Data Vantage: Centaurs and soonicorns raise big rounds + other fundraising updates

Centaur and soonicorn startups in South and Southeast Asia made waves last week as they raised more capital to finance domestic and regional expansion.

Mobile Premier League, a mobile gaming platform headquartered in Bengaluru, India, issued new shares last week, bringing its paid-up capital garnered this year to $98.4 million.

The company, which is backed by global venture firm Sequoia Capital India and Indonesia’s tech giant Gojek, has raised more than $210 million since its inception in September 2018, and is now valued at $860 million, according to DealStreetAsia’s data platform, DATA VANTAGE.

Having amassed 5 million users in Indonesia in just two years, the gaming company recently expanded to the US market. Available on both Google Play Store and Apple’s App Store, Mobile Premier League plans to launch nine more games, including Baseball Star, Block Puzzle, Bowling, and 21 Puzzle.

Top shareholders of Mobile Premier League

Another Bengaluru-headquartered firm, Livspace, received $3 million investment from Venturi Partners last week, bringing the total paid-up capital raised this year to over $19 million, according to its Singapore filings. The company, which enables designers and retailers to connect via its app, is valued at $428 million.

Singapore-based Nium, a B2B payment solutions provider, has received $185 million out of more than $200 million that the company said it had secured for its Series D round. Based on total outstanding shares and the latest highest price per share, the company is valued at $771 million as of last week.

GudangAda, which distributes consumer goods to warungs (mom-and-pop shops) in Indonesia, received the full amount of funding committed for its $100 million Series B round last week. The latest round lifted the company’s valuation to $520 million and its total funding since the company opened for business in 2018 to $137 million.

More startups reach growth stage

Private capital funding in Southeast Asia, particularly by those registered in Singapore and Indonesia, have indeed seen big-ticket rounds in recent quarters as more tech startups reached the growth stage.

DealStreetAsia’s quarterly review of fundraising activities in the region identified more companies closing Series B and C funding in the second quarter of this year relative to the previous four quarters as homegrown startups lure more global investors.

Big-ticket deals such as TaniHub’s $65 million Series B round and Carro’s $360 million Series C pushed the median deal value to $42.5 million for Series B and $80 million for Series C rounds in Q2. The median value of seed and Series A rounds also increased to $1.6 million and $7.8 million, respectively, in Q2 from $1 million and $6.7 million in Q1.

Source: SE Asia Deal Review: Q2 2021, DealStreetAsia – DATA VANTAGE

A combination of factors—the buzz around upcoming IPOs of unicorns such as Bukalapak, Grab and GoTo and the emergence of a diverse set of startups—has led to Southeast Asia attracting more interest globally.

Although a large part of the region remains under pressure from the spread of the COVID-19 pandemic, fund managers and startups appear to have had time to adapt to this new normal and are now better equipped to deal with the fallout of the pandemic than a year ago.

Other updates from DATA VANTAGE

Led by Vy Capital and existing shareholders such as SIG Global and Tanglin Ventures, India-based news snippets aggregator Inshorts raised $59 million last week, bringing its total funding to date to $157 million. The company is currently valued at $388 million.

Two of Indonesia’s e-fishery startups welcomed new investors last week as domestic consumption of fish-based food products continues to grow.

East Ventures-backed Aruna issued new shares worth $26.7 million last week as the company closed its Series A funding last month with a total commitment of $35 million. The latest capital placed the company at a valuation close to its domestic competitor eFishery at $75 million–expected to increase once the company receives the full committed capital.

eFishery welcomed one new investor last week, WM-IFC Co-Invest SPC Golden Hook SP – a co-investment vehicle of Wavemaker Partners and World Bank’s International Finance Corporation – onto its cap table last week via three secondary transactions involving, among others, Maluku Equity Partners II Pte. Ltd, one of Maloekoe Ventures’s vehicles.

Founded in 2013, eFishery had last raised $15 million in funding in 2020 at a post-money valuation of $80 million.

Gaming and blockchain solutions provider Sky Mavis issued new shares as part of a $7.5 million Series A round funding last week at a valuation of $75 million. The funding was led by Libertus Capital and joined, among others, by billionaire Mark Cuban.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.