Trive Ventures launches new fund, banking on AI and blockchain innovations
Trive Ventures, a Singapore-based venture capital firm, has launched a new fund with a focus on backing early-stage companies leveraging artificial intelligence and blockchain technologies. The new fund, managed by Trive Digital, the firm’s new division, targets startups in infrastructure, entertainment, and financial services globally.
Co-led by general partners Daryl Lim and Shawn Tan, both recognized for their expertise in blockchain, the fund achieved a soft close on August 31, securing 20% of its target capital. Early investments have been deployed in Klink Finance, RPS Labs, Coinseeker, and Sphinx Exchange.
“The blockchain sector continues to show tremendous potential as adoption accelerates across industries,” Lim said. Trive is eyeing a further 40–60 investments throughout the fund’s lifecycle, aiming to maintain its early momentum.
Zus Coffee bags MYR 250 million for Southeast Asia expansion
Zus Coffee, a chain coffee brand, has raised MYR 250 million (USD 57.3 million) in funding from a group of investors led by KV Asia Capital, alongside Kumpulan Wang Persaraan (KWAP) and Kapal Api Group.
Founded in 2019, Zus Coffee has carved a niche with its tech-driven approach to making specialty coffee accessible. The Shah Alam-based coffee chain, which operates 550 outlets in Malaysia and 50 in the Philippines, plans to expand into Singapore and Brunei by the end of 2024 and is in talks to enter other markets in 2025.
The funds will be used to support technological upgrades, particularly Zus Coffee’s proprietary app, which saw increased usage during the pandemic.
East Ventures and Temasek Foundation wrap up Indonesia’s largest climate tech competition
East Ventures and Temasek Foundation have concluded the Climate Impact Innovations Challenge (CIIC) 2024, Indonesia’s largest climate tech competition, with a finale held on September 6, at the Indonesia International Sustainability Forum in Jakarta. This year’s competition attracted over 500 applicants from 50 countries, focusing on various specializations.
The winners, including SunGreenH2, Hydrogen Refinery, and AC Biode, were awarded a combined IDR 10 billion, or close to USD 650,000. Additional prizes were presented by Bakti Barito Foundation and Sinarmas Agribusiness to DayaTani and Enwise.
Genesis Alternative Ventures closes USD 125 million debt fund, eyes Southeast Asia’s growth-stage companies
Genesis Alternative Ventures, a Singapore-based private venture debt firm, has secured USD 125 million in commitments for its second fund, tapping into a mix of loyal backers and fresh faces. Over 80% of investors from the firm’s first fund—including Aozora Bank, Korea Development Bank, Mizuho Leasing, and Silverhorn—renewed their support, while notable newcomers like Mizuho Bank and global platform OurCrowd joined the fold.
The fund zeroes in on growth-stage startups across Southeast Asia, offering venture loans as a lifeline for companies navigating today’s turbulent fundraising landscape. As equity financing tightens, Genesis is stepping in with capital that allows founders to scale without the heavy burden of dilution.
In August 2023, Genesis expanded its regional footprint through a strategic collaboration with Indonesia’s Superbank to deploy USD 40 million in venture debt to the country’s most promising tech startups. Backed by Emtek, Grab, Singtel, and KakaoBank, Superbank adds serious weight to Genesis’ ambitions in the region.
The firm has already put over USD 20 million to work, lending to startups such as Aonic, Eezee, and Akulaku, according to Bloomberg.
SDAX raises USD 50 million in Series B2 round
SDAX, a Singapore-based digital asset exchange, has secured USD 50 million in a Series B2 funding round led by Muscat Precious Metals Refining Company (MPMR). The capital will fuel SDAX’s expansion efforts, including client acquisition, wealth management services, and the launch of a new digital asset exchange in Oman, providing a strategic gateway to new regional markets.
This latest round follows an USD 18 million Series B round in 2021, co-led by PSA International, Straits Trading Company, and New Horizon Global.
SDAX’s platform, which offers fractional gold investments, continues to attract attention, particularly after partnering with MPMR to launch securitized gold tokens earlier this year.
Charge+, UGEP, Nowwa Coffee, and more led yesterday’s headlines:
- Charge+, Singapore’s largest electric vehicle (EV) charging operator, raised USD 8 million in a Series A funding round led by Trive Venture Capital, with TNB Aura leading the Series A2 extension.
- Upgrade Energy Philippines (UGEP), a renewable energy project developer, received an investment of up to USD 10 million from Clime Capital’s Southeast Asia Clean Energy Fund II (SEACEF II).
- Nowwa Coffee, a Chinese chain coffee brand, raised a nine-figure RMB sum in a Series B++ funding round from Yongshan Tianji, Peakview Capital, and V Star Capital.
If there are any news or updates you’d like us to feature, get in touch with us at: [email protected].