Japan’s Linc’well raises $70m Series C led by Bain Capital

Photo by National Cancer Institute on Unsplash

Bain Capital Private Equity has led an 8 billion yen ($69.7 million) Series C funding round for Japan-based healthcare software provider Linc’well, according to a statement.

Temasek’s private equity unit Pavilion Capital and Linc’well’s existing investors DCM Ventures and Incubate Fund also participated in the round.

Founded in 2018, Linc’well develops a SaaS-based platform that provides management tools and other digitisation services for the healthcare industry.

The company said it will use the Series C proceeds to further build its health-tech platform as well as expand its team, particularly in a post-COVID19 environment where the government aims to accelerate digitalisation in the healthcare sector.

Meanwhile, Bain Capital said it will leverage its experience in investing in healthcare and technology both in Japan and worldwide to assist Linc’well’s growth.

A similar portfolio company under Bain Capital is US-based Zelis Healthcare, which provides integrated healthcare cost management and payments solutions for the industry.

In Japan, Bain Capital’s healthcare investments include nursing care service firm Nichii Gakkan and drug stores chain operator Kirindo, while its tech portfolio includes payments and e-commerce platform hey, e-mail service business EmberPoint, dating app Ignis, and HR software provider Works Human Intelligence.

Bain said in a statement that it will expand growth investments in startup companies in Japan.

The private equity firm is reported to have closed its maiden Japan-focused fund at $1 billion to target growth and buyout deals.

In February, Bloomberg reported that its Japan investment team had grown its headcount by 25% to focus on deal-making in this market.

Earlier this month, Bain Capital agreed to acquire a 51% stake in security services company Japan Safety Co Ltd, after sealing a deal to acquire Hitachi Metals for $7.5 billion.

Bain Capital’s other major transactions in Japan include the acquisition of Toshiba Corp’s chips business for $18 billion in 2018.

Earlier this year, the firm was said to mull a bid to acquire Toshiba, after the Japanese conglomerate dismissed a $20 billion buyout offer from CVC Capital Partners.

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.