Data Vantage | More money rolls in for SG’s Carro, PH’s Kumu and others

3 min readJul 27, 2022

Edition #131, 30 Nov 2021


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Singapore-based car marketplace Carro has bagged $100 million in an extension of its Series C round last week, according to regulatory filings.

Anderson Investments, a subsidiary of Temasek Holdings, invested $30 million, while Malaysia’s Permodalan Nasional Berhad (PNB) invested $25 million, according to DATA VANTAGE.

Other investors in the round include a unit of Malaysian conglomerate Sime Darby, a subsidiary of South Korea’s Shinhan Financial Group, and Indonesia’s Emtek Group.

Shares in the latest transactions were priced at $52.54 apiece, up 10.4% from the startup’s SoftBank-led $360 million Series C round announced in July.

Top shareholders in Carro


Philippine live streaming platform Kumu received $46 million last week from General Atlantic, Kickstart Ventures and Gentree Fund as part of its Series C round. Lead investor GA contributed $38.86 million alone to the round. The investment firm also picked up secondaries from Kumu’s US-registered entity last week.

Kumu has now received over $71 million in equity investment in the Series C round. Its share price has more than doubled from a previous funding round earlier this year.

Smart wearables platform COVE IoT, which is run by Singapore-registered KaHa, secured $3.94 million last week from Metals International BV, an investment vehicle of Indian conglomerate Tata Group’s arm Titan. Metals International, which has been an investor in KaHa since 2017, now holds an almost 33% stake in the company.

Meanwhile, marketing tech platform SilverPush raised $3.9 million over the weekend. About $3.8 million came from Tokyo-headquartered adtech firm FreakOut, which subscribed to the startup’s Series B shares, and the rest from SIN Capital.

FreakOut has previously invested in Stockbit, Springboard Solutions, StaffAny, and DataWeave in Southeast Asia.

Other updates from DATA VANTAGE

Funding Asia, a Singapore-registered unit of fintech firm Funding Societies, bagged $1 million last week from Seoul-headquartered PacificBridge Asset Management.

Marketing tech firm Advocado raised $950,000 last week from I Concept Global Growth Fund, which is managed by Asia Cornerstone Asset Management. Following the capital injection, the firm holds a 10.8% stake in Advocado.

Digital construction technology firm Hubble obtained $731,086 in fresh funding from Aurum Investments last week. The startup has raised a total of $7.3 million so far this year.

Indonesia’s peer-to-peer lender Komunal secured $600,000 from East Ventures last week. The venture capital firm had earlier injected $500,000 into the startup in June.

Fintech firm Qapita bagged nearly $500,000 last week as part of its $5 million pre-Series A financing. The round was backed by MassMutual Ventures, Endiya Partners, Vulcan Capital and East Ventures.

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