Data Vantage | Novelship, Borneo pocket funding; NEON, Cleantech Solar report financials

Edition #224, 10 Nov 2022

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Novelship, a Singapore-based sneaker and streetwear marketplace, received $9.5 million this week from East Ventures, GSR Ventures and iGlobe Partners in Series A funding. The round was announced in May.

In a separate transaction concluded this week, the startup allotted shares worth $12.2 million to convertible noteholders, including its Series A investors, Rocket Internet, Global Founders Capital, Stoic Capital, 45J Ventures and others.

In conjunction with the financing, East Ventures managing partner Willson Cuaca has joined the startup’s board of directors.

Top shareholders in Novelship

Source: DATA VANTAGE

Data security and information management startup Borneo received $4.8 million in fresh funding this week from a group of investors, including Conexo Ventures, Encomenda and Telefónica.

The company, which was founded in 2020 by former Facebook and Uber security exec Prithvi Rai, has raised $23 million in private investments to date, our data shows.

Borneo, which is registered in Singapore, helps companies prevent data leaks and manage privacy compliance requirements. It has offices in San Francisco and Bengaluru.

Financial updates

The Singapore unit of AI and data analytics solutions provider Lynx Analytics turned a profit in the financial year ended February 28, 2022. The positive bottom line comes on the back of a 19.5% year-on-year revenue growth.

Singapore-based immersive entertainment provider NEON, which recently rebranded from Cityneon, more than doubled its revenue in the fiscal year ended Dec 31, 2021, its latest regulatory filing shows. The strong revenue growth helped the company trim its losses.

Cleantech Solar, a developer of solar photovoltaic projects, also managed to curb its losses last year after the company secured a 64% increase in revenue. Headquartered in Singapore, the company manages projects across Asia.

Parcel Perform, which provides a SaaS platform for delivery companies, grew its revenue by 181% last year on the back of a growing demand for e-commerce services. The company, which is backed by 500 Global, Cambridge Capital and Wavemaker Partners, last raised funding in September 2021.

Online ticketing platform GlobalTix saw a 95% year-on-year increase in revenue in the 12-month period ended March 31, 2022, as travel picked up in the region.

Other updates from DATA VANTAGE

HR tech startup FastJobs received S$500,000 ($356.5k) from Kairous Capital in Series A-1 funding this week. It had earlier received nearly $3 million from Cento Ventures and OSK Ventures as part of the same round.

Digital comics and animation company Graphic India received $1 million in additional Series B-1 funding this week. The Indian firm had earlier raised $4 million as part of the round, which is being led by Brian Steinwurtzel.

Singapore-based OPALai received $1.4 million this week from investors, including Tony Kettinger and University of Tokyo Edge Capital Partners (UTEC). The company, which was founded by Pravin Chandrasekaran in 2017, uses artificial intelligence to help investors make commodities and foreign currency trading decisions.

Nutrition Technologies allotted shares worth $600,000 this week to investors, including Mandala Capital. The allotments are part of a recently announced $20 million round, of which $13.7 million has been received by the company so far.

Singapore-based telemedicine startup Speedoc also allotted more shares earlier this week as part of a $28 million pre-Series B round. Major investors in the round include Bertelsmann Investments, Shinhan Venture Investment, Mars Growth and early-backer Vertex Ventures Southeast Asia & India.

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