VinaCapital Ventures has led a Series A-3 investment in INNOHAS; Heymax.ai has raised $2.6 million in seed funding led by January Capital; and Gentari is partnering with Virta to expand the EV charging network in Southeast Asia.
VinaCapital Ventures invests in Korea’s INNOHAS
VinaCapital Ventures, the venture capital arm of Vietnam-based asset manager VinaCapital, has led a Series A-3 investment in INNOHAS, a plant-based meat alternative company with patented processing technology based in South Korea.
Terms of the investment were not disclosed.
INNOHAS, a South Korea-based foodtech startup founded in November 2021, manufactures a variety of home meal replacement products utilising plant-based meat. The company’s products are sold in Korea and major global markets such as the US, where their products have significantly contributed to the recent popularity of frozen kimbap.
Due to restrictions on the export of animal-based proteins from South Korea, INNOHAS has garnered acclaim for replacing such proteins with plant-based alternatives, allowing the company to promote a wider range of Korean food internationally.
Earlier this year, INNOHAS opened its second facility, the largest plant-based specialised factory in South Korea, which boosted the company’s total production capacity to three times the output of its first factory.
In addition to fulfilling pre-ordered sales at the new factory, the company plans to further expand its market into Southeast Asian countries such as Vietnam and Indonesia.
SG loyalty platform Heymax.ai raises $2.6m seed round
Singapore-based loyalty platform Heymax.ai has raised $2.6 million (S$3.5 million) in a seed funding round led by January Capital, according to an announcement.
Tenity, Ascend Angels, XA Network, and other strategic investors also participated in the round.
Founded in 2023 by four ex-Meta engineers, Heymax.ai is a personal finance and shopping platform that allows consumers to earn Max Miles from over 500 businesses and conveniently redeem them for any flights or directly transfer to miles and points at 25 airline and hotel partners.
Heymax.ai is backed by January Capital, reflecting a shared vision and commitment to digital commerce enablement in APAC.
Joe Lu, CEO and co-founder of Heymax.ai, said that January Capital’s deep understanding of the e-commerce and rewards space further solidified the partnership, making them the ideal investor for Heymax.ai’s future growth.
Heymax.ai recently appointed Aik-Phong Ng, former managing director of Shopback and Fave, as its new Chief Commercial Officer to spearhead Heymax.ai’s partnership expansion efforts and accelerate the widespread adoption of Max Miles.
January Capital previously invested in cashback platform ShopBack.
Gentari to expand EV charging network in SE Asia
Malaysian clean energy firm Gentari Sdn Bhd, a subsidiary of Petronas Group, is partnering with Finland-based EV charging solutions provider Virta to expand the EV charging network in Southeast Asia.
Gentari will utilise Virta’s digital platform and technology through its subsidiary, Gentari Green Mobility, to establish and manage the infrastructure. They will also collaborate with third parties to ensure EV charging compatibility in the region.
Aiming to become the leading green mobility partner in Asia Pacific, Gentari is deploying advanced EV charging services via its platform, Gentari Go, which launched in Malaysia in February 2024.
Gentari Go extends access to chargers in Thailand and Singapore, reinforcing Gentari’s market presence. Currently, over 2,400 charging points are available across Malaysia, Thailand, and Singapore, with plans to add 2,000 more by the end of 2024.
“This partnership has vast potential to capture the momentum of the energy transition in Southeast Asia,” said Virta co-founder and Chief Business Development Officer Elias Pöyry.