Data Vantage | Optty, GlobalTix, Novotech and TurtleTree in focus

Edition #407, 12 September 2024

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Dear Reader,

Singapore-based payments technology company Optty saw its net loss surge 27.5% to [redacted] million in the financial year ended February 29, 2024, according to its regulatory filings.

The company’s revenue more than tripled during the year. Operating expenses, which increased 19% year over year to [redacted] million, were the biggest contributors to losses.

Optty, which helps merchants integrate diverse payment methods quickly, raised [redacted] million during the year to meet its working capital needs, shows its filing. Investors included the personal investment vehicles of Will Vicars, the co-chief investment officer at global hedge fund Caledonia.

Founded in 2020 by Natasha Zurnamer, Optty has more than 135 payment partners in 120 countries and 140 currencies. In addition to Singapore, the startup has teams in Sydney, London, and South Africa.

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Other updates from DATA VANTAGE

Tourism-focused SaaS platform GlobalTix secured [redacted] million in fresh funding from Tin Men Capital this week. The venture capital firm is the startup’s largest shareholder.

TPG-backed clinical contract research organisation Novotech has issued shares worth [redacted] million to [redacted]. The private equity investor is reportedly eyeing an exit from the biotech firm, which is valued at around $4 billion.

Lab-grown dairy products maker TurtleTree Labs’s co-founder and chief strategist Max Rye is leaving the firm, according to its latest regulatory filing. The startup will buy back some of Rye’s shares for [redacted].

Singapore-based luxury gourmet lifestyle group V3 Gourmet, which owns TWG Tea and other brands, recorded a 1.7x revenue surge in the financial year ended December 31, 2023. During the period, it also managed to trim its losses by nearly 20%.

Altara Ventures-backed Indonesian eyewear brand Saturdays doubled its revenue to [redacted] million in the financial year ended December 31, 2023, while curbing its losses by nearly 16%.

PGS Partners-backed property investment platform operator Kasa recorded an 87% drop in revenue for the financial year ended December 31, 2023.

Singapore-based fintech firm Volopay’s losses jumped 4.8x to [redacted] million in the financial year ended December 31, 2022, according to a recently filed financial statement. The Antler-backed firm tripled its revenue during the year.

Qualgro Partners-backed digital verification platform Accredify’s losses widened by 82% in the financial year that ended December 31, 2023, as its revenue increased by 23%.

Singapore-based robotic software provider Eureka Robotics posted a 53% increase in its net loss for the financial year ended December 31, 2023, on the back of an over twofold growth in revenue.

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