Data Vantage | Flash Coffee, Thunes allot shares; DeClout and others file financials

Edition #280, 08 June 2023

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Singapore-based grab-and-go coffee chain Flash Coffee allotted shares worth [redacted] million this week to investors, including White Star Capital and Delivery Hero Ventures.

The share allotment follows the close of the startup’s Series B round at $50 million last month. According to the company’s regulatory filings, it received nearly [redacted] million in the second tranche of the round from White Star and others. It also converted preference shares held by investors into Series B shares.

Flash Coffee, which operates in Singapore, Indonesia, Thailand, Taiwan, Hong Kong and South Korea, had closed the first tranche of the Series B at $32.8 million last year.

Thunes, a Singapore-based fintech startup, secured [redacted] million this week from 01Fintech, a growth-stage private equity firm primarily focusing on Southeast Asia, in Series C funding.

The cross-border payments platform received a [redacted] million capital infusion from [redacted] last week. It had earlier bagged $30 million from hedge fund Marshall Wace in March.

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Other updates from DATA VANTAGE

Singapore-based DeClout, which incubates and backs information and communication technology companies, more than doubled its revenue in the financial year ended December 31, 2022. It also curtailed its losses by [redacted]% during the period.

Alta, a Singapore-based digital marketplace for alternative investments, posted an over [redacted]% decline in its revenue for the financial year ended December 31, 2022. The company formerly known as Fundnel also returned to the red during the period.

Indonesia-based rural e-commerce startup Dagangan grew its revenue in the financial year ended October 31, 2022. However, its net loss ballooned during the year.

Singapore-based healthtech startup Oncoshot’s revenue climbed in the fiscal ended December 31, 2022, but so did its net loss.

Insignia Ventures-backed INTELLLEX, a legal knowledge management platform, reported revenue growth of over 3.6x in the twelve months ended November 30, 2022. It also managed to curb its losses during the period.

SEEDS Capital-backed research services startup MyrLabs posted a 2.7x revenue increase in the year ended September 30, 2022. Its net losses more than doubled during the period.

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