Data Vantage | SPIL Ventures, CRUST Group, BuyStars in focus and other updates
Edition #443, 11th February 2025
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Dear Reader,
SPIL Ventures, the venture capital arm of Indonesian shipping and logistics giant PT Salam Pacific Indonesia Lines, has expanded its portfolio with a [redacted] investment in recommerce startup LIKUID8.
The investment, structured through two separate transactions involving different share classes, was finalised in November via SPIL Ventures’s investment vehicle, [redacted].
Corporate filings indicate that KDR’s total equity value stands at [redacted] following a capital injection from its parent entity, PT Dewata Mekarya Ageng, in December.
Founded in 2023, LIKUID8 is a liquidation and recommerce platform that sources, processes, and resells failed deliveries, returned goods, surplus inventory, and used equipment from e-commerce and logistics firms as well as retailers.
The startup was co-founded by Mike Roosevelt (CEO), formerly with Lazada Logistics Indonesia; and Niko Abdulrachman (COO), an expert in local distribution and supply chain operations.
LIKUID8 joins Spil Ventures’s portfolio alongside logistics firm Deliveree, meme platform Lahelu, and waste management company Surplus Indonesia.
Navigating new realities
Dealmaking in Greater China remained strong in Q4 2024 despite global macro economic headwinds and major events such as the US presidential elections, according to DealStreetAsia — DATA VANTAGE’s Greater China Deal Review: Q4 2024.
Startups in mainland China, Hong Kong, Taiwan, and Macau raised nearly $18.8 billion during the quarter, a three-quarter high, marking a 47.7% increase over the previous quarter. Deal volume also rose 16.8% to 576 transactions.
Quarterly deal volume and value in Greater China
The final quarter continued the trend where a few fundraisers dominated the market, with auto & parts startups accounting for half of the six billion-dollar deals, the report finds.
Throughout 2024, startups in Greater China raised $60.6 billion, a 19.9% increase from 2023, despite a 14.6% drop in deal volume to 2,209 transactions, reflecting slower deal activity.
The data and information in this newsletter comes from DATA VANTAGE, which tracks regulatory filings to provide you with the latest information on startup fundraising, shareholding and financials. Find out how it can aid you in your decision-making — book a demo today or write to us at subs@dealstreetasia.com
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Other updates from DATA VANTAGE
Singapore’s sovereign wealth fund GIC has committed an additional $135 million to Vietnam-based paediatric and maternity clinic operator Nhi Dong 315, bringing its total investment in the company to $194 million.
[Redacted], a Singapore-based food upcycling company, significantly reduced its losses for the 12-month period ended March 2024, despite a modest revenue growth of just 2%, indicating improved operational efficiency.
Singapore-based energy management startup [redacted] has secured fresh funding from Clime Capital via its Southeast Asia Clean Energy Fund to accelerate the development of its AI-driven energy monitoring solutions and expand its market reach across Southeast Asia.
Indian online gaming platform BuyStars posted an 80% revenue surge for the 12-month period ended March 2024, though losses continued to mount, highlighting the platform’s aggressive growth strategy amid rising operational costs.
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