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The Malaysia-based agritech startup has announced that it has secured a total of USD 700,000 in seed funding and grants. According to a statement released by Qarbotech, 500 Global led the round with support from innovation grants. Notably, these grants were obtained from the Temasek Foundation, awarded for clinching this year’s Climate Impact Innovations Challenge, and Khazanah Nasional Berhad’s Dana Impak, recognizing the victory in the Khazanah Impact Innovation Challenge (KIIC) 2023.
Qarbotech will allocate the newly raised funds toward R&D and the expansion of its manufacturing facility. It is aiming to produce up to 50 times its current capacity to better serve farmers and growers in new markets across Southeast Asia.
“Agriculture is an industry that’s ripe for investments. […] Qarbotech’s technology has exciting potential to solve the global food security challenge of the world’s growing population, of which about 30% do not have food security,” said Khailee Ng, managing partner at 500 Global.
Box Vietnam, a Vietnamese gaming and entertainment company, has raised an undisclosed amount of funding in a round led by TheVentures through its Asia Advance Fund 1. Angel investors also participated in this round. The company will use the funds to strengthen its platforms’ technology capabilities and widen its network of creators. —Tech in Asia
Biodiversity Accelerator+, an impact-focused accelerator program managed by the Singapore-based family office Silverstrand Capital, has unveiled five startups that presented their solutions during a demo day at COP28 in Dubai on December 1. This event marked the culmination of a three-month capacity-building program organized by Silverstrand Capital for these startups.
The five startups include:
Silverstrand Capital will invest USD 250,000 in Nika.eco and Xylo Systems. In addition, the UBS Optimus Foundation will award a cash prize to EarthAcre, a company from the program’s latest cohort, to acknowledge its innovative solution which focuses on measuring and monetizing biodiversity outcomes.
Wavemaker Impact, a climate tech venture builder launched by venture capital firm Wavemaker Partners, has announced the final close of its debut fund after it hit its USD 60 million hard cap, surpassing its initial USD 25 million target.
The fund is dedicated to driving large-scale decarbonization efforts in the region, and will enable the Wavemaker Impact to expand its portfolio of companies while making follow-on investments in its ventures.
The firm’s latest limited partners (LP) include the United States Development Finance Corporation (DFC), British International Investment (BII), Triple Jump (Dutch Good Growth Fund), Beacon Venture Capital (Kasikornbank), Autodesk Foundation, and three undisclosed international development finance institutions and impact investors.
The Singapore-based climate-focused investment firm has raised USD 7 million in committed capital from British International Investment (BII), leading to the completion of the firm’s USD 73 million climate tech fund.
Known as the Circulate Capital Ocean Fund I-B, the new fund aims to address plastic pollution and combat climate change across various industries in Asia.
In addition to BII, the new fund is also backed by the International Finance Corporation (IFC), the European Investment Bank (EIB), and Proparco. —Tech in Asia
Written by KrASIA Writers
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A digital media company reporting on the most promising technology-driven trends and businesses in the Asia Pacific.