Grab may list in the US as early as December
The crux: Southeast Asian tech giant Grab plans to list in the US as soon as December 2, Tech in Asia reported citing a source.
In April, the Singapore-headquartered Grab confirmed its plans to go public in the US in partnership with Altimeter Growth, a special purpose acquisition company (SPAC).
The combined entity expects its securities will be traded on NASDAQ under the symbol GRAB.
Valuation: The proposed transactions value Grab at an initial pro-forma equity value of approximately US$39.6 billion at a PIPE size of more than US$4 billion. It will provide the company with approximately US$4.5 billion in cash proceeds.
Ascendo Ventures fund for early-stage ESG-themed startups
The crux: Seoul-based early-stage VC firm Ascendo Ventures has launched a US$33-million Ascendo New Horizon Fund to invest in Korea-focused tech startups incorporating ESG values in their technology development or business models.
More on the fund: New Horizon Fund will opportunistically make follow-on investments in the portfolio companies of its first fund. It will also invest in tech startups not only in the focus areas of the first fund, but also in startups with ESG themes and values in sustainable and renewable energy, foodtech, digital technologies impacting carbon emissions, and innovative businesses with blockchain-driven decentralized governance structures.
The first fund, Ascendo Genesis Fund, primarily invested in pre-Series A stage Korean tech startups in the areas of contactless tech services and platforms, operations automation via AI and robotics, and digital healthcare.
Who manages the fund: The new fund will be managed by Ascendo’s co-founding members Jason Lee (MD), Aaron Shin (MD), and Alex Namkung (director).
With a population of almost 52 million, Korea, ranked 9th in GDP amongst OECD countries in 2020, has topped Bloomberg’s Innovation Index seven of the nine years it has been published and has one of the highest unicorn per capita rates in the world.
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The post In brief: Grab listing could happen as early as Dec., Korea’s Ascendo Ventures launches US$33M fund appeared first on e27.