Insurtech company bolttech today announced that it has added BRV Capital Management as a strategic investor in the company.

This addition followed the company’s Series A funding announcement that it announced earlier this year.

In September, bolttech has also added US$30 million to the US$180 million Series A.

Investors in this funding round included Activant Capital, Tony Fadell (Principal at Future Shape LLC), Alpha Leonis Partners, Dowling Capital Partners, B. Riley Venture Capital, Tarsadia Investments, EDBI Singapore, and Mundi Ventures.

bolttech aims to use the investment proceeds to continue the acceleration of its international growth strategy.

In a press statement, the company said that BRV’s partnership as a strategic investor will help propel its expansion across Asia, particularly in South Korea where bolttech “has achieved rapid growth by delivering innovative and industry-leading device protection solutions to Korea’s tech-savvy consumers.”

Also Read: Why the digital ecosystem is key to transforming the insurance industry

“We have set out to be ambitious in the implementation of our international growth strategy, moving with speed and conviction to make strategic acquisitions and invest in our talent and capabilities. BRV’s investment is further validation of our unique proposition and vision to connect people with more ways to protect the things they value. We are delighted to welcome BRV as a strategic investor and look forward to capturing the commercial opportunities made possible by this partnership,” said Rob Schimek, Group CEO at bolttech.

As an insurtech platform, bolttech connects insurers, distributors, and customers with the goal to make a more efficient and easier transaction.

The company has a footprint in 26 markets in North America, Asia, and Europe, working with more than 150 insurers and 700 distribution partners. It also has US$5 billion premium transacting through its insurance exchange.

BRV is a tech-focused, Asia-based growth equity arm of BlueRun Ventures. It has an active presence across Seoul, Tokyo, Hong Kong, Beijing, Shanghai, and Menlo Park.

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Bulletin Board System (BBS) Network, a decentralised Web3 public network of user-run online message boards, has secured US$1.5 million in a seed funding round led by Binance Labs, the venture capital and incubation arm of Binance.

DCG (Digital Currency Group), Polychain Capital GPs, Node Capital, NFX, and DAO Maker, also co-invested.

The funding will be employed to build and launch new features of BBS Network such as Native App, Search Engine, and Cross-BBS Authentication.

Launched in 2018, Binance Labs focuses on identifying, investing in, and empowering viable blockchain entrepreneurs, startups, and communities.

Also read: The different ways the Web3.0 is enabling marketplaces

BBS Network is a SocialFi project that enables content sharing like a Reddit forum with moderators in a decentralised space. The network, or the collection of all the BBS boards, will reward creators, curators and other stakeholders with its own native token.

As a decentralised social network, every post on BBS will be turned into an NFT that users can create, buy, sell and collect revenue from the ad space on their posts. BBS also leverages an NFT Bidding Model, which enables anyone to purchase the ad space at transparent prices.

Revenue generated by the platform is said to be shared across all BBS ecosystem participants such as publishers, owners, web hosts, developers, in a fully automated, transparent and market-driven manner.

It also claims to be resistant to censorship, which means that all BBS users, content and wallets can always be recovered, and can never be censored, shut down, seized, or altered by anyone, not even BBS.

“The mission of BBS Network is to return control of content and its economic upside back into the hands of social media users,” said Eyal Hertzog, founder and CEO of BBS.

Eyal Hertzog was the founder of Metacafe, Contact Networks and Bancor, one of the first mainstream decentralised trading protocols.

“It is a unique opportunity for us to work with a group as crypto-experienced as Eyal and the BBS team,” said Ken Li, investment director of Binance Labs. “Our team has been deeply exploring the Web 3.0 SocialFi landscape, and we are excited by what decentralisation can do for the creator economy, as well as billions of daily social media users.”

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Japan is home to some of the most cutting-edge innovations in the world, having spent decades pioneering many feats across different industries including robotics, automobile, and hardware manufacturing, among many others. 

