Tuya adds 12% after saying that 65 Equity Partners is taking a 13% stake

Investing.comNov 18, 2024 5:44 PM

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Investing.com -- Shares of Tuya Inc. surged as much as 12% Monday following news that 65 Equity Partners has acquired a 13% stake in the global cloud platform service provider.

The investment was made through the purchase of shares from venture capital firm New Enterprise Associates (NEA).

65 Equity Partners, a Temasek-owned investment platform, focuses on backing high-growth businesses worldwide.

The firm highlighted Tuya's leading position in the smart solution ecosystem, citing its innovative cloud-based software and AIoT device solutions as key strengths.

"This investment via the Anchor Fund aligns strategically with our mandate of supporting high-quality businesses seeking a listing on the SGX," said Tan Chong Lee, CEO of 65 Equity Partners. Karan Saraf of the firm added, "We are thrilled to be part of Tuya's exciting journey where its strong leadership, brand and ethos of innovation have attracted a highly diverse global customer base."

Tuya CEO Jerry Wang welcomed the investment, emphasizing its alignment with the company’s international growth strategy, particularly in the Asia-Pacific region.

Wang also pointed to potential opportunities for a secondary listing on the Singapore Exchange (OTC:SPXCY) (SGX) as part of Tuya’s global market ambitions.

NEA, an early investor in Tuya since its founding in 2014, remains a significant shareholder. Carmen Chang, Partner and Head of Asia at NEA, expressed confidence in Tuya’s strategic direction.

The deal is expected to accelerate Tuya's expansion in emerging markets like Southeast Asia while solidifying its leadership in the AIoT and smart device industries.

Disclaimer: The information provided on this website is for educational and informational purposes only and should not be considered financial or investment advice.

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