Data Vantage | Vertex Ventures, Proterra Asia and EDBI’s latest investments, and more

4 min readMay 4


Edition #270, 4 May 2023

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India-headquartered retail technology company Ace Turtle received $23 million last week from a group of investors. The capital injection is part of a $34 million Series B funding round announced earlier this week.

Of the capital received last week, Vertex Growth provided [redacted], with the rest coming from SBI Investment Co. [redacted], Farglory ($2 million) and Vertex Ventures Southeast Asia & India ($1 million). Other investors in the Series B round include Leasing Nine, Stride Ventures, Tuscan Ventures and Trifecta Capital.

Following the latest share allotments, [redacted] maintains its position as the largest shareholder in the company, followed by founders Nitin Chhabra and Brinder Pal Singh.

Singapore-based ecoSPIRITS, a developer of low-carbon distribution technology for premium spirits and wine, secured [redacted] in fresh funding as part of a Series A round. The round also comprises an allotment of shares worth [redacted] to convertible noteholders.

New York-based investment firm Closed Loop Partners led the round with a [redacted] million investment and was joined by Pavilion Capital, Proterra Asia and French liquor giant Pernod Ricard.

Founded in 2018, the Singapore-headquartered company has developed a patent-pending closed-loop system that it claims can nearly eliminate all packaging waste in the supply chain.

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Other updates from DATA VANTAGE

Bangladesh-based fintech lending firm Shadhin has transferred its entire stake in B2B commerce platform ShopUp to venture capital firm [redacted] and ShopUp co-founder and now part-time advisor Siffat Sarwar. Shadhin previously held a 1.9% stake in the company.

The Singapore entity of Australian fintech company Airwallex has received $6.4 million in fresh funding from its Cayman Islands-based parent company. The Tencent-backed firm recently secured an online payment business licence in China by acquiring Guangzhou Shang Wu Tong Network Technology.

LionsBot International, a Singapore-based cleaning robots manufacturer, received [redacted] million from EDBI last week. The investment is on top of its previous Series A haul of $17 million secured in January.

Hong Kong-headquartered proptech startup Carnot Innovations allotted new shares worth $3 million to its largest shareholder, PEL (E&M) Limited, an indirect subsidiary of SOCAM Development Limited. Backed by venture builder Entrepreneur First, Carnot uses machine learning to predict failures in heating, ventilation and air conditioning systems in buildings.

EQUO, a producer of eco-friendly food packaging and utensils, received $1.3 million last week from its seed investors. The Netherlands-based NextGen Ventures contributed [redacted] to the round.

Car-sharing platform Car Chilli welcomed Singapore-based family office Walnut Holdings to its cap table last week.

Singapore-based equipment rental platform Antbuildz received more capital last week from a group of investors, pushing its total funding to date to [redacted], our data shows.

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