Data Vantage | Browzwear, Supermom, wagely and IVF Access in focus
Edition #416, 17 October 2024
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Dear Reader,
Israel- and Singapore-based 3D apparel design software developer Browzwear has removed co-founders Avihay Feld and Noam Nevo from its board of directors, according to regulatory filings.
The move follows Feld and Nevo’s exit from the company’s cap table. According to a separate filing, the pair sold their stakes in the startup to investor [Redacted] for [redacted] million earlier this year.
Feld was the CEO of Browzwear until January this year, while Nevo was its CTO till April, according to their respective LinkedIn profiles.
In March, the company announced the appointment of Greg Hanson as its new CEO. Hanson would spearhead growth initiatives, enhance operational efficiency, oversee acquisitions and integrations, and focus on advanced analytics and optimisation, the announcement said.
According to DATA VANTAGE, [Redacted], which first invested in Browzwear in 2021, is its largest shareholder.
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SEA’s startup funding hits new low
In the third quarter of 2024, Southeast Asian startups inked only 134 private funding deals — the lowest in six years — as total proceeds fell below $1 billion for the first time since 2019, finds our latest report.
The funding slowdown was more pronounced in the first nine months of the year, according to SE Asia Deal Review: Q3 2024. At $3.26 billion, the capital raised in the first three quarters of 2024 is less than half of what was raised during the same period in 2020.
While equity funding lost momentum, debt financing gained ground in the region. Debt deals saw a 6% increase in volume and a substantial 62% jump in value, reaching $1 billion in the first nine months of 2024. The shift in funding dynamics highlights the evolving financial landscape for Southeast Asian startups as they navigate a period of economic uncertainty.
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Other updates from DATA VANTAGE
Singapore-based parenting platform Supermom received [redacted] million from [Redacted] and AC Ventures this week as part of a Granite Asia-led Series B round.
Earned wage access startup wagely, which operates in Indonesia and Bangladesh, added new shareholders, including Feedback Ventures, to its cap table this week after secondary transactions worth [redacted]. Sellers include wagely co-founder and CEO Tobias Fischer and [Redacted].
Indian fertility clinic chain IVF Access received [redacted] million from venture capital firm Vertex Ventures Southeast Asia & India this week.
Vietnam-based pizza restaurant chain Pizza 4P’s improved its profitability in 2023. Due to growing demand, its revenue increased 31% year over year to [redacted] million.
India-based neobank Freo, which operates consumer lending app MoneyTap, reduced its losses by 44% in the financial year ended March 31, 2024. The Peak XV-backed firm’s revenue growth was flat during the period.
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