Data Vantage | InCorp Global, Funding Societies and Mekari in focus
Edition #423, 12 November 2024
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Dear Reader,
Singapore-headquartered corporate services provider InCorp Global received [redacted] million last week from Ascentium, a business services platform backed by private equity firm Hillhouse Investment.
Hillhouse Investment announced the acquisition of InCorp Global from investment firm TA Associates in February. In September, the Asian PE firm officially launched Ascentium, a consolidated entity bringing together InCorp and four other acquired corporate services businesses. Hillhouse also announced the appointment of Lennard Yong as the new platform’s founding management and group CEO.
In addition to buying InCorp Global shares from its previous owner, Ascentium has injected about [redacted] million of fresh equity into the Singapore firm, according to regulatory filings.
The platform, currently focused on the Asia Pacific, plans to expand to key markets in other regions, including the UK, Europe, the Middle East and Africa. Its other subsidiaries include Hong Kong-based fund administration services provider McCabe.
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Chinese IPOs see signs of recovery
The start of a global interest rate easing cycle — marked by a significant rate cut by the US Federal Reserve in September — has contributed to growing optimism around the IPO performance of Greater China-based firms.
The third quarter of this year recorded 43 first-time public share sales by Greater China firms, up 22.9% from Q2. At the same time, the overall IPO proceeds grew 3.8% to nearly $2.9 billion, according to Dealogic data analysed by DealStreetAsia for our latest research report.
That said, Greater China IPOs need a bigger boost than that seen so far this year. From January through September, the number of IPOs by local firms more than halved year on year, while their proceeds were just a fifth of that in the same period of 2023.
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Other updates from DATA VANTAGE
Funding Societies, a digital finance platform targeted at micro, small and medium enterprises (MSMEs) received [redacted] million from Cathay Venture last week.
Japan-based software firm Money Forward, Inc. has bought secondaries in SME-focused Indonesian SaaS startup Mekari from venture capital (VC) firm [Redacted].
VC firm Insignia Ventures Partners has increased its stake in Thai beauty e-commerce platform Konvy by buying shares from other shareholders.
GrabInsure, the insurance arm of super app Grab, received $7.1 million from its parent firm last week.
Civils.ai, a Singapore-based startup that uses AI to automate tasks in construction projects, issued shares worth [redacted] million last week to Italy-based Atlas SGR and existing backers Antler and Iterative.
Thai car rental firm Drivehub received $320k from KK Fund and others last week. It had last announced raising a seven-figure sum in a Series A round led by Toyota Tsusho, CAC Capital, and KK Fund in 2021.
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