DATA VANTAGE | StoreHub, Nurasa, and Flik in focus
Edition #466, 6th May 2025
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Dear Reader,
Malaysia-based retail tech startup StoreHub has raised [redacted] in a fresh funding round through the issuance of preference shares to new investors — Eclectic Fund, Hyphen Capital, and Triniteam Singapore, among others — and existing backers.
Eclectic Fund, which led the round with a capital infusion of approximately [redacted], has emerged as the largest shareholder of the startup with a 60.7% stake.
Meanwhile, existing investors, including 500 Global, injected [redacted] through different vehicles. The new shares were allotted at varying prices, with most investors paying around $0.14 per share.
This marks StoreHub’s first share allotment since April 2022 when it had raised $3.76 million from investors including Vertex Ventures Southeast Asia & India. Two years earlier, Vertex Ventures Southeast Asia & India had led a $8.9 million SeriesA+ funding round in StoreHub.
Following the latest funding, StoreHub has now raised [redacted], bringing its valuation to [redacted], according to DealStreetAsia DATA VANTAGE’s calculations.
Founded in 2013 by Fong and Congyu Li, StoreHub has evolved from a tablet-based PoS provider to an omnichannel platform that offers solutions such as an e-commerce site builder, a QR code-powered loyalty cashback programme, and a table booking system.
The company claims its products are trusted by over 17,000 F&B and retail businesses across Southeast Asia. Its key markets include Malaysia, Thailand, and the Philippines.
Top 10 institutional investors in StoreHub
Source: DATA VANTAGE
Value of megadeals in Greater China falls to its lowest in three years
Megadeals, or venture transactions worth at least $100 million, cumulatively amassed $4.2 billion between January and March 2025 in Greater China — the lowest level recorded since Q2 2022.
According to the DATA VANTAGE report Greater China Deal Review: Q1 2025, there were 21 megadeals in the quarter that accounted for only 43.8% of the quarter’s total funding. This is sharply lower than in 2024, when megadeals had, on average, accounted for 70% of quarterly proceeds. The lack of billion-dollar deals in Q1 2025 was responsible for the low share of megadeals in overall fundraising.
Trend of megadeals in Greater China
Source: DealStreetAsia’s DATA VANTAGE
The largest deal in Q1 2025 came from XCMG AUTO, a manufacturer of new energy heavy trucks, which raised around 6.4 billion yuan ($886.9 million) from 30 strategic investors.
Startups in Greater China closed 627 deals in Q1 2025 totalling $9.6 billion. This is an 8.9% increase in deal volume from Q4 2024, although deal value dropped sharply by 49% in the period.
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-based sustainable foods platform Nurasa has received [redacted] from parent Temasek Holdings through the allotment of ordinary shares. This brings Nurasa’s total capital raised to [redacted].
Indonesian merchant reward platform Flik has raised [redacted] led by East Ventures and Z Venture Capital, with participation from Init-6, GMO Venture Partners, and Saison Capital.
Vietnam-based social and dating app [redacted] has raised [redacted] through the allotment of ordinary shares to Sweden-based investors Frojo Investment, an entity affiliated with game developer Frojo Apps, Abersoft Technologies, entrepreneur David Karl Johan Knape, and KIM SPV AB.
Indonesia-headquartered digital investment platform Bizhare issued new preference shares worth [redacted] to Telkomsel Ventures, Berjaya Sally Kapital, a company affiliated to F&B Sour Sally Group, and angel investors’ network AngelCentral.
Singapore-founded cloud-based SaaS platform Podium has received $1.88 million in funding through the allotment of preference shares. The latest investment was injected by existing investor EDBI and new investor [redacted], bringing the total capital raised by the startup so far to [redacted].
Crackle Technologies, a Singapore-based firm that develops AI-powered adtech products for publishers, received a small capital infusion through newly-issued preference shares from India-based [redacted].
Logipeace, a SaaS communication platform for logistics operations, has raised a new round of funding totaling [redacted] from [redacted], Hyogo Kobe Startup Fund, Kyushu Open Innovation Fund, a joint investment fund by FFG Venture Business Partners and GxPartners, as well as Kuniyoshi Kamiya.
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