The country landed the 13th spot in the World Intellectual Property Organisation’s Global Innovation Index 2021, which evaluated 132 economies based on 81 indicators that measure their innovative capacity and output. This means that according to key factors, Japan is among the world’s most competitive players in terms of innovation.

In order to further embolden the country’s top innovators to take on the broader global stage and pursue growth on a much larger platform, the Japan External Trade Organisation (JETRO) is spearheading initiatives that aim to guide and bolster Japanese startups towards greater growth.

Taking the world by storm

One of these JETRO-led initiatives poised to help Japanese startups reach ultimate success is the “Startup City Acceleration Program”, an online programme in partnership with the Cabinet Office of Japan that runs from October 2021 to March 2022.

In this programme, 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 programme, startups will receive first-hand mentorship, matching opportunities with foreign investors, and new business partnerships, among many other exciting opportunities.

Also read: Leave a Nest takes innovation from research to market

This year, JETRO selects 100 of the country’s top startups from innovation hubs across Japan. The organisation will support their global expansion by providing specific courses in specialised areas such as B2B, bio-healthcare, Climate/Cleantech, and University-based deep tech. Each course will be administered by a top accelerator that specialises in each area. 

An introductory boot camp followed by weeks of in-depth sessions will also culminate in a demo day where each startup gets to showcase what they have built in front of a global audience of investors.

The Founder Catalyst programme by top accelerator, Techstars

One of the key features of the event is The Founder Catalyst Programme to be led by Techstars. As a worldwide network that aims to help entrepreneurs grow and succeed, Techstars is one of the major accelerators working with JETRO for this project. Through the programme, the group has selected two cohorts consisting of 15 startups each for their Founders Catalyst programme.

“Today’s global environment has become a source of demand for new ideas and progress toward innovation across everything from healthcare to climate change, but at the same has restricted the collaboration and resources needed to propel promising innovations toward success,” said Maelle Gavet, chief executive officer at Techstars.

We’re thrilled for the opportunity to support these startup ecosystems and help entrepreneurs make the connections they need to advance their businesses,” added Gavet.

Techstars’ participation in JETRO’s Startup City Acceleration Programme is a major step as the group is known for being a rapidly-growing global investment and accelerator network that helps entrepreneurs across different aspects of business growth. Taking place from October 2021 to February 2022, the 18-week programme marks Techstars’ commitment to producing the best and the brightest startups powered with the most cutting edge innovations today. This commitment is further crystalised with the group’s partnership with JETRO and other reputable organisations such as the Japan Cabinet Office and the Ministry of Economy, Trade, and Industry (METI).

Also read: How this global IoT and connected transportation leader will transform APAC

Past Founder Catalyst programmes by Techstars have resulted in hundreds of business and investor connections, seeding countless relationships between participants and mentors. By providing introductions to world-class resources and education, Techstars has helped participants hone their skills, develop their ideas, and engage wider networks that have resulted in many business successes not only in Japan but across the world.

The tools, insights, and strategies offered by Techstars through its programmes and services are based on the experience of operating nearly 50 accelerators around the world, having invested in more than 2,500 companies to date. Collectively, the Techstars portfolio has raised more than $15.7 billion from investors and is worth more than $220 billion today.

The two cohorts under the Founder Catalyst Programme

With all the unique technologies and solutions available in the market, the Founder Catalyst Programme will be focusing on two cohorts: General Cohort and Cleantech Cohort.

The General Cohort will be sector agnostic and will feature a wide range of startups from various verticals and stages. This cohort will be run by Techstars and will include a variety of innovators such as retail platform Vox Japan, machine learning company Citadel AI inc., and sports tech provider RUN.EDGE Limited.

On the other hand, the Cleantech Cohort will be comprised of startups engaging in the verticals relating to Climate Tech, Cleantech, energy, green-tech, materials, and sustainability. This cohort will also be run by Techstars, who have been focusing on Cleantech and sustainability with their own new programme and initiatives. Some of the startups featured in this cohort are Aonbarr Inc., Fermenstation, and Welltree inc., all of which propose sustainability innovations in various industries.

