February 3, 2021

Asia Impact Investor ABC World Asia Leads US$24M Series B Round In Kim Dental, A Leading Provider Of Affordable Oral Healthcare In Vietnam

3 February 2021, Singapore – ABC World Asia, the Singapore-based private equity fund focused on impact investing across Asia, today announced that it has led a US$24M Series B round in Kim Dental – one of Vietnam’s leading dental system operators, alongside existing backer Aura Private Equity, among others. The new capital will further support Kim Dental with expanding the delivery of affordable and reliable oral healthcare services across Vietnam.

Headquartered in Ho Chi Minh City, Vietnam, Kim Dental currently owns and operates a fast-growing network of 19 dental clinics across four cities in Vietnam. The clinics provide routine dental check-ups and treatments as well as more advanced procedures such as orthodontics, prosthodontics, oral surgery and implants. The dental system operator employs 120 dentists and dental surgeons, as well as over 600 clinical and operational staff serving over 23,000 patients every month. Kim Dental also operates a dental laboratory that supports its clinic network with in-house production of dental crowns, dentures and bridges.

David Heng, Founder and CEO of ABC World Asia, said, “The improvement of health outcomes is a key impact focus for us. Oral health, despite being an important component of primary healthcare, is often neglected and continues to pose a major public health concern in many developing countries. Kim Dental is leading the way in delivering affordable and quality oral healthcare to communities across Vietnam. With its comprehensive approach towards professionalising dental operations, improving clinical training, and elevating customer service quality, Kim Dental is driving positive oral health outcomes anchored on affordability, quality, awareness, and prevention. We look forward to supporting Kim Dental in its mission as it continues to contribute to universal health coverage, and improve the prevention and control of non-communicable diseases in Vietnam through better oral health.”

“Aura Private Equity was an early investor in Kim Dental and is proud to follow on in this landmark Series B round led by ABC World Asia. We were initially attracted to Kim Dental as it is the market leader in Vietnam providing world class oral hygiene services at very affordable prices. We see strong community outcomes as well as a significant market opportunity in Vietnam for reasonably priced healthcare services. This transaction is a significant milestone for Aura Private Equity in Asia, especially in light of market conditions created by COVID-19. It is also our first collaboration with ABC World Asia, and we are delighted to partner with ABC World Asia to continue to support Kim Dental’s entrepreneurial founders in further scaling their business across Vietnam,” commented Andrew Nai, Director of Aura Private Equity.

Dr Nguyen Huu Nam, Chairman of Kim Dental, said, “As Vietnam continues to develop and its economy continues to expand, many segments of our communities are becoming increasingly aware of the importance of oral healthcare and demanding more affordable dental care services of international standards. We look forward to continue building a robust Vietnam dental ecosystem with the additional resources provided from this successful fundraising round. It is our dream to provide dentists with high quality jobs and to offer international standard dental services to patients across the country.” 

Dr Nam is one of the three founders of Kim Dental – the other two founders are CEO Su Duy Bin and CFO Huynh Minh Viet. Together, they lead an experienced management team with deep local operational knowledge and clinical expertise.

Adding to the growth momentum, Kim Dental has partnered with Vinmec Central Park International Hospital, part of the Vinmec Healthcare System. Supported by Vietnam’s leading private economic consortium Vingroup Corporation, Vinmec Healthcare System is one of Vietnam’s leading healthcare groups and also operates the first general hospital in Vietnam to be accredited by Joint Commission International (JCI) – the world’s leading accreditation on hospital management and patient safety. Under this partnership, Kim Dental manages the in-house dental facilities at Vinmec Central Park International Hospital.

Su Duy Bin, CEO of Kim Dental said, “ABC World Asia and Aura Private Equity bring on board their long-term investment approach, global presence, and deep experience in building industry pioneers. We look forward to their support as we continue on our vision to build a leading dental clinic chain in Vietnam.”

Huynh Minh Viet, CFO of Kim Dental, added, “With this successful Series B round, Kim Dental is now well-positioned to expand our delivery of international quality dental care to the fast-growing communities across the country – improving community access as well as helping to elevate the standards of oral healthcare in Vietnam, so that we achieve more positive overall healthcare outcomes in our country.” 

In an ABC World Asia commissioned survey, over 300 dental patients were interviewed to assess the impact of Kim Dental on their oral health. Of those surveyed, nearly half are experiencing quality oral healthcare treatments for the first time – attesting to the mission of Kim Dental to deliver oral healthcare to the underserved segments in Vietnam. Over 75% noted that they felt more informed about oral health after the treatments; and about 78% attested to changing their oral hygiene behaviours after learning more about how to improve their oral health from Kim Dental.

