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In 2021, Southeast Asia will receive five new unicorns, according to data.
Andi Haswidi contributed to this article.
15th of July, 2021
As the COVID-19 pandemic rages across Southeast Asia, the area has added five more tech unicorns this year, or privately owned enterprises valued at more than $1 billion.
After concluding a share-swap deal to take over a 19.9% stake in Australia-listed iCar from Catcha Group, Malaysia-based used car marketplace company Carsome will become the region’s latest unicorn.
Following the announcement of the deal on Tuesday, Carsome will purchase the remaining 80.1 percent of iCar for more than $200 million.
Carsome is, of course, the region’s second used-car marketplace to achieve unicorn status. Carro, based in Singapore, joined the unicorn club in June after raising $360 million in a Series C investment backed by SoftBank Vision Fund.
Carro is getting Series C money in installments. According to the most recent update on DealStreetAsia – DATA VANTAGE, the firm issued fresh shares to raise $228 million last week, giving SoftBank at least a 30% ownership in the company.
Carsome and Carro, which compete in numerous Southeast Asian markets, have benefited from a growing demand for secondhand automobiles as household incomes have dropped due to the pandemic.
Carro’s top stockholders
DealStreetAsia – DATA VANTAGE is the source of this information.
Unicorns have arrived.
After raising a total of $150 million in Series D+ and E rounds last month, logistics firm Flash Express became Thailand’s first unicorn.
Meanwhile, Indonesia’s J&T Express was named the region’s most capitalized logistics startup in the first quarter of this year after receiving $2 billion in funding from a consortium of investors led by private equity companies Hillhouse Capital and Boyu Capital.
Southeast Asia’s e-commerce behemoth Shopee has chosen J&T as its preferred delivery partner. The company’s development into China, on the other hand, was important in raising the massive capital round.
J&T’s Indonesian rival SiCepat Ekspres, which is rumored to have gotten funding from Tokopedia, Indonesia’s most popular online marketplace, is projected to be the next logistics firm to reach the billion-dollar threshold.
Beyond opportunistic expansion due to the pandemic or the increased acceptance of e-commerce, the narrative of unicorn formation in Southeast Asia is fascinating. PatSnap’s success in Singapore is a tribute to the region’s rich technological innovation.
PatSnap, which became a unicorn in March, identifies intellectual property rights around the world using data and AI-powered analytical tools. Xiaomi Corp, Dyson, and drone producer SZ DJI Technology are among the company’s 10,000 corporate customers.
Unicorns in Southeast Asia: A Timeline
Sea and Razer are now available in the United States and Hong Kong, respectively. As a result, they are no longer considered unicorns. Additional DATA VANTAGE snippets
Alternative protein firm Next Gen Foods revealed earlier this week that it had raised $20 million in an expanded initial funding round. As of last week, our data shows that the company had received $18 million of the aforementioned cash. With a $177 million value, Next Gen now ranks among Southeast Asia’s tech centaurs.
Last week, Indian merchant trade platform Pine Labs raised $31.8 million by issuing additional shares. According to our database, the company has raised $187.7 million so far this year, bringing its total equity capital to above $500 million.
AND Global, a supplier of fintech-as-a-service solutions, raised $7 million in new paid-up capital this week, increasing its total equity fundraising to $20.8 million, according to our database. Marubeni Corporation and SBI Holdings led a $15.3 million Series A fundraising transaction, which included the fresh cash.
So far this year, telemedicine platform MyDoc has raised $2.9 million in new funding. According to Bain & Company, the COVID-19 health regulations spurred the spread of telemedicine apps throughout Asia, a trend that is expected to outlast the epidemic.
According to company records, Bonza, a Jakarta-based collaborative data engineering and analytics platform, has raised $2.6 million this year. Elsa Chandra and Philip Thomas, former Traveloka employees, founded the company in 2020 with the goal of becoming profitable in its first year. In May, the company announced the successful conclusion of its seed round, which was led by East Ventures.
Thousands of venture-backed firms’ funding, shareholding, and financial data are available to DealStreetAsia – DATA VANTAGE subscribers. This database is for you if you’re an investor looking for your next big bet or a market player trying to assess the competition.
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