Data Vantage | Hugosave, GoTyme, Prep, The Parentinc and EDPR APAC in focus

4 min readMay 7, 2024

Edition #370, 7 May 2024

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Dear Reader,

Atlas Consolidated, the company behind Singapore-based wealthtech app Hugosave, issued preference and ordinary shares worth [redacted] million last week to Getz Group, Robert Francis van Baal, [redacted] and others.

Getz Group, which operates marketing, distribution and manufacturing businesses across verticals such as pharma and consumer goods, alone received shares worth [redacted] million.

Last year, a consortium comprising the Singapore firm and Getz Group was one of the five successful digital bank licence applicants formally granted a no-objection certificate by the State Bank of Pakistan. Subsequently, HugoBank, the joint venture between Getz, Atlas Consolidated and Muller & Phipps, received an in-principle nod from the central bank to prepare for the launch of its digital banking services.

Atlas Consolidated had last announced raising $4 million in pre-Series A funding in 2022 from investors, including 1982 Ventures and Woodside Holdings Investment Management.

Green tech funding gets boost from climate awareness

Private funding for green tech startups based in Southeast Asia surged in the first quarter of this year, according to a recent DealStreetAsia — DATA VANTAGE report. Equity funding for such businesses jumped 44% on a year-on-year basis, while deal volume rose by 20%.

While renewable energy and waste management have accounted for the most deals every quarter within green tech, there has also been a surge in investor interest in carbon exchanges and carbon analytics platforms. Carbon exchange platform Climate Impact X was the top fundraiser among green tech startups in Q1 with a $44 million round, followed by CleanEdge Resources, which raised $20 million.

Equity funding for green tech firms per quarter

Source: SE Asia Deal Review: Q1 2024 Executives at top investment firms, financial services majors, and leading private companies use DATA VANTAGE to make smarter investment decisions in Asia. (See how)

Other updates from DATA VANTAGE

Filipino digital bank GoTyme issued new shares worth [redacted] million to Tyme Group and JG Summit Group last week. The digital lender plans to expand its services to other Southeast Asian emerging markets by launching in Vietnam and Indonesia this year.

Indonesia-based recommerce platform ReturnKey allotted shares worth [redacted] million last week to Vertex Ventures Southeast Asia & India and Gharage APAC. Vertex is now the second-largest shareholder in the startup.

Vietnam-based online language test preparation platform Prep received $500k last week from East Ventures. The company recently announced raising $6 million in a Series A round co-led by Cercano Management and Northstar Ventures, confirming a previous DealStreetAsia report.

Singapore-based equity and debt crowdfunding company FundedHere received $306k last week from its largest shareholder, Luminor Financial Holdings.

Singapore-based parenting platform The Parentinc’s losses ballooned 44% in the financial year ended December 31, 2022.

Renewable energy company EDP Renewables APAC, formerly known as Sunseap, recorded a 52% jump in losses for the financial year ended December 31, 2023. Its revenue increased by 21.7% during the period.

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