Morning, a coffee technology startup based in Singapore, announced today it has closed its pre-Series A round of investment at US$1.27 million, led by zVentures, the corporate VC arm of a leading global lifestyle brand for gamers Razer.

Other participating investors are Singapore-based The Lo & Behold Group, besides Zopim (acquired by Zendesk in 2014) founders Royston Tay, Wu Wenxiang, and Kwok Yang Bin.

The money will go towards strengthening Morning’s international expansion, according to a press statement.

Also Read: This made-in-Singapore robotic coffee barista will receive you at Japan’s train stations ahead of Olympics

Founded by Leon Foo and Andre Chanco, Morning aims to make specialty coffee more accessible in the home environment. The startup launched its IoT-enabled machine in 2020 using precision brewing features, combined with a recipe-driven ecosystem, to deliver every cup of coffee precisely as the roaster intended it to taste.

Morning also offers an online marketplace to showcase capsule coffees from the world’s leading roasters.

First introduced on Kickstarter, the Morning Machine claims to have reached its fundraising targets in 48 hours and sold out its first production run of 1,000 units within six months.

Morning has distributors in Hong Kong, Canada, and the UK.

Co-founder Foo said: “Both Morning and Razer share a vision for using technology to enable and elevate experiences and deep respect for sustainability and environment. We endeavor to draw from Razer’s expertise in hardware and technology to refine and perfect the Morning Machine and ecosystem for our customers.”

Cho Weihao, Investment Director at Razer, said: “zVentures identifies early-stage startups that lend value to the Razer ecosystem and helps nurture them into brands that our customers will appreciate. Coffee is a big part of our everyday lives, and we believe that Morning raises the bar for home coffee appreciation through the strategic application of technology.”

Also Read: Retrenched and dejected, this entrepreneur proved that a lot can happen over coffee

zVentures is an early-stage venture firm investing in seed and Series A startups globally that add strategic value to the Razer ecosystem. The fund provides its portfolio companies access to Razer’s extensive global network of suppliers, OEMs, customers, and investors. It also allows them to interface with in-house experts, like-minded founders, and influencers.

—

Image Credit: Morning

The post Morning raises US$1.27M in a round led by Razer’s VC arm to take its IoT-enabled coffee maker to global markets appeared first on e27.

Astronaut, an Indonesia- and Singapore-based mobile-first recruitment platform, announced today that it has acquired POPSkul, an on-demand skill certification platform, for an undisclosed sum.

With this acquisition, Astronaut will continue to invest in accelerating the POPSkul platform, and be integrating skills certificates into the candidate profiles in the Astronaut platform.

In addition, Astronaut also said it is raising US$2 million in a pre-Series A round as it looks to accelerate the growth with further technology innovation and new partnerships in Indonesia, Singapore, and globally.

Founded in 2016, Astronaut enables companies to identify the right candidates from larger candidate pools, for both immediate hiring and to build talent pools for future hiring. The firm claims it standardises the process of delivering the best candidate, with less bias and automates the hiring workflow to ensure no wasted time for candidates, recruiters, and hiring managers.

In addition to its focus on Southeast Asia, Astronaut also has clients in Europe and New Zealand. In Q2 2021, Astronaut claims it has grown recruitment clientele by 30 per cent in Indonesia, Singapore, and India. It also commenced a student admissions partnership with the National University of Singapore and is powering Kompas Group’s new online learning capability.

On the other hand, Indonesia-based POPSkul enables people the opportunity to “get certified fast”, especially during the pandemic, which is critical for candidates to be well accessed by employers, said Chandra Marsono, founder of POPSkuls.

Also Read: Emtek invests US$375M in Grab, forms alliance to accelerate Indonesian MSME’s digitalisation

“We want to offer a solution to the highly inefficient recruitment process outsourcing industry that is expected to grow to US$40.6 billion by 2027,” said Nigel Hembrow, CEO and co-founder of Astronaut. “Our vision at Astronaut is to create a sustainable and scalable talent ecosystem through technology in Indonesia, Southeast Asia, and globally.”

