SG clean energy firm Sunseap secures Series E funding and other SE Asia deals

Singapore-based renewable energy solutions company Sunseap Group announced that it has raised an equity investment from Dutco, a Dubai-headquartered conglomerate, in its Series E funding.

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

Indonesian shipping platform Andalin has raised an undisclosed amount of Series A funding led by Sembrani Nusantara Fund (SNF), a fund operated by corporate venture capital firm BRI Ventures.

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.

Expand Table

StartupsHeadquarterInvestment SizeInvestment StageLead Investor(s)Other Investor(s)Industry
HaulioSingaporePre-Series ASupply Chain AngelsB7 Capital, GHS Ventures, Guava Capital, iSeed SEA, Iterative, PSA unboXedLogistics Technology
Blue Planet Environmental SolutionSingapore$1,000,000Series C (add-on)Sysma HoldingsConsulting
QoalaIndonesia$905,000Series B1 (add-on)NUS Technology HoldingsAmand VenturesInsurtech
BondevalueSingapore$675,000Series B (add-on)OctavaFinancial Technology
Equilibrium WorldSingapore$630,000SeedAngsana Investments, Basalt VenturesSoftware
EtailySingapore$500,000SeedPeace Resources Ltd, Foxmont Capital PartnersE-commerce
AndalinIndonesiaSeries ASembrani Nusantara Fund / BRILogistics Technology
ESBIndonesia$3,000,000Series ABEENEXTAC Ventures, Skystar Capital, and Selera KapitalF&B Technology
StormsSingaporeSeries AEDB VenturesGaming
PatSnapSingapore$300,000,000Series ESoftBank Vision Fund 2, Tencent InvestmentVertex Ventures, CITIC Industrial Fund, Sequoia China, Shun Wei CapitalArtificial Intelligence
Float FoodsSingaporeGrantTemasek FoundationFood Technology
KiloVietnamSeedGoodwater Capital, 500 Fintech, January Capital, 500 Startups VietnamEcommerce
BrickIndonesiaSeedBetter Tomorrow Ventures, PT Prasetia Dwidharma1982 Ventures, Antler, Rally Cap VenturesFinancial Technology
SunseapSingaporeSeries EDutcoRenewable Energy
Xjera LabsSingapore$6,700,000Series AAIBasis FundXin Enterprise, ICH Capital, Changi Airport GroupArtificial Intelligence
EdmicroVietnamPre-Series A+BEENEXTQualgro, Insignia Ventures PartnersEducation Technology
QuincusSingapore$4,400,000Series A+
GGV CapitalTradeworksLogistics
Mobio InteractiveSingapore$750,000Series A+LCWP, Verge HealthTech FundHealthcare

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.