Agribuddy, a startup that helps farmers in Cambodia and other emerging countries, announced on Wednesday, that it has received a fundraising worth US$730,000 from iSGS Investment Works, Yorihiko Kato, in addition with several corporations, funds, and individual investors.

With the latest capital, the company plans to further develop products and systems currently under development as well as to acquire top talents who can play an active part in the world market.

Founded in 2015, Agribuddy offers a mobile application of the same name that provides rural farmers with asset management support services. By registering as users, farmers can input their farmland and crops allowing the app to automatically calculate income and expenditure patterns, as well as timing and money amounts.

Additionally, Agribuddy’s also provides its own credit scoring function to act as a service that sets credit limits from banks and other financial institutions for purchasing agricultural material, such as fertilizers from cooperating retailers.

Besides, Agribuddy also creates collective intelligence by connecting farmers with agricultural traders and retailers, providing them sufficient information resources such as the updated prices of crops.

To date, the cumulative agricultural area registered under Agribuddy has reached just under 190,000 hectares, consisting users mainly in Cambodia, as well as users in neighbouring countries of Bangladesh, Vietnam, Thailand, India and more.

According to Agribuddy, this is largely due to the Buddies stationed in each rural village, making it possible to reach out and collect data from potential users who are not connected to the Internet.

Agribuddy also won the Nikkei FinTech Conference Pitch Competition held in Tokyo last June.

By Vivian Foo, Unicorn Media

Zhejiang-based Tianma Bearing Group Co., Ltd. and Southeast University Education Foundation have jointly invested RMB140 million (about US$20.35 million) in Diyi Chedai, a Shanghai-based auto lending start-up. with Phoneix Tree Capital as its exclusive financial advisor.

This investment round is a Series B extension round that came just one month after the company raised RMB360 million (about US$52 million) in a financing round led by Addor Capital and Youjin Capital in January, bringing its fundraising total to RMB500 million (about US$72.7 million).

Speaking on the fundraising round, Guo Chao, the CEO of Diyi Chedai said, “The quick completion of the B+ financing round, was in part due to the efficiency of our internal staffs in addition to representing the highest degree of recognition for Diyi Chedai’s business model, professionalism as well as our market prospects.”

Founded in 2013, Diyi Chedai provides loans to car dealerships, car logistics companies, and car rental firms. It currently operates in 80 cities around China and has recorded RMB12 billion (about US$1.75 billion) in its cumulative financing provided to thousands of Chinese automobile companies in 2016.

Since its inception, the company has also established multiple partnerships with various domestic insurance companies, commercial banks, and auto financing firms including China Minsheng Bank, CGB Bank, SPD Bank, China ZhengTong Auto among some.

Prior to this, the company received an undisclosed series A round from CITIC Group, Beijing Automotive Group, Matrix Partners and other investors in 2015, and RMB217 million (US$31 million) in series A+ from China Growth Capital, Matrix Partners China, and Youjin Capital in April 2016.

The company plans to use the latest proceeds to expand its platform, merge its online services with offline services, and improve its financial products and services.

By Vivian Foo, Unicorn Media

Food Union Group, an international group of dairy and ice-cream producing companies with a preeminent market share in Northern Europe and Latvia, has received a combined US$225 million investment from PAG, one of Asia’s largest PE firm and Meridian Capital, an existing investor.

Commenting on the investment, Askar Alshinbayev, the Managing Partner of Meridian Capital said that, “Entry into China, which has one of the largest and fastest growing consumer markets in the world, is a significant step for Food Union. We are confident that working alongside with PAG, we can deliver on our strategy to manufacture European quality dairy products which demanding Chinese consumers can enjoy and trust.”

As per financial details, PAG will invest US$170 million and Meridian Capital will further invest US$55 million into Food Union, after its last investment in 2013.

Food Union’s business includes milk processing as well as ice cream manufacturing with the company’s roots in the Baltic States including Estonia, Latvia, and Lithuania. Following this funding, PAG and Meridian Capital’s investment will support the expansion of Food Union, focusing specifically in China.

At present, Food Union is building two modern dairy plants in China, where both are nearing completion. The food enterprise also opened its first ice cream pop-up shop in Shanghai last November, receiving more or less 100,000 shoppers a day.

“Food Union has had a tremendous year in 2016. In Europe, we have solidified our position in our home markets and have acquired two ice cream producers in Norway and Romania. In China, we broke ground on two modern dairy plants which are expected to bring high-end dairy products to Chinese consumers by the beginning of 2018,” said Andrey Beskhmelnitsky, the Founder and CEO of Food Union Group.

“PAG’s investment and Meridian’s follow-on investment are an endorsement of Food Union’s strategy and we look forward to working with PAG to build a strong business of dairy products in China,” he further adds.

Speaking on the investment, the Chairman and CEO of PAG , Weijian Shan said, “There is a great demand among increasingly affluent and discerning Chinese consumers for high-quality protein foods such as those Food Union procedures. With its technology, knowhows, and capabilities, Food Union is uniquely positioned to deliver what the Chinese market needs.”

In addition to capital, PAG will also provide Food Union with localised knowledge and significant operational experience in support of the management team.

On the other hand, Food Union Group in Europe will continue focusing on high-added value product development and production in dairy and ice-cream segments and strengthening its market positions in the Baltics, Nordics, Central Eastern Europe, and CIS countries.

Currently, Food Union Group with more than 2,500 employees, is the leading milk processing company in Latvia and the largest ice cream manufacturer in the Baltics and Denmark. Food Union Group exports to more than 25 countries internationally, with the main markets being Latvia, Lithuania, Estonia, Poland, the Netherlands, Great Britain, Azerbaijan, Russia, and China.

By Vivian Foo, Unicorn Media

Mumbai-based online counseling platform, InnerHour has raised US$450,000 in a seed investment from financial advisory Batlivala & Karani Securities, investment firm Venture Works and others.

Commenting on the investment, Keshav Sanghi, the founder of VentureWorks India said, “What differentiates InnerHour from others is that the two founders have many years of experience. Most startup founders are tech savvy but may not know the core business.”

Founded in November 2015 by Amit Malik and Shefali Batra, the InnerHour platform runs under MindCresent Wellness Ventures Pvt Ltd. and offers online psychological and therapy services on both mobile and desktop platforms.

Amit Malik is a psychiatrist who specialises in geriatric medicine and holds an MBA from the London School of Business. He has previously led the mental health team that provided care to older adults for the NHS Foundation Trust in Surrey, UK and has advised healthcare clients at Allegro Capital Advisors, an investment bank.

While another co-founder Dr, Shefali Batra is a psychiatrist, counsellor, cognitive theraphist and wellness consultant. She founded Mindframes, a wellness clinic and online counselling, psychological testing and training setup in Mumbai.

“Two factors led to the creation of Innerhour – there is a stigma attached to seeking mental health in our country and the need for mental health is massive,” said Amit Malik, the Founder and CEO of InnerHour.

“Tech confers a degree of anonymity, so those worried about stigma feel more confident in seeking support. We are very heavily focused on creating content and programmes around mental health and our plan is to also create anonymised communities where people can get peer support,” he further adds.

InnerHour’s team houses experienced healthcare expert psychologists, who offer both free and paid counseling, as well as experienced healthcare management professionals.

The company claims to have a total of 65,000 visits so far and an active engagement with 30,000 clients since its inception. “It’s our phase one- we are getting people comfortable with the idea of psychological help,” said Batra.

For its next step, InnerHour wants to work with institutions and create customised platforms for corporates, allowing employees to engage with and seek psychological support anonymously.

By Vivian Foo, Unicorn Media