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

Tokyo-based therapeutic application CureApp, on Monday, has announced that it has secured a fundraising round worth 380 million yen (about US$3.38 million) led by existing investor Beyond Next Ventures along with the participation of Keio Innovation Initiative and SBI Investment.

With the latest capital, the firm intends to enhance its research and development system in order to realise a personalised disease treatment mobile application, as well as to progress the utilisation of ICT and AI for medical care and nursing care in Japan. This financing round also follows the procurement of a 100 million yen (about US$8.9 million) from Beyond Next Ventures back in October 2015.

Founded in July 2014 by Dr. Satake Kota and Shin Suzuki, CureApp, Inc. is a MedTech venture that aims to leverage on the evolution of mobile technology to develop a medical app that exhibits therapeutic effects against diseases as a form of new medical treatment.

The company has launched a nicotine addiction treatment app jointly developed with the Division of Pulmonary Medicine from the Keio University’s School of Medicine. The smoking cessation app, launched in February 2015, is currently conducting clinical trials in many locations.

In addition, CureApp had also jointly developed a NASH (non-alcoholic steatohepatitis remedy) treatment app with the Department of Gastroenterology at the University of Tokyo, which is currently under the clinical trial process as well. NASH is a form of hepatitis caused by obesity or diabetes and is one of the typical lifestyle diseases treatable by improving dietary habits.

Besides, a participant of the Hiyaku Next Enterprise program, an innovation encouragement program sponsored by the Japanese Ministry of Economy, Trade, and Industry, CureApp also plans a horizontal spread of medical apps for the treatment of other lifestyle diseases including diabetes, depression and lung cancer which has been difficult to intervene so far.

CureApp is also seeking a way to expand its business to the United States through cooperation with local medical institutions. As having the apps approved by U.S. Food and Drug Administration after clinical trials would make global development possible.

The CureApp series of mobile apps can be downloaded from the iTunes AppStore and Google Play, but due to the nature of these applications, they are premised to be used under the guidance of an affiliated medical institution.

By Vivian Foo, Unicorn Media

Shanghai-based biotech startup Ark Biosciences has recently raised an undisclosed amount in a Series A+ funding round led by Bioventure Investment Management, a Chinese medical and pharmaceutical-focused venture capital.

The startup focusing on innovative drug discovery and development especially in the respiratory viruses, influenza, and Hepatitis B field for worldwide markets current financing round also received participation by existing investors Qiming Venture Partners, Morningside Venture Capital, and Oriza Capital.

“Bioventure is focusing on investments in innovative drugs which are driven by clinical requirements,” said Chen Jie, a partner at Bioventure. “Ark Biosciences is very experienced in the antiviral drugs field, and I believe the company will bring innovative products for respiratory syncytial virus.”

Founded in 2003 by Dr. Jim Wu, Ark Bioscience at present develops an AK0529 drug targeting respiratory viruses, an AK0612 drug targeting influenza, as well as an AK0701 drug and two other projects targeting the Hepatitis B virus.

Last week, the company announced that its AK0529 drug which targets respiratory viruses has gained approval from the China Food and Drug Administration, allowing the biotech startup to commence their clinical trials.

With the latest proceedings, the company will support the phase II study of AK0592, as well as clinical trials of other drugs in its pipeline. The AK0529 drug completed its phase I clinical trial in Australia in 2015 and is in the phase II trial of Viral Inhibition in Children for Treatment Of RSV.

Suzhou-based Bioventure Investment was founded in 2013 by Chen Jie, former managing director at CXC Capital. The company currently has RMB2 billion (about US$280 million) under management. It has made over 30 investments in companies in China and U.S. including Chiral Quest, BrightGene, Suzhou Kintor Pharmaceutical Inc. and PegBio Co. Ltd.

By Vivian Foo, Unicorn Media

Gurgaon-based Holiday Triangle Travel Pvt. Ltd, the operator of TravelTriangle.com, on Monday, has raised US$10 million in a Series B round led by RB Investments, along with the participation from existing investors SAIF Partners and Bessemer Venture Partners.

With this round of financing, the platform plans to enhance features in the product and increase the organic traffic on the platform, as it aims to work towards profitability in the next 18 months.

“We have grown faster than OTAs (Online Travel Agents) in the leisure segment and are now fast approaching their scale. With this new round of investment, we will be able to achieve our vision faster. Our success up till now has been the effort of our super-motivated team,” said Sankalp Agarwal, the Co-founder and CEO of TravelTriangle.

Additionally, TravelTriangle also plans to convert this investment into offers for both their suppliers (tour operators) and users – through building a software for their supplier’s walk-in clients and expanding the EMI payment feature for users.

Founded in 2011 by Sankalp Agarwal, Prabhat Gupta, and Sanchit Garg, TravelTriangle is a holiday marketplace that connects travelers to local travel agents, in addition to fetching quotations, customising personalised trips and facilitating online bookings.

With a team of more than 400 people, TravelTriangle operates from offices located in Noida, Gurgaon, Mumbai and the United States. To date, the company has a network of over 640 travel agents, in which it expects to increase to over 1,500 agents in the next 18 months, according to Agrawal.

The company also aims to serve more than 100 holiday destinations across India and worldwide. At present, its content attracts around 2 million monthly visitiors on its website and has served travelers from more than 65 countries.

Previously, the travel platform had raised a US$1.7 million pre-series A funding from SAIF Partners in July 2014, followed by a series A round of US$8 million from Bessemer Venture in April 2015.

By Vivian Foo, Unicorn Media