South Korea’s early-stage accelerator-cum-VC fund Bigbang Angels has formed a global investment fund in Singapore in partnership with early-stage investor Farquhar VC.

Bigbang Angels and Farquhar VC will collaborate on investments into deeptech startups and accelerate the internationalisation efforts of early-stage ventures in South Korea and Singapore.

Farquhar will work towards enabling Bigbang Angels to establish a Singapore-based VC fund for global investments.

Bigbang Angels and Farquhar have been informally supporting each other with venture acceleration efforts in both countries. As Korean and Singapore startups are seeking to access other global markets (e.g. the MENA and the greater ASEAN regions), Dr Michael Hwang, CEO of Bigbang felt that this is a timely opportunity to synergise the capabilities of both organisations.

Also Read: Singapore’s Farquhar VC joins StockViva’s US$5M Series A investment round

According to Farquhar Chief Investment Officer Jason Su, Singapore startups such as Fairphonic and MyFirst achieved sharper product-market fit in North Asia, thanks to the nurturing efforts from the K-Startup Grand Challenge.

Farquhar looks forward to enabling the BBA Global Venture Fund to allow deeptech startups in both countries to scale to greater heights.

Established in 2012, BigBang Angels (BBA) is a Korean early-stage cross-border VC and accelerator which has invested in more than 100 startups in Artificial Intelligence, agtech, and other verticals.

Established in 2020, Farquhar is a Singapore-based VC fund that has invested in over 20 startups and achieved two exits. It is in the midst of making the first close of its second fund FVC Green Future Fund.

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Singapore-based impact investor Silverstrand Capital has announced an additional €15 (US$15.7) million investment in Netherlands-based aquaculture investment fund Aqua-Spark.

Silverstrand first invested in Aqua-Spark in 2020.

As part of the deal, Silverstrand’s Principal Kelvin Chiu will take a seat on Aqua-Spark’s advisory board, while its Head of Impact will join the investment committee.

Aqua-Spark is a global sustainable aquaculture fund with over 300 investors in over 25 countries. It has grown the amount under management (AUM) to over €450 (US$470) million since its inception in 2013.

Also Read: Silverstrand launches startup accelerator with a mission to protect, restore biodiversity in SEA

The fund’s portfolio comprises companies such as eFishery and Calysta. With the help of these companies, Aqua-Spark claims to have reduced the use of wild resources in feed by the equivalent of 58.6 million fish, upcycled 49.3 million kg of industrial waste, and improved the traceability for 40.4 million kg of food.

“With the global population having passed 8 billion people, smarter and more efficient methods for growing nutrient-rich food are needed,” said Amy Novogratz and Mike Velings, Co-founders of Aqua-Spark.

“Fish supply 17 per cent of the world’s protein, and by 2030 the planet is expected to eat nearly 20 per cent more fish. With our ocean approaching the brink of species collapse, this increase must come from sustainable sources: aquaculture,” they added.

Also Read: Silverstrand, The Meloy Fund back Indonesian agri supply chain startup Koltiva

As a single-family office with an impact investing mandate focused on combating the biodiversity crisis, Silverstrand is focused on advancing regenerative food systems and natural climate solutions.

In October, Silverstrand Capital invested US$10 million in Australian VC firm Carbon Growth Partners.

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Singapore-based VC firm Iterative has announced the close of its US$55 million second fund.

The LPs include Cendana, K5 Global, Village Global, and Goodwater Capital.

Silicon Valley founders and executives, such as Dropbox’s Arash Ferdowsi, Bukalapak’s Achmad Zaky, Andreessen Horowitz’s Andrew Chen, former YC COO Qasar Younis, Foursquare’s David Shim, and Airbnb Asia’s Kum Hong Siew, also invested in the second fund.

Iterative’s Fund II seeks to invest in seed-stage startups, write larger cheques, and make follow-on investments. Fund II will invest up to US$500,000 each in over 100 companies across pre-seed to Series A. 

