Data Vantage | Ascent Solutions, Wellesta, Ancileo and Perx pocket funding
Edition #314, 05 October 2023
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Singapore-headquartered industrial IoT track-and-trace solutions provider Ascent Solutions secured [redacted] million this week from parent EXEO Global, the international business arm of Tokyo Stock Exchange-listed EXEO Group, Inc.
Founded in 2010, Ascent provides end-to-end supply chain and logistics solutions to businesses across logistics, collateral management, maritime, fleet management, retail, infrastructure and others.
EXEO Global subsidiary DeClout had originally bought a 70% stake in Ascent Solutions last year after buying out several shareholders, including Heliconia Capital, SEEDS Capital and Japan Southeast Asia Finance Fund L.P., a fund managed by Risa Partners and the Development Bank of Japan. It increased its holding to [redacted]% earlier this year.
EXEO Global has invested more than S$500 million in developing and acquiring businesses to date. Its subsidiaries in Singapore include Aeqon, DeClout Ventures, dhost, GUUD, Procurri and Telistar Solutions.
Wellesta Holdings, a Singapore-headquartered healthcare company, received [redacted] million from a joint vehicle of Mitsui & Co., Ltd and Japan Bank for International Cooperation (JBIC) this week.
The two investors plan to inject a total of S$50 million into the Southeast Asian pharma marketing and distribution company.
Wellesta acquires the rights to pharmaceutical products and then sells them in six countries, including Malaysia, the Philippines and Indonesia.
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Other updates from DATA VANTAGE
Insurance software-as-a-service provider Ancileo received [redacted] million from insurtech firm Fermion this week. The capital injection is part of a $3 million funding announced by the startup last year.
Loyalty management and customer engagement platform Perx Technologies bagged S$1.26 million this week from a group of investors.
Singapore-based clinical-stage biotech company AUM Biosciences received [redacted] from the Agency for Science, Technology and Research (A*STAR) this week.
E-commerce brand aggregator Rainforest Life saw its losses soar 4.7x in the financial year ended December 31, 2022. It announced securing $21.5 million in new funding through convertible notes from investors, including Canopy Tropics, Monk’s Hill Ventures and Insignia Ventures Partners, this week.
Indonesian B2B marketplace Ula reported a 2.3x surge in losses for the financial year ended December 31, 2022, owing to increased cost of sales and higher expenses. The company is pausing its operations as it transitions out of its inventory-led FMCG distribution business.
Another Indonesian B2B marketplace, GudangAda, posted a 63% increase in losses last year, as its revenue jumped more than 10x.
Singapore-based IoT service provider UnaBiz’s losses widened 5.3x in the financial year ended December 31, 2022, as its revenue nearly doubled.
E-commerce logistics management platform Parcel Perform’s losses ballooned 47.6x in the financial year ended December 31, 2022, while its revenue grew 14%.
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