Data Vantage | Syfe, SwipeRx, Charge+ and LionsBot in focus
Edition #404, 3 September 2024
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Dear Reader,
Singapore-based wealthtech platform Syfe received [redacted] million last week from Jai Ashok Mahtani, Sudeep Ramesh Ramnani and US-based venture capital firm Valar Ventures.
The funding is part of a $27 million Series C round announced in August. The company has said it would use the capital to accelerate product development and launch new verticals in its latest markets, Hong Kong and Australia.
Angel investors Mahtani and Ramnani are founders of Dubai-based investment firm 885 Capital and have previously been associated with African sports betting organisation SportyBet. They contributed [redacted] million to the round.
Syfe is an investment platform that offers managed portfolios, brokerage services, and cash management solutions. It reported a loss of [redacted] million for the financial year ended March 31, 2023.
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Greater China startup funding drops to the lowest since Q1 2021
The second quarter of this year saw private funding secured by Greater China-based startups plunge to the lowest levels since at least Q1 2021, finds the latest report by DealStreetAsia — DATA VANTAGE.
Startups based in mainland China, Hong Kong, Taiwan, and Macau raised just over $9 billion in Q2, down 55% from $20.1 billion in the previous quarter, according to Greater China Deal Review: Q2 2024. Deal volume was down to 525 transactions during the period from 615 deals in Q1 2024.
Year over year, deal value fell by 17.5% in Q2, while deal volume dropped by 17.3%.
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Other updates from DATA VANTAGE
Singapore-based digital pharmacy network SwipeRx secured [redacted] million last week from Johnson & Johnson Impact Ventures, UBS Optimus Foundation and Cercano Management. The transactions bring the total in its current round to [redacted] million.
Singapore-based electric vehicle charging solutions provider Charge+ bagged [redacted] million last week from VC firm TNB Aura.
Singapore-based cleaning robot maker LionsBot received $1 million last week from existing shareholder, Germany-based REIWAG.
VC firm [redacted] has bought shares in data-centric AI startup Tictag from Tech9 Technologies and other shareholders. The startup recently announced raising an undisclosed amount in a Series A funding round led by Telkomsel Ventures.
Digital assets exchange SDAX received $5 million last week from [redacted]. The latter is now the Singapore firm’s [redacted] shareholder, according to DATA VANTAGE.
Singapore-based healthcare company [redacted’s] revenue surged over 60% in the financial year ended December 31, 2023, while its losses remained unchanged.
Singapore-headquartered e-commerce aggregator Rainforest Life trimmed its losses by 54% in the financial year ended December 31, 2023.
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