Venture debt finds more takers in SEA as Innoven closes 20+ deals in FY17

Chin Chao, Chief Executive Officer, Singapore and South East Asia, InnoVen Capital

Temasek-backed venture debt provider Innoven Capital on Monday said its Southeast Asia office had closed over 20 transactions in FY2017, including 18 new additions to its portfolio and four cross-border deals in collaboration with the company’s global network spanning offices in China and India.

Last week, as reported by this portal, its India office said it had disbursed over Rs 477 crore ($75 million) in 2017, marking an increase of 25 per cent over its deployment a year ago, and adding 22 new companies to its portfolio including Blackbuck, Pepperfry, NestAway, ShopClues and Mswipe. That took the total amount of venture debt extended by InnoVen India since its inception to more than $270 million, through over 165 transactions with 110 companies.

In Southeast Asia, the company expanded its geographical footprint, completing investments across Myanmar, Taiwan, Korea, Indonesia and more. The venture debt provider further added that it had closed the region’s largest venture debt deal to date with a $15.4 million investment into online travel agent Yatra in collaboration with Innoven Capital India.

Innoven’s SEA arm, headquartered in Singapore, invested in travel-booking services company Oway, live-streaming platform M17 Entertainment, online Korean-beauty store Althea and fintech services provider Akulaku, among others, in 2017.

While venture debt is yet to see the entry of major players in Southeast Asia, this space has grown as a means for funding for startups that are not keen to give up equity in India and is well established in China. Other players in the Indian market include Trifecta Capital and IntelleGrow, and venture capital firm IvyCap had recently announced its plans to launch a $76.4 million venture debt fund, while in November, Unicorn India launched its $92 million venture debt fund.

“As the ecosystem continues to mature, we see strong demand for Innoven’s flavor of venture debt from companies across all industry sectors at all stages of growth. Companies are constantly looking for venture loans to accelerate growth and increase valuation while minimizing equity dilution, so we are off to a strong start in 2018,” said Chin Chao, CEO of Innoven Capital Southeast Asia.

Also Read:

India: Venture debt provider InnoVen disbursement up 25% in 2017 at $75m

Venture debt as asset class coming of age in India

Exclusive: Alteria Capital also eyes equity play with $155m venture debt fund

InnoVen hires GE Capital’s Ashish Sharma as India business head

India: IvyCap Ventures to raise $76.4m venture debt fund

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.