Data Vantage | Ideation3x, MariBank, Workmate and Phaos Tech in focus
Edition #418, 24 October 2024
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Dear Reader,
Singapore-based waste management company Ideation3x (i3X) issued new shares worth [redacted] million this week to Tokyo-based investment firm Unison Capital and individual investors.
According to i3X’s regulatory filings, the share allotment followed the conversion of debenture bonds worth an aggregate principal amount of [redacted] million. Unison Capital alone subscribed to bonds worth [redacted] million.
In January, i3X had raised $5 million in a Series B funding round from Mizuho Bank. In December last year, the firm had announced raising $10 million as part of the same round from Yokogawa Electric Corporation. The solid waste management firm plans to use this capital to expand in India.
Founded in 2017, i3X converts legacy waste, including biomass, plastic waste, and hazardous waste, to recover recyclable material, safely dispose of hazardous waste, and produce alternatives to fossil fuels. The company expects to reduce 4.9 million tons of CO2 emissions by FY 2026, equivalent to zero emissions from a million cars for one year.
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Indonesian startups’ funding woes continue
Indonesia’s startup funding landscape faced a significant downturn in the third quarter of 2024, marking the lowest point in at least six years. Deal activity plummeted, with only 134 equity rounds raising a total of $979 million, according to the SE Asia Deal Review: Q3 2024 report.
The Q3 performance marked a 35.5% drop in deal volume and a 57% fall in deal value on a year-on-year basis.
Indonesia’s share of Southeast Asia’s total deal value also declined to 11.6% during the first nine months of 2024 from 19.4% in the same period a year earlier. Singapore continued to be the investors’ preferred destination, grabbing 65.6% of the total funding in the region during the period.
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Other updates from DATA VANTAGE
Singapore-based digital lender MariBank received [redacted] million this week from parent SeaMoney, the digital payments and financial services arm of NYSE-listed Sea Ltd.
Singapore-based online staffing platform Workmate received a capital infusion of [redacted] million this week from its parent company, HR services provider PERSOL Asia Pacific.
Indian edtech unicorn Eruditus received $3.1 million this week from the Chan Zuckerberg Initiative and Deborah and Stephen Quazzo as part of its $150 million Series F round.
Singapore-based PE firm Tonghuai has pared its stake in advanced optics technology company Phaos Technology by selling shares to [redacted]. The startup has also received [redacted] million in fresh capital from an angel investor.
Ento Industries, which uses black soldier flies to convert food waste into animal feed, received nearly $230k from existing investors Tak Wai Chung and Nai Te-Ling last week.
Singapore-based fund manager Braxton Capital has bought secondaries in insurtech firm LivWell.
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