The World Health Organisation estimates that oral diseases affect around 3.5 billion people globally. In low-middle income and emerging markets, the incident rate of oral diseases is expected to rise as more people are exposed to sugar, tobacco and alcohol – the main risk factors for oral diseases. The National Oral Health Survey conducted in Vietnam found that one-third of Vietnamese adults suffer from periodontal pockets as a result of gum disease that was left untreated. Other negatives outcomes from poor oral healthcare also include malnutrition, reduced quality of life, and oral cancer.

Kim Dental was advised on the transaction by BDA Partners.

END

For media queries on ABC World Asia: media@abcworld.com.sg


About ABC World Asia

ABC World Asia is a Singapore-headquartered and Asia-focused private equity fund dedicated to impact investing. We invest in companies that drive positive change by addressing the world’s most pressing challenges such as climate change, resource scarcity, and deepening inequality. Our investment themes include financial and digital inclusion, better health and education, climate and water solutions, sustainable food and agriculture, and smart and liveable cities.

We believe that investing with an impact lens demonstrates the positive power of private capital. Through our rigorous and impact-based investment approach, we help to foster more innovative and resilient companies that deliver societal and environmental benefits. We are a disciplined investor and aim to generate positive and measurable social or environmental impact, alongside a compelling risk-adjusted return for our investors.

Our investment strategy is aligned with the ABC Framework for an Active Economy, a Beautiful Society, and a Clean Earth. The ABC Framework was established by Singapore investment company Temasek and builds on the ideals of the 17 Sustainable Development Goals set by the United Nations.

Our inaugural S$405 million fund includes investors such as Temasek Trust, Temasek, Pavilion Capital, Mapletree Investments, Seatown Holdings, Sembcorp Industries, and Singapore Power.

For more information, please visit www.abcworld.com.sg

About Aura Group

Aura Group is a financial services business providing tailored wealth, funds management and corporate advisory solutions to clients. Founded in Australia in 2009, Aura Group has its head office in Singapore and a significant footprint across the Asia Pacific region including Sydney, Melbourne, Brisbane and Ho Chi Minh City.

Aura Group takes a client-centric approach and was awarded the Best Wealth and Fund Management Company – Asia Pacific and the Client Service Excellence Award – South East Asia, at the 2019 International Finance Awards.

Aura Private Equity is Aura Group’s Asia Pacific-focused Private Equity Team that invests in emerging marketing leaders.

For more information, please visit https://www.aura.co

 X 

Yeo Zuo Yi

Director
 X 

Ryan Liew Bing En

Director
 X 

Aditya Misra

Director
 X 

Silky Raheja

Director
 X 

Tan Ming Xian

Vice President
 X 

Yap Xue Qi

Vice President
 X 

Jason Xu

Vice President
 X 

Ngan Ye Ring

Vice President
 X 

Hiew Wen Ji

Assistant VP
 X 

Tran Khanh Linh

Assistant VP
 X 

Rachel Fong

Assistant VP
 X 

Jirada Jongjakapun

Assistant VP
 X 

Lim Shang Yi

Associate
 X 

Boey Kai Jie

Analyst
 X 

Liew Bing En

Analyst
 X 

Chin Keen Tat

Analyst
 X 
Goh Yew Lin

Goh Yew Lin

Chairman and Non-Executive Director

Mr Goh Yew Lin is Chief Executive Officer of G. K. Goh Holdings Pte Ltd, an investment company with substantial assets in aged care in Australia and Singapore, alongside venture capital and private equity. He is Chairman of Xora Innovation, a Temasek-owned venture builder, and a Director of Temasek Trust. He was Chairman of Seviora Holdings, Temasek’s asset management arm, until September 2025, and served as a non-executive Director of Temasek Holdings from 2005 to 2018.

Mr Goh is also a board member of A*STAR (the Agency for Science, Technology and Research) and Chairman of the Governing Board of Duke-NUS Medical School. He holds a degree from the Wharton School, University of Pennsylvania.

 X 
David Heng

David Heng

Chief Executive Officer and Executive Director

As Chief Executive Officer of Temasek Trust Asset Management (TTAM), Mr David Heng oversees two investment platforms: ABC Impact, an Asia-focused growth impact private equity firm with over S$1 billion (US$900 million) in assets under management, and Temasek Trust Capital, a purpose-aligned investment platform managing a diversified portfolio in support of Temasek Trust’s long-term philanthropic objectives.