Japan’s incredible history of innovation

“We believe that great ideas can come from anywhere and we are committed to driving greater diversity in the technology and investment sectors outside of Silicon Valley. Japan has an incredible history of innovation with strong potential for growth and transformation. The Startup City Accelerator Program will be one of the most innovative and interesting programs we have run to date, and we look forward to helping unlock its potential,” shared Gavet.

Also read: Finnoventure Fund 1: Helping the Thai startup ecosystem thrive through innovation

Techstars’ isn’t alone in this belief. Time and again, Japan has proven to be a force when it comes to creative and innovative developments. As the world gears for stronger and smarter solutions especially in the sustainability space, the role of Japanese startups is likely to experience increasing importance.

With all these exciting new innovations rendered by one of the world’s most competitive tech ecosystems, we can only expect great things from JETRO’s Startup City Acceleration Programme and Techstars’ The Founder Catalyst Programme working hand in hand to showcase the best of Japan to the rest of the world.

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This article is produced by the e27 team, sponsored by Techstars

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Join us as we speak with Israel Bimpe, head of Africa Go-To-Market for Zipline, a drone delivery company focused on building the world’s fastest and most reliable delivery drone and logistics network to ensure every person on the planet can have instant access to vital medical supplies.

In our conversation, we discuss how emerging markets are leapfrogging mature markets in a number of key areas, the benefits of cultural diversity and valuing the voice of teams in local markets when scaling a business globally and how Zipline is building strong teams in the markets they are expanding into.

This episode is sponsored by our partner, ZEDRA. Learn more about how the ZEDRA team can support you in expanding to new markets.

If you are international business leader looking to connect with others leading global expansion, join the Global Class Community. More info here.

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This article was first published on Global Class.

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“Fortune favours the brave.” These are the words spoken by Matt Damon as he peers into the vast unknowns of our cosmos.

Just months before, the Monetary Authority of Singapore (MAS) ordered the world’s biggest cryptocurrency exchange platform, Binance.com, to stop its services in the sunny island state.

Now, as we prepare to usher in the new year with enigmatic crypto adverts playing in the background, it sure looks as if Singapore has switched sides and is finally ready to be seen as a global cryptocurrency hub.

What changed?

The short answer is, nothing much. For years, Singapore has consistently worked to establish itself as the fintech hub of the world. Results thus far have been promising.

Since 2016, MAS has repeatedly hosted the Singapore FinTech Festival (SFF), the largest fintech festival in the world attracting participants from over 140 countries.

This year, for the first time since its founding, a crypto company, ShuttleOne, clinched first place under the ASEAN FinTech award category.

To many fintech observers, this development is actually not a surprise at all. Against the backdrop of a global pandemic, the fintech industry, along with other brick and mortar businesses, have seen tremendous improvements in the areas of cost-cutting, digitisation, and efficiency.

Also Read: 5 reasons why crypto exchanges need to be decentralized

The recently concluded UN Climate Change Conference (COP26) has also sparked calls for greater transparency in the way people and businesses work. This point was repeatedly hammered by Kimbal Musk, billionaire Tesla board member and brother of Elon Musk, who has set up a decentralised autonomous organisation (DAO) focusing on food justice.

Speaking on this issue, Musk said that one of the goals of this charity is to revolutionise the philanthropy industry using blockchain, a move that he believes will remove inefficiencies and increase public trust in charitable organisations.

Such ideas are no longer radical. Today, e-governance leaders such as Estonia advocate for the use of blockchain to provide secure services to citizens. Thailand has also laid out future plans to attract “crypto tourists” to uplift the tourism sector.

In Singapore, despite the lack of “flashy” announcements, local government-linked organisations have been secretly working behind the scenes with crypto companies to improve their offerings.

