FB Pixel no scriptDeals in brief: Amoda raises seed funds, Society Pass secures USD 40 million equity line, nine China deals, and more | KrASIA

Deals in brief: Amoda raises seed funds, Society Pass secures USD 40 million equity line, nine China deals, and more

Written by Gideon Ng Published on   4 mins read

Bringing you the latest news briefs on fundraising activities in the Asia Pacific.

Amoda secures seed funding from East Ventures and Living Lab Ventures

The Indonesian construction technology company has secured an undisclosed amount of seed funding in a round jointly led by East Ventures and Living Lab Ventures.

It plans to allocate the funds toward the enhancement of its product, technology, and operational capabilities. —TechNode Global

Society Pass secures equity line of up to USD 40 million

The Vietnam-based loyalty and data marketing ecosystem has announced that it has entered into a structured financing agreement for an equity line of credit with family-owned financial institution Strattners.

Under the terms of this agreement, Society Pass will have the right, but not the obligation, to sell to Strattners up to USD 40 million worth of common stock over the next 36 months, subject to certain limitations. When the company’s public float is less than USD 75 million, it may not sell more than the equivalent of one-third of its public float during any 12 consecutive months pursuant to the baby shelf rules.

The shares of the company’s common stock will also be issued at a 6% discount to the lowest volume-weighted average price during the three trading days following the date of the company’s request.

“By raising this capital from Strattners, without paying large commissions and fees, we will generate shareholder value by efficiently deploying such capital into our operating subsidiaries, such as our spinout candidates, Thoughtful Media Group and NusaTrip,” said Raynauld Liang, CEO of Society Pass.

Society Pass is the first Vietnamese e-commerce firm to go public in the US.

Atlassian acquires Loom for USD 975 million

The Australian software company has announced that it will acquire video messaging service Loom for approximately USD 975 million, inclusive of Loom’s cash balance, subject to customary adjustments. The total consideration will comprise around USD 880 million in cash and the remainder in equity, subject to continued vesting provisions.

Atlassian will finance the cash consideration through its existing cash balance, and the transaction is unlikely to have an impact on the company’s share repurchase strategy. The acquisition is expected to close in the third quarter of Atlassian’s fiscal year 2024, subject to customary closing conditions and required regulatory approvals.

Recent deals completed in China:

  • Nullmax, a Shanghai-based self-driving technology company, has snagged RMB 780 million (USD 108.6 million) in a Series B funding round led by information service provider Shanghai Stonehill Technology, which is an existing investor. The round also saw participation from other undisclosed investors. Nullmax will use the funds to expand its team and its manufacturing capacity to meet the rising demand of autonomous vehicles, and to support its R&D activities. The company will also become a subsidiary of Shanghai Stonehill Technology as part of the deal.
  • Didi Autonomous Driving, the self-driving technology arm of Chinese ride-hailing company Didi Chuxing (also known as Didi Global), has raised USD 149 million from state-affiliated investors including GAC Capital, a subsidiary of Chinese automaker GAC Group, and Guangzhou Development District Investment Group. The self-driving arm will utilize the funds to conduct R&D and fast-track its product implementation as well as the commercial adoption of autonomous driving technology. 36Kr
  • Youhang, a Zhuhai-based ultrasonic technology company, has bagged RMB 10 million (USD 1.38 million) in a pre-Series A round led by South China Venture Capital. It will use the funds to test and produce vehicle-mounted ultrasonic sensor chips, expand its ultrasonic probe production capacity, and to finance its R&D activities. 36Kr
  • Yanyang Biotechnology, a Sichuan-based biotechnology company, has completed a new round of financing, securing funds from Wedge Industrial. China Renaissance acted as the exclusive financial advisor. 36Kr
  • RoboCT, a Hangzhou-headquartered exoskeleton technology company, has completed a new round of financing, raising funds from Pappas Capital as well as existing investor Hangzhou Yuhang State-owned Capital Investment and Operation Group. 36Kr
  • Leishen Intelligent Systems, a Shenzhen based light detection and ranging (LiDAR) technology company, has raised a nine-figure RMB sum from Licheng Holding and TopoScend Capital in a Series D funding round. The funds will be used to finance R&D and product localization initiatives, as well as the construction of a factory and unmanned forklift base using the company’s “3D SLAM” technology. 36Kr
  • Maxair, a Shenzhen-headquartered manufacturer of new energy pneumatic components, has raised an undisclosed amount of investment in a Series A+ funding round led by Nuo Capital. 36Kr
  • Wise Security Technology, a Beijing-based chip design and development company, has secured an undisclosed amount of investment following the completion of a Series D funding round. XingCheng Capital and Guangzhou Industrial Investment and Capital Operation Holding Group jointly led the investment, while Wanlian Tianze, Nan Yue Fund, and a couple of existing investors participated in the round. 36Kr
  • Shanmu, a Guangdong-based medtech and digital health solutions provider, has raised RMB 10 million (USD 1.38 million) from Chinese technology company Narwal in a strategic financing round. 36Kr

Mesh Bio, MoneyHero Group, Account Labs, and more led yesterday’s headlines:

  • Mesh Bio, a Singapore-based health tech startup, raised an undisclosed amount of funding from Southeast Asian venture capital firm East Ventures. It will utilize the funds to develop digital twin technology applications for chronic disease management, and to expand its services across Southeast Asia.
  • MoneyHero Group, a leading Southeast Asian fintech platform, completed its previously announced merger with Bridgetown Holdings, a special purpose acquisition company (SPAC) established through a collaboration between Pacific Century Group and Thiel Capital.
  • Account Labs, a Singapore-based Web3 wallet startup, raised USD 7.7 million from Amber Group, MixMarvel DAO Ventures, and Qiming Ventures. It will use the funds to launch the UniPass smart contract wallet that utilizes account abstraction to simplify the complexity of Web3 wallet transactions..

If there are any news or updates you’d like us to feature, get in touch with us at: [email protected].


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