KKR-backed Australian cancer treatment firm GenesisCare has filed for bankruptcy in the US. In a separate development, OkayKer, a tech-enabled platform for car spares and repairs in Pakistan, has raised as much as $700,000 in a seed funding round to expand its operations.
GenesisCare files for bankruptcy in US
KKR-backed Australian cancer treatment firm GenesisCare has filed for bankruptcy in the US and is looking to sell its business in the country, per a report by Reuters.
The oncology services provider, which entered bankruptcy with $1.7 billion in debt, seeks to borrow an additional $200 million to fund the bankruptcy restructuring, the report added. It now wants to focus on its business in Spain, and the UK, besides Australia, its headquarters.
GenesisCare is one of the largest independent providers of oncology services with over 440 clinics internationally, including 370 radiation therapy treatment centres in Australia, the US, the UK, and Spain. The company traces its origins to a single clinic in Brisbane, Australia, which over 15 years has grown to become the largest provider of cancer care services in Australia and Europe.
OkayKer bags $700k in seed funding
OkayKer, a tech-enabled platform for car spares and repairs in Pakistan, has raised $700,000 in a seed funding round, per an announcement.
Frontier markets-focused Orbit Startups, London-based VC firm Cur8 Capital, Pakistan-based FRIM Ventures, and Shariah-compliant investor Sabr Capital participated in the round, along with local and international angel investors.
“The auto care space is highly fragmented with immense information asymmetry. While having a disruptive business model, Okayker’s financial plan sees a clear path to profitability which is critical for a viable and sustainable business model,” said Faizan Khan from FRIM Ventures.
Okayker was incubated through the National Incubation Center in January 2023. The company enables workshop owners to record customer orders, delegate tasks to technicians, source auto parts from a network of vendors, and provide customers with the convenience of online payments.
