Data Vantage | Orange Dental, Aevice Health, and Bobobox in focus
Edition #439, 28 January 2025
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Dear Reader,
Orange Dental, a Jakarta-based dental clinic backed by Bukalapak founders, has raised [redacted] from Southeast Asian private equity major Northstar Group.
Prior to Northstar’s investment, the Indonesia entity had issued shares worth [redacted] to investors, including the Achmad Zaky Foundation, Bukalapak co-founder Muhamad Fajrin Rasyid, and Init 6 partner Nugroho Herucahyono.
Founded in 2014 by Sandra Intan Sari and Syifail Ramadhana, Orange Dental provides affordable and high-quality dental care services. It currently operates 20 clinics across Greater Jakarta, serving over 45,000 patients annually.
In a statement, Orange Dental said it will utilise the investment to expand its clinic network across Indonesia and enhance its dental services.
The company aims to tackle the widespread dental health issues in Indonesia. According to the National Basic Health Research, 88% of Indonesians suffer from cavities and only 4% receive proper fillings.
Early-stage resilience
Early-stage funding, defined as all stages up to Series B, in Southeast Asia showed signs of resilience in 2024, with improvements in seed and Series A investments, according to DealStreetAsia’s DATA VANTAGE report Mapping SEA & Indonesia’s 2024 Journey.
Median seed funding rose to $2.5 million, up from $2.3 million in 2023, returning to its 2022 level. Series A funding also remained stable, increasing slightly to $9.8 million from $9.7 million, reflecting sustained investor interest in nurturing startups at the foundational stages.
Series B funding, however, dropped 21.6% to $12 million in 2024, now just a third of its 2021 peak, when valuations were inflated by pandemic-driven liquidity. This decline underscores a shift towards earlier-stage investments, where risk-adjusted returns are more attractive.
Median values highlight funding trends but don’t account for sector-specific differences. Industry dynamics play a significant role in influencing valuations, requiring careful contextual analysis of these figures.
Source: DealStreetAsia’s DATA VANTAGE
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Other updates from DATA VANTAGE
Singapore-based medical technology company Aevice Health received additional funding from Tokyo-listed chemical company [redacted], through Pegasus Tech Ventures; and deeptech-focused venture capital firm Elev8.vc. Last year, the company secured two seed-plus funding rounds — $1 million from A&D in May, followed by $7 million led by Coronet Ventures in August.
Indonesian capsule hotel startup Bobobox recorded its [redacted] in 2024, according to co-founder Indra Gunawan. In a recent interview with DealStreetAsia, he also revealed that the company achieved a remarkable 39% year-over-year revenue growth in 2024, driven by a strong focus on operational excellence.
Singapore-headquartered IoT solutions provider iMin Technology reported in its financial filings that its net profit dropped 77% year-over-year to $237,000 for the 12-month period ended December 2023. In contrast, the company posted a 15.6% increase in revenue totalling $19 million.
Singapore-headquartered fuel cell manufacturer Horizon plunged into a $40-million net loss, reversing its profit for the 12-month period ended December 2022. Its revenue also declined 56% year-over-year to $14 million.
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