The past week saw the baptism of several new unicorns.
Singapore based online classifieds marketplace Carousell joined the unicorn club after raising $ 100 million from a South Korea-based private equity firm STIC investments at a valuation of $ 1.1 billion.
Indonesian digital payment platform Xendit became a unicorn after pocketing $ 150 million in a Series C funding round led by Global Tiger Management. Existing investors Accel and Amasia also participated in the round.
This year, other new unicorns to emerge in Southeast Asia include Nium, Carro, Carsome, PatSnap, and Flash Express.
The Indian online gaming platform Premier League mobile (MPL) achieved coveted status after raising a Series E funding at a pre-monetary valuation of $ 2.3 billion. His last cycle was conducted by Legal capital and joined by Sequoia, SIG, RTP Global and Go-Ventures.
Jobs platform Apna joined the growing list of Indian unicorns after landing $ 100 million in its existing investor-led Series C round Global Tiger Management. The round valued Apna at $ 1.1 billion.
XTransfer, a Chinese provider of cross-border financial and risk management services, has secured the $ 1 billion valuation after raising $ 138 million in a Series D funding round led by hedge fund Dan Sundheim Financial partners D1.
Could this Indonesian startup be next? The pandemic has sparked renewed consumer interest in wealth management platforms in Indonesia. Surf this high demand investment platform Ajaib is in talks to close a round table led by World Daylight Saving Time that could catapult the startup into the unicorn club, DealStreetAsia has learned.
Real estate investment manager AEW Capital Management closed its fourth Asia-Pacific value-added fund after securing commitments totaling $ 1.54 billion. The final amount raised for AEW Value Investors Asia IV exceeded the initial target of $ 1.2 billion.
Dutch fintech investor Capital finch plans to create a venture capital fund with Central Capital Ventura, the venture capital arm of Indonesian private lender Bank BCA. The fund is said to be aimed at raising around $ 200 million.
Fibonacci VC, a Chinese venture capital firm founded by former Fortune Capital partner Xiong Wei, closed its second RMB fund at 1.3 billion yuan ($ 201.5 million).
International Finance Corporation (IFC) is considering a proposal to invest up to $ 25 million, with an equivalent amount in a co-investment envelope, in the second fund of the Indian venture capital firm A91 Partners.
Investment company based in the United States Capria Ventures made its first limited partner (LP) investment in Indonesia, supporting a start-up venture capital firm AC companies. Capria has previously supported general partners including Genesis Alternative Ventures, based in Singapore, Arkam Ventures and Unitus Ventures in India, and Global Ventures, based in Dubai.
VC lever reached the final close of its first $ 80 million fund to support early stage plant-grown meat and dairy companies around the world.
LaSalle Investment Management joined the Texas Permanent School Fund and the Sacramento County Employee Retirement System as LPs in its first dedicated logistics fund in China.
from China CITIC Capital held the final close of a 2.625 billion yuan ($ 408.2 million) RMB-denominated fund in partnership with SCPG to invest in Tier I and II cities nationwide.
Yue Yuen Industrial, a subsidiary of the listed shoe manufacturer in Taiwan Pou Chen Company, committed $ 50 million to the eighth buyout fund of Baring Private Equity Asia.
Fubon life insurance, the insurance unit of Taiwanese financial conglomerate Fubon Financial Holdings, has pledged $ 65 million to invest in Capital of Clearlakeseventh flagship fund of.
Early stage venture capitalist 500 startups reached the final close of its flagship global fund of $ 140 million, the largest to date, and renamed itself 500 in the world.
The offer corner
Graphic design and collaboration platform Cloth is valued at $ 40 billion after raising $ 200 million in a funding round led by an investment management firm Price T. Rowe.
Jakarta-based Wealth Tech Startup Pluang raised an additional $ 35 million led by Australian VC Square ankle to close its last round of funding at a total of $ 55 million.
Start-end backend as a service based in Singapore Supabase raised $ 30 million in a Series A round led by Coat, while the alternative protein closes Growth foods raised $ 22 million in a funding round led by a French private equity firm Crédev.
Thai alternative digital lending platform SCB abacus raised $ 12 million in a Series A funding round led by Open space companies. Funding was joined by Vertex Ventures Southeast Asia and CAI Partners.
