ZENCE OBJECT Secures $2.5 Million in Seed Funding to Commercialise Sustainable Materials from Tea Residuals

First Macau originated startup back by the AEF Greater Bay Area Fund

HONG KONG SAR - Media OutReach - 28 August 2023 - ZENCE OBJECT has achieved a significant milestone by securing a total of $2.5 million in seed funding from the AEF Greater Bay Area Fund (AEF GBA) managed by Gobi Partners GBA (Gobi GBA). This strategic investment is aimed at advancing the realm of sustainable living. Notably, this marks the first instance of AEF GBA's investment in a Macau-based enterprise, underscoring the potential of this collaboration to catalyze the growth of new eco-conscious ventures in the region. The infusion of funds not only empowers ZENCE OBJECT but also ignites a renewed sense of optimism for the trajectory of Macau's development.

Pioneering Sustainability: The newly acquired capital will be predominantly channelled into establishing a cutting-edge research and development (R&D) centre and an immersive exhibition facility in Hengqin. These endeavours are poised to accelerate the pace of research and innovation. Additionally, investments will be directed toward setting up a state-of-the-art 1.0 material manufacturing line and processing hub within the Greater Bay Area, bolstering production capabilities. Simultaneously, the funding will facilitate team expansion, optimize operational workflows, and enhance overall managerial efficacy.

This financing round not only infuses ZENCE OBJECT with additional resources but also leverages the practical strategic insights of Gobi GBA and its AEF GBA Fund, fostering the sustainable evolution of green innovations. Beyond bolstering the Greater Bay Area's progress, this collaboration paves the way for advancements in high-tech, ESG (Environmental, Social, and Governance), eco-friendly materials, the healthcare industry, and green finance. It heralds a transformation within markets and industries, guiding them towards an environmentally conscious and sustainable future.

Debuting under the brand "CHAZENCE," ZENCE OBJECT's flagship venture employs breakthrough technological innovation to craft biodegradable Eastern eco-friendly materials, seamlessly integrating them into people's everyday lives. The product range is crafted from biodegradable constituents such as tea waste, bamboo, bellflower, and discarded Chinese herbs. Transformed into various forms, these materials provide alternatives to conventional plastics, paper, and wood and find utility across a diverse spectrum of products, aligning seamlessly with modern society's pursuit of sustainability.

The components within "CHAZENCE" have undergone meticulous scrutiny and validation by an expert team comprising scientists, engineers, and cultural specialists. This collaborative effort has yielded tailored materials suited for diverse commercial applications. The tea paper, which is completely biodegradable and sourced without deforestation, the formaldehyde-free tea board with triple the hardness of cement, and the tea plastic, which are both endowed with waterproof, washable, and high-temperature-resistant attributes, ensure an amalgam of quality, safety, and dependability. Furthermore, the trio of groundbreaking technologies – " tea paper," " tea board," and " tea plastic " – are in the process of patent applications across Hong Kong, China, Japan, and the United States.

In just over a year, the project has successfully cultivated collaborations with a host of prominent enterprises and brands, encompassing HEYTEA, AEON MALL, the China Tea Museum, Michelin-starred restaurants in Hong Kong, Macau-based resorts, hospitality and gaming companies, international automobile marques, both traditional and modern tea companies, and various hospitality establishments. The diverse product line offered by CHAZENCE has resonated across numerous markets, capturing the interest of brands and consumers alike, thereby sowing the seeds of a sustainable lifestyle.

Hashtag: #ZENCEOBJECT #CHAZENCE #茶甡 #甡物控股

The issuer is solely responsible for the content of this announcement.

About ZENCE OBJECT

ZENCE OBJECT stands as a pioneering enterprise rooted in the Greater Bay Area, committed to tackling the global challenges of waste and carbon emissions. Their mission revolves around advancing the cause of green sustainability, harnessing innovative technologies and eco-conscious materials to furnish eco-friendly solutions across diverse industries, and contributing to the Environmental, Social, and Governance (ESG) objectives of businesses.

Through transformative technological strides and rejuvenating materials from the East, ZENCE OBJECT is resolutely reshaping the world and enhancing lives.

For more details about ZENCE OBJECT, please visit: www.zenceobject.com

About Gobi Partners GBA

Gobi Partners GBA (Gobi GBA) was established in 2016 as a part of the leading Pan-Asian venture capital platform Gobi Partners. Gobi GBA is the sole general partner (GP) of the Alibaba Hong Kong Entrepreneurs Fund (AEF) as well as the AEF Greater Bay Area Fund (AEF GBA Fund) and has formed strategic partnerships with other renowned financial institutions such as HSBC and Hang Seng Bank.

As of 2022, Gobi GBA has invested in over 70 start-ups across the Greater Bay Area and has fostered the growth of 7 unicorns including Airwallex, Amber, Animoca Brands, GoGoX, Prenetics and more.

https://gobi.vc
https://www.linkedin.com/company/gobi-partners-gba