Data Vantage | LINE MAN Wongnai, Mandala Club allot shares; NEU Battery Materials bags capital

Edition #289, 11 July 2023

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Thai food delivery startup LINE MAN Wongnai has issued new Series B shares worth [redacted] to BEACON Venture Capital and other investors.

In September last year, the food delivery app had raised $265 million in a Series B funding round from Singapore sovereign wealth fund GIC, Japan-based Line Corporation, PTT Oil, Retail Business Public Company Limited, and Taiwan Mobile, among other investors. The funding round valued the company at more than $1 billion making it a unicorn.

Formed in July 2020, from the merger of Thai on-demand assistant app Line Man and Thai restaurant aggregator Wongnai, the firm operates in all 77 provinces in Thailand.

Services offered by the platform include food and grocery delivery, taxi, messenger, restaurant reviews, and restaurant solutions.

Separately, Singapore-based lithium-ion battery recycling startup NEU Battery Materials secured $540,000 from Shift4Good Fund 1 SLP this week.

Last week, the firm announced raising $3.7 million in an oversubscribed seed funding round led by SGInnovate, a Singapore government-backed deep-tech investor. ComfortDelGro Ventures, Shift4Good, Paragon Ventures 1 were among the other investors.

The company recycles the lithium in used lithium-ion batteries used in EVs and energy storage systems, eliminating the need for expensive processes like mining to extract lithium, which also harms the environment.

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Other updates from DATA VANTAGE

Singapore-based hospitality services provider Mandala Club allotted shares worth [redacted] to investors this week.

Indonesian used smartphone marketplace Jagofon received [redacted] from investors this week.

Kyberlife, a Singapore-based online marketplace for pharma and healthcare industries reported a revenue growth of 16.5x for the financial year ended December 31, 2022. However the company’s losses ballooned during the period.

Unravel Carbon, a Singapore-based enterprise software provider that helps other companies track their carbon emissions posted a revenue growth of 8.5x for the financial year ended December 31, 2022, while the company’s losses widened around 18x during the period.

Singapore-based electronics company Attonics’ revenue dropped around 70% in the financial year ended December 31, 2022. The company also fell into a loss during the period from a profit in the previous year.

Singapore-based blockchain technology startup Aqilliz’s revenue declined around 72% in the financial year ended December 31, 2022, while the firm managed to curtail its losses only marginally during the period.

Aktivolabs, a Singapore-based healthtech firm, posted a revenue growth of around 4x in the twelve-month period ended June 30, 2022. The company also managed to reduce its losses during the period.

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