Provident Capital, DeClout Ventures and HeveaConnect Management lead a US$7.1 million Series A fundraising round for HeveaConnect
Summary
The investment into HC is a strategic one for us and it is an honour to be part of the journey in enabling traceability and increasing the transparency of agri-commodities through HCs suite of products and trading platform. "Mr Lim Swee Yong, CEO of DeClout Ventures, added, "We see strong synergies between HCs offering and our portfolio companies in the technology space. 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.The subsidiary will setup a board of advisors ("BOA") consisting of an equal number of sell and buy side customers, the purpose of the BOA is to help ensure data integrity, transparency and promote the adoption of the platform. We strive to identify issues and deliver solutions that will redefine how commodities are produced and traded.For more information, please visit www.heveaconnect.comSince 2004, the founding partners have been responsible for the establishment of Tower Bersama, JD.ID, and Merdeka Copper Gold, creating three wholly separate businesses with a combined value in excess of US$12.5 billion. As a business builder, Provident has decades of experience and a strong reputation for building value, attracting blue chip international institutional investors and high-quality banks.Provident prides itself on its wide network of investment, financing and operating partners.