HSBC has provided a social loan to Mekong Capital-backed biotech company Gene Solutions, while Japan’s Ayudante has announced its acquisition of Singapore-based Sparkline.
HSBC extends loan to Gene Solutions
HSBC on Wednesday announced that it has extended a social loan to Vietnamese biotech company Gene Solutions to support its expansion in Southeast Asia.
Founded in 2017, Gene Solutions specialises in disease detection based on DNA markers. It has helped parents detect chromosomal disorders during pregnancy, prevent genetic problems, and help conceive through in-vitro fertilisation. The company also offers lifestyle tests, such as hereditary tests, and has entered the oncology segment with genetic tests for targeted therapy.
The social loan, HSBC’s first for a Vietnamese corporate group, is a revolving credit facility. It is expected to support Gene Solutions with its capital needs, technology upgrades, and new product launches.
The loan was provided via HSBC Singapore’s $200 million New Economy Fund, which seeks to back new economy businesses that demonstrate high growth and a clear path to profitability.
Gene Solutions had raised $21 million in Series B funding from Vietnam-focused private equity firm Mekong Capital in September 2023, after bagging $15 million from the PE firm in 2021.
Japan’s Ayudante acquires SG’s Sparkline
Ayudante, a Japan-based digital marketing and measurement consulting agency, announced on Wednesday that it has acquired Sparkline, a Singapore-based independent digital marketing business.
“This strategic acquisition allows Ayudante to tap further into the East and Southeast Asian markets, including Singapore, which has seen a significant increase in the adoption of data analytics and digital marketing solutions,” the company said in its statement.
Founded in 2013, Sparkline was one of the first Google Marketing Platform (GMP) certified partners and resellers in Asia. Meanwhile, Ayudante was the first in Japan to become a GMP certified partner and reseller.
Following the acquisition, Ayudante COO Naohiro Yamaura will assume the position of chairman of the Sparkline board.