Velocity Ventures’s new programme to connect corporates with startups
Southeast Asia’s leading travel and hospitality tech investor Velocity Ventures launched a subscription-based corporate partners programme (CPP), connecting corporates with thousands of startups for co-investment in innovative tech solutions.
The programme aims to help corporates build an open culture of innovation while offering them flexibility across three different subscription tiers: Lite, Core, and Pro.
Focusing across five technology verticals — F&B, travel experiences, accommodation, transportation/mobility and travel services, the VC firm is adding this new offering to extend opportunities for partners to gain innovation insight, work with travel tech startups on pilots, and make co-investments and/or acquisitions.
Beyond making capital investments, Velocity Venture’s CPP offers access to 1,000-plus startups providing innovative solutions for sector-specific pain points.
Accelerating Asia invests in ten cohort-8 startups
International early-stage VC fund Accelerating Asia announced an undisclosed investment in ten new companies joining the Cohort 8 of its flagship programme.
This capital injection was made from its US$20 million Fund II, launched in 2021. Cohort 8 is the fourth batch of investments for Fund II, which will deploy capital across Southeast and South Asia pre-Series A startups.
The startups that raised funding are Pattern (Pakistan, SDG 8), Lemonade (Global, SDG 10 and SDG 13), Lister (Indonesia, SDG 4), Edutechs (Bangladesh, SDG 4), Fullfily (India, SDG 8, 11, and 13), On Demand Deals (the Philippines, SDG 1, 8, 9, 10, and 11), Sova Health (India, SDG 3), Proton (United Arab Emirates), Sparklehaze (Singapore, SDG 9), WEGRO (Bangladesh, SDG 1, 2, and 8). They hail from various industries, including education, e-commerce, logistics, insurtech, and agritech.
Antler launches new US$285M emerging growth fund
Singapore-headquartered sector-agnostic global seed-stage VC firm Antler announced the final close of Antler Elevate, a US$285-million emerging growth fund.
The names of the investors haven’t been disclosed.
Managed from offices in London, Singapore, and New York, Antler Elevate invests in companies from Series A onwards across over 20 ecosystems. The fund has already invested over US$70 million in 30-plus companies, including Airalo (an e-Sim marketplace in Singapore), Earlytrade (a liquidity marketplace for the construction sector), and Two (a purchase financing solution for B2B e-commerce).
TNL Mediagene to list in US via SPAC merger
TNL Mediagene, a digital media firm in Asia, announced a business combination with Nasdaq-listed blank-cheque (special purpose acquisition) company Blue Ocean Acquisition Corp to go public.
The transaction gives TNL Mediagene a pre-money enterprise value of approximately US$275 million.
The transaction, subject to customary closing conditions, including the receipt of certain regulatory approvals, is expected to close in Q1 2024.
The new entity will build TNL Mediagene’s presence in Japan, Taiwan and Southeast Asia. It will expand its brand portfolio of millennial- and Gen Z-targeted Chinese, Japanese and English digital products and widen the reach of its AI-driven analytics, advertising and marketing technology products.
Sequoia India & SEA rebrands as Peak XV Partners
Sequoia India & Southeast Asia, a leading VC firm in the region managing over US$9.2 billion across 13 funds, was rebranded as Peak XV Partners.
The rebranding has come after Sequoia Capital (US/Europe), Sequoia China, and Sequoia India & Southeast Asia have decided to become independent firms with distinct brands.
While the parent (US/Europe) fund retains the name Sequoia Capital, the China-focused fund has been renamed as HongShan.
Peak XV was the original name given to Mount Everest and symbolises the relentless pursuit of audacious goals by startup founders.
Kilde raises US$1.12M funding
Singapore-based digital private debt platform Kilde secured US$1.12 million in seed funding from Big Sky Capital, Borderless Capital, AXL ventures, Algorand Foundation, and undisclosed angels.
With this money, Kilde aims to enhance its features, scale operations, and expand its market reach.
The fresh funds will also empower Kilde to drive the development of its newest flagship project SafeBay, a new treasury management system. This system, built on blockchain technology, is designed to help blockchain-native companies manage their short-term financial assets.
BIV hits first close of New Protein Fund II
Global foodtech investor Big Idea Ventures (BIV) made the first close of its alternative protein fund New Protein Fund II.
AAK, a multi-oil ingredient house specialising in plant-based vegetable oils and fats, and Bühler, a solution partner for the food processing industry, have joined other investors for the initial funding round. Both companies also invested in BIV’s first fund NPF I.
New Protein Fund II will invest in early-stage startups around the world both through its accelerator programme and direct investments. BIV runs an intensive five-month programme of its Paris, Singapore, and New York offices.
NPF II aims to close the targeted US$75 million within the next 12 months.
Khazanah leads PolicyStreet’s US$15.3M Series B round
Malaysian insurtech company PolicyStreet announced today it secured US$15.3 million in a Series B round of investment led by sovereign wealth fund Khazanah, under its Dana Impak mandate.
Altara Ventures, Gobi Partners, and Spiral Ventures also co-invested.
PolicyStreet intends to use the funds to strengthen its technology and underwriting capabilities. It aims to increase its on-demand underwriting policies to make protection more accessible and better tap into underserved and underinsured audience segments in Malaysia and the region.
Alpha Startups’s programme announces winners
Manis Leting and Triphie won 1337 Ventures’s latest Alpha Startups pre-accelerator programme in Malaysia.
As part of this, the two startups will receive pre-seed funding of up to RM50,000 (US$11,000) each.
A total of nine aspiring Malaysian startups showcased their solutions in front of a live audience of investors, industry experts, and fellow entrepreneurs during 1337 Ventures’s Alpha Startups pre-accelerator programme. The demo day was hosted at Google Malaysia, marking the culmination of the programme.
Manis Leting, founded by Amirah Jasmine and Atirah Danial, creates healthier alternative food products that use zero white sugar. With the funding received from 1337 Ventures, the firm plans to focus on licensing and certification, production, operations, and marketing to scale.
Triphie, started by Nour Araar, is an AI-enabled all-in-one, personalised and collaborative trip planning platform that helps travellers discover, plan, and book their holidays.
SenseTime invests in TradeMonday
TradeMonday, a Hong Kong-based AI-powered retail analytics startup, closed a new round of investment from leading AI firm SenseTime.
The details of the funding remain undisclosed.
The investment will enable TradeMonday to accelerate its growth and R&D efforts and expand its retail analytic product offerings and ChatGPT B2B retail solutions.
Founded in 2016 and graduated from the Cyberport Incubation programme in 2019, TradeMonday helps businesses make product, market and shopper recommendations. It turns the digital footprint of retail consumers, brands and products, such as social media, in-store traffic and transaction data, into actionable insights and empowers businesses including retailers, consumer brands and shopping malls, in simulating top-line growth strategies.
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