Oyster Bay Venture Capital leads $5.25 million seed round for Arda Biomaterials

30 April 2025 - UK-based Arda Biomaterials has raised a $5.25 million seed round for its plastic- and leather-alternative materials derived from beer and whisky makers’ spent barley.

Germany-based Oyster Bay Venture Capital led the seed round with participation from existing investor Clean Growth Fund, alongside new investors Kadmos Capital and Green Angel Ventures.

The round will enable London-based Arda to build out a new facility five times the square footage of its current one, says cofounder and CEO Brett Cotten.

‘Enormous scales and really low unit economics’

Arda collects this spent grain from breweries and distilleries and uses patented supramolecular chemistry to extract the proteins from the grain and manipulate them to mimic the fibrous structure of animal proteins in leather.

The company says its resulting material could replace both leather and plastic alternatives to leather commonly found today.

Arda is based in London’s Bermondsey Beer Mile that’s home to numerous craft breweries and distilleries. The startup’s first material innovation is New Grain, a leather-like textile with applications in the fashion and automotive industries. Last year saw Arda partner with BEEN London to produce a “snakeskin” handbag with grain sourced via the Beer Mile.

“We’re working towards bringing the upstream—the brewers and whisky distillers—to the downstream fashion, automotive, footwear industries,” he tells AgFunderNews. “If you can combine the two, that’s where you can get enormous scales and really low unit economics.”

By his calculation, working with one major brewery (think AB InBev size) could produce anywhere from 5 million to 10 million meters of material in just one facility.

“Normally, when you look at co-locating and taking a feedstock and turning it into stuff, you need to put these [operations] across many, many sites. But for us, it just takes a few. To get to 1% of the leather market, which is just 20 million meters, you just need a few of these put together.”

Arda’s current priorities, he adds, are around finding “a small handful of partners”—specifically in fashion—to work with by the end of this year or early next.

The forthcoming new facility will be able to produce “plenty of excess material” Arda can use when working with prospective partners.

Another view of the MILLAIS bag. Image credit: Arda Biomaterials

Joining the 100+ Accelerator: ‘It’s a big opportunity for us’

Meanwhile, Arda has joined the sixth cohort of the 100+ Accelerator program co-sponsored by AB InBev, Coca-Cola, Colgate-Palmolive, Danone and, Unilever.

Chosen startups participate in a six-month program where they receive mentorship, support, and $100,000 to be put towards a pilot project.

“Because we work with breweries, we’re working with AB InBev, so that will hopefully end later this year with their demo day,” says Cotten. We’re really excited because they’re the biggest brewer in the world and it’s a big opportunity for us.”

Currently, Arda is getting grain from Anheuser-Busch facilities around London to use in the new materials. Since different recipes call for different versions of grains, Cotten and the team are analyzing which would make the most ideal feedstock for its biomaterials.

Certain recipes can impact color, for example. “Think of stouts like Guinness,” explains Cotten. “They roast the malted barley beforehand, and we’re able to pull through those natural dark tannins to get a really nice natural black material. If you use things like loggers and IPAs, you can get a nice deep brown.”

This process allows Arda to skip the tanning process, which Cotten says streamlines the company’s supply chain and reduces chemicals and coating found with leather tanning.

“We can tweak our own formulations to make higher elasticity, higher tensile strength, different thicknesses, different patterns. It’s all really customizable, because we build something from the ground up, rather than having to take some like biomass, like mycelium or animal skins, and break those down.”

While Arda’s current focus is the fashion segment, the automotive industry would be “the highest caliber of material to go after,” he adds.

Arda Biomaterials cofounders Brett Cotten (left) and Dr. TJ Mitchell. Image credit: Arda Biomaterials

Towards commercialization 

Echoing a point many startups these days voice, Cotten says the fundraising process this time around was challenging.

“We came out of [accelerator program] Entrepreneur First in 2022 and we ended up raising a pre-seed 2023. In the late-2022 to early-2023 period, I thought it was the bottom of the market. Then we went out [to fundraise] this time and I realized last time was actually easier.

“It seems there’s not much urgency for VCs to write term sheets,” he adds. “But once you do get some, everyone tries to pile onto a deal that’s on the way out the door. It took a while for the train to leave the station, but once it was on the way out, we got a lot more interest.”

The company plans to have items made with New Grain material available to consumers in a limited capacity later this year.

Further on, ahead of a Series A, Cotten and team will consider the best possible co-location sites for building out its first full-scale facility.

Source: https://agfundernews.com/arda-biomaterials-brews-up-new-funds-for-alt-textiles-eyes-partnerships-in-fashion-and-automotive

India’s evolution form a nation of savers to investors

India is poised to become the world's third-largest economy by 2027 and reach a GDP of $10 trillion by 2032. Its strong infrastructure, institutions and a tech-savvy population have already put the country at the forefront of a global digital revolution. The financial sector is undergoing a significant shift as traditional banks embrace technology and fintechs redefine the way the sector used to function. This has encouraged people across age brackets to move towards financial assets such as shares, mutual funds and insurance products.

