FB Pixel no scriptDeals in brief: ProfilePrint secures Series B funding, Line Next bags USD 140 million, multiple China and India deals, and more | KrASIA

Deals in brief: ProfilePrint secures Series B funding, Line Next bags USD 140 million, multiple China and India deals, and more

Written by KrASIA Writers Published on   6 mins read

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

ProfilePrint completes Series B round

ProfilePrint, a Singapore-based technology company that has developed a proprietary artificial intelligence-powered food “fingerprint” technology, has announced the completion of a Series B funding round led by Tai Partners with the support of four existing investors. The amount raised was not disclosed.

ProfilePrint’s patented technology is employed in the form of an ingredient quality platform, enabling food and agricultural businesses to assess the quality of ingredients at scale, transforming the way these ingredients are sourced, verified, and traded. This solution is versatile and can be utilized to assess a wide variety of ingredients, spanning coffee, cocoa, tea, juices, edible oils, and more.

The company has also recently introduced Verify, a tool designed to enable clients to send digitized sample reports through its platform, facilitating instant viewing and approval of sample quality. This eliminates the cumbersome process of sending physical pre-shipment samples for evaluation, saving time, cost, and effort for all parties involved.

ProfilePrint intends to utilize the newly raised capital to continue expanding its footprint within the food and agricultural sector. Currently, the company has a presence in approximately 50 locations across six continents globally.

“As the world’s leading AI-driven ingredient quality platform, ProfilePrint is playing a crucial role in transforming the entire agrifood industry through the use of AI technology. We are proud to be partnering with ProfilePrint to support its continued growth both in the west and China,” said Zhang Haitao, founding partner of Tai Partners.

Photo courtesy of ProfilePrint.

Line Next bags USD 140 million to expand the Web3 ecosystem

Line Next Corporation, a venture of Line Corporation focused on developing and expanding the non-fungible token ecosystem, has secured USD 140 million from a consortium led by Crescendo Equity Partners.

According to Line Next’s statement, this investment represents the largest funding round completed in Asia’s Web3 and blockchain industry this year.

Line Next plans to use the funds for global business expansion and developing new services for the Web3 ecosystem. This includes the January 2024 launch of Dosi, its global NFT platform, integrating with Japan’s Line NFT to offer a diverse range of digital products worldwide. Line Next will also introduce a social app enabling AI-generated character-based communication and launch Web3 games featuring Brown and Friends characters. These services will be built on the Finschia public blockchain, with Line Next and Crescendo Equity Partners participating as governance members.

“It is significant that we were able to secure this funding in the context of a globally contracting investment environment. … We plan to use this opportunity to further popularize Web3 and develop a new service ecosystem where users own the value of their digital goods,” said Youngsu Ko, CEO of Line Next.

Image source: Line Next Corporation.

01Fintech invests USD 20 million in Validus

01Fintech, a growth-stage private equity firm, has invested USD 20 million in Validus, a supply chain financing platform that currently serves small and medium enterprises in Singapore, Indonesia, Thailand, and Vietnam.

The funds will enable Validus to expedite its expansion plans in fast-growing markets like Indonesia by doubling down on technology and innovation.

“Validus has a unique strategic ecosystem partnership model with brand owners, conglomerates, and public companies across Southeast Asia, which enables them to better serve the upstream SME suppliers and downstream buyers. These partners provide critical proprietary supply chain data to Validus, which will continuously improve its risk underwriting models and algorithms, a unique strength that other similar companies do not have,” said Kenny Man, managing partner of 01Fintech.

Pave Bank exits stealth after securing USD 5.2 million in funding

The “programmable banking” company has exited stealth after receiving an approved digital banking license from Georgia and securing USD 5.2 million in a seed funding round led by 468 Capital. The round also saw participation from Quona Capital, FT Partners, BR Capital, W3.fund, Daedalus, and angel investors.

According to Pave Bank’s statement, the company will provide a variety of business banking products, including multi-currency operating accounts, global payments, and treasury management solutions. Additionally, clients will have access to multi-asset custody, virtual IBANs, and account safeguarding solutions.

“Pave Bank is offering the world a glimpse into what we believe to be the future of banking and financial services. Large banks are riddled with legacy technology stacks and don’t have a unified approach between traditional finance and regulated digital assets. Ultimately, we are witnessing a major shift in banking and Pave Bank stands out by enabling a whole range of products and services that can be brought to businesses globally,” said Guilherme Steinbruch, partner at 468 Capital.

