Earth VC backs Sparxell in USD 3.2 million round
Earth Venture Capital (Earth VC), a climate tech venture capital firm based in Vietnam, has participated in a USD 3.2 million funding round for Sparxell, a UK-based developer of high-performance, sustainable, plant-based pigments. This round, which includes seed investments, grants, and awards, was led by the Circular Innovation Fund, jointly managed by Demeter and Cycle Capital with L’Oreal as an anchor investor. Other notable investors included Future Communities Capital, PDS Ventures, Katapult, Joyance Partners, and Snocap VC.
Earth VC aims to bridge the market for Sparxell’s innovative solutions to Asia, leveraging its expertise and regional knowledge to foster the adoption of sustainable pigments in Asia’s burgeoning textile and cosmetic industries. Sparxell mimics how plants produce color in real life by arranging the cellulose nanocrystal particles structurally to reflect a certain wavelength of light.
“Traditional chemical colorants are causing major environmental harm through every stage of their lifecycle, from manufacture to degradation. Over 10,000 fossil-based chemicals are used in current coloration processes. The textile industry is a well-known emitter of dyes and microplastics, with over 1.5 million tons entering the environment every year, while paint has recently been recognized as the largest source of microplastics in the ocean,” said Benjamin Droguet, founder and CEO of Sparxell.
With the completion of this round, Sparxell plans to expand its manufacturing capacity to support pilot production, secure product development partnerships with brands, undertake more product trials with manufacturers and distributors, and expand its team. The company expects to launch a Series A round in the coming months to further scale production and accelerate commercialization.
Grab’s acquisition of Trans-cab falls through
Grab, Singapore’s ride-hailing and food delivery giant, has withdrawn its plan to acquire Singapore-based taxi operator Trans-cab.
In a press release on July 25, the Competition and Consumer Commission of Singapore (CCCS) announced that both companies had informed the commission of their decision not to proceed with the acquisition. This move follows the watchdog’s provisional ruling on July 11, when it highlighted the transaction’s risk of reducing competition in the ride-hailing market. Grab and Trans-cab were given ten working days to respond with solutions to address these concerns.
Grab first announced its intention last July to acquire Trans-cab outright, which would have given Grab control of over 2,200 taxis and more than 300 private-hire vehicles.
Recent deals completed in China:
- Q-Tech, a thin film deposition technology solution provider, has raised tens of millions of RMB in an angel funding round. The funds will primarily be used for the construction of advanced material projects in the Shanghai Chemical Industry Park (SCIP). Established in 2022, the company operates under Shanghai Qiyuan Gas Development, focusing on the R&D and sales of precursor materials, transmission equipment, and process mainframes required for integrated circuit thin film deposition. —36Kr
- Avant Semiconductor Equipment, a Shanghai-based company specializing in frontend (semiconductor) measurement equipment, has announced the completion of a new funding round, raising tens of millions of RMB. The round was led by Clivia Capital, with participation from JCP Capital, Midas Capital, and Nantong Haihong Jinsu. The funds will be used for the mass production of several devices, R&D of new products, and team expansion. —36Kr
- Revir Therapeutics, a company tapping artificial intelligence technology to develop targeted RNA small molecule drugs, has secured USD 30 million in a Series A funding round led by Lapam Capital. Existing investors CDH Investments, 5Y Capital, and Yael Capital, along with new investors XtalPi and Charcot-Marie Tooth Research Foundation (CMTRF), also participated. The investment will be used to advance Revir’s AI drug development platform and support the preclinical and clinical development of its pipeline for neurological diseases. —36Kr
- Hitcard, a collectible card brand, has completed a new funding round with investments from Japanese gaming companies Cygames and Akatsuki, as well as Goodsmile, a Japanese toy distributor. —36Kr
- WhalesBot, an educational robotics company, has completed a new funding round, raising over RMB 100 million. The round saw participation from a sports industry fund jointly established by various state-backed investors such as Shanghai Jiushi Group, Lujiazui Group, Shanghai Capital of Culture Industry (SCCI), and Great Sports Media. —36Kr
Baichuan, SeaVantage, Bitlayer Labs, and more led yesterday’s headlines:
- Baichuan Intelligence, one of China’s leading artificial intelligence companies, completed its Series A funding round, raising RMB 5 billion (USD 690 million). The round saw significant participation from Alibaba, Tencent, Xiaomi, and other top-tier institutions. Additional investments came from the Beijing AI Industry Investment Fund, Shanghai AI Industry Investment Fund, and Shenzhen Capital Group (SCGC).
- SeaVantage, a South Korean startup specializing in advanced maritime data analytics, raised USD 2.3 million from HD Hyundai Marine Solution.
- Bitlayer Labs, said to be the first Bitcoin Layer-2 network based on the BitVM paradigm, raised USD 11 million following the completion of its Series A funding round. The round was co-led by Franklin Templeton and ABCDE, with additional participation from various investors.
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