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Potential Unicorns: These 6 S’pore-Based Startups Are On Track To A US$1B Valuation In 2021

The time period “unicorn”‌ was first coined ‌in‌ ‌the‌ ‌enterprise‌ ‌capital‌ ‌trade‌ in 2013 by a enterprise capitalist named ‌Aileen Lee to‌ ‌describe‌ ‌a‌ ‌privately‌-held‌ ‌startup‌ ‌firm‌ ‌with‌ ‌a‌ ‌valuation ‌of‌ ‌over‌ US‌$1‌ ‌billion.‌

She conceived the time period “unicorn” as a result of again then, startups that would develop to be price greater than US$1 billion have been so uncommon that it appears nearly magical — similar to unicorns.

Whereas they was few and much between, the worldwide startup ecosystem has developed and unicorns have turned extra frequent.

Traditionally talking, San Francisco (not the Valley) reigns as the house of unicorns. Singapore, which has a sturdy startup scene, is at present residence to at the very least 5 unicorns – Seize, Sea, Lazada, Razer and Trax.

Nevertheless, a few of them are now not unicorns as they’ve went public.

With that, we’ve got recognized a listing of Singapore-based startups with an enormous potential to hit unicorn standing in 2021.

PropertyGuru, US$541 Million

Picture Credit score: PropertyGuru

Based in 2007, PropertyGuru is the main property categorized enterprise in Southeast Asia, working in Singapore, Malaysia, Indonesia, Thailand and Vietnam.

Founder Steve Melhuish had skilled frustrations to find a brand new residence, so he partnered Jani Rautiainen to arrange PropertyGuru in 2007.

The Group has raised a complete of S$740 million in funding over six rounds. It’s funded by 9 traders, with international funding agency Kohlberg Kravis Roberts (KKR) and TPG as the newest traders.

In 2018, its collection D funding spherical clinched US$200 million led by KKR. Their newest funding of S$300 million was raised on 2 September 2020 from its present traders KKR and TPG Capital.

We predict that with the newest funding spherical that can carry them on its strategy to a US$1 billion valuation.

Final 12 months, Credit score Suisse analysts have instructed that PropertyGuru could possibly be the subsequent ASX-listed (Australian Securities Alternate listed) unicorn, a possible US$1 billion-plus itemizing on the ASX.

Nevertheless, throughout finish of 2019, PropertyGuru was hoping to be valued at a market capitalisation of S$790 million after its IPO (Preliminary Public Providing). It later withdrew the providing, citing financial uncertainty.

Apparently, they are usually not giving up on their IPO ambitions and had plans to attempt once more as quickly as 2020 (however could have been derailed by Covid-19).

It’s worthy to take notice {that a} “unicorn” startup is outlined as a privately-held firm — as soon as an organization turns into a public-owned firm, it loses its “unicorn” standing.

Ninja Van, US$750 Million

Ninja Van’s co-founders Boxian Tan, Chang Wen Lai and Shaun Chong.
Ninja Van’s co-founders Boxian Tan, Chang Wen Lai and Shaun Chong / Picture Credit score: Ninja Van

Lai Chang Wen was a finance undergraduate at Singapore Administration College when he arrange his first startup firm, Marcella, which specialises in made-to-measure menswear.

He constructed up his model, arrange retail shops and ultimately expanded into e-commerce.

Nevertheless, lots of his clients’ deliveries have been both delayed or misplaced. That was when he realised that Singapore’s logistics providers wasn’t optimised for e-commerce.

This was when he determined to arrange Singapore-based last-mile logistics participant Ninja Van in 2014 together with two different co-founders, Tan Bo Xian and Shaun Chong.

In April 2020, Ninja Van raised US$279 million in its newest Collection D funding spherical.

Traders within the present spherical embody Fb co-founder Eduardo Savarin’s B Capital Group and ride-hailing large Seize.

