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ace turtle Secures USD 34 Million in Series B Funding to Lead Indian Retail Sector’s growth Phase

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ace turtle Secures USD 34 Million in Series B Funding to Lead Indian Retail Sector’s growth Phase

– Funds will be utilised to acquire long-term licenses of international fashion and lifestyle brands and expand company’s proprietary technology stack

ace turtle, new India’s leading technology-native retail company spearheading the retail industry’s next phase of transformation, today announced that it has raised USD 34 million as part of its Series B funding. The fundraise demonstrated significant interest from existing and new investors. The Series B round was led by new investors Vertex Growth, SBI Investment Co. Ltd., Farglory, Lesing Nine, Stride Ventures, Tuscan Ventures and Trifecta Capital. The existing investors Vertex Southeast Asia & India and InnoVen Capital also participated in this round.

Commenting on the funding, Nitin Chhabra, CEO, ace turtle said, “Our aim is to lead the next phase of retail in India and scale it to new heights through vertical commerce. The funds will be utilised to develop cutting-edge technological tools that ensure seamless omnichannel operations, acquire licenses for new fashion and lifestyle brands, and recruit skilled talent across all levels to support the aggressive growth plans. This will help us to expand our brand portfolio and solidify our competitive edge in the market.”

ace turtle grew significantly in the financial year 2022-23 by doubling its revenue and becoming EBITDA-positive. ace turtle aims to sustain this impressive growth trajectory in the coming years. Its portfolio of licensed brands currently comprises Lee®, Wrangler®, Toys”R”Us® and Babies”R”Us®.

James Lee, General Partner of Vertex Growth said, “We are delighted to be a part of India’s massive consumer upgrade story. We are fully committed to partnering with exceptional and promising organisations that are on the brink of growth. The asset-light approach of ace turtle, their deep domain expertise in product supply chain and utilisation of data-driven insights in understanding consumer behaviour and demand, present significant opportunities for the integration of cutting-edge omnichannel tech solutions into brand operations, thereby facilitating substantial growth in the foreseeable future.”

Yoshitaka Kitao, Chairman and President of SBI Investment said, “One of the key investment themes for us has been Asia’s domestic consumption. We believe India will be a leading source of global growth in the decades ahead, supported by positive demographics, a growing middle class and deepening internet penetration. This investment in ace turtle builds on our program to provide long-term capital to innovative companies transforming industries at scale. We look forward to supporting ace turtle’s efforts in enabling the growth of India’s retail market through technology.”

Bengaluru and Singapore-based ace turtle is vertically integrated from design, local manufacturing and marketing to reach consumers directly. ace turtle is powered by its proprietary technology which uses data science from design to fulfilment to meet ever-evolving consumer expectations.

About Vertex Growth:

Vertex Growth is dedicated to partnering with exceptional entrepreneurs and promising companies on the cusp of growth. The firm provides the expansion capital to realise the companies’ vision of creating a category champion that is enduring and transformational. Vertex Growth is part of Vertex’s global network of venture capital funds comprised of affiliates in China, Israel, Southeast Asia and India, and the US. Through the Vertex network, Vertex Growth accesses opportunities emerging from the leading innovation hubs across the world and drive significant value by working closely with the Vertex ecosystem of portfolio companies and partners.

About SBI Investment Co., Ltd.

SBI Investment Co., Ltd. is the major VC arm of SBI Holdings. Over the last 20 years, it has invested in over 1000 companies and has 190+ exits. SBI Investment invests from USD120m in various sectors including Fintech, AI, Consumer tech, SaaS, B2B commerce and supply chain, deep tech, etc. SBI Holdings is a financial services company group based in Tokyo, Japan. The group’s businesses and companies are held primarily at SBI Holdings. The company provides financial services in various categories, including securities, asset management, banking and insurance and has formed an Internet-based financial conglomerate. The group also has a biotechnology-related business line which develops cosmetics, health foods and drug discovery. Furthermore, the group operates the business school SBI Graduate School. SBI is listed on the first section of the Tokyo Stock Exchange and Osaka Securities Exchange.