Photo of Pave Bank’s co-founders. From left to right: Simon Vans Colina (CTO), Salim Dhanani (CEO), and Dmitry Bocharov (COO).
Photo of Pave Bank’s co-founders. From left to right: Simon Vans Colina (CTO), Salim Dhanani (CEO), and Dmitry Bocharov (COO). Photo courtesy of Pave Bank.

Mist secures AUD 1.6 million to launch online banking and services app

Mist, a Sydney-based startup developing an online banking and services app for international students, skilled workers and migrants, has raised AUD 1.6 million in a seed funding round jointly led by Investible and Allectus Capital. The round also saw the participation of Archangel Ventures, SeedSpace Venture Capital, and angel investors.

Mist is planning to onboard its first cohort of users in January 2024.

Photo courtesy of Investible.

Recent deals completed in China:

  • Haier Smart Home, a home appliance brand under Haier Group, has entered into an agreement to acquire Carrier Commercial Refrigeration by purchasing 100% of its equity interest for a total consideration of approximately USD 640 million. The completion of this transaction is anticipated in the second half of 2024, pending regulatory approvals and meeting customary closing conditions.
  • Vehinfo, a Shanghai-headquartered automotive technology company, has completed its pre-Series A+ funding round, bringing its total amount raised this year to RMB 100 million (USD 14.1 million). The round was led by XYuan Capital. 36Kr
  • Barty Medical, a Hangzhou-based technology enterprise specializing in the R&D and manufacturing of vascular intervention devices, has raised close to RMB 100 million (USD 14.1 million) in a Series C1 funding round led by Sinowisdom. Existing investor Sunz Fund also participated in this round. Barty Medical intends to utilize the funds for the registration and commercialization of its series of products. The company has initiated a Series C2 round with a focus on expanding its manufacturing capabilities. 36Kr

Latest deals in India:

  • Anq Finance, a Bengaluru-based digital banking company, has acquired Kiwimoney, a healthcare-focused lending startup, for an undisclosed amount. With this acquisition, Anq aims to bolster its fintech capabilities, supporting its expansion into lending-related businesses and widening its overall footprint. —Inc42
  • Agilitas Sports, a Bengaluru-based sports apparel startup, has secured INR 1 billion (USD 12 million) from Nexus Venture Partners. To accelerate its growth plans, Agilitas has earmarked the newly raised funds for enhancing manufacturing capabilities and the launch of new sportswear brands, either through acquisitions or partnerships with other brands. —VCCircle
  • OfScale, a “distribution-as-a-service” platform, has banked USD 375,000 in a pre-seed funding round led by First Cheque. The round also saw participation from Matrix Partners India DeVC, Relentless VC, and angel investors including Abhishek Goyal (Tracxn), Mekin Maheshwari (Udhyam Learning Foundation), and Revant Bhate (Mosaic Wellness), among others. The funds will be utilized for product development and go-to-market initiatives. —VCCircle
  • GRM Overseas, a fast-moving consumer goods company, has sold a stake of over 3% in GRM Foodkraft, its subsidiary, to Sauce.vc, an early-stage venture capital firm, for an undisclosed amount. Sauce.vc has also acquired an additional 1% stake in GRM Foodkraft from other shareholders. The identity of these shareholders were not disclosed. —VCCircle
  • BetterSpace, a startup providing mental health, sexual health, and disability-related programs, has raised INR 4.5 million (USD 54,000) in a pre-seed funding round from PedalStart. The funds will be used to enhance its technology and services, develop a new product range comprising games and toolkits, hire talent, and invest in branding and marketing. —VCCircle

Sweef Capital, Grasshopper Asset Management, MTR Lab, and more led yesterday’s headlines:

  • Sweef Capital, a Singapore-based investment firm, announced its strategic investment in USM Healthcare, a Vietnamese manufacturer of healthcare products. The amount of funding was not disclosed. The investment was made via Sweef’s Southeast Asia Women’s Economic Empowerment Fund (SWEEF).
  • Grasshopper Asset Management, the asset management arm of Singapore-headquartered Grasshopper Asia, announced the launch of Grasshopper Global Multi-Asset Income Plus Growth Fund, its inaugural fund.
  • MTR Lab, a wholly owned subsidiary of Hong Kong’s MTR Corporation, invested in WeMaintain alongside existing investors including Eurazeo, Red River West, and Bpifrance, the French sovereign wealth fund.

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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