Data Vantage | Fresh capital for Bazaar, Nalagenetics and Wagely, and other updates
Edition #161, 29 March 2022
Dear Reader,
Pakistan-based Bazaar, a startup focused on digitalising traditional retail, received $64.5 million last week from Tiger Global, Dragoneer Investment Group, Acrew Capital and Defy Partners as part of its Series B round.
Lead investors Tiger and Dragoneer pumped in $30 million each, according to the startup’s regulatory filings. Defy Partners invested $2.5 million, while Acrew Capital put in $2 million. The latter also received Series B1 preference shares worth another $2 million under a simple agreement for future equity (SAFE) agreement.
Bazaar’s Series B shares were priced at $13.64 apiece, marking a more than 110% increase from its Series A round.
Top shareholders in Bazaar
Source: DATA VANTAGE
Meanwhile, Singapore-based biotech startup Nalagenetics bagged $10 million in fresh funding as part of a Series A round led by Intudo Ventures. In addition, it has allocated Series A shares worth $2.6 million to convertible noteholders in the round.
Intudo invested $5 million in the round, while Vulcan Capital contributed $1.85 million, according to Nalagenetics’s regulatory filings. The startup’s Series A shares were issued at $2.7 apiece, more than double the price paid by investors in its previous financing in 2020. East Ventures was among the investors that received Series A shares upon conversion of their notes.
In another transaction, Indonesia’s Wagely received $8 million last week as part of its pre-Series A round. The company had earlier announced raising $8.3 million in the round led by East Ventures (Growth Fund).
Most active investors
Tiger Global and East Ventures feature among the most active investors in the first quarter of 2022 — the full list of top investors will be available as part of our Q1 2022 review next month.
Apart from Bazaar, Tiger Global has invested in Wiz.AI, PDAX, Spenmo, Ayoconnect, Lummo, Multiplier, Rokt, Moglix, and InterviewBit so far this year. According to a DealStreetAsia story earlier this month, the US investment firm is estimated to have participated in Southeast Asian startup funding rounds worth over $900 million since 2021.
Meanwhile, East Ventures has invested in Mighty Jaxx, Xurya, Advotics, Aruna, and Grow Commerce (previously known as Berrybenka), among others, this year. The venture capital firm told DealStreetAsia it inked 80 deals in Southeast Asia last year. These included top-ups and new investments.
Other updates from DATA VANTAGE
AirCarbon, a fully digital carbon exchange, received $5 million from Deutsche Börse AG (DB1) last week. The Singapore-headquartered startup had recently announced bagging an unspecified investment from DB1, the parent company of the European Energy Exchange (EEX).
Vietnam-based healthcare startup Med247 bagged $3 million from Altara Ventures and Pavilion Capital last week. The company operates a chain of clinics across the country and offers teleconsultations and other health tech services.
Fintech firm FnO allotted new shares worth $4.5 million last week to individual investors including Ganendran Sarvananthan, Anil Thadani and Tomas Urbanec.
Singapore-based industrial robotics startup Sesto Robotics received $4.3 million last week as part of a $5.7 million funding round announced in January. WTI GmbH and SEEDS Capital invested $1.77 million each in the round.
Canopy, a startup that offers financial data aggregation, visualisation, analytics, and reporting solutions, received $1.2 million from Xincheng Investment Limited last week.
Pharmaceuticals firm Eywa received $1 million from Eight Roads late last week. The company has now raised $33 million at the same share price since 2019.
Singapore-based collectibles maker Mighty Jaxx has added Pan Solar Ventures and Teja Ventures to its cap table after the two investors acquired a stake in the startup via secondary transactions.
2021 turned out to be a record fundraising year for PE firms in Southeast Asia. Buoyed by activities in the second half, at least seven SE Asia-focused funds reached a final close to raise $2.97 billion in total, three times the proceeds in 2020. Our latest report looks at fundraising by SE Asia-based funds as well as Asian and global funds with allocations for this region, the funds currently in the market, fundraising trends per strategy and more. Learn more DealStreetAsia — Professional
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