Singapore-based smart streaming karaoke startup Popsical announced today that it has secured US$5 million in Series A round of investment, led by local VC firm Quest Ventures.

Seeds Capital, the investment arm of Enterprise Singapore, also participated.

The startup said in a press statement that it will use the funds for market expansion, hiring and developing the roadmap of its products and SAAS services.

Founded in 2016 by three Karaoke enthusiasts, Popsical makes use of a licensed cloud-based streaming system to come up with a library of songs, which is updated daily in multiple languages. It also has inbuilt features like “sing like a rockstar or a chipmunk” to capture its GenZ and Millennials audience.

Popsical delivers compact size portable boxes which can be controlled by an app, in comparison to older models which used to be heavy and bulky and could only be fixed on one location.

“The startup has spotted a viable gap in the market, and we anticipate increasingly interesting opportunities for the company to exploit, especially with the Zoom-environment meeting becoming a part of family and community life across the globe. They are an excellent team of technology lifestyle entrepreneurs and have our full support,” said Jeffrey Seah, Partner of Quest Ventures. who has now joined the startup’s Board of Directors.

Also Read: Ecosystem Roundup: OVO, Dana in merger talks; gojek CTO Ajey Gore resigns; Fincy raises US$11M; Tuas Capital, The Hive to launch SEA startup fund

First originating in Japan, Karaoke has become a popular form of entertainment in Asia, and has expanded to different regions of the world. The global karaoke market has been valued at US$4.2B in 2020 which is projected to touch US$4.6B by the end of 2026.

In COVID-19 times, the company claims that it has “seen a large uptake in Popsical’s global demand via its e-commerce website.”

Some of Popsical’s early investors are Apricot Capital, Teo Heng KTV, Cash Studios KTV, OMG Ventures, and Mediacorp.

—

Image Credit: Pixabay

The post Singapore’s Popsical raises US$5M Series A for its cloud-based karaoke platform appeared first on e27.

Indonesian online furniture retailer Fabelio announced that it has made US$9 million first close of its Series C round, bringing its total funding to more than US$20 million. The round was led by Taiwanese venture firm AppWorks, Endeavour Catalyst, and Telkom Group-backed MDI Ventures, joined by existing investor Aavishkaar Capital.

The company plans to use this funding to further accelerate the development of its supply chain network of logistics hubs and experience centres. This is aimed to support its domestic expansion plan into new regions and cities within Indonesia, such as Java and Bali, by November.

As part of this latest round, AppWork’s’ Partner Jessica Liu will be joining Fabelio’s Board of Directors.

Marshall Tegar Utoyo, CEO and Co-Founder at Fabelio said, “Our main focus will be to improve our product categories and improve delivery times. On top of that, we will expand our sphere of influence across Indonesia by opening new warehouses and experience centres in new cities.”

“Additionally, we are seeing more US and Chinese companies are setting up operations in Indonesia, opening up opportunities for global trade and manufacturing. These market trends, combined with their efforts will enable us to win a larger market share in this exciting US$6.7 billion home furniture market in Indonesia,” he added.

Also Read: Ex-Monk’s Hill associate raises US$500K seed for Fabelio in Indonesia

Founded in 2015, Fabelio offers well-crafted furniture from local designers at attractive prices, offering free same-day delivery services and a two-year warranty period for all its products.

On top of that, the company also positions itself as a bespoke B2B service for properties, providing a free interior design consultancy for those seeking to furnish homes, office spaces, hotels, or restaurants.

In 2018, Fabelio raised US$6.5 million in Series B funding in 2018 and has since grown to have three domestic offices and 20 showrooms in Greater Jakarta Area and Bandung with a headcount of 430 staff handling more than 1,000 B2B projects.

EN Venkat, Partner at Aavishkaar Capital, added his take: “Fabelio has deep networks with artisans and manufacturers from local furniture-making centres in Indonesia. Their effort in empowering Indonesian Micro-Small Medium Enterprises (MSMEs) is what drove us to be involved in their omnichannel furniture business.”

Also Read: Fabelio raises US$2M Series A led by Venturra Capital

Fabelio said that its primary focus for 2020 will be increasing market share through the hiring of key engineering talent, continued online marketing efforts, product development, and operational improvements.

It is now actively seeking regional investors in Southeast Asia and China to conclude its Series C round by end-2020.

–

Image Credit: Fabelio

The post Fabelio makes US$9M first close of ongoing Series C funding round appeared first on e27.

Techstars, Aussie real-estate fund manager EG to drive more investment into APAC

Techstars, a global platform for innovation and investment, and EG, an Australian real estate fund manager, have partnered to drive more investment and startup connections in the Asia Pacific region, with a focus on the proptech and fintech sectors.

Through this partnership, EG joins the global network as part of the Techstars Pathfinder membership programme.

Will Robinson, Vice President for Asia-Pacific, Techstars, said: “With this partnership, Techstars will be able to support EG with their investment and innovation agenda tapping into more than 2,100 portfolio companies from all over the world, (with 500+ added each year), to provide up-to-date and detailed views across a wide range of interest areas, tailored introductions to interesting startups, and data-driver reports and analysis.”

Ryde to allow users to pay for rides using bitcoin

Singapore’s social carpooling app Ryde has launched a cryptocurrency wallet that allows users to pay for rides using bitcoin.

Customers can now convert their bitcoin into Ryde coins to top up their RydePay wallet and pay for their travel.

This feature will be available for all users in Singapore.

At present, one RydeCoin is valued at one Singapore dollar.

Over the next nine months, the firm plans to introduce Ethereum as an additional payment option.

