Data Vantage | McEasy, banco, Botsync, SingleInterface, CardUp and Helicap in focus

Edition #380, 11 June 2024

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Dear Reader,

Indonesia-based fleet and transportation management solutions company McEasy secured [redacted] million from venture capital firms Granite Asia, formerly known as GGV Capital Asia, and East Ventures last week.

The IoT and SaaS startup, which focuses on Indonesia’s transport and supply chain ecosystem, announced the Series A+ round earlier this month without disclosing the quantum of the amount raised.

McEasy’s regulatory filings show that its share price has fallen [redacted]% since its previous financing in 2023. The firm is issuing anti-dilution shares to investors, including East Ventures, [redacted] and PT Tap Applied Agri Services, to compensate for the decline.

The filings further show that Granite Asia has been issued warrants, giving it the option to subscribe to additional shares in the startup.

Early-stage deals by Greater China startups lure investors

Early-stage deals through Series A grabbed the lion’s share of the deal count in Greater China in Q1 2024, according to the latest review of quarterly startup funding in the market by DealStreetAsia — DATA VANTAGE.

At 305 transactions, early-stage deals accounted for nearly half the deal count during the period.

The proceeds from these deals totalled more than $3 billion, accounting for 15% of the total capital raised in the first quarter. Investor concerns over big-ticket investments amid a dull exit landscape led to a dearth of late-stage deals in Q1. Only 17 deals were witnessed at Series D and later rounds.

Early-stage deals account for nearly half the deals sealed in Greater China in Q1

Source: DATA VANTAGE Executives at top investment firms, financial services majors, and leading private companies use DATA VANTAGE to make smarter investment decisions in Asia. (See how)

Other updates from DATA VANTAGE

Singapore-headquartered and RABC Group-owned fintech company banco bagged [redacted] million last week from SBI Ven Capital, the investment arm of Japan-based SBI Holdings.

Singapore-based robotics startup Botsync received $3.1 million last week from Betatron Venture Group, AppWorks, Iterative, Wong Fong and other investors. The investment is part of a recently announced $5.2 million Series A round.

Singapore-based payments company CardUp received a capital infusion of [redacted] million last week from parent Funding Societies, better known in Indonesia as Modalku.

Private equity firm Asia Partners bought shares in the Indian SaaS platform SingleInterface from some of its existing shareholders last week. In April, the PE firm had announced a $30 million investment in the startup.

Singapore-based climate tech startup URECA bagged [redacted] last week from UAE-based Sustainable Impact and South Korea-based InterVest.

Singapore-headquartered fintech startup Helicap received $340k last week from PhillipCapital.

Singapore-based medical technology company AWAK Technologies received $300k last week from [redacted].

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