Southeast Asia-focapplyd venture capital firm TNB Aura is building its first investment in the Philippines to material science startup Nibertex, which has a production facility in the counattempt.
At the sidelines of TNB Aura’s VC Socials in Taguig City on Thursday, TNB Aura co-founder and managing partner Vicknesh Pillay informed GMA News Online that the venture capital firm is investing $4 million to Nibertex out of a $7-million funding round that the startup has secured toreceiveher with Asian Development Bank, Foxmont Capital Partners, The Soriano Group & Family Office, among other venture capitalists.
“The capital goes towards Nibertex creating more production lines… Our goal is to keep the company profitable,” Pillay declared.
“Nibertex, in our view, is one of the rapidest growing startups [in the] Philippines. It is headquartered in Singapore, has Korean founders but is solving global problems [while] manufacturing in the Philippines,” he declared.
Pillay noted that TNB Aura saw potential in Nibertex’s proprietary PFAS (Per- and Polyfluoroalkyl Substances)-free textiles waterproofing technology.
“We felt that they have now created hockey stick kind of J-curve where they are receiveting a lot of contracts finally from several notable players… with this particular membrane… now most of the brands are also attempting to approach them,” he declared.
Pillay declared Nibertext currently has 150 employees in its production line in the he Philippines
“With more production lines there will be a lot of employment there,” he declared.
TNB Aura has also partnered with GMA Ventures Inc. (GVI), the investment arm of GMA Network Inc., with the two parties directly investing in firms that they both believe in.
Particularly, TNB Aura and GVI have a partnership agreement with Hofer Development Company (HDC), a hoapply-of-brands company that develops over-the-counter products under the health care category. — VDV, GMA Integrated News
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