Data Vantage | Hello Health, Lazada, CNV, Pine Labs and UangCermat in focus

Edition #374, 21 May 2024

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Dear Reader,

Singapore-based healthtech company Hello Health Group received [redacted] million from multi-family office Aument Capital Partners last week.

The Singapore-headquartered investment firm also bought secondaries from Hello Health founder and non-executive director James Miles-Lambert and [redacted]. Following the primary and secondary transactions, Aument Capital has become the largest shareholder in the healthtech firm.

Other companies backed by the family office include digital financing platform Funding Societies, which secured debt funding from Aument last September, and FINN, a fintech startup that offers financial education, earned wage access services and a part-time job marketplace.

Miles-Lambert, who moved to a non-executive role at Hello Health in September 2022 after leading the firm for seven years, remains its largest individual shareholder.

Founded in 2015, Hello Health provides health and wellness information in local languages across markets in Asia, including Vietnam, Indonesia, Malaysia, the Philippines and Thailand.

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Other updates from DATA VANTAGE

E-commerce company Lazada received another $230 million from parent company Alibaba last week. This is the Chinese tech giant’s first capital injection into its Southeast Asian subsidiary this year.

Lazada, meanwhile, has injected [redacted] million into its digital payments arm, Lazada Pay.

Vietnamese cloud-based business and marketing solutions provider CNV received $871k last week from investors, including Wavemaker Partners, as part of a recently announced $1 million seed round.

Indian merchant commerce platform Pine Labs has received approval from a Singapore court to move its operations to India. It joins other Indian companies, such as stockbroking app Groww and fintech firm PhonePe, that have shifted their domicile from Singapore to their home country in recent months.

Indonesian financial services platform UangCermat witnessed some shares change hands last week. Buyers included venture capital firms [redacted], Club Capital and 2be.lu.

Singapore-headquartered TASConnect, which offers a cloud-based SaaS working capital solution platform, received $6 million from SC Ventures, the fintech investment arm of lender Standard Chartered, last week.

Biotech firm BluMaiden, which focuses on therapeutic solutions to microbiome-derived diseases, has received [redacted] from deep tech venture capital firm Elev8.vc as part of a new seed funding round.

Bangladesh-based B2B commerce platform ShopUp reported a 55% increase in revenue for the financial year ended June 30, 2023. Its net loss increased by 23% during the period. The company claims to have turned adjusted EBITDA positive in the month of December 2023.

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