DATA VANTAGE | Style Theory, Surfin, SpaceAge Labs and others in focus

Edition #463, 24th April 2025

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Dear Reader,

Singapore-based fashion rental startup Style Theory has issued [redacted] worth of new preference shares to both new and existing shareholders as the company navigates post-pandemic market recovery and ramps up hiring.

SEEDS Capital, the investment arm of Enterprise Singapore, received the largest share allocation after committing [redacted], marking its entry into Style Theory’s cap table, according to official filings. Other new cap table members include [redacted] and [redacted].

Early backers SBVA (formerly SoftBank Ventures Asia) and Indonesian VC firm Alpha JWC Ventures received fresh allotments of [redacted] and [redacted], respectively, bringing their total investments in Style Theory to $14.9 million and $6.6 million. The two rank as the company’s largest and second-largest shareholders.

The new share allotment, priced at [redacted], comes more than two years after Redhill Communications’ allotment in July 2022, which valued shares at [redacted]. Based on our calculations, Style Theory’s valuation has declined to [redacted] from [redacted] previously.

Founded in 2016 and often described as the ‘Netflix for fashion’, Style Theory allows users to rent designer clothing and bags for a monthly fee, offering variety without the environmental and financial cost of fast fashion.

The company had previously undergone layoffs, reflecting challenges in scaling the rental business in Southeast Asia due to high logistics costs, customer retention issues, and shifting post-pandemic fashion habits. It is currently in a rebuilding phase and actively hiring across functions.

A Message from APEX

E-Commerce fundraising dips

Southeast Asia’s e-commerce sector recorded its weakest funding quarter in at least six years, securing only seven deals worth a combined $27 million in Q1 2025, our latest quarterly review finds. This represents a steep drop from the previous quarter’s 12 deals totalling $118 million, as investor appetite continues to wane amid a broader funding crunch and a pivot away from consumer-facing tech.

The funding slowdown reflects the ongoing challenges facing e-commerce startups across the region, many of which are struggling to scale and reach profitability. With capital becoming scarcer, venture investors are increasingly turning their focus to B2B models, which are perceived as more capital-efficient and resilient in the current market environment.

Source: DealStreetAsia’s DATA VANTAGE

This shift in investor preference has left e-commerce with limited momentum, exacerbating the fundraising difficulties that have persisted since the second half of 2022. While consumer tech once commanded significant VC attention, the mood has soured amid tighter liquidity conditions, rising costs, and uncertain paths to exit.

Singapore has continued its lead over Indonesia as the most active market for e-commerce funding in the region, a trend that began in Q4 2023. The city-state’s ecosystem has drawn stronger interest in enterprise-oriented digital commerce platforms, benefiting from a more mature infrastructure and favourable conditions for scaling.

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

Southeast Asian fintech player Funding Societies has issued new shares worth [redacted] to Cool Japan Fund, as part of a fundraising round announced in December 2024.

Singapore-based consumer finance platform Surfin has added Woori Venture Partners to its cap table following a [redacted] investment in March, filings show. This brings Surfin’s total paid-up capital to [redacted], according to our data.

Malaysian snack manufacturer Mamee Double Decker has increased its stake in Singapore-registered startup The Golden Duck by [redacted], solidifying its position as the company’s largest shareholder.

Following its acquisition of Singapore’s SpaceAge Labs in October 2024, Silicon Valley-based Turing AI Corporation has topped up its investment in the company by [redacted] in a transaction completed in March, filings show.

Singapore-based AiTreat, which develops assistive medical robots for soft tissue therapeutic treatments, has onboarded Hong Kong-based Leaguer Financial Holdings Limited following a [redacted] investment in March.

A Message from DealStreetAsia and FT Professional

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