The Parentinc acquires Motherswork to enter offline retail market
The Parentinc, a parenting-focused technology company, has acquired Motherswork, a retailer of mom-and-baby products in Singapore and China, to bolster its commitment to building a self-sustaining content, community, and commerce ecosystem for parents in Southeast Asia.
In a statement released by The Parentinc, the company said that this acquisition firmly places it on the path toward an eventual IPO. The move will enable it to leverage Motherswork’s capabilities to extend its offline footprint in key markets across the region, including Vietnam, where products from Mama’s Choice will be distributed exclusively by Motherswork.
“70% of retail in Southeast Asia is still predominantly [occurring] offline. That’s why we are very excited to have our own brand stores through this acquisition as it will further refine our content to community to commerce business model. […] We are also equally enthusiastic to bring our offering of media solutions to all of the partners at Motherswork, aiming to improve the lives of mums and help them raise happy, healthy, and confident kids,” said Roshi Mahtani Cheung, founder and group CEO of The Parentinc.
Cathay Innovation leads Flowdesk’s USD 50 million Series B round
Flowdesk, a digital asset trading technology company, has announced the completion of its Series B funding round. The round was led by Cathay Innovation with the support of Cathay Ledger Fund, Eurazeo, ISAI, Speedinvest, BPI, and Ripple.
The company will employ the funds to expand its over-the-counter offerings and enhance its regulatory coverage in Singapore and the US. Additionally, a portion of the capital will be allocated to expanding offices in financial hubs and making key hires.
“Through [its] innovative software-as-a-service model, Flowdesk has consistently demonstrated impressive performance over the last three years. Our investment extends beyond capital, foresting a collaborative journey with our longstanding Cathay ecosystem to shape the future of financial markets”, said Jacky Abitbol, managing partner at Cathay Innovation.
Mirae Asset Capital Life Science emerges from stealth with inaugural USD 50 million fund
Mirae Asset Capital Life Science, a venture capital firm investing in private biotechnology companies, has emerged from stealth with the announcement of its inaugural USD 50 million fund. The firm is supported by a diverse investor base comprising limited partners (LPs) within the Mirae Asset Financial Group.
The firm is the sole US affiliate investing in life science companies within the Mirae Asset Financial Group, and will focus primarily on companies specializing in therapeutics while remaining open to those focusing on diagnostics and artificial intelligence and machine learning tools for drug discovery and protein engineering.
Element Zero raises USD 10 million in seed round
Element Zero, an Australian company that has developed a sustainable mineral processing platform, has raised USD 10 million in a seed funding round led by Playground Global.
In a statement released by Element Zero, the company said that its novel platform provides a cost- and energy-efficient means of converting metal ores into pure metals without generating carbon emissions. Element Zero aims to broaden its R&D, engineering, and project development teams, utilizing the newly raised capital to scale the development of a pilot iron plant.
Mantle EcoFund invests USD 10 million in six decentralized finance projects
Mantle EcoFund, a USD 200 million fund operated by Mirana Ventures, has voted to deploy USD 10 million in its initial capital call, investing in six decentralized finance projects that operate on Mantle Network. The projects include Merchant Moe, Init Capital, Butter, Renzo, MUFEX, and TsunamiX.
The fund invests in native application and technology partners of Mantle. Mirana Ventures intends to make the second capital call of USD 30 million in the coming months.
Linkko secures investment from Web3 Media Ventures
The Singapore-based Web3 advertising platform has secured an undisclosed amount of investment in a round led by Web3 Media Ventures. The company will utilize the capital to develop platform features, expand partnerships, and increase its user base. —Tech in Asia
Publicis Groupe Singapore acquires AKA Asia
The Singapore arm of Publicis Groupe, a multinational advertising and public relations company, is acquiring AKA Asia, an integrated communications agency, to diversify its capabilities and strengthen its offerings in Southeast Asia.
