Data Vantage | Holmusk, Imajin rack up funding, Fullerton Health reports earnings
Edition #239, 12 Jan 2023
Dear Reader,
Singapore- and New York-headquartered health tech startup Holmusk secured $45.7 million this week from investors in Series B financing.
The round comprises $20 million in fresh equity funding from lead investor Veradigm, a Nasdaq-listed health tech firm formerly known as Allscripts Healthcare Solutions, and allotment of Series B1 shares upon conversion of notes to investors, including Heritas Capital, Optum Ventures, Health Catalyst Capital and Novartis.
According to its regulatory filings in Singapore, Holmusk could raise up to $30 million more in the round. DealStreetAsia has reached out to the company for comment.
Holmusk will use the proceeds from the Series B round to expand its flagship offering, the NeuroBlu Database, which offers real-world clinical data to the behavioural health industry.
Top shareholders in Holmusk
Source: DATA VANTAGE
BetterTradeOff (BTO), a Singapore-based fintech company that provides online financial life planning services, recently allotted shares worth $2.8 million upon conversion of notes issued previously. Investors who received these shares include BTO founder Robert Lonsdorfer and CTO Sylvain Thiebaut, Anne-Perrine Pascale Cades, Kim Mi Jung and Karen Fawcett.
Founded in 2015 by Lonsdorfer, the firm allows users to compare and contrast multiple financial life plans. BTO gamifies the data collection process and claims to boost prospect-to-client conversion for financial planners and ease data collection.
Other updates from DATA VANTAGE
Imajin, an Indonesian digital manufacturing hub, has received nearly $810k in seed funding from investors, including init 6, a VC firm founded by Bukalapak co-founder Achmad Zaky; East Ventures; 500 Southeast Asia; and Shipper CMO Jessica Hendrawidjaja.
Singapore-based Amplify Health, a health tech joint venture between insurance giant AIA Group and Discovery Group, completed the acquisition of AiDA Technologies, a provider of artificial intelligence-based solutions for insurance companies, last week. The deal provided an exit to AiDA shareholders, including Mastercard, SGInnovate and SEEDS Capital.
FreshToHome, a Bengaluru-based meat, fish, and fresh produce online retailer, posted a 51% hike in revenue growth for the financial year ended March 31, 2022. However, its losses ballooned over 3x during the period.
Meanwhile, Singapore-based healthcare service provider Fullerton Health reported an 81% surge in revenue for the financial year ended Dec 31, 2021. It posted a profit of $1.1 million during the period compared to a loss of over $4 million in the previous fiscal year.
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