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ZA Tech invests in Carro to improve and transform the auto insurance experience across Southeast Asian markets

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ZA Tech invests in Carro to improve and transform the auto insurance experience across Southeast Asian markets
  • Cutting edge generative AI-powered, personalised and immediate: this investment enables Carro to leverage ZA Tech’s suite of InsureTech solutions to distribute highly personalised insurance products and process real-time claims backed by AI capabilities
  • Several leading insurers, including MSIG and Income, are available for this experience across Singapore and Malaysia, with plans to expand to other insurers and markets within the next 6 months

SINGAPORE, Feb. 28, 2023 — ZA Tech Global Limited (“ZA Tech”), a leading InsureTech player headquartered in Singapore, has signed an investment and Joint Venture Agreement with Carro, Southeast Asia’s largest used car marketplace. This will transform and streamline the online insurance distribution and claims process for customers and insurers alike, allowing Carro to fill in the gaps in the automotive sector through innovative tech powered by generative AI tools such as ChatGPT.

Auto insurance is mandatory in most Southeast Asian regions, including Singapore, Malaysia and Thailand. Yet the process of buying insurance and making claims remain frustrating for many. By leveraging ZA Tech’s core platform, Fusion, Carro will be able to tap into a rich set of APIs and tools to manage administrative tasks, such as quote generation, policy renewals and e-policy notifications. Fusion will also enable Carro to easily embed and control insurance journeys for customers.

This journey is now available for Carro in Singapore and Malaysia. Insurers include Income, MSIG and DirectAsia for Singapore as well as Takaful Malaysia, MSIG, Allianz, and Zurich for Malaysia.

Being a regional online-first platform, Carro is well-suited to help transform auto insurance across Southeast Asia. The group will also co-develop cutting-edge generative AI technologies to better educate customers on the various policies available, thereby helping them make faster, but more informed online insurance purchase decisions.

With an initial focus on auto insurance, there is a roadmap to extend the product portfolio offerings to include property, life and health insurance in the future.

Young Yang, General Manager of ZA Tech Southeast Asia says “We are thrilled to have the opportunity to work closely with a market leader to support their strategic ambitions and enable them to offer a wider set of insurance solutions to their customers and partners. Opportunities like this allow ZA Tech to keep pushing the boundaries of our technology, support our partner’s strategic ambition, while improving the overall quality of insurance products in the market.”

Carro’s CEO and co-founder Aaron Tan says, “This investment with ZA Tech allows us to adopt the best practices as well as technologies from ZA Tech and bring it across Southeast Asia. We truly want to power and transform the way consumers learn and buy insurance online.”

About ZA Tech

Headquartered in Singapore, ZA Tech Global Limited (“ZA Tech”) is a technology venture founded by ZA International and backed by Softbank’s Vision Fund 1. ZA Tech aims to redefine insurance through innovation with operations in multiple regions across the globe (i.e. Europe, Japan, Southeast Asia and Greater China) and a diverse 800+ employee force. ZA Tech enables leading insurers and platforms to unlock the value of digital in insurance, grow ecosystem partnerships and accelerate the delivery of next-gen innovative insurance propositions. ZA Tech’s leading insurance solutions hold a proven track record through the issuance of hundreds of millions of insurance policies on its platform.

For more information, please visit www.zatech.com

About Carro

Founded in 2015, Carro is Southeast Asia’s largest used car marketplace. By offering a trustworthy and transparent experience, Carro transforms the traditional way of buying and selling cars through proprietary pricing algorithms, AI-enabled capabilities, and innovative technological solutions.

Carro holds a strong presence in key markets across Southeast Asia including Malaysia, Indonesia, and Thailand, and has recently expanded its reach to Japan and Taiwan. Headquartered in Singapore, the unicorn startup is supported by more than 5,000 employees across Asia-Pacific, and has raised over S$700M from Softbank Vision Fund and several sovereign funds. For more information, please visit: http://carro.co. For media enquiries, please reach out to marketing@carro.co.

SOURCE ZA Tech

Investment

ViAqua Therapeutics Announces $8.25M Investment Led by S2G Ventures to Scale RNA-Based Solutions in Aquaculture

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Funding will enable ViAqua to bring its first product to market, invest in R&D for future products, and prove the platform’s ability to deliver RNA-based solutions at scale.

 ViAqua Therapeutics, a biotechnology company and developer of an orally administered RNA-particle platform to promote and improve animal health in aquaculture, announced it has completed a US$8.25M round led by S2G Ventures with participation from Rabo Ventures, The Trendlines Group Ltd., Agriline Limited, Nutreco, I-Lab Angels and Circle Investments LLC.

Aquaculture is essential for improving food security, providing a healthy and sustainable food source, and protecting wild fish stocks in the face of growing demand for marine protein. But disease management is currently the biggest issue facing the aquaculture industry, resulting in more than $8.5 billion in economic impact for the shrimp industry alone, according to an analysis from Kontali.

To address this problem, ViAqua has developed a biotechnology-based oral delivery platform for the targeted administration of RNA-based solutions to improve disease resistance in aquaculture.

