Deals of the week: PatSnap snags unicorn status, EDB New Ventures funds Storms
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THESE South-east Asian tech deals made headlines in the past week:
1. PatSnap raises US$300 million Series E round
The patent analytics company is now valued at over US$1 billion after fresh funding led by new investors including SoftBank Vision Fund 2, Tencent Investment, CPE Industrial Fund and Vertex Growth.
The company will use some funds to invest in talent development and explore sales presence with SoftBank Japan. This will support PatSnap's plans to work with local clients and hire local talent for its teams.
2. Singtel-backed startup Storms secures funding from EDB New Ventures
Gaming startup Storms has snagged a new investor: EDB New Ventures. The corporate venture arm of EDB has put in an undisclosed investment into the Singtel-backed startup, in support of Storm's growth in South-east Asia and beyond.
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Fresh funds will go into strengthening its management and engineering team in Singapore, multiplying its user base and expanding into new markets. It also plans to invest in research and development to provide tech support for mini eSports tournaments.
3. Sunseap Group gets Series E funds from Dubai-based conglomerate
Solar energy provider Sunseap Group has raised an undisclosed amount from Dubai's Dutco.
Fresh funds will be channelled towards Sunseap's future solar projects in Singapore and within the region. The group has completed and upcoming projects in Singapore, Australia, Vietnam, China, Taiwan and Cambodia.
4. Temasek's ABC World Asia invested S$98 million in 2020
ABC World Asia, a Singapore-based private equity fund focused on impact investing in Asia, said it deployed S$98 million to five companies in 2020 after evaluating over 200 opportunities.
The selected companies were Singapore-based solar firm Sunseap Group, Australia plant-based meat company v2food, Vietnam oral healthcare firm Kim Dental, China rural microfinance firm CD Finance, and India-based agri-tech platform CropIn.
The firm raised S$405 million for its inaugural fund from investors including Mapletree Investments, Sembcorp Industries and Singapore Power.
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