Also Read: Iterative Capital, Eduspaze fund Indonesian language learning platform LingoTalk

Iterative positions itself as Southeast Asia’s answer to Y Combinator, enrolling the region’s founders into its accelerator programme, where it helps startup founders refine ideas and launch their products in the market.

Since launching its first fund in 2021, the VC firm has backed over 65 companies in five cohorts. Its portfolio companies include Singaporean fintech startup Spenmo, Pakistani travel startup GoZayaan, Singaporean proptech startup Propseller, and home services startup Sendhelper (acquired by PropertyGuru in October 2022).

Iterative’s portfolio firms have raised US$163 million in follow-on funding from investors such as Insight Partners, Tiger Global, Monk’s Hill, Wavemaker, Hustle Fund and others. 

Iterative’s total portfolio is currently worth US$1.2 billion.

Iterative is now accepting applications for its winter 2023 batch.

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It’s no secret that Asia is home to some of the world’s most advanced fintech markets, and they’re looking to make an ambitious move with the help of the Dubai International Financial Centre (DIFC).

Fintechs from Singapore and wider Asian markets are looking to establish themselves in DIFC and make sizeable investments in our ecosystem.

The fintech expansion

Sheer market size and high adoption of digital financial services have seen the Asia-Pacific landscape advance rapidly across both its younger and more mature economies. As they’ve progressed, however, global macroeconomic conditions are driving them to seek new opportunities to scale beyond their regional borders and into new economies with demand for ambitious fintech products and services.

Also Read: A new breed of fintech payment is here to slay the game

The fast-growing Middle East, Africa, and South Asia (MEASA) market consists of 72 countries, more than three billion people and a nominal GDP of US$7.7 trillion. These statistics sum up DIFC’s strategic importance as a preferred gateway for businesses with innovative financial services technologies continues to grow.

Just as Singapore serves as the hub for ASEAN nations, Dubai is their bridge to expand reach and capture opportunities in our emerging geographies, but with a familiarity that aligns with their sophisticated multi-national environments.

That’s why, in 2018, the Monetary Authority of Singapore (MAS) and the Dubai Financial Services Authority (DFSA) signed a fintech agreement that allows referrals of innovative businesses between the two authorities.

This agreement reflects the commitment and collaborative spirit of both regulators to support the continuous development of fintech and innovation to deliver new and enhanced financial services to manage risks better, reduce costs and increase efficiency.

In fact, some of Singapore’s top financial institutions already have their regional head offices in Dubai, including DBS Bank Ltd., Bank of Singapore Limited, Taurus Wealth Advisors Limited, Lighthouse Canton Capital (DIFC) Pte Ltd, Uti International (Singapore) Private Limited, and Singalliance Pte Ltd). Singaporean fintech, such as WeInvest, has participated in DIFC’s fintech Accelerator programme.

The latest hotspot

Over the last two years or so, Dubai has been attracting exceptional interest from fintechs across the globe for a variety of reasons. In the first nine months of 2022, the number of fintech and Innovation firms joining DIFC exceeded the total that established operations during the whole of 2021.

Widely, the UAE’s globally recognised management of the pandemic, strategic investment and business-friendly structural reforms, long-term residency schemes, and innovation-enabling regulatory environment has drawn entrepreneurial talent from every corner of the world.

In particular, the UAE has introduced various new long-term visa options and incentives for tech entrepreneurs and professionals to develop the country’s technology sector such as the Golden Visa programme offering 10-year residencies and the five-year Green Visa for freelance professionals.

The UAE is a stable, thriving and globally ranked talent hub. The nation ranked number one in MENA and #22 globally in the 2020 INSEAD Global Talent Competitiveness index. The country holds the top spot for ease of doing business in MENA while filling the time-zone gap between East and West, according to the World Bank’s Doing Business 2020 Report. Dubai also ranks in the top three best cities for ex-pats to live in globally, along with Miami and Lisbon.

