FB Pixel no scriptDeals in brief: Samsara Eco bags USD 65 million, Mekari acquires Jojonomic, Hozon Auto files for Hong Kong IPO, and more | KrASIA

Deals in brief: Samsara Eco bags USD 65 million, Mekari acquires Jojonomic, Hozon Auto files for Hong Kong IPO, and more

Written by KrASIA Writers Published on   6 mins read

Bringing you the latest updates on funding deals and activities in the Asia Pacific.

Samsara Eco raises USD 65 million, targets ending plastic pollution

Samsara Eco, a climate-focused company harnessing recycling technology to eliminate plastic waste, has raised USD 65 million in its latest funding round. The round was co-led by Temasek and Main Sequence, along with participation from new and existing backers such as Wollemi Capital, lululemon, Hitachi Ventures, Titanium Ventures, and DCVC.

The capital will be utilized to scale Samsara Eco’s enzymatic recycling capabilities, including the establishment of new commercial facilities in Southeast Asia. These facilities aim to recycle plastic waste into monomers, creating new products in a circular loop. Additionally, the company plans to expand its team of chemists, engineers, and technicians and increase its library of plastic-eating enzymes.

“Our enzymatic recycling technology makes it easy for brands in almost every industry to meet their sustainability and decarbonization goals,” said Paul Riley, founder and CEO of Samsara Eco. “By solving the circularity piece of the puzzle for all plastics, we’re making it possible to imagine a more sustainable future.”

The funding builds on Samsara Eco’s previous USD 37 million Series A round in 2022, supporting its growth and the construction of its new innovation campus in Jerrabomberra, NSW, Australia.

Photo of Paul Riley, founder and CEO of Samsara Eco.
Photo of Paul Riley, founder and CEO of Samsara Eco. Photo and header photo courtesy of Samsara Eco.

Mekari announces acquisition of Jojonomic

Mekari, a software-as-a-service company operating in Indonesia, has announced its acquisition of Jojonomic to expand its business and ecosystem in the archipelagic nation.

This acquisition entails part of Mekari’s expansion strategy, emphasized by CEO Suwandi Soh since the company secured Series D funding in 2021.

Jojonomic provides an “officeless operating system (OOS)” platform, enabling businesses to develop applications quickly and easily using no-code and low-code technology. The company is said to have served hundreds of major Indonesian companies in sectors such as banking, logistics, manufacturing, and energy.

With this acquisition, Mekari will be able to tap into Jojonomic’s capabilities to enable customization and cross-product integration tailored to the specific demands of businesses, particularly large enterprises, enhancing their digital capabilities and preparing them for future technological advancements, including artificial intelligence.

Photo of Suwandi Soh (left), CEO of Mekari, and Samiaji Adisasmito, co-founder and COO of Jojonomic.
Photo of Suwandi Soh (left), CEO of Mekari, and Samiaji Adisasmito, co-founder and COO of Jojonomic. Photo courtesy of Mekari.

Hozon Auto files for Hong Kong IPO, aims to raise USD 1 billion

Hozon Auto, a Chinese electric vehicle manufacturer, has lodged its prospectus with the Hong Kong securities regulators, aiming to become a publicly traded EV maker. This move follows similar listings by fellow automakers Nio, Xpeng Motors, Li Auto, and Leapmotor.

Founded a decade ago, Hozon Auto has delivered 300,000 cars to customers as of September 2023, with five EV models on sale, including the budget crossovers Neta Aya and X, and the premium sports sedans Neta S and GT.

Despite a delivery dip to 124,189 vehicles in 2023, down by 27,000 units from the previous year, Hozon Auto’s revenue saw a 4% year-on-year increase, reaching nearly RMB 13.6 billion (USD 1.8 billion). This revenue boost is attributed to the sale of more premium products at higher prices. However, the company reported a RMB 4.84 billion (USD 665.8 million) loss for 2023, an improvement from the RMB 6.7 billion (USD 921.7 million) loss the previous year, resulting in a negative gross margin of 14.9%​​.

Hozon Auto plans to raise USD 1 billion from the listing, according to a September 2023 report by Reuters. Additional details from the prospectus reveal that the company aims to leverage the raised funds to enhance its production capabilities, expand its market reach, and develop new models to cater to a broader customer base​​.

