Data Vantage | Syfe, Mighty Bear, and Nibertex in focus
Edition #442, 6th February 2025
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Dear Reader,
Syfe, a Singapore-based robo adviser and digital wealth platform, recently announced its plan to acquire Australia-listed low-cost investing platform Selfwealth for A$65 million (about $41 million) in cash.
The proposed acquisition aligns with Syfe’s growth strategy to enter new markets following its $27-million Series C-1 fundraising round announced last year. The latest round brings the company’s total funding to date to $79 million.
In a statement, Syfe said the acquisition will significantly expand its presence in Australia by integrating Selfwealth’s user base into its existing operations in Singapore, Hong Kong, and Australia.
The company also added that Selfwealth will continue to operate independently, with Syfe gradually integrating its technology and services.
Syfe, founded in 2019 by CEO Dhruv Arora, is a digital investment platform that offers managed portfolios, brokerage services, and cash management solutions. It currently has more than 250,000 users in Singapore and serves customers in over 60 countries.
Megadeal proceeds double in India
Megadeals, defined as transactions worth at least $100 million, collectively raised $1.9 billion in India during October-December (Q4) 2024, contributing to nearly 45.7% of the total deal value in the quarter. On a year-on-year basis, megadeal value more than doubled from $935 million in Q4 2023.
According to DealStreetAsia’s latest report, India Deal Review: Q4 2024, there were eight megadeals during the quarter, including Swiggy, Zepto, and Rebel Foods. There were no billion-dollar deals in 2024.
Source: DealStreetAsia’s DATA VANTAGE
Throughout 2024, India recorded 33 megadeals totalling $6.7 billion, reflecting a 32% year-over-year increase in value compared to the previous year which raised $5.05 billion across 28 megadeals.
The report further showed that funding remained subdued for most of 2022 and 2023 due to inflationary concerns and rising interest rates. With investors tightening their investments and prioritising stable businesses, the value of startup megadeals declined sequentially in Q4.
Source: DealStreetAsia’s DATA VANTAGE
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Other updates from DATA VANTAGE
Singapore-based mobile games studio Mighty Bear recently received [redacted] in funding for its GOAT GAMING platform, bringing the total capital raised by the company to $15 million. The round was led by TON Ventures, Karatage, Amber Group, Play Ventures, and Bitscale.
[Redacted], Singapore’s deeptech startup specialising in waterproof breathable membranes, secured an undisclosed amount of pre-Series A funding with participation from Foxmont Capital Partners and ADB Ventures, as well as other family offices in the region.
Japanese gaming giant Bandai Namco Entertainment has announced an additional undisclosed amount of investment in [redacted], a game studio company based in India. Through its 021 Fund, Bandai had previously backed SuperGaming in March 2023.
Singapore-based AI startup fileAI has raised [redacted] in a Series A funding round led by Illuminate Financial, Antler Elevate, Insignia Ventures Partners, and Heinemann Group, among others. Founded in 2020, the company was formerly known as Bluesheets and rebranded to fileAI last year.
Singapore-headquartered home decor solutions startup Foyr posted a 9% year-over-year revenue growth totalling $1.8 million for the 12-month period ended March 2024. Meanwhile, its net loss also improved to $405,000 during the same period.
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