Data Vantage | Megatrends fuels IoT startups’ growth in the region
Edition #117, 12 Oct 2021
Dear Reader,
Singapore-based Internet of Things (IoT) solutions provider Unabiz Holdings on Tuesday announced it has raised $25.3 million in Series B funding to strengthen its presence in Japan, Southeast Asia and EMEA.
The round was a mix of equity–about $21.1 million came in as fresh capital–and convertible notes.
According to DealStreetAsia — DATA VANTAGE, the startup has so far secured $20.9 million in equity funding as part of the round.
Mirai Creation Fund II, a fund seeded by Toyota Motor Corporation and Sumitomo Mitsui Banking Corporation (SMBC), invested $10 million in the round, while Taiwan-based CDIB Capital invested $5 million.
Top shareholders in Unabiz
Source: DATA VANTAGE. Data as of Oct 11.
IoT solutions provider Ackcio, which counts SEEDS Capital and Atlas Asset Management among its investors, reported a jump in revenue from $0.13 million in FY2019 to $0.53 million in FY2020.
The region’s IoT market is rapidly being transformed by megatrends, including the integration of edge-computing networks into IoT systems and new narrow-band (NB) IoT deployments.
Asia Pacific’s Internet of Things (IoT) market is projected to hit $436.8 billion by 2026, according to Frost & Sullivan. This represents a compound annual growth rate (CAGR) of 28.5% from 2020.
Much of this growth is expected to be driven by increased investments in 4G/LTE and 5G, reduced IoT sensor costs and government support. Government spending on smart cities alone accounts for almost a third of the region’s combined spending, followed by transportation and logistics, and then manufacturing, the research firm said.
Other updates from DATA VANTAGE
SirionLabs secured $5.3 million in funding from Sequoia Capital India and Avatar Growth Capital last week. The share price is about 41% higher than the previous round in March 2020.
ShopBack received $32.4 million last week from Dahlia Investments (Temasek) as part of its Series E funding round. The Singapore-based cashback and rewards platform has so far raised $145 million.
Velox Digital Singapore, a Singapore unit of Indonesia’s Gojek, received a $10 million injection from its parent Velox South-East Asia Holdings.
Cap table management firm Qapita Fintech received $13.5 million from various investors last week as part of its $15 million Series A round co-led by East Ventures and Vulcan Capital. Its share price has more than doubled from a previous round earlier this year.
Fintech company Samo Holding bagged a total of $5 million last week from UOB Venture Management, which invested through two vehicles in its Asean China Investment Fund series. The fund manager is now the second-largest shareholder in the startup.
Health and care services platform Homage received $8.9 million from SeedPlus Singapore, Japan-based health IT provider Infocom Corporation and Alternate Ventures last week as part of a $30 million funding round announced earlier. The company plans to expand its overseas footprint and B2B operations.
Warung Pintar received $120,000 from Karuizawa Pine Investments last week. A previous share allocation at the same price had seen it bag $6 million from Vertex Ventures Southeast Asia & India and another investor. The share price for these transactions is 1.5 times higher than its previous round in 2019.
[New Report] SE Asia Private Capital Markets Report 2021
Startup funding by venture investors in Southeast Asia is on track to cross the $20 billion mark for the first time in 2021. This report is an update on the funding scene in the first nine months of the year. The steady flow of capital is bound to expand the tribe of unicorns in the region. In 2021, so far, 18 unicorns have been minted. Which startups are most likely to enter the exclusive $1 billion-valuation club next? We present a list of top soonicorns.
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