FB Pixel no scriptDeals in brief: Sweef Capital invests in USM Healthcare, Grasshopper Asset Management launches inaugural fund, multiple China and India deals, and more | KrASIA

Deals in brief: Sweef Capital invests in USM Healthcare, Grasshopper Asset Management launches inaugural fund, 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.

Sweef Capital announces strategic investment in USM Healthcare

Singapore-based investment firm Sweef Capital has 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). USM is the fund’s second investment.

“SWEEF’s investment in USM is a pivotal step advancing the cause of accessible and affordable healthcare in Vietnam. It’s a commitment to improving health outcomes and reducing mortality rates, particularly those attributed to cardiovascular disease. […] Beyond the creation of jobs, the investment supports women’s economic empowerment within the company. USM’s story is a testament to the power of visionary leadership and the profound impact it can have, not only on the healthcare industry, but also on the well-being and future of the people it serves,” said Jennifer Buckley, managing director of Sweef Capital.

Grasshopper Asset Management launches its inaugural fund

Grasshopper Asset Management, the asset management arm of Singapore-headquartered Grasshopper Asia, has announced the launch of Grasshopper Global Multi-Asset Income Plus Growth Fund, its inaugural fund.

The new fund aims to serve high-net-worth individuals, family offices, and institutional investors, utilizing a hybridized approach that combines a traditional multi-asset strategy with up to 30% allocation to Grasshopper’s low-latency, proprietary trading strategies.

MTR Lab announces investment in WeMaintain

MTR Lab, a wholly owned subsidiary of Hong Kong’s MTR Corporation, has announced its investment in WeMaintain alongside existing investors including Eurazeo, Red River West, and Bpifrance, the French sovereign wealth fund.

Founded in France, WeMaintain specializes in digital solutions for building operations utilizing a mix of internet-of-things, analytics, and predictive maintenance capabilities. The funds will enable WeMaintain to expand across the Asia Pacific, including entering the Hong Kong market.

“WeMaintain’s vision to advance how people and technology come together to manage buildings, and its efforts in fostering more efficient, predictive and sustainable infrastructure solutions, strongly align with MTR Lab’s goal of promoting smart city development. … By supporting the company’s expansion and enabling it to extend its industry-leading maintenance solutions across borders, we hope to contribute to the development and adoption of smart city solutions in [the Asia Pacific] and help improve the region’s building operations sector in an efficient and sustainable way,” said Michael Chan, managing director of MTR Lab.

Photo of Michael Chan, managing director of MTR Lab, and Benoit Dupont, co-founder and CEO of WeMaintain.
Photo of Michael Chan, managing director of MTR Lab, and Benoit Dupont, co-founder and CEO of WeMaintain. Photo courtesy of MTR Lab.

Recent deals completed in China:

