Alchemy Foodtech secures strategic investment from Ting Li Development
The Singaporean food tech startup has secured SGD 8 million (USD 5.98 million) in strategic funding from Ting Li Development, the investment arm of Ting Hsin International Group, which owns major Chinese food and beverage brands like Master Kong, Wei Chuan Foods Corporation, Dicos, and FamilyMart.
This agreement was solidified through the signing of a memorandum of understanding. Beyond the investment, both companies will explore collaborations involving the utilization of Alchemy Foodtech’s solutions to reduce sugar and carbohydrate content in F&B products.
“We are honored to work with Ting Li and Ting Hsin’s subsidiaries in this strategic partnership to develop more sugar reduction applications across the instant food and beverage sector. This is a very exciting collaboration that will create meaningful opportunities, not just for Alchemy Foodtech, but also for businesses with their sights set on creating healthier and better food for our future generations”, said Alan Phua, CEO of Alchemy Foodtech.
Indonesia’s Gently completes seed round
The Indonesian D2C brand for mom-and-baby products has raised an undisclosed amount of investment in a seed funding round. This round was jointly led by Northstar and Accel. —DealStreetAsia
Jala Tech secures Series A funding
The Yogyakarta-based aquaculture tech company has raised USD 16.13 million in a Series A funding round. —DealStreetAsia
Recent deals completed in China:
- Broncus Hangzhou, a wholly owned subsidiary of medtech company Broncus, has reached an agreement to acquire 100% equity interest in Hangzhou Jingliang. The latter specializes in the production and processing of medical devices, along with the development of related hardware and software. This acquisition is anticipated to bolster Broncus’s R&D capabilities, improve its product portfolio, and facilitate the establishment of a comprehensive lifecycle platform for interventional pulmonary diagnostics and therapeutics.
- Betone, a Shanghai-headquartered developer of chip manufacturing equipment, has raised around RMB 500 million (USD 70.5 million) in a funding round from various investors in China, including Juntong Capital, Shanghai STVC Group, SAIF Partners China, and Sanyuan Capital. Existing shareholders such as Leaguer Capital and Grand Yangtze Capital also participated in the round. Betone will use the funds for talent acquisition and R&D. —DealStreetAsia
- Legend Energy, a provider of artificial intelligence-based smart energy storage solutions, has raised an undisclosed amount of investment from Ant Group. The newly raised funds will enable the company to deploy its virtual power plant network across key cities in China. —DealStreetAsia
- 91 PVKSolar, a Wuhan-based perovskite and photovoltaic technology company, has secured an eight-figure RMB sum in an angel funding round. The investors in this round include Tsinghua Holdings Capital, Peakview Capital, and String Capital, with Qichen Capital acting as the exclusive financial advisor. The funds will primarily be used to construct a new production line for perovskite photovoltaic modules. —36Kr
- Liangzi Zhineng, a robotics company, has secured RMB 15 million (USD 2.09 million) in a pre-Series A funding round from Ying Capital. It will utilize the funds for product and technology development as well as team and market expansion. —36Kr
- HooRii Technology, a Hangzhou-based internet-of-things software company, has announced the completion of two funding rounds at pre-Series A and pre-Series A+ levels, raising an eight-figure RMB sum. The investment was led by Plum Ventures, with participation from Eminence Ventures, Weed Ventures, and Supergravity. Renaissance China Capital acted as the long-term financial advisor. —36Kr
Rounds closed in the Middle East:
- Modus Capital has allocated USD 2.8 million in investments to eight startups through its Ventures Lab venture builder program. The beneficiary startups, including JamaliBox, MDBX, Monet, Oscar, Seva, Sindbad, Stornest, and Your Social Smile, are part of Modus Capital’s larger USD 50 million Venture Builder Fund. This fund operates programs in Abu Dhabi, Riyadh, and Cairo. —VCCircle
- Dubai-based OSN Group’s online streaming platform, OSN+, and Abu Dhabi-headquartered music streaming app Anghami are set to merge, forming the largest entertainment streaming service in the region. OSN Group will invest up to USD 50 million in Anghami as part of the merger, and Elie Habib, one of Anghami’s founders, will assume the role of CEO for the combined entity. —VCCircle
- PureHealth, an Abu Dhabi-based healthcare company, has acquired PureCS, a Dubai-based cloud and technology services provider, for an undisclosed amount. The acquisition, preceding PureHealth’s listing on the Abu Dhabi Securities Exchange by a month, aims to expedite digital transformation within PureHealth’s broad network encompassing hospitals, clinics, diagnostic laboratories, and pharmacies. —VCCircle
Antler, AVPN, BusCaro, and more led last week’s headlines:
- Antler, an early-stage venture capital firm, invested USD 2 million in 15 startups from Singapore and Indonesia. Over 150 founders participated in Antler’s recent ten-week residency program, resulting in the formation of these startups, with each startup securing around USD 125,000 in pre-seed funding.
- AVPN, an Asian social investor network, has launched the APAC Sustainability Seed Fund (SSF) 2.0, a USD 5 million initiative aimed at supporting non-profit organizations that leverage technology to address climate and sustainability challenges in the Asia Pacific.
- BusCaro, a Pakistan-based local transportation startup, has secured USD 1.5 million in a pre-seed funding round led by Orbit Startups, with participation from Wahed Ventures and angel investors.
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