According to Indonesia’s Government Head of Statistics, Dr Suhariyanto, around 8.8 per cent (2,56 million) of the working-age population are unemployed, while the workforce is about to welcoming 30 million fresh graduates over the next five years. This calls for more innovative solutions to match the demand and supply side of the talent market better.

Leveraging from the huge demographic advantage in Southeast Asia, digitisation of the talent ecosystem in the region is at an inflection point as the pandemic forced universities and assessment centres to adapt towards reliable, cost-effective digital tools for talent services and hybrid working conditions.

—

Image Credit: Astronaut

The post Astronaut acquires POPSkul to accelerate talent digitalisation in Indonesia appeared first on e27.

Ohmyhome, a one-stop-shop property platform based in Singapore, has secured US$5 million in a fresh round of financing from local investor Swettenham Blue.

The capital will be utilised for R&D in data-matching technology, which the company claims will fast-track the closing of property deals on its platform two times faster than its competitors.

“Our core mission is to help our customers transact as hassle-free as possible at the best price,” said Rhonda Wong, CEO of Ohmyhome. “We have stayed true to our mission and we look forward to greater enhancement in our technology to further speed up the pace of transactions.”

Also read: Ohmyhome aims to tackle lack of transparency, unreliable agents issues in Filipino realty market

Started in September 2016 by sisters Rhonda and Race Wong, Ohmyhome connects buyers and sellers directly at no cost. The platform boasts features such as ‘ShoutOut’ and ‘Open House’ to enhance the overall user experience. It operates on a hybrid model — a do-it-yourself (DIY) platform and fully-fledged agency services.

Last year, the platform launched its operation in the Philippines, its third market after Singapore and Malaysia, as the company realises the unmet demand for realty investments arising from the US$2.38 billion remittances of Filipinos working abroad.

Since its founding, more than 5,100 homes have transacted through Ohmyhome which represents a combined value of over SGD1.6 (US$1.2) billion.

In September 2018, Ohmyhome raised US$2.9 million in a Series A round, led by Golden Equator Capital.

—

Image credit: Ohmyhome

The post Ohmyhome bags US$5M to develop a data-matching tech that fast-tracks closing of property deals appeared first on e27.

Singapore-based credit financing company FinAccel has announced a merger with VPC Impact Acquisition Holdings II (VPCB), a special purpose acquisition company (SPAC) sponsored by Victory Park Capital (VPC), to go public in the US.

FinAccel is the parent of Kredivo, a buy now, pay later (BNPL) platform in Indonesia. It provides customers with instant credit financing for e-commerce and offline purchases and personal loans based on proprietary, AI-enabled real-time decisions.

The transaction assigns FinAccel an approximate valuation of US$2.5 billion.

It is expected to deliver over US$430 million of gross proceeds, including a private investment of US$120 million led by Marshall Wace, Corbin Capital, SV Investment, Palantir Technologies, Maso Capital, and sponsor Victory Park Capital.

The merger is expected to close by Q1 2022.

The public listing will enable Kredivo’s continued growth in Indonesia, expand into regional markets, and help it enter new business lines.

Also Read: Kredivo scores US$100M more in debt funding to further grow its BNPL platform

Founded in 2016, Kredivo is a digital credit card payment platform that offers various payment methods to help customers to break large payments into affordable and safer payments. It offers loans at low-interest rates. The application and approval process takes as little as two minutes.

The platform serves a target segment comprising the rapidly growing middle class of Indonesia. It has nearly 4 million approved customers and a presence across eight of the top 10 e-commerce merchants in the archipelago.

The firm has plans to expand into regional markets such as Vietnam and Thailand shortly.

Akshay Garg, co-founder and CEO of FinAccel, said. “Unlike Western markets where credit is readily accessible, traditional banks in Southeast Asia have historically provided little consumer credit in our markets. So it creates a significant opportunity for Kredivo to tap into other credit needs, such as personal loans, and fulfill our vision of providing fast, affordable, and easily accessible credit to tens of millions of customers in the region. ”

“Considering that 66 per cent of Southeast Asia’s population is unbanked or under-banked, we also see an attractive opportunity to serve these customers with other financial services, outside of credit,” he added.