  • PrimeSemi, a Nanjing-based technology company specializing in analog-to-digital converter chips (ADCs), has raised an eight-figure RMB sum across two rounds of financing. Delian Capital invested in its pre-Series A funding round while Addor Capital was the investor for its Series A funding round. PrimeSemi will use the funds to expand its line of products and conduct R&D. 36Kr
  • PackGene Biotech, a Guangzhou-headquartered company focusing on the production of packaging systems for recombinant adeno-associated virus (rAAV) vectors, has raised over RMB 100 million in a Series C+ funding round from CS Capital. The funds will be allocated toward the company’s international expansion strategy and the enhancement of its platform. 36Kr
  • Aerofugia Technology, a Chengdu-based industrial aviation systems developer, has secured an undisclosed amount in a Series B funding round led by Casstar. The round also saw participation from a slew of new and existing investors. Aerofugia will utilize the funds for the R&D, certification, and the advancement of AE200, its electric vertical takeoff and landing (eVTOL) vehicle model. 36Kr
  • Re-mall, a Shanghai-based tech-enabled recycling solutions company, has banked an eight-figure RMB sum in a Series A funding round from SummitView Capital and Asahi Kasei. The funds will be used primarily to finance the upgrading and expansion of Re-mall’s production line. Scheme Capital acted as the exclusive financial advisor for this round. 36Kr
  • Ensonic, a Beijing-based company developing artificial intelligence-powered acoustic monitoring technology, has secured over RMB 100 million in a Series B+ funding round led by a China Mobile-managed fund. Other investors that participated in the round include October Capital, High Innovation Capital, and Weed Ventures, among others. Ensonic will use the funds for product R&D, production line expansion, and marketing activities. 36Kr
  • LungHealth MedTech, a Shanghai-based medical robotics company, has completed its Series C funding round, bagging over RMB 100 million. 36Kr
  • Zhiper, a Shanghai-based talent management services provider, has raised an eight-figure RMB sum in a new funding round. 36Kr
  • Zhian New Energy Technology, a Shenzhen-based new energy technology company, has secured close to RMB 100 million in a Series A funding round led by Qianhai Ark with the support of Shunwei Capital. Existing shareholder China Prosperity Capital also reinvested in this round. Chuan Capital acted as the financial advisor for this round. Zhian will utilize the funds for R&D, promotional activities, and the expansion of its production capacity. 36Kr
  • Oswell, a producer of powertrains for electric vehicles, has secured RMB 1 billion (USD 140.5 million) in an extended Series B round from Vast Capital. The capital will be used to strengthen Oswell’s “capitalization and securitization” activities in 2024. —DealStreetAsia
  • Venture capital firm CTC Capital has completed the first close of its new RMB-denominated fund at RMB 1.2 billion (USD 168.6 million) to focus on the domestic integrated circuit industry. The fund has garnered commitments from over half of CTC’s existing limited partners (LPs). State investors affiliated with the Yangzhou municipal government and the Changsha municipal government have also injected capital into this fund. —DealStreetAsia

Latest deals in India:

  • Snitch, a fast fashion startup, has completed its Series A funding round, securing INR 1.1 billion (USD 13.1 million). The round was jointly led by SWC Global and IvyCap Ventures with the support of angel investors.
  • Vegrow, a B2B fruits marketplace, has raised USD 46 million in primary and secondary funding via a Series C round led by GIC. The round also featured the significant participation of existing investor Prosus Ventures as well as continued support from Matrix Partners India, Elevation Capital, and Lightspeed. Avendus Capital was the exclusive financial advisor for this transaction. Vegrow will utilize the funds to expand its reach in India and across its global network.
  • Aliste Technologies, a smart home technology startup, has raised USD 1 million in a funding round led by YourNest Venture Capital and Artha Venture Fund. 100X.VC, Dholakia Ventures, KRS Jamwal, and Anikarth Ventures, among other investors, also participated in this round. Aliste will use the capital to expand into new markets and enhance its brand-building initiatives.
  • Aye Finance, a Gurugram-based microlending platform, has raised INR 3.1 billion (USD 37.1 million) in a Series F funding round led by British International Investment (BII) with the participation of Waterfield Fund and existing investor A91 Partners. Aye Finance last raised INR 2.1 billion (USD 25.1 million) in a Series E round led by CapitalG, Google’s venture capital fund. —Entrackr
  • ChargeZone, an EV charging network operator, has raised an undisclosed amount of investment from Macquarie Capital, the investment arm of Australia’s Macquarie Group. —Inc42

Lazada, TikTok, Seraya Partners, and more led yesterday’s headlines:

  • E-commerce company Lazada secured an additional USD 634 million in capital from its parent company, Alibaba Group, bringing the total amount injected into its subsidiary to over USD 1.8 billion for the year.
  • Short video platform TikTok will acquire 75.01% of Tokopedia from Indonesia’s GoTo Group for approximately USD 840 million. It has also committed to investing over USD 1.5 billion in the expanded Tokopedia entity, providing funding required by the business without further dilution to GoTo.
  • Seraya Partners, a Singapore-based private equity firm, achieved the final close of Seraya Partners Fund I, its first fund, at USD 800 million, surpassing its initial target of USD 750 million. The fund’s limited partners (LPs) include the Asian Infrastructure Investment Bank (AIIB), Alberta Investment Management Company (AIMCo), and funds and accounts managed by Blackrock.

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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