Singapore Life Holdings Pte Ltd has made a capital injection into its Philippine subsidiary while Indonesian fishery startup FishLog has closed its pre-Series A extension round.
Singlife injects capital into PH arm
Singapore Life Holdings Pte Ltd (Singlife) has injected a sum of approximately $10.6 million (₱600 million) into its Philippines-based subsidiary Singlife Philippines, according to a company release.
The capital injection is expected to support the company’s growth and innovation in digital technology.
“This funding underscores the strong confidence Singlife and other shareholders have in the vast potential of the Philippines market as well as Singlife Philippines’s focus on technological innovation, to disrupt how insurance is experienced and delivered,” says Richard Vargo, Chairman of Singlife Philippines.
Singlife Philippines has disclosed that the newly injected capital is earmarked for strategic investments in its digital platform, product innovation, and partnership expansion initiatives.
The company aims to leverage AI to enhance its platform, ensuring greater efficiency and personalised user experiences.
Singlife Group recently became a wholly owned subsidiary of Sumitomo Life Insurance Company (Sumitomo Life). Singlife is key to Sumitomo Life’s regional plans and has set its sights on becoming an integrated omnichannel financial services firm in the region with a focus on customer centricity.
Fishlog closes pre-Series A extension round
Indonesian fishery startup FishLog on Tuesday announced the closing of an undisclosed pre-Series A extension round with participation from Mandiri Capital Indonesia, BNI Ventures, Accel Partners, Insignia Ventures Partners, and Saison Capital.
FishLog raised $3.5 million in its pre-Series A round in 2022 from BRI Ventures, Accel, Insignia Ventures Partners, Patamar Capital, Indogen Capital, and Triputra Agri Group. The firm raised $1 million in its seed round in March of the same year.
“The funds raised will go towards empowering and elevating fisheries businesses and stakeholders to strengthen FishLog cold chain ecosystem,” the firm said in a statement.
“A particular focus will be the United States (US) distribution of FishLog’s traceable fisheries products, supported by FishLog’s proprietary innovations: FishLog Trace and FishLog Smart Contract, powered by blockchain technology.”
According to the firm, FishLog has operated in the US since 2023. The firm distributed over 60,000 kg of seafood products in the US and connected over 60 domestic and international buyers.
FishLog also named Dimas Wikan Pramudhito – who has served stints at Rabobank, MUFG, Standard Chartered Bank and NOBEL Capital Investment – as its chief financial officer.