South Korea’s Bioorchestra Pockets $45 Million; Pakistan’s NayaPay raises $13 million


South Korea-based drug developer Biorchestra has raised $45 million in one Series C funding round, while Pakistani fintech platform NayaPay raised $13m in a seed round.

South Korea’s Bioorchestra raises $45 million

Biorchestra, a South Korea-based drug developer specializing in RNA-based therapies for neurodegenerative diseases, has raised $45 million in one Series C funding round, according to an announcement.

Investors who participated in the round include Daily Partners, IMM Investment, SBI Investment, LSK Investment, E&Venture Partners, Smilegate Investment, Quantum Ventures Korea, Stick Investment, Widwin Investment and NH Securities as FI (financial investors).

GS holdings, Chong Kun Dang Holdings and Chong Kun Dang Pharmaceutical participated in the Series C round as strategic investors.

Proceeds from this financing will support the expansion of the company’s research and development activities and product portfolio.

Biorchestra, with offices in Daejeon, South Koreaand Cambridge, MAUnited States, entered into a collaboration with SK Biopharm to develop a new drug against epilepsy in January 2022.

Pakistan’s NayaPay raises $13 million

Pakistan-based fintech platform NayaPay raised $13m in seed funding round led by Zayn Capital; London-based investment firm MSA Novo; global fund manager Graph Ventures; and a Silicon Valley startup VC.

Singapore-based Saison Capital, Waleed Saigol’s Maple Leaf Capital and Empower Finance CEO Warren Hogarth also participated in the round, which also saw a major investment from sponsors Lakson Group – a Pakistani conglomerate.

NayaPay’s funding would mark the biggest round in the South Asian market, overtaking Tag, a banking and financial services platform that raised $12 million last year.

NayaPay is the first fintech of its kind in Pakistan having recently obtained the first e-money institution license from the central bank, State Bank of Pakistan.

Its mission is to make financial services simpler and more accessible to millions of Pakistani users. NayaPay aims to be at the forefront of digitizing Pakistan with its two-sided platform for the underbanked.

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