Data Vantage | DALI, GamePhilos, Kindred, ObvioHealth and Gentle Group in focus

Edition #388, 9 July 2024

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Dear Reader,

Philippines-focused hard discount retail chain DALI Stores received fresh capital last week from private equity firm Creador, Temasek-backed Pavilion Capital, and venture capital firm Venturi Partners.

The company has so far received [redacted] million in equity funding as part of the current round, which began in October last year. The Asian Development Bank (ADB) has also backed the financing.

According to DealStreetAsia — DATA VANTAGE, DALI has received over [redacted] million in private funding from external investors and is valued at over [redacted] million. Its largest shareholder is its Switzerland-based parent company.

Founded in 2020, DALI has established itself as a leading discounter in the Philippine retail industry. Its stores are primarily set up in rural and peri-urban areas instead of premium commercial centres in larger cities. The hard discount retailing model keeps product prices low through high sales volume of a limited product range and lean operations.

End of the road for SPACs?

The era of special purpose acquisition companies (SPACs) may be waning, argues DealStreetAsia’s consulting editor Angus MacKintosh in DATA VANTAGE’s latest report. SPACs, which often involve loss-making or revenue-less companies, have faced significant scepticism from institutional investors.

While SPACs have existed for decades, their popularity peaked in 2020–21, culminating in a record 613 IPOs in the US in 2021, raising over $162 billion. This number sharply declined to 86 SPACs raising $13.4 billion in 2022 and further to 31 SPACs raising $3.8 billion in 2023 across US exchanges.

SPACs are more costly than traditional IPOs due to substantial compensation for SPAC managers, which dilutes the private company’s ownership. Despite this, some companies prefer SPACs for their ability to make aggressive growth projections, unlike traditional IPOs.

Additionally, SPACs offer a faster route to going public, often taking just three months compared to six months or more for a traditional IPO. Ironically, as startups near profitability, traditional IPOs may become more appealing as investors can better assess valuations based on EBITDA or earnings multiples.

Executives at top investment firms, financial services majors, and leading private companies use DATA VANTAGE to make smarter investment decisions in Asia. (See how)

Other updates from DATA VANTAGE

GamePhilos, the publisher of free-to-play mobile/PC strategy game Age of Dino, received $7.4 million last week from investors, including Animoca Ventures, SevenX Ventures and HashKey Capital. The funding is part of an $8 million seed round announced last September.

Kindred, a Philippines-based health platform for women, bagged [redacted] million last week from Integra Partners, [redacted], Kaya Founders and other investors.

Healthtech firm ObvioHealth received $3.4 million from investors, including US-based biotech firm [redacted], last week.

The Gentle Group, which specialises in food solutions for people with dysphagia, has received $1.3 million from Heritas Capital, SEEDS Capital and Yiru Shen, who founded the Singapore social enterprise.

Paywatch, an earned wage access platform operating in Southeast Asia, received [redacted] million from South Korean VC firm Wooshin Venture Investment Corp last week. The funding is part of a $30 million debt and equity financing announced by the firm in June.

As a free subscriber, you’re reading a redacted version of DealStreetAsia’s premium DATA VANTAGE twice-weekly newsletter. Unlock access to the complete version by picking up any of our premium subscription plans. Anticipate Asia’s Rising Stars and Secure Lucrative Exits

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