Oyster Bay Venture Capital leads $1.5M seed funding round to scale “World’s First” cocoa-free chocolate

21 March 2024 - UK-based company Nukoko has raised $1.5 million in seed funding to scale up its technology to produce cocoa-free chocolate from fava beans. The round was led by Oyster Bay Venture Capital, with participation from SOSV and The Mills Fabrica alongside a grant from Innovate UK.

Due to climate change, cocoa has seen a supply deficit in recent years, causing prices to rise by a huge 89% in 2023 and double again in the first months of 2024. Cocoa production is also associated with deforestation and significant carbon emissions.

Nukoko claims to have developed the first chocolate made from fava beans, a nitrogen-fixing crop that can be grown within the UK. Using a fermentation process similar to traditional cocoa fermentation, the company transforms the beans into bars that produce 90% fewer carbon emissions than conventional chocolate, without contributing to further deforestation.

Furthermore, the chocolate is not associated with the ethical issues linked to traditional chocolate production, such as child labour and slavery. It is high in protein, fibre, and antioxidants, and contains 40% less sugar than regular chocolate.

Image: Nukoko on LinkedIn

“Planet-positive production process”

Nukoko was founded in 2022 by second-time chocolate entrepreneurs Ross Newton and Kit Tomlinson, along with cocoa research scientist Professor David Salt. Last year, the company gained a place on the prestigious biotech program IndieBio; it was also recently included in the Foodtech 500, which recognises companies combining food, technology, and sustainability. Additionally, Nukoko has secured development agreements with the Swiss retailer Coop Group.

Nukoko joins a growing number of companies worldwide producing cocoa-free chocolate, including Germany’s Planet A Foods, Italy’s Foreverland, and the UK’s WNWN.

‘’At Nukoko, we want to provide a viable alternative to chocolate that is from a trusted ingredient with a natural and planet-positive production process,” said Prof. David Salt, CSO at Nukoko. “We believe that being a true and authentic ‘bean-to-bar’ manufacturer, that uses fava beans not cocoa beans to make our chocolate alternative, sets us apart and resonates with consumers.’’

Asia Partners Announces Final Close of Second Fund at US$474,000,000

Southern Right Capital is pleased to announce the final close of Asia Partners' second fund at US$474,000,000 in commitments.

SINGAPORE – January 9, 2024 – Asia Partners, a Singapore-based growth equity investment firm, is today announcing the final close of its second fund, Asia Partners II LP (the “Fund”), at US$474,000,000 in commitments. 

With this close, Asia Partners has now reached an important milestone: US$1.0bn in assets under management. Notably, given the current macroeconomic backdrop,  Fund II is 23% larger than the Firm’s inaugural fund, Asia Partners I LP, which had US$384,000,000 in commitments and completed its final close in March 2021.

Asia Partners is focused on the intersection of three key themes:

• The long-term growth potential of Southeast Asia, a region with almost 10% of the world’s population, and Southeast Asia’s increasing economic connectivity to the rest of Asia and the world.

• The rapid growth of innovative technology and technology-enabled businesses in the region, many of which are platforms with pan-regional or global aspirations.

• The scarcity of growth equity capital for these companies, particularly in the $20 million to $100 million investment size range, often described as the ‘Series C/D Gap’ between early-stage venture capital and the public capital markets.

More than 9% of the Fund’s capital is from Asia Partners’ employees and Advisory Board members; this is amongst the highest ratios in the industry and signals a strong degree of alignment with Limited Partners.

The Limited Partners in the Fund include institutional investors, family offices, and individual investors across six continents. Returning investors include the International Development Finance Corporation (DFC) and Financial Investments Corporation (FIC) from the United States, the Deutsche Investitions- und Entwicklungsgesellschaft (DEG) from Germany, and Generation Capital from Canada. The International Finance Corporation (IFC) joined as a new investor in Fund II, among others.

“At Asia Partners, we believe in the potential for growth equity to accelerate economic growth throughout Southeast Asia and beyond,” said Oliver M. Rippel, a Partner of the firm and a member of the Investment Committee.  “We continue to believe this decade will be a golden age of entrepreneurship and innovation for Southeast Asia, and we are focused on accelerating that progress.”

The Asia Partners Advisory Board is chaired by Mr. Hsieh Fu Hua, the former CEO of the Singapore Exchange, the co-founder of the PrimePartners Group, and the Chairman of the National University of Singapore.

“Southeast Asia is highly strategic for international investors, given its importance in global trade, supply chain management, rising affluence and the increasing digitization of daily life,” said Mr. Hsieh. “Opportunities abound for our regional economies to be transformed by the combination of entrepreneurial innovation and growth equity.”

“Asia Partners is deeply committed to supporting the growth of Southeast Asia’s next generation of entrepreneurs,” said Nicholas A. Nash, Managing Partner and a member of the Investment Committee.  “We look forward to continuing our investment program and to applying our leadership team’s and Advisory Board’s collective experience to helping our companies expand, both geographically and strategically.”

