Category: temasek

Oviva grabs $80M for app-delivered healthy eating programs



UK startup Oviva, which sells a digital support offering, including for Type 2 diabetes treatment, dispensing personalized diet and lifestyle advice via apps to allow more people to be able to access support, has closed $80 million in Series C funding — bringing its total raised to date to $115M.

The raise, which Oviva says will be used to scale up after a “fantastic year” of growth for the health tech business, is co-led by Sofina and Temasek, alongside existing investors AlbionVC, Earlybird, Eight Roads Ventures, F-Prime Capital, MTIP, plus several angels.

Underpinning that growth is the fact wealthy Western nations continue to see rising rates of obesity and other health conditions like Type 2 diabetes (which can be linked to poor diet and lack of exercise). While more attention is generally being paid to the notion of preventative — rather than reactive — healthcare, to manage the rising costs of service delivery.

Lifestyle management to help control weight and linked health conditions (like diabetes) is where Oviva comes in: It’s built a blended support offering that combines personalized care (provided by healthcare professionals) with digital tools for patients that help them do things like track what they’re eating, access support and chart their progress towards individual health goals.

It can point to 23 peer-reviewed publications to back up its approach — saying key results show an average of 6.8% weight loss at 6 months for those living with obesity; while, in its specialist programs, it says 53% of (Read more...)

Indian healthcare startup PharmEasy to acquire majority stake in listed firm Thyrocare for over $600 million



API Holdings, which operates the giant healthcare startup PharmEasy, said on Friday it has reached an agreement to acquire a 66.1% stake in Thyrocare, which runs a diagnostic lab chain, for about $613 million in what is the first ever acquisition of a listed firm by an unicorn startup in the world’s second most populated nation.

The transaction is subject to regulatory and other applicable customary approvals. Docon Technologies, a 100% subsidiary of API, will be the acquirer and shall make an open offer for an additional 26% stake for over $241 million, the startup said in a statement.

It’s a complex transaction. In a filing (PDF) to a local exchange, Thyrocare has disclosed that API Holdings intends to raise another financing round, where it may sell about 4.9% stake to Dr A. Veluman, a promoter of Thyrocare, for about $202 million. This will imply a valuation of over $4 billion for the startup.

PharmEasy, the only healthcare unicorn startup in India, is the nation’s largest online pharmacy and diagnostics brand. It operates a business-to-business pharma marketplace with over 6,000 consultation clinics with 90,000 partner retailers across the South Asian nation.

The five-year-old startup, which has raised about $572 million to date and was last valued at $1.5 billion, counts Prosus Ventures, Temasek, Eight Roads Ventures, TPG, B Capital Group, and Bessemer Venture Partners among its investors.

Thyrocare is India’s largest diagnostics solution provider by volume (it performs over 110 million tests in a year). The 26-year-old firm also operates (Read more...)

Gojek and Tokopedia merge to form GoTo Group



Ride-hailing giant Gojek and marketplace Tokopedia, Indonesia’s two biggest startups, said on Monday they have combined their businesses to form GoTo Group, the largest technology group in the Southeast Asian nation, the fourth most populous country that is currently navigating to contain the economic fallout from the coronavirus pandemic.

GoTo will be preparing for a dual listing — in New York and Jakarta — later this year, executives said. Gojek’s Andre Soelistyo will lead the combined business as GoTo Group CEO, with Tokopedia’s Patrick Cao serving as GoTo Group President. Kevin Aluwi will continue as CEO of Gojek and William Tanuwijaya will remain CEO of Tokopedia, the two firms said in a joint announcement.

The combined entity is “a globally unique and highly complementary ecosystem,” the two firms said as they look to better compete with heavily funded super app Grab and e-commerce platform Shopee. GoTo executives claimed that the combined entity features:

  • Total Group Gross Transaction Value (GTV) of over $22 billion in 2020
  • Over 1.8 billion transactions in 2020
  • Total registered driver fleet of over two million as of December 2020
  • Over 11 million merchant partners as of December 2020
  • Over 100 million monthly active users (MAU)
  • An ecosystem that encompasses 2% of Indonesia’s GDP

The deal, which has been in the works for several months, comes after Gojek spent several quarters exploring a merger with Grab. Tokopedia, meanwhile, was in talks late last year to pursue a public listing this year. Gojek and Tokopedia began talking earlier this (Read more...)

Plant-based food startup Next Gen lands $10M seed round from investors including Temasek



Singapore is quickly turning into a hub for food-tech startups, partly because of government initiatives supporting the development of meat alternatives. One of the newest entrants is Next Gen, which will launch its plant-based “chicken” brand, called TiNDLE, in Singaporean restaurants next month. The company announced today that it has raised $10 million in seed funding from investors including Temasek, K3 Ventures, EDB New Ventures (an investment arm of the Singapore Economic Development Board), NX-Food, FEBE Ventures and Blue Horizon.

Next Gen claims this is the largest seed round ever raised by a plant-based food tech company, based on data from PitchBook. This is the first time the startup has taken external investment, and the funding exceeded its original target of $7 million. Next Gen was launched last October by Timo Recker and Andre Menezes, with $2.2 million of founder capital.

Next Gen’s first product is called TiNDLE Thy, an alternative to chicken thighs. Its ingredients include water, soy, wheat, oat fiber, coconut oil and methylcellulose, a culinary binder, but the key to its chicken-like flavor is a proprietary blend of plant-based fats, like sunflower oil, and natural flavors that allows it to cook like chicken meat.

Menezes, Next Gen’s chief operating officer, told TechCrunch that the company’s goal is to be the global leader in plant-based chicken, the way Impossible and Beyond are known for their burgers.

“Consumers and chefs want texture in chicken, the taste and aroma, and that is largely related to chicken fat, (Read more...)