Data Vantage | uHoo, Carousell, ecoSPIRITS, Ninja Van and Artotel in focus

4 min readApr 4, 2024

Edition #361, 4 April 2024

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Dear Reader,

Singapore-based indoor air quality solutions provider uHoo issued shares worth [redacted] million to investors, including Wavemaker Partners and SEEDS Capital this week.

According to the company’s regulatory filings, the share allotment follows the close of a new Series A round co-led by Wavemaker Partners and [redacted].

Founded by Dustin Jefferson S. Onghanseng and Brian Lin, the company makes indoor air quality monitors for homes and businesses. It also analyses the air quality data to offer real-time insights and personalised alerts.

uHoo’s other backers include East Ventures, Undivided Ventures and EthAum Venture Partners.

Singapore broadens lead as SE Asia’s top investment destination

Singapore strengthened its position as the top fundraising hub in Southeast Asia amid a global funding downturn in 2023, according to a new report from DealStreetAsia and Enterprise Singapore.

The report — Singapore Venture Funding Landscape 2023: A Full-Year Study — showed that Singapore-based startups sealed 522 deals, or 63.7% of all equity deals in ASEAN 6 last year, up from 56.7% in 2022.

Startups in the city-state bagged $6.1 billion in 2023, accounting for 73.3% of all private funding secured in the bloc, up from the preceding year’s 62.5%.

However, Singapore was not spared from the effects of the global funding slowdown. Deal volume in the city-state dropped 19.8% year on year, reaching just 522 in 2023. The amount raised also plunged 44.7% to $6.1 billion.

Collectively, the ASEAN 6 experienced a 28.6% drop in deal volume compared to the previous year. The region also saw deal values plummet by nearly 53%.

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Other updates from DATA VANTAGE

Singapore-based Carousell has issued shares worth $1.5 million to luxury bag reseller LuxLexicon’s founder Florence Low. The classifieds unicorn announced the acquisition of LuxLexicon this week.

Circular economy technology company ecoSPIRITS has issued ordinary and preference shares worth [redacted] million to several investors, including [redacted].

Snaphunt, a Singapore-based HR tech company, has bagged fresh capital from Tokyo-headquartered Raksul Inc.

Southeast Asian last-mile logistics provider Ninja Van recorded a 30.6% jump in its net loss for the financial year ended June 30, 2023, as it struggled to curb costs.

EQT-backed Southeast Asian healthcare service provider Health Management International Group (HMI Group) reported higher revenue for the financial year ended June 30, 2023, but its profit dipped 44% due to soaring costs.

Indonesia-based open finance platform Ayoconnect saw its losses surge 3.25x in the financial year ended December 31, 2022, as its revenue grew by 63%.

Indonesia-based hospitality company Artotel reported a 7.4x revenue growth in the financial year ended December 31, 2022. The company also managed to curtail its losses by 98% during the period.

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