Data Vantage | Locad, nami, Proxtera and Scorpio Electric pocket funding

DealStreetAsia
3 min readMar 23, 2023

Edition #259, 23 Mar 2023

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Southeast Asian logistics and supply chain management startup Locad received $2.38 million last week from Access Ventures, JG Digital Equity Ventures and other investors.

The company said the latest funding is part of its $11 million Series A round, which was announced in January and was led by Reefknot Investments. Locad had then said it will use the funds for product development, network expansion and hiring across the Asia-Pacific.

The logistics startup provides e-commerce brands with a cloud supply chain to automatically store, pack, ship and track their orders across Asia-Pacific through its network of warehouses and local carriers.

Top shareholders in Locad

Source: DATA VANTAGE

Singapore-based nami, which focuses on the integration of artificial intelligence with IoT systems, allotted shares worth $7.9 million last week to investors, including Verizon Ventures and European investor AMAVI. The allotment is part of its Series A round.

The company had previously raised $4.1 million in 2021. It develops AI and cloud-integrated security monitoring platforms for homes and buildings.

Other updates from DATA VANTAGE

Proxtera, which seeks to enable cross-border trade for MSMEs through fulfilment and financing services, received $2.25 million last week from Ant Group, CerraCap Ventures and EDBI. The startup announced the first close of its seed round last week without disclosing the quantum of funding secured.

Singapore-based electric vehicle (EV) company Scorpio Electric received $1 million last week as part of a $6.75 million funding round led by parent company EuroSports Global, which was announced earlier this year.

Indonesia-based EV battery startup Swap Energy secured $965K this week from SBI Kejora Orbit Fund, which is jointly managed by Kejora Capital and SBI Holdings. The company’s share price is down significantly from its previous financing in 2022.

Bangladesh-based agriculture platform iFarmer allotted shares worth $687.5k last week to investors, including Accelerating Asia and New York-based Millville Opportunities. The company had announced a $2.1 million pre-Series A round in 2022.

AI-powered food tech startup Easy Eat’s revenue jumped 38x in the financial year that ended Dec 31, 2021. Its net loss widened 5.4x during the same period.

Singapore-based energy solutions provider Canopy Power reported a 9.7x growth in its revenue for the twelve months that ended June 30, 2022.

GrabJobs, a Singapore-based job search portal, reported revenue growth of 56.8% in the year ended June 30, 2022, while its net profit declined by 55.6%. The hiring automation platform connects employers and job seekers.

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