Data Vantage | Vertex’s Binance exit, Conversant’s funding and other updates
Edition #135, 16 Dec 2021
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Dear Reader,
Vertex Ventures Southeast Asia & India and Vertex Ventures China have exited their investment in the Singapore affiliate of cryptocurrency exchange Binance, according to regulatory filings.
The funds, which are part of Temasek-backed Vertex Holdings’s global VC network, transferred their stakes in Binance Asia Services to Ireland-based Binance (Services) Holdings on Monday. The development coincided with Binance’s announcement that it was withdrawing its application to run a licensed crypto exchange in Singapore.
The Vertex funds and Binance founder and CEO Changpeng Zhao were the only shareholders in Binance Asia Services prior to the secondary transactions. Vertex had invested $10 million in the entity from 2018 through 2020.
Share allotments by Binance Asia Services prior to Dec 13
Source: DATA VANTAGE
Earlier this month, Binance Asia Services announced it had invested in regional private securities exchange Hg Exchange to pick up an 18% stake.
On Wednesday, Binance announced its plans to launch an exchange in Indonesia in partnership with a consortium led by MDI Ventures, which is backed by state-owned telco Telkom Indonesia.
Other updates from DATA VANTAGE
Singapore-based digital media enablement startup Conversant bagged $21.2 million in a Series B round, according to its regulatory filings. The startup could raise up to $9.5 million in addition as it has been approved to issue more Series B shares.
Appboxo, which builds integration infrastructure for apps and third-party services, has raised $7 million in a new round of funding from investors including Gradient Ventures, 500 Southeast Asia, Antler and RTP Global.
The company also issued preference shares worth $1.1 million to FF APAC Scout, a Founders Fund vehicle; 500 Southeast Asia; Antler; and Plug and Play Ventures last week. These investors had participated in Appboxo’s seed financing likely via convertible notes.
Indonesian logistics firm SiCepat Ekspres bagged $4.24 million from Onstar 1 SPV, a special purpose vehicle affiliated with venture capital firm Kejora Capital, last week.
Onstar 1 also purchased SiCepat shares from other shareholders and now holds a 1% stake in the company. Meanwhile, Kejora’s shareholding stands at 6.53%.
Siffat Sarwar, the co-founder of Bangladesh-based B2B commerce platform ShopUp, transferred her entire stake in the company to newly established Shadhin Pte Ltd. Sarwar, who founded ShopUp in early 2017, resigned from the company’s board in June this year and lists her position at the firm on LinkedIn as an advisor since January 2021.
Restaurant technology firm Easy Eat AI received $2.3 million from the Rajaram Family Trust this week. The trust, which represents DoorDash executive Gokul Rajaram who has earlier invested in Nium and Livspace, now holds a 20.56% stake in Easy Eat.
Agritech startup DiMuto bagged $2.35 million earlier this week as part of a Series A round announced in September. The round was led by The Yield Lab Asia Pacific and joined by SEEDS Capital, PT Great Giant Pineapple, Patrick Vizzone, Ocean Crest Investments, and Asia Capital Pioneers Group.
Autonomous vehicle startup MooVita received $1.97 million from Malaysian energy infrastructure firm Yinson and private investment firm 1Derlife Growth last week as part of its Series A round. The startup has raised $10 million to date.
Indian B2B marketplace Moglix secured nearly $1 million from Alpha Wave Incubation earlier this week as part of its Series E round. The investment firm had earlier bought Moglix shares from Accel and Tanglin Venture Partners in secondary transactions.
According to DATA VANTAGE, Moglix has raised $121.99 million so far this year, of which as much as $63.99 million came from Alpha Wave.
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