FB Pixel no scriptDeals in brief: Jago Coffee raises USD 6 million in Series A round, Levelup merges with Zevero, Supabase acquires Oriole, and more | KrASIA

Deals in brief: Jago Coffee raises USD 6 million in Series A round, Levelup merges with Zevero, Supabase acquires Oriole, and more

Written by Jeff Chay Published on   5 mins read

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

Jago Coffee raises USD 6 million in Series A round

Jago Coffee, a Jakarta-based mobile cafe chain, has raised USD 6 million in a Series A funding round led by existing investors Intudo Ventures and Beenext Accelerate, with participation from Orzon Ventures and D Global Ventures.

Founded in 2020, Jago operates a fleet of all-electric mobile cafes to bring fresh, cafe-grade coffee directly to customers. Through the Jagoan app, customers can locate nearby baristas, order, pay, and receive their coffee within minutes.

Jago plans to utilize the funds to expand its coverage of Jakarta from 7% to 50% by the end of 2024. In addition to investing in depot and cart upscaling and upgrades, the company is also leveraging geospatial machine learning to prioritize key locations for expansion.

Photo of Jago Coffee’s co-founders. From left to right: Yoshua Tanu (CEO), Daniel Sidik (COO and CMO), and Christopher Oentojo (CTO). Photo courtesy of Jago Coffee. Header photo source: Jago Coffee.

Levelup acquires Zevero to fuel global expansion

Zevero, a London-based carbon accounting startup, has been acquired by Levelup, a Singapore-based climate tech company, in a deal which will see the two companies merge under the Zevero brand. The exact financial terms were not disclosed.

Levelup operates a software-as-a-service platform which provides environmental footprint visualization tools for agricultural firms, while Zevero helps food and beverage companies to track their carbon footprint across supply chains using artificial intelligence-powered carbon modeling, automated emissions calculations, and real-time analytics.

By integrating Levelup’s reach in Asia with Zevero’s foundation in the UK market, the acquisition will facilitate the merged entity’s expansion in the global carbon accounting market, which is valued at USD 15 billion.

Supabase acquires Oriole to enhance database capabilities

Supabase, a Singapore-based tech development company, has acquired Oriole, a database storage extension, for an undisclosed sum.

Supabase was launched in 2020 as an open source alternative to Google’s Firebase. The company previously raised USD 80 million in a Series B funding round in 2022, led by investment firm Felicis.

Xuyen A secures investment from Warburg Pincus

Xuyen A, a Vietnamese hospital group, has received an undisclosed sum from New York-based private equity firm Warburg Pincus.

According to Reuters, Saurabh Agarwal, Warburg Pincus’ head of Southeast Asia private equity, said that Vietnam’s underdeveloped private healthcare sector possesses significant potential for growth, garnering interest from investors.

Warburg Pincus, with a global portfolio valued at over USD 83 billion, is one of the most prominent private equity investors in Vietnam, with more than USD 2 billion invested.

Recent deals completed in China:

  • Yitai Microelectronics Technology, a Nanjing-registered enterprise specializing in the development of Ethernet and time-sensitive networking (TSN) chips, has secured an undisclosed amount of pre-Series A funding in a round jointly led by Casstar and Tongchuang Gongjin, with participation from Pengchen Venture Capital and Yiqi Lihe Automobile New Technology Venture Capital. The company will utilize the funds to advance R&D for in-vehicle Ethernet chips, and product delivery. 36Kr
  • Hozon Auto, an electric vehicle manufacturer, has raised over RMB 5 billion (USD 690 million) in funding from Tongxiang State-owned Capital Investment and Operation, and two other investors linked to the local governments in the cities of Yichun and Nanning, respectively. 36Kr
  • Tonglew Technology, a Guangzhou-based IT company, has completed a new round of financing, banking an undisclosed amount. The investment was made exclusively by CIIC Group. 36Kr
  • Yueke Guangzhi, a Guangzhou-registered manufacturer of light sources for life science applications, has completed an angel round of financing. Rivers was the sole investor for this round. The investment amount was not disclosed. 36Kr
  • Ultima Lab, a Shanghai-registered producer of functional foods, has closed a seed funding round, snagging close to RMB 10 million (USD 1.3 million). Changsai Fund led this round with participation from former Perfect Diary co-founders. 36Kr
  • Uovameta, a developer of generative AI tools, has announced the completion of an eight-figure RMB funding round. The investors include Yuehua Entertainment and Alibaba Pictures, among others, with parent company Yuanlong Yato also participating in this round. 36Kr
  • Panex WD International, an intercontinental logistics and supply chain company, has completed its Series B funding round, bagging an eight-figure RMB sum. The round was led by Shunwei Capital, with Lighthouse Capital serving as the exclusive financial advisor. The company intends to utilize the funds to construct its overseas warehouses and expand its distribution network. 36Kr

Latest funding deals in India:

  • ProcMart, a Noida-based B2B inventory optimization platform, has raised USD 30 million in Series B funding. The round was led by Fundamentum Partnership and Edelweiss Discovery Fund, with participation from South Korea-based Paramark Ventures and existing investors Sixth Sense Ventures and IndiaMart, among others. —Inc42
  • Medulance, an emergency healthcare services provider headquartered in New Delhi, has raised USD 3 million in a Series A funding round led by Alkemi Growth Capital, with participation from Dexter Capital, Aman Gupta, and Namita Thapar. —Inc42
  • ClickPost, a Gurugram-based provider of multi-carrier logistics solutions, has raised USD 6 million in a Series A funding round co-led by Inflexor Ventures Partners and Athera Venture Partners, with participation from Riverwalk Holdings and existing investor Rebright Partners. —Inc42
  • EMotorad, a Pune-based electric two-wheeler maker, has landed an undisclosed equity investment from Mahendra Singh Dhoni. In November last year, The company previously raised USD 20 million in a Series B funding round completed last November. —Inc42
  • GPS Renewables, a Bengaluru-based clean tech startup, has secured USD 50 million in debt financing. The round saw participation from Punjab National Bank, HDFC Bank, Yes Bank, HSBC Bank, Kotak Mahindra Bank, ICICI Bank, Citibank, Vivriti Capital, Northern Arc, Spark Capital, Tata Capital, and SIDBI. —Inc42
  • VitusCare, a Gurugram-based kidney care startup, has raised USD 2.7 million in Series A funding. The round was led by Tomorrow Capital, with participation from 1Crowd, 3i Partners, and a consortium of angel investors.
  • Navata SCS, a Hyderabad-based supply chain startup, has closed its pre-Series A funding round, which was led by Equanimity Ventures. The amount of funding received was undisclosed. —Business Standard
  • Amwoodo, a Kolkata-based bamboo products maker, has received USD 1 million from Rainmatter, a venture fund backed by Zerodha. The company aims to channel the funds into equipment and workforce upgrades, with a view to domestic expansion. —Entrackr

Karzo, Upstage, Sumday, and more led yesterday’s headlines:

  • Karzo, a Myanmar-based logistics startup serving primarily the Mekong region, secured an undisclosed amount from a follow-up pre-Series A funding round jointly led by Orbit Startups, Cocoon Capital, and NP Consulting.
  • Upstage, a South Korea-based artificial intelligence startup, raised USD 72 million in a Series B funding round. The round was jointly led by SK Networks, KT, Korea Development Bank, Shinhan Venture Investment, Hana Ventures, Mirae Asset Venture Investment, and IBK Securities.
  • Sumday, a Tasmanian-based startup specializing in emissions accounting software, bagged USD 5.3 million in a seed funding round led by Planeteer Capital, a New York-based venture capital firm that focuses on climate technology.

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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