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Home Featured

SG’s HeveaConnect raises $7.1 million for agri-commodities platform

Team AsiaTechDaily by Team AsiaTechDaily
25 July 2022
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HeveaConnect Pte Ltd, a Singapore-based agri-commodities platform company, announced that it has completed its series A round led by Provident Capital Partners, DeClout Ventures, and HC management.

Provident and DeClout joins SGX Group, DBS Bank, ITOCHU Corporation, and Halcyon Agri Corporation as shareholders of HC. The management team has also bought in with the HC CEO owning more than a 3% direct stake.

Founded in 2018, HC has built a digital trading platform for physical natural rubber trading, with more than 600,000 metric tonnes traded since 2019 and counts the world’s top tyre makers, rubber producers and traders as its customers.

Proceeds from the investment will be used for working capital, technology development and continued business development in natural rubber industry as well as expansion into other agri-commodities.

HeveaConnect has partnered World Wildlife Fund Singapore in the development of Hamurni, a practical, inclusive and scalable digital tool for the palm oil supply chain mapping and traceability. It aims to empower smallholder farmers and transform the industry towards transparency and sustainability.

As part of the deal, an Employee Share Option Scheme will be set up and Halcyon has sold $1.6 million of shares to the investors in a secondary share sale, reducing its stake to below 30% on a fully diluted basis. HC will undergo a restructuring exercise post investment where the company will create a wholly owned subsidiary focusing on natural rubber, all existing products related to natural rubber would be licensed to the new entity.

“Provident has built businesses across a variety of industries, including infrastructure, mining, technology and renewables. We are keen to explore new opportunities within the sustainability space, especially in Indonesia where Provident’s business are mostly concentrated in,” said Gavin Caudle, founding partner at Provident.

Gerald Tan, CEO of HeveaConnect, shared that being involved in HC since its inception makes him excited to see how the company has developed and the traction that it has gained.

“We are thankful for the support of our investors and the opportunities that the industry has provided us thus far. This is just the beginning of our journey, together with my team, our investment shows the management commitment and belief in the future of our company,” Tan added.

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