Dear Pro member,
SoftBank Vision Fund continues to be in the red!
The global investor and the backer of iconic brands, such as Alibaba and GoTo, has incurred a US$32B loss for its Vision Fund in the financial year ending March. The loss went up by about 70% from the US$$19 billion loss reported in the same period last year. It is attributed mainly to the valuation corrections across its portfolio firms amidst the ongoing economic crisis.
“For private portfolio companies, the fair value decreased in a wide range of investments, mainly reflecting markdowns of weaker-performing companies and share price declines among market-comparable companies,” SoftBank Group said in its earnings report.
Tough time ahead for SoftBank Vision Fund’s portfolio startups, especially the loss-making ones.
A positive development amidst SoftBank’s disappointing performance: Southeast Asian tech startups raised ~US$10.4B in 2022. According to a report by Momentum Works and Cento Ventures, 2022 was the region’s third-strongest year on record in terms of capital raised. This is a significant development as this came amidst the global slowdown.
There is much more exciting stuff in today’s edition.
Happy reading.
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SEA tech startups raised US$10.4B in 2022 amid market downturn
The deal volume worth US$100M+ was down by 60% in 2022 v/s the previous year; Funding for early-stage startups, particularly deals at less than US$50M, remained relatively stable, says a Momentum Works and Cento Ventures report.
SoftBank posts record US$32B Vision Fund losses in FY22
In FY21, the Vision Fund’s loss was US$19B; Since their inception, Vision Fund 1 has seen a US$11.4B gain while Vision Fund 2 has incurred US$18.3B in investment losses.
Genesia Ventures nets US$110M in final close of Fund III
Investors include Mizuho Bank and Canal Ventures; Genesia looks to invest in startups engaging in digital transformation, media and entertainment, new economy, and frontier tech such as robotics and spacetech.
Flash Coffee extends Series B round to US$50M
The investors are White Star Capital, Delivery Hero, Geschwister Oetker, and Conny & Co.; The company plans to sustainably grow its footprint across APAC, serving customers in Singapore, Indonesia, Thailand, HK, and Korea.
SG P2P lender Capital Match to be liquidated
In February 2022, Tech in Asia reported on Capital Match’s irresponsible lending practices, including providing misleading information to investors; Capital Match links investors with SMEs seeking loans.
EcoSpirits raises US$10M in Series A funding
The investors are Closed Loop Partners, Proterra Investment, Pavilion Capital, and Wavemaker; EcoSpirits develops a low-carbon way to move alcoholic drinks from manufacturers to bars.
Ruangguru acquires Vietnamese live teaching platform Mclass
The acquisition is a strategic move to expand its reach and capability in Vietnam; Mclass works with top-performing teachers in the country to offer live teaching sessions in subjects, such as math, science, literature, and IELTS.
Animoca Brands posts US$194M cash, stablecoin balance
It said it has liquid digital assets of US$566M, which includes reserves of Sand (the utility token used in The Sandbox, an NFT metaverse platform) as of April 30; Its cash balance stood at ~US$98M, while its digital asset holdings were worth US$211M.
E-commerce solutions firm The Commerce Co bags US$15.5M
The investors are Openspace Ventures and Jungle Ventures; The firm’s Slide Cart offers a free plan that enables users to make store announcements, offer rewards and coupons, and cross-sell and upsell items on their e-commerce sites.
Sequoia SEA leads US$6M round of SG cybersecurity startup SquareX
By using its cloud service, SquareX lets users open links and files in special browsers that neutralize threats; These special browsers run in data centres, stopping web threats before they reach users’ computers.
Thailand’s SCB acquires home service marketplace for ID expansion
SCG said that with the acquisition, its subsidiary Q-Chang can immediately gain a foothold in the service industry; Q-Chang offers similar services to Seekmi in Thailand.
Hong Kong-based Return Helper bags US$1.5M funding
The investors are AVA Fund, Colopl Next, and Cornerstone Ventures; The startup helps e-commerce players simplify the returns process and make it more affordable.
VN fintech firm Finhay pivots to target ‘semi-pro’ investors
The new smart investment platform, VNSC by Finhay, wants to target investors who lack the time and knowledge to invest effectively; It aims to leverage product offerings from VinaSecurities, which it acquired in 2022.
Tenity launches APAC’s first XRPL accelerator
It aims to support early-stage startups developing blockchain and crypto tech on the XRPL; Startups admitted to the program will receive a US$50K grant and access to potential investors and partners.
At Echelon Asia Summit 2023, we are looking at what the future may bring
With a spotlight on Future Sectors and Investment Trends, we will look at how we can seize opportunities in these fields.
8 startup frontrunners vying for a spot in the 2023 TOP100
From our diverse pool of applicants, get to know these 8 unique startups that are a step closer to competing at this year’s TOP100.
AI will transform customer service, risk management in financial services: finbots.ai CEO
finbots.ai has developed a credit modelling solution to analyse vast amounts of data to develop credit risk scorecards for lenders.
A snapshot of the six cool products we found at Beyond Expo in Macao
From autonomous cars, and flying taxis to autonomous drones, the Beyond Expo is showcasing hundreds of products, mainly from China.
How NZ and Singapore are working together to build a great future with tech
For New Zealand startups, popular sectors include foodtech, cleantech, and health tech–and there are already several collaborations between startups in these sectors with Singapore.
How Funding Societies implement diversification strategy to push for growth, sustainability
Funding Societies’s revenue model consists of payment fees, lending and service fees, as well as interest income from SMEs and funders.
Are you using your air miles? The future of air miles with NFTs
Using NFTs, airlines can create a tamper-proof way to record customer preferences for loyalty program benefits and ensure that the points are secure for future benefits.
Harness the power of your location data to drive business growth
How harnessing the power of your location data can help empower your business with the help of UNL’s unique location technology.
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The post Ecosystem Roundup: SEA startups raised US$10.4B in 2022 amid downturn | SoftBank Vision Fund losses widens to US$32B in FY22 appeared first on e27.