The spherical comes after a surge in e-commerce actions globally, in the course of the ongoing Covid-19 pandemic. With the rise in e-commerce orders, logistics additionally noticed elevated enterprise as effectively.

With the newest funding spherical, it took the corporate’s complete funding to US$400 million, which some say may put it on track to turn out to be certainly one of Southeast Asia’s subsequent US$1 billion unicorn.

In line with TechCrunch, Ninja Van is estimated to be valued at round US$750 million, though Lai has refused to reveal the startup’s valuation, calling it a “self-importance metric.”

Carousell, US$850 Million

Quek Siu Rui, Lucas Ngoo and Marcus Tan
Quek Siu Rui, Lucas Ngoo and Marcus Tan / Picture Credit score: Carousell

Three mates Quek Siu Rui, Marcus Tan and Lucas Ngoo bought to know one another as college students on the Nationwide College of Singapore (NUS).

They have been impressed by their internships in Silicon Valley startups whereas learning at NUS and based Carousell in 2012, a shopper market for purchasing and promoting new and secondhand items.

Carousell has raised a complete of US$182.eight million in funding over 11 rounds with their newest funding raised on 10 April 2019.

In November 2019, Carousell introduced that it’s merging with 701Search, a classifieds agency owned by Norwegian telco Telenor.

With the merger, 701Search’s regional hub group, which operates in Singapore, will probably be totally built-in into Carousell.

The deal is claimed to elevate the worth of Carousell to over US$850 million — near a US$1 billion valuation or unicorn standing.

This comes about seven months after classifieds large OLX took a 10 per cent stake in Carousell, whereas injecting OLX Philippines into its enterprise. Via the deal, Carousell added about 100 employees in The Philippines.

Zilingo, US$970 Million

Ankiti Bose and Dhruv Kapoo
Ankiti Bose and Dhruv Kapoo / Picture Credit score: Zilingo

On-line buying web site Zilingo was based in 2015 by Ankiti Bose and Dhruv Kapoo as they wished to assist Southeast Asia’s impartial retailers promote their merchandise on-line.

Each Ankiti and Dhruv made to Forbes’ 30 Beneath 30 Asia record in 2018, with Ankiti being one of many youngest feminine chief executives to steer a startup of the scale in Asia.

By September 2017, Zilingo was delivery to eight international locations and has vendor hubs in Hong Kong, Korea, Vietnam, Cambodia, Indonesia and Thailand, including 5,000 new retailers within the earlier 12 months.

By 2019, Zilingo has signed up 30,000 retailers and has 5 million month-to-month guests to its platform, based on Ankiti in 2019.

To this point, Zilingo has raised a complete of US$307.9 million in funding over six rounds. 

In February 2019, the Singapore headquartered startup raised a US$226 million Collection D led by Sequoia Capital India, valuing it at what sources near the corporate say is round US$970 million.

Their newest funding was raised on 5 December 2019 for an undisclosed quantity.

ONE Championship, Extra Than US$1 Billion

Chatri Sityodtong and Victor Cui
Victor Cui (second from left) and Chatri Sityodtong (third from left) / Picture Credit score: Evolve MMA

ONE Championship is a Singapore-based combined martial arts, Muay Thai, and kickboxing promotion which was launched on 14 July 2011 by entrepreneur Chatri Sityodtong and former ESPN Star Sports activities senior government Victor Cui.

It has a worldwide broadcast attain of 2.7 billion potential viewers throughout 150-plus international locations.

In its newest funding spherical that happened in June this 12 months, the corporate had raised US$70 million, taking the overall quantity of capital collected by the enterprise so far to US$346 million over three rounds.

The corporate had introduced employees retrenchments on the identical time amidst the Covid-19 pandemic, chopping one-fifth of its international workforce, in a bid to “streamline operations”.

Nevertheless, a constructive Sityodtong had revealed that the current spherical featured present backers and an unnamed new investor which is a “multi-billion greenback funding fund from the US” with “deep expertise in sports activities leisure investing”.

