Data Vantage | Biofourmis, Voyager Innovations, HitPay receive funding and other updates

4 min readAug 2, 2022

Edition #171, 5 May 2022


Dear Reader,

Healthtech company Biofourmis received $150 million from General Atlantic (GA) last week as part of a $300 million round announced recently, according to regulatory filings.

Shares in the round, which catapulted the Singapore-founded company into the unicorn club, were priced at $30,192.33 apiece.

Biofourmis will receive $50 million from additional investors and another $100 million from GA in phases as part of the round, its filings show. The company has appointed GA managing director and India and Southeast Asia head Sandeep Naik to its board in conjunction with the financing.

Top shareholders in Biofourmis

Note: Data as of May 4. Source: DATA VANTAGE

Separately last week, Philippine fintech giant Voyager Innovations allotted new shares worth $8.5 million to the International Finance Corporation (IFC).

The funding was part of a $210 million round announced recently, which valued Voyager at $1.4 billion. Singapore sovereign wealth fund GIC also participated in the round through a joint vehicle with private equity firm KKR, DealStreetAsia recently reported.

Founded in 2013, Voyager Innovations offers mobile money and payments under the PayMaya brand, mobile-based remittances under Smart Padala and B2B fintech solutions under PayMaya Business.

Fintech maintains dominance

One in four dollars of equity funding raised by Southeast Asian startups in the first quarter of this year went to the fintech sector, according to our latest quarterly review.

Led by a $200 million investment in Indonesia’s e-wallet startup DANA by energy and mining contractor PT Dian Swastatika Sentosa, which is part of the Sinar Mas conglomerate, homegrown fintech startups in the region raised $1.08 billion in the first quarter.

While financial hub Singapore had in the past dominated fintech investments, it was outranked by Indonesia in the first quarter.

Overall, Southeast Asian startups raised $4.19 billion in equity funding in the first three months of this year. This compares to $8.01 billion in the fourth quarter and $3.9 billion in the same period of last year.

Other updates from DATA VANTAGE

Singapore-based SME-focused online payment services provider HitPay allotted new shares valued at $18.4 million to a group of investors last week as part of a Series A funding round led by Tiger Global Management.

The share allotments also included investors who participated in the company’s $2.7 million seed funding last year such as Rocket Internet and Y Combinator.

Indonesian logistics company Waresix bagged $4 million from East Ventures last week as part of a Series B1 round. The round, which is being led by Tiger Global, values Waresix shares nearly 50% higher than a previous financing.

Andalin, an Indonesia-based freight forwarder service marketplace for cross-border shipments, has allotted new shares worth $1.5 million to BRI Ventures, the investment arm of Indonesia’s largest commercial lender, Bank BRI. The allotment followed a $4 million funding round led by Intudo Ventures, which was announced in February.

Green Li-ion, a Singapore-based green tech startup that specialises in battery recycling technology, has raised $11.5 million in a Series A round. Major investors in the latest round include the UK-based Energy Revolution Ventures, Singapore-based TriRec and Portugal-based EDP.

Singapore-based Eureka Robotics has bagged $4.3 million in Series B funding from a group of investors led by UTEC, a venture capital firm affiliated with the University of Tokyo. UTEC principal Kiran Mysore has joined Eureka’s board following the investment.

The Indian arm of US-based venture capital firm Accel has invested $3 million in Singapore-based Finbots, a startup that provides AI-driven fintech solutions for banks and other financial institutions.

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