How 30-year-old celeb CEO’s rule of fear led to a hot startup’s meltdown
Ankiti Bose’s management style alienated employees and undermined the business; She would publicly shame employees; Another described her as a narcissist who would throw anyone under the bus if it meant saving her own reputation.
SoftBank raises US$22B through sale of Alibaba stake
The Japanese firm has sold about one-third of its stake in Alibaba so far this year; A portion of the funds raised was put to SoftBank’s second Vision Fund, which struggled to attract outside investors.
Indian startup funding hits 21-month low in July at US$885M, less than half of June
This is also the first time in many months that fundraising in the country fell below the US$1B mark; Deal volume too saw a marginal drop of 6.3% to 119 in July from 127 in the previous month.
Singtel Innov8 gets US$100M more to back startups in SEA, US, China, Israel, Australia
The Singtel venture arm invests in startups operating in 5G, AI, digital economy, sustainability, cyber security and emerging technologies; It has invested in over 95 startups, including BitSight, Carro, Cato, FinAccel, and SenseTime.
Indonesia’s Zenius lays off employees again, almost all divisions hit
Zenius did not specify how many employees were affected in this round of layoffs. In its previous layoff last May, about 200 employees were affected – 20% of the 900-plus workforce at the time.
Wake up and smell the coffee: Check your coffee beans’ quality using ProfilePrint’s AI tool
ProfilePrint provides users with accessible, affordable, and portable solutions to ascertain and predict the quality and profile of a food ingredient at the point of use “within seconds”.
Collapse of 3AC, Celsius is attributable to opaque, off-chain holdings: Nansen
‘The transparency of the blockchain means that creditors can audit the holdings of any on-chain entity; however, data complexity and off-chain obfuscation make this ideal difficult to achieve’.
SG’s blockchain monitoring platform Merkle Science raises US$19M
Investors are BECO Capital, Darrow Holdings, GGV Capital, 500 Global; Merkle helps crypto firm, financial institutions, and government entities to detect, investigate and prevent illegal activities involving cryptocurrencies.
Zipmex opens up altcoin withdrawals after Babel, Celsius struggles
The crypto firm had also begun releasing unaffected digital assets from its Z Wallet on August 2, allowing withdrawals as per usual; On July 20, the company announced a withdrawal suspension.
Binance appoints co-founder and CMO Yi He as head of US$7.5B VC unit
He will replace Bill Qian, who left the firm earlier this year; In her new role, He will drive global strategy and oversee the day-to-day operations of Binance Labs.
Revolut launches crypto services in Singapore
It allows users to buy, hold, and sell more than 80 crypto tokens on its app; Revolut currently serves more than 20 million customers across the world and facilitates 250 million transactions every month.
China extends digital yuan loans to more cities
According to local reports, the Rural Commercial Bank of Zhangjiagang issued a digital yuan loan worth 500,000 yuan (US$73,997) to an unnamed business in Suzhou to fill the capital turnover gap.
East Ventures backs GREENS, which builds hyperlocal food ecosystem using AI, Web3
GREENS’s solution is a hyperlocal food ecosystem where people can consume high-nutrient meals grown and harvested on-site using 90 per cent less water, 70 per cent less land, and zero distance from farm to the meal.
Malaysian co-working space operator Commom Ground raises US$51.5M
Investors include Catcha Group and Emissary Capital; Common Ground operates 13 spaces in Malaysia, two in Thailand, and three in the Philippines; It is looking to expand into Singapore, Indonesia, and Vietnam.
KKDay pledges to drive US$100M for Vietnam’s travel industry
KKday said that its Vietnam business grew 20x amid the pandemic and exceeded pre-COVID-19 levels; The company predicts that there will be over 20M trips taken in and out of Vietnam by 2023.
Uber sells 7.8% stake in Zomato for US$392M
Last week, Zomato’s stock dropped 14.26% to an all-time low, a stark contrast to its IPO launch day; The firm’s market capitalization dipped to US$4.8B from its high of US$12.7B.
Indian B2B procurement platform Bizongo raises US$25M for SEA expansion
Lead backer is Tel Aviv-based Liquidity Group; India-based Bizongo offers digital vendor management, supply chain automation, and supply chain financing services.
TikTok officially sets up Shop in Singapore
The firm reportedly aims to set up shop in the US, France, Italy, Germany, and Spain sometime this year; TikTok Shop is already available in the UK, Indonesia, Malaysia, Vietnam, Thailand, and the Philippines.
How AlphaJWC Ventures built Indonesia’s largest early-stage fund
Alpha JWC Ventures believes that to create success, they must instil and build trust within their portfolio; Currently, Alpha JWC Ventures has a portfolio of around 70 companies representing USD 650 million in AUM.
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