Data Vantage | Engine Biosciences, MariBank, Luxe Nomad and Swingvy get funding

Edition #293, 25 July 2023

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Singapore and Silicon Valley-based biotech firm Engine Biosciences received [redacted] million from Polaris Partners last week. The investment is part of an $18 million Series A-3 financing.

Other investors backing the latest funding are Singapore’s EDBI, early-stage investor [redacted] and investment firm Invus.

In 2021, the company announced a $43 million Series A round, which comprised Series A-1 and A-2 shares. Its Series A-3 share price is down [redacted]% and [redacted]% from its Series A-2 and Series A-1 price, respectively.

MariBank, the digital banking unit of NYSE-listed Southeast Asian tech major Sea Ltd, received $173 million last week. The capital infusion was made by SeaMoney, the digital payments and financial services arm of Sea.

MariBank has now raised [redacted] million from SeaMoney since 2021.

Earlier this month, ride-hailing and payments major Grab made a $104 million capital infusion into its digital banking subsidiary GXS Bank.

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No thaw in funding winter for SE Asia’s startups in Q2

Startups in Southeast Asia raised $2.13 billion in the second quarter of this year, marking a 58.6% year-on-year decline, according to a recent report by DealStreetAsia — DATA VANTAGE.

The Q2 numbers failed to lift the overall performance in the first half of the year. Privately-held companies in the region secured $4.2 billion in aggregate equity funding in H1. This marks a 56% year-on-year drop.

Meanwhile, debt funding fell over 69% year on year to $222 million in H1, finds the report.

Equity versus debt funding value per quarter

Other updates from DATA VANTAGE

US-based advertising technology firm KNOREX, which has offices in Southeast Asia, has bagged [redacted] million in fresh funding from Singapore-based Ritz Venture Capital and Australia’s VD Capital, among other investors.

Inspire Brands Asia, a consortium that acquired Anytime Fitness’s business in Asia in 2020, received $3.94 million last week.

Restaurant management solutions provider TabSquare received another $1 million from parent Delivery Hero last week. It has now bagged nearly [redacted] million this year.

The Luxe Nomad, a luxury villa booking portal and management company, has received [redacted] million from investors, including Evander Management, a private investment company belonging to the family of [redacted].

Xendit Payments Singapore, which holds a major payment institution licence in the city-state, received $5 million from its parent company, Xendit Inc, last week.

Cloud-based HR platform Swingvy has bagged [redacted] from Seoul-based workforce management software provider Shiftee.

EDPR APAC, the Singapore-headquartered renewable energy firm formerly known as Sunseap, reported a 5.7% decline in its revenue for the financial year ended December 31, 2022. It reduced its losses by [redacted]% during the year.

Indonesia-based investment platform Stockbit reported a 3.5x revenue growth in the financial year ended December 31, 2021. Its net loss more than doubled during the period.

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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