Bain & Company buys Rainmaking’s Asia business in undisclosed deal

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Global consultancy giant Bain & Company announced that it is buying the Asia-Pacific arm of Rainmaking, the Denmark-headquartered venture builder, in an undisclosed deal.

The transaction is expected to be finalized by the end of July 2023, according to a statement.

With the acquisition, Bain hopes to boost its business-building services called Next, which the firm launched in 2022 to help founders go from “seed to scale.” Meanwhile, Rainmaking has 50 employees based in Singapore, Japan, and South Korea.

After the deal, Rainmaking APAC will keep its brand and work independently within Bain’s existing ecosystem.

Rainmaking APAC partner Samual Hall noted that there’s a strong demand for a venture studio in the region.

“We expect that venture studios as an asset class will continue to grow rapidly in Asia Pacific, and we plan to lead the way in opening new studios,” he told Tech in Asia.

See also: Mapping Temasek’s role in the startup space

Bain and Rainmaking APAC are both participants in Singapore’s Corporate Venture Launchpad 2.0, a S$20 million (US$14.8 million) program aimed at helping companies launch new ventures from the city-state.

Currency converted from Singapore dollar to US dollar: US$1 = S$1.35.