Retail

Singapore water kiosk maker secures $100M investment

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January 26, 2022

GEM Global Yield LLC, a Luxembourg-based private investment company, has committed SGD 135 ($100.39 million) in funding for Vending Machines International, a Singapore-registered entity providing solutions in water distribution with zero plastic waste that has developed a water dispensing kiosk network in Australia.

Under the agreement, GGY will provide VMI with a share subscription facility of up to SGD 135 million for a 36-month period following a public listing of VMI's common stock.

"With GEM's funds to strengthen the VMI balance sheet VMI will be able to assist the beverage industry by offering a viable alternative to single-use plastic bottles on a global scale," Leicester Chatfield, VMI founder and CEO, said in the press release.