Participated · Equity · Jul 2021

Shiok Meats is a Singapore-based cell-cultured seafood startup developing cultivated crustaceans such as shrimp, lobster, crab, prawn, and crayfish. The company says it will use recent funds to advance R&D and build a state-of-the-art production facility in Singapore. Management expects the first production facility to be operational and a commercial product launched by 2023. Shiok Meats has partnered with Japanese cellular ag startup IntegriCulture to explore scaling up production of cultured shrimp. The company has also secured a grant under Enterprise Singapore’s Startup SG Tech Proof-of-Value scheme to accelerate development and commercialization. To date the startup has raised $30 million in total funding and is planning to close a full Series B round sometime next year. Shiok Meats is a Singapore-based cell-based crustacean meat company founded in August 2018 by stem cell scientists Dr. Sandhya Sriram and Dr. Ka Yi Ling. Its flagship product is an anticipated cell-based shrimp positioned as a clean, traceable alternative to farmed shrimp. The company plans to produce frozen cell-based shrimp meat for dumplings and other shrimp dishes from a commercial pilot plant and aims to launch a minced shrimp product in 2022. Beyond minced shrimp, Shiok plans to develop shrimp flavouring paste and powder, fully formed 3D shrimp, and cell-based lobster and crab in the coming years. The company raised $12.6M in a Series A to support building its pilot plant and initial commercial production. Shiok Meats is a Singapore-based alternative proteins startup. The company develops products in the alternative-protein space. It has raised $3 million in a bridge financing round. The funding will be used to set up its first manufacturing plant in Singapore. Investors named in the round include Agronomics, VegInvest, Impact Venture and UAE’s Mindshift Capital Fund. Shiok Meats is a Singapore-based company focused on producing shrimp from cultured cells rather than conventional aquaculture. The company’s core product effort is cell-based shrimp intended for commercial food production. Shiok Meats completed a $4.6 million seed funding round to carry out research on its cell-based shrimp platform. The funding is intended to support research and preparations to target mass production within the next couple of years. The fundraising was reported by Forbes. Shiok Meats is developing cultured seafood products, beginning with a shrimp substitute and a minced shrimp option for dumplings. Co-founders Sandhya Sriram and Ka Yi Ling are stem-cell scientists who left Singapore’s Agency for Science, Technology and Research to found the company. Early tests of their cultured shrimp have been successful, and the team estimates production costs at roughly $5,000 per kilogram. They plan to expand from shrimp to higher-end crustaceans such as crabs and lobsters over time. The company aims to bring its first product to market in three to five years. Initial commercial targets are Asia‑Pacific consumers, beginning in Singapore and expanding to Hong Kong, India and Australia.

Led · Equity · May 2021

iPrice Group is a Southeast Asian price-comparison platform that aggregates offers from more than 7 billion products and 8 million sellers. It operates in seven countries: Malaysia, Singapore, Indonesia, Thailand, the Philippines, Vietnam, and Hong Kong, and positions itself as an online shopping companion. Core features include comparing products, prices, seller reputations, delivery conditions, aggregating seller vouchers, and app-based alerts such as its newly launched Price Watch service. Price Watch launched in Indonesia and is scheduled to roll out to Singapore, the Philippines, Malaysia, Vietnam, and Thailand in 2022. With new funding, iPrice plans to expand into the consumer lending market to help users find loans to fund purchases, citing a Google prediction that digital lending in Southeast Asia could reach $92 billion by 2025. The company already lists lending partners including Payku (Itochu's subsidiary in Indonesia), Home Credit, Julo, Cashalo, Smartpay, and ZIP, and says the additional capital will support deeper lending partnerships and product rollouts. iPrice Group is a Malaysia-based online shopping companion and e-commerce aggregator focused on Southeast Asia. The platform aggregates six billion offers from more than two million sellers, enabling users to compare products, prices, seller reputation, and delivery conditions in one place. iPrice's stated mission is to bring greater transparency, convenience, and trust to consumers in SEA to help them save money. The company has partnerships with Home Credit (Indonesia), Thairath (Thailand), GoRewards (Philippines), Boost (Malaysia), ViSenze (Singapore), and SmartPay (Vietnam). CEO Paul Brown-Kenyon said iPrice built a product to embed e-commerce into apps and platforms and aims to be a prime partner for leading platforms and super apps in the region. With the newly raised funds, iPrice plans to further refine its product and accelerate the rollout of partnerships while working towards a Series C funding round. iPrice Group operates a price-aggregation and comparison-shopping platform across Southeast Asia, pulling together listings and prices from numerous e-commerce sites. The platform claims to aggregate more than 1.5 billion products from over 1,500 e-commerce partners and says it is the leading product aggregator in Indonesia, Vietnam, Thailand, the Philippines, Singapore, Malaysia and Hong Kong. iPrice reports more than 20 million monthly visitors and about 5 million transactions made through its platforms in 2019. Its core iPrice unit accounted for roughly half of the company’s revenue and operated at a 30% EBITDA margin, a profitability level the company expects other businesses to reach in two to three years. iPrice partners with super apps such as Line and Home Credit to expand reach, and it began by collecting coupons before expanding into broader price aggregation. The company plans to use new funding to develop product-discovery features, including recommendations and professional product reviews. iPrice is an aggregation service that pulls e-commerce websites across Southeast Asia into a single destination, having pivoted from a coupon site to an aggregator. The company offers more than 500 million SKUs across Malaysia, Singapore, Indonesia, Philippines, Thailand, Vietnam, and Hong Kong. It reports over 50 million visitors since December 2016 and is targeting 150 million visitors in the current year. iPrice generates B2B revenue by working with media groups and brands — clients include Mediacorp in Singapore and Samsung in Indonesia — alongside driving consumer traffic to e-commerce partners. Electronics have been a particular driver of its traffic and listings. The company is headquartered in Kuala Lumpur and was founded in 2015. iPrice operates a meta-search e-commerce aggregation service that aggregates product discovery and price comparison across online retailers in Southeast Asia. The platform has built a cleaned, sorted database of retailer and buyer data that the company says is unique to the region. iPrice is Malaysia-based, active in seven countries and employs more than 100 staff, working with retail partners to drive visibility, traffic and sales. The company added price comparison functionality in September and plans to use its dataset to introduce additional features and affiliate revenue products for media companies and independent bloggers. CEO David Chmelar said the company began with product discovery, expanded after seeing traction, and now sees multiple potential uses for its dataset. On the financial side, iPrice closed a $4M Series A and the CEO said the funding gives potential to reach break even and profitability, though no timeframe was provided.

