Data Vantage | SG startup Spenmo is halfway to unicorn status, and other updates
Edition #139, 6 Jan 2021
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Dear Reader,
Payables software startup Spenmo’s valuation has hit $500 million following an $85 million Series B funding round.
The round, a mix of primary and secondary transactions, was led by Tiger Global. The investment firm has now built a nearly 11% stake in the fintech startup with the capital infusion, according to DealStreetAsia — DATA VANTAGE.
Spenmo’s Series B round was joined by Insight Partners, Global Founders Capital, Rocket Internet, and Alpha JWC Ventures. The company has reduced its employee stock option pool (ESOP) in conjunction with the financing, according to regulatory filings.
Spenmo’s shareholders
Source: DATA VANTAGE
Malaysia’s Fefifo recorded secondary transactions as its co-founders pared their stakes in the co-farming startup.
According to the startup’s filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA), Kelveen Soh and Chris Fong sold shares to Quest Ventures, XSKash, ScaleUp Malaysia, Tandip Singh Wasan, and Seah Ting Han Jeffrey.
The financial scorecard
The Singapore-registered entities of Indonesia’s travel tech unicorn Traveloka and Malaysia’s car marketplace Carsome are among those that recently filed updates on their financial performance.
Traveloka Pte. Ltd. recorded revenue of $141 million for the financial year ended December 31, 2020, a 55.6% decline over the previous year. It managed to reduce its annual net loss in the year by 43.7% over 2019.
Carsome Group Pte. Ltd. reported revenue of $327 million and a net loss of $18.83 million for the fiscal year ended December 31, 2020.
E-commerce firm Lazada’s Singapore unit posted revenue of $99.45 million for the year ended March 31, 2021, almost double the $50 million it earned in the previous fiscal.
Indian healthtech firm HealthifyMe saw its full-year revenue grow by about 63% to $10.4 million at the end of March 2021 compared to a year ago.
Other updates from DATA VANTAGE
Marketing analytics firm Capillary Technologies received $1.38 million in total from shareholder Warburg Pincus and individual investor Kesri Singh last week.
The Indian firm filed preliminary papers with the market regulator for an initial public offering towards the end of December. The offering comprises a fresh issue of equity shares worth Rs 200 crore ($26.9 million) and an offer for sale of shares worth Rs 650 crore ($87.4 million) by the Singapore-registered Capillary Technologies International. Its private equity investors are not diluting their stake in the offering.
Recommend Group, a provider of on-demand home and local services in Indonesia and Malaysia, bagged $1 million from Chinese venture capital firm Morning Crest and Singapore-based Brain-Too-Free Ventures. The startup had announced a $4 million Series A round in Oct 2021.
Lazada Group chief business officer James Chang has resigned from the board of its Singapore entity. Meanwhile, Lazada Singapore CEO Loh Wee Lee and CFO Qian Hao have joined the board.
Job portal FastJobs has added Cento Ventures general partner Dmitry Levit to its board of directors.
Deals Barometer — November 2021 Edition
Startups across Asia raised $17 billion through November, a 30.02% increase over deal value in October. To get a deeper insight into the sectors, investors and companies that dominated dealmaking in Southeast Asia, China, and India, please sign up for the DFIN Deals Barometer.
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