A Series A investment round headed by Provident Capital Partners and DeClout Ventures secured US $7.1 million for the Singapore-based commodities marketplace HeveaConnect. The company’s management team also participated in the round, with chief executive Gerald Tan now holding a share of more than 3%.
The business will also establish an employee stock option program following the transaction.
HeveaConnect, a 2018 startup, offers a digital trading network that links sellers, buyers, and producers. Since 2019, it has handled transactions involving more than 600,000 metric tons of rubber, with a current concentration on natural rubber.
The Singapore Exchange, DBS Bank, Itochu Corporation, and Halcyon Agri Corporation are among the investors in the firm.
HeveaConnect stated in a statement that it intends to reorganize the business to establish a distinct subsidiary that focuses on natural rubber. The license for the commodity will apply to all currently available items under that new organization.
When it later decides to grow into other commodities, it will likewise establish a unique subsidiary.
The new financing will be put to use by HeveaConnect for working capital, product development, company growth in the natural rubber industry, and expansion into other commodities.
