Singapore’s Temasek Holdings led a US$40 million fundraising round in Chinese startup Well-Link Technologies, marking the Southeast Asian state investment company’s latest technology sector investment.
Other investors who participated in the fundraising include Canadian venture capital firm Future Capital and Hong Kong private equity and venture capital firm CDH Venture and Growth Capital, Well-Link Technologies says in a statement recently.
The new funding will help speed up its expansion overseas, according to Guo Jianjun, chief executive officer of the Beijing-based firm.
“With the support of our investors, we can move forward steadily,” Guo says in the statement.
Temasek’s move comes after the state investor and Hong Kong private equity firm Boyu Capital led a $110 million fundraising round in Hong Kong games developer Animoca Brands.
Temasek was also part of a consortium of investors who invested $200 million in local cryptocurrency trading platform Amber Group in February this year.
The state investment company also owns stake in several major global firms, including US e-commerce giant Amazon.com Inc, computer graphic cards maker Nvidia Corp, and holiday rental firm Airbnb.
Temasek had a net portfolio value of S$403 billion ($292.3 billion) as of end-March 2022.