FB Pixel no scriptDeals in brief: Gene Solutions secures Series B funds, ex-Flipkart senior VP raises funds for e-commerce startup, and more | KrASIA

Deals in brief: Gene Solutions secures Series B funds, ex-Flipkart senior VP raises funds for e-commerce startup, and more

Written by Gideon Ng Published on   2 mins read

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

Mekong Capital invests USD 21 million in Gene Solutions

Vietnamese genetic testing company Gene Solutions has received USD 21 million from private equity firm Mekong Capital in a Series B round. The funds came from Mekong Capital’s Fund IV.

Gene Solutions last raised capital two years ago in 2021, when it secured USD 15 million from Mekong Capital. The company has developed a non-invasive prenatal test for detecting chromosomal abnormalities in fetuses. It has a presence in Thailand, Indonesia, and the Philippines, and expects to open an oncology laboratory in Singapore by November 2023. —Tech in Asia

Flash raises USD 6.7 million in pre-Series A round for e-commerce expansion

The Indian e-commerce startup, founded by former Flipkart senior vice president Ranjith Boyanapalli, announced on Tuesday that it has secured USD 6.7 million in pre-Series A funding. The round was co-led by Blume Ventures and PeerCapital, and saw participation from existing investors including White Venture Capital and Emphasis Ventures.

The latest round brings Flash’s total cumulative funding to USD 12.5 million. The company plans to utilize the newly raised funds to expand its presence in the Indian market, recruit top talent, and enhance its infrastructure. —VCCircle


Recent deals completed in China:

  • Shanghai Electric Energy Storage Technology, the energy storage subsidiary of Shanghai Electric, has raised RMB 400 million (USD 54.8 million) in a Series A funding round. It will use the funds to improve corporate governance mechanisms, strengthen talent support, and enhance its R&D and innovation capabilities.
  • Crystone, a chip development company, has secured an eight-figure RMB sum in a Series A round,  Hypercycle Venture, Tianchong Capital, and CY Capital participated in this round of financing. 36Kr
  • High Definition Globe, a satellite remote sensing solution provider, has secured a multimillion-RMB sum from Hongfu Investment in a pre-Series A funding round. 36Kr
  • TsingHydrogen Tech, a hydrogen energy company, has raised an eight-figure RMB sum in a seed funding round exclusively invested by TusStar VC, with Six Sigma Capital serving as the long-term exclusive financial advisor. 36Kr

Tawada Healthcare, Koltiva, Evo Commerce, and more led yesterday’s headlines:

  • IFC will invest up to USD 15 million in Indonesian healthcare provider Tawada Healthcare to support its medical device and consumables distribution business and expand manufacturing operations, ultimately improving healthcare access in Indonesia.
  • Koltiva, an Indonesian agritech startup, has raised a seven-figure USD sum in a Series A funding round led by AC Ventures, with participation from Silverstrand Capital, Planet Rise, Development Finance Asia, Blue 7, and existing investor The Meloy Fund. The funds will be used to expand its software-as-a-service solution for multinational corporations to achieve supply chain traceability.
  • Evo Commerce, a Singapore-based direct-to-consumer health and beauty retailer, secured USD 2.8 million in funding from investors led by IJK Capital Partners, including Quek Siu Rui (Carousell), Joel Neoh (Fave), and Tipsy Collective. The company plans to use the funds for product development and market expansion.

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