Quadrant Private Equity has acquired Australian pet food company Prime100, while Pakistani digital bookkeeping startup CreditBook raised $1.5 million in its recent seed funding round.
Quadrant PE acquires pet food maker Prime100
Financial details of the acquisition were not disclosed but the report said the controlling stake values Prime100, which specialises in premium single protein products for dogs and cats with potential allergies, at as much as A$200 million ($154 million).
The report added that Quadrant made the acquisition through its $310 million growth fund, which invests A$30-50 million for minority and controlling stakes.
The firm was set up in 1996 as Quadrant Capital. It focuses on investments across Australia and New Zealand.
Prime100, on the other hand, was founded in 2014 and has become one of the top pet food manufacturers in Australia. It reports annual revenue of more than A$40 million. The company is expected to use the proceeds to ramp up growth, including exporting its biggest seller kangaroo and pumpkin rolls, and other pet foods offshore.
Pakistani fintech startup CreditBook raises $1.5m
CreditBook, a Pakistani financial technology startup that provides a digital bookkeeping platform, has raised $1.5 million in a seed funding round led by local investor Bitrate VC and Dubai-based VentureSuoq.
A mix of local and international investors, including Better Tomorrow Ventures, Ratio Ventures, and Toy Ventures, also participated in the funding round of the Karachi-based startup.
CreditBook was founded in June 2020 by Hasib Malik, Iman Jamall, and Hisham Adamjee. It aims to help microentrepreneurs digitalise and track all of their transactions through a digital ledger and tracking for accounts receivables and accounts payables.
The startup will reportedly use the fresh funding to grow its user base and product offerings. The company said it registered a 5% user base growth over the last six months to 500,000.