotics: Innovative Chinese Maker of Indoor Robots

Keenon Robotics is a China-based manufacturer of commercial service robots and one of the largest players in serving F&B in China’s robotics market.
Keenon Robotics has raised a total of ~$244M from SoftBank Vision Fund, Prosperity7 Ventures (Aramco Ventures), CICC Alpha, and VC investors.
VC-Backed robotics startups raised $17.1B in 2021, up from $6.3B in 2020, according to Crunchbase. As of May-22, robotics venture financing totaled ~$4.3B year-to-date, down ~27% y/y.

Dobot: Make Smart Manufacturing Accessible

Dobot is a Chinese manufacturer and leading provider of all-perceptive intelligent robotic arms backed by top-tier investment bank CICC and high-profile investors.
Dobot has raised a total of ~CN¥490M in funding over 3 rounds. Investors include Qianhai Fund of Funds, Shenzhen Capital Group, CICC, Potential Capital and Green Pine Capital Partners.
The global industrial robotics market is an $80B+ opportunity. The number of robots installed in the automotive industry in China has doubled in 2021.

ROKAE Robotics: Founder-Led Supplier of Flexible Cobots and Lightweight Industrial Robots

ROKAE Robotics is a Beijing-based supplier of next-generation flexible cobots and lightweight industrial robots backed by Chinese conglomerate New Hope Group and VC investors.
ROKAE Robotics has raised a total of ~CN¥900M in funding over 5 rounds. The last round was a CN¥400M private equity in May-21 that was led by New Hope Group.
The company operates a manufacturing industrial park in Shandong province with an annual output of 50,000+ robots.

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Oct 28

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

By Smartkarma Daily Briefs | 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

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

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

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

By Smartkarma Daily Briefs | 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

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

By Smartkarma Daily Briefs | 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

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

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

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

By Smartkarma Daily Briefs | 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

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

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

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

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

By Smartkarma Daily Briefs | 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

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

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

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

By Smartkarma Daily Briefs | 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

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

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

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

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

By Smartkarma Daily Briefs | 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

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

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