Shift4Good has roped in Indonesia-listed Indika Energy as one of its limited partners while Singapore-based automotive tech firm Motorist has raised Series A funding.
Indonesia-listed Indika becomes LP in Shift4Good
Shift4Good, a Singapore and Paris-based sustainable mobility venture capital firm, has roped in PT Indika Energy Tbk as one of its limited partners, according to a statement on Wednesday.
PT Indika Energy Tbk is a listed diversified company focused on developing new sustainable businesses through strategic investments in energy, electric vehicles, IT, and health sectors.
“We believe Indika Energy is the ideal player to lead in Indonesia’s EV sector. We are looking forward to collaborating with Indika Energy’s innovation and strategy teams to invest in and accelerate the decarbonization of the transportation sector in the world’s fourth most populous country,” Shift4Good Co-Founder and Managing Partner Sebastien Guillaud said.
Indika Energy joins a fleet of global investors in Shift4Good such as Renault, ComfortDelGro, Capricorn, Motul, the European Investment Fund, BNP Paribas, BPI France, Fimalac, and Credit Mutuel Arkea.
The partnership will support Shift4Good’s investment strategy in Indonesia while Indika Energy will gain access to deal flow and cutting-edge technologies.
“Joining Shift4Good as an LP will open avenues for collaborative projects and innovations, especially in areas like electric vehicle infrastructure, renewable energy integration in transport, and energy-efficient technologies,” Indika Energy vice president director and Group CEO Azis Armand said.
Shift4Good, a thematic fund focused on sustainable mobility and the circular economy of mobility, invests in Pre-Series A to Series B rounds in companies based in Europe and Southeast Asia with a ticket size of up to 20 million euro per company.
It started operations in November 2022 and has invested in 10 companies to date. It has planned to build a portfolio of 30 companies in the coming four years.
Shift4Good’s fund hit its first close at 100 million euro in 2022. Guillaud told DealStreetAsia that the fund is expected to achieve a final close in about four to six months.
“We are close to achieving 250 million euro, not 100% there yet, waiting for some final decisions to be made in the coming weeks. Our hard cap is set at 300 million euro; our target is really 250 million euro and we are confident about getting there,” Guillaud said.
SG’s Motorist raises Series A at $60m valuation
Motorist, a Singapore-based automotive tech firm, announced Tokyo Century Leasing (Singapore) as a strategic lead investor in its undisclosed Series A funding round.
Motorist claims that the round has valued the firm at $60 million. Motorist is still in the market to find more strategic investors for its Series A round.
“This investment by Tokyo Century Leasing (Singapore) is a major step forward,” said Damian Sia, Founder and CEO of Motorist in the statement.
“It’s more than just funding; it’s about building a network of strategic partnerships that can bring holistic improvements to the automotive ecosystem. We’re now looking for additional investors who are ready to join us in this journey and contribute to a future where automotive transactions are seamless, transparent, and user-friendly.”
Motorist is currently available in Singapore, Malaysia, Thailand, and Vietnam. It plans to expand its presence to 10 countries by 2026, including upcoming operations in the Philippines.