MindWorks Capital raises USD 220 million for new startup fund
MindWorks Capital, a Hong Kong-based venture capital firm, has closed a new USD 220 million fund aimed at investing in startups across the Greater Bay Area and Asia, according to SCMP. The investors include sovereign wealth funds, university endowments, asset managers, family offices, and prominent entrepreneurs from Asia’s new economy.
This latest fund, the firm’s fourth, brings its total assets under management to USD 1.4 billion. MindWorks’ cross-border investment strategy continues to appeal to global investors looking to deploy capital in the region, despite challenges faced by some China-based VC firms in attracting US dollar funding.
About 70% of the investors in the new fund are from Asia, with the remaining 30% based in Europe, according to founding partner David Chang.
Chickin and watchTowr reportedly bag Series A funding
Two Southeast Asian startups, Chickin and watchTowr, have reportedly bagged Series A funding, according to filings accessed by DealStreetAsia.
Chickin, an Indonesian poultry startup, is said to have closed its Series A funding round led by Granite Asia, while watchTowr, a Singapore-based cybersecurity company, raised USD 19 million. watchTowr’s round was anchored by Peak XV Partners and saw participation from Prosus Ventures and Cercano Management.
Update: In our initial report, based on insights from DealStreetAsia, watchTowr was stated to have raised at least USD 20 million in Series A funding. However, an update provided by watchTowr indicated that the actual amount raised was USD 19 million. This news brief has been edited to rectify the information accordingly.
Recent deals completed in China:
- Kusa Technology, a robotics startup, has raised RMB 8 million (USD 1.1 million) in a funding round led by Zhongguancun Science-tech Leasing. Founded in 2022, Kusa is designing cloud-managed, unmanned robots meant to automate operations across industries. With these funds, the company aims to push further into creating end-to-end, lifecycle solutions for unmanned workspaces. —36Kr
- iOuluo Technology, another robotics firm, has secured RMB 5 million (USD 700,000) from Zhongguancun Science-tech Leasing. The company, launched in 2019, is diving deep into special-purpose service robots. It offers mobile, stationary, and automated photovoltaic cleaning robots, all designed to meet different industry needs. —36Kr
- Jingchi Jidian, a semiconductor equipment manufacturer registered in Hangzhou, has completed its first round of financing, pulling in tens of millions of RMB. Led by Hebei Zhengmao Industrial Investment, the capital will drive development of third- and fourth-generation semiconductor materials, including silicon carbide and diamond. —36Kr
- Huaqiu Electronics, based in Shenzhen, has bagged RMB 310 million (USD 43.4 million) in a Series C++ equity funding round. Co-led by Parkland Group and QF Capital, the funds will go toward expanding the company’s smart factory and boosting its digital supply chain systems. Huaqiu, which also counts Yunmu Capital among its investors, plans to ramp up production to further accelerate China’s push toward smart manufacturing. —36Kr
Surfin, Antler, Molly Tea, and more led recent headlines:
- Surfin, a financial technology platform serving the underbanked middle class, secured USD 12.5 million in a Series A funding round led by Insignia Ventures Partners.
- Antler, a global venture capital firm, raised AUD 77 million (USD 51.8 million) for its second Australian fund. The fund received backing from the family office of Flight Centre co-founder Geoff Harris, as well as institutions like Queensland Investment Corporation, Macquarie Private Wealth, and wealth manager Morrows.
- Molly Tea, a rising star in China’s new-style tea scene, secured close to RMB 100 million (USD 14 million) in funding. Alibaba Group’s local services unit led the round, with Xiangyang Capital serving as the sole financial advisor.
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