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Deal Brief: Trive Ventures Launches New Fund, Zus Coffee Raises MYR250 Million, East Ventures and Temasek Foundation Complete CIIC 2024 and More

Posted on by darion

Trive Ventures Launches New Fund Focusing on AI and Blockchain Innovation

Trive Ventures, a Singapore-based venture capital firm, has launched a new fund aimed at supporting early-stage companies using artificial intelligence and blockchain technologies. The new fund, managed by Trive Digital, a new division of the firm, is aimed at startups in the infrastructure, entertainment and financial services sectors globally.

Co-led by general partners Daryl Lim and Shawn Tan, both of whom are known for their blockchain expertise, the fund reached a soft close on August 31, securing 20% ​​of its authorized capital. Early investments were made in Klink Finance, RPS Labs, Coinseeker, and Sphinx Exchange.

“The blockchain sector continues to show tremendous potential as adoption accelerates across industries,” Lim said. Trive is considering another 40 to 60 investments over the fund’s lifecycle, with the goal of maintaining its early momentum.

Zus Coffee raises MYR250 million to expand into Southeast Asia

Coffee chain Zus Coffee has raised MYR250 million (USD57.3 million) in funding from a group of investors led by KV Asia Capital, as well as Kumpulan Wang Persaraan (KWAP) and Kapal Api Group.

Founded in 2019, Zus Coffee has carved out a niche for itself with its tech-driven approach to specialty coffee. The Shah Alam-based coffee chain, which operates 550 locations in Malaysia and 50 in the Philippines, plans to expand to Singapore and Brunei by the end of 2024 and is in talks to enter other markets in 2025.

The funds will be used to support technology improvements, in particular the proprietary Zus Coffee app, the use of which has increased during the pandemic.

East Ventures and Temasek Foundation Close Indonesia’s Largest Climate Technology Competition

East Ventures and Temasek Foundation have concluded the Climate Impact Innovations Challenge (CIIC) 2024, Indonesia’s largest climate technology competition, which concluded on September 6 at the Indonesia International Sustainability Forum in Jakarta. This year’s competition attracted over 500 candidates from 50 countries, focusing on different specializations.

The winners, including SunGreenH2, Hydrogen Refinery and AC Biode, received a total of IDR 10 billion, or nearly USD 650,000. Additional prizes were presented by the Bakti Barito Foundation and Sinarmas Agribusiness to DayaTani and Enwise.

Photo courtesy of East Ventures.

Genesis Alternative Ventures Closes $125 Million Debt Fund Focused on Growth-Stage Companies in Southeast Asia

Genesis Alternative Ventures, a Singapore-based private venture debt firm, has secured $125 million in commitments for its second fund, drawing on a mix of loyal backers and new faces. More than 80% of the firm’s first fund investors—including Aozora Bank, Korea Development Bank, Mizuho Leasing, and Silverhorn—renewed their support, while notable newcomers like Mizuho Bank and global platform OurCrowd joined the ranks.

The fund focuses on growth-stage startups in Southeast Asia, offering venture loans as a lifeline to companies navigating today’s turbulent fundraising landscape. As equity financing tightens, Genesis steps in with capital that allows founders to scale without the burden of dilution.

In August 2023, Genesis expanded its regional presence by strategically partnering with Indonesian Superbank to invest US$40 million in venture debt in the country’s most promising technology startups. Backed by Emtek, Grab, Singtel and KakaoBank, Superbank adds serious weight to Genesis’ ambitions in the region.

The company has already invested more than $20 million, lending money to startups such as Aonic, Eezee and Akulaku, according to Bloomberg.

SDAX raises $50 million in B2 round

SDAX, a Singapore-based digital asset exchange, has raised $50 million in a Series B2 funding round led by Muscat Precious Metals Refining Company (MPMR). The capital will fuel SDAX’s expansion efforts, including customer acquisition, wealth management services, and the launch of a new digital asset exchange in Oman, providing a strategic gateway to new regional markets.

The latest funding round follows a Series B round in 2021 that saw PSA International, Straits Trading Company and New Horizon Global participate and raise $18 million.

Fractional gold investing platform SDAX continues to attract attention, especially after partnering with MPMR to launch securitized gold tokens earlier this year.

Charge+, UGEP, Nowwa Coffee and more were on the front pages yesterday:

  • Loading+Singapore’s largest electric vehicle (EV) charging operator, raised $8 million in a Series A funding round led by Trive Venture Capital, with TNB Aura leading the extension of its Series A2 funding round.
  • Upgrade Energy Philippines (UGEP)developer of renewable energy projects, has received an investment of up to $10 million from Clime Capital’s Southeast Asia Clean Energy Fund II (SEACEF II).
  • Nowwa CoffeeChinese coffee brand chain, raised a nine-digit amount of RMB in a Series B++ funding round from Yongshan Tianji, Peakview Capital and V Star Capital.

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