Philippines proptech unicorn to raise US$100 million Series C in 2019

Revolution Precrafted

Revolution Precrafted

14/9/2018 – Philippines proptech unicorn Revolution Precrafted is looking to raise a potential US$100 million in its Series C funding round possibly next year, to further expand its logistical capabilities in existing markets.

Revolution Precrafted’s founder Robbie Antonio spoke at the third edition of DealStreetAsia’s Asia PE-VC Summit 2018 in Singapore on Wednesday, hinting at the startup’s potential to reach US$10 billion valuation in the next three to four years.

“We will probably do a Series C next year when we have thousands of home installed and reach more market than where we are right now. That’s obviously part of the game plan,” Antonio said.

So far, Revolution Precrafted had only done two funding rounds, both in 2017. Its first Series A in March secured US$15.4 million on a US$250 million valuation, being led by 500 Startups.

It again raised an undisclosed amount in October for its a Series B funding from K2 Global that allow the startup to reach its unicorn status.

“We’ve only done Series B, so pressure is more intense for us to go higher from here,” Antonio said, adding that the startup aims to be present in 55 counties next year and further raise that number to 85-100 by 2020.

To achieve the goal, Antonio explained that he will utilize the proceeds of the planned Series C funding round to set up more shops in major markets, including one in Dubai to serve the Middle East market, and another in Malaysia to cover Southeast Asia.

Revolution Precrafted will also seek out joint venture opportunities and invest in existing plants or factories.

So far this year, Revolution Precrafted has bagged over US$7.6 billion worth of big tickets projects including the US$3.2 billion partnership with Seven Tide, for “The World Islands” in Dubai, and the US$1.2 billion Okkyin project in Myanmar with KT Group.

Meanwhile, in terms of exit plans, Antonio said he considers an Initial Public Offering (IPO) in a market like New York or London.

“That’s an option for us. It would be very hard for an acquirer to make us a target so the only fundamental way to exit is going public,” he explained.

Founded in December 2015, Revolution Precrafted sells highly customizable prefabricated homes and properties in 25 countries spread across six continents. The startup is known for selling designer pieces, from Jean Nouvel to Zaha Hadid.

IFC to invest US$40 million in Philippines’ Fullerton Healthcare

Fullerton Healthcare

13/9/2018 – International Finance Corporation (IFC), the private sector investment arm of the World Bank Group, is investing in Fullerton Healthcare Corporation to improve the provision of affordable healthcare in the Philippines.

The IFC investment was made through the healthcare wholly-owned subsidiaries – Fullerton Health Philippines Holdings Corporation and Fullerton Health Philippines Pte Ltd – in the form of an S$55 million (about US$40 million) long-term loan facility.

According to Fullerton Health, the loan will be used to help improve the provision of affordable, quality health care in the country and enhance efficiency in the health maintenance organization market through increased integration between the financing and provision of healthcare.

At the same time, this follows the completion announcement in May 2018 regarding Fullerton Health’s entry into the Filipino market through the purchase of a 60 percent stake in the Intellicare Group.

“Garnering the support of IFC as a long-term financing partner is a strong testament of what we have achieved thus far in the healthcare sector across Asia Pacific,” said Tam Chee Chong, the Chief Financial Officer of Fullerton Health.

“It validates our strategic partnership with the Intellicare Group to deliver a holistic approach managed healthcare in the Philippines,” Tam added.

Intellicare group consists of three firms: health maintenance organization (HMO) Asalus Corp, third party administration services provider Avega Managed Care, Inc., and Aventus Medical, Inc. which operates a network of outpatient and mobile clinics.

Fullerton Health, on the other hand, is founded in 2011 as a vertically-integrated healthcare platform. It operates in the Asia Pacific region and serves over 500 healthcare facilities and a large global network of healthcare providers across eight markets in Asia.

Now with the support of IFC’s expanding network, Fullerton Health will further increase training opportunities for health professionals in the Philippines via Intellicare, improving the skill level in this sector and subsequently create jobs.

IFC’s support will also extend to the sharing of best practices within different areas of operations, including facilitating introductions within IFC’s network of healthcare clients.

Vivek Pathak, the IFC director for East Asia and the Pacific, commented on the deal saying that Fullerton Health’s projects will immensely benefit the Philippines, where there is a gap in health insurance coverage.

“High-quality affordable health care is critical to the long-term sustainable development of the Philippines,” Pathak said. “The growth of Intellicare and other companies in this segment will help reduce low and middle-income households’ reliance on out-of-pocket payments to fund health care expenses.”

Since 1962, IFC has invested more than US$3 billion to support over 100 private sector companies in the Philippines. As of December 2017, the investment firm has a committed portfolio of US$ 763.9 million

On a related note, Fullerton Health is aiming for an Initial Public Offering (IPO) in the United States after shelving plans for one in Singapore.