Data Vantage | Believe, Bobobox, Pasarnow, Cobo and AWAK in focus

Edition #377, 30 May 2024

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Dear Reader,

Believe, a consumer goods maker with operations in Singapore and India, received [redacted] million from investors, including Venturi and Jungle Ventures, this week.

On Wednesday, the company announced securing an undisclosed investment from Halal Products Development Company (HPDC), a wholly owned subsidiary of the Saudi sovereign wealth fund Public Investment Fund (PIF). Following the financing, Believe plans to relocate its headquarters to Saudi Arabia.

According to DealStreetAsia — DATA VANTAGE, the company reported a net profit of [redacted] million for the financial year ended March 31, 2023.

Incorporated in 2020, Believe claims to be one of the largest companies in the halal cosmetics and personal care sector in terms of sales, product diversity, and market reach. It recently expanded to the Gulf.

The global cosmetics and personal care market is estimated to have reached approximately $352 billion in value in 2022. The halal cosmetics and personal care segment was worth about $70 billion.

Foodtech funding continues downward slide in Q1

The total capital raised by food technology (foodtech) startups in Southeast Asia declined 72% sequentially to $4 million in the first quarter of this year, according to the latest report by DATA VANTAGE.

The Q1 decline follows an 83% drop in funding secured by regional foodtech startups in 2023. The annual haul of $21.6 million last year was the lowest in at least four years, per State of Foodtech in SE Asia 2024. The decline in foodtech proceeds was sharper than the 51% drop in total startup funding last year.

Foodtech funding in Southeast Asia, which hit its peak volume in 2021 and peak value in 2022, has been hit hard by the funding downturn, which has also engulfed global foodtech startups.

Foodtech funding bagged by Southeast Asian startups over the years

Source: DATA VANTAGE Executives at top investment firms, financial services majors, and leading private companies use DATA VANTAGE to make smarter investment decisions in Asia. (See how)

Other updates from DATA VANTAGE

Indonesian capsule hotel operator Bobobox received [redacted] million this week from investors, including a unit controlled by [redacted], and Lux Alvest Capital. The startup’s share price has doubled since its previous financing in 2023.

Indonesian food supply chain startup Pasarnow received [redacted] million from investors, including East Ventures, SMDV and Skystar Capital, this week. The firm has also issued fresh shares to some existing investors. This is likely due to [redacted].

Singapore-based global digital asset custody solutions provider Cobo has allocated shares worth [redacted] million to its co-founders, Shixing Mao and Changhao Jiang.

Vickers Ventures-backed medical technology startup AWAK Technologies managed to curb its losses by 13% in the financial year ended December 31, 2022.

Content and brand management company Gushcloud posted a 134% increase in its net loss for the financial year ended December 31, 2022. Its revenue went up 15.4% to nearly $33 million.

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