Data Vantage | TreeDots, OnPoint and Early Dawn Microfinance in focus
Edition #433, 19 December 2024
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Dear Reader,
Singapore-based TreeDots, an online surplus food marketplace, reduced its net loss by 27% to [redacted] million in the financial year ended December 31, 2023.
The Amasia-backed company grew its revenue by 57% to [redacted] million last year, according to a recently filed financial statement.
Founded by Tylor Jong, Lau Jia Cai and Nicholas Lim in 2018, TreeDots allows businesses and households to purchase excess or imperfect food from suppliers at lower prices. It also offers cold chain services, such as warehousing and transporting fruits, vegetables, meat, and seafood.
It had last announced raising an $11 million Series A round led by Amasia and East Ventures in 2021. Its other investors include Kickstart Ventures, Xendit and SEEDS Capital.
A message from DealStreetAsia
SE Asia climate tech investments cool off
Southeast Asia’s climate tech startups witnessed a slowdown in investments this year, finds the latest report by DealStreetAsia — DATA VANTAGE.
According to The State of Climate Tech in SE Asia 2024 report, the region saw deal volume in the sector fall 12.7% to 89 transactions in the first 11 months of the year. Deal value, comprising equity and debt financing, declined 22.1% year on year to $649.8 million.
Annual deal volume and value in Southeast Asia’s climate tech sector
The report showed that the contraction more severely affected the region’s mature climate tech startups. While early-stage startups saw a modest 3.8% growth in equity and debt funding to $467.5 million during the period, no equity deals were recorded by late-stage firms (Series C and beyond) this year.
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Other updates from DATA VANTAGE
Vietnam-based e-commerce enabler OnPoint has acquired Thai peer CREA for an undisclosed sum. OnPoint is backed by SeaTown Holdings, an indirect subsidiary of Temasek Holdings, which invested [redacted] million in the company in August 2022 as part of a $50 million Series B round.
Early Dawn Microfinance (DAWN), a fintech company in Myanmar, recorded its first profit of [redacted] million in the financial year ended March 31, 2024. The Accion-backed company’s revenue grew marginally during the period.
Singapore-headquartered SaaS startup Polymerize saw its revenue more than double in the twelve months ended April 30, 2024. However, the Elevation Capital-backed company’s losses widened by 29% during the period.
Singapore-based AI-powered proptech startup MOGUL.sg’s net losses ballooned to [redacted] million in the financial year ended December 31, 2023. The company had last announced raising S$9 million in a Series A round led by Nech Capital in 2022.
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