It’s the time of the yr, the place we glance again and replicate at our lives and actions over the previous 12 months. It’s additionally a time the place we pat ourselves on the again for surviving one other pandemic yr and have fun the wins that occurred on this interval.
2021 can be a yr many Singapore startups had a job properly finished too, having obtained contemporary funds and clinched the extremely coveted “unicorn” rating. A unicorn is a time period used within the enterprise capital world to explain a privately held startup with a valuation of over US$1 billion. They’re known as unicorns as a result of they’re uncommon and sometimes have seen skyrocketing success or market traction, therefore attaining an virtually mythical-like standing.
Components that drove the excessive valuations are attributable to sturdy funding from personal fairness markets within the Southeast Asia area over the previous few years, supported by a rising center class and a rise in smartphone and information utilization.
Covid-19 has additionally supplied a lift to a number of sectors of the economic system comparable to FinTech and e-commerce attributable to a rise in tech demand and digital adoption.
We check out an inventory of 9 startups that reached unicorn standing this yr.
Ninja Van
The logistics agency raised US$578 million in its newest funding spherical with buyers together with Chinese language e-commerce large Alibaba Group.
It was Ninja Van’s largest fundraise since its inception in 2014, lifting the agency’s valuation to above US$1 billion. The logistics startup will use the contemporary funds to construct its infrastructure and tech platform.
Based in 2014, Ninja Van has turn out to be one of many area’s fastest-growing tech-enabled logistics companies. The startup is claimed to be making ready to go public as quickly as subsequent yr.
It claims it delivers round two million parcels a day all through the area, and employs greater than 61,000 workers and supply personnel.
Carousell
It “joined” the billionaire membership on September fifteenth this yr after elevating US$100 million in its newest funding spherical, taking its valuation to US$1.1 billion. The nine-year-old startup runs an e-marketplace that sells second-hand merchandise from automobiles to clothes.
The most recent spherical was led by South Korean personal fairness agency STIC Investments, and Carousell counts enterprise capital companies together with Golden Gate Ventures and EDBI as its buyers.
The funds raised will help its enlargement plans. It at present has a presence in eight Southeast Asian markets.
CEO and co-founder of Carousell Quek Siu Rui had mentioned that the pandemic has accelerated the adoption of digital providers and is an “alternative for the agency to double down on recommerce efforts”.
Carousell is at present engaged on authentication capabilities for higher-value merchandise, together with luxurious items and automobiles.
PatSnap
In March this yr, the intelligence platform raised US$300 million for its Collection E funding, clinching a valuation of US$1 billion. Heavy backers the likes of SoftBank and Tencent Funding supported the funding spherical.
PatSnap is a supplier of patent analytics and its model title is brief for ‘patents in a snap’. Based in 2007, it has greater than 800 staff and 10,000 shoppers. Clients embody Spotify Know-how and Xiaomi Corp.
The startup spent greater than 10 years gathering patent information from 140 international locations and makes use of synthetic intelligence (AI) to supply insights to prospects. Customers kind key phrases and phrases on the platform like “FinTech” to get details about firms, tech, and inventors within the house.
It makes income by charging prospects a subscription charge that ranges from US$5,000/yr to US$30,000/yr, relying on utilization.
Nium
A funds platform for cross border funds, native accounts, and card issuance. The startup raised US$200 million in a Collection D spherical led by Riverwood Capital in July this yr and reached unicorn standing.
Notable buyers embody Temasek Holdings, Vertex Ventures Southeast Asia, and Riverwood Capital. In whole, Nium has raised US$280 million in over seven funding rounds.
The funds can be used to reinforce Nium’s funds infrastructure and construct on embedded FinTech providers.
Based in 2014, Nium co-founder Prajit Nanu considered organising the enterprise after he bumped into issues sending a small sum of cash from India to Thailand. As we speak the agency has greater than 200 shoppers, together with SingTel.
Matrixport
It’s a digital property and monetary providers platform that helps investing and buying and selling in cryptocurrencies.
The 2-year-old startup reached US$1 billion in valuation in June this yr, after its newest fund increase. The Collection C spherical was led by DST International, K3 Ventures and different individuals together with Tiger International and A&T Capital.