CompareAsiaGroup’s CCO Prashant Aggarwal to become interim Country Manager at SingSaver

SingSaver has appointed Prashant Aggarwal, Chief Commercial Officer at its parent company CompareAsiaGroup (CAG), as interim Country Manager of the personal finance platform.

He replaces Rohith Murthy, who is leaving SingSaver after a 5-year stint.

In his new role, Aggarwal will oversee SingSaver’s overall business strategy, manage relationships with investors and partners, and supervise all core business functions, which will report to him.

At CAG, Aggarwal was responsible for overseeing revenue and client relationships as well as managing the board and investors.

Also Read: Financial comparison platform SingSaver launches instant digital comparisons, with a nod from MAS

Having previously held senior positions at financial institutions Visa and American Express, Aggarwal has strong credentials in financial products and functions.

“Our focus remains on enhancing our digital services, especially in banking and insurance, to help our customers make better choices about personal finance in this new normal,” Aggarwal added.

InstaReM launches BizPay to help Singaporean SMEs improve cash flow

InstaReM, the consumer and SME-focussed operation under fintech platform Nium, has launched a new service to help Singaporean SMEs maximise their cash flow.

Called BizPay, it utilises credit limits in the corporate cards and converts them into working capital to help businesses make payments, including commercial rent or utilities or other supplier payments.

With BizPay, businesses can get commercial benefits such as membership rewards or cash rebates.

Leveraging InstaReM’s existing remittance platform, businesses would only need to type the name of the beneficiary, the amount and currency of payment, and charge the whole payment to their corporate card for funding.

—

The post Roundup: Ryde launches cryptocurrency wallet; Techstars-EG partnership to drive more investment into APAC appeared first on e27.

Indonesia’s government partners with Lazada to help 2 million SMEs go digital

The government of Indonesia has partnered with Lazada Indonesia, an e-commerce platform, to help two million small and medium enterprises (SMEs) go digital this year, according to The Jakarta Post.

The SME Ministry and Lazada Indonesia have launched a training programme to help companies set up stores on the e-commerce platform.

“It is very timely for small businesses to be able to market their product by using information technology,” said Arif Rahman Hakim, a Deputy of HR Development at the ministry.

The government has already partnered with a number of other startups such  as Blibli.com, Shopee, Tokopedia and Bukalapak to help SMEs sustain their businesses during the pandemic.

Pasar app launches equity crowdfunding campaign

Malaysia’s Pasar App has officially launched its equity crowdfunding campaign on the Ata Plus platform.

The startup is looking to raise RM700,020 (US$164,000) in return for an 18.9 per cent equity hold in the company, according to a press statement.

The funds will be used for product enhancement and to grow its current operations.

“We believe that the traction gained in Pasar’s testing period determines the strong demand for fresh grocery delivery services in our community,” Tunku Eddy, Founder of Pasar App, said.

Pasar App is a grocery e-commerce app aimed to deliver fresh wet market goods to the doorstep of its users.

Google India launches a playbook for startups to cope with COVID-19 challenges

Google has launched a playbook titled ‘Playbook for startups to face the COVID-19 Challenge‘, which includes contributions from startups, mentors, and VC firms like Prime Venture Partners, Blume Ventures and Matrix Partners, according to Inc42.

Also Read: Roundup: Ryde launches cryptocurrency wallet; Techstars-EG partnership to drive more investment into APAC

According to the firm, the book will include is a compilation of strategic frameworks and practical advice for startups to make sense of the changing landscape, during the pandemic.

MDEC Chairman asserts Malaysia as an innovation economy

The Malaysia Digital Economy Corporation (MDEC) Chairman Rais Hussin has asserted Malaysia as an innovation economy that “can compete in a disruptive technology world”, according to MalayMail.

“The MDEC will no doubt play a leading role in introducing emerging technologies which are essential tools in the new Malaysia 5.0 digital economy. If such a policy is missing from our national strategy, Malaysia will be left behind and excluded from digital ecosystems and workforces,” he said.

–

Image Credit: Unsplash

The post Roundup: Indonesia partners with Lazada to help 2M SMEs go digital appeared first on e27.

e27 Pro was built to help enable companies access insights, tools, and opportunities that help them address the problems that hold them back.

As we continually evolve e27 Pro, we are delighted to share with you our newest feature updates!

Also read: How e27 Pro helps startups remain in view of APAC key investors

Get cost savings with extra Perks

We will soon be launching the newest e27 Pro feature, Perks.

Perks is designed to provide members with discounts from a highly curated basket of services and products that would aid in the growth of their business.

We’re talking about over US$10,000 worth of savings on products and services that today’s businesses need. These include online payment processing platform Stripe; marketing, sales, and customer service platform Hubspot; cloud platform AWS Scout, and many more.

The current list of perks will be announced early next month and e27 Pro members can access them immediately. We are working on having more top class software and services to be included so this list of Perks will be continually expanding.

Also read: Is your startup in need of funding? Let the e27 Pro Fundraising Highlight do the trick!

Find your business match with Connect

Our ongoing Connect Program for Investment/Fundraising have resulted in over 800 successful connections between startup and investors.

With the success of the Connect Program the past few weeks, we have decided to expand the scope to connecting the Pro members to experts, mentors, and consultants who will be able to help them address problems they encounter as they run their businesses.

You have to be Pro Member in order to participate in the program. If you are keen to participate and work out the membership details at the same time, you can fill up this program form and someone will get back to you on the membership details.

Join e27 Pro

These new features are exclusive for members of e27 Pro. Be a part of the Pro community and enjoy these features and more by signing up for an e27 Pro membership today! You may visit here for more details.

 

–

Featured image credit: 123rf/Saksit Kuson

The post Business matching and cost savings: Introducing the newest e27 Pro features appeared first on e27.