Data Vantage | Tokenize Xchange, iMotorbike, and uHoo in focus
Edition #438, 23 January 2025
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Dear Reader,
Titan Lab, the blockchain development arm of the Singapore-based digital asset platform Tokenize Xchange, recently announced the acquisition of blockchain venture intelligence startup Coinseeker, in a deal that places the company’s valuation at [redacted].
Details about the percentage of stake acquired, however, remain undisclosed.
According to DealStreetAsia’s DATA VANTAGE, Tokenize Xchange previously issued $4 million in new ordinary shares to a special-purpose vehicle backed by a group of high-net-worth individuals in September.
Meanwhile, Coinseeker previously raised $1 million in a seed funding round from TRIVE Digital, Presto Labs, and Aquanow Digital. The company, founded in May 2023 by Patrick Soh and Jon Ren, leverages advanced AI-driven technology to aggregate, validate, and index private market deal intelligence within the blockchain ecosystem.
The acquisition aligns with the blockchain sector’s growing momentum in 2024, driven by the resurgence of decentralised finance (DeFi) projects within fintech and adoption across sectors. Our latest report Mapping SEA & Indonesia’s 2024 Journey reveals that DeFi initiatives fuelled fintech funding to [redacted] last year, representing 36.8% of the region’s total investment.
Tokenize Xchange’s cap table prior to acquisition
Source: DealStreetAsia’s DATA VANTAGE
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Tech giants’ quest for profitability
Southeast Asia’s listed tech companies are striving to achieve profitability, or at least a positive adjusted EBITDA, with expectations that most of them will reach the milestone by the time they announce their earnings report for Q4 2024.
According to DealStreetAsia’s latest report SE Asia’s Listed Tech Firms: Outlook for 2025, companies such as Sea Ltd., Grab, VinFast, GoTo, Bukalapak, and Global Digital Niaga are navigating the challenges to become profitable.
Sea Ltd. achieved rapid growth in the third quarter (Q3) of 2024, with all segments registering high revenue growth. Notably, its e-commerce division returned to adjusted EBITDA positive, with Shopee achieving profitability in Asia and turning profitable for the first time in Brazil.
Source: Sea Ltd’s Q3 2024 Results
GoTo saw its group-adjusted EBITDA hit a record high of 137 billion rupiah in Q3 2024 versus a loss of 557 billion rupiah in 2023. With GoTo managing to reduce its overall losses in this period, the company stated that its fintech segment is expected to turn adjusted EBITDA positive for the whole of Q4 2024, a year ahead of previous forecasts.
Other updates from DATA VANTAGE
iMotorbike, a Singapore-headquartered pre-owned motorbike marketplace, raised a [redacted] funding round led by global VC firm Headline Asia, with participation from other investors such as Ondine Capital, 500 Global, Gobi Partners, Astor Management, and Endeavor Catalyst.
Singapore-based indoor environmental quality (IEQ) monitoring startup uHoo secured [redacted] in a mix of equity and debt funding. Wavemaker Ventures and Menarco Development Corporation led this funding round with participation from Undivided Ventures, Raymond Rufino, Lighthouse Canton, and other existing shareholders.
Singapore-headquartered cybersecurity startup CYFIRMA announced an undisclosed amount of funding from [redacted]. Founded in 2017 by Kumar Ritesh, CYFIRMA currently operates in Japan, India, the US, and EU.
Singapore-headquartered aircraft manufacturer AirGo Design reported a 4% year-on-year decline in revenue to $322,000, according to its financial report for the 12-month period ended April 2024. The company’s net loss, however, decreased to $60,000.
Singapore-based media, event, and talent consultancy firm Wonder Paradise has filed its financial report with ACRA for the 12-month period ended April 2024. The report shows its net loss widened to $95,000, while its revenue dipped 86% year-on-year to $104,000.
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