FB Pixel no scriptDeals in brief: Doxa secures funding from Cento Ventures, Temasek and Norinchukin Bank to anchor USD 173 million fund, five India deals, and more | KrASIA

Deals in brief: Doxa secures funding from Cento Ventures, Temasek and Norinchukin Bank to anchor USD 173 million fund, five India deals, and more

Written by KrASIA Writers Published on   6 mins read

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

Singapore-based Doxa secures funding from Cento Ventures

Doxa Holdings, a Singapore-based fintech startup specializing in a digital procurement platform for the supply chain sector, has recently secured an undisclosed amount of funding from Cento Ventures.

Doxa facilitates the connection and digitization of workflows among buyers, suppliers, and financiers through its enterprise platform, Doxa Connex. Tailored primarily for the construction industry, Doxa Connex offers a transparent transaction trail, establishing a singular source of truth within a secure system architecture. This setup ensures data authenticity and enables analytics, allowing buyers to conduct seamless trades and financiers to evaluate and qualify financing options.

“We set out years ago to solve real, present challenges a building contractor faced in Singapore and realized similar challenges exist in other industries such as logistics and healthcare. Hence, we are working on expanding our coverage for new kinds of customers and new geographies,” said Edmund Ng, co-founder and CEO of Doxa.

Doxa has established partnerships with leading contractors in Singapore and has initiated its expansion into the Indonesian market, starting with a client in the healthcare sector. Additionally, through collaborations with Visa and prominent banks in Singapore, the company is poised to extend its operations to Malaysia via a strategic alliance with a key financial institution.

Temasek joins hands with Japan’s Norinchukin Bank to anchor USD 173 million fund for agritech and food tech startups

Singaporean state-owned investor Temasek Holdings is partnering with Japan’s Norinchukin Bank to anchor the Seviora T3F Strategy, a USD 173 million fund aimed at investing in agritech and food tech startups across the Asia Pacific, according to Bloomberg.

Managed by Seviora Capital, a wholly-owned subsidiary of Temasek, this fund is dedicated to initiatives focused on decarbonizing and promoting sustainable transformation within the food and agriculture sectors. The fund has commenced its investment activities and recently allocated USD 17 million to India’s Country Delight.

Orient Growth Ventures completes final close of second fund at USD 90 million

Orient Growth Ventures, an investment firm based in the Netherlands, has announced the final close of its second fund, securing commitments totaling USD 90 million.

Dubbed as Orient Growth Fund II, this fresh fund has garnered support from both new and existing limited partners (LPs), comprising European high-net-worth individuals, entrepreneurs, and family offices across Europe and Singapore.

Significantly larger than its predecessor, Orient Growth Fund I, which raised USD 25 million in 2020, this latest fund marks a substantial growth trajectory for Orient Growth Ventures. The firm has outlined its intention to deploy the new fund toward continued investments in top-tier venture capital managers in India and Southeast Asia. To date, Orient Growth Ventures has supported over 20 venture capital funds, including those managed by TNB Aura, Jungle Ventures, Blume Ventures, AC Ventures, AVV, and Foxmont Capital Partners, among others.

Utilizing the expertise and network of local top-tier venture capital partners, Orient Growth Ventures aims to provide European investors with unparalleled access to the Indian and Southeast Asian venture capital ecosystem.

Hillhouse acquires InCorp Global from TA Associates

Hillhouse Investment, a private equity firm focused on supporting China’s emerging startups, has acquired InCorp Global, a Singapore-headquartered company that provides corporate solutions and professional services in the Asia Pacific, from TA Associates.

This acquisition will enable InCorp to accelerate its growth, expand service capabilities, and capitalize on new opportunities in both APAC and Europe.

Trump’s media deal partner nears USD 50 million financing

Digital World Acquisition Corporation (DWAC), the acquisition company that has agreed to take former US President Donald Trump’s social media platform public, is nearing the completion of a USD 50 million financing deal, as reported by Reuters.

