FB Pixel no scriptDeals in brief: Atome Financial secures up to USD 100 million debt facility, Food Empire bags funding from Ikhlas Capital, six China deals, and more | KrASIA

Deals in brief: Atome Financial secures up to USD 100 million debt facility, Food Empire bags funding from Ikhlas Capital, six China deals, and more

Written by KrASIA Writers Published on   4 mins read

Bringing you the latest updates on funding deals and activities in the Asia Pacific.

Atome Financial secures up to USD 100 million to expand regional credit portfolio

Atome Financial, a digital financial technology platform under Advance Intelligence Group, has secured a three-year term debt facility from EvolutionX. The facility includes an accordion feature that could increase the total amount to up to USD 100 million.

The funds will drive the expansion of Atome’s profitable regional credit portfolio and support the launch of new products such as savings, lending, insurance, and the “Atome Card” in markets including Singapore, Malaysia, the Philippines, and Indonesia.

Atome, which includes its buy now, pay later (BNPL) business and Kredit Pintar, an Indonesian digital lending platform, said its business improved significantly in FY2023, with operating income nearly doubling to USD 170 million. The profitability of its BNPL business was said to be a key factor, with a 40% year-on-year surge in GMV to USD 1.5 billion and 130% year-on-year growth in revenue. This momentum continued into FY2024, with the company turning profitable in the first quarter of 2024.

Food Empire bags USD 40 million from Ikhlas Capital for Southeast Asia and South Asia expansion

Food Empire Holdings, a Singapore-based multinational food and beverage group, has bagged USD 40 million from private equity fund Ikhlas Capital. The investment will be made into a special purpose vehicle (SPV) wholly owned by the company that will hold or possess the option to hold a portfolio of business operations in Southeast Asia and South Asia.

The rationale for the strategic partnership is to develop and expand Food Empire’s business in these regions. The investment will be injected via a five-year redeemable exchangeable note (REN) with a 5.5% annual interest rate. The proceeds will drive capital expenditures and mergers and acquisitions.

Ikhlas Capital will have the right to exchange the REN into new shares of Food Empire at a share price of SGD 1.09 per share. Beyond capital injection, Ikhlas Capital’s local presence, knowledge, and network in Southeast Asia are expected to help accelerate Food Empire’s growth and scale.

According to Food Empire’s statement, its products are sold in over 60 countries, and the company has eight manufacturing facilities and 23 offices worldwide. The firm owns a family of proprietary brands including MacCoffee, Cafe Pho, Petrovskaya Sloboda, Klassno, Hillway, and Kracks. —TechNode Global

Tiger New Energy raises additional USD 1 million from ADB Ventures

Tiger New Energy, a Bangladeshi clean energy startup, has raised an additional USD 1 million in funding from ADB Ventures, augmenting the USD 2.5 million seed round led by Wavemaker Partners in 2023. The investment will accelerate the deployment of Tiger’s battery swapping network across Bangladesh.

Founded by Harvard Business School alumni Nicole Mao and Yiwei Zhu, Tiger New Energy addresses issues of carbon emissions and energy inefficiency in Bangladesh’s urban transportation sector. The company said its battery swapping stations enable rickshaw drivers to swap depleted batteries for fully charged ones in less than a minute, reducing downtime and potentially increasing their earnings.

The investment will also support talent acquisition, research and development, and exploration of new regional markets.

Recent deals completed in China:

  • RaySea, a Hangzhou-based company specializing in vertical-cavity surface-emitting laser (VCSEL) R&D and design, has completed a new funding round led by its existing shareholders. The specific amount was not disclosed. The funds will primarily be used to accelerate the commercialization of automotive-grade VCSEL chips and the iteration of optical chips. 36Kr
  • Dendritic Optical Technology, an Anhui-registered company, has announced the completion of its Series B funding round, with the amount undisclosed. The round saw participation from Guoyuan Securities Financial Holdings, Hefei Hi-tech VC, and Xingtai Capital Management. 36Kr
  • Sectrend, a supply chain software security company, has secured tens of millions of RMB in a pre-Series A++ round of financing. The investors include Firstlight Capital, Vista, Shanghai Weixin, Kunpeng Technology Growth Fund, Shanghai Anyu, and Shanghai Yisu. The funds will be used to accelerate product development and market expansion, further consolidating its leadership in the industry. 36Kr
  • DreamTech, an artificial intelligence tech startup focusing on native 3D generative solutions, has raised an eight-figure RMB sum in angel funding across two rounds. Oriza Seed led the initial investment with support from TusStar VC and Cloud Angel Fund, while Monad Ventures exclusively invested in a subsequent round. 36Kr
  • Minospace Technology, a Beijing-based satellite manufacturer, has secured RMB 1 billion in a Series C1 financing round led by the Wuxi Economic Development Zone Shangxian Industry Investment Fund, managed by SIP Oriza PE Fund Management, the private equity arm of Suzhou Oriza Holdings. Liangxi Technology and Innovation Industry Fund of Funds, dedicated to Wuxi City’s Liangxi district, and existing shareholder Qingdao Huizhu Anfulan also participated. The funds will be used to streamline MinoSpace’s satellite R&D and production operations. —DealStreetAsia
  • BioMap, a Beijing-based biological computing startup, has received an undisclosed investment from the Hong Kong Investment Corporation (HKIC), an investment firm wholly owned by the Hong Kong government. The proceeds will support BioMap in establishing its biocomputing innovation center and expanding its operations to Hong Kong. The financial details of this deal were not disclosed. —DealStreetAsia

Paywatch, Ai Palette, Okapi Technologies, and more led yesterday’s headlines:

  • Paywatch, an earned wage access (EWA) service provider, has secured a total of USD 30 million from a mix of equity and credit facilities to bolster its growth.
  • Ai Palette, a Singapore-headquartered tech startup specializing in using artificial intelligence and machine learning to enable consumer packaged goods (CPG) companies in product creation, has snagged an additional USD 1.45 million in its Series A1 funding round from InnoVen Capital.
  • Okapi Technologies, a fintech startup in the solar financing space, has closed its funding round and officially launched in Malaysia, starting with the residential solar vertical. The round was led by The Radical Fund with participation from angel investors including Lai Chang Wen and Shaun Chong, co-founders of regional logistics unicorn Ninja Van.

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