As of March this yr, the agency claims it holds over US$10 billion of shopper property beneath administration (AUM) and custody. It plans to go public in three to 5 years and has set the goal of lots of of billions of {dollars} in AUM and prospects by the identical interval.
Matrixport is a spin-off from Bitmain, the world’s largest maker of Bitcoin mining rigs. Billionaire Wu Jihan, who’s co-founder of Bitmain, resigned as Chairman and CEO from that firm in January this yr, after years of energy wrestle together with his co-founder Micree Zhan. Wu now serves because the chairman of Matrixport.
In line with the agency, it’s profit-making. It took in US$7 to US$8 million in income for 2019.
Bolttech
An insurtech startup, it accomplished an oversubscribed US$180 million Collection A spherical in July this yr. The valuation brought about the agency to rise to unicorn standing.
Bolttech goals to attach insurers, distributors, and prospects to make it simpler and extra environment friendly to purchase and promote insurance coverage and safety merchandise.
It claims to be the most important insurance coverage trade on the earth, transacting US$5 billion in premiums on the platform and gives a gateway to greater than 5,000 merchandise and 150 insurance coverage suppliers.
The corporate is simply barely a yr previous, and it has over 1,400 staff and a presence in 14 markets throughout Asia, North America, and Europe. It claims it serves 7.7 million prospects.
Carro
One other consumer-facing startup additionally joined the unicorn membership in June this yr. That’s after it accomplished a US$360 million funding spherical led by SoftBank, aimed toward supporting its regional enlargement plans. The net platform permits prospects and wholesale companies to purchase and promote automobiles with a pricing algorithm that locates one of the best offers.
This made it the primary auto market to realize a billion greenback valuation within the final 5 years. Part of the funds can be used to strengthen its companies in Singapore, Malaysia, Indonesia, and Thailand.
The startup can even faucet on the funds to increase its monetary providers and enhance its AI capabilities. Carro is claimed to be making ready for a US itemizing that can occur within the subsequent 1.5 to 2 years.
The auto market startup was began by Aaron Tan and two of his college schoolmates in 2015 with the purpose to sort out an absence of transparency within the area’s automobile buying and selling market.
Advance Intelligence Group
The AI tech startup is mother or father firm of purchase now pay later (BNPL) platform Atome, FinTech agency Advance.AI, and digital lending platform Kredit Pintar.
In September, it closed a US$400 million funding spherical from an investor consortium led by SoftBank Imaginative and prescient Fund 2 and Warburg Pincus. This valued the agency to achieve US$2 billion, 5 instances greater than its earlier valuation in 2019.
The capital injection will assist the corporate develop its BNPL platform and digital lending presence throughout Asia. It’ll additionally help AI and large information analysis in addition to develop its expertise pool.
The group has over 1,500 staff throughout 12 markets in Southeast Asia, China, and Latin America.
Moglix
The six-year-old e-commerce startup obtained contemporary funds of US$120 million from buyers in Could this yr, valuing its enterprise to US$1 billion.
It was final valued at near US$300 million in July 2019, the place it raised US$60 million.
Moglix gives producers with industrial items and is engaged on a set of producing providers from begin to finish – procurement, packaging, supply-chain financing, and software program.
The startup claims it has supplied options to greater than 500,000 small and medium enterprises and over 3,000 manufacturing crops throughout Singapore, India, the UK, and the UAE.
Funding exercise in Singapore set to proceed
Calculating the full quantity of funds injected into the 9 Singapore startups for this yr, it provides as much as over a whopping US$2.24 billion.
Singapore continues to be the chief in offers exercise in Southeast Asia. Distinguished funding in Singapore contains the US$578 million fundraise for Ninja Van, US$400 million fundraise for Advance Intelligence Group, and US$360 million fundraise for Carro.
The pandemic has fuelled an growing urge for food for expertise because the variety of web customers continues to develop. Optimism on a worldwide restoration from Covid-19 is seen by the funding exercise and a sturdy mergers and acquisition urge for food.
Worldwide buyers are additionally hungry for ‘progress at scale’ funding alternatives, and Asia Pacific, particularly Singapore, is an apparent market.
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Featured Picture Credit score: SpaceO Applied sciences, Carro, PatSnap, Carousell
