Data Vantage: Startups secure growth-stage funding, new financial updates and more

More than a dozen Southeast Asian startups secured fresh capital last week, of which at least three bagged eight-digit funding, data compiled by DealStreetAsia – DATA VANTAGE shows.

Confirming a story that DealStreetAsia broke earlier this month, Singapore-based fintech firm Honest Bank secured $19.7 million from a group of investors led by Insignia Ventures, regulatory filings show. Other investors include London-based venture firm Digital Horizon, New York-based Capital Partners and San Francisco-based XYZ Venture Capital.

Founded by Will Ongkowidjaja, the founding partner of Indonesia-focused VC firm Alpha JWC Ventures, and former Goldman Sachs executive Peter Panas, Honest Bank is currently looking to acquire a licence to launch credit card services.

Top shareholders in Honest Bank

Source: DealStreetAsia – DATA VANTAGE

Another startup raking in big dollars was Singapore-based telemedicine firm Doctor Anywhere, which bagged $58.7 million as part of its Series C round from Asia Partners, Novo Holdings and existing investors. The company’s share price roughly doubled in the round, with its valuation surging to approximately $279 million.

Following its $27 million Series B round fundraise that was completed in March last year, the company has entered four new markets in Southeast Asia – Vietnam, Malaysia, Thailand and the Philippines. 

Indonesia’s social commerce firm Evermos is close to concluding its Series B round after raising $19.5 million. The financing was led by Singapore-based UOB Venture Management through its Asia Impact Investment Fund II. Existing investors such as Jungle Ventures and Shunwei Capital also joined the round.

In a recent interaction with DealStreetAsia, Evermos CEO Arip Tirta had said the company, which is focused on retailing Sharia-compliant products, is targeting underserved non-tech-savvy consumers in tier-2 and tier-3 cities.

Valuations up on growth-stage funding

Startup funding in Southeast Asia had a gold rush moment in the first half of this year. The first semester saw companies raise at least $11.6 billion, eclipsing the entire capital secured in the whole of 2020, our latest quarterly report shows.

A closer look into our data reveals that there were more startups closing Series B and C funding rounds in the second quarter relative to the previous four quarters. Big-ticket deals 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: DealStreetAsia – DATA VANTAGE

Indonesian startups dominated e-commerce in the second quarter. Led by Bukalapak’s $400 million fundraise, the region’s e-commerce players received $1.17 billion in Q2 from a total of 35 deals. 

Although online marketplaces continue to fetch the largest funding, we note the emergence of e-commerce brand acquirers such as Una Brands, which has raised $40 million in funding, and Rainforest Life ($36 million).

Following in the footsteps of roll-up companies such as New York-headquartered Thrasio, these startups acquire smaller brands that sell their products via e-commerce platforms and propel them to the next growth stage and sell them at a higher value.

Financial updates and other news

Technology company Voyager Innovations, which operates payment app PayMaya in the Philippines, more than tripled its revenues in 2020 to $95.1 million, its latest ACRA filing shows. The company’s total assets grew 17% year-on-year to $214.3 million, while its liabilities increased by 62.6%. The company has raised approximately $560 million in equity funding so far.

Data intelligence firm Near saw its losses before interest and taxes expand slightly to $6.8 million in 2020 from $5.4 million in the previous year as the company pursued growth. Within the same period, the company’s total revenue jumped 45.9% to $18.9 million. 

Singapore-based cross-border payment firm Thunes saw its revenue jump to $15 million from $9 million in the previous year. The company’s assets more than doubled within the same period to $142.5 million as liabilities grew 92.1% year-on-year to $92.7 million. Based on its latest funding round in March, the company is valued at over $350 million.

Vietnam-based food-tech startup Kamereo has raised $4.6 million in fresh funding co-led by Thai conglomerate Charoen Pokphand’s CPF Group, Quest Ventures, and Genesia Ventures, the company’s latest filing shows, confirming DealStreetAsia’s report last year that it was targeting to raise $4.5 million in Series A funding.

Indonesian startup eFishery welcomed a new investor last week as it issued new shares worth $260,000 to ADD Ventures Capital International. The investment follows a series of secondary transactions that we reported earlier this month, when a co-investment vehicle of Wavemaker Partners and World Bank’s International Finance Corporation acquired shares from, among others, Maloekoe Ventures.

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.