FB Pixel no scriptDeals in brief: AnyMind Group acquires Indonesia-based DDI, GGV Capital splits into two businesses, eight China deals, and more | KrASIA

Deals in brief: AnyMind Group acquires Indonesia-based DDI, GGV Capital splits into two businesses, eight 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.

AnyMind Group acquires Digital Distribusi Indonesia

The Singapore-founded brand enablement company has acquired Digital Distribusi Indonesia (DDI), an Indonesia-based e-commerce enabler and distributor.

The acquisition will enable AnyMind Group to introduce its e-commerce platform, AnyX, to DDI’s customers in Indonesia. DDI will continue to operate under its brand in Indonesia while offering its e-commerce expertise to other markets served by AnyMind Group. Tatum Ona Kembara, founder and CEO of DDI, has also been appointed as managing director of D2C and e-commerce enablement at AnyMind Group.

“Over the years, we have developed platforms across the business supply chain that look to deliver better efficiency and effectiveness across areas such as e-commerce, marketing, logistics, customer engagement, and more. This highly synergistic blend of our technology and DDI’s expertise in the e-commerce space means that our customers have a trusted and capable partner that can match their expansion and growth ambitions across [the Asia Pacific],” said Kosuke Sogo, co-founder and CEO of AnyMind Group.

Photo of Kosuke Sogo, co-founder and CEO of AnyMind Group.
Photo of Kosuke Sogo, co-founder and CEO of AnyMind Group. Photo from KrASIA’s archive.

GGV Capital to split into two region-specific independent businesses

In a statement released on September 22, venture capital firm GGV Capital announced that it is splitting into two independent businesses focused on Asia and the US. This move is expected to complete early next year, according to a report by the Financial Times.

GGV Capital has around USD 9.2 billion in assets under management and has held stakes in some of the world’s most prominent technology companies, including Airbnb, Alibaba Group, TikTok’s parent company ByteDance, Grab, Slack, Xiaomi, among others.

While the move is ostensibly driven by cooling relations between China and the US, which has impacted investor flexibility, GGV Capital did not explicitly state the precise reasons for the business split. In a broad statement, the company acknowledged that “the investment landscape has shifted significantly, and the operating environment has become highly complex.” Sequoia Capital made a similar move several months ago in response to growing pressures for American tech investors to disengage from China.

GGV Capital’s US team will focus on North America, Latin America, Europe, and Israel, while its Asia team will prioritize investments in China, South Asia, and Southeast Asia.

Image of Hans Tung and Jenny Lee, managing partners of GGV Capital.
Image of Hans Tung (left) and Jenny Lee, managing partners of GGV Capital. Tung will be part of the leadership team directing GGV Capital’s US business, while Lee will be amongst GGV Capital’s partners leading its Asia business. Image features photos collaged from KrASIA’s archive.

Goodnotes invests USD 1.9 million in South Korea’s largest digital stationery platform

Goodnotes, a digital paper company, has invested KRW 2.5 billion (USD 1.9 million) in WeBudding, South Korea’s largest digital stationery platform.

As a strategic investor in WeBudding, Goodnotes is aiming to utilize the new alliance in growing an ecosystem that can provide universal access to digital paper for a wide range of use cases—from planning a road trip to studying for an exam, planning an editorial calendar, and more.

Image of team members from Goodnotes and WeBudding.
Image of team members from Goodnotes and WeBudding. Image courtesy of Goodnotes.

Latest deals in China:

  • Lynk Pharmaceuticals, a pharmaceutical company focused on developing novel treatments for oncology, immunology, and inflammatory diseases, has completed a Series C2 funding round jointly participated in by the Shaoxing Binhai New Area Biomedical Industry Equity Investment Fund (managed by China Grand Prosperity Investment), Haibang Venture, Howbuy Primary Fund, as well as existing shareholders New Alliance Capital and Lilly Asia Ventures. Haoyue Capital was the exclusive financial advisor for this round. 36Kr
  • CellOrigin Biotech, a Hangzhou-based biomedical company focused on the development of immune cell therapies using genetically engineered pluripotent stem cells, has concluded a Series C funding round led by Goldport Capital. A Yuhang-based investment fund also participated in the round. CellOrigin Biotech will use the eight-figure RMB sum raised to advance its line of next-generation cell therapy drugs into the clinical development stage. 36Kr
  • Qihan Biotech, a Hangzhou-based biotechnology company specializing in multiplexable genome editing, has completed a pre-Series B funding round to raise funds in excess of RMB 100 million (USD 13.6 million). Zhejiang Industrial Fund and existing investors of Qihan Biotech participated in this round. 36Kr
  • Heze Pharmaceutical, a pharmaceutical R&D company from the Zhejiang Province, has raised a nine-figure RMB sum in a financing round participated in by China Capital Management, JIC Investment, among other investors. This round of financing will support Heze’s technology R&D and its competitiveness in the industry. 36Kr
  • Crystone, a Zhuhai-based developer of chip and chiplet products, has raised an eight-figure RMB sum following the completion of a Series A funding round. Hypercycle Venture, Tianchong Venture, and CY Capital jointly invested in the round, providing funds for Crystone to further develop its technology. 36Kr
  • Knotrix, a Hangzhou-headquartered content-focused health tech company, has secured an eight-figure RMB sum in a Series A funding round. The round saw participation from multiple investors. 36Kr
  • Starry Oceans, a Hangzhou-based technology R&D company focused on drone applications, has raised an eight-figure RMB sum from Goldport Capital following the completion of a Series A funding round. It will use the funds to deliver new projects and pay for R&D expenditures. 36Kr
  • Rox Motor, a Shanghai-headquartered electric vehicle maker, has secured a new investment of USD 1 billion from textile and aluminum manufacturing giant Weiqiao Pioneering Group. —DealStreetAsia

CrossFund, Ergos, Sweef Capital, and more led yesterday’s headlines:

  • CrossFund, an early-stage investment platform, raised USD 1.5 million in fresh funding from undisclosed investors, valuing the company at USD 47 million. CrossFund plans to use the funds to expand its operations in Europe, the Middle East, and Africa.
  • Ergos, an Indian agritech startup, secured USD 10 million in a Series B funding round, utilizing a mix of debt and equity financing. The round was led by Norway-based Abler Nordic, and saw participation from its existing investors.
  • Sweef Capital, a women-led impact investment firm, raised over USD 37 million, securing the fourth close of its maiden fund.

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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