With over 30 years in the investment industry, Mr Heng spent 14 years in senior leadership roles at Temasek, including Head of Real Estate, Head of Japan & Korea, Joint Head of Consumer, and Joint Head of China, prior to which he was with Deutsche Bank AG. He serves as an Independent Director of Sea Limited (NYSE: SE) and is a board member of the Centre for Impact Investing and Practices (CIIP). Mr Heng is an IBF Fellow (Asset Management). He holds an MBA from the University of Hull and a Bachelor of Engineering from the University of Canterbury.

 X 
Desmond Kuek

Desmond Kuek

Non-Executive Director

Mr Desmond Kuek is Executive Director and Chief Executive Officer of Temasek Trust, the philanthropic arm of Temasek, a role he has held since January 2023. He was previously Divisional Vice Chairman, Global Wealth Management at UBS AG (2019 to 2022), where he headed Sustainable Finance for Asia Pacific, and President and Group CEO of SMRT Corporation (2012 to 2018). Earlier in his career he served nearly three decades in the Singapore public service and Singapore Armed Forces, including as Permanent Secretary of the Ministry of the Environment and Water Resources, Chief of Defence Force, and Chief of Army.

 X 
Chan Wai Ching

Chan Wai Ching

Non-Executive Director

Ms Chan Wai Ching is Chief Corporate Officer of Temasek International and a member of its Strategy, Portfolio and Risk Committee and Senior Management Committee. She heads Temasek’s Organisation & People function and is a Director of Temasek Trust. She joined the board of Seviora Holdings, Temasek’s asset management group, in September 2025. Ms Chan joined Temasek in June 2006, following an extensive human resources career at Fullerton Financial Holdings, Citibank, Singapore Technologies, United Overseas Bank and Overseas Union Bank. She holds a Bachelor of Business Administration from the National University of Singapore and completed the Advanced Management Programme at Harvard Business School in 2012.

 X 
Margaret Lui

Margaret Lui

Non-Executive Director

Ms Margaret Lui is an experienced investment professional in direct investments, asset management and private equity. She was Chief Executive Officer of Azalea Investment Management, a wholly owned subsidiary of Temasek, from its founding in 2015 until her retirement on 31 March 2025; under her leadership, Azalea grew to manage around US$11 billion in assets and developed its two flagship platforms, the Astrea Private Equity Bonds and the Altrium PE Funds. She remains an Adviser to Azalea and sits on the Investment Committees of its Altrium funds.

Ms Lui spent 40 years with the Temasek group from 1985, including as Senior Managing Director and, prior to Azalea, as Chief Operating Officer of two of Temasek’s affiliate investment management companies. She also serves on the Board of Trustees of the Singapore Institute of Technology, as an independent non-executive director of Lendlease, as Chair of PSA International’s Marine Services Supervisory Committee, and as a member of the Singapore Exchange’s Listing Advisory Committee.

 X 
David Heng

David Heng

Chief Executive Officer

As Chief Executive Officer of Temasek Trust Asset Management (TTAM), Mr David Heng oversees two investment platforms: ABC Impact, an Asia-focused growth impact private equity firm with over S$1 billion (US$900 million) in assets under management, and Temasek Trust Capital, a purpose-aligned investment platform managing a diversified portfolio in support of Temasek Trust’s long-term philanthropic objectives.

With over 30 years in the investment industry, Mr Heng spent 14 years in senior leadership roles at Temasek, including Head of Real Estate, Head of Japan & Korea, Joint Head of Consumer, and Joint Head of China, prior to which he was with Deutsche Bank AG. He serves as an Independent Director of Sea Limited (NYSE: SE) and is a board member of the Centre for Impact Investing and Practices (CIIP). Mr Heng is an IBF Fellow (Asset Management). He holds an MBA from the University of Hull and a Bachelor of Engineering from the University of Canterbury.

 X 
Tan Shao Ming

Tan Shao Ming

Chief Investment Officer

Mr Tan Shao Ming leads a diverse team of impact-oriented investment professionals in building a portfolio that generates impact alongside compelling, market-rate risk-adjusted returns across Asia.

He brings over 20 years of institutional investing experience across a range of styles and strategies. At Temasek, he worked on acquiring controlling and minority positions in Asian banks in the aftermath of the 1997 Asian financial crisis. He later focused on special situations and structured credit at Citadel Investment Group in Hong Kong, covering China, Taiwan and Southeast Asia, and led Southeast Asian mid-market investing at Citi Private Equity.

