Data Vantage | More capital for Quincus, Funding Societies and others
Edition #116, 7 Oct 2021
Dear Reader,
Buoyed by the robust capital flow into Southeast Asia’s private markets, a number of startups recorded new deals this week.
Singapore-headquartered software-as-a-service (SaaS) firm Quincus received $15.7 million in equity funding as part of its Series B round, according to DealStreetAsia — DATA VANTAGE. The company had recently announced the close of the round without disclosing the quantum of funding secured.
According to regulatory filings, Quincus has received $6.75 million from lead investor UP.Partners, a US-based electrification and mobility fund, and another $6 million from GGV Capital so far this week. The filings only reflect the equity funding received so far and the round could be larger and have other components such as debt.
Share pricing in the Series B round was 2.7 times higher than a previous round in March this year.
In another deal, Funding Societies, the owner of the peer-to-peer lending platform known as Modalku in Indonesia, welcomed Sumitomo Mitsui as a new investor this week.
According to DATA VANTAGE, the company allocated preference shares to the Japanese investor at $23.49 apiece. Following the investment, Sumitomo holds a 5% stake in Funding Asia Group Pte Ltd.
Robust fintech growth
The funding secured by Modalku highlights the strong investment appetite for fintech startups in Southeast Asia. Investors are counting on the growth momentum to sustain as the pandemic-induced changes in consumer behaviour, especially in the way they transact online, are likely to linger.
According to the latest report by DealStreetAsia — DATA VANTAGE, fintech firms, excluding those engaged in lending and insurtech, recorded at least 147 deals amounting to $3.2 billion this year as of Sept 25. Both deal volume and value were higher than those recorded in the first nine months of last year.
Source: SE Asia Private Capital Markets Report 2021
The third quarter was the busiest deal-making period for fintech firms this year. Firms in the sector, including fintech lending and insurtech, inked at least 66 deals in the quarter as of Sept 25. In the first and second quarters, the deal count was 64 and 61, respectively.
Other updates from DATA VANTAGE
Mobile games publisher Potato Play secured $3.7 million as part of a Series B funding round last week. New investor Everblue Esports Ventures injected $2 million in the round, which was also backed by return backers BEENEXT, Atlas Asset Management and Play Ventures.
Share pricing in the latest round was more than double that in its last financing in 2020. Potato Play has now raised nearly $6 million in equity funding.
Indian healthtech firm HealthifyMe received $51.7 million in equity funding this month as part of a Series C round it announced earlier. Investment firms HealthQuad and Khosla Ventures acquired additional shares in the firm via secondary transactions.
Singapore-based information services firm DeClout has bagged another $1 million from parent Exeo Global, the APAC unit of Tokyo-listed Kyowa Exeo Corporation.
The Golden Duck, a Singapore-based gourmet snacks marker, secured nearly $590,000 last week from a group of investors.
[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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