Neutura secures angel funding for new biochar projects
Neutura, a Jakarta-headquartered carbon removal company, has secured angel funding for two new biochar projects focused on combating climate change by converting agricultural waste into valuable resources.
These two projects will be initiated in 2024 and will target Southeast Asia and Southern Europe, aiming not only to reduce emissions but also to promote responsible waste management.
“Our vision is to see biochar integrated into various industries, each benefiting from its unique properties while contributing to a greener planet,” said Laksamana “Alif” Sakti.
Home Credit Indonesia secures USD 100m from MUFG
The Indonesian consumer finance company has raised USD 100 million from the local unit of Mitsubishi UFJ Financial Group (MUFG).
According to Tech in Asia, the company intends to use the funds primarily for ESG-based financing, fostering financial and digital inclusion.
Home Credit Indonesia, initially a subsidiary of Netherlands-based firm Home Credit, became part of MUFG’s portfolio after its units in Indonesia and the Philippines were acquired for approximately USD 621 million last year.
VMS Group starts 3Cap AGI Fund with former SenseTime MD
VMS Group, a Hong Kong-based multifamily office, has started 3Cap AGI Fund with Esther Wong, who spent over five years running strategic investments as a managing director at Chinese artificial intelligence giant SenseTime.
Local conglomerate billionaire families committed about half of the targeted USD 150 million to the new fund, which will be headed by Elton Cheung, partner at VMS and founder and chief investment officer of 3Capital. 3Cap AGI Fund will make early stage investments with a focus on AI startups. —Bloomberg
Recent deals completed in China:
- Mingyang Medical, a Chengdu-based tech-enabled medical services provider, has secured RMB 1.26 million in a Series A funding round. The investors were not disclosed. Mingyang will use the funds primarily for brand development. —36Kr
- UEMT, a Shenzhen-based company specializing in high-temperature coatings, has raised an eight-figure RMB sum in a pre-Series A funding round from Cloudview Capital and Bosera Funds. SellWell Capital acted as the financial advisor for this round. The company will utilize the funds for marketing, team building, and R&D. —36Kr
- Dingheng Shipping Technology, a Shanghai-based chemical tanker shipping company, has bagged a nine-figure RMB sum in a Series B funding round led by China Merchants Capital. —36Kr
- Shuwei, a Shenzhen-based big data technology company, has secured RMB 100 million in a Series D funding round. —36Kr
- Xijian Technology, a biotechnology company, has banked an eight-figure RMB sum in a pre-Series A+ funding round led by E-Town Capital. Index Capital acted as the exclusive financial advisor. Xijian will utilize the funds for product R&D, team expansion, and marketing. —36Kr
- He(Studio), a zero-sugar bakery brand, has bagged an eight-figure RMB sum in a pre-Series A funding round from Kylinhall Partners. The company will use the funds to expedite its expansion, conduct product R&D, and enhance its organizational processes. —36Kr
- Xingzesen Communication Technology, a Chengdu-based cloud solutions provider, has raised RMB 650 million in a pre-Series A funding round. Xingzesen will utilize the capital to develop new edge computing applications. —36Kr
- Inno Circuits, a Suining-headquartered manufacturer of electric circuit boards, has secured RMB 150 million in a Series C funding round from Sichuan Development Holding and Canghai Asset Management. —36Kr
- Hengdao Technology (HDT), a Zhejiang-based producer of injection molds for hot runner systems, has completed a pre-IPO round of financing. The amount raised was not disclosed. The round was led by iRayple. HDT intends to use the funds to ramp up production capacity of its facility in Huangyan, Taizhou. —36Kr
Latest deals in India:
- Finhaat, a Mumbai-based insurtech startup, has raised USD 3 million in a seed funding round led by Omnivore. The round also saw participation from Ketleborough VC. The startup will use the funds for product and technology development, talent acquisition, and to secure new partnerships. —VCCircle
- Spice Lounge, the master franchisee of Buffalo Wild Wings, has raised USD 1 million from Klub. The company intends to open new stores in India primarily in Bengaluru and Hyderabad, aiming to open 25 outlets next year. As part of this deal, Spice Lounge will also partner with Klub to manage a mandate to raise another USD 10 million for its expansion plans. —VCCircle
- Livguard, an energy solutions company of SAR Group, has acquired Emuron Technologies, a Delhi-based battery swapping technology company. The company did not disclose the financial terms of this deal. —Inc42
Rounds closed in the Middle East:
- Soum, an online marketplace for pre-owned electronics, has completed its Series A funding round, bagging USD 18 million. The round was led by Jahez Group and saw participation from Isometry Capital as well as existing investors Khwarizmi Ventures, AlRajhi Partners, and Outliers Venture Capital. The Saudi Arabia-based company plans to expand the listing categories covered on its platform and target new markets in the MENA region. —TechCrunch
- iSchool, an Egypt-based edtech startup, has raised USD 4.5 million in a funding round led by VentureWave Capital with the support of OneStop Capital UK, Webit Investment Network, and Oraseya Capital. The startup intends to broaden its operations across six countries in the MENA region. —Forbes
- Hakbah, a Saudi Arabia-based fintech company, has raised USD 5.1 million in a Series A funding round led by VentureSouq. The round also saw participation from M-Capital and Bunat Ventures alongside existing investors Global Ventures and Aditum Investment Management. Hakbah will use the capital to develop its products, acquire talent, and enter new markets. —Gulf News
The Fikra Ace Accelerator, Bayanat and Yahsat, Xing Mobility, and more led yesterday’s headlines:
- Global Psytech and Pewarisan were announced as the winners of a demo day organized on November 9, 2023, as part of the Fikra Ace Accelerator program. Both companies secured a cash prize of up to MYR 80,000 (USD 17,100).
- Bayanat and Al Yah Satellite Communications Company (Yahsat) announced that their respective boards of directors have unanimously agreed to recommend to shareholders a merger of both entities.
- Xing Technology, the holding company of Xing Mobility, a battery technology developer, completed its Series B funding round with the backing of Kubota as the lead investor.
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