Latest deals completed in China:

  • Starshine Semiconductor, a company focused on the R&D and production of thin film surface acoustic wave (TF-SAW) filters for radio frequency (RF), has completed a RMB 1 billion (USD 137.5 million) Series B funding round. The round was co-invested by a fund under China Mobile and the investment platform of the Wenzhou Bay New Area. The funds will primarily be used to integrate product design and production processes, reduce costs through iteration, and develop high-end products. 36Kr
  • Hangkai MicroTech, a developer of force sensor products, has completed an angel round of financing, raising tens of millions of RMB. FreesFund was the sole investor for this round, with Kaiyuan Capital acting as the exclusive financial advisor. The funds will be used primarily for product development, market expansion, and team growth. 36Kr

Recent funding deals in India:

  • Rocketlane, a customer onboarding and project management platform, has raised USD 24 million in a Series B funding round co-led by 8VC, Matrix Partners India, and Nexus Venture Partners. This brings Rocketlane’s total funds raised to USD 45 million. The capital will be used to accelerate the firm’s AI roadmap and develop advanced features and capabilities for client project delivery.
  • AgNext Technologies, an agritech company based in India, has secured an undisclosed amount of investment from Novo Holdings. The funding will help AgNext develop AI-based food quality assessment technologies and scale its product sales internationally. Founded in 2016, AgNext operates in India and the UAE, focusing on digitizing food chains for transparency and profitability.
  • Rupeek, an online gold loan platform, has secured INR 1.25 billion (USD 15 million) in primary funding from Elevation Capital. This is part of a new funding round, following a previous USD 6 million investment by 360 One Large Fund in May. Rupeek plans to close the round at around INR 2.5 billion (USD 30 million) and will use the funds to scale its operations and enhance its market presence. —Entrackr
  • Matter, an electric mobility startup, has raised INR 826 million (USD 9.9 million) in its maiden equity funding round. The investors include the Japan Airlines & Translink Fund and Info Edge-backed Capital 2B Fund, among others. Matter plans to use the funds to expand operations, distribution, and factory setup for its premium electric bikes. The company launched its first bike in early 2023 and began pre-orders in May 2023. —Entrackr
  • Zyod, a Gurugram-based B2B platform for apparel sourcing and manufacturing, has raised USD 18 million in a Series A funding round led by RTP Global. The funding will support Zyod’s geographical expansion and technological advancements. —Entrackr
  • Cloudphysician, a health tech startup, has raised USD 10.5 million in a Series A funding round led by Peak XV Partners, with participation from Elevar Equity and Panthera Peak. The funds will be used to expand the startup’s AI platform and operations. —Entrackr
  • CheQ, a Bengaluru-based credit management firm, has secured INR 185 million (USD 2.2 million) in an extension to its USD 4.5 million seed funding round. The funds will be used for growth, expansion, marketing, and general corporate purposes. Founded in 2022, CheQ helps customers manage and pay credit card bills and equated monthly installments (EMIs) on a single platform. —Entrackr
  • Bluestone, an omnichannel jewelry retailer, has raised INR 1 billion (USD 12 million) in debt financing from Neo Markets. This follows a previous debt round completed earlier this year. Bluestone aims to raise USD 100 million in a pre-IPO round, with the funds used to grow its revenue and narrow losses. The Bengaluru-based company operates over 190 stores across 75 cities and plans further expansion. —Entrackr

k-ID, Pawprints Group, Opilot, and more led yesterday’s headlines:

  • k-ID, a Singapore-based startup that provides a cross-platform, instant sign-on solution for kids and teens, announced a USD 45 million Series A funding round. The round was co-led by Andreessen Horowitz (a16z) and Lightspeed Venture Partners, with additional support from Konvoy, Tirta, Okta, and Z Venture Capital (LY Corporation).
  • Pawprints Group, a Singapore-based company specializing in “biologically ideal and allergy-friendly pet nutrition,” announced an extension to its seed funding round led by Asia Fund X (AFX), an opportunity fund supported by MSW Ventures and anchored by Pavilion Capital.
  • Opilot, a Singapore-based artificial intelligence startup focusing on data privacy and protection, raised an undisclosed amount of pre-seed investment from Iterative Capital.

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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