The Weekly

The Weekly by CapitalNetwork delivers a recap of the latest news in Southeast Asia's private equity, venture capital, and M&A markets. Join us to make sure you don’t miss our next briefing.

Private Equity

• I Squared Capital has agreed to acquire a controlling stake in Philippine cold chain logistics company Royale Cold Storage (RCS), marking the private equity firm's first cold storage investment in the Philippines. RCS operates five strategically located facilities across Metro Manila and nearby provinces, serving clients in quick service restaurants, meat processing, agriculture, and food retail sectors. The acquisition, subject to regulatory approvals, is part of I Squared's broader strategy to build an institutional cold storage platform in the Philippines to capitalize on the country's rising demand for cold chain logistics. This deal extends I Squared's global cold storage portfolio, which already includes investments in CubeCold in Europe and WOW Logistics in the US, while the firm is currently raising $3 billion for a new infrastructure fund focused on Asia Pacific and Latin American markets. Business Wire has more here.
• Malaysia-based private equity firm Navis Capital Partners has agreed to sell Southeast Asian smart card manufacturer dzcard Group to Japan's Toppan Security, with the transaction expected to close by August 2025. Bangkok-headquartered dzcard produces over 100 million financial cards and 60 million non-financial cards annually for more than 115 banks, fintechs, and telcos across Southeast Asia, India, and Africa, operating facilities in Thailand and Tanzania with service hubs in multiple countries. Navis acquired dzcard in 2018 and transformed it from a regional player into a fully integrated secure card solutions provider through a "buy-and-build" strategy. The sale follows Navis's recent $230 million continuation vehicle closure and comes as the firm raises its ninth flagship buyout fund targeting $1 billion, while managing over $5 billion in private equity and private credit capital. The Edge Malaysia has more here.
• Singapore-based Proterra Investment Partners Asia has acquired a majority stake in Lanna Agro Industry (LACO), one of Thailand's largest frozen edamame producers, from the founding Wongwan family who will transition to advisory roles. The company, known for its Minnamame brand in Thai convenience stores, generates significant revenue primarily from exports to Japan and other global markets, reporting 1.88 billion baht ($57.5 million) in net sales and 153 million baht ($4.6 million) in net income for 2024. Proterra deployed capital from its third fund, which closed at over $200 million in 2022 and focuses on food and agricultural investments across Asia, with new leadership taking over daily operations. This marks Proterra's 13th investment from Fund III, and the firm is reportedly in final stages of another acquisition deal in Laos. DealStreetAsia has more here.

Venture Capital

• GridCARE, a startup focused on accelerating power access for AI data centers, has launched from stealth mode with $13.5 million in oversubscribed seed funding led by Xora, a deep tech VC firm backed by Temasek. The company uses AI-driven solutions to identify and unlock unused capacity in existing power grids, claiming it can reduce the typical 5-7 year timeline for accessing power down to just 6-12 months for large-scale AI infrastructure projects. GridCARE partners with major hyperscalers, AI data center developers, and utility companies like Portland General Electric and Pacific Gas & Electric to streamline site identification and grid integration. The founding team includes seasoned entrepreneur Amit Narayan and Stanford experts in AI and power systems, with backing from notable investors including Tom Steyer, Ram Shriram, and Breakthrough Energy Discovery. Tech Edition has more here.
• IOTAJ, a Malaysia-based startup, has raised $110K in pre-seed funding led by Antler to develop Data Copilot, an AI-powered tool designed to accelerate data-driven decision making in industries like telecommunications, FMCG, and banking. Data Copilot addresses bottlenecks in data analysis by offering pre-built templates for data preparation and model creation, along with an AI assistant that guides users through connecting data sources, building models, and generating insights. The tool can automatically identify missing values and data inconsistencies while providing cleaning recommendations, and allows users to ask questions directly to receive actionable insights from their mapped data. This solution aims to help organizations make faster, more agile decisions by reducing the time traditionally required for data teams to process and analyze complex datasets. e27 has more here.
• Truely, a Singapore-based traveltech startup operating the Switchless eSIM platform, has raised $2 million in additional funding from DG Daiwa Ventures, Goodwater Capital, and Disrupt.com, bringing its total capital raised to $5.5 million just eight months after closing a $3.5 million round in October 2024. The company aims to simplify global connectivity by eliminating the need for frequent eSIM reinstallation and is scaling B2B2C partnerships with online travel agencies, airlines, and fintech super-apps to embed its eSIM capabilities into third-party platforms. Truely plans to use the fresh capital for product development, network expansion, and introducing new enterprise tools, with DG Daiwa Ventures' participation providing access to Japanese distribution channels and corporate partnerships in East Asia's outbound travel market. The funding comes as the global travel and tourism market is projected to reach new heights in 2025, with international visitor spending expected to exceed $2.1 trillion and surpass pre-pandemic levels. TechNode Global has more here.
• Singapore-based insurtech unicorn bolttech has closed a $147 million Series C funding round, raising its valuation to $2.1 billion, up from $1.6 billion in 2023. Key investors include Sumitomo Corporation, Iberis Capital, Mitsubishi UFJ Financial Group, and Baillie Gifford, with Sumitomo also forming a joint venture with bolttech to expand embedded insurance in Asia. The funds will support bolttech’s platform development and accelerate global expansion, building on its presence across Asia, Europe, and all 50 U.S. states. Founded in 2020, bolttech has grown through acquisitions and now connects over 700 distribution partners with 230+ insurance providers offering more than 6,000 products. Yahoo Finance has more here.
• Singapore-based robo advisor Syfe has closed an $80 million Series C funding round to fuel its regional expansion across Asia, bringing its total capital raised to $132 million. The round was led by two UK family offices and included participation from returning investors, with the profitable company now serving over 250,000 users in Singapore and operating in 60+ countries. Syfe plans to use the funds to accelerate product innovation, enhance customer experience, and invest in AI and automation tools while targeting the growing "mass affluent" segment in Singapore, Hong Kong, and Australia. The company has been actively expanding through strategic partnerships with BlackRock and a proposed acquisition of Australian platform Selfwealth, while reporting $5.35 million in revenue and significantly reduced losses in its latest fiscal period. South China Morning Post has more here.

Funds

• Quadria Capital, a Singapore-based healthcare-focused private equity firm, announced the final close of its Fund III with $1.07 billion in total commitments, significantly exceeding its original $800 million target and making it about 60% larger than its previous fund. The oversubscribed fundraise attracted strong backing from global institutional investors, including sovereign wealth funds from North America, Europe, and the Gulf Cooperation Council, as well as new commitments from India. The firm is expanding its presence in Indonesia by opening a new Jakarta office and appointing Raymond Rudianto as Managing Director to lead operations there, citing Indonesia's rapidly growing healthcare market and double-digit healthcare expenditure growth. Quadria's portfolio includes major Indonesian healthcare assets like Hermina Hospital, the country's largest BPJS-focused hospital group with 51 hospitals serving nearly 10 million patients annually. TechNode Global has more here.

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