The firm did not disclose financial details of the investment but said it will use the fresh funding to finance future solar projects in Singapore and the rest of Southeast Asia.
The company’s co-founder and president, Lawrence Wu, told DealStreetAsia in November 2019 that Sunseap was seeking to raise S$200 million ($146.8 million) in Series E funding.
Dutco’s investment follows the recent announcement of a planned acquisition of a 39% stake in Sunseap’s five solar projects in Vietnam by TNB Renewables, a wholly-owned subsidiary of Malaysia’s national electricity company Tenaga Nasional Berhad.
Last year, Singapore’s state-owned investment firm Temasek Holdings and ABC World Asia, an Asia-focused impact investing private equity fund, had invested S$50 million ($36.8 million) in Sunseap.
Indonesian fintech startup Brick bags seed funding
Indonesia-based financial technology startup Brick announced raising an undisclosed amount of seed funding from various investors, including US-based Better Tomorrow and local investment firm Prasetia Dwidharma.
Proceeds from the funding round, which was also participated by 1982 Ventures, Antler, Rally Cap Ventures, and angel investors, will be used to scale Brick’s platform and further expand to markets within the Southeast Asia region.
Founded in 2020 by Gavin Tan and Deepak Malhotra, Brick provides a fintech API that allows users of client firms to connect their financial accounts and access different financial services.
Brick is part of BRI Venture’s Sembrani Wira accelerator programme, where it will work with the bank to co-create innovative and inclusive fintech infrastructure. The startup is currently working with more than 250 developers from 35 tech companies.
Indonesian shipping platform Andalin raises Series A funding
Jakarta-based Andalin announced that it will use the fresh funds towards establishing freight consolidation infrastructure and expanding its branch offices in the international port cities of Semarang, Surabaya, Medan, and Makassar.
The company pivoted to digital freight forwarding in 2019 after starting in 2016 as a freight forwarding marketplace. It now focuses on the import and export of shipments for manufacturers and distributors.
The company aims to simplify the complicated process of cross-border export-import and thereby encourage Indonesia’s small and medium enterprises (SMEs) to have a more prominent presence in the international market.
It raised an undisclosed amount in its pre-Series A funding round backed by Beenext, Access VC, and ATMP Capital in October 2020. During the same year, the company claimed to have facilitated shipments of goods worth $20 million and was close to EBITDA positive by the year-end.
SOUTHEAST ASIA DEAL MONITOR
DealStreetAsia has also put together a table listing out prominent venture capital transactions in Southeast Asia in the week beginning March 15.