Asia Partners’ legal advisor on the fundraise was Gibson, Dunn & Crutcher. Southern Right Capital Limited and Monument Group acted as placement agents.

For more information, media contact: media@asiapartners.com

Oyster Bay Venture Capital leads €12 million series A investment round into Hamburg-based foodtech GoodBytz

24 October 2023 - GoodBytz, a German foodtech that develops robotic kitchens which enable professional chefs to effortlessly amplify and reproduce their capabilities, has raised €12 million in a Series A investment round. Both lead investor, Oyster Bay, and the Hamburg-based Block Group are investing in the future of nutrition despite the challenging economic situation in Germany as a whole. 

GoodBytz offers Robotic Kitchen Assistants that reliably serve high quality and healthy food in the shortest time. The first delivery service ghost kitchen with the GoodBytz Robotic Kitchen Assistant ranks among the top 15 percent of the most popular Lieferando restaurants in Germany.

“We’ve been there from the very beginning. The potential of robotics in professional kitchens is enormous,” said Christoph Miller, founding partner of lead investor Oyster Bay. The Hamburg-based Food & AgTech venture capital provider has been investing in the German Foodtech startup since day one. The family-owned company Block Group is also joining as an investor.

“The success of the restaurant industry is crucially tied to the kitchen. GoodBytz has developed an intelligent and forward-thinking solution to prepare dishes quickly and reliably using fresh ingredients,” commented Stephan von Bülow, CEO of the Block Group. The Hamburg-based food tradition brand, Block Food AG, is teaming up with investor Oyster Bay Venture to embrace robotics in professional kitchens. 

A total investment of €12 million is flowing into the Foodtech startup GoodBytz, founded in 2021. “The combination of Oyster Bay Venture, which has an extremely successful investment track record in the food segment, and the food tradition brand Block, holds incredible potential,” said Hendrik Susemihl, CEO of GoodBytz. 

The goal for the €12 million investment: “By 2025, we plan to produce over 100 Robotic Kitchen Assistants, and next year, international expansion is also on the agenda,” added Susemihl.

GoodBytz places no limits on the menu with the Robotic Kitchen Assistant; on the contrary, everything is possible, from ramen, pho, caesar salads, and Königsberger meatballs to porridge and Kaiserschmarrn. Customers using the Robotic Kitchen Assistant can configure their desired dishes via touchscreen and customize them at any time. Programming skills are not required. In other words, every additional request made by customers at restaurants doesn’t require more work—no cilantro, no problem.

By the end of 2023, GoodBytz is set to grow to a team of 60 employees, and by the end of 2024, the startup plans to have 90 employees, with a particular demand for engineers. Alongside the team expansion, GoodBytz’s visibility is also increasing. In early 2024, a flagship store is planned to open in Hamburg.

Source: https://www.eu-startups.com/2023/10/hamburg-based-foodtech-goodbytz-secures-e12-million-to-lead-a-nutritional-revolution-through-robotics/

Incus Capital announces the launch of its second senior credit fund

Madrid, September 26th, 2023 – Incus Capital (“Incus”), the Madrid based real assets investment advisory firm, announces the launch of its second senior credit fund, a €500 million European renewables credit fund (“European Renewables Credit Fund”). The firm held its first closing for €300 million in committed capital, reaching 60% of the fund target size. Incus´ European Renewables Credit Fund is a successor investment vehicle to the €300 million European Real Assets Senior Credit Fund (“Senior Credit Fund I”) raised in 2019.

The first close for the European Renewables Credit Fund received significant support from existing Incus investors. Martin Pommier, Partner and COO, said, “We are delighted to have raised this dedicated renewable energy fund, and particularly pleased with the strong interest received from our long-standing investors. We believe that the attractive risk-adjusted returns and the focus on clean energy transition across Europe offers a compelling investment proposition for investors”.

The European renewables energy credit fund is an SFDR Article 9 Fund, with sustainable investment and carbon emissions reduction as its main objective. Incus Capital is committed to providing flexible financial solutions for European energy transition away from traditional fossil fuels. “Private Capital is an important part of the solution, but it will not provide the complete answer. Continued support and efforts from National governments who are willing to make difficult decisions for the benefit of future generations is also required.  It will also require the support of consumers and citizens who are willing to make small sacrifices to ensure that energy transition is real and effective”, said Andrew Newton, managing partner of Incus Capital.

Energy transition is one of the fastest growing asset classes within the broader infrastructure market. There is significant investment in new renewable energy capacity required over the next decades to achieve the transition to low-emission sources of energy. The EU emission targets for 2030 can only be met through concerted efforts of increasing zero emission renewable energy generation and building a viable and robust transmission network across Europe. To achieve these targets, the European Commission estimates that at least €16 billion of new investments per year are required in Southern Europe alone.