Also Read: How is fintech different in Asia

Within DIFC, our comprehensive fintech and innovation proposition has created unparalleled opportunities for success for startups, global players and unicorns.

Our continually growing support ecosystem includes access to education, entrepreneurship and accelerator programmes, mentoring and networking, operating and regulatory licenses, and funding and expertise through venture studios – all under one cost-effective roof – presenting the ultimate platform to innovate and scale.

As more rigid governments struggle to reconcile legacy systems with the new age, DIFC’s progressive business-friendly and innovation-enabling regulatory regime, along with Dubai’s general openness and encouragement for innovation, is most appreciated by disruptors.

This approach means that they can engage in meaningful dialogue with regulators directly to look at ways to collaboratively consult on new models that may define the future of finance.

As a global capital for financial services and a leading hub for financial technology and innovation, our centre is also a space with significant access to sources of capital that have a greater appetite for risk and innovative and inclusive business models.

Between January and September 2022, DIFC-based fintech firms secured over AED2 billion (US$559 million) of funding, according to DIFC fintech Hive’s 2022 fintech Report.

Funding activity for fintech nearly doubled in 2021, and startups in MENA raised $998 million in 2021, a 78 per cent increase from 2020.

Most importantly, even as client growth continues to be strong across all sectors, fintech is now DIFC’s fastest-growing sector, outpacing all other sectors.

As we remain firmly committed to developing initiatives to further differentiate our strong reputation for fintech, we are looking forward to welcoming the influx of innovation and talent from Asia’s fintechs into our region and sharing their entrepreneurial spirit to help shape the future of finance.

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The Japan External Trade Organisation (JETRO) x Techstars Startup City Acceleration Program will showcase a diverse selection of startups that focus on educational technology, new style of social media, web 3 and block chain development, environmental and agricultural carbon-dioxide solutions, and more with a Pitch Day on 12 January 2023.

Since 2021, JETRO and Techstars have partnered to launch four cohorts of the Founders Catalyst Program as part of JETRO’s Startup City Acceleration Program. Through this project, cohort startups undergo a series of masterclasses and cohort-building sessions that help participating founders build and grow their businesses. Moreover, they will be able to access the necessary tools that will help them navigate the challenges within their own startups.

Also read: Is “teleporting” between workspaces truly possible?

Each startup will be able to connect with Techstars’ global network of entrepreneurs, investors, and corporate partners. This platform offers chances for startups to seek professional business advice and may even lead to potential partnerships and connections between founders and mentors.

Past Techstars Founder Catalyst programs have contributed to hundreds of business and investor connections and seeded countless relationships between participants and mentors. The insights, and strategies, and other perks that Techstars created are helping innovative startups grow, become stronger, and catch the attention of global networks.

Here’s a peek at the 20 startups of the JETRO x Techstars Startup City Acceleration Pitch Day

1. AndLaw Inc.
Solving blockchain interoperability. Their product Futaba is an infrastructure service that specialises in cross-chain data acquisition where developers can easily deploy nodes and send chain data securely.

2. Artics
Building an app called “artics”, a social media platform that allows you to find and collect music, movies, art paintings, novels, comics, and any book you love. Users can also upload their own artworks.

3. Audiostock Inc.
Audiostock is a service that allows users to buy and sell licenses to use their music for projects. The company is revolutionising music distribution to create a world where the sound you create reaches the people you want to share with, and everyone can use the music with peace of mind.

4. Soundol (Bivio)
Soundol helps audio content creators (musicians and podcasters) earn money. Soundol is a platform similar to Spotify but removes the middleman, enabling musicians and podcasters to earn directly from their fans via monthly subscription plans.

