Goldman Sachs Asset Management is investing in reusable metal container firm Goodpack while Chinese e-commerce firm Vipshop is looking to enter SE Asia. Separately, Singapore-based payable software startup Spenmo has reportedly conducted a new round of layoffs.
Goldman Sachs Asset Management invests in Goodpack
Goldman Sachs Asset Management has announced a structured investment in Singapore-based metal container provider Goodpack as part of a broader transaction to refinance the business and provide capital for the latter’s next stage of growth.
The investment will drive KKR-backed Goodpack’s sustainable and cost-efficient solution and improve its position as a leading supply chain partner within the returnable logistics sector.
“Over the past two decades, Goodpack has become an enabler of global supply chain ecosystems and has established itself as a trusted partner in delivering integrated solutions to customers in demanding industry sectors,” said Eric Grégoire, CEO of Goodpack.
Layoffs at Spenmo: Report
Singapore-based payable software startup Spenmo has undertaken a fresh round of layoffs, The Business Times reported.
Founded in 2019, Spenmo raised $85.35 million in a Series B round led by New York-based investment giant Tiger Global Management in January. Its $34-million Series A round was backed by Addition, Salesforce Ventures, Alpha JWC, Global Founders Capital, Broadhaven, Operator Partners, and Commerce Ventures.
It had previously raised seed capital from Y Combinator, Flash Ventures, Rocket Internet, Iterative Capital, and the XA Network.
Vipshop expands to Southeast Asia
Chinese e-commerce company Vipshop has entered the Southeast Asian market after launching its discount retailing platform in Singapore, according to a LinkedIn post by the company’s Southeast Asia head Bernard Tay.
Founded in 2008, the company has been listed on New York Stock Exchange since 2012 and works with over 20,000 brands, offering products in fashion apparel, shoes & bags, cosmetics, mother & kids, home & living, and more.