About Farglory:

Founded in 1969 by Chairman Teng-Hsiung Chao, Farglory has earned a reputation of excellence for its dedication to ambitious international projects distinguished by quality craftsmanship and modern, sustainability-minded design. The Taiwan-based company operates across diversified industries that spread to construction, insurance, finance, hospitality, entertainment and medical care. A trusted developer with over 600 completed projects comprising over 200 million square feet, Farglory is transforming landscapes and shaping lives, one landmark at a time.

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Climate tech Startup Bio-Logical raises $1m Seed round: Kenya’s Agricultural Sector to Get a Boost from Bio-Logicals Landmark Biochar Carbon Removal Facility

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Climate tech

Climate tech company Bio-Logical has raised a $1m seed round to scale up its operations in Kenya, facilitating its mission to build climate resilient communities of smallholder farmers around the world.

Smallholder farmers are facing a dire outlook with faltering harvests, increasingly extreme weather and skyrocketing fertiliser prices becoming increasingly common due to climate change. Bio-Logical addresses this challenge through a circular economy, transforming waste into biochar, a super material that sequesters carbon for millenia and regenerates degraded soil. Their biochar is then incorporated into an organic fertiliser which is distributed to smallholder farmers in the region, regenerating land, increasing crop drought resistance and boosting yields by over 50%.

“Bio-Logical was founded on the belief that Smallholder farmers should not suffer at the hands of a climate crisis they have played no part in. At present, soil degradation and changing weather patterns due to climate change is directly threatening the livelihoods of 500 million smallholder farmers around the world.” Rory Buckworth, Co-Founder

Utilising its innovative technology, Bio-Logical’s first site will be the largest biochar production facility in Africa. It will transform over 30,000 tonnes of agricultural waste a year into biochar, sequestering 25,000 tonnes of CO2. This process will generate carbon credits, the revenue from which will be used to subsidise its resilience building fertiliser for smallholder farmers, boosting yields and reducing fertiliser costs.

We believe carbon credits should do more than simply remove carbon from the atmosphere and instead should be used to build the resilience of climate vulnerable communities” Philip Hunter, Co-Founder

The funding round is led by the Steyn Group alongside Angel Investors Rob Konterman, Luke Calcott-Stevens and Jochem Wieringa. The round will go towards the development of Bio-Logical’s first Kenya site which will pave the way for its expansion throughout the region that will see the company scale to support 1 million smallholders and sequester 1 million tonnes of CO2 annually by 2030.

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According to setscale, More than 50% of US Small Businesses are Unaware of Federal Government Contracts, Losing $84 Billion a Year in Valuable Deals

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Setscale, a purchase order financing company, reports on small business financing, highlighting the lack of access to US government contracts

Setscale, the purchase order financing company, released today its first-ever report on US small business financing. The report surveyed US small business owners to better understand some of the financial barriers to small business ownership, including their awareness of federal government contracts for small businesses.

69% of US small businesses struggle with cash flow, preventing them from meeting the demand of government contracts.

More than half (52%) of all surveyed small business owners revealed that they aren’t aware of the specific contracts the US federal government awards to small businesses each year, missing out on approximately $84 billion* per year.

Government contracts are well-valued and often serve as a gateway to a steady source of income and small business growth. More than 70% (71%) of surveyed US small businesses say that they’re aware of lucrative and reliable government contracts, but more than half (52%) say they don’t know what specific contracts are available to them. And over a quarter of US small businesses (29%) are completely unaware that the federal government awards contracts to small businesses.

This report highlights that the federal government is investing in small businesses in record-high amounts, but business owners are still struggling to fill open government purchase orders. Almost 70% (69%) of US small businesses struggle with cash flow and working capital, preventing them from meeting the demand of a government contract. Many businesses pursue lines of credit from a bank or financial institution to fulfill purchase orders, but these are costly and hard to obtain. Alternative finance like purchase order financing can help these businesses secure and fulfill valuable government contracts.

Moreover, US small business owners say that a lack of cash flow and working capital prevents them from securing government contracts. At 22%, a lack of cash flow or capital is the second most popular reason that prevents US small business owners from securing a government contract. The most popular reason they aren’t securing government contracts is due to a lack of time and resources (25%).