Previous to this spherical, the corporate nabbed US$166 million in a Collection D spherical led by Sequoia Capital, with participation from Temasek and Greenoaks Capital, in late 2018.

The Sequoia-led, collection D, funding spherical implies a valuation in extra of US$1 billion.

Biofourmis, Close to US$1 Billion

Biofourmis CEO and founder Kuldeep Singh Rajput / Picture Credit score: Biofourmis

Based in 2016 in Singapore, Biofourmis is a fast-growing AI-powered well being analytics ecosystem.

In early September 2020, they raised US$100 million in a Collection C fairness spherical led by Softbank Imaginative and prescient Fund 2.

With that, Biofourmis has raised a complete of US$143.6 million in funding over eight rounds.

In addition they acquired two corporations. In April 2020, it acquired Gaido Well being, an AI platform for steady monitoring of Publish-discharge oncology sufferers.

Gaido’s instrument is ready to mix distant monitoring, affected person surveys and analytics as a way to monitor most cancers sufferers at residence and detect potential indicators of problems.

Whereas Gaido has been utilized in scientific trials to this point, the instrument was not commercially accessible but.

By integrating Gaido and Biofourmis, Biofourmis’ founder and CEO Kuldeep Singh Rajput mentioned that the outcome will probably be a faster go-to-market technique

Final 12 months, it acquired Switzerland-based Biovotion AG, a number one developer of a cutting-edge clinical-grade wearable biosensor platform.

The Biovotion AG deal comes with 60 international patents, in addition to a formidable record of greater than 80 present and former shoppers/companions —together with main gamers reminiscent of Microsoft, IBM Analysis, Novartis, AstraZeneca, Cleveland Clinic and Mayo Clinic.

Sources have mentioned that the Collection C funding sends Biofourmis to near-unicorn standing.

Rajput has declined to disclose a precise valuation, however mentioned that Biofourmis is now price round US$1 billion.

There Are 493 Unicorns Globally

As of September 2020, there are greater than 400 unicorns world wide and so they have a complete cumulative worth of roughly US$1,531 billion.

Probably the most invaluable startup on the earth proper now could be none apart from TikTok’s guardian firm, Bytedance.

The Chinese language web expertise firm is reportedly price over US$140 billion, catapulting it to “hectocorn” standing and the one certainly one of its variety on the record.

They depend Sequoia Capital China, SIG Asia Investments, Sina Weibo, Softbank Group as their key traders.

Additional down on the record are “decacorns” — corporations valued at over US$10 billion — which embody Chinese language ride-hailing app Didi Chuxing at US$56 billion, area expertise firm SpaceX at US$46 billion and fintech platform Stripe at US$36 billion.

Only a 12 months in the past, there have been solely over 360 unicorns on the earth. If we go additional again to seven years in the past, there have been solely about 39 unicorns the world over.

What Does It Take To Grow to be A Unicorn Startup?

For aspiring unicorns to maneuver as much as the subsequent tier, extra late-stage
financing sometimes raised in Collection C and D is required.

In line with a report by Temasek, Google and Bain launched final 12 months, there are practically 70 corporations valued between US$100 million and US$1 billion in Southeast Asia.

These corporations drew about US$1.1 billion in funding within the first half of 2019, surpassing the US$900 million raised in the identical interval final 12 months.

Dubbed the “Aspiring Unicorns” by the report, corporations on this tier have raised US$5 billion since 2016.

The funding scene is dominated by e-commerce and ride-hailing corporations — for each greenback raised since 2016, 67 cents went to the 2 sectors. The report categorised meals supply as a subset of ride-hailing.

With Singapore’s sturdy startup trade – in addition to Southeast Asia’s basically – these will almost certainly not be the final unicorns.

Traders and entrepreneurs ought to maintain a lookout for the most recent traits within the area, in addition to contemplate investing in rising industries and corporations.

Featured Picture Credit score: PropertyGuru / Ninja Van / Zilingo / onefc.com / Carousell / Biofourmis


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