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Kindrik Partners advises on GrowSari US$77.5M series C financing
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Kindrik Partners is delighted to have advised Filipino e-commerce platform GrowSari on its US$77.5 million series C financing. Investors in this round include the International Finance Corporation, KKR, Wavemaker Partners and the Temasek Group’s Pavilion Capital.
Founded in 2016, GrowSari is a B2B platform that provides support for micro, small, and medium-sized enterprises (MSMEs) in the country. GrowSari began as an ordering platform for sari-sari stores (small, independent convenience stores). Today, the platform provides many different types of MSMEs access to a wide range of digital services, including bill payments, telco reloads, wallet top-ups and procurement of retail goods and medicines.
The funding will allow GrowSari to continue to expand into new store formats, accelerate its national expansion and build its logistics and fulfillment network.
Partner Chris Wilson says:
“Small and medium sized-business play such a key role in the social and economic makeup of the Philippines, with MSMEs accounting for 63 percent of employment in the country. We are extremely pleased to help GrowSari continue to transform the way these companies do business”
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Kindrik Partners advised VC firm Illuminate Financial on its investment in Singapore-based AI-driven data processing and automation company bluesheets. Illuminate led the US$6.5 million series A round. Other returning investors included Insignia Ventures Partners, Antler Elevate, and 1982 Ventures.
Illuminate invests in B2B fintech and enterprise software companies that build solutions for the financial services industry. Backed by global financial institutions such as Citi, JP Morgan, Barclays, Jefferies, Singapore Exchange Group, and BNY Mellon, Illuminate uses its extensive network and industry knowledge to help their portfolio companies achieve their full potential in addition to providing capital.
bluesheets offers AI-driven data processing and workflow automation software that helps businesses digitise and automate their bookkeeping processes. It plans to use the funds to further enhance its AI capabilities and accelerate growth in key APAC markets, including Singapore, Thailand, ANZ, and Hong Kong.
We’re happy to have advised Singapore-based synthetic data company Betterdata on an oversubscribed seed round of $1.65 million, led by Investible.
The company was founded in 2021 by Dr. Uzair Javaid and Kevin Yee and allows clients to share data faster and more securely in compliance with stricter data privacy regulations being introduced around the world. Betterdata uses generative AI to convert real data into synthetic data that looks, feels, and behaves like real datasets. These synthetic datasets retain the structure and correlations of the original data while eliminating the privacy and security concerns that come with holding and sharing sensitive data.
Betterdata plans to use the funding to publicly launch its product, hire more staff as the company scales, and improve its technology stack, with the aim of providing support for single-table, multi-table, and time-series datasets. The company also plans to expand across the Asia-Pacific region over the next two years.
