Ascendas India Trust to build and acquire warehouse in Panvel for $42.1 mil

SINGAPORE (July 11): The trustee-manager of Ascendas India Trust (a-iTrust) has entered into a construction funding and forward purchase agreement with a subsidiary of Arshiya, to develop an additional warehouse at the Arshiya Free Trade Warehousing Zone (FTWZ) in Panvel.

The warehouse has a total leasable area of 325,503 sq ft and will be acquired by a-iTrust upon completion and leasing.

ShopBack raises US$45 mil in latest funding round

SINGAPORE (Apr 10): ShopBack, the rewards and discovery platform, has secured US$45 million ($60.9 million) in its latest funding round, bringing the company’s total funding to US$83 million.

This latest funding round sees new investors, including co-leads EV Growth and Rakuten Capital, as well as EDBI, a government-linked strategic investor, along with other existing investors. Following which, Amit Patel, CEO of Ebates, a Rakuten company, and Willson Cuaca, managing partner of EV Growth, will join ShopBack’s board of directors.

Clearbridge subsidiary to issue $2 mil in convertible bonds

SINGAPORE (Mar 25): Clearbridge Health Limited’s subsidiary, Clearbridge Biophotonics, is set to issue $2 million in convertible bonds to develop its proprietary computational imaging microscopy technology with the aim of commercialisation.  

Enterprise Singapore’s investment arm SEEDS Capital will subscribe for $1 million of the convertible bonds.

At the same time, Clearbridge’s wholly owned subsidiary Clearbridge BSA will convert existing loans to Clearbridge Biophotonics for another $1 million of the convertible bonds.

Centurion raises $70 mil at first closing of global student accommodation fund

SINGAPORE (Dec 10): Centurion Corporation's second student accommodation fund, the Centurion Student Accommodation Fund, achieved an aggregate committed capital of $70 million at its first closing.

The committed capital of $70 million comprises a committed capital of $10 million by Centurion Overseas Investment, a wholly-owned subsidiary of Centurion, as well as a committed capital of $60 million by a third-party cornerstone investor, which is a “reputable educational institution”.

Hyundai reinvests another US$250 mil in Grab

SINGAPORE (Nov 7): Ride-hailing company, Grab, has secured US$250 million ($343.5 million) in investments from South Korean carmaker, Hyundai.

This is Hyundai’s largest external technology investment and 10 times more than its earlier commitment to Grab in Jan 2018.

With the intention to further expand in Singapore, Hyundai will also be providing 200 Hyndai electric vehicles to Grab’s Singapore fleet in 2019. The duo also said that they will launch pilot projects to build electric vehicle-friendly markets across the region.

Beam scores funding to bring e-scooters to Singapore

(Oct 24): Singapore’s sidewalks are about to get a lot more crowded. Beam, co-founded by the former Asian chief for Chinese bike-sharing giant Ofo, has raised US$6.4 million ($8.8 million) from investors including Sequoia India to deploy its electric scooters around the island nation.

Temasek-backed Chinese travel site aims to raise up to US$300 mil

HONG KONG (Aug 17): A Chinese travel website backed by Singaporean state investor Temasek Holdings hopes to raise up to US$300 million ($413 million) in a new funding round that it hopes to value the firm at US$2 billion to US$2.5 billion, two people with knowledge of the matter said.

Mafengwo, or "wasps' nest" in Chinese, is an online community for Chinese tourists where they share travel tips and shop for bespoke travel products.

ezbuy raises US$17.6 mil in pre-series C funding

SINGAPORE (May 24): Local online shopping platform,, has successfully raised a total of US$17.6 million ($23.6 million) in its pre-series C funding.

This round of funding was co-led by several venture capitalist firms in the region, including IDG, Ventech, Sky9, VKC and CGC.

In a media release issued on Thursday, ezbuy says that it will be using the funding to offer quicker and more reliable modes of localised services while, further enhancing product offerings to their customers.

Funding for TRX Lifestyle Quarter on the line

KUALA LUMPUR (May 17): Although previously close to securing between RM2 billion ($676.4 million) and RM3 billion worth of financing for its Lifestyle Quarter in the Tun Razak Exchange (TRX) development, TRX City Sdn Bhd and its joint-venture (JV) partner Lendlease Corp Ltd appear to be having difficulties locking down funding.

Engine Biosciences secures US$10 mil of seed capital from US & Asian investors

SINGAPORE (Jan 31): A biotech company with offices in Singapore and San Francisco, Engine Biosciences, says it has secured US$10 million ($13.1 million) in seed funding from both American and Asian investors.

The heavily-oversubscribed seed round makes it the largest seed financing recorded in Southeast Asia, and one of the largest in Asia in the tech and biotech industries, according to Engine.

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