Incus has established a strong reputation in the renewables space thanks to its local presence across Southern Europe. The firm has been an active participant in providing financing for renewable assets since the firm´s inception in 2012. “The timing is critical to provide flexible credit solutions to companies and renewable projects in this underserved sector. Bank financing continues to be a significant bottleneck for mid-market players. Companies benefit from partnering with a local partner like Incus – we provide solutions and flexible capital to help build this critical energy infrastructure”, said Estanislao Carvajal, head of the renewables credit team at Incus. This new dedicated Renewables Credit Fund will target Senior financing for greenfield and brownfield renewables projects throughout the Eurozone.  

About Incus Capital

Founded in 2012, Incus Capital is a real assets investment advisory firm with offices in Madrid, Lisbon, Milan and Paris. The firm focuses on providing flexible capital solutions to mid-market companies in Europe. The Incus investment strategy includes a strong focus on downside protection and asset-backed collateral with target investment sizes between €20 million and €100 million. Incus Capital acts as the investment advisor to funds with €2.2 billion in assets under management (“AUM”).

The Incus funds have successfully invested over €2.5 billion across more than 115 equity and credit transactions in the firm´s core markets of Spain, Portugal, Italy, France and Benelux. The Incus funds investor base includes Public & Private Pension Plans, Insurance Companies, Sovereign Wealth Funds, Endowments, Foundations, Family Offices in the US, Canada, and Europe.

Investigative journalists and disruption specialists: GQG’s unorthodox risk management and underwriting process

7 March 2023 - ‘We have this very unorthodox risk management and underwriting process through a roster of non-traditional analysts,’ Read more about GQG’s process as shared by senior investment analyst Chulantha De Silva during a Boutique Collective Investments (BCI) webinar here.

ASK Indian Entrepreneur Fund receives UCITS authorisation, aims raising USD500m from global investors

India's largest domestic discretionary Portfolio Management Service, "PMS" * now available under the UCITS Platform

SINGAPORE, Dec. 9, 2022 /PRNewswire/ -- ASK Capital, part of ASK Group ("ASK") - one of India's leading asset and wealth management companies, announced that they've received authorisation from the Central Bank of Ireland for their first UCITS vehicle – ASK Indian Entrepreneur Fund. The UCITS vehicle will be modeled on ASK's flagship PMS, ASK Indian Entrepreneur Portfolio ("IEP") which has a strong track record of over a decade, since inception.

UCITS, or Undertakings for Collective Investment in Transferable Securities, is a regulatory framework of the European Commission that creates a harmonised regime throughout Europe for the management and sale of funds. UCITS funds can be registered in Europe and sold to investors worldwide using unified regulatory and investor protection requirements. Given the intense regulatory process to have a fund approved as UCITS compliant by a regulator, the UCITS label serves as a stamp of quality and reliability for overseas investors.

ASK is using the UCITS vehicle to bring the IEP strategy to a wider international investor base and aims to raise US$ 500 mn over the next 3 years for this fund.  

IEP is one of the most consistent alpha-generating strategies since its launch in 2010. It invests in companies led by Indian entrepreneurs with adequate skin in the game, high standards of governance, vision, execution, capital allocation, and capital distribution skills. The underlying ASK IEP Fund has a CAGR of 18% ** since inception whereas its benchmark, BSE 500 CAGR is 10.7%.

Speaking on the occasion, Sunil Rohokale, MD & CEO, ASK Group, said, "India's economy and equity markets are outperforming most of their global peers. The case for stand-alone India allocation has never been stronger and global investors are eager to access India's growth story with the right asset managers. India's demographic dividend, manufacturing prowess and advanced digital infrastructure offer a compelling investment opportunity to long-term global investors. ASK is well positioned as an India specialist manager with a consistent track record of alpha generation and this UCITS fund will make it easier for overseas investors, especially European investors, to invest in India."     

Sameer Dev, CEO, ASK Capital, further added, "ASK's Ireland domiciled UCITS Fund provides global investors with a familiar, tax efficient, and convenient access to the high growth Indian equity markets. With UCTIS approval in place, we hope to reach out to institutional investors, endowments, pension funds, family offices, and investors via private banks across Europe, Middle East, Latin America, and parts of Asia. The ASK India Entrepreneur Fund offers such global investors an opportunity to participate in the India story by investing in some of the fastest growing and well-run companies, through an actively managed investment strategy."

* (Source: SEBI website, AuM as on 31 Oct 2022)

** The returns of ASK IEP as mentioned above are computed as per SEBI prescribed guidelines and are net of fees and expenses and are for standard portfolio. The returns of individual investor may vary as per the timing of their investments.

About ASK Capital | ASK Capital Management Pte. Ltd. ("ASKCM" or "ASK Capital") has been present in Singapore since 2011 and holds a capital markets services license issued by the Monetary Authority of Singapore to provide fund management services for Accredited and Institutional Investors. It provides a range of India-focussed investment solutions to institutional and private investors. In April 2016, ASKCM successfully raised US$82mn from global investors for its first India-focussed real estate fund, India Real Estate Special Opportunities Fund (IRESOF) and in July 2017, ASKCM launched its first open-ended, India-focussed public equities fund, ASK India Opportunities Fund 1 (AIOF1) for global investors.

