Data Vantage: Proptech in the spotlight as PropertyGuru and Soho raise funds

Two Singapore-registered proptech companies, Soho Property and PropertyGuru, saw an increase in their paid-up capital this month, showed regulatory filings accessed by DealStreetAsia-DATA VANTAGE.

In early August, PropertyGuru received $146.9 million from REA Asia Holdings Co, according to ACRA filings. REA Asia Holdings Co is currently the third biggest shareholder in the firm with an 18% stake, behind Epsilon Asia Holdings and TPG Asia, according to DATA VANTAGE.

The latest investment by REA Asia follows PropertyGuru’s plan, announced in July, to go public through a merger with a blank-cheque firm backed by billionaires Richard Li and Peter Thiel, giving the merged entity an equity value of about $1.78 billion. PropertyGuru is currently valued at $816.3 million.

The SPAC deal, with Bridgetown 2 Holdings, is expected to fetch proceeds of $431 million, including a private investment of $100 million from Baillie Gifford, Naya, REA Group, Akaris Global Partners, and one of Malaysia’s largest asset managers.

Top shareholders in PropertyGuru

Source: DealStreetAsia – DATA VANTAGE

Meanwhile, Soho Property, the owner of Sohoapp.com, received $2 million in paid-up capital last week from various investors including BMT IT Services and existing shareholder Soho Property Investors. This brings the year-to-date increase in paid-up capital of the firm to $3 million.

The latest proptech deals could be a sign of an uptick in the realty market as property searches recover, from the COVID-hit, at different paces across Asia.

Singapore’s residential sales market is poised for a steady recovery this year, said JLL senior director of research, Ong Teck Hui in a Q1 2021 report. Manila is also seeing improvements in the leasing market, buoyed by tenant relocations, said the JLL researchers. In Kuala Lumpur, the large incoming supply is likely to keep rents and capital values under pressure, and in Jakarta, buyer caution is causing demand to remain soft.

Other snippets from  DATA VANTAGE

Singapore-based ACM Biolabs, involved in developing vaccines, received $4.9 million in paid up capital last week, with Ritz Venture Capital pumping in close to $4 million. The same investor had pumped in around $1 million in January this year.

Alami Technologies, a sharia-compliant peer-to-peer (P2P) lender headquartered in Jakarta, received $17.5 million last week, as shown by official filings. The current round is understood to have been led by new investor EV Growth — a joint venture between East Ventures, SMDV, and YJ Capital — and existing backer Accion Quona Capital, which has its headquarters in Washington and Bengaluru in India.

Private markets platform Capbridge Financial received $1.2 million in paid-up capital from AMTD International. In June, the digital finance arm of AMTD Group had announced that it will take a majority stake in private capital platform CapBridge Financial as part of a strategic partnership between the two parties to expand the digital assets exchange platform, Business Times reported.

Caretech Inc received $13.9 million last week, with Heritas Helios Investments and SBI AI&Blockchain Investment pumping in almost $5 million and $3.2 million respectively.

Lozi Singapore., which runs an e-commerce platform, received a new round of funding amounting to $14 million this week. The funding puts the firm’s year-to-date total funding at $18.18 million.

Market research and public opinion polling firm, Milieu Insight, secured funding totalling $5.4 million. The fresh funding round followed a round of investment in January. 

Fintech company Noviscient reported raising a third round. The firm received $600,000 in August, following a $375,000 increase in paid-up capital last month.

Daily commute solutions startup Zophop Technologies, also known as Chalo, received $3.08 million in new funding this week. Chalo is now 13% owned by Xiaomi Singapore.

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.