Crypto funding down 42% in 2022 amid bearish market
Crypto companies raised a total of US$21.3 billion in funding in 2022; The industry is still reeling from a brutal 2022, having lost over US$2 trillion of its value throughout the year.
Binance to add 15%-30% staff despite market downturn
In 2022, Binance increased its headcount from 3,000 to almost 8,000, according to the CEO Changpeng Zhao; An additional 30% of staff would put the firm’s number of employees at over 10,000 globally.
Thai regulator questions crypto firm Zipmex amid buyout
The regulator claims that Zipmex Thailand could be functioning as a “digital-asset fund manager without permission.”; The statement specifically refers to its crypto returns-earning programmes, ZipUp and ZipUp+.
Voyager wins preliminary OK for US$1B asset sale to Binance US
The US Committee on Foreign Investment in the United States previously said that its review of the deal may play a part in the deal’s completion; If CFIUS blocks the sale, Voyager will repay customers with the crypto it currently has.
Coinbase to let go of 950 staff amid efforts to reduce costs
This is part of an effort to slim down operating expenses by roughly 25% Q-O-Q; The move comes amid a difficult time for the crypto industry, which is still reeling from the collapse of FTX, one of Coinbase’s exchange peers.
SG healthcare analytics startup Holmusk gets US$45M injection
The investors are Veradigm, Heritas Capital, Health Catalyst Capital, Novartis, and Northwell Holdings; Holmusk is a data analytics company aiming to solve complex problems in behavioural health.
Unicorns in India need to cut cash burn: S&P Global
The credit rating agency said that high-profile startups must choose between aggressively expanding to reach economies of scale or maintaining cash balances and improving cash flows.
SG-based Scorpio Electric bags US$6.75M funding led by EuroSports Global
The startup said it will commence mass production and global delivery of its motorbike – Scorpio Electric X1 – in H2 2023; The fresh funds will be used to manufacture the first batch of X1 production prototypes.
Parenting platform Supermom closes US$6M Series A
The investors are Qualgro and AC Ventures; Supermom provides data and consumer insights for over 200 consumer brands, including mother & child, education, FMCG, fashion, and beauty.
Logistics platform for e-commerce merchants Jumppoint raises US$6.5M
The investors include MindWorks Capital, Headline Asia, Chinachem Group; Jumppoint will use the money to strengthen local operations and expand its services in Thailand, Singapore, and Malaysia.
GoTo acquires Tokopedia subsidiary Swift Logistics for US$38M
The move will strengthen GoTo’s logistics arm, which already offers services such as same-day and instant delivery, intercity delivery, and large-volume delivery.
Fintech unicorn Xendit enters Malaysia by investing in Payex
Payex is a payment gateway provider; Xendit said that its entry into Malaysia could help more local businesses expand to other Southeast Asian markets; It has appointed Jason Siew as its general manager in the country.
It is costly to develop and sell insurance products in Indonesia: PasarPolis CEO
PasarPolis Founder says the insurance industry has a negative reputation as the claims process is bureaucratic and lengthy; It’s also hard for consumers to access insurance products, as they often have to communicate with agents to purchase them.
Startups that can reflect and pivot in time will thrive during funding winter: Ivan Ong of AFG Partners
Real leaders are forged in crisis, and adversity ends up creating stronger businesses, as history has demonstrated: Ivan Ong of AFG Partners.
How myFirst aims to provide a safer social media experience for children
Using myFirst, children can create posts and share photos with their circle of friends without the need for parents to approve every post.
Kakao Entertainment bags US$964M from sovereign wealth funds
Reports say the investors are Saudi Arabia’s Public Investment Fund and Singapore’s Pwarp Investment; Kakao will use the fresh funds to boost global expansion efforts and to make more investments and acquisitions.
VNG chief exec Le Hong Minh relinquishes post as chair
He relinquished the post to comply with the country’s Law on Securities, which does not allow the chair of a public company to concurrently hold the title of CEO.
Profitable e-commerce: Making real money in the new year
In the world of e-commerce, the most common tailwinds are the events and occasions when people are ready and willing to shop more.
Are you ready to put on a Founder’s hat?
Here are the five critical questions you must ask yourself before leaving your job and venturing into the world of startups.
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