Data Vantage | Mesh Bio, Komunal, UNOAsia and OPAL Payment file updates

DealStreetAsia
3 min readFeb 1, 2024

Edition #344, 01 February 2024

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Singapore-based healthtech company Mesh Bio has issued new shares worth $3.5 million as part of a recently announced Series A round.

Southeast Asia-focused venture capital firm East Ventures led the round with a [redacted] million contribution. Other investors that backed the latest financing include Elev8.vc, SEEDS Capital and Citrine Capital. The recent capital infusion has elevated the company’s valuation to [redacted] million.

Founded in 2018, Mesh Bio is the company behind DARA, a technology platform that integrates patient data to provide real-time insights, facilitating a more informed and personalised treatment plan, particularly for non-communicable diseases such as cardiovascular diseases and diabetes.

2024 to be a year of sustained prudence

As this year unfolds, the Southeast Asian venture capital scene is expected to continue its trend of sustained prudence, following a 2023 characterised by cautious investments and slower growth amid economic and geopolitical challenges.

The region’s startup ecosystem faced a significant downturn in capital inflow last year as macroeconomic pressures dampened investor enthusiasm. The total volume of equity funding deals dropped 30% year-on-year, leading to a 53% correction in the proceeds raised.

Early-stage funding, defined as funding rounds up to Series B, was no longer shielded from the liquidity crunch, with a 29% drop in equity deals and a 49% reduction in capital raised, signalling a shift from the high investment levels of 2021.

Southeast Asia welcomed the creation of just two unicorns last year — eFishery with a $200 million Series D in May and Silicon Box with a $200 million Series B in December. This performance is in stark contrast to 2021 and 2022, when 23 and eight regional tech startups surpassed $1 billion in valuation, respectively.

Access our quarterly reports for an in-depth analysis of the startup funding trends in Southeast Asia, Greater China and India.

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Other updates from DATA VANTAGE

Indonesian fintech startup Komunal, which seeks to digitise rural banks, received additional capital from Gobi Partners this week. The transaction is part of a recently announced $8.5 million round.

Manish Bhai, the founder and CEO of Philippine digital lender UNO Digital Bank’s incorporator UNOAsia, has sold some shares to emerging markets-focused investment manager [redacted]. He also transferred some shares to private equity firm Creador in January.

Singapore-based fintech startup OPAL Payment received another capital infusion from Oceanus Innoventure this week.

Digital wealth management platform CapBridge has bagged another S$110k from parent FOMO Group.

The Singapore unit of crypto exchange platform Blockchain.com has received nearly $112k in fresh funding from its Cayman Islands-based parent company.

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