Prolific dealmaker Tiger Global Management has invested at least $272 million in Southeast Asia’s startups so far this year, according to DealStreetAsia – DATA VANTAGE. The number could be higher as the estimate is based on the capital it has wired to companies thus far.
Major recipients include fintech startup Spenmo, B2B e-commerce platform Moglix, HR tech platform Multiplier, logistics startup Waresix and crypto exchange PDAX.
Tiger Global’s SE Asia investments so far in 2022
We can now add Intellect to the list. The Singapore-based mental health startup this week announced a $10 million Series A extension led by Tiger Global. Regulatory filings show the investment firm will contribute $6.5 million to the round, bringing its SE Asia investments this year to at least $278.5 million.
It remains to be seen if Tiger’s pace could slow down amid a funding winter marked by renegotiated term sheets—the investor is understood to be a party to several such deals—and down rounds.
SE Asia’s startups see deal volume decline in Q2
Winter or not, there was a nearly 20% quarter-on-quarter decline in funding deals inked by Southeast Asia’s startups in the second quarter, according to our latest report. The drop was sharper than the 15% sequential contraction recorded two years ago when most countries in the region first implemented travel lockdowns to curb COVID-19 transmission.
Mega deals such as a $690 million round raised by Coda Payments and a $300 million funding for Xendit propped up deal value during the quarter to $4.77 billion.
Fund managers expect a slower pace of investment for the rest of the year, especially for growth and late-stage funding.
Equity and debt funding for venture-backed startups in SE Asia
Other updates from DATA VANTAGE
Desty, an Indonesian social commerce solutions provider, received $2.5 million this week from Square Peg Capital. It allotted pre-A3 shares to the Australian venture capital firm at a price 3.6 times that of its pre-A shares issued in Sept 2021. The capital injection brings its pre-Series A equity funding to $10.7 million.
Chinese internet company Kunlun Tech bought additional shares in coffee startup Kopi Kenangan from its founders and early investor Alpha JWC Ventures this week.
HR tech startup Kini received $2.3 million from investors including East Ventures and K50 Ventures last week. The funding is part of a $4.3 million seed round announced recently.
Singapore-based IoT service provider UnaBiz reported a 23.7% decline in revenue for the financial year ended December 31, 2021. The firm purchased Dutch IoT firm SensaTag in February and became the owner of French IoT company Sigfox, which had filed for bankruptcy protection, in April.
Singapore-based voice AI startup WIZ.AI increased its revenue more than 8.7 times in the fiscal year ended Dec 31, 2021.
E-commerce enabler Anchanto recorded a 108% increase in revenue for the fiscal year ended Dec 31, 2021. Its net profit before interest surged nearly 69% during the year.
Cloud-based document security provider Digify reported revenue of $2.43 million for the financial year ended December 31, 2021, up 42.5% year on year.