Data Vantage | Soul Parking, AwanTunai, Magalarva in focus
Edition #434, 09 January 2025
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Dear Reader,
Indonesia-based parking management solution Soul Parking announced this week that it has closed its Series A extension round with participation from AC Ventures, Agaeti Venture Capital, AppWorks, Wavemaker Partners, and others.
Soul Parking’s Singapore-based parent company, which holds a [redacted] stake in the Indonesian entity, last issued new shares in September with a total value of [redacted] million. This brings the company’s total paid-up capital to [redacted] million, according to filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA).
With the September share issuance, AC Ventures emerged as the largest shareholder, holding a 29.9% stake in the Singapore parent. However, the filings do not confirm whether this share issuance formed part of the Series A extension round.
Separately, filings for the Indonesian entity indicate the issuance of Class A and Class B shares with a combined value of 21.4 billion rupiah ($1.3 million). Commissioner Unggul Dephiriyanto and director Kenneth Darmansjah each hold 25 Class B shares.
Founded in 2015, Soul Parking offers a suite of motorcycle parking solutions, including a compact multi-level parking system, a parking management operating system with digital payment integration, access control for vehicle entry and exit, and handheld devices for real-time parking data tracking.
Climate mitigation takes centre stage
DealStreetAsia’s DATA VANTAGE annual review of climate tech investments in Southeast Asia reveals that [redacted] of the total capital raised in the first 11 months of 2024 was directed towards climate change mitigation projects, with the remainder allocated to climate adaptation initiatives.
However, investments in climate mitigation have experienced a slowdown this year. The deal volume dropped over [redacted] year-on-year during the period, marking the end of an eight-year streak of consistent growth. The deal value also saw a sharp decline, driven by a shortage of late-stage funding rounds, reflecting broader headwinds in private capital markets.
Climate mitigation deal volume and value in SE Asia
Renewable energy remains the standout vertical within climate mitigation. Venture-backed companies in this space secured significant fresh capital and a strong number of deals in the first 11 months of 2024.
The total deal volume and funding for renewable energy during the period have already exceeded full-year 2023 levels, underscoring the sector’s growing maturity and viability, with over [redacted] of the capital directed towards solar energy companies.
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Other updates from DATA VANTAGE
Indonesia-based fintech startup AwanTunai, which provides loans to MSMEs, received [redacted] million in debt last month from US-based investor Accial Capital. This will help the lender scale up its operations and increase loan disbursements.
Indonesia-based B2B fintech startup Fairbanc secured [redacted] million in loans last month from Bahana Artha Ventura, Indonesia’s state-owned venture capital. Fairbanc offers loans to MSMEs to purchase inventories through a Buy Now Pay Later option.
Indonesia-based food waste management startup [redacted], which transforms food waste to animal feed, bagged an undisclosed amount last month from angel network Bali Investment Club. The company plans to utilise the new capital for increasing production capacity to meet growing international demand.
Funding Societies, also known as Modalku in Indonesia, raised [redacted] last month from Japan’s sovereign wealth fund, Cool Japan Fund. This is also the fund’s first investment in a fintech company in Southeast Asia. The company aims to use the capital to expand its payments business and also grow its SME financing business across its existing markets in Southeast Asia.
Singapore-headquartered AI-powered agritech startup [redacted] received an undisclosed amount in seed funding last month from Touchstone Partners and AiViet Venture. The company provides data-driven insights for crop production through soil sensors and smartphone applications that help boost crop yield and minimise environmental impact.
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