Data Vantage | Apis backs DT One, Rey Assurance raises funding, and more
Edition #175, 19 May 2022
Dear Reader,
Singapore-based B2B payment solutions provider DT One has issued new shares to accommodate a $15 million investment from Apis Growth Fund II, a private equity fund managed by UK-based asset manager Apis Partners.
On top of the investment, Apis has also acquired shares in DT One from its parent company, TransferTo Holdings, which also controls Singapore-headquartered global payment company Thunes, according to regulatory filings seen by DealStreetAsia — DATA VANTAGE.
TransferTo remains the majority shareholder in the payments company. Apis now owns a 9% stake in DT One, which is valued at over $700 million after the funding, based on our calculations.
Top shareholders in DT One
Source: DATA VANTAGE
Separately last week, Jakarta-based insurtech firm Rey Assurance raised $3.8 million from a group of investors as part of its seed funding round.
Japan-headquartered Genesia Ventures was the lead investor in the round, which was also backed by Jakarta-based AI and blockchain developer Vertika Corporation and Reycom Document Solusi.
Established in 2021, Rey Assurance was founded by Evan Tanotogono and Bobby Siagian. The company leverages technologies such as AI and big data analytics to provide monthly subscription-based insurance memberships.
Resilience amid liquidity crunch
While Southeast Asia’s venture capital landscape is bracing for the impact of the global liquidity crunch, the appetite for fintech investments is likely to remain strong this year.
Our latest review of funding activities in the region shows that deal volume remained resilient at 70 in the first quarter. This compares to 71 equity deals in the fourth quarter of last year and 83 in the same period last year.
The total proceeds collected, however, were lower, partly reflecting the push for more reasonable valuations.
Despite a major shift in global sentiments and an impending crash in the cryptocurrency market, the investment appetite for decentralised finance (DeFi) startups appears to have remained largely intact.
Homegrown DeFi startups accounted for 30 out of 70 total fintech deals in the first quarter and collected $223 million in combined proceeds, or roughly a third of total investments.
Other updates from DATA VANTAGE
Singapore-headquartered e-commerce enabler Shopmatic issued new shares worth $3.2 million to three investors last week, bringing the total proceeds in its latest round to over $9 million so far.
Vietnamese B2B online marketplace Telio received $2.7 million last week from New York-based investment firm Tiger Global Management. The share allotment is part of Telio’s pre-Series B round that was announced last year. Vietnamese tech unicorn VNG had invested $22.5 million in the round, while GGV Capital put in $1.5 million, according to regulatory filings.
Singapore-based cybersecurity firm GuardRails has bagged $2.5 million so far in a Series B funding round led by Sequoia Capital India’s Surge. Other investors in the round include Singapore’s telco Singtel and Cocoon Capital. The round is expected to close at about $4 million.
Vietnamese menswear brand Coolmate collected $1.5 million last week in a Series A funding round led by Access Ventures. Other investors include Do Ventures, CyberAgent Capital and DSG Consumer Partners. The new funding round, which is likely to close at $2 million, will push the company’s valuation to $20 million.
Global music sharing platform SoundCloud has fully acquired shares in Musiio, a Singapore-based startup that develops AI for music curation. Prior to the acquisition, Musiio had raised funding from investors including Wavemaker Partners and SGInnovate.
In DealStreetAsia’s next webinar ‘Market Sentiment Update: What Q1 2022 can tell us about the second half of the year & beyond’, we get to the heart of one of the most pertinent and recurring questions about investing in Asia.
Is the market likely to top the heady highs of 2021 which saw China raising $87.4 billion, India raising $46 billion and Southeast Asia raising $25.7 billion?
Will fintech, e-commerce and logistics continue to be the engines of growth? Will Asia emerge as a safe haven for investing in a world beset by geopolitical tensions, or given the interconnected nature of finance markets, is it likely to be impacted? Is the age of ‘easy money’ over and how will that affect the growth trajectory of startups in the region? Register Now DealStreetAsia — Professional
Combine editorial insights with robust data & research. Our newest product is a strategic business solution.
Subscribing to DealStreetAsia — Professional will get you -
- Key financials of ~2,000s of Asian venture-backed companies registered in Singapore and Indonesia
- Track competitors and industries
- Up to 4 new research reports per month
- Exclusive Data-led Stories
- Deal Monitors (India / China/ SEA)
- Full access to DealStreetAsia’s premium reportage
- Twice-weekly DATA VANTAGE newsletter
- Discounts to Asia PE-VC Summit tickets (live event).
