Temasek-backed ABC World Asia leads $24m round in Vietnam’s Kim Dental

Photo: Bloomberg

Asia-focused impact investment private equity (PE) fund ABC World Asia has led a $24 million Series B round in Vietnam’s dental system operator Kim Dental, according to an announcement.

Existing backer Aura Private Equity, among others, also participated in this round.

The corpus raised will help Kim Dental work on the delivery of affordable and reliable oral healthcare services across Vietnam.

Based in Ho Chi Minh City, Kim Dental currently owns and operates a network of 19 dental clinics across four cities in Vietnam.

The clinics provide routine dental check-ups and treatments as well as more advanced procedures such as orthodontics, prosthodontics, oral surgery and implants. It claims to have 23,000 patients every month.

“The improvement of health outcomes is a key impact focus for us…We look forward to supporting Kim Dental in its mission as it continues to contribute to universal health coverage, and improve the prevention and control of non-communicable diseases in Vietnam through better oral health,” said ABC World Asia founder and CEO David Heng.

This transaction marks a significant milestone for Aura Private Equity in Asia and the first collaboration with ABC World Asia.

“We are delighted to partner with ABC World Asia to continue to support Kim Dental’s entrepreneurial founders in further scaling their business across Vietnam,” said Andrew Nai, Director of Aura Private Equity.

BDA Partners acted as the advisor of the transaction.

ABC World Asia is a Singapore-headquartered and Asia-focused private equity fund dedicated to impact investing.

In 2019, the investment firm closed its inaugural S$385 million ($282.5 million) fund to invest in companies that demonstrate a commitment to sustainable development and the generation of positive social or environmental impact.

Investors of the fund include Temasek Trust, the philanthropic arm of Temasek Holdings. The fund’s other investors are Temasek and other Temasek-linked entities: investment firm Seatown Holdings, private equity firm Pavilion Capital, Mapletree and Sembcorp Industries.

Last year, Temasek Holdings and ABC World Asia pumped in S$50 million ($36.8 million) in solar energy system developer and operator Sunseap Group which is operating one of the largest solar farms in Vietnam.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.