Private equity firm Hahn & Co has completed its sale of SK Eco Prime to Hillhouse Capital, while Japanese startup Micoworks has raised about $24.5 million in Series B funding.
South Korean PE firm Hahn & Co exits SK Eco Prime
Singapore-headquartered private equity firm Hillhouse Capital has acquired a 100% stake in biodiesel manufacturer SK Eco Prime, paving the way for the exit of South Korean PE firm Hahn & Co, according to a statement.
The value of the transaction was not disclosed, but local media reports pegged it at 400-500 billion won ($306-382 million).
Hahn & Co acquired the bioenergy division from SK Chemical for 380 billion won in early 2020 and formed SK Eco Prime. During Hahn & Co’s ownership, SK Eco Prime also acquired DH Bio, a biodiesel raw material manufacturer, to expand its business.
Hahn & Co has over $14 billion in assets under management, according to its website. In 2019, the buyout firm raised $2.7 billion for its third fund and $500 million for a co-investment vehicle.
Meanwhile, the acquisition of SK Eco Prime has deepened Hillhouse’s presence in the South Korean market, after its $400-million investment in battery maker SK On. Its other deals in this market include food delivery platforms Kurly and Woowa Brothers.
Japan’s Micoworks secures $24.5m funding led by Vertex Growth Fund
Micoworks, a Japanese startup that provides marketing platforms for companies, has announced raising ¥3.5 billion (about $24.5 million) in a Series B funding round anchored by Singapore-based venture capital firm Vertex Growth Fund.
The round was also backed by JAFCO Group, Mitsubishi UFJ Capital, SMBC Venture Capital, Mizuho Capital, All Star SaaS Fund, and Eight Roads Ventures Japan, Micoworks said in a statement.
The company, which is setting up development teams in the Philippines and Taiwan, said it will use the fresh funds to further expand in Asia as it also seeks to enhance its product features.
Micoworks develops and provides the MicoCloud and Micomii marketing platforms. Micomii is a LINE mini-application service for restaurants, while MicoCloud is a marketing platform that optimises communication between companies and their customers.
As of December 2023, over 1,000 brands have utilised MicoCloud, including Tokio Marine & Nichido Fire Insurance, Pasona, and JR Tokai Tours.