“Oral delivery is the holy grail of aquaculture health development due to both the impossibility of vaccinating individual shrimp and its ability to substantially bring down the operational costs of disease management while improving outcomes,” said Shai Ufaz, chief executive officer of ViAqua. “We are excited to bring this technology to market to address the need for affordable disease solutions in aquaculture.”

Shrimp, one of the most widely consumed seafood products globally, in particular, are very susceptible to disease due to their lack of adaptive immune systems, and there are currently no products available that address shrimp disease today. The company’s first product is a feed supplement to enhance resistance to viral infections in shrimp, with the initial application targeting White Spot Virus (WSSV), which causes an annual loss of around $3 billion and a 15 percent reduction in global shrimp production. This solution will provide much-needed production stability for farmers while also creating the opportunity to increase production per farm without increasing disease risk.

“Aquaculture is critical for the sustainable supply of marine protein,” said Kate Danaher, managing director of S2G Ventures’ Ocean and Seafood fund. “ViAqua’s platform technology will enable the company to move beyond WSSV to address numerous other diseases in aquaculture while similar technologies are still years away from reaching the market.”

ViAqua produces its capsule products using commercial, industrial processes and is scaling production to take its first product to market. With plans to begin production in India at the beginning of 2024, the company has established a commercial partnership through a joint development and marketing agreement with Skretting, a Nutreco company, to bring the product to the market. While ViAqua is currently focused on shrimp production, the delivery technology has numerous applications in aquaculture and beyond, which the company is excited to explore.

“We are truly excited by the potential of ViAqua’s technology because of the value it unlocks for the planet and the farmers. Diseases cause mortality rates of up to 50%, which result in 25-30% of shrimp farms failing annually. This is tremendously unproductive and hurts a lot of livelihoods,” explained Shishir Sinha, investment director at Rabo Ventures. “Our bank’s aquaculture specialists Gorjan Nikolik and Novel Sharma were impressed by the game-changing impact potential of having a solution for an issue that has plagued the sector for decades and can make a meaningful difference in the lives of the smallholder farmers, who represent 80% of supply.”

About ViAqua Therapeutics

ViAqua was established to address the growing need for effective, specific, and affordable health management of diseases in aquaculture. One of the major challenges facing the shift to sustainable aquaculture practice is the prevention and treatment of disease. ViAqua is developing a biotechnology-based, oral delivery platform for administration of nucleic acid-based solutions for promoting health in marine species.

About S2G Ventures:

S2G Ventures, the direct investment team of Builders Vision, partners with entrepreneurs who are working on solutions to some of the world’s greatest challenges across the food, agriculture, oceans, and clean energy markets. We provide capital, mentorship, and value-added resources to companies pursuing innovative market-based solutions that generate positive social, environmental, and financial returns. We provide our partners with flexible capital solutions that can range from seed and venture funding through growth equity to debt and infrastructure financing.

About Rabo Ventures:

Rabo Ventures, part of Rabobank, partners with early stage companies across the value chain to support their growth ambitions and enable the vital transitions needed in global Food & Agriculture. We invest behind stellar management teams building solutions for real problems with a focus on driving innovation and sustainability. With a local presence in 25 countries and over 100 dedicated sector specialists and researchers, Rabobank is the global leader in Food & Agriculture banking. As part of Rabobank’s captive investment franchise, Rabo Investments, we leverage the banks platform, knowledge and network to help sustain and grow your business while accelerating transitions that matter.

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Fintech VC firm TTV Capital Closes Fund VI at $250 Million to Invest in Early-Stage Fintech Companies

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Fintech VC firm TTV Capital Closes Fund VI at $250 Million to Invest in Early-Stage Fintech Companies

Largest fund in the firm’s twenty-three year history will include core and exploratory investments in payments, banking, embedded finance, and more

TTV Capital, an early-stage fintech venture capital firm, today announced that it has closed its sixth fund at $250 million, the largest since the firm was founded over two decades ago. The fundraise, which originally targeted $150 million, saw overwhelming interest and was oversubscribed by $100 million. Fund VI includes both new and existing limited partners comprising institutional and strategic investors, as well as family offices.

“Fund VI represents an inflection point for all of us at TTV Capital,” said Gardiner Garrard, Co-Founder and Managing Partner at TTV Capital. “Twenty-three years ago, we took an early bet on how the technology behind financial services would evolve. Back then, we didn’t call it ‘fintech’ – we just started investing in applications that were being built on the internet. We saw the digital transformation that was happening and we knew we wanted to be part of it. And now, as we look ahead, we’re still committed to finding the next class of enduring businesses that will shape the future of finance.”

In 2022 alone, TTV Capital made 18 investments in early-stage fintech companies across payments, banking, investing, cybersecurity, Web3, and embedded finance, with an average initial check size of $2 million to $7 million. The firm also has an exploratory fund for investments starting at $250,000. To date, TTV Capital counts more than 100 financial technology companies in its portfolio, and seven of those have reached unicorn status.

