Eco-materials company Zence Object, which began as a Macao start-up, has secured more than 10 million yuan from a fund managed by Hong Kong-listed AB Builders Group Limited and Gobi Partners – and gained a 30 million yuan purchase order from the former, a construction contractor. SME Asia reported the news earlier this month, noting that the deal closed at the end of last year.
The purchase order will see AB Builders integrate Zence Object’s materials – made using patented technology from organic waste, including tea leaves – into large-scale infrastructure and construction projects. Venture capital firm Gobi Partners, meanwhile, will provide strategic guidance and resources for the company’s global expansion.
The AB Global Opportunities Limited Partnership Fund focuses on high-growth opportunities, primarily in the renewable energy and green technology sectors. A memorandum of understanding between Zence Object, AB Builders Group and Gobi Partners notes that this collaboration is being geared towards Zence Object’s overseas expansion, R&D and marketing promotion of its flagship eco-materials project, Chazence.
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SME Asia said that the company was currently setting up overseas offices, after having participated in a number of accelerator programmes and exhibitions in major overseas markets, including Singapore.
Zence Object has been focused on construction and engineering applications for its eco-materials of late, according to SME Asia, and has been expanding its international business reach in the sector. Chazence encompasses ‘tea paper’, ‘tea board’ and ‘tea plastic’, made from biodegradable waste like tea leaves, bamboo, bellflower and Chinese herbs, providing sustainable alternatives to traditional plastics, paper and wood. The company’s clients include a number of Macao’s casinos and hotels, as well as Starbucks and the Macau Science Center.
In 2023, Zence Object became the first Macao-based enterprise to receive backing from Alibaba Entrepreneurs Fund (AEF) – a not-for-profit initiative of Alibaba Group that is also managed by Gobi Partners. At that time, Zence Object was poised to relocate its headquarters from the SAR to Hengqin.
