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Deals in brief: AC Ventures raises USD 210 million at final close of fifth fund, Sony scraps merger with India’s Zee, nine China deals, and more

January 23, 2024
in News
Deals in brief: AC Ventures raises USD 210 million at final close of fifth fund, Sony scraps merger with India’s Zee, nine China deals, and more
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AC Ventures raises USD 210 million at final close of fifth fund

AC Ventures, a leading venture capital firm in Southeast Asia, has announced the final close of ACV Capital V (ACV Fund V), its fifth investment fund, raising a total of USD 210 million after including co-investment funds.

Backed by limited partners from various parts of the world, ACV Fund V has garnered support from 90% institutional investors, with returning investors contributing over 50% of the capital. Key investors endorsing the latest fund include the World Bank’s International Finance Corporation (IFC), along with prominent financial institutions from the US, the Middle East, and North Asia.

The newly established fund has already initiated its deployment phase, leading funding rounds for companies such as Indonesian electric vehicle manufacturer Maka Motors and sustainable farming startup Koltiva, among others.

“With ACV Fund V, we are not just investing in companies with significant financial upside, but in a future where economic success and societal impact go hand in hand. … Our focus on financial returns and sustainability is not only a reflection of what is trending in the market. It is a fundamental cornerstone of our long-term investment philosophy to create significant value for all stakeholders,” said Adrian Li, founder and managing partner of AC Ventures.

Photo of Adrian Li, founder and managing partner of AC Ventures.Photo of Adrian Li, founder and managing partner of AC Ventures. In June last year, Li wrote an op-ed about the pros and cons of using China as a blueprint for success within the context of ASEAN’s digital economy. Photo from KrASIA’s archive.

According to a statement from AC Ventures, the closing of ACV Fund V signifies an important milestone in its journey, reinforcing its commitment as a “generational partner” to founders and high-potential ventures that are instrumental in driving economic and societal impact across the region, with a particular focus on Indonesia. The macroeconomic environment and digital economy of the archipelagic nation have experienced significant growth in recent years, reaching a valuation of USD 82 billion in 2023 and a projected expansion to USD 360 billion by 2030.

“Indonesia stands out as a vibrant investment hub, thriving amidst global economic shifts. Our growth is fueled by a young and growing population, rising prosperity, and a stable pro-investment government. On this trajectory, Indonesia is on course to be among the top ten largest economies in the world over the coming decade,” said Pandu Sjahrir, founding partner at AC Ventures.

Sony pulls plug on USD 10 billion merger with Zee Entertainment

Sony has abandoned plans for a USD 10 billion merger between its Indian unit and Zee Entertainment, an Indian media conglomerate, which would have resulted in one of the largest television broadcasters in India.

According to Reuters, Sony opted not to proceed with the merger due to certain unmet “closing conditions” despite engaging in “good faith discussions” with Zee. The failure to reach an agreement on an extension by the January 21 deadline was a significant factor, with reports indicating a deadlock over leadership of the combined entity.

Reportedly, Sony is seeking USD 90 million in termination fees from Zee, alleging breaches of their merger agreement and invoking arbitration for emergency interim relief. Sony anticipates no material impact from the termination on its estimates for the year ending in March, as the deal was not factored into its outlook. Zee refutes all claims made by Sony and has asserted its intention to take appropriate legal action.

Clime Capital reaches first close of second clean energy fund

Clime Capital, a Singapore-based investment firm focused on “creating positive climate action,” has reached the first close of the South East Asia Clean Energy Fund II (SEACEF II), securing USD 127 million in commitments.

SEACEF II boasts a diverse group of backers, including junior first-loss equity investors such as Allied Climate Partners, Australian Development Investments, the Global Energy Alliance for People and Planet, and Impact Assets. Additionally, the fund has attracted senior equity investors, including British International Investment (BII), the Cisco Foundation, FMO, the IFC, Norfund, REI Co-op, and Swedfund International.

Similar to its predecessor SEACEF I, Clime Capital’s inaugural fund, SEACEF II, will focus on investing in promising businesses involved in renewable energy generation, energy efficiency, electric mobility, and electrical grid solutions. The new fund will also provide additional capital to expedite the growth of Clime Capital’s portfolio companies.

According to the firm, SEACEF II represents the first blended investment fund established in Southeast Asia, aiming to provide early-stage, high-risk capital to promising businesses that contribute to the region’s low-carbon transition.

Matrixport Ventures lead USD 2.85 million investment in Veta Finance

Matrixport Ventures, the venture capital arm of crypto and financial services platform Matrixport, has led a USD 2.85 million investment in Veta Finance, an on-chain platform for margin trading of structured products (for digital assets). The round also saw participation from imToken Ventures, WT Capital, Future Money Group, and 280 Capital.

Veta Finance will utilize the capital to optimize the supply of structured products on its platform, strengthen its IT system, and support the growth of its business.

Photo of John Ge, co-founder and CEO of Matrixport.Photo of John Ge, co-founder and CEO of Matrixport. KrASIA interviewed Ge in December 2022, when he discussed the company’s stance on the future of digital assets. Photo from KrASIA’s archive.

Ayoconnect secures USD 2.5 million from Mandiri Capital Indonesia

The Indonesian B2B fintech startup has reportedly secured USD 2.5 million from Mandiri Capital Indonesia (MCI), the investment arm of Bank Mandiri, a state-owned financial institution in Indonesia.

