CITIC Capital Acquires China’s Guilong Pharmaceutical; New Trends in Global Tech Report; Adenia Capital Reaches USD470m Final Close for Fund V

10 April 2024
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2024 Trends in Global Tech

#GPCAResearch

GPCA launched the 2024 Trends in Global Tech report as part of its dedicated VC/Tech platform. This edition traces VC investment trends in 2023 across Africa, India, China, Southeast Asia, Latin America, CEE and the Middle East, amidst continued market adjustments and a shifting geopolitical landscape.

Access the report for more in-depth data and analysis covering:

The resilient and maturing venture ecosystems in Africa and the Middle East
Breakdowns of venture investments by stage and sector
Strong public market exit activity in India
Notable fundraising activity

GPCA Members can log in to download the accompanying 2024 Trends in Global Tech Data Pack.

ACCESS REPORT

Asia Members Meeting

25 April | Singapore
#GPCAEvents

GPCA will host the next Asia Members Meeting in Singapore on 25 April 2024.

The meeting will take place at White & Case from 4:30-6 pm, followed by a reception from 6-7 pm. This interactive discussion will highlight sustainability in 2024, including Responsible AI, increasing government regulation on reporting and how the "Year of Elections" can impact sustainability.

Speakers include David Katz (Managing Director, Global Public Affairs, KKR), Michael Tang (Head, Sustainable Development Office, SGX RegCo) and Jaclyn Seow (Director, ESG & Impact, Openspace Ventures).

We will also present GPCA's report on cross-border private capital activity between Asia and the Middle East.

Please register early; RSVPs will be accepted on a first-come, first-served basis.

REGISTER HERE

Gulf Capital | Cedar White Bradley

GPCA Deal Book: Inclusive & Sustainable Growth
#DealCases

In January 2020, Gulf Capital invested in Cedar White Bradley (CWB), a provider of intellectual property services, including trademark, copyright, patent and design, media and entertainment law services in the Middle East, Central Europe and Africa.

With Gulf Capital's support, CWB has dedicated more resources to developing its staff and promoting talent from within the organization. The company implemented several new human resource policies to drive employee advancement, resulting in an annual average percentage of internal promotions of 17% between 2019 and 2022. CWB is committed to creating junior positions and adhering to affirmative action policies to foster local hiring. The company also offers flexible arrangements for working mothers, with 50% of its workforce and over 60% of senior roles held by women as of September 2023.

READ FULL DEAL CASE

DOWNLOAD DEAL BOOK

INVESTMENTS

► Africa50 and Oikocredit led an equity investment in Ghana-based payments platform Zeepay, with participation from Injaro Ghana Venture Capital Fund and Verdant Capital Hybrid Fund, as well as follow-on from Investisseurs & Partenaires. #Africa

► Trustar Capital, the private equity affiliate of CITIC Capital, acquired Guilong Pharmaceutical, a China-based OTC medicine manufacturer for sore throats. #Asia

► Mubadala led a ~USD120m investment in Avanse Financial Services, an India-based non-banking financial company providing education loans, with participation from Avendus. #Asia

► Uzbekistan-based e-commerce platform Uzum raised a USD114m Series A led by FinSight Ventures, with participation from Xanara Investment Management. The round included USD62m in debt. Following the transaction, Uzum became the country’s first unicorn with a USD1.16b valuation. #CEE

► PayPal Ventures and MassMutual Ventures led a USD47m Series C for Qoala, an Indonesia-based omnichannel insurance platform, with participation from MUFG Innovation Partners and Ohana Holdings, as well as follow-on from Flourish Ventures, Eurazeo and AppWorks. #Asia

► Valor Capital Group and Across Capital led a USD22.5m round at a reported USD120m pre-money valuation for Akad, a Brazil-based insurtech for contractors and SMEs, with participation from Endeavor Catalyst, Scale-Up Ventures and Actyus. #LatinAmerica

► Aqua Capital increased its stake in SoluBio, a Brazil-based on-farm biological solutions provider, for ~USD19.9m. Aqua is now the controlling shareholder. #LatinAmerica

► Flourish Ventures and TLcom Capital led a USD8.5m seed round for Zone, a Nigeria-based payments infrastructure company, with participation from Digital Currency Group, Verod-Kepple Africa Ventures and Alter Global. #Africa

FUNDRAISING

► Adenia Capital reached a USD470m final close for its fifth fund focused on making control investments in medium-sized companies across Africa. #Africa

► OTB Ventures reached a USD185m close for its second fund focused on early-stage deeptech startups. The fund will target spacetech, enterprise automation & AI, cybersecurity and fintech infrastructure startups in Central & Eastern Europe. #CEE

EXITS

► Patria Investments exited Natulab, a Brazil-based generic drug manufacturer, through a sale to Pettra, a Brazilian family office operating in the retail and consumer sectors. #LatinAmerica