Temasek impact arm leads Series B for Vietnam dental player
ABC World Asia, the impact investment arm of Temasek Holdings, has led a $24 million Series B found for Kim Dental, a Vietnam-based dental clinic operator. Existing backer Aura Private Equity also participated.
Headquartered in Ho Chi Minh City, Kim Dental owns and operates 19 dental clinics across four cities. These facilities provide routine dental check-ups and treatments as well as procedures such as orthodontics, prosthodontics, oral surgery, and implants. It employs 120 dentists and dental surgeons, as well as over 600 support staff, and claims to serve over 23,000 patients every month.
In addition, the company runs a dental laboratory with in-house production of dental crowns, dentures and bridges and it manages the in-house dental facilities at Vingroup Corporation-owned Vinmec Central Park International Hospital.
“The improvement of health outcomes is a key impact focus for us. Oral health, despite being an important component of primary healthcare, is often neglected and continues to pose a major public health concern in many developing countries. Kim Dental is leading the way in delivering affordable and quality oral healthcare to communities across Vietnam,” David Heng, founder and CEO of ABC World Asia, said in a statement.
ABC World Asia was announced by Temasek Trust, the government-controlled investment fund's philanthropic arm, in 2019. Temasek and Pavilion Capital support the fund manager. A debut fund of A$405 million ($304 million) received commitments from the likes of Temasek Trust, Temasek, Pavilion, Mapletree Investments, Seatown Holdings, Sembcorp Industries, and Singapore Power.
ABC World Asia backs companies that deliver impact in areas such as financial and digital inclusion, healthcare and education, climate and water-related solutions, sustainable food and agriculture, and livable smart cities. Core geographies include South and Southeast Asia and China.
Last month, it led a $20 million Series C round for CropIn, an India-based developer of cloud technology for agricultural applications. Other investments include V2Food, an Australian alternative protein specialist that is looking to expand in Asia.
BDA Partners advised Kim Dental on the transaction.
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