Grocery apps to the rescue

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Hello readers,

In the midst of penning this newsletter, we got the news that Singapore would be going into what I’m calling a “lockdown lite” of sorts, with stricter Covid-19 safety measures being put in place to avoid another wave of infections.

Just a few hours later, some team members started posting photos on Slack of long queues at groceries and convenience stores, as people are unsure about how long this new stay-home period will last.

Of course, I didn’t fret (much) – After all, my mom’s on top of everything. As soon as I sent a link to the news on our family WhatsApp group, she started buying groceries online.

Incidents like this are why it’s not surprising that Chinese grocery app Dingdong Maicai raised a cool US$330 million this week. After all, even if the city weren’t going into “lockdown lite,” some people would prefer ordering groceries from their sofa rather than having to go to the store in person.

I do wonder if it’s too mature of an industry to enter, though. For instance, if a grocery app startup were to enter our upcoming Pitch Night, would it win the top prize? Or would it not get any attention instead? (P.S.: Yes, that’s a plug for all startups to check out our event and sign up for the chance to win US$5,000 in cash!)

Let’s dive into the biggest deals that recently took place.

INTERESTING INVESTMENTS

🇮🇩 Indonesian decacorn Gojek has received US$300 million in its newest round of funding, led by Telkomsel, a joint venture of Telkom, Indonesia’s largest telecommunications operator, and Singapore’s Singtel.

🇨🇳 Beijing-based online insurance broker Yuanbao has banked US$155 million in its series C round. The fundraise was led by Source Code Capital and joined by existing investors Cathay Capital and Hike Capital, plus Susquehanna International Group.

🇭🇰 Hong Kong blockchain-based gaming firm Animoca Brands has entered unicorn territory after raising US$88.8 million in its latest funding round. Kingsway Capital, RIT Capital Partners (formerly Rothschild Investment Trust), HashKey Fintech Investment Fund, AppWorks Fund, LCV Fund, Huobi, Octava, Ellerston Capital, Perennial Value Management, Axia Infinity Ventures, SNZ Holding, Liberty City Ventures, and Metapurse participated in the fundraise.

🇲🇾 ADA, a data and artificial intelligence company based in Malaysia, announced it has received US$60 million in investment from SoftBank Corporation, giving the Japanese conglomerate a 23.07% stake in the startup.

Here’s the complete list of this week’s funding chart

Lists of most active investors in the region

List of top-funded startups in Asia