OMO Group launches Diamond Protocol, raises funding from Tokocrypto, others

The platform: Southeast Asia-based crypto investment platform OMO Group announced the launch of its codeless, modular vault protocol Diamond Protocol. It aims to enable a decentralised ecosystem where traders from the traditional financial world and the crypto native population can work together.

The funding: Undisclosed.

The investor: Tokocrypto, IVC and Perpetual Protocol.

The company: In addition to Diamond Protocol, OMO Group also owns Coinomo (mobile app for retail investors) and OMO Finance (wealth management account service for high-net-worth individuals and institutional investors).

Evie Zhang, CEO of OMO Group, explained, “Through Diamond Protocol, we want to build modular derivative hedging vaults so that other traders can use our protocol and build their strategies on-chain to earn yields for themselves and other on-chain users without the need to write any line of code. Our traders in OMO Finance, on the other hand, will provide some initial trading strategies to get the ball rolling and once the investment vaults stabilise and have enough history of sustainable returns to show for it, we will offer them to our Coinomo customers too. This way, we are building a cycle that can spin on its own and morph into a self-driven, ever-growing organism.”

Glife Technologies invests in PanenID, Yolek

The companies: Singapore-headquartered food and agritech company Glife Technologies acquires a controlling stake in PanenID, a Bali-based farm-to-table startup that directly connects hotels and restaurants to farmers, and Yolek, a HORECA distributor with over 30 years of experience in plant-based distribution and retail.

The plan: The strategic investment into the two companies signals Glife’s intention to move to the next stage of its growth plan – expansion into key neighbouring markets.

Also Read: Meet the 22 notable startups that have brightened up the Filipino tech ecosystem 

More about the partnership: Caleb Wu, Co-Founder and Deputy CEO of Glife Technologies, commented, “Both Indonesia and Malaysia are vibrant communities within the food and agriculture space. We recognise the immense potential for us to tap on given the large agriculture market. The strategic partnership will allow us to bring the best of Glife’s technological solutions beyond Singapore’s borders and we are extremely excited to connect with more farmers and restaurants within the region. PanenID and Yolek are valuable partners in this journey as we tap onto their local domain knowledge to bridge
the gaps within the food value chain and strengthen our regional network.”

Filipino VC firm Mad Ventures leads 7-figure pre-seed round for US-based Elloe

The funding: Undisclosed

The company: Elloe is a US-based social e-commerce startup focused on Kenya and emerging markets. Co-founded by Owen Sakawa, Abhijay Rao, and Aaron Madolora, Elloe is an AI-powered, social commerce platform that allows merchants to buy and sell products online across any messaging platform. Its technology increases sales and profitability of businesses by simplifying operations, logistics, payments, and marketing within a centralized merchant portal. The subscription service is especially helpful for micro-SMEs who wish to sell their products and services online without having to pay high commissions to non-essential third parties.

The plan: The new funds will give Elloe sufficient runway to grow its local Kenyan operations and fuel expansion into the Philippine and Southeast Asian markets well into 2023 and beyond.

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Image Credit: OMO Group

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