This impending deal, which could be announced in the next few days, is structured around convertible notes and aims to support DWAC during its efforts to finalize its merger with Trump Media and Technology Group (TMTG), the parent company of the social media platform Truth Social.

Among the investors reportedly interested in purchasing the convertible notes are Anson Funds, All Blue Capital, and Mangrove Partners, as per sources cited by the media outlet. However, the timing and composition of the deal may still be subject to change.

DWAC had disclosed its intention to raise USD 50 million in convertible notes last month following the cancellation of a USD 1 billion private-investment-in-public-equity (PIPE) transaction. The merger agreement between DWAC and TMTG was initially forged in October 2021 but failed to materialize by a September 2022 deadline due to scrutiny from US financial regulators regarding the company’s investor disclosures. This led to the PIPE investors having the option to retract their commitments.

An amendment to TMTG’s deal with DWAC in August last year resulted in the unwinding of the PIPE agreement and granted Trump new shares in DWAC with augmented voting power. While DWAC currently holds approximately USD 300 million in funds raised through its IPO in 2021, these funds are designated to be transferred to TMTG upon the completion of the merger.

Latest deals in India:

  • Bombay Shirt Company, a Mumbai-based apparel brand, has reportedly secured USD 3.2 million in a bridge funding round led by Singularity Ventures’ Growth Opportunities Fund I. The round also saw participation from Mithun Sacheti (CaratLane) and other investors. This may be an ongoing round and its size can increase if existing investors decide to infuse more capital or new investors come aboard, according to Inc42.
  • Neodocs, a Mumbai-based health tech startup, has raised USD 2 million in a seed funding round led by Omidyar Network India, with participation from YCombinator, 9Unicorns, Gemba Capital, Titan Capital, and a slew of angel investors, including Kunal Shah (Cred), Varun Alagh (Mamaearth), Vivek Gambhir (Boat), and Harshad Reddy (Apollo Hospital), among others. With the newly raised capital, Neodocs plans to expand globally and enter the markets of Europe, Australia, the Middle East, and the US. —Inc42
  • VerSe Innovation, a Bangalore-based firm and the parent company of content aggregator Dailyhunt and video-sharing platform Josh, has raised debt funding from Alteria Capital. 5,000 Series C debentures were issued at a price of INR 100,000 each, totaling INR 500 million. The proceeds will be utilized for general corporate purposes and to fuel the company’s growth and expansion plans. —Inc42
  • Attentive, a provider of artificial intelligence-based software-as-a-service solutions, has secured USD 7 million in a Series A funding round led by Vertex Ventures Southeast Asia and India, with participation from Peak XV Partners, InfoEdge Ventures, and Tenacity Ventures. This investment will be used for product development, sales and marketing, and customer success initiatives. —VCCircle
  • Ivory, a health tech platform, has raised USD 500,000 in a funding round led by Capital A. Other investors that took part in this round include TDV Partners and angel investors Abhishek Kabra (Samara Capital), Tushar Vashisht (HealthifyMe), Abhishek Ganguly (Agilitas Sports), and Rajeev Singh (SAP India), among others. —VCCircle

MediConCen, SingAuto, Amperesand, and more led yesterday’s headlines:

  • MediConCen, an insurtech company that automates insurance claims using artificial intelligence and blockchain technology, secured USD 6.85 million in a Series A funding round led by HSBC Asset Management. The round also drew the participation of Wings Capital Ventures as well as existing investors G&M Capital and ParticleX.
  • SingAuto, a Singapore-headquartered technology company that specializes in the development of new energy intelligent refrigerated vehicles and related solutions, completed a Series A funding round, raising USD 45 million from an unnamed investment firm based in the UAE.
  • Amperesand, a Singapore-based provider of grid infrastructure solutions powered by novel solid-state transformer (SST) technology, raised USD 12.5 million in a seed funding round jointly led by Xora Innovation and Material Impact. TDK Ventures and Foothill Ventures also participated in this round.

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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