5. Blue Farm Inc.
Blue Farm Co. is a company that is engaged in the double cropping of organic green tea and carbon credits by DXing tea plantations in mountainous areas. Through the provision of their services, they aim to contribute to the realisation of a sustainable society by helping companies become ESG and carbon neutral, as well as solving the problems of aging farmers and abandoned farmland.

6. CULTA Inc.
CULTA Inc. will become the global market leader in Speed Breeding Technologies for horticultural crops. They are presently the only company in Japan using AI/ Machine Learning, Genomics, and Phenomics, all for the betterment of Agriculture. They will produce high-quality cultivars and develop the Seed to Table Model to improve productivity and profitability for farmers.

7. Equmenopolis Inc.
Equmenopolis Inc. creates LANGX, a language learning experience platform to help people learn and speak English using highly interactive conversational AI technology.

Also read: All that you need to know about the term sheet for approaching investors

8. FRESS
FRESS started off as a mental health platform that truly believes in people’s health inside out. The company aims to change the Japanese snack industry through its variety of products, particularly plant-based and additive-free snacks such as granola bars. Their products also include hemp, to benefit mental and physical health from them.

9. Global Stage Inc.
At InterEd, they focus on empowering students to take action on global issues through STEAM, global competence, and entrepreneurship. Their program challenges students to understand complex problems and work collaboratively to address them through innovative technologies while learning critical content and skills.

10. Goldfinch LLC
Goldfinch’s product, LingoTV, is Language learning version of Netflix that helps people learn languages from watching anime and videos.

11. KAUCHE, Inc.
Cowche is a share-buying app that allows you to enjoy shopping at a great price by group-buying with “share-buying companions” such as friends, family, or someone on SNS. KAUCHE Inc. creates an exciting shopping experience for both customers who shop and partners who want to sell products.

12. KJ COMMONS
KJ COMMONS is an ikigai Tech company that creates services and contributes to the evolution of the system (maximisation of ikigai). They work at the crossroads of business, art, and technology.

13. MatchHat
MatchHat is a web app that helps creators find collaborators for their passion projects from any city in the world. They have built MatchHat for global creators, artists, and filmmakers. Collaboration for creative projects can take place remotely where, for example, a filmmaker in London is collaborating with a researcher in Tokyo on an AI robot companionship film project.

14. Omotete, Inc.
Omotete is developing unfre., a service that makes menstrual pads retrievable in bathroom stalls everywhere, and aims to be THE provider of lifestyle solutions to consumers. unfre. is a BtoBtoC service, with their core customers being the end-users, facility owners, and advertisers/marketers.

15. PaylessGate Co., Ltd.
PaylessGate provides a set of authentication technologies using Bluetooth for the real world. With their App installed, users can register any type of service for authentication including tickets, IDs, smart keys, payments, etc.

16. Pit-Step, Inc.
Blockchain Novel is an NFT marketplace for collaborative fiction writing. Users create stories and Illustration covers and sell/buy them as NFTs.

17. PITTAN, Inc.
PITTAN lets people to analyse health conditions through onsite, easy, sweat amino-acid analysis methodology, and people can take personalised healthcare services. Their machine is so small, that it could be used also in space in the future.

Also read: The Big Leap roadshow kickstarts in Jakarta with a panel on the Gen Z market

18. Progummy Inc.
Progummy is an educational programming application for children that can be operated intuitively. It is the first visual programming application to have a collaborative editing function. This makes it possible to conduct group work in which multiple people work on a single program at the same time, which was previously difficult. Furthermore, teachers can easily monitor the progress of their students, which has been a challenge in online instruction. Currently, it is being used by several domestic programming schools for a fee.

19. Specialist Doctors Inc.
Specialist Doctors Inc., designs and develops web3 games to help middle and high school students achieve their first dream, such as a system that encourages gratitude and altruistic behavior and raises self-esteem, an AR function that allows people to talk to their minds and find their true selves when they are disturbed by anxiety, and a system to motivate people to see their future selves through AR, among others.

