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.