FB Pixel no scriptDeals in brief: Turn Capital acquires Flash Coffee Thailand, Bain Capital closes fifth pan-Asia private equity fund, multiple China and India deals, and more | KrASIA

Deals in brief: Turn Capital acquires Flash Coffee Thailand, Bain Capital closes fifth pan-Asia private equity fund, multiple China and India deals, and more

Written by Gideon Ng Published on   5 mins read

Bringing you the latest news briefs on fundraising activities in the Asia Pacific.

Turn Capital acquires Flash Coffee’s Thailand business

Venture capital firm Turn Capital has acquired the Thailand business of tech-enabled coffee chain Flash Coffee.

As per the statement disclosing this acquisition, Turn Capital typically secures controlling stakes in its deals, allowing its team to adopt a more hands-on approach. In the case of Flash Coffee, the firm intends to leverage its brand, product, and proprietary technology to broaden the chain’s footprint throughout Thailand. The goal is to establish more than 100 new stores within the next two years, surpassing a total of 200 locations in the country.

“We are excited to partner with [Flash Coffee’s] management team to bring the tech-driven Flash Coffee brand to profitability, and to work with the young and energetic Thailand team to grow the company over the next few years.” said Shang Koo, partner at Turn Capital.

Photo of a Flash Coffee store in the AIA Capital Center in Bangkok, Thailand.
Photo of a Flash Coffee store in the AIA Capital Center in Bangkok, Thailand. Photo courtesy of Flash Coffee.

Bain Capital raises USD 7.1 billion for fifth pan-Asia private equity fund

The US-based private investment firm has concluded the final close of Bain Capital Asia Fund V, its fifth pan-Asia private equity fund, raising USD 7.1 billion. Bain Capital committed USD 750 million to the fund, in addition to contributions from both new and existing investors.

Bain Capital Asia Fund V stands as the largest fund of its kind in the region, marking the most substantial private equity fund raised in Asia this year, according to data from Preqin. The fund’s focus includes Japan, where Bain Capital has led 26 investments, amounting to over USD 6.7 billion, including notable deals such as the USD 18 billion buyout of Toshiba’s memory chip business. —Reuters

Kejora Capital and SBI Holdings lead investment in Bizhare

Bizhare, an Indonesian crowdfunding securities platform, has secured funding in a round led by Kejora Capital and SBI Holdings through the SBI-Kejora Orbit Fund. Several existing investors including Telkomsel Innovation Partners and AngelCentral, among others, also participated in this round. The amount raised in this round was undisclosed.

Bizhare will utilize the funds to enhance its technology and services, offering more attractive investment opportunities to its users. —DailySocial

CoinGecko announces acquisition of Zash

The Singapore-based cryptocurrency data company has acquired Zash, a non-fungible token (NFT) data infrastructure and intelligence company, for an undisclosed amount.

In a statement, CoinGecko acknowledged the potential of NFTs and expressed its intention to integrate with Zash, enabling it to seamlessly provide both fungible and non-fungible token data in a unified offering. This strategic move is ultimately aimed at offering more reliable, accurate, and comprehensive cryptocurrency data to its customers.

“Within 3 years, [Zash has] built a remarkable product with the most comprehensive NFT data coverage in the market, … This acquisition aligns with our commitment and dedication to deliver exceptional value to the crypto community, starting with a unified token and NFT market data offering,” said TM Lee, co-founder and CEO of CoinGecko.

Zespri launches USD 2 million annual fund for sustainable innovation

The New Zealand kiwifruit brand has launched ZAG, a USD 2 million innovation fund to drive positive impact on the environment as well as its end customers, partners, growers, and communities.

In a statement released by Zespri on Tuesday, the company said that ZAG will “support future innovation initiatives and global strategic partnerships that strengthen Zespri’s ability to deliver on its purpose.”

