Data Vantage | Healthtech, edtech firms clock strong revenue growth
Edition #118, 14 Oct 2021
Healthtech, edtech and logistics companies reported a healthy revenue growth on the back of a surge in business due to the pandemic, according to the latest updates from DealStreetAsia — DATA VANTAGE.
Singapore-headquartered biotech startup MiRXES reported 2020 revenue of $44 million, a massive jump from $2.63 million in the previous year. The company, which develops tests for early cancer detection, produced and distributed over 5 million units of its COVID-19 diagnostic test in the wake of the pandemic.
In the logistics space, Malaysia-based iStore iSend reported a 64% jump in 2020 revenue, underscoring the business opportunity drawing the attention of venture capitalists in Southeast Asia. During the first nine months of 2021, several firms in the logistics and distribution vertical secured large funding deals, including Ninja Van ($578 million) and Flash Express ($150 million).
Edtech companies sealed 30 deals in the first nine months to raise $789 million, according to DealStreetAsia’s SE Asia Private Capital Markets Report 2021. Indonesia-based Ruangguru clocked a 280% revenue growth in the financial year ended Dec 31, 2020, as the pandemic shut down schools and pushed students towards online learning.
2020 revenue reported by Southeast Asian companies
Source: DATA VANTAGE
Other updates from DATA VANTAGE
India’s online grocery platform Grofers received $7.3 million from South Korea’s KTB Asset Management earlier this week. The South Korean investment firm had previously pumped in $16.7 million in the startup in late September.
Omnichannel sales SaaS startup iSeller raised nearly $8 million in a Series B round earlier this week. The round was backed by return backers Openspace Ventures and Mandiri Capital Indonesia as well as new investors AppWorks and Indogen Capital.
Perintis Capital subscribed to new ordinary shares worth $59,107 in edtech firm KOCO. Following the subscription, Perintis has increased its stake in the firm to 23%.
As many as 1.49 million shares in AirCarbon, a blockchain-based trading platform that acts as a carbon exchange, changed hands in a secondary transaction on Monday. The seller was Abaxx Technologies Corporation, which sold the shares to Base Carbon Corporation. Following the deal, Base Carbon holds a 5.6% stake in AirCarbon.
Foodtech firm Shandi Global raised $725,951 from new investors earlier this week. Its share price is up nearly four times from a previous round earlier this year.
[New Report] SE Asia Private Capital Markets Report 2021
Southeast Asia’s startups continued their dealmaking spree in the third quarter to raise $6 billion in funding, churning out 11 new unicorns in the process. Our latest report captures fundraising performance by country and vertical, trends across funding stages and quarters, and more.
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