Deals in brief: Rose All Day Cosmetics confirms Series A funding, Velocity Ventures invests in Joyned, Lunit to acquire Volpara, and more

Dec 15, 2023 | Media Coverage

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Rose All Day Cosmetics confirms completion of Series A round

Following reports on December 8 regarding Rose All Day Cosmetics (RADC)’s forthcoming completion of its Series A funding round, the Indonesian D2C cosmetics brand has officially confirmed this milestone with a statement today.

As per previous reports, RADC raised USD 5.41 million in its latest round. The round was led by SWC Global with the support of DSG Consumer Partners (DSGCP) and AC Ventures.

This development follows a significant growth period for RADC since its inception in 2017. The company has expanded its distribution channels, generating increased interest and traction among local online shoppers, while improving its customer retention rate.

The newly acquired capital will be utilized by RADC to broaden its nationwide distribution, extend its reach into other ASEAN countries, and enhance its product offerings. The company also remains committed to leveraging technology and innovation.

“We hold great confidence in the economic prospects of Indonesia over the next decade. We are captivated by the quality and design of [RADC’s] products, and impressed by the team’s operational efficiency. We see it rapidly becoming a premier, homegrown beauty brand in Indonesia,” said Wendi Xiang, vice president of SWC Global. Xiang also said that SWC Global plans to offer ongoing support by connecting RADC with its portfolio of Chinese consumer-focused companies and assisting in building a robust supply chain in China.

Velocity Ventures invests in Joyned

Southeast Asian venture capital firm Velocity Ventures has announced its latest investment in Joyned, a company developing a “social revenue’ technology platform.

Joyned’s platform facilitates collaborative travel booking experiences, allowing customers to book trips and vacations together. Additionally, the platform empowers travel sites to directly own their customers’ social engagements onsite, leveraging data that was previously unavailable to analyze group-buying intent.

“Joyned’s innovative approach to collaborative travel booking experiences and its ability to drive engagement and conversions make it a standout player in the market. This investment will help catalyze Joyned’s expansion efforts and create lasting value for both customers and stakeholders,” said Jonathan Cocks, partner at Velocity Ventures.

KRX-listed Lunit agrees to acquire New Zealand-based Volpara

Lunit, a Korea Stock Exchange-listed company specializing in artificial intelligence-powered solutions for cancer diagnostics and therapeutics, has entered into a scheme implementation agreement with Volpara Health Technologies, a New Zealand-based company that produces AI-powered software for early cancer detection and prevention.

Under this agreement, Lunit will acquire all of Volpara’s shares at a price of AUD 1.15 per share, representing a 47.4% premium to Volpara’s last closing share price of AUD 0.78 per share on December 13. Lunit is set to acquire a total of 254 million shares, translating to a deal worth around AUD 292 million (USD 193 million).

The deal is contingent upon approval from Volpara’s shareholders and regulatory authorities, as well as the fulfillment of customary conditions outlined in the agreement. It is expected to be completed by the end of Q2 2024.

“What sets Volpara apart is not just its market presence but the depth of knowledge embedded in its development process. With a robust repository of over 100 million high-quality mammogram images, Volpara’s contribution would supercharge Lunit’s AI capabilities, paving the way for groundbreaking solutions in medical imaging. This alliance would position us to lead innovation in cancer diagnostics and therapeutics, benefiting healthcare professionals and patients alike,” said Brandon Suh, CEO of Lunit.

Recent deals completed in China:

  • Poly Material Technology, a Hangzhou-based technology company specializing in the R&D of carbon-based new materials, has raised close to RMB 200 million in a Series B funding round led by Hefei Industry Investment. The round also saw participation from Kunlun Trust, Anhui Zhongan Capital Management, Anshu Capital, existing investor Bohuiyuan Venture Capital, and institutional investors. The funds will primarily be used to construct a new production line for carbon-based polymers. 36Kr
  • HPY Sorting, a Ganzhou-headquartered mineral processing company, has completed its Series C funding round, raising over RMB 100 million. The round was led by GSR United Capital with the support of Jiangxi Copper Corporation’s investment arm and Shenwan Hongyuan Securities. HPY will utilize the funds to optimize its governance structure, conduct product and technology R&D, expand its capacity, and further develop its presence in both domestic and international markets. 36Kr
  • R-Space, a Beijing-based aerospace company specializing in launch vehicle components, has secured over RMB 100 million in a Series A funding round jointly led by Essence Capital and the Shandong Railway Development Fund. R-Space intends to invest the newly raised capital toward technology R&D. 36Kr
  • Hydrogenee, a Beijing-based manufacturer of hydrogen production equipment, has bagged an eight-figure RMB sum in angel funding from Casstar. The funds have been earmarked for technology R&D, construction of its first-phase production facility, and market expansion. 36Kr
  • Hengfeng New Material Technology, a Shanghai-based manufacturer of phenolic and epoxy resins, has secured nearly RMB 100 million in a Series A funding round jointly led by Glory Ventures and Hua Capital. Yonghua Capital and Ruixia Investment participated in this round. Hengfeng will use the funds to conduct R&D, improve quality assurance processes, and upgrade its systems. 36Kr
  • Jinglan Digital Intelligence Technology, a Guangdong-based medtech company focusing on the development of diagnostic tools and treatments for neurological diseases, has raised a seven-figure RMB sum in angel funding from HSRH Venture Capital. The capital will be used primarily to register, promote, and iterate its products. 36Kr

