Data Vantage | Har Har Chicken, Pentagreen Capital, Azendian, SIRCLO and Mekari in focus
Edition #391, 18 July 2024
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Dear Reader,
Singapore-based takeaway kiosk operator Har Har Chicken! has raised $850k in seed funding from East Ventures, [redacted] and Lim Wai Mun.
The funding comes after the company’s recent debut at Bishan, Junction 8 earlier this month. The firm aims to open two more outlets in Singapore in Vivocity and ION Orchard. It plans to increase the number of outlets across Singapore in 2025 and expand regionally thereafter.
Har Har Chicken! specialises in har cheong gai or fermented prawn paste chicken-focused items. Its offerings include fried wings, burgers, popcorn chicken, and chicken rice.
The company was founded by Bevin Desker, who is also its CEO; chief product officer Han Liguang, the owner of One Michelin-starred Labyrinth; chief marketing officer Lennard Yeong; and COO Tay Jianli.
SE Asia’s IPO markets show resilience amid global downturn
Southeast Asia saw a steady stream of 160 initial public offerings (IPOs) in 2023, up from 150 in 2022 and 135 in 2021. The rally was led by stock exchanges in Indonesia, Thailand and Malaysia, notes our recent report.
However, in line with global trends, the funds raised by regional IPOs dropped 19.8% to $5.8 billion in 2023 from $7.2 billion a year earlier.
Indonesia was the top-performing market in Southeast Asia last year, accounting for half the region’s IPOs and two-thirds of the proceeds raised. With 80 initial share sales, it also surpassed the Hong Kong bourse (73 listings) in sheer volume in 2023.
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Other updates from DATA VANTAGE
Singapore-headquartered debt financing platform Pentagreen Capital received $8 million from parents HSBC and Temasek Holdings this week.
AI data analytics startup Azendian received [redacted] million from investors, including Heritas Capital, [redacted] and SEEDS Capital, this week. The capital injection is part of a new Series A round, per its regulatory filings.
Indonesian e-commerce enabler SIRCLO received [redacted] million from East Ventures and Pavilion Capital in its second cash infusion this week, bringing its ongoing round total to [redacted] million.
SME-focused Indonesian SaaS startup Mekari issued shares worth nearly [redacted] to Finch Capital, East Ventures and Golden Gate Ventures this week as consideration for its acquisition of cloud-based business solutions provider Jojonomic.
Canada- and Singapore-based aquatech startup Wittaya Aqua has raised $2.8 million in seed funding from investors, including The Yield Lab Asia Pacific and SEEDS Capital, for its feed-to-farm analytics platform and expansion in the Asia Pacific.
65LAB, an incubator focused on drug discovery and the creation of new therapeutic companies in Singapore, received $1 million from ClavystBio, Bayer AG, Polaris Partners and Lightstone Ventures last week.
Don’t forget to read our detailed analysis of the latest earnings reported by classifieds unicorn Carousell, Sea Group-owned digital lender MariBank, the parent of Philippine neobank Tonik, Indonesian coffee chain unicorn Kopi Kenangan and TikTok APAC.
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