Mober raises USD 2 million in seed round
Mober, a sustainability-focused logistics company in the Philippines, has secured USD 2 million in a seed funding round led by RT Heptagon Holdings (RTHH).
With the infusion of new capital, Mober has expanded its electric vehicle fleet to 60 vehicles, thereby enhancing its capability to reduce the carbon footprint of delivery operations and cater to the growing demand for eco-friendly logistics services. Additionally, the company has inaugurated a flagship EV charging station in the city of Pasay to support its expanding fleet.
Mober is actively collaborating with several clients to electrify their logistics operations and drive the adoption of sustainable practices in the industry. Notable partnerships include collaborations with SM Appliance Center, Kuehne + Nagel, Nestle, Maersk, and, most notably, IKEA Philippines.
Deeptech startup Green COP receives angel investment
Green COP, a deeptech startup in Singapore that has come up with a proprietary method of biofuel production, has completed its angel investment round, securing support from various angel investors, including Ken Energy and Teo Teng Seng.
According to a statement from Green COP, Teo, a veteran in the maritime industry, played a significant role in leading this funding round and is poised to be appointed as the startup’s chairman upon the completion of this deal. Additionally, the company is in the final stages of solidifying a collaboration with a global palm oil company, which holds the potential to drive the adoption of more sustainable practices by leveraging Green COP’s capabilities in transforming biowaste into sustainable biofuels.
Singapore-based Qoo10 set to acquire Wish for USD 173 million
Wish, a US-based online marketplace, is set to be acquired by Singapore-based e-commerce firm Qoo10 for USD 173 million, according to a statement released by ContextLogic, the parent company of Wish.
Once known for offering low prices and a wide range of products, Wish was regarded as a fast-growing online shopping platform, enabling its parent firm to raise USD 1.1 billion in its 2020 IPO at a market value of USD 14.1 billion. However, intensifying competition from the likes of Temu and Shein, along with persistent issues with product quality, shipping times, and customer service, has dealt a double blow that drastically affected Wish’s monthly active user base over the past few years, with numbers falling from 90 million in 2021 to 27 million in 2022.
Priced at USD 6.5 per share in cash, this deal still represents a premium of around 44% compared to ContextLogic’s closing stock price on February 9, the final trading day before the acquisition was announced. ContextLogic will retain its identity after the deal, which is expected to conclude by mid-2024. The deal is still pending approval from ContextLogic’s shareholders, among other customary conditions.
South Korea’s Simple Planet secures KRW 8 billion
Simple Planet, a South Korean foodtech company, has secured around KRW 8 billion (USD 6 million) in investment from various domestic investors. The venture capital firms and corporations that participated in this round include POSCO Venture Capital, DCP Private Equity, Easy Holdings, MY Social Company (MYSC), Hyundai Technology Investment, Prologue Ventures, Pathfinder H, Dream Bank (DCamp), and Samho Green Investment, among others.
This injection of capital follows a previous funding round that saw Simple Planet receive KRW 2 billion from Pulmuone and other investors, bringing the company’s total funds raised to approximately KRW 10 billion (USD 7.5 million).
With this funding, Simple Planet aims to accelerate its R&D efforts to advance food production through innovative cell-cultured food ingredients. The company has initiated the construction of a good manufacturing practice (GMP) production facility dedicated to the mass production of cell-cultured high-protein powder. Simple Planet’s strategic plans include optimizing process technology, securing food ingredient approvals, and expanding its presence overseas.
Bold9 secures Series B funding ahead of imminent IPO
Bold9, a South Korean provider of fulfillment logistics solutions, has secured an undisclosed amount of Series B funding from POSCO Venture Capital, Smilegate Investment, and UTC Investment. This milestone represents a culmination of Bold9’s strong performance in 2023, when it achieved a significant increase in revenue and profitability.
With an IPO slated for 2025, the company has been expanding its portfolio of solutions while fortifying its fulfillment services, aiming to broaden its clientele beyond online distribution entities to encompass logistics operators.
Bold9 will allocate the newly raised capital toward automating logistics centers, system development, and expanding into new business verticals. It is also planning to expand its international footprint, targeting key markets such as Japan, the US, and Southeast Asia. The company has designated its center in Paju as a specialized hub for overseas operations, currently in the setup phase.
