Data Vantage: Mobile gaming takes off in SE Asia + latest deal updates

Singapore-headquartered Goama (also known as Go Games), which lets developers integrate games into their apps, raised $450,000 in new funding from Group B and Prasetia Dwidharma last week as gamification catches steam in Southeast Asia. 

The startup works with marketplaces and super apps to integrate social games quickly into their apps. Some of its clients have used it for promotional campaigns, while others rely entirely on the platform’s introduction of new games every week.

So far, Goama has worked with regional e-wallets such as Touch ‘n Go in Malaysia and GCash in the Philippines. The startup had earlier participated in SOSV’s accelerator programme.

Shareholders of Goama Pte Ltd 

Source: DealStreetAsia – DATA VANTAGE

Gamification has been a key strategy adopted by e-wallets and super apps to engage with and retain their new users. 

Lender UOB used gamification to encourage young users of its digital bank TMRW in Thailand, while in Indonesia, Gojek embeds Go Games within its app.

The increased adoption of gaming by businesses in their marketing and retention strategy has been driven by consumer demand. In 2020, the number of gamers soared to 2.7 billion globally as many people took to gaming – some for the first time – during the pandemic. Mobile gaming accounted for almost half (over 48%) of overall revenues, ahead of both console and PC gaming, according to data from Global Games Market Report 2020 by NewZoo.

In Southeast Asia, Indonesia has emerged as a bright spot for gamers, with even the government hosting eSports competitions. Home to 270 million people, the country saw a minimum of 75% growth in mobile gamers during April and May 2020, a report by InMobi showed.

Gaming during COVID-19 pandemic – Peak month in 2020 vs 2019 average

Source: InMobi Mobile Marketing Handbook 2021

Once a male-dominated hobby, gaming in Indonesia today has a predominantly female audience. In fact, the three largest gaming audiences are women-led across different age groups, InMobi said. 

Gaming is popular among Gen Z as well as consumers between 45 to 54 years of age, the survey found. The gaming audience in Southeast Asia comprises 14% female Gen Z gamers, 12% male Gen Z gamers; and 25% women and 14% men between 45 to 54 years of age, according to a separate report by InMobi.

Latest updates from DATA VANTAGE

Women-focused fintech startup Lucy Holdings raised $1.24 million in new funding last week, with EV Analytics alone committing $600,000, show the latest ACRA filings accessed by DATA VANTAGE.

Inshorts, the operator of eponymous news app Inshorts and location-based social media platform Public, secured $59 million in funding led by technology-focused venture capital firm Vy Capital, along with the participation of existing investors.

The funding is said to have valued the company at about $500 million. The latest funding is in addition to $41.3 million that the company had raised for its Public app in March. With the latest round, the company has raised a total of $140 million in the last year alone from investors including Addition, Tiger Global, SIG, A91, and Tanglin Venture Partners.

Edtech firm Littlemore Innovation Labs has raised $453,232 from a group of individuals last week. This was about half the amount raised last September in a round led by Group C.

Global Car Group (Cars24) allotted new shares worth $95,000 to its Southeast Asia CEO Abhijeet Dabas, following a similar allotment to CEO Kunal Mundra earlier this year. The company had raised some $204 million in a round led by DST Asia VII at the end of last year. In June, the company announced plans to invest $100 million in its Southeast Asia and the Middle East expansion this year.

Airgo Design secured $73,960 last week from MS Associate Consultancy.


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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.