Victory Park Capital is a global investment firm headquartered in Chicago. It has a long-standing relationship with Kredivo, with VPC providing an initial US$100 million credit facility to the company in July 2020 and upsizing it to US$200 million in June 2021.

In addition, VPC and its Limited Partners have invested approximately US$30 million into the Private Investment in Public Equity (PIPE) and are committed to a two-year lockup on their sponsor shares.

Also Read: Kredivo bags US$100M from US investor to provide instant credit financing to 10M new users in Indonesia

VPCB completed its initial public offering in March 2021.

Gordon Watson, co-CEO of VPCB and Partner at VPC, said: “Kredivo has created a unique platform that enables it to expand into new markets. In addition, its world-class management team has a proven ability to not only execute on its strategy but also revolutionize fintech across Southeast Asia.”

FinAccel is backed by high-quality investors, including Square Peg, Mirae Asset, NAVER, Jungle Ventures, GMO Internet, and Telkom Indonesia.

—

Image Credit: Kredivo

The post Kredivo to go public via merger with Victory Park Capital’s SPAC at US$2.5B valuation appeared first on e27.

MoEngage, a customer engagement platform with significant operations in Southeast Asia, has announced that it has secured  US$32.5 million in a Series C extension round, led by private equity firm Multiples Alternate Asset Management.

Existing investors Eight Roads Ventures, F-Prime Capital, and Matrix Partners also participated in the round, which is a mix of primary and secondary investments.

This follows a US$25-million Series C round led by Eight Roads in February last year.

The company will use the fresh capital to accelerate its global growth strategies and product innovation. In addition, MoEngage also intends to improve the AI and predictive capabilities of its platform.

“Over the last 12 months, we have seen rapid global adoption of insights-led customer engagement. Our customer base and recurring revenue have doubled in the last 12 months and our business growth in the US and Europe has tripled in the first half of 2021 as compared to the second half of 2020. This funding will help us further accelerate our global growth and product innovation,” Raviteja Dodda, co-founder and CEO of MoEngage, said.

“Over the last two years, we have made significant investments in Sherpa, our AI engine, to add a layer of intelligence,” added Dodda.

Also Read: Today’s top tech news: Cross-channel engagement platform MoEngage takes home US$25M Series C funding

Launched in 2014, San Francisco-headquartered MoEngage provides marketers and product managers with consumer behaviour data and the ability to act on those insights to engage customers across web, mobile, email, social, and messaging channels. 

It claims it serves clients in 35 countries with 250 new customers landed on the platform over the past year. Its clientele includes global consumer brands such as Ally Financial, McAfee, Flipkart, Nestle, T-Mobile, JD.ID, Telekom Malaysia, and Travelodge.

MoEngage has a presence in the UK, Germany, Singapore, Vietnam, Thailand, and Indonesia. The firm also says its business growth tripled in the US and Europe H1 2021 as compared to the H2 of 2020.

The startup earlier raised US$9 million in Series B funding from Ventureast and Helion Venture in 2018. 

According to Accenture’s COVID-19 Consumer Survey of 2020, 71 per cent spent more time online during the crisis with 32 per cent of purchases being made online. This indicates the shift in customer behaviours and requires companies to develop better digital experiences to mirror the new way of living and working.  

—

Image Credit: MoEngage

The post MoEngage raises US$32.5M in Series C extension to improve its AI and predictive capabilities appeared first on e27.

Flying Cape, a Singapore-based edutech startup, announced today it has secured US$1.5 million in Series A investment from startup builder Start-up O, EduSpaze, and undisclosed angels.

The startup said in a press note that it will use the money to scale its operations across China and Southeast Asia. This will enable an interconnected educational ecosystem that brings Singapore’s education curriculum and content to international learners. 

Dr Paul Kim, CTO and Assistant Dean of Stanford University’s Graduate School of Education, has joined the Board of Advisors of Flying Cape. He will guide the construction of technological tools to support the startup’s educational development goals, recommendation framework, and methodology for curriculum development.

