Vida raises over $47M to address digital ID in Southeast Asia, investment market still hot
Vida, an Indonesian digital identity startup, raised $47.67 million in a funding round to help it meet the rising demand for services in Southeast Asia. Businesses in digital ID and adjacent industries had already raised over $200 million since the beginning of April.
DealStreetAsia reports that London-based venture capital firm Hedosophia made a $25 million contribution to the series A round. Hedosophia is likely the lead investor, based on documents from Singapore’s Accounting and Corporate Regulatory Authority. Jakarta-based Alpha JWC Ventures added $10 million to the round, according to the filings.
DealStreetAsia says verifying identities digitally is critical at a time when remote work is commonplace.
Jefrey Joe, co-founder and general partner of Alpha JWC Ventures, told DealStreetAsia that Vida will “play a pivotal role in a growing Southeast Asian digital economy.” Joe noted that there is no dominant player in Indonesia unlike in the United States and Europe.
Vida raised an undisclosed amount in September 2021 from Jungle Ventures, Alpha JWC Ventures and Monk’s Hill Ventures to expand its technological efforts, go-to-market functions, and expand its presence into fintech and health care.
The Q2 wavelet of biometrics funding:
The funding round for Vida one of several related investments so far in the second quarter of 2022, with announcements together amounting to at least $208 million since April 1.
It started with Tech5 ($10 million) and Videosign ($1.4 million); $100 million for unico; another $3.5 million for Indico; $1.9 million for machine vision company Envision; $2.85 million for Wink; $2.8 million Identitypass; $18.5 million for ProofID; a cumulative $17 million in 50 investments for Biofire; and $50 million for Certn.