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introducing our map of the funding terms
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One of the best resources available for startups in Singapore and Southeast Asia is Arnaud Bonzom and Florian Cornu’s Map of the Money. This maps out the funding ecosystem in the region helping founders find and approach the right investors. We’d recommend you check it out.
A few months back, Arnaud suggested to us that we create an accompanying tool which maps out funding terms that we see in the region. Happy to take up that challenge, we’ve developed the Kindrik Partners Map of the Funding Terms. The tool tracks typical investment terms that we see on deals in the region. We hope it will help startup founders compare what is typical in the market when reviewing their own term sheets.
To use the tool, you just click on the relevant term and you can check out the position at each stage of fundraising – from angel funding to series C and beyond. We’ve deliberately kept the tool simple, avoiding lengthy explanations of all the jargon. This therefore assumes some knowledge of venture capital transactions and is best reviewed having checked out our guides and videos on raising capital in Southeast Asia.
The information set out in the Map of the Funding Terms is based on the experience of our VC lawyers. We’re on target to advise on 50 Southeast Asia financing deals in 2018, up from 30 in 2017 – ranging from small seed investments to significant series B and C financing rounds. This deal flow gives us great market knowledge of funding terms used on deals in the region. However, every deal is different, and where you end up often depends on how strong your negotiating position is (e.g. if you have term sheets from more than one investor).
We will review the Map of the Funding Terms regularly as new investment trends emerge. So just like the Map of the Money, this is v1.0, with updates to follow.
So if you are about to raise capital or already have a term sheet in front of you, check out the Map of the Funding Terms and please let us have feedback.
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Kindrik Partners advised VC firm Illuminate Financial on its investment in Singapore-based AI-driven data processing and automation company bluesheets. Illuminate led the US$6.5 million series A round. Other returning investors included Insignia Ventures Partners, Antler Elevate, and 1982 Ventures.
Illuminate invests in B2B fintech and enterprise software companies that build solutions for the financial services industry. Backed by global financial institutions such as Citi, JP Morgan, Barclays, Jefferies, Singapore Exchange Group, and BNY Mellon, Illuminate uses its extensive network and industry knowledge to help their portfolio companies achieve their full potential in addition to providing capital.
bluesheets offers AI-driven data processing and workflow automation software that helps businesses digitise and automate their bookkeeping processes. It plans to use the funds to further enhance its AI capabilities and accelerate growth in key APAC markets, including Singapore, Thailand, ANZ, and Hong Kong.
We’re happy to have advised Singapore-based synthetic data company Betterdata on an oversubscribed seed round of $1.65 million, led by Investible.
The company was founded in 2021 by Dr. Uzair Javaid and Kevin Yee and allows clients to share data faster and more securely in compliance with stricter data privacy regulations being introduced around the world. Betterdata uses generative AI to convert real data into synthetic data that looks, feels, and behaves like real datasets. These synthetic datasets retain the structure and correlations of the original data while eliminating the privacy and security concerns that come with holding and sharing sensitive data.
Betterdata plans to use the funding to publicly launch its product, hire more staff as the company scales, and improve its technology stack, with the aim of providing support for single-table, multi-table, and time-series datasets. The company also plans to expand across the Asia-Pacific region over the next two years.
