Biomedicine specialist fund Efung Capital has roped in Joinn Laboratories as a limited partner (LP) to its new seed fund. Separately, Obita has raised over $10 million in angel financing to build a stablecoin-driven global payment network.
Joinn Laboratories to invest in Efung Capital
Chinese non-clinical contract research organisation (CRO) Joinn Laboratories plans to invest up to 10 million yuan ($1.4 million) in a seed fund managed by Efung Capital, a biomedicine-focused investment firm in China, the listed company disclosed in a stock exchange filing.
Hong Kong- and Shanghai-listed Joinn Laboratories said in the filing that it will commit to the new fund named “Shenzhen City Efung Guangming Science City Seed Fund” that primarily invests in biomedicines and high-end medical devices, alongside other “future industries and emerging industries of strategic importance” to the municipal government of Shenzhen.
The filing shows that the seed fund targets to raise a total of 127.5 million yuan ($17.9 million). Designed to have a fund life of 10 years, it requires prospective LPs to commit no less than 1 million yuan ($140,236.7) each.
Since its inception in 2012, Efung Capital has built a portfolio of over 90 companies in China and globally, including drug developer Chipscreen Biosciences, commercial-stage biopharma Frontier Biotechnologies, medical devices company Lifotronic Technology, and US-based biopharmas Apexigen and Centrexion Therapeutics.
The firm has recorded two IPOs from its portfolio so far this year.
Obita raises over $10m
Obita, a global enterprise-level payment and digital financial network enabling stablecoin-driven transactions, has raised over $10 million in its angel round of financing co-led by Vision Plus Capital and Mirana Ventures.
Legend Capital, HashKey Capital, and Web3.com Ventures participated in the investment, alongside other institutions and individual investors, Obita announced on Monday.
The new financing will fuel Obita’s system R&D, compliance infrastructure development, and global market expansion, accelerating the deployment of its stablecoin-based cross-border payment network, said the startup.
Led by its co-founders, including serial entrepreneur Vincent Yang and ex-HashKey and Lazada executive Dayong Zhang, Obita has an initial focus on high-growth markets in Southeast Asia, Central Asia, Africa, and Latin America.
“Cross-border payments are at a tipping point driven by stablecoin innovation,” said Zhang, who serves as Obita’s CEO.