About ASK | ASK is a leading player in the asset & wealth management business and primarily caters to the HNI and UHNI market with over three decades of presence. ASK has been a true believer in the Indian growth story and over the years has grown hand-in-hand with its clients in India and across the globe. ASK is represented in India through its three key businesses: Portfolio Management Services & Alternative Investment Funds – ASK Investment Managers Ltd.; Real Estate Private Equity – ASK Property Fund; and Wealth Advisory and Multi-Family Office Service – ASK Private Wealth. It has over 20 offices and branches across India, Dubai, and Singapore. It caters to multiple asset classes and investors (such as HNI, institutional, family office, pension funds, funds of funds and sovereign wealth funds) across Asia, the Middle East, Africa, and Europe.  ASK group manages assets over Rs. 79,000 cr/ US$ 9.5 bn as on 31st October 2022.

Incus Capital turns 10, and announces the successful close of European Credit Fund IV at €650 million in commitments

Madrid, December 5, 2022

Incus Capital (“Incus”), the Madrid based private market investment advisory firm, announces the successful close of its European Credit Fund IV (“Fund IV”), reaching its hard cap of €650 million in commitments. The Fund IV close also coincides with the 10th anniversary of the firm.

Similar to its predecessor funds, Fund IV invests in credit opportunities focussing on small and medium- sized enterprises (“SMEs”) in Europe. The pan-European fund targets value-oriented asset-backed investments. The Fund IV investment program has been active since July 2022 and has already invested and drawn significant amounts of capital for multiple transactions in the firm ́s main sectors of infrastructure, renewables and real estate.

Fund IV received strong support from its existing investor base. Martin Pommier, partner of Incus, said, “We are pleased to have again attracted such a high-quality and diverse group of LPs. We want to thank our investors joining us in this fourth specialty credit fund for their continued trust and support.”

After more than 10 years in business, Incus Capital has established a predominant position in providing financial solutions for real assets in the mid-market sector in Europe. The firm has now grown to more than 35 professionals across the five main offices. Consistent investment returns, a strong code of ethics, and a true partnership approach to investing has given Incus a unique brand and reputation in the market. Incus partner, Estanislao Carvajal said, “There have been a significant number of disruptions to the markets over the past years. Incus has shown that we are a useful partner for our clients throughout this volatility. We believe that our clients appreciate our unique approach to being a reliable and stable long term funding provider.”

In the face of rising rates and a looming recession, equity solutions and traditional bank finance are significantly constrained for a lot of companies today. “We are delighted to have gathered a large pool of investable capital at this difficult moment in the cycle. We ́ve seen demand from SMEs for flexible solutions expanding as uncertainty over inflation and economic growth affect the capital and bank markets.” said Incus managing partner Andrew Newton. “We anticipate this market dislocation to last for the medium term and we will remain patient”. Incus is currently focused on selective investment themes, including financing the development of energy transition assets, bridge financing to high quality assets and companies, and low LTV loans against liquid assets.

About Incus Capital

Founded in 2012, Incus Capital is a real assets investment advisory firm with offices in Madrid, Lisbon, Milan and Paris. The firm focuses on providing flexible capital solutions to mid-market companies in Europe. The Incus strategy includes a strong focus on downside protection and asset-backed collateral with target investment sizes between €20 million and €50 million. Incus Capital acts as the investment advisor to Incus funds that have raised over €2.5 billion in assets under management (“AUM”). The funds have successfully closed more than 100 equity and credit transactions across the firm ́s core markets of Spain, Portugal, Italy, France and Benelux.

The Incus funds investor base includes Public & Private Pension Plans, Insurance Companies, Sovereign Wealth Funds, Endowments, Foundations, Family Offices and Fund of Funds in the US, Canada, and Europe.

Oil Equities: The Quality Compounders of the Next Decade?

Written by the GQG Research Team

Up until recently, investors who had bet on oil equities over the last decade received mediocre returns, at best. Say one had invested $100 in the S&P Energy Index in 2012, that investment would have compounded to a mere $105 at the start of 2022. Instead, if one had invested $100 in the S&P 500 Index during the same period, one would have received $400. Given the poor track record of the industry, why are we so excited about the space? Put simply, we think the market dynamics have changed. On a forward-looking basis, energy supply/demand fundamentals coming out of COVID are the healthiest they have been in the last decade.

Incus Capital announced as winner of the 2021 Alternative Lender of the Year: Southern Europe

Alejandro Moya and Martin Pommier of Madrid-based Incus Capital, winner of the 2021 Alternative Lender of the Year: Southern Europe award, explain why the firm occupies a unique position in the market

Asia Partners 2021 Southeast Asia Internet Report

In 2019, growth equity firm Asia Partners forecast that the market value of Southeast Asia’s tech companies would soar by a mind-boggling US$425 billion within a decade, starting out with a total of US$86 billion at the time. Two years on, the region’s tech firms are already halfway there.

