Weekly roundup: Total’s VC arm invests in SG’s Canopy Power and other SE Asia deals

Canopy Power, a Singapore-based renewable microgrids startup, has secured an undisclosed amount from Total Carbon Neutrality Ventures, the venture capital arm of energy firm Total.

Founded in 2016, Canopy Power designs, builds, and finances optimised renewable energy microgrid solutions that target businesses and communities dependent on diesel power generation and weak grids.

Its microgrids have already been deployed in Indonesia, Myanmar, and Malaysia. The company is also currently developing a solar and battery storage microgrid on the remote island of Koh Rong Sanloem in Sihanoukville, Cambodia.

CEO Sujay Malve said remote microgrids and hybrid systems is a fast-growing segment in the distributed energy industry. The investment from Total Carbon Neutrality Ventures, he added, is an endorsement of Canopy Power’s business model and technical competence.

Total Carbon Neutrality Ventures focuses on finding, funding, and fostering high-potential startups that contribute to creating a low carbon future. Its current investment focus areas include renewables, distributed energy, new mobility, energy access, energy storage, biofuels, bioplastics, circular economy, and recycling.

Thailand’s Drivehub eyes expansion after closing Series A

Drivehub, a Thailand-based online car rental platform, announced that it has raised an undisclosed amount of funding in a Series A round, which was co-anchored by Toyota Tsusho, CAC Capital, and KK Fund.

The fresh funding, which the company said is seven figures USD, will be used to finance the enhancement of its software and technological systems. It also seeks to expand in Indonesia, Malaysia, and Singapore.

Launched in 2017, Drivehub is a B2C car rental marketplace and fleet management platform that can accept both low risk accredited and high-risk unaccredited car rental user segments. It serves customers with or without a credit card. The startup said it has grown by 50 per cent in January compared to the same period last year, despite sales setbacks by as much as 90 per cent in April 2020 due to the COVID-19 pandemic.

Singapore loan broker Lendela raises $2m

Lendela, a Singapore-based startup that connects customers with banks and lenders, has raised $2 million in a pre-Series A financing round led by existing investors Promise Future International and Luxembourg-based early-stage venture capital fund 2be.lu Investments.

In a statement, the startup said it will use the fresh funds to finance its planned expansion in Singapore and Hong Kong. It also seeks to hire more people especially in tech development, business development, and marketing.

Lendela, launched in 2018 as part of the global financial technology group Centro Finmarket, optimises the loan application process by submitting a single application to multiple lenders. Its network of lenders then responds fast with the best possible interest rates.

iStore iSend secures $5.5m Series B

Malaysia’s e-fulfillment company iStore iSend announced on Tuesday that it has raised $5.5million in a round co-led by regional venture capital firm Gobi Partners and Malaysia’s web-based parcel consolidator EasyParcel. The funds will be used by the company to scale existing markets and to expand to new countries.

Incorporated in 2015, iStore iSend provides end-to-end services to its clients from storage and pick-and-pack to delivery arrangements when an e-commerce order is received. The company also offers value-added services, such as real-time inventory management and shipment tracking.

SOUTHEAST ASIA DEAL MONITOR

DealStreetAsia has also put together a table listing out prominent venture capital transactions in Southeast Asia from June 25-29, 2021.

Expand Table

StartupHeadquarterInvestment Size (US)Investment StageLead Investor(s)Other Investor(s)Industry
Canopy PowerSingaporeTotal Carbon Neutrality VenturesEnergy
Eco-BusinessSingaporeTembusu PartnersMedia
TeapasarSingapore$935,000BP de Silva Holdings, Seeds CapitalOnline marketplace
Pairx BioSingapore$537,000Avendesora LimitedPharma
DestyIndonesia$500,000East VenturesEcommerce
UlaIndonesia$20 millionSeries AQuona Capital, B Capital GroupSequoia Capital India, LightspeedEcommerce
GettgoThailand$6.7 millionMuang Thai GroupInsurtech
LottieFilesMalaysia$9 millionSeries AM12500 Startups, AdobeDesign
TechStormSingaporeUndisclosedSeries AJason Chen, Golden Hill Asset Management, Professor Wong Poh KamEntertainment
DrivehubThailandUndisclosedSeries AToyota Tsusho, CAC Capital, KK FundOnline marketplace
LendelaSingapore$2 millionpre-Series APromise Future International, 2be.lu InvestmentsConsumer credit management
IMMediaSingapore, AustraliaUndisclosedSeries ASaxby Capital, Intuitive AustraliaContent marketing
QuincusSingapore$3.1 millionMasik Enterprises, Green Leafe Capital, Seasight Holdings, Investigate VCLogistics
BabynosticsSingapore$600,000Tikehau Investment ManagementHealthtech
Moby's PetshopSingapore$750,000Jo Group OU, Estonian Opportunity Capital OUOnline marketplace
ACM BiolabsSingapore$2.6 millionSan Pacific Investments, Ritz Venture CapitalHealthtech
CrediBook Indonesia$1.5 millionpre-Series AWavemaker Partners, Alpha JWC Ventures, Insignia Ventures Partners.Fintech
iStore iSendMalaysia$5.5 millionSeries BEasyParcel, Gobi PartnersLogistics
CapBayMalaysia$20 millionSeries A KK FundFintech
Podcast Network AsiaThe Philippines$750,000SeedFoxmont Capital, Venturra Discovery, Summit Media president Lisa GokongweiKumuPodcast network agency/media

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.