Data Vantage | Una Brands, Fazz, Advance, Gero and Groundup.ai rake in capital

DealStreetAsia
4 min readMar 2, 2023

Edition #253, 2 Mar 2023

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Singapore-based e-commerce brand aggregator Una Brands received $2.7 million this week from private equity (PE) firm Northstar Group. The investment is part of a recently announced $30 million pre-Series C, which is a combination of equity and debt financing.

According to the company’s regulatory filings, it has secured $12.3 million in convertible notes from the PE firm as part of the round.

The recent equity funding from Northstar valued Una Brands’s shares at the same price as its $30 million Series B round in September, which was co-led by venture capital (VC) firms White Star Capital and Alpha JWC Ventures.

Top shareholders in Una Brands

Data as of March 1. Source: DATA VANTAGE

Indonesian fintech company Fazz received $5.3 million from MUFG Innovation Partners, the corporate VC arm of Japan’s Mitsubishi UFJ Financial Group, this week.

The company’s share price in the latest transaction was the same as the $75 million equity financing it secured in September, along with a $25 million debt facility from Lendable.

VC fundraising in 2022 topped pre-pandemic levels but…

Southeast Asia-based VCs raised a whopping $4.14 billion across 31 funds in 2022, revealed our latest report.

A closer look at the data reveals that most fund closes happened in the first half of the year, benefitting from carry-over deals and lingering effects from 2021’s liquidity glut. Meanwhile, the second half of the year showed visible signs of a slowdown as the number of final closes took a plunge.

VC fund closes per semester

Source: SE Asia’s VC Funds: H2 2022 Review

Get the report to find out how regional VCs and their larger Asian and global counterparts with SE Asia allocations fared during the year, especially during the second half, and how many funds are currently in the market to raise capital.

Other updates from DATA VANTAGE

Philippines-based on-demand salary startup Advance received $1.3 million this week from Do Ventures and Foxmont Capital Partners as part of a $6 million round announced in December.

Preclinical-stage AI drug discovery company Gero received $4.76 million this week from individual investors.

The parent company of financial news platform The Morning Context received $129k this week from Nium co-founder Prajit Nanu, CRED founder Kunal Shah and Koo co-founder Aprameya Radhakrishna.

Digital health company Hello Health Group received $2.36 million this week from an entity backed by its chairman Charles Toomey as well as UK-based Enigma Holdings Group and Denmark-based TJ Advisory Holding.

Groundup.ai, a Singapore-based AI startup for machine maintenance and workplace safety, received $1.8 million from Wavemaker Partners and SEEDS Capital last week.

Indian quick commerce company Blinkit reported a consolidated loss from operating activities of Rs 1,422 crore in the financial year ended March 31, 2022, about 150% higher than the previous year.

Pakistan-based online pharmacy Dawaai more than doubled its revenue in the financial year ended June 30, 2021. However, its net losses surged by 40% during the period.

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