Data Vantage | Board changes at Carsome and SOCASH, and other updates
Edition #168, 21 April 2022
Dear Reader,
Malaysia-based used car marketplace Carsome saw a slew of board changes at its Singapore-registered entity last week.
Asia Partners co-founder and partner Oliver Rippel, Catcha Group co-founder Patrick Grove, IdeaRiverRun director Kristian Lee, and Gobi Partners co-founder Thomas Tsao resigned from the company’s board last week. Meanwhile, Carsome’s chief financial officer and group president Zhu Meiyu, also known as Juliet Zhu, rejoined the board.
The company attributed the move to a restructuring at Carsome Group. “Existing board of directors have been appointed at the holding company (Carsome Group Inc. or CGI) registered at Cayman,” a spokesperson said in an email statement.
The restructuring is understood to be part of Carsome’s preparations for a public listing. It is understood to have filed confidentially for a listing in the US.
In another reshuffle, fintech startup SOCASH appointed a new chief executive officer last week. Its co-founder Hari Sivan passed on the baton to Tan Wee Leong, a founding member and country head for regional network growth at SOCASH, on Friday. The leadership change is understood to be part of an impending deal with B2B payments company Nium.
Other updates from DATA VANTAGE
Evo, a direct-t0-consumer (DTC) online retailer selling beauty and wellness products, secured $500,000 from East Ventures in seed funding last week.
Point72 Ventures acquired additional shares in fintech company FinLync from its co-founder and CTO Peter Klein this week. The venture capital firm had earlier led a $16 million financing for the startup in 2021.
Singapore-registered B2C online marketplace Qoo10 has allotted new shares worth $3.5 million to existing shareholder Zedra, a Cayman Islands-based investment management firm. Zedra is the second-largest shareholder in Qoo10 with a 12.02% stake.
Singapore-based investment management firm Magellan X has injected $5.9 million in additional capital into shipping supply chain tech solutions provider SparesCNX. The startup had recently inked a partnership with ABS Nautical Systems to digitize spare parts inventory management.
Magellan X also invested $5.5 million earlier this week in Chord X, a Singapore-based maritime data solutions provider. Both SparesCNX and Chord X are backed by BCG Digital Ventures, the venture arm of Boston Consulting Group (BCG).
The Parentinc, the company behind parenting community theAsianparent, allotted new shares to two companies worth $1 million each earlier this week. The allotments were part of the company’s $22 million Series D round.
Top shareholders in The Parentinc
Source: DATA VANTAGE
Pet telehealth startup Zumvet bagged $366.5K from Pine Venture Partners last week.
The Singapore unit of AppWay, a fintech company that was fully acquired in February by London-based investment management firm FNZ, reported a 12% year-on-year increase in revenue for the financial year ended December 31, 2021.
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