Blitz Electric Mobility bags USD 1.6 million in extension to oversubscribed seed round
Blitz Electric Mobility, an Indonesia-based solutions provider for electric vehicle adopters in the logistics sector, has bagged USD 1.6 million, completing the extension of its oversubscribed seed funding round. The capital was raised from various investors, including ADB Ventures, Iterative VC, FiveFortyAlpha, Third Derivative, BonBillo Fund, BANSEA, and Satvik Investment, with ADB Ventures leading the investment.
Utilizing a white-labeling model with a B2B, asset-light approach, Blitz offers technology solutions and infrastructure to help clients complete last-mile deliveries more reliably and efficiently. Collaborating with EV original equipment manufacturers (OEMs), Blitz offers extended lease arrangements funded directly from courier earnings, enabling couriers to acquire EVs for their operations while maintaining its capital efficiency.
Operating nationally in 20 Indonesian cities, Blitz said it collaborates with over 30 enterprise clients across multiple industries, including Blibli, eFishery, Lazada, and more.
With the new funding, Blitz aims to expand its presence in Indonesia to cover 40 cities and plans to venture into carbon credit trading to complement its emission-reducing activities, seeking certification to sell carbon credits locally and internationally.
“The transformation of the logistics sector is essential to reducing carbon emissions and air pollution in Southeast Asia. Last-mile transportation and logistics is an area of interest because it has grown significantly alongside e-commerce and the broader convenience economy over the past five years. Blitz’s significant monthly growth, high execution capability of its founding team, and its aim to increase last-mile delivery operations’ efficiency and facilitate the transition to EVs positioned it as an attractive investment,” said Charles Cole Navarro, investment specialist at ADB Ventures.
B Capital secures USD 750 million, closing new fund
B Capital, a global investment firm established by Facebook co-founder Eduardo Saverin, has secured USD 750 million in commitments, closing its second Opportunities Fund.
According to B Capital’s statement, the amount of commitments secured for the new fund is nearly double its predecessor’s tally. The fund will invest in later-stage companies in the technology, healthcare, and climate tech sectors, focusing on North America and Asia. A majority of the fund will be invested in the firm’s existing portfolio, which includes companies such as Carro, Insilico Medicine, and Kopi Kenangan.
B Capital was also one of the investors that participated in Lambda’s recent USD 320 million Series C round.
Additionally, the new fund will support new ventures that can benefit from its strategic partnership with the Boston Consulting Group (BCG), providing portfolio companies with access to BCG’s consultants and advisors across the globe.
King River Capital, Immutable, and Polygon Labs jointly launch USD 100 million fund
Australian venture capital firm King River Capital and Web3-focused video game maker Immutable have jointly launched a USD 100 million fund with the support of software company Polygon Labs. Dubbed the Inevitable Games Fund (IGF), the new fund will invest in “premier game studios, Web3 infrastructure, and immersive gaming experiences,” with King River Capital leading the investment process while Immutable and Polygon Labs provide key sourcing and Web3 gaming expertise.
According to a statement released by King River Capital, the fund has secured an anchor commitment from Alpha Wave Ventures. Other notable backers include Merit Circle, the family offices of Mike Arrington and Steve Kokinos, and the co-founders of Immutable and Polygon Labs.
The Inevitable Games Fund has already made several investments, providing capital to Pixelmon, Metalcore, Guild of Guardians, and My Pet Hooligan.
Recent deals completed in China:
- Sage, a Shanghai-based developer of integrated robotics solutions that leverage artificial intelligence, has secured over RMB 100 million in a Series A funding round led by Shunwei Capital and Ivy Capital. The company will utilize the funds for technological innovation, product iteration, and market expansion. —36Kr
- Aqua Helpers, a Beijing-based producer of unmanned surface vehicles, has completed a strategic funding round, raising an undisclosed sum from DoBe Group. The company will utilize the proceeds to enrich its supply chain assets and accelerate the R&D and commercialization of new products. —36Kr
- Anchutech, a company specializing in advanced electronic materials, has completed its pre-Series A round of financing. It did not disclose the amount raised. Casstar led the round, with participation from Tenykin and Zhangjiagang Smart Venture Capital. The funds will be used for capacity building and R&D. —36Kr
- Zhongwei Daxin Technology, a quantum computing outfit, has announced the completion of a new round of equity financing. The round was jointly led by Chobe Capital and Bojia Capital, with participation from Chengdu Longquan Aviation Huiyang Investment Center. —36Kr
Latest funding deals in India:
- Atlan, a Mumbai-based “data democratization” company, has raised USD 6.5 million from WaterBridge Ventures in an extension to its Series B funding round, which was led by Salesforce Ventures in March 2022. Atlan operates a metadata platform that enables large enterprise teams to collaborate smoothly on data projects. —Entrackr
- Brij Hotels, a boutique hotel chain, has secured USD 4 million in a Series A funding round led by the Manipal Education and Medical Group (MEMG) Family Office. The round also saw participation from angel investors Abhay Jain, Abhiroop Jayanthi (Bain Capital), Rajendra Rao, and Prashant Deshpande. Brij Hotels will use the capital to expand its presence across geographies. —VCCircle
- Sprih, a climate tech startup, has secured USD 3 million in a seed funding round led by Leo Capital, with participation from undisclosed angel investors. The startup plans to expand its presence in the US and Europe, among other markets, and increase its team size. Sprih runs a software-as-a-service platform that assists companies in creating data-driven, actionable sustainability strategies. —VCCircle
- Relso, a B2B-focused cloud furniture manufacturer based in Bengaluru, has secured USD 840,000 in a pre- Series A funding round jointly led by Ventures Catalysts and Inflection Point Ventures. The round also saw participation from angel investors Ramakant Sharma and Saurabh Jain (Livspace) along with Shantanu Deshpande (Bombay Shaving Company). Relso will allocate the funds toward its cross-border go-to-market strategy, team expansion, and working capital support. —VCCircle
Accredify, Ubitus, Tokenize Xchange, and more led yesterday’s headlines:
- Accredify, a Singapore-headquartered outfit that assists organizations in creating, issuing, and managing verifiable credentials, secured an undisclosed amount of funding from Okta Ventures as part of its Series A extension.
- Ubitus KK, a provider of cloud gaming technology and solutions, bagged an undisclosed amount of funding from global chip giant Nvidia.
- Tokenize Xchange, a Singapore-based digital asset exchange, secured an additional USD 11.5 million in the second phase of its Series A funding round. The investors include Trive and undisclosed high-net-worth individuals (HNWIs).
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