Deals Digest: Temasek backs RWDC; Indonesia’s Pintek raises $7m

Students learning on their computers in a classroom. Photo: Pixabay

Singapore state investor Temasek has joined Singapore-based biodegradable plastics maker RWDC Industries’ Series B round while Jakarta-based fintech Pintek has raised funding.

Temasek invests in RWDC’s Series B round

Singapore state investor Temasek has participated in biodegradable plastics maker RWDC Industries’ Series B round joining existing investors Vickers Venture Partners, CPV/CAP Pensionskasse Coop, the pension fund of the Swiss supermarket chain Coop, and others. 

The Singapore-based company said the Series B round was “slightly more” than the $133 million announced in May last year. The company declined to divulge further details. With this, the total funding raised by the firm to date is at $208 million.

Founded in 2015, RWDC produces a type of biodegradable plastic called polyhydroxyalkanoate (PHA), which can substitute everyday use plastic like straws and utensils. It runs a factory in the US city of Athens, Georgia, that as of 2020, could produce 4,000 tonnes of PHA a year. 

The fresh funds will be used to increase its production capacity to 50,000 tonnes a year, and to open a new production facility in Singapore, the company said in a statement. 

Other companies trying to create biodegradable plastic alternatives include British startup Polymateria, which inked a $100 million deal in which Taiwan’s Formosa Plastics will use its technology, and Finnish firm Sulapac, which raised $17 million in December 2019. 

Indonesia’s edtech Pintek raises $7m

PT Pinduit Teknologi Indonesia, a Jakarta-based fintech platform better known as Pintek, has raised $7 million in a Series A funding round in a bid to expand its operations, according to a statement on Tuesday.

With this round, Pintek – owned and operated by Socap Holding Pte. Ltd. – has raised over $35 million in equity and debt investment since it was founded in 2018 by Ioann Fainsilber and Tommy Yuwono.

New investors with a focus on impact investment and education such as Kaizenvest, Heritas Capital, Blue7 and Earlsfield Capital joined the round. Existing investors Finch Capital, Global Founder Capital (GFC), Accion Venture Lab, Strive, and Fox Ventures also participated in the round.

Besides offering loans for students and their parents, Pintek also offers financial business solutions to educational institutions and their suppliers.

Pintek plans to use the fresh funding to increase its headcount as part of the efforts to accelerate product development, improve its technology platform, and strengthen its commercial reach.

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.