Data Vantage: Carro, HappyFresh secure fresh capital + other updates

Southeast Asian companies continue to rake in capital, with used car marketplace Carro and Indonesia’s grocery delivery service HappyFresh raising the bulk of new funding last week.

Carro recorded $84 million in additional paid-up capital last week. Of this, $50 million came from Singapore-registered Sun Tzu Tech, an entity 100% owned by EVG Fund II, which is managed by East Ventures.

The funding came on top of the $228 million investment we reported earlier this month from SoftBank Vision Fund ($200 million), Mitsui Sumitomo Insurance ($14 million), B Capital Group ($5 million) and others.

In total, the company has received $312 million out of the $360 million it announced having secured for its Series C round. With the latest tranche of financing, Carro has inched closer to unicorn status with $954.2 million in valuation to date, our data shows.

Grab-backed HappyFresh was the second-largest fundraiser last week, securing $64 million to fund its expansion. According to regulatory filings accessed by DealStreetAsia – DATA VANTAGE, investors pooling in money last week included South Korea’s financial giant Mirae Asset, internet company Naver Corp and investment firm STIC Investments.

HappyFresh, which claims to be the number one online grocery company in Southeast Asia, allotted 352,089 new preference shares in the latest round, pricing each share at $181.17, the filing further showed.

So far, so good

Our latest quarterly review of startup deal-making found fund managers funnelling at least $5.6 billion of capital into private companies in Southeast Asia in the second quarter. The fundraising performance capped a strong first half, which saw startups raising $11.6 billion in total to eclipse the capital secured in the whole of 2020.

It’s important to bear in mind that the $6 billion in total proceeds in the previous quarter was largely skewed by a $2 billion round raised by Indonesian logistics company J&T Express for its expansion in China and Grab’s $2 billion debt facility.

Led by Bukalapak’s $400 million fundraise, the region’s e-commerce players garnered $1.2 billion in the second quarter 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).

Source: DATA VANTAGE

More startups closed Series B and C funding rounds in Q2 relative to the previous four quarters, our data shows. Big-ticket deals such as TaniHub’s $65 million Series B round and Carro’s $360 million Series C pushed the median deal value to $42.5 million for Series B and $80 million for Series C rounds in Q2.

Access our report for more details on second quarter startup fundraising in Southeast Asia.

Other snippets from DATA VANTAGE

Jakarta-based HR tech company SLEEKR welcomed four new entities to its cap table after secondary transactions involving the company’s co-founders, Dirman Suharno and Suwandi. The four entities, all based in Singapore, are Aijor Pte. Ltd., Harnods Pte. Ltd., Koswel Pte. Ltd and Wetwo Pte. Ltd.

Combined, the four entities own a 14.9% stake in SLEEKR, which is currently valued at $165 million, our data shows.

Gaming company SuperGaming, which is based in Pune, India, raised $5 million last week from Skycatcher Fund, BAce Fund and 1UP Ventures. The company is focusing on real-time multiplayer games and boasts over 150 million installs across the globe for its games, which include Devil Amongst Us and MaskGun.

Singapore-headquartered telemedicine company MyDoc received more capital last week, bringing its total funding in 2021 to $3.5 million. The latest funding brings the company’s valuation to $20.8 million on $7.9 million of total paid-up capital received to date, according to data compiled by DATA VANTAGE.

Singapore-based digital measurement solution provider ATEQ has invested $1 million in H3 Dynamics, a developer of remote-sensing robotics and artificial intelligence. Relying mostly on drones and hydrogen aircraft for smart aerial monitoring, H3 Dynamics has raised $24 million to date.

Edtech startup LittleMore Innovation Labs issued new shares worth $450,000 last week as the company expands edtech offerings on its flagship PEXA platform. The company has received $6.6 million in paid-up capital to date.

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.