DATA VANTAGE | Bumame, Lifesight, Authentick and others in focus
Edition #449, 4 March 2025
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Dear Reader,
Bumame, among the first companies in Indonesia to secure a licence for operating COVID-19 testing clinics, has raised external capital in a funding round led by Alpha JWC Ventures, with participation from 500 Global and Kopital Ventures.
As of this newsletter’s publication, [redacted], Bumame’s legal entity, has yet to reflect the investment in its cap table. The company remains majority-controlled by Indonesian businessman Jack Budiman, who holds an 80% stake through his wholly owned vehicle, [redacted].
The remaining ownership is split equally between CEO James Andrew Wihardja and Director Timotius Grady Limandra, each holding a [redacted] stake. Bumame has issued [redacted] shares, each valued at 1 million rupiah, bringing its total paid-up capital to [redacted].
Through its subsidiary, [redacted], the company also holds a specialised medical laboratory licence in clinical pathology, further strengthening its diagnostics capabilities.
Founded in 2020 as a COVID-19 testing provider, Bumame has since expanded into a full-fledged healthcare platform, leveraging innovation and technology to address broader medical needs. Today, it offers routine check-ups, advanced diagnostics and telemedicine services.
VC fundraising slump
Southeast Asia’s VC fundraising slumped to a four-year low in 2024, despite a late surge in final fund closures, according to DealStreetAsia DATA VANTAGE’s newly released SE Asia VC Funds: H2 2024 Review.
In the second half of 2024, regional VC firms secured nine final closes, raising a total of $915 million. This brought the year’s total to 14 funds and $2.15 billion in capital raised, the report finds.
The annual figures represent a sharp decline from 2023, when 32 funds reached final closes, collectively raising $6.77 billion. The 2024 performance also marks a four-year low in both fund count and capital raised, hovering just above 2020 levels.
Foreign VC funds with full or partial mandates in Southeast Asia followed a similar trend. In 2024, they closed nine funds, raising $2.93 billion. Although comparable to 2023, fundraising remains well below the peak levels of 2021 and 2022.
Source: DealStreetAsia’s DATA VANTAGE
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Other updates from DATA VANTAGE
Singapore-based marketing tech platform Lifesight reported an [redacted] revenue increase to $12.5 million for the 12-month period ended March last year. It also boosted its net profit, achieving 169 times growth compared to the previous year as a sign of improving cost structure.
Octopus Retail, the inventory management subsidiary of e-commerce firm Shopmatic, nearly [redacted] its total revenue in the financial year ended March 2024, enabling the company to maintain a positive bottom line.
Separately, Authentick, a platform for purchasing and verifying digital collectibles and NFTs, disclosed its financials for the first time, recording [redacted] in losses over the same period. The company does not report its revenue numbers.
Singapore-based financial services e-marketplace MoolahGo almost doubled its revenue to [redacted] for the 12-month period ended March 2024, enabling it to significantly reduce annual losses.
FYNXT, a Singapore-based fintech firm specialising in low-code digital front-office solutions for multi-asset brokers, reported a [redacted] revenue increase over the same period. However, its net profit declined.
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