BlueSG, a Singapore-based electric car sharing platform and provider of charging services, has allotted preference shares worth $5.8 million to new investors Mobility Innovation Fund and SAIC-Goldbell Technology Fund and existing shareholder Goldbell Corporation, show its filings with Singapore’s Accounting and Corporate Regulatory Authority (ACRA).
With this injection, Mobility Innovation Fund and SAIC-Goldbell Technology Fund now hold a 5% and 1% stake in the company, respectively. The preference shares were allotted to the investors at a price per share of $0.79, which is roughly the same as its previous funding round in September.
Founded in 2017, BlueSG was sold to Goldbell Corporation, a local vehicle leasing company, in 2021. Goldbell’s stake in the company has been diluted to 89%, from 94.7%, following the latest share allotment.
The company paused its car sharing services in August this year, and laid off most of its staff. It cited the need to upgrade its platform and refresh its fleet as reasons for the suspension of services. BlueSG plans to relaunch operations in 2026.
BlueSG is known for its point-to-point model, where users can pick up a car from one location and drop it off at another. According to recent media reports, BlueSG is in talks with Tribecar, another car-sharing platform, regarding a potential sale of its EV fleet.
Shareholders of BlueSG
BlueSG had raised $9.8 million this year before the latest share allotment, and a total of $41.58 million since its inception, including the latest capital injection. Before this transaction, it only had two shareholders in its cap table—Goldbell Corporation and V Ventures.
Private debt pullback
Private debt financing among Southeast Asian startups contracted sharply in H1 2025, with deal volume falling to 16 and total proceeds dropping to $0.49 billion, almost half the level of late 2024, according to a joint report by DealStreetAsia DATA VANTAGE and the Philippines VC firm Kickstart Ventures.
The pullback reflects rising lender caution, with capital directed mainly to revenue-generating companies with clearer repayment capacity. This followed a brief recovery in 2024, when startups turned to non-dilutive capital as equity markets tightened. Historically, debt activity in the region has been volatile and concentrated.
The record $2.4 billion spike in H1 2021, for instance, was driven by a few outsized transactions rather than broad adoption. Overall, while debt is gaining ground in the capital mix, it remains selective, cyclical and closely tied to wider market conditions.
Lenders are increasingly defensive, making debt available only to startups with strong fundamentals. It’s important to bear in mind that our dataset covers only disclosed transactions, whereas actual activity is likely to be higher.
Other updates from DATA VANTAGE
Singapore-based WiseFX, which provides cross-border payments services to corporates, received $3.8 million from parent Tencent Holdings last week, according to corporate filings with ACRA. The company has received $22.6 million in total capital injection from its parent since inception.
SC Ventures, the investment arm of Standard Chartered Bank, has injected $1.7 million in Singapore-based trade and supply chain financing SaaS platform TASConnect. The company has injected a total of $18.53 million into its subsidiary this year, equivalent to 42.1% of its total funding since 2022.
Indonesian aquaculture firm DELOS has raised $960,000 from Mandiri Capital through the allotment of preference shares. This brings its total funding to $16.6 million since inception.
Nami, a Singapore-based smart home and AIoT platform, has raised $600,000 in fresh funding from In Group Holdings, through an allotment of preference shares. Nami acquired a 47% stake in Montreal-based Aerial.ai as part of a strategic partnership announced in June 2025.
GXS Bank, the digital lender backed by Grab Holdings and Singapore Telecommunications (Singtel), has received a fresh capital injection of $288,000 from 17 individual investors, including Wei Bo, Chui Tien Howe, Ong Vin Nie and others, regulatory filings show. This transaction comes after the company raised a total of $60 million from its key shareholders last September.
Singapore-based data tech company Handshakes raised $207,000 through an issuance of ordinary shares from new and existing shareholders, including Ong Jun Hao, Ng Vee An, Jonathan, Tan Yi Xin – Bernice, Poh Chee Keong, Ha Thi Phuong Thao, and Tan Hui Yin.