Watch as Asia Partners’ co-founders break down the details of their latest Internet Report:

GQG Announces Initial Public Offering on the ASX

We’re delighted to share the below release from our partner GQG Partners.

The founders were also featured in a short CNBC interview on the IPO.

***

FORT LAUDERDALE, FLA. — October 25, 2021 — GQG today announced its IPO on the ASX with the company’s founding shareholders listing approximately a 20 per cent stake. With an IPO offer price at $2 AUD/share, which implied a nearly $6bn AUD valuation, the IPO was oversubscribed.

“It is exciting to bring a global investment boutique of GQG’s caliber to the ASX,” said Richard Sleijpen, Managing Director Head of Global Capital Markets, Australasia at UBS. “This is the largest IPO in Australia this year and it received a strong response from both Australian and global investors. GQG’s exceptional growth profile and culture of investment performance and alignment with both clients and shareholders clearly resonated.”

GQG’s co-founders and team continue to own roughly 75 per cent of the company post-listing and every team member will now have an equity interest in the firm.

“This is an important step towards the vision we laid out when founding the company, of building an investment-led culture, and an institution that can outlive its founders,” said CEO Tim Carver. “Since our inception five years ago, this experience has outstripped anything we could have imagined. I am so proud of the efforts of our team, the quality of their work and the support of our clients.”

“This business has to be all about performance,” said Chairman and CIO Rajiv Jain. “That’s why we have always focused on having skin in the game. We want to be the most client and shareholder aligned firm that exists in the market.” Mr. Jain continued, “I think a public currency is a very valuable competitive weapon in the search for talent. We believe it will help us keep our great people and will give us an edge in finding the players or teams who can continue to drive our business forward in the years to come.”

In a continued commitment to client alignment, Carver and Jain have committed to co-invest at least 95% of their after-tax proceeds from the offering in GQG’s investment strategies for at least seven years.

ABOUT GQG PARTNERS

GQG Partners is a majority employee-owned investment boutique listed on the Australian Stock Exchange (ASX:GQG). The firm manages global and emerging market equities for institutions, advisors and individuals worldwide. Headquartered in Fort Lauderdale, Florida, we strive for excellence at all levels of our organization through a commitment to independent thinking, continual growth, cultural integrity and a deep knowledge of the markets. Supported by many leading investment consultants and financial institutions, GQG Partners manages more than US$80 billion in client assets as of September 30, 2021. For more information, please visit gqgpartners.com.

GQG Partners Hits 5-Year Anniversary and Announces 8 New Partners

We’re pleased to share the below release from our partner GQG:

FORT LAUDERDALE, FLA. — June 3, 2021 — GQG Partners, a boutique investment management firm headquartered in Ft. Lauderdale, FL, celebrates its fifth anniversary this month and announces eight new partners. Founded by Rajiv Jain and Tim Carver in 2016, GQG Partners strives to be among the most investment focused and client aligned firms in the investment management industry.

Central to that goal, GQG announces that it has added eight new partners to the firm, bringing the total to 17 partners. The new partners are:

James Anders, CFA; Mark Barker; Carolyn R. Cui; Phil LoGrasso, PhD; Greg Schneider; Xavier Sément; Rick Sherley; and David Tuthill.

“We are thrilled to expand our partnership with such a talented, committed, and passionate group of people,” said Tim Carver. “We have always said that partnership at GQG is about being in service to something greater than ourselves, committed to bringing lasting value to our clients and the world. This team embodies that ethos fully.”

With an unrelenting focus on compounding clients’ wealth, over the past five years GQG Partners has:

— Added value across every investment strategy for its clients;

— Built a partnership with 17 equity partners;

— Opened offices in London, New York, Seattle and Sydney;

— Grown to over 100 employees;

— Developed meaningful client relationships in the United States, Australia, the United Kingdom, Canada, Europe, the Gulf Region, Japan, and Southern Africa;

— Built a robust trading, technology and operational infrastructure; and

— Continued to expand the reach of The GQG Partners Community Empowerment Foundation, which was established to help the most vulnerable parts of our society by providing funding to over 50 organizations.

“I have always said that managing clients’ investments is an honor and a privilege,” stated Rajiv Jain, co-founder and Chief Investment Officer. “We are humbled by the overwhelming support of GQG Partners over the past five years.

“I am most proud of the fact that we have added value in every strategy we manage since founding GQG Partners. At the same time, we are keenly aware that our focus must remain on tomorrow’s performance and maintaining the high standards that we set out in the early stages of this business. My first goal remains to deliver investment excellence because the performance we deliver to our clients will ultimately define our firm.”

GQG Partners has continued to expand its team with professional talent across all functions of the business with a goal of delivering a top-flight client service experience. The alignment of this team continues to deepen as the firm now has 17 partners.

Tim Carver, co-founder and Chief Executive Officer, remarks, “I believe our early success at GQG Partners is entirely based on the quality people that we’ve been able to attract. We have assembled a group of independent thinkers who are diverse in their backgrounds, experiences and perspectives but united by the common desire to exceed our client expectations across every aspect of the business. I am excited to see where this team will take us over the next five years and beyond.”

