Data Vantage | Bibit, ADDX and Entobel land new investments, and other updates
Edition #177, 26 May 2022
Dear Reader,
Amid lingering concerns about a global liquidity crunch, Southeast Asian tech startups reported major funding updates in the past few days.
Indonesia-based wealthtech startup Bibit on Wednesday announced it had raised more than $80 million in a funding round led by Singapore sovereign wealth fund GIC.
According to the latest regulatory filing by Bibit’s parent, Singapore-registered Stockbit Pte. Ltd., GIC made a primary investment of $25 million in the Indonesian firm. It also acquired shares from existing shareholders, including Bibit co-founder Johny Susanto, Stockbit co-founder Wellson Lo, Golden Summit International and Braavos Ventures, through the secondary market.
Prosus Ventures, the venture arm of global technology investor Prosus, contributed $7.5 million to the latest round. B Capital also participated in the round.
Top shareholders in Stockbit Pte Ltd
Source: DATA VANTAGE
Separately this week, Singapore-based private market exchange ADDX raised $58 million in pre-Series B funding from a group of investors. The Stock Exchange of Thailand and Singapore-based United Overseas Bank contributed $25 million each to the round.
Thailand’s Krungsri Finnovate invested $5 million in the round, show regulatory filings.
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Other updates from DATA VANTAGE
Entobel, a company that produces animal feed, pet food and fertilisers from black soldier fly larvae, received $15 million from Mekong Capital and Dragon Capital last week as part of its $30 million Series B funding round.
Founded in 2013, Entobel operates one of the world’s largest insect production sites in Vietnam’s Dong Nai province.
Vietnam’s e-commerce company Tiki has allotted shares worth $10.7 million to Miko Tech, a Singapore-registered marketing tech company that focuses on servicing the Vietnamese market.
Bluesheets, a Singapore-based company that delivers financial data automation solutions, allotted new shares worth a combined $5.7 million earlier this week, its regulatory filing shows. The recipients include Insignia Ventures, 1982 Ventures, Antler, and Kistefos AS.
Sparrow Tech, the operator of crypto trading platform Sparrow Exchange, has filed its financial report for the financial year ended December 31, 2021. The company reported $5.8 million in revenue, up more than 12 times over the previous fiscal year.
Singapore-based Red Dot Analytics, which is a spin-off from Nanyang Technology University and focuses on developing industrial AI solutions, also reported a momentous growth in 2021. The company’s revenue nearly tripled last year.
Dltledgers, a Singapore-based company that delivers blockchain-powered trade finance digitalisation solutions, posted $1.4 million in total revenue for the financial year ended June 30, 2021.
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