Data Vantage | Green Li-ion, Medigo, Charged Indonesia and AcadArena secure capital

4 min readMar 14, 2023

Edition #256, 14 Mar 2023


Dear Reader,

Lithium-ion battery recycling technology firm Green Li-ion on Monday announced a $20.5 million pre-Series B round, confirming a DealStreetAsia report from last week.

The round was led by TRIREC and joined by Banpu NEXT, Equinor Ventures and EDP Ventures, among others.

Green Li-ion claims to have developed a technology that can process 100% of used lithium batteries. It plans to use the latest funding to scale its manufacturing capacity and expand its global operations.

Last month, Banpu NEXT, a unit of listed Thai energy firm Banpu Public Company Limited, invested $70 million to increase its stake in Singapore-based lithium-ion battery manufacturer Durapower Holdings to 65.1%.

Top shareholders in Green Li-ion


Vietnam-based healthtech company Medigo on Monday announced a $2 million Series A round led by East Ventures. The development was previously reported by DealStreetAsia.

The startup provides on-demand medicine prescription and delivery services. Pavilion Capital and Touchstone Partners joined its latest round.

Last month, East Ventures announced plans to double down on the healthcare sector, with a special emphasis on genomics. According to its website, it has invested in at least 15 healthtech companies to date, including Nalagenetics and Nusantics.

Assessing the gender funding gap in SE Asia

Startups founded or co-founded by women in Southeast Asia raised $2 billion in equity funding in 2022, accounting for 12.6% of all private capital raised during the year, according to DATA VANTAGE’s latest report released last week.

Startups with only female founder(s) raised higher sums in 2022 and improved their share of total capital raised to 1.2%, according to the report. Meanwhile, female-founded, female-led startups — defined as those with a woman in a CEO or equivalent position — accounted for 5.2% of all private funding raised in 2022.

Female-founded startups headquartered in Indonesia raised the most capital last year, while Singapore saw the maximum number of deals inked.

Other updates from DATA VANTAGE

Indonesian electric motorcycle technology company Charged received $3.2 million from global electric vehicle company Vmoto last week. The investment gives the latter an 8% stake in the EV tech company.

Philippine campus gaming startup AcadArena received another $202.5k last week. The startup has secured at least $10.2 million in new funding as part of an ongoing round from investors, including crypto investment firm 1kx, Blockchain Capital, TNB Aura and Mirana Ventures.

Fintech company Nikel, formerly known as Impact Credit Solutions, received $5 million in fresh funding last week. The firm provides end-to-end lending solutions to banks and technology companies and has offices in Indonesia and Singapore.

Enterprise marketplace platform Arcadier allotted ordinary shares worth $392.7k last week to a group of investors.

Cryptocurrency exchange BitStamp’s Singapore-registered unit received $S500k ($369.6k) from its parent last week.

Philippines-based HR solutions provider Sprout Solutions reported a 28% growth in revenue for the financial year ended Dec 31, 2021. It managed to reduce its net loss by over 82% during the year.

India-focused digital road freight platform Ezyhaul registered an 11.8x growth in revenue for the financial year ended Dec 31, 2021, while its net loss surged by 10x.

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