Data Vantage | Endowus, Bythen, Xnergy in focus
Edition #435, 14 January 2025
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Dear Reader,
Singapore-based licensed wealth advisor Endowus, backed by SBVA (formerly SoftBank Ventures Asia), has secured an additional $17.5 million in its latest funding round, the company announced last week.
This new capital injection brings the total amount raised in the round to $52.5 million, with continued support from key backers Prosus Ventures, UBS, and MUFG, who led the round. Other participants include OSK Ventures New and Asia Companion Fund, according to the company’s statement.
Based on the company’s corporate filings with Singapore’s Accounting and Corporate Regulatory Authority, Endowus clocked [redacted] in revenue in 2023, a 140% increase year-on-year.
Filings also revealed that more ordinary share owners transferred their stake to [redacted] in November last year.
Founded in 2017, Endowus is led by Gregory Van and Rhee, former investment professionals from Morgan Stanley Asset Management and UBS. The platform provides investors with expert guidance and access to institutional-grade financial solutions for a transparent fee.
Blockchain boosts wealthtech
Wealthtech dominated Southeast Asia’s fintech landscape in 2024, leading with [redacted] in the first nine months of the year, driven primarily by companies leveraging blockchain technology for digital asset ownership and trading.
According to the SE Asia Deal Review: Q3 2024 report by DealStreetAsia — DATA VANTAGE, blockchain-powered fintech, also known as decentralised finance (DeFi), extended its influence across other fintech verticals, including e-payments and lending, accounting for [redacted] of the total fintech deal volume and 28% of the deal value during the same period.
Blockchain adoption is also accelerating investments in enterprise software and IT startups, showcasing its transformative potential beyond fintech. In Q3 alone, blockchain startups secured 16 deals worth [redacted].
For the first nine months of 2024, the software and IT sector recorded [redacted] deals, marking a 52.8% year-on-year increase, with blockchain-based solutions driving [redacted] of those deals. The sector raised [redacted] in total, a 72.9% jump, with blockchain startups contributing [redacted].
Source: DealStreetAsia’s DATA VANTAGE
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Other updates from DATA VANTAGE
Singapore-based biotech startup MiRXES has secured [redacted] in structured financing from R-Bridge Healthcare Fund, the subsidiary of Singapore-headquartered healthcare investor CBC Group. MiRXES announced in 2023 that it was planning to go public on the Hong Kong Stock Exchange.
Indonesia-based AI-driven digital persona startup Bythen has raised [redacted] in a seed financing round led by Tokyo-listed company Vector Inc. and Skystar Capital. The round includes participation from East Ventures, BEENEXT, AppWorks, and others.
Vietnam-based edtech startup [redacted] has successfully closed its Series B funding round, led by private equity firm Asia Business Builders (ABB). DealStreetAsia earlier reported that the first tranche of the funding included a $2.75-million investment from ABB.
Indonesia-based cattle farming solutions startup [redacted] recently announced an undisclosed amount of pre-seed funding from Wavemaker Impact, the climate-tech venture builder of Singapore-based Wavemaker Partners. HiFeed was founded by Ikhsan Akhirulsyah in 2024.
Singapore-based wireless charging technology developer [redacted] secured an undisclosed amount of funding from Korean investment firm Woori Venture Partners last week. In a statement, the company said it plans to expand into new sectors and regions, including new energy vehicles.
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