Deals in brief: Endowus adds USD 17.5 million in round extension, Employment Hero acquires Humi, recent China deals, and more

Endowus adds USD 17.5 million in round extension

Singapore-based wealth management platform Endowus has secured an additional USD 17.5 million in its latest funding round, pushing the total raised to USD 52.5 million. This brings the company’s total fundraising to USD 112.5 million to date.

The round drew participation from new investors OSK Ventures and the family office of professional basketball player Jeremy Lin, alongside existing backers Prosus Ventures, UBS, and MUFG.

Endowus plans to channel the funds into enhancing its platform, expanding services for affluent and high-net-worth individuals, and reinforcing its presence in Singapore and Hong Kong. The company’s fee-only advisory model, known for offering holistic investment solutions, spans cash savings, private wealth, and public pensions.

Part of the funding will bolster Endowus Private Wealth (EPW), its private wealth division that collaborates with leading global firms such as Blackstone, KKR, and Carlyle.

Employment Hero acquires Humi to enter Canadian market

Employment management platform Employment Hero has acquired Humi, a Canada-based company, in a deal exceeding CAD 100 million (USD 69.5 million). The acquisition represents Employment Hero’s first foray into the Canadian market, bolstering its position as a provider of unified payroll, human resource, and benefits solutions for small and medium enterprises.

The merger aligns Employment Hero’s global platform with Humi’s expertise in Canada’s employment landscape, delivering a tailored solution for local businesses. Humi CEO Kevin Kliman highlighted the impact on Canadian SMEs, stating that the partnership would enable businesses to enhance productivity and employee engagement.

With over one million SMEs in Canada, the market offers considerable growth potential. Employment Hero plans to leverage this opportunity by doubling Humi’s customer base in the near term.

BukaPO secures seed funding to expand Bali-based culinary marketplace

BukaPO, a Bali-based culinary marketplace, has closed its seed funding round, as reported by DealStreetAsia. The round was co-led by the Bali Investment Club and Switzerland’s Elea Foundation for Ethics in Globalization. The investment amount remains undisclosed.

Launched in 2020 amid the economic fallout of the Covid-19 pandemic, BukaPO empowers home chefs to turn their kitchens into small businesses. Its preordering platform connects individual consumers and corporate clients with homemade meals, creating income opportunities for its network of chefs.

The fresh funding will be used to scale BukaPO’s B2C services, enhance its platform technology, and fuel regional expansion. The company also plans to strengthen its corporate catering division.

Gene Solutions secures new funding to advance cancer diagnostics

Vietnam-based Gene Solutions, a biotech company specializing in oncology diagnostics, has announced it will receive an investment from Singapore-headquartered August Global Partners, according to Reuters.

The financial details were not disclosed.

Recent deals completed in China: Xnergy, HiFeed, Weimai, and more made recent headlines:

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