[Updated] Singlife Philippines receives PHP 600 million capital injection
Singlife Philippines, a digital insurance company, has received PHP 600 million (USD 10.6 million) from its parent company, Singapore Life Holdings. The company said it will use the funds to promote further growth and innovation in Southeast Asia, particularly in the field of digital technology.
According to Sherie Ng, executive director of Singlife Philippines, the latest injection will facilitate the exploration of cutting-edge insurance technologies including new artificial intelligence features to increase efficiency and user personalization, as well as embedded and bundled insurance programs.
In March 2024, Singlife became a wholly owned subsidiary of Japanese insurance company Sumitomo Life.
Update: In our initial report of Singlife’s capital injection, we reported that the company’s acquisition by Sumitomo Life was completed in December 2023. This deal was actually completed in March 2024, according to an update provided by Singlife. This news brief has been edited to reflect the correct date.
FishLog secures pre-Series A investment
FishLog, an Indonesian aquaculture-focused cold chain logistics company, has closed its pre-Series A funding round, with investment from Accel, Insignia Ventures Partners, and Saison Capital, among others. The amount raised was undisclosed.
FishLog offers seafood sourcing and financing solutions to improve reliability and transparency in the aquaculture supply chain. Its proprietary services, “FishLog Trace” and “FishLog Smart Contract,” are said to be powered by blockchain technology.
The funds will go toward bolstering Fishlog’s cold chain ecosystem, with a particular focus on expanding its distribution networks in the US. The company said it has distributed over 60,000 kilograms of seafood products and connected over 60 domestic and international buyers since its establishment.
AUO completes EUR 600 million acquisition of BHTC
AUO Corporation, a display panel maker based in Taiwan, has finalized its acquisition of German automotive parts manufacturer BHTC for EUR 600 million (USD 636.4 million).
Specializing in the development of automotive display human-machine interface (HMI) and advanced micro LED technology, AUO aims to utilize BHTC’s expertise in automotive HMI and climate control systems to enhance its smart mobility product range.
Mitsubishi invests in MidOcean Energy
Mitsubishi, Japan’s largest trading company, has made a strategic investment in MidOcean Energy, a liquefied natural gas (LNG) company owned by US-based investment firm EIG, for an undisclosed amount.
According to Mitsubishi, the company has been a prominent stakeholder in the LNG sector for over 50 years, holding investments in 12 projects across eight countries. The company said its involvement will enhance MidOcean’s bid to create a “high-quality, diversified, global ‘pure play’ integrated LNG company.”
This deal’s completion comes a week after MidOcean acquired a raft of integrated Australian LNG projects from Tokyo Gas, including Gorgon LNG, Pluto LNG, and Queensland Curtis LNG.
Redox acquires 10% stake in Axxion to support Japan expansion
Redox Bio-Nutrients, a US-based nutrition-focused biotechnology firm, has purchased a 10% stake in Axxion Corporation, a Japanese agritech company.
Axxion provides fertilizers and moisture management surfactants to golf courses across Japan, in addition to developing plant nutrition solutions for traditional agricultural crops such as rice.
Japan-based QVOU remains the majority shareholder in Axxion with an 80% stake.
Recent deals completed in China:
- Minshu Technology, a Beijing-based developer of allergic rhinitis treatments, has secured a seven-figure RMB sum after extending its angel funding round. The investment was made by Soundasia. The company will utilize the funds to further develop and obtain medical certification for its products. —36Kr
- Shensi Technology, a Shanghai-registered company specializing in sensors for new energy solutions, has bagged an eight-figure RMB sum in a pre-Series A round of financing. The investors include Delian Capital and Chuanxin, with Qichen Capital serving as the financial advisor. The funds will be used primarily for R&D and product manufacturing. —36Kr
- Nuandu Technology, an Anhui-registered technology company focused on producing childhood development tools, has raised RMB 20 million in an angel round of financing, valuing the company at RMB 200 million. This deal was financed by an undisclosed group of domestic institutional investors, and will support Nuandu in its product development, market expansion, and brand building. —36Kr
- Moying Robotics, a Shenzhen-registered company specializing in collaborative robots, has secured close to RMB 100 million in Series A+ funding round. The round was backed by SkyChee Ventures and other existing shareholders. The funds will support the company’s efforts in R&D and project development. —36Kr
- Shi Ji Jun An, a Beijing-registered provider of charging solutions for new energy vehicles, has completed a Series A+ round of financing, snagging a nine-figure RMB sum. The round was led by the Liangxi Science and Technology Innovation Industry Fund of Funds (managed by Broad Vision Funds) and Sunsea Parking. The company plans to use the capital for R&D and market expansion. —36Kr
- Duoduo, a community platform for university students, has secured a seven-figure RMB sum in an angel funding round. The investment was made exclusively by Jiamian Technology, a subsidiary of Sina Corporation. Duoduo intends to use the funds for team expansion and business development. —36Kr
Latest funding deals in India:
- Scrut Automation, a Bengaluru-based security and compliance automation platform, has secured USD 10 million from existing investors Lightspeed, MassMutual Ventures, and Endiya Partners. —Inc42
- Traya, a hair loss solutions startup, has raised INR 750 million (USD 9 million) in equity funding from Xponentia Capital, a private equity fund headquartered in Mumbai. The firm intends to utilize the capital to enhance its presence in non-metro markets and bolster product R&D efforts. —The Economic Times
- The Fresh Press, a Mumbai-based juice chain, has received an undisclosed amount of pre-Series A funding from Gruhas Collective Consumer Fund. —Inc42
- Assembly, a Gurugram-based online retailer of travel and lifestyle accessories, has raised USD 2.1 million in a funding round led by Prath Ventures. Anicut Capital, Blume Founders Fund, along with various angel investors, also contributed to this round. —Inc42
- SatSure, a Bengaluru-based space tech startup, has secured an undisclosed amount in its Series A funding round, jointly led by Baring Private Equity Partners (BPEP), India, and Promus Ventures. TransUnion participated in this investment. —Inc42
- Namdev Finvest, a rural-focused non-banking financial company (NBFC), has raised USD 19 million in a pre-Series C funding round led by Danish asset management company Maj Invest. —Inc42
Alterno, Ant Group, Carousell, and more led yesterday’s headlines:
- Alterno, a Vietnamese developer of sand batteries, secured over USD 1.5 million in a seed funding round jointly led by The Radical Fund and Touchstone Partners. Utilizing its sand battery technology, Alterno aims to provide sustainable, efficient energy storage and heating solutions, tailored for the agriculture industry.
- Ant Group, a fintech giant affiliated with Alibaba Group, injected an additional SGD 200 million (USD 147 million) into subsidiary Anext Bank, a Singapore-based digital bank.
- Carousell, a multicategory platform for secondhand goods in Southeast Asia, has acquired LuxLexicon, a Singapore-based luxury bag reseller, to expand its premium luxury offerings.
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