Singapore’s edutech startup Doyobi announces US$1M in funding from 500 Startups, others
The story: Singapore-based edutech startup Doyobi has raised US$1 million in funding.
Investors: 500 Startups and Xoogler Angels.
What is Doyobi? : Launched early this year, Doyobi is an online school for kids which offers coding courses that are supported by Google, the Singapore government, as well as educators from around the world. It uses videos, quizzes and projects to make teaching and learning fun and easy.
More about the story: Some of the companies partners include Tutor ID (Brazil), Coding & More (India), Galileo (US), Tenopy (Singapore).
Investment in edutech companies have also gained a lot of interest and according to Holon IQ has grown from US$500 million in 2010 to US$7 billion in 2019.
“VCs have been looking at edutech in a big way even pre-COVID-19. Asian parents spend more on their children’s education than sometimes even food – but the pandemic has been an accelerator of this – governments and parents see how powerful alternative platforms such as Doyobi can be. We’re grateful Doyobi chose us to be one of their partners to provide scalable education solutions for our children’s generation,” said Khailee Ng, Managing Partner, 500 Startups.
Lightspeed India closes US$275M fund for early-stage companies
The story: American venture capital firm Lightspeed has closed US$275M of its new fund Lightspeed India Partners III from global institutional LPs.
“The new fund is the biggest for India and will enable Lightspeed India Partners to make early-stage bets on more than two dozen startups in the region,” said Hemant Mohapatra, a partner at the firm.
Where it will invest: Early stage, seed, and Series A companies from India
How it will support startups: By leveraging its global network, building customer partnerships, talent acquisition and growth capital. Some of its portfolio companies include Byju’s, Indian Energy Exchange, Oyo, ShareChat and more.
About Lightspeed: It is a multi-stage venture capital firm which invests across several stages and sectors in India, including technology-led businesses as well as non-technology sectors like advertising and media, business services, financial services, healthcare, education and retail. It currently manages more than US$10 billion across global Lightspeed platform.
Lu International partners Kasikornbank to develop Thailand’s online wealth management platform
The story: Singapore’s Lu International has partnered with Kasikornbank, one of Thailand’s largest banks, to establish an online wealth management platform for retail investors in Thailand.
Behind the partnership: Lu International will leverage on Kasikornbank’s wide customer base in Thailand whereas the Thai bank will use Lu International’s technological capabilities and experience in doing business to help address the financial services gap in the market.
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Image Credit: Doyobi
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