Vickers Venture backs $11.3m Series A round for Canada-based Eavor

Finian Tan, chairman of Vickers Venture Partners, poses for a photograph in Singapore on Wednesday, Feb. 8, 2017. Photographer: Wei Leng Tay/Bloomberg

Singapore-based venture capital firm Vickers Venture Partners has joined a CAD $15 million ($11.3 million) Series A round for Canada-based geothermal energy solution provider Eavor.

This marks Vickers Venture’s first investment in Canada, the company said in a statement. The funding raised will be used to pursue Eavor’s growing pipeline of commercial opportunities around the world.

Eavor claims to be the world’s first viable form of green, scalable, baseload power and aims to be a significant global energy source without the intermittency issues of traditional renewable power systems.

Its solution, Eavor-Loop, makes a traditional niche energy source, geothermal energy, scalable by removing the need for volcanic-type temperature and permeable aquifers.

“We have been working with Eavor for six months on this and are convinced that Eavor can change the energy industry as we know it,” said Vickers Venture Partners chairman Dr Finian Tan.

Eavor president & CEO John Redfern said that the investment from Vickers will help the company structure and raise capital on a global scale.

Vickers Venture Partners is a global venture capital firm focused on early-stage investments in Asia and beyond.

In March, we reported that the VC is targeting to hit the first close of its sixth and largest fund yet of up to $500 million by mid-2019. Its chairman and founder Finian Tan, however, declined to disclose the target amount for the first close.

At $500 million, Vickers’s Fund VI will be one of the largest venture capital funds to be raised in Southeast Asia. It will focus on investments in the biotechnology, nanotechnology, and artificial intelligence (AI) sectors.

The venture capital firm had in October 2017 closed a $230 million fund to invest in startups around the world, with a particular focus on deep tech across the globe and impact investments in emerging markets.

Vickers Venture Partners was founded by Finian Tan together with his co-founders Khalil Binebine, Jeffrey Chi, Damian Tan, Linda Li and Raymond Kong in 2005. It is based in Singapore with offices in Kuala Lumpur, Shanghai, Hong Kong, New York, San Diego, Silicon Valley, and London.

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.