“Founders often tell us that our relationships, connections, and deep industry knowledge are most helpful to them as they grow their businesses,” said Sean Banks, Partner at TTV Capital. “It’s a privilege to do what we do, and we’re especially proud of the reputation that we’ve built as a founder-friendly firm. We believe our fintech expertise and years of experience in venture capital are the reasons why we’ve been able to drive strong returns for our limited partners amid different economic cycles.”

TTV Capital is one of the first and only early-stage fintech funds focused exclusively investing in companies in the financial services ecosystem. The firm has led early investments in multiple category-creators, including Bill.com, Shopkeep, Green Dot, SmartAsset, and others. TTV Capital is also one of the largest – and longest-running – venture firms in Atlanta, and has backed multiple successful Atlanta-based companies, including Greenlight, Cardlytics, Greenwood, Carputty, Featurespace, and Instant.

About TTV Capital

Founded in 2000, TTV Capital is one of the longest-running venture capital firms investing exclusively in early-stage fintech companies. We create enduring value for our investors, founders, and team by supporting our portfolio companies at every stage of growth. Our distinct approach combines deep industry knowledge with connections, resources, and founder-friendly relationships. TTV’s portfolio includes more than 100 market leaders and emerging pioneers across payments, banking, investing, crypto, and embedded finance. The firm has been named to Inc.’s Founder-Friendly Investors list, the top ten of the Founder’s Choice VC list, and Institutional Investor’s Fintech Finance 40.

TTV Capital is headquartered in Atlanta and has a presence in the Bay Area. For more information, visit www.ttvcapital.com.

Cision View original content:https://www.prnewswire.com/news-releases/ttv-capital-closes-fund-vi-at-250-million-to-invest-in-early-stage-fintech-companies-301775318.html

SOURCE TTV Capital

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Singapore-based Durapower to advance global expansion plan after US$70 million investment from Banpu NEXT

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Singapore-based Durapower to advance global expansion plan after US$70 million investment from Banpu NEXT

SINGAPORE, March 1, 2023 — Singaporean Lithium-ion battery manufacturer, Durapower Holdings Pte Ltd (“Durapower“) wishes to announce that Banpu NEXT Company Limited (“Banpu NEXT“), a subsidiary of Banpu Public Company Limited (“Banpu“) has increased its shareholding in Durapower, from 47.68 percent to 65.10 percent following a US$70 million investment.

Following this transaction, Durapower will become a subsidiary of Banpu NEXT and the transaction is part of Banpu NEXT’s strategy to scale up its Energy Storage business and enhance the presence of company as part of its growth plans.

The injection of funds will support Durapower’s expansion plans to better support increasing demand in markets across the globe where it operates in, including scaling Durapower’s China production, and accelerating the set-up of Durapower’s assembly plants in Thailand and Poland. This is part of the company’s strategy to establish a diversified manufacturing base and localized supply chain to achieve around 4Gwh by 2025.

Mr Kelvin Lim, Chief Executive Officer of Durapower Group commented: “We welcome Banpu NEXT’s commitment and confidence in Durapower, and this strategic transaction will allow Durapower to expand quickly to better support increasing demands of our customers in the global market while being able to leverage on Banpu NEXT’s network of companies and partners to synergistically benefit all partners involved. I look forward to the next phase in Durapower’s journey and am excited with all the opportunities it brings.”

Mr. Sinon Vongkusolkit, Chief Executive Officer of Banpu NEXT remarked: We are pleased to welcome Durapower into the Banpu group. This investment aligns with Banpu NEXT’s strategy to scale up our energy storage business value chain, and it reflects our commitment to growth and increases our competitiveness. We believe that Durapower’s strong product offering, large customer base worldwide, and spotless safety record will boost our foray into the lithium battery market. 

About Durapower Group (www.durapowergroup.com)

Headquartered in Singapore, Durapower offers closed-loop, end-to-end energy storage solutions for the electric mobility and renewable energy applications including on and off-road Electric, Hybrid and Plug-in Hybrid Electric Vehicles, electric marine vessel and stationary energy storage solutions. Since 2009, Durapower has been a leading innovator of Lithium-Ion cell technology, focusing on the research and development of battery materials, battery cell manufacturing and system integration. With a global presence spanning 23 countries and 48 cities, including European Countries, China, India and Southeast Asia. Durapower Group strives to make scalable, sustainable batteries that support the circular economy, empowering lives and transforming the future towards a carbon neutral economy.

About Banpu NEXT (www.banpunext.co.th)

Banpu NEXT Co., Ltd., a subsidiary of Banpu PCL., is a leading smart energy solutions provider in Asia-Pacific with a vision of “Innovating Infinite Energy Solutions to All”. The company aims to create business growth by responding to future energy trends and smart city development and living needs of modern-day consumers. With customers in mind, Banpu NEXT combine customer centric, data-driven approach with our expertise in clean energy, technology, and hardware to top up our solution development, resulting in “Smart Energy Solutions for Sustainability” to drive growth across our five business groups—Renewable Power, Energy Storage, Energy Trading, e-Mobility, and Smart City and Energy Management—as we provide end-to-end solutions with great value for money, reliability, and eco-friendliness to support sustainable development of all businesses.

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