Data Vantage | 99 Group, Airwallex Singapore bag capital; Glance’s revenue spikes

DealStreetAsia
3 min readMar 9, 2023

Edition #255, 9 Mar 2023

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Proptech firm 99 Group, the owner and operator of multiple real estate portals in Singapore and Indonesia, received $11 million from Gaw Capital and OCBC NISP Ventura earlier this week.

Going by the share price in the latest transaction, the capital infusion is part of the company’s Series C round announced in July. It had then secured $37 million in the first close of the round and was seeking to raise a total of $52 million.

Following the latest investment, 99 Group has received $48.6 million as part of the Series C. Lead investor Gaw Capital has so far invested $28.2 million in the company.

99 Group operates property portals 99.co, iproperty.com.sg, Rumah123.com and srx.com.sg.

The Singapore unit of fintech company Airwallex received a $6 million capital injection from its Cayman Islands-based parent company this week.

Airwallex officially launched its services in the city-state in January after securing a major payment institution licence from the Monetary Authority of Singapore. In February, it appointed two senior executives to the local team.

The Tencent-backed company announced this week that it has secured an online payment business licence in China by acquiring local company Guangzhou Shang Wu Tong Network Technology.

Airwallex, which enables customers to issue and pay international invoices through its platform, secured $100 million last year at a $5.5 billion valuation.

Financial updates from DATA VANTAGE

Glance, a smartphone lock screen content company backed by Google, recorded a 268x jump in its revenue for the financial year ended March 31, 2021. The company also manages to reduce its losses by 7% during the period.

Vickers Venture Partners-backed web solutions provider Mainspring Technology reported a 50% year-on-year drop in net profit in 2021 as its revenues fell by 21%. The company has secured more than $40 million in funding, according to its regulatory filings.

The Singapore-registered entity of London-based Checkout.com more than doubled its net profit in 2021 as its revenues more than tripled. The company provides payment solutions for businesses, servicing more than 150 currencies.

SGeBIZ, a SaaS company providing procurement, payment and sourcing solutions for SMEs, turned a profit in the financial year ended March 31, 2022. The company last raised funding in May 2020, our data shows.

East Ventures-backed Lisa Group, a company that provides technical and operational support to tech startups, also reported a profit in the year ended July 31, 2022, as its revenues more than doubled.

Glee Trees, the creator of Gleematic A.I., a software that automates office tasks in different languages, also posted a profit in the financial year ended June 30, 2022.

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