For example, at the beginning of this year, we saw how ShuttleOne helped finance the first batch of electric vehicles to replace the entire taxi fleet for commercial use in Singapore by 2026 — an early indication of Singapore’s careful but eager adoption of decentralised finance to fund public projects.

The ever-changing nature of the global fintech ecosystem spells massive opportunities for the relatively nascent universe of blockchain.

As the world gradually warms up to the idea of decentralised finance, Singapore must continuously stay ahead or risk being left behind in this global race into the cryptoverse and beyond.

It is not wrong to say that fortune favours the brave. But we forget that fortune also favours those who can see things for what they are truly worth.

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The blockchain ecosystem and cryptocurrency provider behind Binance.sg, Binance Asia Services, today announced its post-money stake of 18 per cent in Hg Exchange (HGX). The deal is subject to regulatory requirements.

In a press statement, Binance Singapore CEO Richard Teng explains that the two companies aim to collaborate to “enhance the blockchain ecosystem in Singapore.”

“Crypto and traditional financial offerings continue to converge. Through this investment, we seek to work with HGX in enhancing offerings of products and services supported by blockchain technology,” Teng said.

He also added further details of their plans in the country.

“In Singapore, we continue to work closely with key government agencies to support the growth of the blockchain ecosystem and development of requisite local talent needed,” he said.

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

HGX is Southeast Asia’s member-driven private securities exchange, founded by financial institutions PhillipCapital, PrimePartners, and Fundnel. It runs on Ziliqa’s blockchain technology.

In addition to shares in private companies, HGX is working to list alternative assets including wines, art, and real estate.

Earlier this year, it was granted a Recognised Market Operator license by the Monetary Authority of Singapore (MAS).

In a opinion piece published on e27, Deon Tan observed that Singapore “has switched sides and is finally ready to be seen as a global cryptocurrency hub.”

“In Singapore, despite the lack of ‘flashy’ announcements, local government-linked organisations have been secretly working behind the scenes with crypto companies to improve their offerings,” Tan wrote.

“For example, at the beginning of this year, we saw how ShuttleOne helped finance the first batch of electric vehicles to replace the entire taxi fleet for commercial use in Singapore by 2026 — an early indication of Singapore’s careful but eager adoption of decentralised finance to fund public projects,” she continued.

The author also stressed that the ever-changing nature of the global fintech ecosystem spells massive opportunities for the relatively nascent universe of blockchain.

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Singapore-based Sealed Network, a Southeast Asia-focused expert network, has scored an undisclosed amount in Pre-Series A funding led by Asia-focused venture capital firm Quest Ventures.

Investment networks such as XA Network and Alumni & Angels also participated in the round.

The fresh funding will be used to fuel Sealed Network’s regional expansion by broadening its pool of experts. A portion of the capital will also be channelled to invest in internal search technology and platform development.

Upon the transaction, Jeffrey Seah, partner at Quest Ventures and ex-WPP and Publicis Groupe regional senior executive, will join Sealed’s board.

Founded in 2019 by ex-Grab executive Benjamin Emmanuel Lee and former Wavemaker Partners’s investment professional Leo Wen Ge, Sealed Network links investment managers, strategy consultants and market research firms up with experts for due diligence and research process.

Also Read: Keen to learn from Experts? Then the e27 Experts Program might be for you

Notable experts include Arum Kang, founder of Coffee Meets Bagel; Michael Tay, former Ambassador of Singapore to Russia; and Charles Yong, previously senior client partner at Korn Ferry.

Sealed boasts that its platform has built a network of over 35,000 experts spanning 25 industries, doubling down on a mission to connect the region’s top minds with organisations from across the world.

“When we started, we realised that many experts in Southeast Asia are either not on English language platforms or have a minimal online presence,” Lee shared with e27 in an interview. “This has quickly turned into a source of strength for us as we have been able to gain traction amongst local experts in almost every country in the region.”

Sealed Network claims that its business figures exceeded internal forecasts by more than two times, which is in line with the double-digit annual growth of expert networks worldwide, according to a study released by Integrity Research Associates and expert network aggregator Inex One.

