Aura Private Equity has led a $18 million investment in Global Incentive Solutions, the Singapore-domiciled parent company of Philippine employee engagement fintech company Giftaway.
Orient Victoria and WICapital participated in the deal as co-investors. This is the first institutional fundraising round of Giftaway, according to Alvin Tan, CEO and Founder of the company. This also marks Aura Private Equity’s first transaction in the Philippines.
Giftaway uses digital voucher solutions to help businesses reward, incentivise and benefit their employees. The company claims it serves around 500 blue-chip companies and SMEs in the Philippines. Financial institutions make up a large part of its client base. By working with these financial institutions, Giftaway supports financial inclusion by promoting access to credit, insurance, and other financial products.
“Our investment in Giftaway is driven by our conviction in the company’s market-leading capabilities and right to win in one of the fastest-growing Southeast Asian economies in recent times and one that is both consumer-driven and underserved by financial services,” said Calvin Ng, Managing Director, Aura Group.
Aura Group is a pan-Asian investment firm managing over $1 billion in assets. Its private equity arm focuses on the middle-market across Southeast Asia and Australia.
Its portfolio companies include athlete software Catapult Group International, fitness gym network Inspire Brands Asia, dental care chain Kim Dental, and Australia Vaccine Services.
Last year, DealStreetAsia reported that Aura planned to raise its first private equity fund, seeking a $ 120 million corpus.
The fund will predominantly invest in Southeast Asia, with a focus on Vietnam, Indonesia, and the Philippines.
Aura also invests in private credit and venture capital.
In terms of venture capital, it is known for Aura Ventures, which is more focused on the Australian market, and TNB Aura, which makes investments across Southeast Asia.
