Illuminate Financial leads USD 6.5 million investment in Accacia
Accacia, a real estate-focused carbon accounting platform, has completed a USD 6.5 million pre-Series A funding round. The round was led by Illuminate Financial and saw participation from AC Ventures as well as early investors Accel and B Capital.
Established in 2022, Accacia provides an artificial intelligence-powered software-as-a-service platform designed to assist real estate managers, owners, and developers in monitoring their carbon emissions as part of broader decarbonization strategies.
In a statement, Annu Talreja, founder and CEO of Accacia, told KrASIA that carbon accounting has gained in significance amid the global push for stronger accountability over carbon emissions.
Notably, Talreja highlighted new regulations implemented by the Securities & Exchange Commission (SEC) and the Singapore Exchange (SGX) concerning carbon emission reporting as compelling examples, emphasizing the “urgent need for comprehensive and real-time climate risk data.”
Swat Mobility raises USD 3.8 million of added funding for Asia expansion
Swat Mobility, a Singapore-headquartered provider of smart mobility and transportation solutions, has raised an additional USD 3.8 million of funding, according to Tech in Asia.
The latest funding round saw participation from the NEC & Translink Orchestrating Future Fund, a venture capital fund managed by Translink Capital and NEC Corporation, along with NX Global Innovation Fund and Chubu Electric Power.
Specializing in AI-powered route optimization solutions, Swat Mobility primarily serves clients in the mobility sector, including transport operators and government agencies. Its operations span across Singapore, Thailand, the Philippines, and Japan.
Swat Mobility intends to use the capital to expand its AI-powered transportation platform throughout Asia and to advance the R&D of its logistics-focused services.
Seedflex raises seed funding from 500 Global
Seedflex, a fintech company based in Singapore and Malaysia, has raised an undisclosed sum of seed funding from 500 Global to launch a “pay-as-you-sell” service in Southeast Asia.
The company’s new offering is described as a Shariah-compliant digital financing solution, providing a credit line for cashless merchants that dynamically adjusts according to future revenue projections. Merchants can access up to ten weeks of sales revenue in advance and repayments are based on a fractional deduction from future sales.
Seedflex has commenced the rollout of this service in Malaysia and aims to extend it to other Southeast Asian markets, including Indonesia and Thailand, in 2025.
ComfortDelGro secures SGD 100 million from DBS to accelerate UK bus fleet decarbonization
Singapore-based land transportation company ComfortDelGro has secured SGD 100 million (USD 73.4 million) from financial institution DBS to decarbonize its UK bus fleet.
Structured as a green loan, the funds will be utilized by ComfortDelGro to acquire 135 electric buses for Metroline, its wholly-owned subsidiary and the fourth largest scheduled bus operator in London. Metroline currently serves approximately 17% of the city’s scheduled bus services. —TechNode Global
Investible backs Australian startups Veyor and Bygen
Early-stage venture capital firm Investible has announced its investment in Australian startups Veyor and Bygen.
The firm assumed the lead investor role for Veyor’s pre-Series A funding round, spearheading the AUD 2.75 million (USD 1.7 million) investment with the support of Club Investible, Saniel Ventures, Gravel Road Ventures, as well as various angel investors and family offices. Veyor specializes in cloud-based logistics solutions tailored for construction companies.
Investible participated in Bygen’s funding round through its Climate Tech Fund, contributing to the startup’s AUD 2.6 million (USD 1.6 million) capital raise. Other investors joining the round include Breakthrough Victoria, Alberts Impact Ventures, Artesian, and Startmate. Bygen is a sustainable producer of activated carbon.
Brise Pharmaceuticals bags nearly USD 20 million
Brise Pharmaceuticals, a biopharmaceutical company specializing in innovative treatments for acute and chronic pain, has bagged close to USD 20 million in pre-Series A and pre-Series A+ financing.
The pre-Series A round was led by Shunxi Fund with the support of Cnfuel Capital, Vinner Therapeutics, and existing investors including Qiming Venture Partners and BioTrack Capital. Sherpa Healthcare Partners was the exclusive investor for the pre-Series A+ round.
According to a statement by Brise, the company will use the proceeds to advance its product pipeline across the preclinical and clinical stages, as well as validate and enhance its drug development platforms.
Alibaba eyes investment in South Korean fashion e-commerce platform Ably
Chinese internet giant Alibaba Group is reportedly in talks with Ably Corporation, the operator of South Korean female apparel shopping app Ably, to invest KRW 100 billion (USD 72.5 million) for approximately a 5% stake.
According to The Korea Economic Daily, Ably is currently valued at around KRW 2 trillion (USD 1.45 billion) and is planning to secure an additional KRW 100 billion from global investors, including Ontario Teachers’ Pension Plan, Permira, and CVC Capital Partners.
The media outlet also said that Alibaba has been seeking to acquire a smaller peer in South Korea since 2020. It considered purchasing SK Square’s online shopping platform, 11Street, in 2023, but the deal was not finalized.
Ably is recognized for its competitive advantage in attracting female users, with its female monthly active users surpassing 7 million in March, more than double the figures of its crosstown rivals Musinsa and Zigzag.
Given AliExpress’s steady growth in popularity among South Korean shoppers, the acquisition of Ably would further solidify Alibaba’s presence in the country’s e-commerce landscape, a significant market increasingly targeted by other Chinese e-commerce players such as Temu and Shein.
Temasek Trust’s Amplifier program, PathGen, Asa Ren, and more led yesterday’s headlines:
- The Centre for Impact Investing and Practices (CIIP) and Philanthropy Asia Alliance (PAA), ecosystem entities of Temasek Trust, have jointly announced the first cohort of five startups participating in the Amplifier mentorship program, providing each startup with up to SGD 250,000 (USD 183,600) of catalytic funding.
- PathGen, an Indonesia-based biotechnology startup specializing in genomics in healthcare, raised an undisclosed amount of funding from East Ventures and Royal Group Indonesia.
- Asa Ren, a DNA testing company, is reportedly planning to sell a 98% stake to Jakarta-based laboratory chain Diagnos Laboratorium at a valuation of USD 24 million, comprising 90% equity and 10% cash.
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