MCI was one of the investors in Ayoconnect’s pre-Series B funding round, when the startup raised USD 10 million. That round concluded in 2021.

According to DailySocial, the latest funding round is considered a down round, as the investment amount was raised at a valuation significantly lower than the previous round, based on the price per share. The Indonesian media outlet cited data from Alternatives.pe, which is derived from regulatory filings.

Photo of Ayoconnect’s co-founders. From left to right: Alex Jatra (CFO), Jakob Rost (CEO), and Chiragh Kirpalani (COO). Adi Vora, co-founder and CTO of Ayoconnect, is not in the photo.Photo of Ayoconnect’s co-founders. From left to right: Alex Jatra (CFO), Jakob Rost (CEO), and Chiragh Kirpalani (COO). Adi Vora, co-founder and CTO of Ayoconnect, is not in the photo. Photo from KrASIA’s archive.

Namdev Finvest raises USD 15 million in Series B round

The Jaipur-based non-banking financial company (NBFC) has raised USD 15 million in a Series B funding round from BII, LC Nueva, and existing backer Incofin India Progress Fund.

Namdev Finvest focuses on lending to micro, small, and medium enterprises (MSMEs). It intends to utilize the capital to expand its range of products, develop its technology stack, and extend its market reach. —VCCircle

Recent deals completed in China:

Lingdong Technology, a Hangzhou-registered developer of thermal management systems for new energy vehicles, has raised an eight-figure RMB sum in an angel funding round led by Sequoia China Seed Fund with the support of Capital Wings, 100Summit Partners, and PXI Auto Components. Lingdong will utilize the funds for technology R&D, team building, and the construction of its production line. —36Kr`
Forsense Technology, a Shanghai-based provider of micro-electromechanical system (MEMS) inertial navigation sensors and integrated navigation solutions, has secured an eight-figure RMB sum of Series A funding from SR Capital and existing investor Atom Ventures. The funds will be used for product R&D, team building, and the construction of a new facility. —36Kr
Dearer Medical, a Shanghai-headquartered contact lens manufacturer, has secured an undisclosed amount of Series C funding in a round led by Hidea Venture Capital Management. Existing investor Legend Capital Management participated in this round. The funds will be used for product R&D, team building, and the construction of a new facility. —36Kr
SunwaySemi, a Dongguan-headquartered company specializing in chip inductors, has bagged RMB 40 million (USD 5.6 million) in a Series A funding round led by Royal Capital. Hygoal Capital and Fellow Partners participated in this round, while Index Capital served as the exclusive financial advisor. Royal Capital will assume control of SunwaySemi following the completion of this round. —36Kr
Reen-Agr Biotechnology, a phage therapeutics company, has completed an initial and extended round of angel funding, led by Zhengxuan Investment and CDH Investments (Venture and Growth), respectively. CD Capital was a participating investor while WinX Capital was appointed as the long-term financial advisor. Reen-Agr will utilize the funds for product R&D and the expansion of its market channels. —36Kr
Soonion Technology, a Chengdu-registered communication technology company, has banked RMB 250 million (USD 35 million) in a Series B funding round that saw the participation of various investors, including SDIC Venture Capital, Landstone Capital, Shanghai SIIC Fund Management, Yinxinggu Capital, ZJU Joint Innovation Investment, and Junyuan Capital. —36Kr
Luxet, a Suzhou-registered provider of nano-optical sensing and detection solutions, has secured an eight-figure RMB sum in a Series A funding round from IDG Capital, Flyfot Ventures, and Suzhou High-tech Venture Capital Group. Kunyuan Capital was appointed as the financial advisor for this round. —36Kr
Digital Precision Medicine (DPM), a developer of medical imaging and surgical navigation equipment, has bagged over RMB 200 million (USD 28 million) in a Series C funding round led by Daohe Healthcare Private Equity Fund Management. Huiding Investment and Rising Capital contributed to this round. China Renaissance was appointed as the exclusive financial advisor. —36Kr
Laser X Technology, a Shenzhen-registered equipment and solutions provider for the optical communication and semiconductor sectors, has raised close to RMB 100 million (USD 14 million) of Series B funding from China Fortune-Tech Capital, Value Capital, Shenzhen HTI Group, and other unnamed investors. Laser X will use the capital to expand its team and develop new products. —36Kr

xAI, Tumodo, Bluesheets, and more led yesterday’s headlines:

xAI, an artificial intelligence company founded by Elon Musk in March 2023, reportedly secured USD 500 million in commitments from investors. Musk responded on social media, claiming that the report was “fake news.”
Tumodo, a Dubai-based B2B travel platform, raised USD 35 million in a pre-seed funding round jointly led by various MENA-focused angel investors.
Bluesheets, a Singapore-based developer of AI-powered financial automation software, reportedly raised capital in a Series A funding round from Insignia Ventures Partners, Kistefos AS, 1982 Ventures, and KipleX, among other investors.

If there are any news or updates you’d like us to feature, get in touch with us at: [email protected].

>>> Read full article>>>
Copyright for syndicated content belongs to the linked Source : KrAsia – https://kr-asia.com/deals-in-brief-ac-ventures-raises-usd-210-million-at-final-close-of-fifth-fund-sony-scraps-merger-with-indias-zee-nine-china-deals-and-more

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