Participated · Series B · Feb 2020

Dahmakan is a Malaysian full-stack food delivery startup that creates and delivers its own meals using cloud kitchens. Its platform centers on an operating system that controls nearly every step of operations, from recipe development to last-mile delivery, and it operates satellite hubs located around cities to be closer to customers. Instead of delivering from restaurants, Dahmakan offers about 40 menu options each week drawn from a database of 2,000 dishes, selecting menus based on customer data and market research. Customers pick from a schedule of delivery times and menus are tailored using preferences and spending-habit data. The company was launched by former Foodpanda executives and was the first Malaysian startup to participate in Y Combinator. Financially, Dahmakan has raised $18M in a Series B, bringing total funding to about $28M. The startup positions its vertically integrated model as a way to reduce delivery costs and serve growing demand for food delivery in Southeast Asia. dahmakan is a Malaysia-based cloud kitchen and food delivery startup. The company operates cloud kitchens and provides food delivery services. It has announced a $5 million Series A funding round. The round was backed by both existing and new investors, and the article specifically names Partech Partners and China’s UpHonest Capital. The article does not disclose revenue, user metrics, prior rounds, or use of proceeds. Dahmakan operates an end-to-end food delivery service that cooks all dishes in-house and dispatches them to customers on scheduled delivery windows. The company markets healthier meal options and offers a Prime package for bulk meal purchases as well as business catering. On the tech side it has invested in logistics and AI, building the Dahmakan Intelligent Operator System (DIOS), a self-learning system to manage fleet and demand. Dahmakan says it is unit profitable and reports month-to-month sales growth of about 20% ongoing since launch. The startup was founded in 2015 by a trio of ex-FoodPandas (co-founder Jessica Li among them) and is based in Kuala Lumpur. It plans to use new funding to develop technology and explore expansion across Southeast Asia, with Indonesia and Thailand under consideration. Dah Makan operates a subscription-leaning, full-stack meal delivery service with fixed lunch and dinner menus and optimized delivery routes to control quality and costs. The service accepts last orders 45 minutes before time slots and pushes bulk credit packages (e.g., 5/20/50 meals for 99/379/999 MYR). The company processes more than 1,000 daily orders and says it is profitable on every order at the unit level, though marketing and overhead are not included in that claim. Dah Makan Prime accounts for the majority of current revenue. The team plans heavy investment in technology—routing, clustering, and rider-allocation learning—to improve operations. Management is targeting expansion into other parts of Southeast Asia before year-end while focusing this round on Kuala Lumpur rather than a Malaysia-wide roll-out.

Participated · Series A · Jul 2019

Adriel offers a cloud-based platform that simultaneously performs ETL (data extraction, transformation and loading) and BI (business intelligence) to unify advertising performance data from channels such as Google and Meta into one real-time dashboard. Its all-in-one approach differentiates it from point solutions like Funnel and Tableau, enabling global agencies including Publicis and Dentsu Group to monitor campaigns in a single workspace. Roughly 60-70% of Adriel’s revenue already comes from overseas markets, with more than KRW 2 billion generated in North America alone. Management is targeting North American revenue of KRW 4-5 billion next year and KRW 10 billion the year after. The company states that it is currently cash-sufficient but seeks additional capital to accelerate go-to-market efforts in North America and Japan. Looking ahead, Adriel plans to pursue a KOSDAQ IPO in 2027 and has appointed Daishin Securities as lead underwriter, evaluating both tech-special listing and ordinary listing paths once it turns profitable, which is expected to begin next year.