FB Pixel no scriptDeals in brief: KWAP launches MYR 500 million fund to bolster local ecosystem, Karang Foodie acquires Inseact, and more | KrASIA

Deals in brief: KWAP launches MYR 500 million fund to bolster local ecosystem, Karang Foodie acquires Inseact, and more

Written by Gideon Ng Published on   4 mins read

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

Sustainability has seemingly become a key theme as financial institutions shift their attention toward climate tech initiatives.

HSBC has allocated USD 1 billion in funding to nurture emerging climate tech companies on a global scale. Meanwhile, SGX and BlackRock launched the iShares MSCI Asia ex-Japan Climate Action ETF with USD 426 million in assets under management.

Both moves signify the rising importance of environmental considerations in investment decisions, notably in light of the looming 2030 target established by the Paris Agreement.

While the goal of achieving a 45% reduction in global emissions by 2030 is still in the balance, it’s worth noting the growing prominence of zero-carbon solutions being applied across diverse sectors, most notably in energy, mobility, and transportation. Despite the challenges that lie ahead, these developments signal a promising shift toward sustainability.

What are your thoughts on countries striving to achieve this goal by 2030? Let us know at: [email protected].

That’s all for this week. If there are any news or updates you’d like us to feature, you can also get in touch with us via the email above.

KWAP launches MYR 500 million fund to invest in Malaysia’s startup and venture capital ecosystem

Kumpulan Wang Persaraan (KWAP), Malaysia’s public service retirement fund, has announced the launch of an MYR 500 million (USD 106.7 million) fund dedicated to investing in Malaysia’s startups and venture capital funds.

Half of the fund will be used to invest in Malaysia-focused venture capital funds, with the other to be utilized for direct investments in promising Malaysian startups. KWAP is among the backers of 500 Global’s USD 143 million Southeast Asian early-stage fund (500 Southeast Asia III) announced two weeks ago.

The newly launched fund will aim to support the growth and development of the local startup ecosystem and is expected to unfold over the next 18–24 months.

Karang Foodie acquires Inseact via total share sale

Singaporean company Karang Foodie has acquired Inseact, a Singapore-based company specializing in the production of sustainable insect protein for agriculture. The acquisition entailed an all-cash sale, with Inseact co-founders Tim van Vliet and Michael Badeski exiting the company while some employees stayed on as part of the new outfit.

Inseact had been operating an advanced insect production and research facility in Singapore, and raised USD 1.3 million in 2021 when it closed an oversubscribed seed funding round from various investors including ADB Ventures, Loyal VC, and INSEAD Asia Angels Club. —e27

Truckistan Technologies raises nearly USD 1 million in seed funding round

The Pakistan-based less-than-truckload (LTL) company has announced the completion of its seed funding round, raising nearly USD 1 million. The round saw participation from various investors including Reflect Ventures, Orbit Startups (SOSV), Mentor’s Fund, Sarmayacar, Loyal VC, SAI ventures, Five Rivers Ventures, and several angels such as Carlos Cashman, Siddhartha Kongara, and Amir Husain.

The company aims to reduce inefficiencies existing in the LTL sector while improving the service quality and reducing the carbon footprint of its customers. —TechNode Global

Incubate Fund closes first round of USD 50 million India-focused fund

The Tokyo-based venture capital firm has closed its third India-focused fund, raising a total of USD 50 million. It will use the capital to invest in both new and existing portfolio companies. —DealStreetAsia

Kasco secures over RMB 300 million in Series C round

Chinese automotive technology company Kasco, also known as KH Automotive Technology (KHAT), has closed a Series C funding round, raising over RMB 300 million (USD 41.1 million). This round was jointly led by CMB International Capital and CS Capital, with participation from CGN Capital, Suikai Investment, CD Capital, a Harvest Global Investments-managed fund, among other investors.

The funds will support various capital expenditures, including expanding production capacity, constructing new factory buildings, acquiring equipment, and other aspects of working capital. 36Kr

CITD acquires Autostereoscopic 3D in HKD 100 million deal

China Information Technology Development (CITD), a Chinese cloud and artificial intelligence technology company, has announced the acquisition of Autostereoscopic 3D to solidify its position as an industry leader in IT solutions.

The consideration for the acquisition is valued at HKD 100 million (USD 12.7 million), and will be met through the issuance of promissory notes as well as the allotment and issuance of consideration shares. Autostereoscopic 3D will transition into an indirect wholly-owned subsidiary of CITD following the acquisition.

Bolttech, HSBC Holdings, Terra Drone Corporation, and more led yesterday’s headlines:

  • Bolttech, a Singapore-based insurtech company, extended its Series B round by raising an additional USD 50 million from new strategic investor LeapFrog Investments. This brings the total raised in its Series B round to a record-breaking USD 246 million for an insurtech company.
  • HSBC Holdings has committed to providing USD 1 billion in financing to support emerging climate tech companies worldwide. This initiative aims to contribute to the reduction of carbon emissions.
  • Terra Drone Corporation, a Tokyo-based drone and urban air mobility technology provider, has expanded into the precision agriculture sector by acquiring Avirtech, a startup providing agricultural drone spraying and mapping services in Southeast Asia.

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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