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Daily Markup #451: Aliena raising US$10M Series A for first-of-its-kind satellite; Bukalapak launches e-grocery startup AlloFresh; Kredivo to expand in SEA amid planned U.S. listing

Ching Yee Ho



Credit: The Business Times

Advancing spacetech in Singapore

  • Mark Lim (CEO) and George-Cristian Potrivitu (CTO) met at Nanyang Technological University as fellow PhD candidates. They went on to launch 500-backed spacetech startup Aliena.
  • The startup launched its first engine on Jan 14, which attracted the interest of satellite companies in the U.S., Europe, and Singapore.
  • Today, the startup aims to raise a US$10 million Series A round. According to Mark, the funds will go into developing very low Earth orbit (VLEO) imaging solutions, which capture very high resolution images of the Earth for data analysis in maritime, aviation, oil and gas, and defence.
  • Aliena’s satellite will be the first of its kind in Singapore when it launches into space in 2024. 
  • The startup continues to make propulsion systems and is working to develop its own line of satellites to mine and analyze Earth’s data. It sells for about US$150,000 to US$285,000 – a fraction of the market price tag of US$2.2 million.
  • Get to know Mark better in The Business Times. A subscription may be required.

Credit: Getty Images/AsiaVision

Fresh funds for fresh groceries

  • AlloFresh, an Indonesia-based e-grocery startup established as a joint venture between three investors, including 500-backed e-commerce marketplace Bukalapak, is launching with US$69.7 million in funding.
  • Customers can shop more than 150,000 products from 10,000 suppliers – with purchases being delivered in three hours. AlloFresh will also offer a 30-minute delivery option to compete with the rising number of quick commerce startups in the country.
  • According to the startup, customers can order via its app, website, or the “Click & Go” feature in Trans Retail Indonesia’s store.
  • Bukalapak chief executive Willix Halim said that the collaboration will allow the Indonesian unicorn to reach more customers. “This initiative will also expand Bukalapak’s reach into the retail ecosystem as part of the company’s expansion from general to specialty platforms,” he added.
  • Read the full story in Tech in Asia. A subscription may be required.

Credit: FinAccel

Making financial services accessible

  • Akshay Garg, co-founder and CEO of 500-backed FinAccel, is expanding its buy now, pay later (BNPL) platform Kredivo regionally. Last year, Kredivo launched in Vietnam, and it plans to enter Thailand and the Philippines this year.
  • According to Akshay, Kredivo is already Indonesia’s largest BNPL provider with 4 million users. Another milestone he has set his sights on in 2022 is taking FinAccel public through a special purpose acquisition company (SPAC).
  • This move gives FinAccel an expected pro forma value of about US$2.5 billion, and more than US$430 million of gross proceeds to fuel further growth. If FinAccel lists, it willbe the first fintech from Southeast Asia on a U.S. exchange.
  • Akshay is also looking to broaden FinAccel’s service offerings. “We want you to think about Kredivo for motorcycle loans, car loans, and credit cards as well,” he added.
  • Read the full feature in Forbes.

Ching Yee Ho