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SEA Investment market trend #2

[Government]

 

New pilot scheme to help high-growth tech firms bring in EP talent

 

UNDER a new pilot, qualifying technology firms will have the Employment Pass applications of “core team members” facilitated, to help them get the talent needed to set up new teams here, the Economic Development Board (EDB) and Enterprise Singapore (ESG) said on Tuesday.

 

EDB managing director Chng Kai Fong said Tech@SG “will not only give tech companies the confidence to hire the tech talent they need” but also create opportunities for Singaporeans to work in globally competitive teams alongside top engineers and entrepreneurs from around the world.

 

Read at more: Business Times 

[PE/VC]

 

 IFC proposes to invest $25m in healthcare PE Quadria Capital’s Fund II

 

The International Finance Corporation (IFC), a member of the World Bank Group, is looking to commit $25 million into Singapore-based healthcare-focused private equity firm Quadria Capital’s latest fund, Quadria Capital Fund II has a target fund size of $400 million with a hard cap of $500 million. The vehicle held its first close at $194 million in March.

 

The private equity firm was founded in 2010 by former senior executives at India’s Religare Group – Amit Varma and Abrar Mir. Varma. To capture the potential of the healthcare sector at an early stage, the co-founders floated New Delhi-based HealthQuad as the venture capital arm of Quadria which closed at $12 million in 2017.

 

Quadria has invested in Malaysian diagnostics provider Lablink (M) Sdn Bhd, and India’s Strand Life Sciences earlier this year. It has also invested in FV Hospital (FV) in Vietnam and acquired a significant stake in Singapore’s MWH Holdings, the holding company for the Singapore Heart, Stroke and Cancer Centre.

 

Currently, Quadria has over $1.5 billion worth of assets under management and 18 investments across Asia. It is also managing over 70 hospitals across the region.

 

Read at more:  Dealstreet Asia

 

SEA healthtech startups draw $189m in 1H2019, India on track to break FY18 record

 

 

Southeast Asian and Indian healthtech startups are raking in record levels of venture capital. According to a report by Galen Growth Asia, Southeast Asia’s healthtech startups drew in $189 million worth of investments in 1H2019, 3x more than the same period last year. Galen Growth Asia defines healthtech as digital health – or the intersection between healthcare and technology.

 

Southeast Asia: Healthtech deal value and count ramp up 2019 is shaping up as a record-breaking year for Southeast Asia, according to Galen Growth Asia. Southeast Asia’s healthtech startups attracted $189 million in 1H 2019, surpassing 2018’s full-year total of $123 million. Deal counts also reflect stronger activity in 1H 2019, with a 23% increase to 27 deals compared to the same period last year. Late-stage (Series D and above) deals have also begun to emerge, as healthtech startups across Southeast Asia continue to mature. About 11 per cent of recorded deals in 1H2019 were late-stage deals, compared to none the same period before.

 

Indonesia, Vietnam and other markets significantly ramped up deal volume in 1H2019, eating into Singapore’s market lead. Indonesia tripled its deal volume share to 15%, while Vietnam clinched 11%. Malaysia and Myanmar also increased their deal volumes. Singapore meanwhile, continues to retain a 54% majority of deal volumes in Southeast Asia.

 

Three deals alone accounted for about 40% of the total dollars invested in Southeast Asia in 1H2019. They are: Halodoc’s $65-million Series B led by UOB Venture Management; Biofourmis’ $35-million Series B co-led by Sequoia Capital India and MassMutual Ventures; and CXA Group’s $25-million bridge round from investors such as HSBC, Singtel Innov8 and MDI Ventures.

 

Read at more:  Dealstreet Asia

 

[Business]

 

SG diagnostics firms Inex, Nova Satra merge, eye 2021 IPO

 

Singapore-based molecular diagnostics firms Nova Satra Dx (Nova Satra) and INEX Innovations Exchange (INEX) have merged to create a $72-million entity that eyes a possible IPO in 2021. it will focus on addressing the unmet need “for faster and more accurate diagnostic testing and precision health care” for Asian women. “The merger creates a strong portfolio of intellectual property comprising more than 45 key patents and nine trademarks worldwide,” INEX Innovate said.

 

The pipeline of new technologies the company is developing includes OvaCis, a point of care kit that can distinguish benign from malignant ovarian cysts in 5 minutes, Zena, a blood based test for the early detection of ovarian cancer, and NovoTectTMBC, one of the first epigenetics-based early detection test for breast cancer in Asian women.

 

INEX Innovate said it plans to commercialize these technologies by 2020 across Asia. Kane Black, Nova Satra’s chief executive officer who will assume the role of CEO of INEX Innovate, said Asian countries now account for 40 per cent of breast cancer cases worldwide and 37 per cent of cancers diagnosed in females are in Asia.

 

“We will continue to work to empower Asian women in the management of their own health through improved access to rapid, accurate diagnosis and technologies. This merger is a strategic step to expedite that ambition,” Black said.

 

The merger, valued at $72 million, is backed by institutional investors including Genting, Enterprise Singapore, SEEDS Capital, and SNS Holdings. In a statement, INEX Innovate said it is considering a possible IPO on the Singapore, Hong Kong, or London exchanges by 2021. In 2017, Nova Satra raised $2 million in funding from Genting Bio Cellular, a wholly-owned subsidiary of Genting Berhad.

 

Read more at: Dealstreet Asia 

 

SG’s DocDoc raises $13m in convertible note round led by Adamas Finance Asia

 

DocDoc, a Singapore-based medtech startup, has closed a $13-million round in the form of a convertible note to support market expansion and product growth. The round was led by Adamas Finance Asia Limited (ADAM), a London-listed investment company, alongside leading regional family offices, a fund managed by a global investment firm specialising in financial services and the Cyberport Macro Fund.

 

According to a statement, DocDoc has the largest network of doctors in Asia with over 23,000 doctors and 793 clinics and hospitals across eight countries. It offers services like doctor discovery, telemedicine, and cashless settlements to help patients make better and well-informed healthcare decisions. DocDoc partners insurance companies and corporates helping them reduce costs while offering better services and differentiated products to their policyholders.

 

Dr. George Lam, Chairman of Cyberport stated: “As the key driver of Hong Kong’s digital economy, Cyberport is committed to fostering fintech development in Hong Kong, including insurtech. Hong Kong is Asia’s leader in the insurance industry, and it is important that we bring innovative, impactful solutions like DocDoc to our market to ensure we maintain this leadership position for years to come.”

 

Read more at: Dealstreet Asia

 

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