“Expert networks provide valuable professional advisory for companies in their go-to-market strategies,” noted Jeffrey Seah, Partner at Quest Ventures. “Sealed brings unparalleled local expertise, enabling new Southeast Asia entrant businesses to better navigate a diverse but economically promising region.”

Globally, startups leveraging this model also snagged sizable deals, including Berlin-based Atheneum’s US$150 million funding, Chicago-headquartered Tegus’ US$90 million Series B round, while Gerson Lehrman Group (GLG) has filed for an IPO in the US.

Within Asia, China-focused Capvision is eyeing a US$300 million listing on the Hong Kong Stock Exchange.

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Carzuno raises US$500K in pre-seed funding

The funding: Singapore-based all-inclusive subscription platform for cars Carzuno announced an oversubscribed US$500,000 Pre-Seed funding round from investors such as Hustle Fund, Net Ventures, and undisclosed private investors in the automotive and ride-hailing sectors.

The plan: The funding will be used to expand its team, extend its technological offering, speed track more EVs on the platform, and raise subscription acquisition numbers among consumers and corporate partners.

The company: Launched in June, Carzuno aims to provide a more flexible alternative to traditional private vehicle ownership or hire. Since its launch, the company said that it saw triple-digit month-on-month growth, and the business has grown ten times in the last three months.

Circulate Capital invests in 3 US startups, 1 Singapore startup

The Story: Singapore-based Circulate Capital today announced that its venture capital fund Circulate Capital Disrupt (CCD) has invested in three US-based startups in the field of sustainable fashion, biotech, and smart materials. Its Circulate Capital Ocean Fund also invested into Singapore-based ACE Green Recycling, a clean tech firm specialising in clean battery recycling.

Also Read: Sealed Network scores undisclosed Pre-Series A funding to fuel SEA expert network

The Companies: Arzeda (Washington-based industry-leading Protein Design Company that aims to revolutionise protein engineering through computational biology methods), Circ (Virginia-based advanced recycling technology innovator with patented technology that returns clothes to the raw materials from which they were made), and Phase Change Solutions (North Carolina-based global leader in manufacturing bio-based phase change materials that stabilise temperatures across a wide range of applications).

CloudSEK raises US$7M in Series A funding round led by MassMutual Ventures

The funding: Cybersecurity company CloudSEK today announced a US$7 million in Series A funding round led by MassMutual Ventures, bringing its total investment to around US$10 million

The plan: The company will use the funding to support sales and marketing efforts across the Asia Pacific, the Middle East, and North America. It will also ramp up its research and development to combat the new global threat landscape.

The company: Founded in 2015 by cybersecurity expert Rahul Sasi, CloudSEK aims to construct a future where intelligent machines can emulate human cognition to predict cyber threats even before they occur. It employs unique data sets, proprietary ML models, and non-intrusive techniques to identify, analyse, and resolve cyber threats proactively.

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Iterative, a Y Combinator style accelerator focused exclusively on Southeast Asia, recently hits close of its US$10 million Iterative Fund I to invest in early-stage startups in Southeast Asia.

Fund I was led by Village Global, Cendana, Facebook, with participation from experienced Silicon Valley insiders like Andrew Chen (partner at a16z), Qasar Younis (co-founder of Applied Intuition and former COO of Y Combinator), Chi-Hua Chien (managing partner of Goodwater Capital), Tushar Garg (CEO of Flyhomes), Moses Lo (co-founder of Xendit), Kum Hong Siew (COO of Airbnb China) and more.

According to the official statement, the Singapore-based accelerator is looking to raise Fund II next year.

Iterative plans to utilise Fund I capital to invest and accelerate 50 seed-stage companies in Southeast Asia, aiming to make entrepreneurship more accessible to more people. 

So far, Fund I has invested US$3.6 million in 26 companies over three batches, presenting a 6.5x return after 18 months of operations, claims the firm.