Founded in 2015, Flying Cape helps parents understand their children’s learning styles, hobbies, and passions. It also helps them identify appropriate classes for their children through tailored suggestions made by its proprietary SMART diagnostic assessment tools.

The company claims it is powering 10 SMART marketplaces that cater to a diverse range of learners, from children to adults. It has collaborated with almost 1,000 partners in Singapore and overseas. 

Also Read: Indonesian edtech startup HarukaEDU secures Series C funding led by American global trading firm SIG, expanding into B2B services

As the pandemic has transformed the education landscape, Flying Cape claims that its traffic and transaction volumes have risen by more than 400 per cent over the last 12 months. “Through this period, we have seen local education players in Singapore evolve, and emerge with more innovative digitalised content and engaging learning concepts to better prepare learners for the future,” said founder and CEO Jamie Tan.  

“To give learners more options for finding just the right fit for their learning, we are also working closely with overseas education providers to offer a larger variety of enrichment options — such as Chinese Language and Art educators from China and music instructors from London,” said  Lydia Ang, Head of Business Development at Flying Cape. 

Flying Cape plans to commence the Flying Cape Ontario Secondary School Diploma (OSSD) programme in China this September. It offers students the fundamental skills needed for higher education through the design of interactive learning modes supported by bilingual teachers. 

The expansion comes at a time when China applies an unprecedented crackdown on tutoring firms that are making a profit by teaching core subjects after school, and bars companies that operate edutech platforms from raising capital through initial public offerings.

—

Image: Flying Cape

The post Flying Cape nets US$1.5M to scale its edutech platform in Southeast Asia, China appeared first on e27.

One of the world’s most exciting tech startup ecosystems right now is Southeast Asia. Despite the pandemic, the region’s vibrant landscape drew investments of US$8.2 billion in 2020. Global tech giants like Facebook, Google, and Microsoft have already taken note of Southeast Asia’s potential. And it’s not just investment from existing tech giants that make Southeast Asia such a hotspot for tech startups. Different startups are making headlines for mergers and acquisitions left and right.

This growth can primarily be attributed to the acceleration of digital adoption, much of it driven by the pandemic. In fact, there were 40 million new internet users in 2020. Furthermore, the region boasts a large pool of talented, ambitious youths. More than one in three youths from Indonesia, for instance, aspire to be entrepreneurs in the future.

Even though it is still a nascent market — about one in three internet users tried new digital services last year because of the pandemic — Southeast Asia’s tech ecosystem is maturing at a rapid rate. The sectors of e-commerce, online media, travel and transport, agritech, financial services, healthtech, and edtech are predicted to hit a gross merchandise volume of more than US$300 billion by 2025. This is not surprising, with the region’s startups quickly making headway and 70 per cent of the population now online.

Malaysia is a great launchpad for startups that want to establish a presence in Southeast Asia.

Located in the heart of Southeast Asia, the country is already home to several established and growing startups. According to the Global Startup Ecosystem Report 2020, Malaysia is the 11th emerging startup destination in the world. Aside from the capital of Kuala Lumpur, other cities like Penang and Selangor also offer low costs of living and a deep pool of talent.

Malaysia is also culturally diverse, which provides global startups with a glimpse into the rest of Southeast Asia. For example, though the official language is Malay, it isn’t uncommon to find that almost everyone is proficient in English. Located next to tech hubs like Thailand, Indonesia, and Singapore, Malaysia is a great place for startups looking to collaborate across borders and enter the Southeast Asian market.

Albert Alexander, Founder and CEO of Glueck Technologies, explained that “Malaysia has the right ingredients for global startups in terms of infrastructure and vibrant ecosystem being a cost-efficient destination with easy access to the ASEAN growing market.” Glueck Technologies is a tech startup that develops next-generation solutions that transform Human Computer Interaction with effective use of Computer Vision, Artificial Intelligence (AI), Machine Learning,  and Deep Learning to build customer-centric solutions.

