DATA VANTAGE | Elevarm, Agros raise funds; Bot MD, SimplyGood, others report earnings
Edition #453, 18 March 2025
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Dear Reader,
Indonesian agritech Elevarm confirmed receiving [redacted] in a pre-Series A funding round led by Intudo Ventures, with participation from existing investors Insignia Ventures Partners and 500 Global.
The company had raised $2.6 million in seed funding in May 2024 from Insignia, 500 Global and angel investors including Bukalapak co-founder Fajrin Rasyid, eFishery co-founder Gibran Huzaifah and serial entrepreneur Arip Tirta.
The Jakarta-based company had also secured a $1 million commitment from its new strategic partners — Europe’s Rabobank, Japan-listed IT giant Scala, and Indonesian P2P lender Amartha — in July 2024.
In a statement to DealStreetAsia, Bayu Syerli, co-founder and CEO of Elevarm highlighted that the company aims to make high-quality farming essentials accessible to all while enhancing productivity and improving farmer livelihoods.
Elevarm, founded in 2022, provides farmers with quality inputs for higher productivity and safe and accessible farming. The company supports over 15,000 farmers across West Java, Central Java, and Yogyakarta.
According to DealStreetAsia DATA VANTAGE, the company posted $12.7 million in revenue and a net loss of $890,000 for the financial year ended December 2023.
Annual data on fundraising by SE Asia’s women-led startups
Fundraising remains challenging for startups in Southeast Asia founded solely by women, as highlighted in a recent DealStreetAsia DATA VANTAGE report.
According to the Women Founders in SE Asia: 2024 Funding Review, startups founded solely by women accounted for 5.2% of total deal volume in the region, securing 33 equity deals in 2024.
Their share in the total deal value was way lower at 2.1%, or $94.5 million. Meanwhile, startups with at least one female founder secured a 14.1% share of equity funding last year — suggesting investors’ higher confidence when female founders are part of mixed-gender founding teams.
The gravity of the glass ceiling is evident from the fact that all-male-founded startups dominated by capturing a 71.4% share of the total deal volume in 2024.
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Other updates from DATA VANTAGE
Agros, a Singapore-based provider of solar-powered irrigation solutions, secured [redacted] in a Series A round last week. The funding was co-anchored by Gaia Impact, Schneider Electric Energy, Access Asia, and Wavemaker Impact.
Singapore-based AlterPacks, which turns food waste into takeout containers, saw a [redacted] surge in revenue for the 12-month period ended April 2024. However, the company’s net loss widened around 50% year-on-year.
Indonesian specialty coffee company Bettr posted [redacted] in revenue for the 12-month period ended March 2024, while suffering a loss of $215,000 in the period. Its financial earnings have been filed only once, hence year-ago figures are unavailable.
Singapore-based AI patient monitoring platform [redacted] managed to reduce its net loss by 14.7% YoY, according to its filing for the 12-month period ended April 2024. The company’s revenue also grew by 23%, reaching $863,000.
SimplyGood, a Singapore-based startup that supplies eco-friendly home cleaning and personal care products, recorded a 31% year-on-year revenue growth to [redacted], while its net loss narrowed 53.3% YoY according to its 12-month financial filing ended April 2024.
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