Oneteam has raised $2.6 million in a seed funding round, while Malaysia-listed Solarvest Holdings Berhad has launched its Powervest solar financing programme in Vietnam.
Singapore’s Oneteam raises $2.6m seed funding
Oneteam, a Singapore-based startup that addresses pressing issues in the SME sector, has raised S$3.5 million ($2.6 million) in a seed funding round, according to a recent announcement.
The funding was led by Wavemaker Ventures, the early-stage fund of Wavemaker Partners, a Southeast Asian venture capital group that invests in enterprise, deeptech, and sustainability startups.
With the new funding, Oneteam plans to allocate approximately 70% towards acquiring small businesses. The remaining funds will be used to develop a strong core team and build the necessary infrastructure to provide shared services for its portfolio.
Oneteam was founded by former investment bankers with extensive experience in startups and local small businesses, combining strategic insight with operational expertise.
The startup tackles a critical issue in Singapore’s SME sector: the lack of succession planning. According to the Singapore Department of Statistics, SMEs account for over 99% of the country’s more than 300,000 enterprises and employ more than 70% of its workforce.
Solarvest launches Powervest programme in Vietnam
Malaysia-listed Solarvest Holdings Berhad has launched its Powervest solar financing programme in Vietnam to aid the clean energy transition for Vietnamese businesses.
The launch was part of the DEX Connex Vietnam 2024 programme organised by the Malaysia Digital Economy Corporation.
With the recent introduction of the Direct Power Purchase Agreement (DPPA) framework, demand for renewable energy solutions has risen among Vietnamese businesses seeking cost savings and sustainability. However, high upfront costs for solar photovoltaic (PV) systems remain a major hurdle.
To address this, Solarvest’s Powervest programme offers two financing options: Powerflex and Powerlease. Powerflex provides packages with zero upfront costs, allowing businesses to fully own the solar PV system with 100% financing or co-own with Solarvest via 50% financing. Powerlease enables companies to lease solar PV systems and buy the generated electricity at a predetermined tariff under the DPPA model.
Solarvest (Vietnam) Company Limited, a subsidiary of Malaysia-founded Solarvest Holdings Berhad, operates across the Asia-Pacific in eight countries. As a comprehensive solar PV system provider, it caters to residential, commercial, industrial, and utility-scale solar farms, with a renewable energy portfolio exceeding 1,300 MW.