The Southeast Asian startup ecosystem witnessed many activities this week. From GoTo’s release of Q1 financial results to Capria’s first close of Fund II and Selex Motors’s US$3 million financing, the ecosystem saw many major deals.
Take a look at the highlights of the week.
GoTo trims Q1 loss by 41%
Indonesian tech giant GoTo Group announced its financial results for the first three months of this year. The firm said it narrowed its net loss by 41 per cent for the quarter ending March 31, 2023, to Rp 3.9 trillion (US$265 million) from US$445 million recorded in the same period last year.
The improvement is mainly attributed to higher revenues and reduced incentives and product marketing spending.
In Q1 2023, GoTo Group continued to optimise monetisation and reduce costs across the organisation. Gross revenue grew 14 per cent YoY to Rp 6 trillion (US$408 million), while incentives and product marketing costs were reduced by Rp 2.6 trillion (US$317 million) or 39 per cent YoY.
ONE, Animoca join hands
Animoca Brands and its game developing and publishing subsidiary Notre Game announced a partnership with leading martial arts organisation ONE Championship to create an NFT-powered mobile game ONE Fight Arena.
The We3 game is being developed by Notre Game and will start player testing in Q4 2023, with a full global launch in Q1 2024.
It will be available as a free-to-play mobile game on Google Play and Apple’s App Store.
Explico secures US$1.4M
Singapore-based edutech startup Explico secured US$1.4 million in pre-Series A financing. The key investors are Astonic Ventures Singapore, Mavis Tutorial Centre, and Singapore Asia Publishers.
Explico will use the money to enhance its learning platform and expand in Southeast Asia, specifically Vietnam and Philippines, and Africa.
Better Bite backs 4 alt-protein firms
Better Bite Ventures, a fund focused on alternative protein startups in Asia Pacific, invested an undisclosed amount in four startups under its early-stage First Bite initiative.
The startups are Singapore-based Allium Bio and Cultivaer, New Zealand-based EatKinda, and India-based Klevermeat.
Capria Fund II hits US$100M first close
Capria Ventures, a ‘global south’ specialist VC firm, announced the first close of its US$100 million Fund II.
The VC firm’s previous institutional investors, including OIP Investment Trust and Gates Ventures, besides individuals and family offices, including Crystal Springs Foundation, Sall Family Foundation, Brakeman Family Trust, and two founders of Pioneer Square Labs, invested.
Fund II will make early-growth (Series A and A+) investments in sectors, including fintech, mobility/logistics, agtech/foodtech, climate, and job tech/HRtech, with an emphasis on Generative AI and climate tech.
Cosmose AI nets funding from NEAR
Singapore-based Cosmose AI, a global platform that predicts and influences how people shop offline, received a strategic financing from NEAR Foundation at a US$500 million valuation.
NEAR Foundation is a Swiss non-profit that supports the ongoing growth and development of the Near Protocol, a carbon-neutral blockchain.
With the new investment, Cosmose will innovate within the Web3 ecosystem to create a “seamless” experience for shoppers and increase sales for retailers. By leveraging Web3, Cosmose AI can ensure that users maintain complete control over their data and benefit from the ecosystem they help create.
VN’s Selex Motors scores US$3M
Selex Motors, a Vietnamese maker of electric two-wheelers and battery packs, netted US$3 million in convertible notes from ADB Ventures, Touchstone Partners, and two foreign investment funds.
The company aims to utilise the funds to expand its two-wheeler production lines and set up battery-swapping systems in key cities in Vietnam, aiming to become the nation’s largest battery-swapping network provider.
“This investment will provide us with a strong foothold in Vietnam and a platform for our expansion into other parts of the region,” said Selex CEO Nguyen Huu Phuoc.
ZEBOX expands into APAC
ZEBOX, a French accelerator connecting entrepreneurs, industry leaders, and ecosystem experts globally, announced the launch of its Asia Pacific hub in Singapore.
The accelerator aims to help tackle pressing business and sustainability issues in multiple sectors, such as supply chains, logistics, transportation, and energy.
With the support of Enterprise Singapore and the Maritime Port Authority of Singapore (MPA), ZEBOX Asia Pacific will identify startups in Asia, notably in Singapore, and match them to corporate partners. Together, they can embark on co-innovation projects locally and across markets in the Asia Pacific.
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Copyright: akerstudio
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