Sea cut 7,000 jobs over last 6 months
The reduction affected roughly 10% of the company’s total workforce; Some of the latest job cuts were for Shopee, which let go of around 100 people; Layoffs at Shopee started around June this year.
Grab revenue more than doubles YOY in Q3, deliveries hit EBITDA breakeven
The internet major logged US$382M in revenue for the quarter, surging 143% compared to the same period in 2021; It attributed the leap to strong performance from its mobility and delivery segments.
iGlobe Partners eyes new US$200M fund for deep-tech investments
Since 1999, iGlobe has closed over 100 investment deals across Asia, Europe, and the US; Its portfolio firms include Hoolah (acquired by ShopBack), Docquity, Novelship, and Tonik Bank.
KB Financial leads ADDX’s US$20M upsized pre-Series B round
It’ll use the capital to grow its wealth management platform for private banks, brokerages and family offices; ADDX allows individual investors access to private market deals that have traditionally been open only to institutional investors.
Singaporeans feel ‘betrayed’ by Temasek-backed FTX
Retail investors who put money on the exchange to save or trade are bearing the brunt of the crisis; Many of them were lured to FTX by a stamp of approval from Singapore state-owned investment firm Temasek.
Temasek marks down full FTX investment to $0
The firm said it invested US$210M in FTX International, which represents about a 1% stake; It also poured US$65M into the troubled exchange’s American business, FTX US, across two funding rounds for a roughly 1.5% stake.
SoftBank to mark FTX investment to $0
In its earnings call last week, the Japanese investment giant said it has invested US$100M in FTX; This represents roughly 0.4% of the cryptocurrency exchange’s total equity.
Korea launches probe into Terra co-founder’s fintech firm
Daniel Shin’s Chai Corporation has been raided by the Korean authorities; They are looking into the company’s launch of its Terra payment services, which may have involved using its customers’ personal data without consent.
Philippine startup enabler Archipelago Labs launches with US$10M fund
The company plans to deploy the fund in early-stage Web3 companies with sustainable business models and sound token economics; Next year, A-Labs will run the first cohort for its Archipelago Labs Accelerator Block.
To leverage Web3 technologies, Web2 companies may start by building the right culture
Web3 is all about “a change in how we are looking at our community and our audiences”, say panellists at an Echelon session; Before they can fully embrace and implement Web3, there are misconceptions to clear.
Singapore gets an NFT-gated Web3 co-working space Metacamp
It has three floors and can accommodate 20 startups with up to five team members; The NFT-gated system allows approved members to enter the Metacamp premises by holding an NFT in their crypto wallet.
Green and sustainable crypto: Is this the way forward?
Green cryptos are those whose mining activities are powered by renewable energy sources and Bitcoin’s emissions of greenhouse gases are down than before.
Blockchain promises to be as foundational and indispensable as internet
According to Amit Ghosh of R3, the wisdom, life lessons, and values you gain from taking risks and travelling shape you into the person you are, and we are the sum of our experiences.
Sumitomo Mitsui to invest US$9.2M in Vietnam’s SmartNet
SmartNet provides payment solutions in Vietnam and is focused on micro SMEs; It operates SmartPay, an e-wallet licensed by the State Bank of Vietnam.
AI-driven property portal MOGUL.sg nets US$6.5M Series A
Nech Capital led the round; MOGUL.sg’s 3D map supports searches with an immersive experience to help prospective buyers visualise the properties and their surrounding areas better.
Choco Up to invest up to US$5M in Dream Impact’s social startups
Choco Up aims to back impact startups across diversity, equity & inclusion, circular economy and human-centric education; HK-based Dream Impact connects social entrepreneurs to resources.
One-click checkout startup Beam raises US$2.5M seed funding
The investors are Sequoia Surge and Partech Partners; The payment firm plans to use the fresh funding to hire employees, acquire more merchants, and expand to other countries in Southeast Asia.
SG logistics firm Amilo comes out of stealth mode after US$2M round
The company has also made two acquisitions; It bought a majority stake in Indonesian last-mile aggregator Kahago, which has been rebranded as Amilo Indonesia; Details on the other deal were not disclosed, but the acquired company is based in Vietnam.
Betafi attracts US$1.3M funding for its unified user research platform
The investors are Together Fund, Entrepreneur First, and Titan Capital; Betafi helps product teams conduct user interviews and usability tests effortlessly to validate their ideas, designs, beta software, and websites.
Students-focused Vietnamese fintech startup Rootopia secures US$1M
The investors are Genesia Ventures, ThinkZone Venture, and BK Fund; Rootopia helps connect angel investors with parents who need funds for their children’s school fees.
‘Kampd connects professionals based on what they know rather than who they know’
Kampd CEO Amit Gupta says the social networking platform empowers creators (thought leaders and industry stalwarts) to create and amplify their content on Kampd.
Women as focus of impact investment: Does it bring more harm than good?
One panellist argues that putting women in the centre of impact investment is counterproductive to the goal of promoting gender equality.
How Zuno Carbon plans to help organisations reduce their environmental impact
Zuno provides end-to-end carbon management solutions for organisations of all sizes that provide unprecedented visibility into their supply chain emissions.
Digital transformation: It starts and ends with our people
Kickstart any digital transformation initiatives by involving your employees and helping them understand their roles, workflows, and needs.
Why offshore recruiting is rising in APAC countries
Although some things make offshore recruiting a bit of a challenge, there are many benefits to hiring outside your typical employee pool.
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The post Ecosystem Roundup: Sea cut 7K jobs in last 6 months; iGlobe planning new US$200M deep-tech fund; Temasek, SoftBank mark down FTX investments to 0 appeared first on e27.