# TR Capital

> TR Capital is a VC fund in Hong Kong backing Food and Beverage and E-Commerce. See 16 investments, check sizes, portfolio and contact details. Updated Aug 2026.

- Type: VC Fund
- Location: Hong Kong, Hong Kong
- Total investments: 16
- Last investment: Dec 2025
- Lead investor: 44%
- Last updated: Aug 2026
- LinkedIn: https://www.linkedin.com/company/tr-capital-group/about/
- Website: http://www.tr-capital.com

TR Capital is an Asian private equity company focused on mid-market secondary investments.

## Contacts

5 contacts available for TR Capital. Shizune tracks 3 team members at TR Capital. Sign up free to unlock them: https://app.shizune.co/sign-up/investor-profiles/find-team-emails/tr-capital?utm_source=investor_profile

## Investment focus

### Industry

| Industry | Investments | Share |
| --- | --- | --- |
| Food and Beverage | 3 | 19% |
| E-Commerce | 2 | 13% |
| Medical Device | 2 | 13% |
| E-Commerce Platforms | 2 | 13% |
| SaaS | 1 | 6% |

32 industries tracked in total.

### Stage

| Stage | Investments | Share |
| --- | --- | --- |
| Secondary Market | 6 | 38% |
| Series B | 3 | 19% |
| Series A | 1 | 6% |
| Series C | 1 | 6% |
| Series E | 1 | 6% |

8 stages tracked in total.

### Country

| Country | Investments | Share |
| --- | --- | --- |
| India | 8 | 50% |
| China | 1 | 6% |
| United States | 1 | 6% |

## Team

| Name | Title | Investments | Profile |
| --- | --- | --- | --- |
| Frederic Azemard | Partner | 3 | — |
| Norbert Fernandes | Director | 8 | — |
| Paul Robine | Founder & Chief Executive Officer | 3 | — |

## Investments

| Company | Description | Amount | Stage | Date | Website |
| --- | --- | --- | --- | --- | --- |
| MoEngage | MoEngage is an internet company that features cloud-based marketing services for consumer businesses. It helps companies on campaigns across channels such as in-app messaging, web, and SMS providing machine learning for optimization of customer engagement. Founded in 2014, MoEngage is headquartered in San Francisco, California. | $57M | Series F | Dec 17, 2025 |  |
| MoEngage | MoEngage is an internet company that features cloud-based marketing services for consumer businesses. It helps companies on campaigns across channels such as in-app messaging, web, and SMS providing machine learning for optimization of customer engagement. Founded in 2014, MoEngage is headquartered in San Francisco, California. | $123M | Secondary Market | Dec 16, 2025 |  |
| MoEngage | MoEngage is an internet company that features cloud-based marketing services for consumer businesses. It helps companies on campaigns across channels such as in-app messaging, web, and SMS providing machine learning for optimization of customer engagement. Founded in 2014, MoEngage is headquartered in San Francisco, California. |  | Secondary Market | Jun 25, 2025 |  |
| Oatside | Oatside is a food and beverage services agency that mainly deals with oat milk supply services. | $35.4M | Series B | Jun 24, 2024 |  |
| Fibe | Fibe is one of India’s leading consumer lending apps focused for every credit need of the young, aspirational and tech-savvy Indian. | $24M | Secondary Market | Jun 05, 2024 |  |
| Fibe | Fibe is one of India’s leading consumer lending apps focused for every credit need of the young, aspirational and tech-savvy Indian. | $65.6M | Series E | Jun 05, 2024 |  |
| FirstMeridian | FirstMeridian is a Human Resources investment platform empowered by technology and innovation, with interests in Staffing, Managed Services and HR Automation. |  | Secondary Market | Jan 09, 2023 |  |
| Sahajanand Medical Technologies | A leading developer and manufacturer of minimally invasive coronary stent systems, with one of the broadest product portfolios in the industry. they have a strong international presence with footprints in more than 40 countries. SMT believe in continuous innovation and up-gradation of our portfolio in order to cater your healthcare needs. Theircommitment is to advance the patient care by introducing state of the art medical devices which will enable us to save precious lives. They are committed to the welfare of all the patients around the world. Their portfolio includes drug eluting stents, bare metal stents, balloon catheters and inflation devices. Their aim is to expand our portfolio which will comprehensively cover all facets of cardiovascular treatment support. |  | Secondary Market | Jan 09, 2023 |  |
| Paradise | Paradise is a restaurant that includes formats such as quaint coffee shops, bustling bakeries, and warm eateries. They offer valet parking and sufficient security measures for the comfort and security of their visitors. They also have a technology stack with Microsoft Dynamics and an advanced SCM at its core that helps them achieve operationalperformance. |  | Secondary Market | Jan 09, 2023 |  |
| Sapphire Foods | Sapphire Foods’ value system is firmed based on simple understanding that We WORK together, GROW together and WIN together as a TEAM. We firmly believe in being open and honest in our business and value openness in all our transactions and dealing. Integrity is treasured and upheld in our organization. We believe in continuous improvement andinnovation to progress towards a better tomorrow. Our motto is to "Get better than yesterday". |  | Secondary Market | Aug 09, 2021 |  |

10 of 16 investments shown.

## Co-investors
- Dragon Fund — VC Fund, 4 deals together
- Axiom Asia Private Capital — VC Fund, 3 deals together
- [Norwest](https://shizune.co/investors/profile/norwest-venture-partners) — VC Fund, 3 deals together
- [StepStone Group](https://shizune.co/investors/profile/stepstone-group) — VC Fund, 3 deals together
- Unigestion — VC Fund, 3 deals together
- Amara Partners — VC Fund, 2 deals together

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## FAQ

### What does TR Capital invest in?

TR Capital invests primarily in Food and Beverage, E-Commerce and Medical Device startups, most often at Secondary Market and Series B stage. Most of the 16 investments tracked by Shizune back companies in India. The Investment Focus section breaks down every industry, stage and country in the portfolio.

### How do I contact TR Capital?

Public channels for TR Capital include LinkedIn and the website linked on this profile. For a verified work email and phone number, create a free Shizune account — contact data is searched across 20+ sources and validated before delivery, so your outreach lands in the right inbox.

### Who are the partners at TR Capital?

The team at TR Capital includes Frederic Azemard (Partner), Norbert Fernandes (Director) and Paul Robine (Founder & Chief Executive Officer). The Team section lists each member with their title, investment count and links.

### Is Shizune's investor data accurate?

Yes — every stat on this profile is calculated from confirmed public funding rounds monitored across hundreds of sources since 2020. This profile was last refreshed in Aug 2026 and is updated monthly. Spotted something off? Use the “Suggest an edit” link near the top of the page.

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