Recent deals completed in China:

  • Tongming Zhiyun Technology, a Beijing-headquartered cloud-native solutions company, has raised an eight-figure RMB sum following the completion of its Series A+ funding round. The company will utilize the funds for technology R&D, downstream industrial layout planning, market expansion, and to acquire new talent. —36Kr
  • Emgo-Tech, a Zhuhai-based high-precision laser solutions company, has completed a Series B funding round, raising over RMB 50 million (USD 7.03 million). It will use the funds to mass produce new equipment. —36Kr
  • AutoMQ, a Hangzhou-based cloud-focused software and infrastructure provider, has announced the completion of two funding rounds, comprising an angel round and an extended angel round of financing. It raised close to RMB 100 million (USD 14 million) from Vision Plus Capital, Yinxinggu Capital, and Monad Ventures. The company will use the funds for product R&D and market validation. —36Kr
  • Skiff Energy Tech, a Hangzhou-based energy storage service provider, has completed a Series A round of financing, raising an eight-figure RMB sum from TDG. Yuanhe Capital served as the exclusive financial advisor. The funds raised in this round will be used for product R&D, market expansion, and to supplement the company’s cash flow. —36Kr
  • Chicheng Technology, a Hangzhou-based industrial technology platform provider, has secured an eight-figure RMB sum in a Series A+ funding round from several investors. The funds will be allocated toward technology R&D and market expansion. —36Kr
  • Jingfei Bandaoti, a Beijing-based semiconductor company, completed its angel funding round in September this year, raising an eight-figure RMB sum. The round was led by See Fund, with follow-on investments from Delian Capital and Zhongke Shenguang Optoelectronics Industry. The funds will be used for R&D, market expansion, and team building. —36Kr
  • Aerospace Powercell, a vehicle-focused battery technology company, has secured close to RMB 1 billion (USD 140.8 million) in a Series A funding round. The funds will be used to scale up the development of rechargeable batteries for commercial vehicles. —DealStreetAsia

Latest venture capital deals in India:

  • Scapia, a Bengaluru-based fintech company, has secured USD 23 million in a Series A funding round led by Elevation Capital and 3State Ventures. Existing investors Matrix Partners India and Tanglin Venture Partners also participated in the round. Scapia will use the funds to expand its customer base, forge new partnerships, and enhance its product suite.
  • Early-stage investor Seafund Ventures has injected INR 50 million (USD 600,000) into five sustainability-focused startups. They include RedWings, Docker Vision, Swapp Design, Simatricals, and Evhicle. —The Economic Times
  • Kiwi, a Bengaluru-based fintech startup, has secured USD13 million in a Series A funding round led by Omidyar Network India, with participation from existing investors Nexus Venture Partners and Stellaris Venture Partners. The newly acquired funds will be allocated toward product development and the expansion of Kiwi’s offerings. —VCCircle
  • Bizongo, a Mumbai-based B2B vendor management startup, has acquired Noida-based FactoryPlus for an undisclosed amount. FactoryPlus specializes in factory digitization applications tailored for micro, small, and medium enterprises (MSMEs). —Inc42
  • Vama, an online astrology startup, has raised USD 1.5 million in a seed funding round led by Wavemaker Partners, with participation from Lisa Gokongwei-Cheng (Summit Media) and Harit Nagpal (Tata Play). The round also saw the participation of Blume Founders Fund, Alluvium, Untitled VC, as well as angel investors such as Burak Buyukdemir and Dhruv Bahl. —Inc42

ByHours, Edamama, Seminal, and more led yesterday’s headlines:

  • ByHours, a microstay booking platform, secured an undisclosed amount of investment from Velocity Ventures, a Singapore-based travel and hospitality-focused venture capital firm.
  • Edamama, a Philippines-based parenting-focused e-commerce platform, raised USD 35 million in a Series A+ funding round led by the Ayala Corporation Technology Innovation Venture (ACTIVE) Fund. Existing investors Gentree Fund and Innoven Capital, along with new investor GS Group, also participated.
  • Seminal, a Melbourne-based startup focused on developing a copyright register and IP marketplace, completed a USD 3 million pre-seed funding round. Investible led the investment.

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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