Aditya Hadi Pratama · · 1 min readSingapore rubber trading platform bags $7.1m
HeveaConnect, a Singapore-based commodities marketplace, has raised US$7.1 million in a series A funding round led by Provident Capital Partners and DeClout Ventures. The firm’s management team also joined the round, with chief executive Gerald Tan now owning more than a 3% stake.
After the deal, the company will also set up an employee share option scheme.
Photo credit: HeveaConnect
Founded in 2018, HeveaConnect provides a digital trading platform that connects producers, traders, and buyers. It currently focuses on natural rubber, having facilitated transactions of more than 600,000 metric tons of rubber since 2019.
The startup counts the Singapore Exchange, DBS Bank, Itochu Corporation, and Halcyon Agri Corporation as investors.
In a statement, HeveaConnect said it plans to restructure the company to have a separate subsidiary focusing on natural rubber. All existing products related to the commodity will be licensed under that new entity.
It will also set up a separate subsidiary when expanding to other commodities in the future.
HeveaConnect looks to use the fresh funding for working capital, product development, business development in natural rubber, and expansion to other commodities.
See also: These are the most active investors in Singapore’s startups
Editing by Miguel Cordon and Jaclyn Tiu
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