QVCDF names first five venture capital firms to get share of AUD 130 million fund
The Queensland government in Australia has named the first five venture capital firms to receive a share of the Queensland Venture Capital Development Fund (QVCDF), a new AUD 130 million (USD 84.3 million) fund that invests in the state’s startups. The five recipients include Antler, Salus Ventures, Five V Capital, Main Sequence Ventures, and Mandalay Venture Partners.
Originally established as an AUD 75 million (USD 48.6 million) fund, the government contributed a further AUD 55 million (USD 35.6 million) to the QVCDF due to strong demand for capital, with over 85 applications for cash from the new fund.
Managed by the Queensland Investment Corporation (QIC), the QVCDF comprises three components:
- Matched funding, with the QVCDF providing up to AUD 20 million (USD 12.9 million) to approved VC funds on the condition that the firms spend 1.25 times the amount they have been allocated in Queensland.
- Accelerator funding, with AUD 30 million earmarked to support accelerator programs in increasing deal flow for Queensland investors.
- Development program, with appointed VC funds and accelerators expected to participate for the purpose of developing the venture capital industry in Queensland.
Singtel Innov8 sells entire stake in Vizzio Technologies
Singtel Innov8, the corporate venture capital fund of Singaporean telecommunications firm Singtel, has sold all of its 80 preference shares in Vizzio Technologies to Jon Lee, founder of the company.
According to filings from Singapore’s Accounting and Corporate Regulatory Authority (ACRA) accessed by Tech in Asia, the transaction also resulted in the removal of the SGD 1 million (USD 741,790) in paid-up share capital that Singtel Innov8 had injected into Vizzio. This financial responsibility is now expected to be assumed by Lee.
This development follows a series of reports by the media outlet regarding Lee, who was found to have falsified several claims he had previously made while serving as Vizzio’s CEO, including his possession of a doctorate degree. Subsequently, an interim CEO was appointed, implying Lee’s resignation from the position.
Latest deals in India:
- Explurger, a Mumbai-based social media platform for travelers, has raised USD 4.5 million in a Series A funding round led by Affle India. The funds will be utilized to scale Explurger’s growth initiatives and foster community development through the integration of new technologies such as artificial intelligence. —The Economic Times
- Scrut Automation, a risk-focused compliance automation platform, has raised INR 750 million (USD 9 million) in a Series A funding round from its existing investors. Lightspeed India and MassMutual Ventures contributed INR 415 million (USD 5 million) and INR 249 million (USD 3 million), respectively, while the remainder came from Endiya Partners. —Entrackr
- Illumine Industries, the operator of sustainable design and engineering firm Illumine-I, has raised around USD 2 million in a Series A funding round from Anicut Capital. The capital will be used to expand into new markets and double down on automation and digitization. —VCCircle
- Segwise, an AI observability solutions developer, has raised USD 1.6 million in a pre-seed funding round led by Powerhouse Ventures. The round also saw participation from Kunal Shah (Cred) and undisclosed executives from Microsoft, Amazon, SAP, Gojek, Flipkart, PhonePe and Groww, among others. —VCCircle
- Scandalous Foods, a producer of preservative-free sweets, has closed its pre-seed funding round, bagging a total of INR 30 million (USD 361,400). This includes INR 14 million (USD 168.650) that it raised in the most recent tranche, contributed by the Indian Angel Network (IAN) and other angel investors. —VCCircle
Marqo, Privy, Mizuho Bank, and more led yesterday’s headlines:
- Marqo, an Australian vector search company, secured USD 12.5 million following the completion of a Series A funding round led by Lightspeed. Blackbird VC, January Capital, and Rob Skillington (Chronosphere) also participated in the round.
- Privy, an Indonesian digital authentication services firm, acquired its domestic counterpart AyoPajak for an undisclosed amount. AyoPajak is an online tax platform that supports taxpayers, companies, and tax consultants in various tax administration tasks, including managing tax returns and reporting tax invoices.
- Mizuho Bank, the retail and corporate banking arm of Tokyo-headquartered Mizuho Financial Group, invested USD 145 million in the India business of Japanese lending conglomerate Credit Saison.
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