Tabby secures USD 700M in debt financing and extends Series D round to USD 250 million
The Riyadh-based fintech startup, which offers buy now, pay later services to consumers in the Middle East, has secured up to USD 700 million in receivables securitization from JP Morgan.
Tabby has also extended its Series D funding round to close at USD 250 million with participation from Hassana Investment Company, Soros Capital Management, and Saudi Venture Capital (SVC). The initial sum raised in this round was USD 200 million, led by Wellington Management with the support of Bluepool Capital, STV, the Mubadala Investment Company, Arbor Ventures, and PayPal Ventures.
“We are pleased to be collaborating with Tabby on this new transaction. A vibrant and growing consumer lending sector is vital for the local economy and we are pleased to work with Tabby on this strategic initiative to support retail credit throughout the Middle East,” said George Deves, co-head of Northern European asset-backed securities at JP Morgan.
Swap Energy to increase market share in Indonesia using Series A funds
Following earlier reports of the Indonesian electric vehicle battery swapping startup securing USD 22 million in a Series A funding round, 36Kr reported that the company intends to use the newly raised capital to increase its market share in Indonesia.
Swap Energy is one of around ten brands specializing in electric motorcycles that have obtained qualifications for a subsidy policy implemented by the Indonesian government. In 2024, the government will subsidize up to 600,000 electric motorcycles, with plans to have a total of 13 million electric motorcycles by 2030. Users can apply for a subsidy of IDR 7 million per vehicle, when purchasing from a qualified brand.
According to Irwan Tjahaja, CEO of Swap Energy, the company currently ranks first in Indonesia in terms of motorcycle sales and number of power stations. Offline channels are one of the company’s moats, having formed tie-ups with mainstream dealers (for vehicles) and major gas stations and convenience stores in Indonesia (for battery swapping).
Konvy raises USD 11 million in latest round
The Bangkok-based online beauty retailer has raised at least USD 11 million in its latest funding round. —DealStreetAsia
Recent deals completed in China:
- Atapex (Zhongling Technology), a Jiaxing-based producer of high-precision metal masks for the OLED industry, has completed the first close of its Series B funding round, raising close to RMB 200 million. The investment was led by a SCGC-managed fund with the support of Xinhenglida Capital. —36Kr
- ThunderBio Life Sciences, a company specializing in droplet-based microfluidics, has secured at least RMB 100 million in a Series B1 funding round led by Shandong Luxin High-tech Industry. Shanghai Simple Investment Center, the Guangzhou Jinkong Fund, BridgeOne Capital, and Shenzhen Chenmuyun Technology participated in this round. —36Kr
- AiMingMed, a Hangzhou-headquartered medtech company specializing in “organoid” technology, has secured an eight-figure RMB sum of strategic financing. The funds will be used for R&D and the commercialization of AiMingMed’s solutions. —36Kr
- Deptrum, a 3D vision technology company, has banked RMB 200 million in a Series B funding round. The investors include CICC Capital, V-Capital, and Chongqing Kexing Kechuang Equity Investment, among others. Deptrum will utilize the funds to expand its business. —36Kr
- Oritek, a Shenzhen-based provider of system-on-a-chip (SoC) solutions for the automotive industry, has completed its Series A3 and A4 funding rounds. Both rounds saw participation from diverse investors. —36Kr
- TYK Medicines, a Shanghai-headquartered biopharmaceutical R&D company, has raised close to RMB 200 million in a Series B funding round led by Huiyu Pharmaceutical. The round also saw the participation of CICC Capital-managed fund, Changxing Financial Holdings Group, and the Huzhou Talent Fund, among other investors. —36Kr
- Rhino Health, a Hangzhou-based manufacturer of ophthalmic products and equipment, has secured close to RMB 100 million in a Series A funding round led by Legend Capital with the support of existing investors TigerYeah Capital, Proxima Ventures, Dalton Venture, and Tao Capital. —36Kr
