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The Venture Codex

Integrated Capital

21/F 88 Gloucester Road, Wan Chai, Hong Kong Island, Hong Kong

Overview

Integrated Capital is a multi strategy investment firm investing across private and public equity, private credit and special situations.

Total investments
7
Lead investments
2
Investments · 12mo
0
Active investors
2
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Investment portfolio

  • Surglasses

    Participated · Series A · Nov 2023

    Surglasses develops AR augmented reality surgical navigation systems and related products, solutions, and services to enhance healthcare intelligence. Its core product is the Caduceus S AR navigation system, an FDA 510(k)–cleared AR medical technology designed for complex spinal surgeries that overlays 3D spinal anatomy onto the patient via multiple trackers and a transparent head-mounted display. The company obtained Taiwan Class II medical device approval in 2022 and achieved FDA 510(k) clearance in the United States by the end of 2022. Led by CEO Miron Wang, Surglasses focuses on applications in orthopedics and neurosurgery. The company intends to use the funds to expand operations and development efforts, primarily to accelerate research, development, and promotion of Caduceus S. Surglasses is based in Taichung, Taiwan.

  • The Naked Market

    Led · Series A · Nov 2021

    The Naked Market develops and launches healthier food brands using an end-to-end, asset-light infrastructure and a “fast fail” product development process. Its proprietary data tool, The Machine, aggregates over 15 million data points from Shopify, direct feedback, Amazon, retail POS and search trends to identify category opportunities and gauge product-market fit. The company handles distribution and has produced five brands to date, including Flock Chicken Chips, AvoCrazy, Project Breakfast, Beach House Bowls and a joint-venture popcorn brand with the Jonas Brothers. Its products have been on the market for just over 12 months; the company has 10 employees and reports triple-digit growth since its founding. The new capital will be used to scale existing brands, create new products, pursue M&A opportunities and expand into retail channels in the coming years. The Naked Market was founded in 2019 and expects to launch new brands in the first half of 2022. The Naked Market is a CPG company that has developed branded snacking and beverage products. The company has launched brands including acai Beach House Bowls, Flock Chicken Chips, and AvoCrazy Avocado Puffs. It closed a $6M seed funding round to support growth. The company plans to use the funds to add six additional brands over the next 12 months. One planned launch is Project Breakfast, a plant-based, keto-friendly morning beverage available in Vanilla Chai, Green Tea Matcha, and Morning Chocolate. Project Breakfast is formulated with 14 grams of protein, 3 grams net carbs, 2 grams of sugar, and MCT oils.

  • Stashfin

    Participated · Series B · Apr 2021

    Stashfin is a Singapore-based neobanking platform that issues credit line cards to under‑represented segments such as blue‑collar workers, people aged 23–38 earning under $500/month, and members of the armed forces; it currently serves customers in India. The company built a proprietary underwriting tech stack over about three and a half years that verifies applicants via two degrees of information and analyzes mobile, banking and other signals. Stashfin says its underwriting platform is profitable and scales with attractive unit economics. The startup has nearly 10 million registered customers and is issuing close to 100,000 new cards each month. It is on a trajectory to hit $100 million in annualized revenue and projects that figure would grow by over four times in the next 12–18 months. Stashfin plans to expand beyond India into Southeast Asia and other South Asian markets. StashFin operates a digital lending and neo-banking platform that issues physical and virtual cards and offers online personal loan applications. The platform supports ATM withdrawals, monthly installments, payback rewards, free annual fees and supplementary cards, and it has a Visa partnership. The company reported 200x growth in recent years and employs about 200 people. StashFin plans to use new funding to strengthen operations, expand product offerings, add more local languages, and build a presence across the South Asian market. Prior to the latest round the startup had raised $35 million in total funding. The company was founded in 2016 by Tushar Aggrawal and is based in Singapore. Stashfin, operated by Delhi-based EQX Internet Capital Advisors Pvt Ltd and launched in September 2016, is a machine learning-driven digital lending venture offering virtual credit facilities to consumers. The platform issues loans ranging from Rs 10,000 to Rs 200,000 with repayment tenures from two to 18 months and annual interest rates between 11.99% and 59.99%. At the time of the round the company was operational in four cities and employed around 60 people. The founding team includes co-founder Tushar Aggarwal and the company counts David Lin, former head of risk and analytics at Kabbage, as an adviser. Stashfin secured its pre-Series A funding while still in stealth mode and positions itself to address under-penetration of technology and credit in India’s financial services sector.

  • ICW

    Participated · Series A · Jan 2021

    ICW operates a B2B supply chain management platform that consolidates testing, inspection, and certification resources to provide dedicated quality control for retailers and manufacturers. Launched in 2016 and based in Hong Kong with an office in Singapore, the company covers procurement, product testing and compliance workflows. The startup plans to use its new funding to improve the tech infrastructure of its compliance management system and its product testing platform. ICW also intends to embed new features into its B2B procurement platform, iSource. The company describes its product as a way to digitalize and streamline supply chain processes for clients. No revenue or user metrics were disclosed in the article.

  • ICW

    Participated · Series A · Jan 2021

    International Compliance Workshop (ICW) operates a B2B sourcing and supplier-matching platform that vets suppliers for compliance, product quality and accreditation. Its database contains over 40,000 suppliers, about 80% of which are currently in China. ICW serves major retailers including Ralph Lauren, Prenatal Retail Group, Blokker, Kmart and a large unnamed U.S. pharmacy chain. The company emphasizes screening for human-rights and labor compliance using third-party certification institutes. ICW is seeing increased demand as customers diversify supply chains away from China, though certain categories (e.g., Bluetooth devices, power banks) remain hard to source elsewhere. It plans to use new funding to develop a compliance management system, a product testing platform and its B2B sourcing site. International Compliance Workshop (ICW) is a Hong Kong-based platform focused on supply-chain compliance and quality management. The company operates a platform for managing supply-chain compliance and quality processes. ICW has raised $2.52 million in a Series A financing. The Series A was led by Hong Kong‑headquartered venture capital firm MindWorks Ventures. The article did not disclose operating metrics such as revenue or user counts, nor did it detail future product plans. No other investors or prior funding rounds were named in the article.

Team