Data Vantage | DeClout ups Ascent stake, Temasek injects capital into Nurasa

Edition #294, 27 July 2023

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Singapore-headquartered information and communications technology (ICT) investor and incubator DeClout Pte has increased its stake in Ascent Solutions, a local company specialising in IoT and blockchain solutions.

DeClout owns an [redacted]% stake in Ascent Solutions after purchasing shares from the other remaining shareholder of the Singapore firm this week. It had acquired a 70% stake last year after buying out several Ascent shareholders, including Heliconia Capital, SEEDS Capital and Japan Southeast Asia Finance Fund L.P., a fund managed by Risa Partners and the Development Bank of Japan.

DeClout is a subsidiary of the Japanese engineering conglomerate Exeo.

Nurasa, formerly known as Asia Sustainable Foods Platform, received [redacted] million this week from parent Temasek Life Sciences.

The company was set up by Temasek in 2021 to provide solutions and support to food-tech companies as they go through their life cycle from product development to commercial scale-up. The Singapore state investment firm has injected over [redacted] million into the subsidiary so far, according to DATA VANTAGE.

Nurasa operates the Food Tech Innovation Centre in partnership with A*STAR to provide startups with access to a food-grade pilot scale facility. It also provides manufacturing facilities and market insights. Its portfolio as an investor includes Growthwell Foods and Next Gen Foods, according to its website.

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Other updates from DATA VANTAGE

Engine Biosciences, a Singapore- and San Francisco-based biotech firm, received [redacted] million this week from EDBI, Invus, ClavystBio and Polaris Partners.

Vietnam-based Quqo allotted preference shares worth [redacted] million this week to Touchstone Partners and Philippe Jacobs, the chairman of UK-based investment firm Telemos Capital.

The startup had secured $1 million in seed funding from Touchstone Partners in December last year. Quqo offers a B2B distribution platform that connects buyers, suppliers and end-consumers in the FMCG sector.

Singapore-based deep tech startup Matwerkz, which specialises in developing unique thermal management solutions, has received funding from investors, including Japanese ink manufacturer Sakata INX Corporation and Singapore’s SEEDS Capital.

Credit management startup Flow received $450k from investors, including Integra Partners, [redacted] and [redacted] this week.

Singapore-headquartered classifieds unicorn Carousell posted a 67% surge in revenue for the financial year ended December 31, 2022. The company’s losses, meanwhile, jumped over 50%.

Malaysia-based insurtech company PolicyStreet recorded a 4.7x revenue growth for the financial year ended December 31, 2022. However, the company’s losses ballooned by 91% during the period.

Singapore-based NFT marketplace Mintable returned to the red despite posting a 4.3x revenue increase for the financial year ended December 31, 2022.

Singapore-based firm RegASK, which provides AI-based regulatory compliance solutions, posted a revenue growth of 76% during the financial year ended December 31, 2022. However, the firm’s losses widened by 45% during the period.

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