- Dessight Biomedical, a Hangzhou-based provider of supermicrosurgery solutions, has bagged an eight-figure RMB sum in Series A++ funding from Fortune Capital. It will use the funds for R&D and product registrations. —36Kr
- Yuhong Medicine, an immunotherapy drug developer, has raised RMB 80 million in a funding round from Xianju Pharmaceutical, Zhejiang Miyin Investment Management, Hainan Huishengde, and Hangzhou Yulin. —36Kr
- Depushi Biotech, a drug development company specializing in therapeutic tumor mRNA vaccines, has received an undisclosed amount of investment from the Linhui Fund. —36Kr
- Rebotech, a Hangzhou-based developer of hydraulic control systems, has secured an undisclosed amount of Series A funding from Atom Ventures. —36Kr
- Guozi Robotics, a Hangzhou-based robotics company, has raised around RMB 200 million in a funding round led by Chint Group. Several existing investors also contributed to this round. —36Kr
- Jingwei Slewing Ring, a Ma’anshan-based producer of slewing drives and bearings, has banked over RMB 100 million following the completion of a Series C funding round led by CETC Fund. Yuekai Capital, Shenyin Wanguo Innovation Securities Investment, Minju Venture Capital, and Dangtu Industrial Investment participated in this round. Jingwei will use the funds primarily for R&D. —36Kr
- Qiyuan Green Power, a green energy solutions provider affiliated with State Power Investment Corporation (SPIC), has completed its Series B funding round, raising RMB 1.5 billion from various domestic investors and achieving unicorn status. The investors include its parent group and the National Green Development Fund. —DealStreetAsia
Latest deals in India:
- DevDham (formerly known as DevDarshan), a religion tech platform, has raised INR 60 million in a seed funding round jointly led by Titan Capital, All In Capital, Veda VC, and TDV Partners. DevDham will utilize the funds to enhance its product and technology and strengthen its marketing efforts.
- Captain Fresh, a Bengaluru-based B2B animal protein marketplace, has raised USD 13.25 million in an extended Series C funding round led by Nekkanti Sea Foods. The round also saw participation from Shakti Finvest, Ravi Shankar Pemmasani, and Shibu Mathai. —Entrackr
- Hyugalife, a health and wellness e-commerce platform, has raised USD 1 million in debt and equity funding from Stride Ventures, GetVantage, and Dhaval Parikh (Prasol Chemicals), among others. Hyugalife will allocate the newly raised capital toward product and technology development. —VCCircle
- Larkai Healthcare, an artificial intelligence medtech company, has raised USD 500,000 in a seed funding round from Faad Network, Qi Ventures, the Real Time Angel Fund, and other investors. —VCCircle
- Nawgati, a Noida-based startup, has raised INR 10 million from GAIL. It will utilize the funds for technology enhancements and geographical expansion. —VCCircle
- Vro Hospitality, an operator of food and beverage outlets, has raised USD 10 million in a bridge round comprising a mix of debt and equity funding. The round was jointly led by Axis Bank and Gruhas, and saw participation from NB Ventures and angel investors Kunal Shah (Cred) and Mouni Roy. The funds will be used for market expansion and product development. —VCCircle
- Iljin Electronics, an electronics design and manufacturing company under Amber Enterprises, has acquired a 60% stake in Ascent Circuits, a printed circuit board maker, for an undisclosed sum. —VCCircle
Funding Societies, Swap Energy, Robin AI, and more led yesterday’s headlines:
- Funding Societies, a digital finance platform also known as Modalku in Indonesia, secured an undisclosed amount of strategic investment from Khazanah Nasional Berhad (under its Dana Impak mandate) and CGC Digital.
- Swap Energy, an Indonesian electric vehicle battery swapping startup, secured USD 22 million in a Series A funding round led by Qiming Venture Partners. GGV Capital and existing investor Ondine Capital also participated in this round.
- Robin AI, a legal tech startup, raised USD 26 million in a Series B funding round led by Temasek. The round also saw the participation of other investors including QuantumLight, Plural, and AFG Partners.
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