The accelerator also intends to launch a series of new programmes and initiatives, increase the number of investments annually by 50 per cent, and triple the size of its team to support the growth. 

Also Read: Roundup: Singaporean accelerator Iterative debuts 8 startups in first cohort

Iterative was founded in 2018 by Brian Ma, co-founder and former CEO of San Francisco-based proptech unicorn Divvy Homes, and Hsu Ken Ooi, ex-CPO of workforce management platform Workmate, which recently secured a US$10 million loan to expand in Thailand and Indonesia.

The Singapore-based startup accelerator follows the Y Combinator style and invests US$150,000 each in a batch of startups twice a year. Upon admission, Iterative deploys the full amount upfront then work hand-in-hand with the founders on their idea development for three months.

The accelerator programme includes 1:1 office hours with general partners,  group office hours, speaker series, and a fundraising boot camp. Iterative also leverages its community of alumni, whereby founders from various batches and stages assist one another.

Iterative also connects the startup with a select group of investors for follow-on investment opportunities.

Starting in June 2020, Fund I has graduated 16 startups, which are said to have collectively raised US$45 million from investors such as Monk’s Hill, Wavemaker Partners, Insight Partners, Addition and more. In September alone, five Iterative portfolio companies have announced new fundings. They are Spenmo, a Singapore-based fintech firm; CoderSchool, a Vietnam-based online coding school startup; Go Zayaan, an online travel agency (OTA) startup in Bangladesh; 1Export, a tech-enabled exporting company headquartered in the Philippines; and Friz, a Singapore-located fintech startup.

With a combination of personal ties to the region, Iterative founders shared that they are “ready for the prime time” as they believe Southeast Asia is “the next big opportunity”. 

According to Google and Temasek report, Southeast Asia’s population of 676 million people today has 440 million internet users. In the year 2021 alone, 40 million people were added, bringing the internet penetration in SEA to 75 per cent. In addition, Google forecasted that the region is ushering into a “Digital Decade” and on its way towards US$1 trillion gross merchandise value (GMV) by 2030.

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Indonesia-based consumer payments platform Flip today announced a US$48 million Series B funding round co-led by Sequoia Capital India, Insight Partners, and Insignia Ventures Partners.

This investment into the startup also marks New York-based Insight Partners’ debut investment in Indonesia.

In a press statement, Flip plans to use this funding to further accelerate its business expansion, strengthen its operations in Indonesia, invest in technology to provide a higher quality of service, and expand its workforce with a focus on engineering and product teams.

“We are honored to continuously receive trust and prolonged support from our partners. We are also excited to welcome a leading global venture capital and private equity firm, Insight Partners, which has proven successes in the financial technology landscape globally. We believe this partnership will help us in pursuing growth and realising our vision to build the fairest financial products,” said Rafi Putra Arriyan, Co-Founder and CEO of Flip.

“This new funding is a testament to our team’s commitment and persistence. It gives us the resources we need to fuel and accelerate our mission to build innovative solutions that simplify money movement in Indonesia.”

Also Read: Jeff Bezos-backed Indonesian startup Ula rakes in US$23.1M from Tiger Global, Flipkart co-founder

The funding followed its Series A funding round in 2020 led by Sequoia Capital India and seed round in 2019, co-led by Insignia Ventures Partners and Sequoia Capital India.

Flip was founded by University of Indonesia alumni Rafi Putra Arriyan, Luqman Sungkar, and Ginanjar Ibnu Solikhin who started the company while studying. The platform is meant to be an answer to the problem the CEO himself experienced as a college student, having to wait for a long time to transfer funds and pay a transfer fee each time to different banks.

Flip has grown its team to over 250 team members.

The company’s products include online P2P payments with interbank transfers to more than 100 domestic banks, international remittances, e-wallet top-ups, and business solution products.

It serves over seven million users for various kinds of financial transactions from and to different regions in Indonesia as well as for overseas money transfers.

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