Data Vantage | Initia Labs, Paper.id, StealthMole, Charge+ and WYZauto in focus
Edition #382, 18 June 2024
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Dear Reader,
Singapore-based blockchain startup Initia Labs issued fresh shares worth [redacted] million last week to investors, including [redacted] and Ader Group.
Regulatory filings show that US-based venture capital firm [redacted] has invested [redacted] million in the startup as part of a new Series A round.
In February, Initia announced the closing of a $7.5 million seed round led by Delphi Ventures and HackVC. Other investors in that round included Nascent, Figment Capital and Big Brain.
Founded in 2022, the startup provides a network of interwoven rollups to simplify the process of creating app-specific blockchains, or app chains. App chains provide developers with more freedom over customisation.
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Singapore dominates SE Asia’s foodtech market
Singapore-based firms grabbed a whopping 96% share of the total funding secured by foodtech startups in Southeast Asia from January 2020 through March 2024, revealed a recent DealStreetAsia — DATA VANTAGE report.
Indonesia was a distant second in foodtech fundraising, followed by the Philippines, according to State of Foodtech in SE Asia 2024.
Singapore’s dominance in Southeast Asia’s foodtech landscape is also evident from the fact that all ten of the region’s most funded foodtech companies are headquartered in the city-state.
SE Asia’s most funded foodtech startups (Jan 2020 — March 2024)
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Other updates from DATA VANTAGE
Indonesia-based B2B fintech startup Paper.id received [redacted] million last week from Square Peg, Argor Capital (fka Go-Ventures) and SMBC Asia Rising Fund. The company had recently announced raising Series B funding from these investors without disclosing the amount raised.
Singapore-based dark web tracking platform StealthMole secured fresh capital last week from [redacted], Smilegate Investment, and Hibiscus Fund, a joint fund of RHL Ventures and South Korea’s KB Investment.
Electric vehicle charging infrastructure operator Charge+ received $5 million last week from TRIVE Venture Capital as part of a Series A round announced in October last year.
Thai online tyre marketplace WYZauto bagged [redacted] million last week from Vynn Capital, Vincent Lee, Kaya Founders, and other investors.
Singapore-based HR tech platform Multiplier’s losses more than tripled in the financial year ended March 31, 2023, as its revenue surged eightfold.
Enterprise contract management solutions provider SirionLabs nearly doubled its losses in the twelve-month period ended March 31, 2023, while posting a 1.5x revenue growth.
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