Also read: These Artificial Intelligence startups are proving to be industry game-changers

The Malaysia-based company develops AI technology solutions that help detect patterns in vast volumes of data and also interpret their meaning. Their machine-learning applications are being used for a plethora of things, including predicting what a particular customer is likely to buy, repeat customers and Customer Relationship Management (CRM) integration for cross-selling and customer retention strategies, identifying credit fraud in real-time and detecting insurance claims fraud, analysing warranty data to identify safety or quality problems in automobiles and other manufactured products in factory automation and office automation (OA) used cases, and automating personalised targeting of digital out-of-home advertisements and derive ROI on ad spend, among others.

“It is useful for companies to look at AI through the lens of business capabilities rather than technologies. Broadly speaking, AI can support three important business needs: automating business processes, gaining insight through data analysis, and engaging with customers and employees,” shared Alexander.

He added, “We have developed products on a generic scale and also customised for a psychology lab for research and teaching and also a tech exhibition centre for people including school children to experience AI technologies in real-life applications in Malaysia.”

How Glueck is transforming industries its next-generation solutions

What makes Glueck unique in the market is their dedication to creating solutions designed to address customer-centric problems in a cost-effective way. They also provide a slew of choices of cloud or edge processing and user-friendly dashboards that can be customised for clients.

Among their roster of products and services are the Pandemic Tracker, Smart Media, Smart City, Retail Analytics, Security Systems, and Big Data Analytics — all of which seek to address different forms of human problems.

One of the company’s key milestones in its partnership with Taylor’s University with the support of HPE and NVIDIA. Together with Taylor’s University Centre for Human Excellence and Development (CHED), Glueck created a socio-behavioural laboratory equipped with AI—the first of its kind in Southeast Asia. The lab comes with 13 face-tracking cameras, a virtual reality interface, brain scanners, and emotion recognition software.

The goal of the project is simple: to identify micro facial expressions that can lead to a life-changing diagnosis for a person with mental health problems. To capture and process these tiny expressions, Taylor’s University turned to AI to observe and interpret the emotions of people with mental illness and special needs. Using emotion recognition software and machine learning, the university’s research is changing the way mental health is diagnosed and treated.

Also read: CloudMile raises US$20M to expand: accelerating the digital transformation agenda in Asia

A recent report by the non-profit Relate Mental Health Malaysia shows suicide as a leading cause of death among Malaysians aged 15 to 29. With this very relevant issue at hand and the many necessary measures that both public and private sectors must take, this partnership between the two institutions is poised to help young Malaysians everywhere.

The project uses emotion recognition software infused with deep learning technology to mimic the brain’s ability to recognise objects and movements. CHED and Glueck have designed the software specifically to perceive different facial expressions of people from diverse countries and ethnic backgrounds so it can help address early signs of depression before any real harm has been caused.

This is only one of the many solutions and partnerships involving Glueck Technologies that has made a significant material impact on the lives of people.

Accelerating Glueck’s expansion

Glueck, which serves as original equipment manufacturer (OEM) to HPE, DELL, Gigabyte, TECHDATA, and NVIDIA, has accomplished quite a number of recognitions across the global tech sector. They previously won as best Media tech from Cradle Malaysia which funded their seed money. The company also won Best Deep Tech/AI company in Malaysia and ASEAN, ultimately representing Malaysia in this category in China.

To date, the company has worked with clients in Thailand, Singapore, Indonesia, India, and Japan.  Glueck Technologies hopes to continue building a strong market presence in ASEAN as it has a young growing population and a dynamic emerging market.

With Glueck’s determination, it was clear that the company was going to soar to greater heights. In its early days, Glueck was among the recipients of the Cradle Fund, an early-stage startup influencer incorporated under the Ministry of Finance Malaysia (MOF), which helped jumpstart the company and provided it with momentum to continue flourishing. Through MDEC, Glueck was able to establish its presence in the regional tech ecosystem by participating in relevant events and being exposed to overseas conferences.

Also read: How Thailand’s Ricult uses deep tech to improve the lives of smallholder farmers

The company also participated in the NEXEA Entrepreneurs Programme last year. This programme provided a platform for tech entrepreneurs to learn together and meet with potential mentors and investors, allowing Glueck to expand their professional network and tap on new business opportunities.

