Data Vantage | Beleaf Farms, TransTRACK, Skuad and AWAK in focus
Edition #401, 22 August 2024
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Dear Reader,
Indonesian farming-as-a-service (FaaS) startup Beleaf Farms received [redacted] million from venture capital (VC) firm Openspace Ventures and the Norinchukin Innovation Fund, the corporate VC fund of Japan’s Norinchukin Bank, this week.
The funding is part of the startup’s ongoing Series A extension round.
“We will use the capital to expand our FaaS network by 4X and extend our client base to six new countries in the next year,” Beleaf co-founder and CEO Amrit Lakhiani told DealStreetAsia in a recent interview. The firm currently has 300 hectares of land under management and plans to increase this to around 500 hectares by the end of 2024.
The company’s FaaS programme supports farmers through pay-later options, expert guidance, guaranteed market access, and insurance coverage.
A message from Apex Group
Southeast Asia’s VCs face fundraising woes
Southeast Asia-based VC firms faced significant challenges in the first half of the year, as evidenced by their fundraising performance, finds our latest report.
Only five venture funds reached a final close in H1 of 2024, just a third of the tally in the first half of 2023, according to SE Asia’s VC Funds: H1 2024 Review. At $1.23 billion, the total capital raised in the first six months of the year was less than half the amount raised in the previous semester and down 73% year over year.
The H1 data indicates that venture fundraising for the full year 2024 is likely to fall significantly short of 2023, when regional firms closed 32 funds to raise an aggregate of $6.77 billion — the highest on record.
The data and information in this newsletter comes from DATA VANTAGE, which tracks regulatory filings to provide you with the latest information on startup fundraising, shareholding and financials. Find out how it can aid you in your decision-making — book a demo today or write to us at subs@dealstreetasia.com
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Other updates from DATA VANTAGE
Indonesian fleet tracking startup TransTRACK received a capital infusion of [redacted] million this week from [redacted], Cocoon Capital, AppWorks, and other investors. It had raised $2.1 million in a pre-Series A funding round led by Ortus Star in 2023.
Nasdaq-listed financial technology company Payoneer bought out all shareholders in Singapore-based workforce and payroll management company Skuad this week. The acquisition, which was announced earlier this month, includes a cash consideration of $61 million and up to $20 million in contingencies.
Medical technology firm AWAK Technologies received $650k from Advanced MedTech Holdings and Evelyn Teah last week. The capital injection brought its current round total to [redacted] million.
VC firm [redacted] bought additional shares in Philippine coffee chain PICKUP COFFEE from Sachin Bhanot last week.
Journey Capital Partners bought shares in Indonesian manufacturing and supply chain platform Manuva from [redacted] this week. It also led a recent round in the firm.
Indian healthtech firm Connect and Heal, which caters to the healthcare needs of corporate employees and their families, received [redacted] million from investors last week.
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