20. ZUU IFA. Co. Ltd.
Japan has big individual assets of about US 2 Trillion but does not have enough financial products to invest. ZUU IFA tries to connect the opportunities to invest US VC, PE and other unique asset class.

The team behind the JETRO x Techstars Startup City Acceleration Program – Global Scale

The Japan External Trade Organisation (JETRO’s “Startup City Acceleration Program” is an online program in partnership with the Cabinet Office of Japan. In this program, JETRO collaborates with six major accelerators to cultivate overall growth across the Japanese startup ecosystem, serving as an entry for some of the best Japanese startups to take on the global market. Through the program, startups will receive first-hand mentorship, matching opportunities with foreign investors, and new business partnerships, among many other exciting opportunities.

The Techstars worldwide network helps entrepreneurs succeed. Founded in 2006, Techstars began with three simple ideas—entrepreneurs create a better future for everyone, collaboration drives innovation, and great ideas can come from anywhere. Now, they are on a mission to enable every person on the planet to contribute to, and benefit from, the success of entrepreneurs. In addition to operating accelerator programs and venture capital funds, they do this by connecting startups, investors, corporations, and cities to help build thriving startup communities. Techstars has invested in more than 3,100 companies with a combined market cap of more than $150B.

To join the pitch day, RSVP here.

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In September, global funds network Calastone opened its office in Singapore. According to Ross Fox, Managing Director and Head of APAC, in an email interview with e27, this office will serve as a new regional headquarter for Asia Pacific –it will also reaffirm the company’s commitment to Singapore and the region.

“With 70 per cent of fund flows in Singapore already managed by Calastone’s network, we are well-positioned to enhance the city-state’s unrivalled status as a pan-Asian asset management hub,” he said.

Judging from the numbers alone, Calastone is not a new player in the field. It has worked with over 3,500 fund managers, asset servicers, and fund distributors spanning 54 countries and territories and processes over GBP250 billion (US$299 billion) monthly investment value.

In helping the industry, the company’s Distributed Market Infrastructure (DMI) combines the connectivity of its global network with technologies, such as distributed ledger technology (DLT) and cloud.

If we look at the finance industry’s future and the role of new technologies such as tokens, how exactly does tokenisation help fund managers? Most importantly, what is the prospect of Asia Pacific when it comes to this matter? How can Web3 companies embrace this new opportunity?

Barriers to token adoption

Before understanding how tokenisation can help the works of fund managers, first, we need to understand the common pain points faced by players in the fund management ecosystem. Fox lists at least four points with a lack of resources and capabilities to get better actionable insights around their clients and difficulty in freeing themselves from legacy technology as the top struggles.

Also Read: ‘Tis the season to be giving! 4 ways Web3 is transforming the fundraising sector

Apart from that, there is also the pressure to be more transparent and fierce competition from big tech and challenger banks. This is where Calastone steps in with their DMI to help fund managers.

“Our DMI is a next-gen infrastructure powered by the very latest technologies, including DLT and cloud. It can through the power of these technologies, enable participants to distribute and trade tokenised assets,” Fox explains.

“We are directly tokenising collectives of assets for distribution to the mass market. End-investors invest in digital tokens representing customised exposure to baskets of underlying assets managed by asset managers. Calastone’s tokenisation model meets both the demands of investors and asset managers for a product that is more personalised, cost-effective, flexible and aligned with the service levels modern customers receive from other natively digital services such as e-commerce and streaming media solutions.”

What is the most common barrier of entry for fund managers to adopt tokens? How can we eliminate this barrier? According to Fox, adoption is a key challenge for tokenised investments.

“Having the existing ecosystem is therefore key. At Calastone, for example, we’re already connected to the world’s leading financial organisations, so they can adopt new investment models such as tokenisation at a pace that suits them. Where other companies are building new products in isolation, we can use all our existing connectivity and infrastructure to enable asset managers to distribute new, token-based collective investment products globally from day one,” Fox elaborates.