Helping give Glueck and other Malaysian tech startups the visibility they deserve is the Malaysia Global Innovation & Creativity Centre, or MaGIC. Headquartered in Cyberjaya, MaGIC is an innovation and creativity centre under the Ministry of Science, Technology, and Innovation. It aims to support startups and develop a strong, vibrant tech ecosystem in Malaysia.

MaGIC offers several programmes for startups looking to enter the Southeast Asian market. One such initiative is the Global Accelerator Programme, which helps propel global startups to investment-ready status within four months. Through initiatives like this, many Malaysian startups stand a chance to pursue growth and expansion goals in unparalleled ways. MaGIC also periodically opens applications to MyStartup Hub (MSH), a soft-landing program for innovative global startups from all over the world to establish a business hub in Malaysia. Collaborating with Malaysian ministries and agencies, MyStartup Hub provides assistance in company incorporation, local talent acquisition, and Malaysia’s market access.

– –

This article is produced by the e27 team, sponsored by

We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us at e27.co/advertise to get started.

The post How Malaysia’s Glueck Technologies is revolutionising data-driven technology in Southeast Asia appeared first on e27.

Loship, a one-hour e-commerce delivery startup in Vietnam, announced today it has secured US$12 million in a pre-Series C round of equity financing co-led by BAce Capital, a VC firm backed by Ant Group, and the direct investment unit of Sun Hung Kai & Co., a Hong Kong-listed a leading alternative investment company.

The co-investors are MetaPlanet Holdings (Skype co-founder-backed VC firm in Estonia), Wealth Well (Saudi Arabia), Prism Ventures (Singapore), and SQ Capital Group (Hong Kong).

A slew of individual investors also participated, including Mojtaba Akhbari  (former Vice President of Starbucks), Tim Neville (CEO, APAC at FNZ Group), Ben Fitzpatrick (Director, Global Macro Sales at BNP Paribas), Wayne Cowden (founder and CEO at DASS-Inc.), Simon Eglise (MD at EC1 Partners), Quentin Flannery (Director of Ilwella), Jonathon Feil (Director at Prenzler Group), and Milan Reinartz (CEO at iVS).

The round comes close on the heels of Loship’s undisclosed bridge funding round led by MetaPlanet in February 2021.

Loship will use the proceeds from the latest round to deepen its presence in key markets, expand the business into new regions, and fuel its latest growth area — the B2B delivery offering for small F&B businesses and mom-and-pop shops.

Also Read: How Loship gives its rivals a run for their money in Vietnam with a unique combination of food delivery and podcasting

“We have a very clear path to profitability as well as strategic plans on how to get there. Next on our agenda is to bring Loship services to customers living in all parts of Vietnam, especially the lower-tier markets. We will also use the funding to drive forward instant commerce delivery in under an hour,” said co-founder and CEO Trung Hoang Nguyen.

As part of the deal, BAce Capital founder Benny Chen has joined Loship’s Board of Directors. He was on the board of Zomato and Paytm with extensive experience in food delivery and fintech startups across China, India, and Southeast Asia.

Established in 2017, Loship is a distribution network, filling the massive demand for immediate deliveries. It has a wide range of services including food delivery (Loship), grocery delivery (Lomart), ride-hailing (Loxe), medicine delivery (Lomed), laundry service (Lozat), package delivery (Lo-send), flower delivery (Lohoa), beauty products delivery (LoBeauty), and B2B supply delivery (Losupply).

Currently, Loship has a fleet of more than 70,000 drivers and 200,000 merchants. It serves almost two million customers across Hanoi, Ho Chi Minh City, Da Nang, Can Tho, and Bien Hoa.

“Loship creates a strong ecosystem which adds value to small business, customers as well as riders. Under Trung’s entrepreneurship and leadership, we saw the company get much stronger during the pandemic by constantly bringing product and service innovation to its merchants and users. We strongly believe in local entrepreneurs to understand the market and people’s needs better in a great potential market like Vietnam,” said Chen.

Loship had earlier closed its Series A and B rounds from several investors, including South Korea’s Smilegate Investment, Hana Financial Group, and Golden Gate Ventures. Prior to these, it bagged a bridge funding in a Vulpes Investment-led bridge round in October 2020.

