Australian fintech firm Picture Wealth Holdings Ltd (PictureWealth) has closed its AUD$12 million ($8.25 million) late-seed funding round while Petronas Ventures is investing in agri startup Braintree Technologies. Meanwhile, SEEDS Capital and six co-investment partners will invest $36 million (S$50 million) in maritime technology startups in Singapore.
Australian fintech firm PictureWealth raises $8.25m seed round
Australian fintech firm Picture Wealth Holdings Ltd (PictureWealth) has closed its AUD$12 million ($8.25 million) late-seed funding round, comprising of private equity and debt, according to an announcement.
The firm has also acquired financial services licensee, NEO Financial Solutions (NFS), for an undisclosed sum. After the acquisition, NFS has become a wholly-owned subsidiary of PictureWealth and NFS MD Mark Edman will also take on the Group COO role.
NFS holds an Australian Financial Services Licence (AFSL) issued and governed through ASIC. NFS licenses and supports financial planners in providing financial advisory services to clients.
NFS provides licensing services to more than 80 financial advice professionals across Australia where affiliate financial planners can provide financial services and/or products as an ‘authorised representative’ under the NFS AFSL.
Petronas Ventures backs agritech startup Braintree Technologies
Petroliam Nasional Bhd’s corporate venture arm Petronas Ventures is investing in Braintree Technologies, an agriculture technology startup based in Malaysia. The transaction is expected to complete by early July, according to a report by The Star.
According to Braintree’s website, the Malaysian company taps on drone and satellite technology to provide remote mapping and analytical services for the plantation sector. Braintree’s operations currently cover Malaysia and Indonesia, with plans to expand into other countries.
Petronas Ventures told The Star that its investment in Braintree reflects the company’s intentions to venture into breakthrough technologies beyond oil and gas, which is its core business.
Petronas Ventures is a $350 million fund launched in October 2019, with an aim to make direct investments in areas such as industry 4.0, advanced materials and specialty chemicals and energy.
SEEDS Capital, others to invest $36m in SG maritime startups
SEEDS Capital, the investment arm of Enterprise Singapore (ESG), and six co-investment partners will invest $36 million (S$50 million) in maritime technology startups in Singapore.
The six co-investment partners are Innoport, KSL Maritime Ventures, PSA unboXed, Rainmaking, ShipsFocus-Quest Ventures and TecPier. Over 50 maritime startups are expected to benefit from these joint investments, according to a statement released by SEEDS Capital.
Ted Tan, Chairman of SEEDS Capital and Deputy Chief Executive Officer of Enterprise Singapore said, “As a global hub for trade and connectivity, we have continually leveraged technology and innovation to develop and facilitate efficient, resilient and secured trade flows.”