Deals in brief: BII and Idemitsu invest in Skye Renewables, GMO Financial Gate forms capital alliance with Soft Space, MBK Partners refinances Homeplus loans, and more

Skye Renewables partners with British International Investment and Idemitsu Kosan

British International Investment (BII) and Idemitsu Kosan (IKC) have announced a joint investment in Skye Renewables, an “energy-as-a-service” company, forming a partnership to decarbonize Southeast Asia and develop greenfield solar projects. The investment amount was undisclosed.

BII is the UK’s development finance institution and impact investor, and IKC is one of Japan’s leading producers of clean energy.

Skye Renewables develops solar projects and provides clean energy to commercial and industrial customers. According to the BII, this investment will support Skye in building over 300 megawatts of greenfield solar power for its customers in the region. Skye’s projects are estimated to reduce 270,000 tons of carbon dioxide emissions annually.

GMO Financial Gate and Soft Space forge capital alliance to transform Japan’s payment sector

GMO Financial Gate, a Japan-based payment processing company, has formed a capital alliance with Soft Space, a Malaysia-based fintech player, receiving an undisclosed amount of funding. This investment reportedly precedes Soft Space’s planned Series C funding round, and is aimed at promoting a cashless society in Japan through fintech.

Through this collaboration, GMO plans to introduce Soft Space’s payment solutions to its existing markets and partners while allowing Soft Space to tap on its clientele and explore opportunities in other sectors that predominantly use cash payments.

Photo of Kentaro Sugiyama (left), CEO of GMO Financial Gate, and Joel Tay, CEO of Soft Space. Photo courtesy of GMO Financial Gate.

MBK Partners secures refinancing for Homeplus loans from Meritz Financial Group

MBK Partners, a North Asia-focused private equity firm, has refinanced its KRW 1.3 million (USD 969 million) loans on Homeplus with support from Meritz Financial Group.

Headquartered in Seoul, Meritz is a financial holding company with subsidiaries in the insurance and finance field.

According to The Korea Economic Daily, Meritz is issuing the loans to MBK at an interest rate of 10% per annum, which will be backed by Homeplus store buildings and other properties.

MBK acquired 100% of Homeplus from Tesco in 2015, in what was the largest buyout deal in Asia at that time.

Venturi Partners invests USD 25 million in Dali Discount

Dali Discount, one of the leading discount grocery chains in the Philippines, has secured USD 25 million in funding from Venturi Partners to accelerate its expansion across the country.

“Dali’s commitment to maximizing value for its customers aligns seamlessly with our consumer-first investment philosophy, and we see tremendous potential for the company to expand its reach and improve the lives of even more households across the Philippines,” said Nicholas Cator, founding partner at Venturi.

This is Venturi’s second investment in the Philippines, following investment in Pickup Coffee in 2023.

Techcoop raises USD 5 million in debt and equity financing

Techcoop, a Vietnamese agritech startup, has secured USD 5 million in debt and equity financing. The investment was jointly led by Ascend Vietnam Ventures and TNB Aura. The participating investors include MYSC and Mandala Capital.

According to DealStreetAsia, the funds will support Techcoop’s technology development and its expansion in Vietnam.

Yenmo secures USD 500,000 from Y Combinator

Yenmo, a fintech startup providing instant loans against mutual funds, has secured a USD 500,000 investment from Y Combinator in its latest funding round.

Yenmo enables Indian investors to borrow against their investments at a flat interest rate. This allows their investments to continue growing for the long term while fulfilling immediate financial needs.

According to Business Standard, the capital will be used to support Yenmo’s aim of promoting financial inclusion in India.

Subko Coffee raises USD 10.2 million

Subko Coffee, a specialty coffee roastery and bakehouse, has secured INR 851 million (USD 10.2 million) in a Series B funding round led by NKSquared. Participating investors for this round include Blume Ventures, Progressive LLP, and existing investors comprising Pallavi and Srinivas Dempo, Jay Mehta, the Gauri Khan Family Trust, and John and Priya Abraham.

Recent deals completed in China:

TCab Tech, an electric vertical takeoff and landing (eVTOL) aircraft developer, has raised an additional USD 20 million in its Series A funding round. The capital comes exclusively from an undisclosed investment fund which plans to introduce air taxi applications in the Middle East. TCab is also targeting the air mobility markets in China and Southeast Asia, and will use the funds to expedite the development and commercialization of its E20 aircraft model by securing airworthiness certifications.
Hozon Auto, an electric vehicle manufacturer, has signed a contract with the Hong Kong government to become a key enterprise partner. As part of this agreement, the authority is providing Hozon with a subsidy of HKD 200 million and a commitment to invest USD 200 million in the EV manufacturer as part of a cornerstone investment round. Hozon is backed by Chinese battery giant CATL and is reportedly preparing for an IPO in Hong Kong.
Passive Edge Tech, a company specializing in the development of new materials for thermal management and thermal energy storage, has raised an undisclosed amount of angel funding from the Ningbo Industrial Internet Institute. Chao Capital was appointed as the long-term financial advisor. —36Kr
Startorus Fusion, a Xi’an-based controlled fusion technology company, has announced the completion of a pre-Series A funding round, bagging a nine-figure RMB sum. The investors include the Shanghai Intellectual Property Fund, RDM Venture Capital, as well as existing investors Casstar and MSA. —36Kr
Varnotech, a biotechnology company focused on producing vaccines and adjuvants, has secured RMB 600 million in a Series B funding round jointly led by Beijing Pharmaceutical, the Healthcare Industry Investment Fund, and Huayin Financial Investment. The participating investors include Watere Capital, Shunxi Venture capital, and 3E Bioventures, among others. Varnotech will use the proceeds to accelerate the clinical trials of its zoster and influenza vaccines as well as the construction of a vaccine production facility. —DealStreetAsia

Akulaku, eFishery, BPI, and more led Monday’s headlines:

Akulaku, a digital banking and finance platform, has secured a credit facility from HSBC Singapore of up to USD 100 billion. The company stated that the funds will be utilized to facilitate its expansion plans in Southeast Asia and to support the development of new financing products.
eFishery, an Indonesia-based aquaculture company, has acquired DycodeX, a local artificial intelligence-of-things (AIoT) startup. The company did not disclose the financial terms of the deal, but said that this acquisition will enable it to double down on AI, with plans to launch a brand called eFishery.ai.
Bank of the Philippine Islands (BPI), the banking arm of the Zobel de Ayala family, is divesting its entire stake in GoTyme Bank, one of six digital banks licensed to operate in the Philippines. GoTyme is a joint venture of JG Summit Holdings and Tyme.

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