—

Image Credit: Loship

 

The post Loship rakes in US$12M to grow its B2B delivery service for small stores, F&Bs in Vietnam appeared first on e27.

Banking major DBS and Singapore sovereign fund Temasek have signed an agreement to jointly launch EvolutionX Debt Capital, a US$500-million development-stage debt financing platform. 

Based in Singapore, EvolutionX aims to accelerate growth and nurture the next generation of technology leaders.

It will invest in ventures originating from an increasingly digital economy, spanning sectors such as financial services, consumer, healthcare, education, and industrial development. 

EvolutionX is currently focusing on offering non-dilutive funding to development stage technology-enabled businesses in China, India, and Southeast Asia, among others.

DBS’s worldwide banking networks will leverage Temasek’s investment experience to further catalyse Asia’s fast-growing technology ecosystem through EvolutionX.

Also Read: Temasek invests in Forge to help grow its private securities marketplace beyond US

The platform will currently be co-led by joint interim CEOs, namely Amit Sinha, Group Head (Telecoms, Media and Technology), Institutional Banking Group at DBS, and Aftab Mathur, Director of Investment (Innovation) at Temasek. It will appoint a full-time CEO in the coming months.

“We aim to provide a meaningful alternative for technology-focused growth companies in Asia that may face debt funding needs between the venture debt and late-stage debt financing phases,” said Rohit Sipahimalani, Chief Investment Strategist at Temasek. 

According to Tan Su Shan, Head of Institutional Banking at DBS, growth debt is quickly gaining traction as an alternative form of funding for high-growth technology businesses that have previously relied only on equity financing. This provides more resources to nurture and finance the growth of Asia’s future unicorns.  

“Apart from helping founder entrepreneurs avoid dilution of share equity in the company’s initial stages of development, growth debt also serves as a complementary tool to tide these companies, which are often cash strapped, through the unexpected market and economic headwinds by extending their cash runway,” added Shan.

Temasek currently offers venture debt to early-stage tech startups via Innoven Capital.

—

Image Credit: Temasek

The post Temasek, DBS team up to launch growth US$500M debt financing platform for Asia’s tech startups appeared first on e27.

Malaysia is the latest to join the countries taking action against Binance as its market regulator has ordered the company to cease operations in the country.

The cryptocurrency exchange is accused of illegally operating in the country by the Securities Commission (SC) of Malaysia.

The commission has issued a public reprimand against the firm, its CEO Zhao Changpeng, and its three entities registered in the UK, Lithuania, and Singapore.

Also Read: How Binance acquired 35 per cent market share in a year with its new crypto derivatives line

All these four entities have been ordered to cease operations, including their media and marketing activities in Malaysia, within 14 business days from 26 July 2021.

It means that the exchange can no longer circulate, publish, and send advertisements and other marketing material to Malaysian investors.

The market regulator has also advised investors to stop dealing with and investing through Binance. In addition, people who have accounts with the exchange have been warned to cease trading through its platforms and withdraw their investments immediately.

The order also restricts Malaysian investors from accessing Binance’s Telegram group.

Also Read: Thailand’s Brooker Group to invest US$48M into Binance, Uniswap, other DeFi projects

Binance has been under immense pressure from the market regulators of various countries across the globe. Last month, Italy’s financial regulator issued a warning against Binance after it was found out that the platform was not authorised to offer services in the country.

Apart from Italy, countries like Germany, Poland, Japan, Thailand, Singapore, the US, and the UK are also on a collision course with the exchange.

Early last months, Barclays customers in the UK were blocked from transferring funds to Binance after the latter faced heat from global regulators. The bank told customers they would no longer be able to send credit and debit card payments to Binance.

Meanwhile, the crypto exchange has announced plans to shut down crypto derivatives trading in Germany, Italy, and the Netherlands.

As per Cruncbase, since its inception, Binance has raised a total of US$35 million in funding over 10 rounds from investors including Vertex Ventures Southeast Asia & India.

—

Image Credit: Binance

The post More troubles for Binance as the startup ordered to cease operations in Malaysia appeared first on e27.