Latest deals in India:

  • PlasmaGen Biosciences, a Bengaluru-based biopharmaceutical company, has bagged INR 2.25 billion (USD 27 million) from various investors including Artian Investments, Ashish Kacholia (Lucky Investments), Anurag Bagaria, Dushyant Patel, and high-net-worth individuals. Existing investors Eight Roads Ventures and F-Prime Capital also participated in this round. The company will use the funds to expand its presence internationally, develop products, and finance working capital requirements. —VCCircle
  • QNu Labs, a Bengaluru-based cybersecurity company specializing in quantum cryptography solutions, has secured USD 5 million in a pre-Series A1 round from Ashish Kacholia, Speciale Invest, and an undisclosed family fund. The company will allocate the newly raised capital toward product development, geographical expansion, and talent acquisition. —VCCircle
  • SimYog, a Bengaluru-headquartered provider of electromagnetic interference and compatibility (EMI/EMC) simulation software, has raised USD 2.4 million from Mela Ventures, 1Crowd, and existing investor IdeaSpring. The company will utilize the capital to extend its reach and accelerate the development of products. —VCCircle
  • Udaan, a Bengaluru-based B2B e-commerce platform, has banked USD 340 million in a funding round led by M&G and existing investors Lightspeed Venture Partners and DST Global. The round included a combination of capital and debt-to-equity conversions. Udaan will utilize the funds to improve its customer experience and supply chain capabilities, expand further into markets, and establish new partnerships with vendors. —VCCircle
  • Exponent Energy, an electric vehicle charging technology company, has raised USD 26.4 million in a Series B funding round led by Eight Roads Ventures. The round also saw participation from TDK Ventures as well as existing investors Lightspeed Venture Partners, YourNest VC, 3one4 Capital, AdvantEdge VC, and the family office of Pawan Munjal (Hero Moto). Exponent plans to utilize the capital to venture into five new cities by the end of 2024 and intends to broaden its offerings to encompass the electric bus and three-wheeler segments next year. —VCCircle
  • Burger Singh, a fast food chain, has raised an undisclosed amount in a pre-Series B funding round led by Turner Morrison. Homage Ventures and the family office of Aditya Ghosh (Akasa Air) also participated in this round alongside several existing investors. The company will utilize the funds to expand its network of kiosks across New Delhi, targeting the deployment of 15 kiosks in the next two months. —VCCircle
  • Mumbai-based venture capital firm Asha Ventures has concluded the first close of its maiden fund at USD 50 million after securing commitments from various limited partners and institutional investors. Notable backers include the government-backed Self-Reliant India (SRI) Fund, which has committed approximately INR 1 billion (USD 12 million), the Small Industries Development Bank of India (SIDBI), a private sector bank, and several family offices. Asha Ventures, with a focus on impact investing, will direct its new fund toward investments in financial services, healthcare, education, climate, and agriculture. —VCCircle

ProfilePrint, Line Next, 01Fintech, and more led yesterday’s headlines:

  • ProfilePrint, a Singapore-based technology company that has developed a proprietary artificial intelligence-powered food “fingerprint” technology, has announced the completion of a Series B funding round led by Tai Partners with the support of four existing investors. The amount raised was not disclosed.
  • Line Next Corporation, a venture of Line Corporation focused on developing and expanding the non-fungible token ecosystem, has secured USD 140 million from a consortium led by Crescendo Equity Partners.
  • 01Fintech, a growth-stage private equity firm, has invested USD 20 million in Validus, a supply chain financing platform that currently serves small and medium enterprises in Singapore, Indonesia, Thailand, and Vietnam.