Mr Tan is a Chartered Financial Analyst. He holds a Bachelor of Engineering (Chemical), First Class Honours, and a Master of Engineering (Chemical) from the National University of Singapore.

 X 
Sugandhi Matta

Sugandhi Matta

Chief Impact Officer

As Chief Impact Officer, Ms Sugandhi Matta leads ABC Impact’s approach to assessing, measuring and driving impact outcomes across its portfolio, and also invests for the firm across South and Southeast Asia. She brings over 20 years of investing experience in the region, having previously been Director of Investment at LeapFrog Investments, a billion-dollar impact fund focused on financial inclusion, and before that focused on Southeast Asian mid-market private equity at Actis. She began her investing career as a member of Temasek Holdings’ Financial Services team.

Ms Matta sits on the boards of several portfolio companies across India and the UK, and has also held board directorships in Thailand and Indonesia. She holds an MBA from the Indian Institute of Management, Bangalore, and a Bachelor of Engineering from Maharaja Sayaji Rao University, Baroda.

 X 
Eugene Huang

Eugene Huang

Chief Strategy Officer

Mr Eugene Huang was previously Managing Director, Investments at Temasek, where over a 12-year tenure based in Singapore, Beijing and Shenzhen he invested and exited over US$5 billion of capital globally across industries such as software, e-commerce, social media, education and consumer. He was most recently responsible for Temasek’s technology and consumer investments in China and head of its Shenzhen office.

Mr Huang began his career as an investment banker with Merrill Lynch & Co. (now Bank of America) in New York and Hong Kong. He graduated summa cum laude from New York University’s Stern School of Business.

 X 
Charina Chan

Charina Chan

Chief People Officer

Ms Charina Chan is Chief People Officer of ABC Impact, a role she holds concurrently with Chief People Officer of Temasek Foundation Ltd and Head of Organisation, Human Resources and Administration at Temasek Trust Ltd. She was previously part of Temasek International’s Organisation & People team, where she led the Non-Executive Talent portfolio, covering board governance and the management of an extended talent network for Temasek and its portfolio companies. Earlier in her career she worked at Fullerton Financial Holdings, a wholly owned subsidiary of Temasek Holdings.

Ms Chan holds an MBA from Imperial College London and a Bachelor of Science from the National University of Singapore.

 X 
Koh Boon San

Koh Boon San

Managing Director, Operations (Non-Investment)

Mr Koh Boon San is responsible for finance, risk, compliance and operations at ABC Impact. He brings more than 20 years of experience across fund management, finance and the corporate sector.

Before joining ABC Impact, Mr Koh headed the business management team at HSBC Securities Services, covering trustee, fund administration and custody services, and spent 10 years at Fullerton Fund Management heading various finance, risk and compliance functions. He began his career at Pricewaterhouse before joining Temasek Holdings’ finance department.

Mr Koh holds a Bachelor in Accounting (Second Class Honours, Upper Division) from Nanyang Technological University and is a member of the Institute of Singapore Chartered Accountants.

 X 
Jeffrey Fang

Jeffrey Fang

Head of Investor Relations and Communications

Mr Jeffrey Fang leads Investor Relations at ABC Impact, responsible for capital raising, investor engagement and external communications across global markets.

Earlier in his career, Mr Fang held roles across corporate development, operations and financial communications. He was Director of Strategic and Public Affairs at Temasek, managing global M&A communications, media relations, and crisis and issues management. He subsequently built a portfolio as an angel investor and venture operator, alongside his own advisory practice, before joining Temasek Trust Asset Management.

Mr Fang serves on the boards of Kim Dental, the Home Nursing Foundation, and several venture-backed companies. He holds an MA in International Relations and Affairs from the Fletcher School of Law and Diplomacy at Tufts University and a BA in Mass Communication from RMIT University.

 X 

Climate
& Water Solutions

We invest in businesses strengthening energy security and accelerating the energy transition across Asia, alongside companies improving water resilience and access — from renewable energy infrastructure and energy efficiency to water treatment and resource management.
 X 

Sustainable Food
& Agriculture

We back companies improving the productivity, sustainability, and resilience of Asia's food systems — including precision agriculture, alternative proteins, and solutions that reduce waste across the supply chain.
 X 

Financial
& Digital Inclusion

We invest in technology-enabled businesses expanding access to financial services for underserved individuals and micro-enterprises across Asia, including digital lending, insurance, and payments infrastructure.
 X 

Better Healthcare
& Education

We back businesses improving access to quality healthcare and education across Asia — from tech-enabled diagnostics and elder care to digital learning platforms serving students at scale.