“Our small business financing report sheds light on an issue that more than half of surveyed business owners know all too well – that even though the US federal government is awarding a record number of contracts to our small businesses, they’re still struggling financially to fulfill open purchase orders, potentially losing out on more than $80 billion each fiscal year,” comments Daniel Fine, Founder and CEO of Setscale.

“Government contracts are fierce competition for US small business owners for a reason. They’re reliable, well-valued, and often lead to steady sources of income. However, due to a lack of knowledge of the specific government contract awarding process, business owners are unsure if they can fulfill the government’s open purchase orders without pursuing a line of credit from a bank or financial institution,” elaborates Fine. “With interest rates at an all-time high, it’s an incredibly bad time to be a borrower. PO financing allows a small business to quickly bid on a contract, finance the full transaction, and scale operations to meet the size of the order.”

*In Fiscal Year 2022, the US federal government awarded $162.9B in federal contracting opportunities to small businesses. 52% of surveyed US small business owners reported that they aren’t aware of the specific contracts the US federal government awards to small businesses * $162.9B = $84B in lost opportunities.

Survey Methodology
Setscale designed and executed research for this report in collaboration with Censuswide. 251 US small business owners in companies with less than 50 employees (aged 18+) were surveyed online in October 2023. Censuswide abides by and employs members of the Market Research Society which is based on the ESOMAR principles.

About Setscale
Setscale is a fintech startup solving the trade financing dilemma for small businesses. Small businesses frequently get purchase orders, but don’t have the money to fill them. Through its PO financing technology, Setscale finances the cost of those goods, allowing small businesses to focus on product and sales, enabling them to scale. Setscale is an ideal partner for SMBs, coming in where traditional financial institutions won’t, enabling SMB’s to finance their growth. Setscale funds supply. You meet demand.

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Monsha'at leads delegation of Saudi startups at Web Summit 2023

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As part of its work to showcase the growth of the Kingdom’s SME sector, Monsha’at, the Small and Medium Enterprises General Authority of the Kingdom of Saudi Arabia, took part in Web Summit 2023: one of the world’s leading technology conferences.

Held from 13 to 16 November 2023 — in Lisbon, Portugal — the event provided Monsha’at the opportunity to spotlight Saudi Arabia’s most innovative SMEs. The authority led a delegation of Saudi start-ups, calling attention to their success and contributions to the national economy. Moreover, the event provided a platform for industry leaders, including policymakers, heads of state, and tech CEOs and founders, to address global challenges.

Sami Al Hussaini, Governor of Monsha’at, said: “2023 has been a landmark year for Monsha’at and the Saudi SME sector, with the number of start-ups in the Kingdom growing to over 1.2 million. While we have made a great deal of progress, we can achieve more. Launching innovative partnerships with businesses and entities around the world is essential. Events such as Web Summit 2023 enable us to do that, immersing some of our leading start-ups in an energized environment conducive to collaboration, innovation and growth.”

Saudi Arabia’s start-up ecosystem is currently undergoing a period of rapid growth. Amid the continued expansion of its non-oil sector, the Kingdom achieved one of the highest economic growth rates in the world last year and has been recognized as one of the best-performing countries in terms of leveraging reforms to improve its business environment. In Q2 2023, the Kingdom led the region in VC funding and capital raised, accounting for 42% of MENA funding at a value of $446 million.

Among the Saudi start-ups participating in Web Summit 2023 were: Zid, Lendo, Nuqtah, Syarah, Asasat Advanced Systems, Wosul, Kabi, Master Works, resal, WhiteHelmet, Mustadem, and Tachyon.

Monsha’at’s participation at WebSummit follows its recent participation in other world-class conferences, including SWITCH Singapore, and ComeUp Korea, where it has helped connect some of the Kingdom’s leading start-ups with the international business and investment communities.

About Monsha’at:

Monsha’at was established in 2016 with the aim of regulating, supporting, developing, and sponsoring the SME sector in the Kingdom in accordance with global best practices, in order to increase the productivity of SMEs and their contribution to GDP.

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