AKA Asia was founded in 2009 as the Singapore arm of ImpactAsia before it was rebranded in 2022 as an independent agency. The agency works with a wide variety of clients, including well-known consumer brands such as Tiger Beer, Impossible Foods, Lego, Jetstar, Foodpanda, Durex, and William Grant & Sons. —Campaign Asia
Recent deals completed in China:
- Xincheng Semiconductor, a Zhongshan-registered manufacturer of integrated circuit packaging substrates, has raised a nine-figure RMB sum in a pre-Series A++ funding round jointly led by Haitong Capital and SparkEdge Capital. Zhongshan Investment Holdings, Loongson Capital, and Z&Y Capital participated in this round. Xincheng will use the funds to conduct product R&D, construct factories, and procure equipment. —36Kr
- Puheng Technology, a company specializing in the development of in-vitro 3D physiological and pathological models, has completed a new round of financing, securing an undisclosed amount of capital from an angel investment fund managed by Pudong Innovation Investment. —36Kr
- WedoSemi, a Shanghai-based developer of display driver chips, has completed its Series B funding round, securing an undisclosed amount of investment. The round was jointly led by the Guangzhou Industrial Investment and Capital Operation Holding Group and the Haizhu Urban Construction and Development Group. Xinke Capital and other institutional investors also took part in this round. —36Kr
- Lianying New Energy Technology, a Shanghai-registered developer of new energy systems for vehicle- and energy storage-related applications, has bagged an eight-figure RMB sum in a Series A funding round led by Cowin Capital. —36Kr
- Rayleigh Vision, a Hong Kong-based display technology company, has raised a seven-figure RMB sum of angel funding in a round led by Zhuhai Zhengling with the support of Leadway Capital. Rayleigh Vision will utilize the capital for team building, product iteration, and business development activities. —36Kr
- China Sodium-ion Times, a Shenzhen-based technology enterprise that produces sodium-ion batteries and sodium cathode materials, has secured around RMB 10 million (USD 1.4 million) of Series A funding from TopoScend Capital. The company will allocate the capital toward the construction of its production lines and to advance sodium-ion battery development and applications. —36Kr
- Renshine Solar, a Suzhou-based developer and producer of perovskite solar cells, has banked a nine-figure RMB sum in a Series A funding round. The round saw participation from Sealand Securities, Hengtong Group, Addor Capital, Jianyu Group, Zhongying Fund, Ever State Capital, and Zhongtian Fortune, among other institutional investors. —36Kr
Latest funding deals in India:
- Fintech company BharatPe has completed its USD 100 million debt funding round, as reported by Entrackr, citing an unnamed source. According to the report, BharatPe is anticipating a capital deployment by InnoVen Capital in the range of USD 60–70 million. In addition, Mumbai-based Trillion Loans, the non-banking financial company (NBFC) arm of BharatPe, has secured a separate debt round from Credit Saison, according to sources informed by Entrackr.
- FinAgg Technologies, a Noida-based fintech company focused on serving micro, small, and medium enterprises, has raised USD 11 million in a Series A funding round jointly led by BlueOrchard and Tata Capital. The Small Industries Development Bank of India (SIDBI) and existing investor Prime Venture Partners contributed to this round, and FinAgg also secured capital from Gray Matter Capital through non-convertible debentures (NCDs).
- Alt Mobility, an electric mobility company, has raised USD 6 million in a funding round jointly led by Shell Ventures, Eurazeo, EV2 Ventures, and Twynam. The round also saw participation from UC Inclusive, Piper Serica, Pitchright, and LetsVenture. The capital was raised using a mix of debt and equity financing, and will be utilized to hire an engineering team to scale Alt Mobility’s FleetOS platform. The company will also use the funds to target new verticals and expand its market presence.
- Groyyo, a B2B manufacturing-focused automation platform, has raised USD 5.4 million in debt funding from Lighthouse Canton and Trifecta Capital. —VCCircle
- BuyEazzy, an e-commerce platform for beauty products, has raised USD 4.25 million in a Series A funding round led by InfoEdge Ventures. Existing investors Incubate Fund Asia and M Venture Partners also took part in this round. BuyEazzy will allocate the capital toward product development, talent acquisition, and its expansion within India. —VCCircle
- Indra, a provider of water treatment systems, has raised USD 4 million in a Series A funding round jointly led by Mela Ventures and Emerald Technology Ventures. The round also saw participation from Peak Sustainability Ventures and The Climate Angels. —VCCircle
- Bharatsure, an insurtech company, has secured USD 1 million in a funding round led by Capital A with the support of Grip Invest and existing investors Inflection Point Ventures, Dexter Ventures, HEM Angels, and We Founder Circle. —VCCircle
- BonV Aero, a Bhubaneswar-based aerial logistics company, has snagged INR 60 million (USD 721,600) in funding from Inflection Point Ventures. The company will deploy the capital toward the enhancement of its platform and to conduct demos aimed at scaling its order volume. —VCCircle
- Healspan, a Bengaluru-based provider of empanelment services for hospitals, has raised INR 12 million (USD 144,300) in a pre-seed funding round led by PedalStart. HealSpan will utilize the funds to develop technology, acquire talent, bolster its operations, and expand its clientele. —VCCircle
- Sahaj Gaming, a gaming company, has raised an undisclosed amount of pre-seed funding from Antler. —VCCircle
AlphaSense, Blue Earth Capital, Techna-X, and more led yesterday’s headlines:
- AlphaSense, a market intelligence and search platform, secured an undisclosed amount of strategic funding from EDBI as part of its USD 150 million Series E funding round, which was announced in September last year.
- Blue Earth Capital, an impact investment firm, secured USD 378 million in investor commitments for its private equity climate impact strategy, the ‘BlueEarth Climate Strategy.’ This includes USD 308 million from the BlueEarth Climate Growth Fund and an additional USD 70 million in commitments from limited partners (LPs).
- Techna-X, an investment holding company based in Malaysia, is acquiring a 51% stake in Netsec, an IT firm, to establish a joint venture that will leverage their combined expertise and target growth opportunities in Southeast Asia’s cybersecurity space.
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