ABOUT GQG PARTNERS

GQG Partners is an independent, majority employee-owned investment boutique. The firm manages global and emerging market equities for institutions, advisors and individuals worldwide. Headquartered in Fort Lauderdale, Florida, we strive for excellence at all levels of our organization through a commitment to independent thinking, continual growth, cultural integrity and a deep knowledge of the markets. Supported by many leading investment consultants and financial institutions, GQG Partners manages more than US$75 billion in client assets as of April 30, 2021. For more information, please visit gqgpartners.com.

Atomico cofounder Ljungman launches Moonfire Ventures with a $60m Fund I

For more than a decade, Mattias Ljungman helped shake up Europe’s once-sleepy VC scene as the cofounder of Atomico, the $2.7bn firm that has backed the likes of Klarna and Lilium. 

Now he’s back with a new firm to fill a gap in seed stage funding.

Today, Ljungman has formally launched Moonfire Ventures, which has raised a $60m fund to target seed and pre-seed deals. For Llungman, Moonfire is the latest sign that Europe has only just started to tap into a vast entrepreneurial potential.

“This ecosystem is really on fire,” Ljungman said. “It’s really sort of a golden era.”

Asia Partners Announces Final Close of Inaugural Fund at US$384,000,000

Southern Right Capital is pleased to announce the final close of Asia Partners' inaugural fund at US$384,000,000 in commitments.

Asia Partners I, LP (the 'Fund') is the largest debut technology fund in history specifically focused on Southeast Asia, and one of the region’s largest debut funds across all industries.

Asia Partners is a Singapore-based growth equity investment firm with six co-founders: Jill Cheong Hsi Min, Pitra Ciputra Harun, Nicholas Avinash Nash, Oliver Minho Rippel, Kien Nguyen, and Vorapol Supanusonti. Southern Right Capital formed a partnership with the team in the summer of 2019 shortly after launch.

Asia Partners is focused on the intersection of three key themes:

• The long-term growth potential of Southeast Asia, a region with almost 10% of the world’s population.

• The rapid growth of innovative technology and technology-enabled businesses in the region, many of which are platforms with pan-regional or global aspirations.

• The scarcity of growth equity capital for these companies, particularly in the $20 million to $100 million investment size range, often described as the ‘Series C/D Gap’ between early- stage venture capital and the public capital markets.

Asia Partners has already invested more than US$90 million across its first three investments, which collectively have operations across every major economy in Southeast Asia.

The Limited Partners in the Fund include institutional investors, family offices, corporations, and individual investors across six continents. The Fund’s investors also include the U.S. International Development Finance Corporation (DFC) and the DEG from Germany.

“At Southern Right Capital, one of our founding principles is the importance of alignment - something we look for in the selection of our investment manager partners and demonstrate through investing ourselves as Limited Partners” said Gideon Nieuwoudt, Managing Partner of Southern Right Capital.

“In Asia Partners case, the co-founders and Advisory Board members make up more than 7% of the Fund’s capital, amongst the highest ratios in the industry and a fantastic testament to this shared value of strong alignment with Limited Partners. We are proud to have assisted Asia Partners with this fundraise and wish the team continued success.”

For more information, please visit www.asiapartners.com. The final close was also covered in the Wall Street Journal and Tech In Asia among other publications.

Building the next Generation of VC funds for Europe with Mattias Ljungman

From a recent Station F Interview:

In 2019, Mattias founded Moonfire, a European seed fund focused on helping founders at the very start of their journeys to create the right foundations for exponential growth.

For the last decade, he has seen how US seed has flourished, driving strong returns with successful funds, such as FirstRound, Felicis, Floodgate, Upfront, Uncork, and True Ventures. The same evolution is accelerating in Europe, as a flood of late-stage capital boosts demand for seed opportunities. Moonfire is perfectly placed to take a leading position in the nascent European seed ecosystem to help the next generation of founders and we got the chance to talk about it with him.

Southeast Asia's Golden Age: Resilience and Recovery

We’re delighted to share the latest thoughtful and well-researched insights from our partners in Singapore, Asia Partners.

About This Report:

This report is the ‘second chapter’ of our study of Southeast Asia’s internet economy, which began with ‘chapter one’ in 2019. It takes stock of the eight predictions we made in 2019 and, in the spirit of holding ourselves accountable, looks at what we got right and wrong, with the benefit of hindsight. In addition, we are also sharing a few new ideas in this report. We talk about the threshold for the next generation of IPOs from Southeast Asia, the similarities and differences in how emerging markets tech ecosystems develop, and several case studies of how industries are being re-shaped by the tragedy of the COVID-19 pandemic.

What’s in the Report?

