Singapore’s Giift secures $50m in Series C funding from Apis Partners

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Editor’s note: This article was amended with Apis Partners’ correction that the investment is a Series C round, and not Series A as previously announced.

UK-based private equity firm Apis Partners has invested $50 million in Singapore-headquartered loyalty programme company Giift, according to a statement.

Apis Partners was the sole investor in the Series C funding round. The deployment was made out of Apis Growth Fund II, which closed in December 2019 at $550 million.

Giift was founded in 2013 and has since expanded with offices worldwide. It will use the funds to expand in the Asia Pacific and Africa, and build on its market share in North America and Europe. It will also invest in proprietary technology.

“Loyalty programmes are becoming a critical component to business’ go-to-market strategies,” said Apis Partners co-founder and managing partner Udayan Goyal in a statement.

Apis targets venture-backed companies that are looking for investors with expertise in financial services.

Among its investments last year, Apis led a $45-mllion Series C round in the Indian insurance platform RenewBuy in June and invested $32 million in Indonesian digital payments company DOKU in August.

Other investments in the portfolio include Singapore-based fintech Coda Payments, Indian non-bank lender Hero FinCorp, and Indian fintech startup Cashfree.

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.