Data Vantage: Rainforest bags funding, Nium allots shares to SOCASH investors, and other updates

Singapore-based e-commerce aggregator Rainforest on Monday announced raising $45 million in the first close of a Series A funding round led by Canopy Tropics, a subsidiary of Southern Capital Group.

Monk’s Hill Ventures, Insignia Venture Partners, and January Capital also participated in the round.

According to regulatory filings, Rainforest has so far allotted Series A and Series A1 shares worth $42.5 million to investors. Canopy Tropics invested $15 million, while Monk’s Hill has been issued shares worth $14.25 million.

Rainforest, which claims to have achieved over $30 million in annualised revenue in its first year of operations, expects to reach profitability by the end of 2022.

Top shareholders in Rainforest 


In another development, B2B payments unicorn Nium allotted ordinary shares worth $12.5 million to shareholders in fintech startup SOCASH last week. Nium had announced the acquisition of SOCASH in April this year for an undisclosed sum.

Investors that received Nium shares include Vertex Ventures Southeast Asia & India, Japan’s Glory Ltd, and SC Ventures. The shares were issued at the same price as Nium’s Series D+ funding round, according to DATA VANTAGE.

Other updates from DATA VANTAGE

South Korea’s Shinhan Financial Group bought shares in Vietnamese e-commerce firm Tiki last week from existing shareholders, including its founder and CEO Tran Ngoc Thai Son. The secondary transactions provided a partial exit to some investors, including Korea Investment Partners, Sumitomo Corporation, and an entity owned by Seedcom founder Dinh Anh Huan.

The Korean financial services firm had in May confirmed it was going to acquire a 10% stake in Tiki.

India’s onlIndia’snsport marketplace Vahak received $13 million in fresh equity funding last week from Nexus Ventures and other investors. The startup’s share price has nearly tripled from its previous financing.

Singapore-based Active.Ai allotted ordinary shares worth $4.4 million to its new parent, India’s conIndia’sonal messaging platform Gupshup, last week. The Indian firm had bought out Active.Ai shareholders earlier last week, providing an exit to investors including Vertex Ventures, Kalaari Capital, IDG Ventures and Kstart.

Grab subsidiaries GP Network Asia and GPay Network (S) Pte Ltd, which operate the GrabPay e-wallet and other financial services, have appointed Benety Liew Shu-Wei – understood to be Grab Financial Group managing director Ben Liew – to their board of directors after the exit of former financial services chief Reuben Lai.

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