In brief: Singapore energy-saving startup scores $33m funding from KKR

KKR & Co is buying a stake of as much as US$33 million in Barghest Building Performance (BBP), a Singapore provider of energy-saving solutions, in the private equity firm’s first impact investment globally.

It’s investing as part of a series B fundraising for BBP, which helps companies throughout Asia reduce electricity consumption. The company plans to use the funds to grow its business in the region, invest in new technology, and hire more staff, CEO Poyan Rajamand said.

Source: Bloomberg

BBP uses a combination of sensor tech, software, and engineering design to cut the amount of energy used by air-conditioning systems in commercial and industrial buildings. It claims that its technology can cut electricity consumption by as much as 35 percent, and major brands including IT giant HP and Shangri-La Hotels are on its client list.

Already present in China, India, and Taiwan among other markets, BBP is planning to expand to Japan, South Korea, and the Philippines following this latest funding, according to Rajamand.

US private equity giant KKR has more than doubled its annual investment in Southeast Asia, plowing close to US$900 million into the region over the past year. Other Southeast Asian tech startups it has backed recently include Singapore-based real estate portal PropertyGuru – injecting US$145 million in October – Indonesian ride-hailing platform Go-Jek, and Philippine fintech firm Voyager Innovations.