Data Vantage: Gojek beefs up SG war chest, more capital for crypto and other updates

With big plans in the pipeline for its Singapore operations, Jakarta-headquartered ride-hailing and food delivery app Gojek has been busy pumping fresh capital into its subsidiary in the city-state.

The tech giant invested an additional $32.9 million in Velox Digital Singapore last week, more than doubling its capital injection in the entity so far this year. Gojek has spent approximately $250 million on its Singapore operations since the latter’s inception in July 2019.

The super app on Monday announced the availability of six-seater vehicles as part of its GoCar XL offering in Singapore. The launch comes as the company plans to expand into food delivery and courier services in the city-state.

In the Philippines, crypto exchange platform PDAX, which is registered in Singapore as NYK Ventures, also secured fresh capital last week. The company raised $3.3 million from a group of investors, including HDR Cadenza Management, BEENEXT, Oak Drive Ventures and Ripple Labs.

HDR Cadenza Management is a subsidiary of Seychelles-headquartered HDR Global Trading that owns crypto trading platform BitMEX.

PDAX has issued shares worth $13.4 million to date and is valued at more than $40 million, according to DealStreetAsia – DATA VANTAGE calculations.

A substantial portion of the company’s funding this year will go into the development of its Bonds.ph offering, the country’s first mobile application that allows retail investors to buy government securities.

Hot hot DeFi

As Bitcoin, the bellwether of all things crypto, further strengthened its position as an attractive asset, Southeast Asia saw a flurry of deals flowing into decentralised finance (DeFi) startups in the crypto exchange space and other blockchain-powered fintech solutions this year, according to our latest quarterly report.

Repeating a feat achieved in the second quarter, DeFi clocked the most deal count relative to other sub-categories under fintech in the July-Sept period and produced the region’s first DeFi unicorn, Singapore-based crypto exchange Matrixport.

Thailand’s crypto exchange Bitkub followed suit in the fourth quarter, achieving the billion-dollar valuation after selling a majority stake to Siam Commercial Bank, the country’s largest lender by market value.

Overall, DeFi startups recorded 17 deals in the third quarter, lower than 22 in the previous quarter. However, the deal value in Q3 was nearly seven times higher at $414 million, the third-highest among all fintech categories.

DeFi startup funding deals per category in Q3 2021

Source: DATA VANTAGE

Other updates from DATA VANTAGE

Singapore-based edtech startup Geniebook bagged $16.6 million in Series A funding from Lightspeed Ventures and East Ventures last week as the company further develops its AI-powered learning tools for primary and secondary school students.

Enterprise software-as-a-service (SaaS) startup Quincus bagged $2 million from AEI HorizonX, a venture capital platform formed through a partnership between American private equity firm AE Industrial Partners and Boeing, as part of its Series B round. Including the new capital, Quincus has now raised close to $18 million in the latest round.

MooVita, a Singapore-based company that designs roadworthy autonomous vehicles, raised $1.5 million from SEEDS Capital last week, bringing total funding in its ongoing Series A round to $8.1 million so far this year. The company plans to eventually go global with its driverless solutions.

US-based GreyOrange, a company that develops AI-driven software and robots for the warehousing industry, has acquired the shares of Mumbai-based venture capital firm Blume Ventures in its Singapore-registered entity, Grey Orange Pte. Ltd.

In a share restructuring exercise carried out throughout this month, Lemonilo co-founders Shinta Nur Fauzia, Ronald Wijaya and Johannes Ardiant returned as registered shareholders in the instant noodle maker.

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.