Data Vantage | Lhoopa, Dynasty Gaming, Atma, and Mandala Club in focus

4 min readApr 30, 2024

Edition #368, 30 April 2024

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Dear Reader,

Philippines-based proptech firm Lhoopa received [redacted] million last week from a group of investors, including [redacted], Patamar Capital and NataRock Partners.

The capital injection comes after the startup announced in March that it secured a loan of up to $20 million from the Asian Development Bank (ADB). The deal marks ADB’s first private-sector housing project in the Philippines.

Founded in 2018, Lhoopa started out as a brokerage firm but today uses a proprietary digital platform to identify areas with potential real estate demand across the country. It works with over 100 local small-scale contractors for renovation and construction and over 4,000 local real estate agents to reach potential buyers. According to estimates by the Philippine government, the local housing shortage will reach 6.5 million by 2030.

Lhoopa claims to have hit 100 million Philippine pesos in revenue in 2020. A year later, it launched its first international office in Singapore.

Venture funding for e-commerce plunged in Q1

Venture funding for e-commerce startups in Southeast Asia nosedived to a new low in the first quarter of 2024, finds a new report from DealStreetAsia — DATA VANTAGE.

E-commerce startups in the region closed 10 deals during the period to raise a mere $18 million, which is the lowest quarterly value since at least 2019, according to SE Asia Deal Review: Q1 2024. Local online marketplaces have lost their appeal in the post-COVID market, making it tougher for them to attract large funding at attractive valuations.

Equity funding for e-commerce startups per quarter

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Other updates from DATA VANTAGE

Singapore-based gaming company Dynasty Gaming & Media allotted shares to Hauptstadt Capital, Blue Star Capital, Googly Media Holdings and others last week. The allotment follows the announcement of Dynasty’s acquisition of Singapore-based Googly Media in an all-share deal worth approximately $7.6 million. Following the acquisition, several shareholders of Dynasty, including Blue Star Capital, are converting their loans to the company into shares.

Indonesia-based jobs portal Atma issued shares worth [redacted] million to AC Ventures, Global Founders Capital, Alpha JWC Ventures and other investors last week.

Indonesia-based carbon management platform has allotted shares to investors, including PT ITM Bhinneka Power, Indogen Capital, SMDV and East Ventures.

Mandala Club, a private members club in Singapore, received $1 million from several investors last week.

Indonesia-based metahuman company Genexyz received $200k from digital and advertising agency PT Angkasa Kreatif, which is minority owned by super app GoTo, last week.

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