FB Pixel no scriptDeals in brief: Lendela, Climate Alpha, and Defog secure funding, Terratai announces new partnership, multiple China and India deals, and more | KrASIA

Deals in brief: Lendela, Climate Alpha, and Defog secure funding, Terratai announces new partnership, multiple China and India deals, and more

Written by Gideon Ng Published on   5 mins read

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

Lendela closes oversubscribed Series A round

The Singapore-based personal loan platform has concluded an oversubscribed Series A funding round, raising USD 5 million. The round was led by Chocolate Ventures and saw the participation of existing investor Cocoon Capital. Notable contributions were also made by Phillip Private Equity and Genting Ventures.

Lendela plans to utilize the funds to expand across the Asia Pacific, building on its launch in Australia earlier this year. A portion of the funds will also be allocated toward product development initiatives.

“The personal loan journey is often complex and unnerving for the borrower. Consumers deserve clarity and choice when making critical loan decisions. That has always been Lendela’s goal,” said Nima Karimi, founder and CEO of Lendela.

Photo courtesy of Lendela.

Climate Alpha secures USD 5 million in seed round

The Singapore-based artificial intelligence-powered analytics platform has raised USD 5 million in a seed funding round led by Jungle Ventures. The investment was made as part of First Cheque@Jungle, a bespoke program recently introduced by Jungle Ventures.

The newly raised capital will empower Climate Alpha to expedite the implementation of its “global resilience scoring and financial impact calculations.” The company aims to collaborate with asset managers in creating a global fund dedicated to investing in climate-resilient real estate. Simultaneously, it plans to enhance the accessibility and usability of its analytics platform.

According to Parag Khanna, founder and CEO of Climate Alpha, the company is planning to raise a Series A funding round in the first half of 2024 to leverage “satellite and other proprietary geospatial datasets [to build] a comprehensive global resilience index and expand [Climate Alpha’s] offerings to investors in public markets.”

Defog secures USD 2.2 million in seed round

The Singapore-based AI-powered data analytics firm has raised USD 2.2 million in a seed funding round led by Script Capital and Y Combinator. Hike Ventures, Pioneer Fund, and several undisclosed angel investors also participated in this round.

The newly raised funds will enable Defog to advance its technology, with a particular focus on enhancing SQLCoder, its suite of open-source large language models.

UBS Optimus Foundation and Swiss Re Foundation invest over USD 2 million in partnership with Terratai

Terratai, an Asia-focused venture builder, has announced a new partnership with UBS Optimus Foundation and Swiss Re Foundation. The company will receive funding of over USD 2 million to launch programs in Indonesia, with the potential to expand further within Southeast Asia in the near future.

The investment of both foundations is geared at supporting Terratai’s first cohort of early-stage ventures in demonstrating quantifiable impact on nature and biodiversity based on several metrics. These include “carbon mitigation and emissions avoidance, biodiversity protection and species management, habitat protection and restoration, and ecosystem service enhancement.”

Recent deals completed in China:

  • AVIC Robot, a Xi’an-based aviation technology company, has closed its Series B funding round, raising close to RMB 100 million (USD 14 million). The round was led by Cowin Capital with the support of Shaanxi Jinzi Fund, Fengxi Fund, and Quest Solid Capital, among other investors. The company will allocate the newly raised funds toward product innovation and development. —36Kr
  • Qina New Energy, a Wuhan-based sodium-ion cathode material R&D company, secured around RMB 100 million (USD 14 million) in a pre-Series A+ funding round. The round was led by SparkEdge Capital, with participation from China Merchants Venture and other investors. It will use the funds to construct a new production line. —36Kr
  • WoquTech, a Hangzhou-based database infrastructure vendor, has completed a Series B+ round of financing, securing an eight-figure RMB sum. The company will utilize the funds for R&D and market expansion. —36Kr
  • Topaz, a Xi’an-based sports technology company, has bagged close to RMB 10 million (USD 1.4 million) in an extended angel funding round from existing investor Unity Asset Management. —36Kr
  • Zhongke Hydrogen Membrane Technology, a Ningbo-based developer of alkaline electrochemical membranes, has raised an eight-figure RMB sum following the completion of a pre-Series A round of financing. This round was led by Gaorong Capital and saw the participation of CMB International, Vision Group, Yankon Group, and Yazhou Bay Venture Capital. —36Kr
  • Chimesen, a Chengdu-based micro-electromechanical systems (MEMS) company, has announced the completion of a pre-Series A funding round, securing an eight-figure RMB sum. This round was led by Panlin Capital, with participation from Sai Microelectronics and existing investor Si Chuan Venture Capital (SCVC). PhoenixTree Capital acted as the exclusive financial advisor. —36Kr
  • Xiao Zhi AI, a Fuzhou-based AI-focused edtech company, has raised RMB 5 million (USD 705,000) in an angel funding round from Inverse Entropy Ventures. The funds will be used for market expansion, R&D, and curriculum development. —36Kr

Latest venture capital deals in India:

  • Wint Wealth Group, a fintech company, has received regulatory approval to acquire a majority stake in Ambium Finserve, a Chandigarh-based non-banking financial company (NBFC). The financial details of this deal were undisclosed. —Inc42
  • Rephrase.ai, a Bengaluru-based AI-powered video creation platform, has been acquired by Adobe. According to Inc42, this is Adobe’s first acquisition in the Indian startup ecosystem and also its inaugural acquisition of a generative AI startup.
  • Herby Angel, a herbal product brand under the umbrella of Herbal Chakra, has secured USD 2.5 million in a funding round led by JCBL Group. It will utilize the funds to broaden its distribution network, diversify its product portfolio, invest in R&D, and support its marketing efforts. —VCCircle
  • Jodaro, a cross-border commerce solution provider, has raised USD 750,000 in a seed funding round led by Fundamental VC. Maninder Gulati also participated in this round. The company will use the funds to enhance its technological capabilities, recruit talent, and expand its footprint across different markets. —VCCircle

Turn Capital, Bain Capital, Bizshare, and more led yesterday’s headlines:

  • Venture capital firm Turn Capital acquired the Thailand business of tech-enabled coffee chain Flash Coffee, and intends to leverage its brand, product, and proprietary technology to broaden the chain’s footprint throughout Thailand.
  • Bain Capital, a US-based private investment firm, concluded the final close of Bain Capital Asia Fund V, its fifth pan-Asia private equity fund, raising USD 7.1 billion. It stands as the largest fund of its kind in the region, marking the most substantial private equity fund raised in Asia this year, according to data from Preqin.
  • Bizhare, an Indonesian crowdfunding securities platform, secured an undisclosed amount of funding in a round led by Kejora Capital and SBI Holdings through the SBI-Kejora Orbit Fund. The round also saw participation from Telkomsel Innovation Partners and AngelCentral, among others.

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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