“Regulatory considerations will be also key. Our model for tokenized collective investments is being developed with these considerations in mind, and we are bullish on the prospects of regulators around the world being open to it.”

Also Read: The Philippines can be ‘Korea of Web3’, says Axie Infinity Co-Founder

Why Asia Pacific is the future

When it comes to its readiness to embrace tokenisation, how does the Asia Pacific market fare?

According to Fox, the potential application of tokenisation in asset management has come a long way in the region. Aside from funds, the enterprise adoption of DLT has continued to progress. He gave examples of companies such as Unilever, and SAP that are teaming up to explore adoption of tokenisation in supply chains or Industrial and Commercial Bank of China (ICBC)’s 40 blockchain applications.

This provides exciting progress, especially since the regulator aspect is also catching up in the Asia Pacific.

Fox also shares how fund managers in the region differs from the rest.

“Modern investors want more personalised, low-cost investing, and desire access to bigger pools of assets, with a user experience that could parallel the lifestyle apps that we are familiar with. An optimised, modern user experience looks like this – instant purchases, ability to invest in real-time, access to fair prices and a broad range of investment assets tailored to their objectives and circumstances,” he says.

Calastone is currently working with several major global asset managers in building its tokenisation model, and it is currently being presented to regulators.

“In 2023, we expect the first stages of this new model becoming a reality as our work with asset managers crystalises. As the model evolves further and regulatory frameworks are established, the opportunities will grow exponentially, as accessibility increases,” Fox closes.

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Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

Image Credit: Calastone

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Global investment and education company Seedstars has launched Seedstars Capital, an investment platform for emerging VC fund managers, with the support of Swiss-based investment holding company xMultiplied.  

The platform provides emerging and diverse managers with local expertise and unique strategies with the necessary resources to launch new funds and develop their investment firms. 

Additionally, it provides investors with a diversified allocation solution to the asset class within emerging markets.

With the platform, Seedstars expects to drive over US$500 million of new funding into emerging and diverse managers, who will create more than 10,000 new jobs and generate over US$20 billion of additional GDP across emerging markets in the next ten years. 

Despite the exponential growth of the VC industry across emerging markets in recent years, most early-stage VC funds raised are small in size (i.e. below US$50 million assets under management). These funds were raised by an increasing number of new and diverse teams with limited track records and resources, reducing the amount of capital LPs can deploy to these skilful and highly talented managers.

Also Read: 5 lessons from 5 years in venture capital

Seedstars seeks to bridge those market inefficiencies by working alongside new and diverse managers in developing their strategies, providing the resources of its large community of limited partners, mentors, experts, physical locations and the tech and administrative infrastructure. 

Benjamin Langer, Partner of Seedstars Capital, said: “We believe the VC industry needs to be more open and inclusive, and we find highly talented managers across emerging markets. Unfortunately, most lack the scale and resources to attract institutional LPs and depend on local funding to deploy their strategies and create the impact they long for. For LPs, the growing number of new managers makes it difficult to identify the best-performing and most impactful strategies. By pooling their assets and bringing them under our community, we can accelerate the growth of rising managers while offering limited partners the visibility and investment vehicles they need to increase their allocation to the asset class.”

The first fund launched by Seedstars is Seedstars International Ventures, an industry-agnostic pre-seed and seed-stage emerging and frontier market fund. Recently, the fund announced its first close, garnering support and commitments from notable LPs such as IFC, Visa Foundation, Rockefeller Foundation and Symbiotics. 

The platform also works with Seedstars Africa Ventures, a regional-focused fund to back companies in the African continent. The fund has partnered with French private equity and asset manager LBO France to address the investment gap existing in the region.

Moreover, Seedstars is currently working towards launching funds focused on edutech, supply chain, climate tech and other impact sectors with outstanding rising managers in emerging markets to be announced soon.

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