Data Vantage | Gokomodo, WhyQ bag capital, Youvit doubles revenue

3 min readOct 27, 2022

Edition #220, 27 Oct 2022


Dear Reader,

Indonesian agriculture supply chain platform Gokomodo received $1.5 million from East Ventures and a subsidiary of Triputra Agro Persada last week. The investment is part of a $26 million Series A round announced in September.

Gokomodo has so far received $14 million in fresh equity funding as part of the latest round. Additionally, it has issued shares worth $4 million to SMDV as part of a simple agreement for future equity (SAFE) agreement and worth $1 million to East Ventures to repay a loan.

Top shareholders in Gokomodo


Singapore-based hawker food delivery startup WhyQ allotted new shares to a group of investors, including Kairos Ventures, last week.

According to its regulatory filing, it recently secured fresh funding of S$251k ($179k) from Value Plus Ventures, an AngelCentral syndicate and several individual investors. The startup has now raised $3.1 million in funding since November 2021, including from Delivery Hero and Chope Group.

SE Asia’s startup funding hits seven-quarter low in Q3

Our latest review of venture capital investments in Southeast Asia found that private companies secured $3.72 billion in the third quarter — the lowest in seven quarters — on the back of a paucity of big-ticket deals.

Equity funding raised in the first nine months stood at $12.68 billion, a 16.5% drop year-on-year, while the deal count was up 19.6% to 837 transactions.

Amid a challenging fundraising environment, we are witnessing an increase in the demand for debt financing.

Venture-backed companies in Southeast Asia clocked 42 debt financing deals with a total value of $1.54 billion in the first nine months. This compares to 22 deals worth $2.48 billion in the same period last year, which included Grab’s $2 billion term loan facility.

Access our report — SE Asia Deal Review: Q3 2022 — to get more insights into key trends in Southeast Asia’s private capital markets.

Financial updates from DATA VANTAGE

Indian healthtech firm HealthifyMe reported an 82.3% revenue growth in the financial year ended March 31, 2022. Its net losses more than tripled during the period.

Data management solutions provider Demyst turned a profit last year, according to its latest filing with Singapore’s Accounting and Corporate Regulatory Authority. Its revenue grew 173% during the period.

The Singapore entity of Indonesia’s gummy vitamins maker Youvit reported a 106.4% year-on-year increase in revenue for the fiscal year ended Dec 31, 2021. The revenue growth helped it reduce its losses by 23%.

The parent company of Indonesia-focused edtech firm CoLearn reported a 24% drop in revenue last year. It also posted an increase in net losses, its regulatory filing shows.

STACS, a decentralised finance (DeFi) startup that focuses on ESG finance, recorded a 61.2% drop in revenue in the financial year ended March 31, 2022, while posting an uptick in net losses.

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