• A look back at the eight key predictions from our 2019 Asia Partners Internet Report, and how they’ve held up from the perspective of 2021

• The financial threshold for the next generation of IPOs from Southeast Asia (“The Rule of 25”)

• What can we learn from how different emerging market ecosystems evolve over time (“The Cargo and The Rails”)

• The tragedy of COVID-19 in the region (“Southeast Asia Through the Crisis”)

• Case studies on four industries transformed by COVID-19: education, autos, travel, and healthcare

GQG emerges as pandemic winner with $30bn asset growth

The investment firm set up by former Vontobel star manager Rajiv Jain has more than doubled its assets to $62bn this year, making it one of the standout winners in the fund management sector from the coronavirus crisis.

GQG Partners, which was set up by India-born Mr Jain in 2016 and which manages funds focused on emerging markets, US and global equities, had net client inflows of $18.2bn in the first nine months of this year, the Florida-based firm told the Financial Times.

Read the FT’s latest coverage on GQG here:

Carsome Announces Series D Fundraising led by Asia Partners

Capital to accelerate regional expansion of Southeast Asia’s largest integrated e-commerce platform for cars

KUALA LUMPUR, JAKARTA, BANGKOK & SINGAPORE, 8 December 2020:

Carsome, Southeast Asia’s largest integrated car e-commerce platform, recently completed its Series D fundraising. The US$30 million round, one of the largest all-equity financings to-date in Southeast Asia’s online automotive industry, was led by Asia Partners and was joined by existing Carsome investors Burda Principal Investments and Ondine Capital.

According to Eric Cheng, Co-founder and Group CEO of Carsome, this fundraising round, the largest equity investment in Carsome’s history, is a strong endorsement of its integrated business model, with end-to-end digital enablement across used car sellers, dealers, and buyers. “We will use this capital to strengthen our existing regional leadership in consumer-to-business (C2B) used car e-commerce and accelerate our already successful new offering in the business-to-consumer (B2C) segment. We look forward to rolling out Southeast Asia’s first-ever C2B and B2C integrated e-commerce platform for used cars, a significantly superior new retail experience,” said Cheng.

“Over the past six months, we have doubled our monthly revenue compared to pre-pandemic levels, a dramatic acceleration due to the impact of the ongoing Covid-19 pandemic on consumer behavior across our region,” Cheng added. “Consumers across our core markets of Malaysia, Indonesia, Thailand, and Singapore are increasingly purchasing cars to keep their families safe and adapt their businesses.”

Commenting on the fundraising, lead investor Oliver M. Rippel of Asia Partners observed that Carsome’s combination of strong executive leadership and a robust business model position the company well for future growth. “Carsome’s integrated approach offering a one-stop solution to used car buyers and sellers is genuinely impressive. We see that this will be the way forward for the used car industry, and we look forward to working closely with Eric and his very capable team in further scaling the business across the region.”

Founded in 2015, Carsome has grown to employ more than 1,000 people and today transacts an annualized 70,000 cars totalling US$600 million in transacted value on its online platform. Building on its original foundation in Malaysia, one of Southeast Asia’s largest car markets, Carsome then launched its operations in Singapore, Indonesia and Thailand, deepening its regional footprint.

Since founding, Carsome has delivered an impressive record of accomplishments, growing from strength to strength. Carsome recorded its highest revenue quarter in Q3 2020 in its history, doubling its revenue from the pre-pandemic period. In November 2020, Carsome celebrated its 100,000th car sold through its platform – an important milestone achieved within five years of founding.

Notably, Carsome has also achieved operational profitability as of October, ahead of earlier projections. “We have built a defensible, scalable, and profitable business with very healthy unit economics attributed to both growth in gross margin and steady improvements in productivity and conversion metrics,” said Juliet Zhu, Carsome Group Chief Financial Officer. “Our Series D round will further support potential merger and acquisition opportunities in acquiring ancillary capabilities and consolidating our supply chain.”

Crucial to Carsome’s success has been its commitment to rigorous car inspections, offering Carsome-inspected and certified cars directly to customers in a seamless fashion, building a reservoir of consumer trust and brand equity in an essential but historically complex industry. Every car that transacts on the Carsome platform goes through a comprehensive 175-point inspection, and every Carsome car purchase is backed up with an extended warranty and a money back guarantee.

Carsome’s successful track record of digitizing a traditionally offline and fragmented industry, as well as its resilience in the face of the global pandemic, were key factors in several existing investors’ decisions to reinvest in the Series D round. “We appreciate the way Carsome has continued to support car sellers and dealers through the pandemic,” said Albert Shyy, the Singapore-based Managing Director of Asia for Burda Principal Investments, who first invested in the Series B round. “We witnessed Carsome’s growth and resilience during the pandemic and are proud to continue our support,” added Randolph Hsu, the Taipei-based Founding Partner of Ondine Capital, who first invested in the Series C round.

While the platform flourishes from digitalization tailwinds, Carsome remains focused on supporting its partners to navigate new challenges brought about by the pandemic. Carsome introduced various incentives and bonus rewards for used car dealers in Malaysia, Indonesia and Thailand under its Dealer Alliance Support Program. The company also introduced its Covid-19 Support Fund this year for employees affected by the pandemic.

Coverage in the FT: Online used car sales fuel Asia fundraising burst