Private equity company Excelsior Capital Vietnam Partners invested in an education group Khoi Nguyen Investment and educational development, while the edtech startup Clévaï Vietnam raised $ 2.1 million in a pre-Series A funding round led by Altara Ventures.
SOCAR Mobility Malaysia, a subsidiary of South Korean car-sharing start-up SOCAR, raised $ 55 million in Series B funding round from South Korea EastBridge Partners and Malaysia Sime Darby.
Major in digital payments in India Pine laboratories, which is considering listing in the United States, has raised an additional $ 100 million in pre-IPO funding from Invesco Developing Markets Fund.
Chaldal, one of Bangladesh’s largest grocery e-commerce platforms, has raised $ 10 million in a Series C funding round led by Taavet Hinrikus, co-founder of London-based payments company Wise.
Indonesian e-commerce platform Bligli.com, a subsidiary of the local conglomerate Djarum Group, has signed an agreement to acquire a 51% stake in the food chain PT Supra Boga Lestari Tbk (SBL).
Exploit public markets
This week, Singapore unveiled a series of financing and incentive measures, including a $ 1.1 billion fund, to attract high-growth companies to raise capital on the SGX. The development confirmed an earlier report from DealStreetAsia.
Supported by Temasek Capital of Heliconia is considering a SPAC listing on the Singapore Exchange (SGX), DealStreetAsia has learned. Other fund managers who would consider launching a SPAC listing on the Singapore Stock Exchange include Vertex Holdings, Turmeric Capital, Novo Tellus and Tikehau Capital.
Hong Kong COVID-19 Testing Lab Prenetic agreed to merge with Artisan Acquisition, a SPAC founded by the tycoon Adrien cheng, to become the city’s first unicorn to go public. The merger will value the combined equity at $ 1.7 billion.
What the data tells us
Investments in private companies in Greater China rose for a third consecutive month to nearly $ 9 billion in August 2021, up 28.5% from July.
After hitting a 19-month high in July, Indian startup fundraising fell to $ 4.6 billion in August. Led by several important deals, Indian startups had garnered a record $ 11 billion in July.
Fundraising by Southeast Asian-focused private equity funds in the first half of the year at $ 1 billion has already equaled the tally for all of 2020, according to latest report by DealStreetAsia – DATA ADVANTAGE.
Seize the news
Grab lowered its annual forecast this week, citing renewed uncertainty over movement restrictions linked to the pandemic despite encouraging vaccination rates in the region. The rideshare and payments company said it plans to report group-level adjusted net sales of $ 2.1 billion to $ 2.2 billion, from the $ 2.3 billion reported in April.
In a separate review, we looked at the lesser-known corporate branch of decacorn, which is quietly emerging as the underrated goose that lays golden eggs.
And then there was ONE
Sale of assets to subsidiary helped sports media company A championship report a profit of $ 341 million for the fiscal year ended December 31, 2020.
ONE recorded the gains from a sale of $ 400 million of “intellectual property rights relating to combat sports and martial arts activities in the United States” to a subsidiary incorporated in Delaware called One Championship Inc. .
Interviews and analyzes
As Adams Street Partners is becoming more active in South East Asia, it is looking to set up country specific funds in the region in the future. “There are some countries in Southeast Asia where the economy is big enough and the private equity sector is developed enough that we can do this successfully,” Sunil Mishra, partner at the office, told DealStreetAsia. of Singapore from the investment manager.
venture capital firm Adventures in the jungle, which this week announced an initial $ 225 million close of its $ 350 million fourth Southeast Asia fund, remains “focused” on being the region’s leading investor , although the region continues to see a surge in SPAC agreements, its founding partner Amit Anand said.
Vietnam, one of Southeast Asia’s fastest growing digital markets, is poised to usher in a new wave of e-commerce enablers, said Erik Jonsson, e-commerce veteran and partner of a early-stage global venture capital firm. Antlers, in an interview.
Political uncertainty and a lingering COVID-19 crisis have taken a double whammy on Malaysia’s already fragile investment climate. Several regional private equity firms have turned away from Malaysia while evaluating investments elsewhere in Southeast Asia, executives from various companies told DealStreetAsia.