Temasek, ABC World Asia join v2food’s US$55M Series B
The story: Temasek and ABC World Asia, an Asia-focused PE fund dedicated to impact investing, have participated in the Series B funding round for Australian plant-based meat startup v2food.
Other investors participating in this round include Altitude Partners, China Renaissance, Esenagro, Horizons Ventures, Marinya Capital, Main Sequence Ventures, and Novel Investments.
Plans: This round, which takes v2food’s total funds to US$80 million, will enable it to expand its team and production facility in Wodonga, Australia, as well as launch its products globally into new markets including Asia, and bring its affordable meat alternatives to more consumers worldwide.
What does v2food do?: Founded in 2019 as a partnership between Australia’s national science agency CSIRO, Main Sequence Ventures and Competitive Foods Australia, v2food’s goal is to create a ‘version two’ of meat. The company uses protein extracted from legumes to create ‘mince’ that looks, tastes and cooks like quality meat.
Also Read: German firm LikeMeat’s founder launches plant-based meat startup Next Gen in Singapore
Made entirely with simple, natural ingredients without genetic modifications, v2food’s plant-based meats provide consumers with convenient, tasty and, best of all, cost-equivalent alternatives.
TurtleTree Labs emerges global champion for Entrepreneurship World Cup 2020
The story: TurtleTree Labs, a biotech startup in Singapore that creates milk sustainably using cell-based technology, has emerged the winner of the 2020 Entrepreneurship World Cup (EWC), concluded at the fifth edition of the Misk Global Forum (MGF).
The startup also received US$500,000 in cash prize.
What is EWC?: It is a pitch competition and support programme for the next generation of entrepreneurs, with 175,000 entrants applying from 200 countries in 2020.
The EWC Top 10 finalists competed at the Global Finals for a share of US$1 million in cash prizes — US$500,000 for first place, US$250,000 for second place and US$100,000 for third place.
In addition, a cash prize of US$50,000 will be awarded to one top scoring startup from each of the following categories: idea stage, early stage and growth stage.
Each of the EWC finalists will also receive a package of in-kind services valued at US$850,000 each.
Also Read: Unable to find good milk to make her dream cheese, this founder created one from stem cells
All Global Finalists are enrolled in the GEN Starters Club, providing a global peer network, mentorship and other support services to help members, especially after the EWC, reach their full potential. Other partners may be engaged to provide post-EWC support.
IoT Tribe announces cohort 2 of deep-tech accelerator
The story: Singapore-based global equity-free accelerator, IoT Tribe, has unveiled its second cohort of 12 startups.
Held in partnership with Enterprise Singapore and the Singapore Economic Development Board on the Global Innovation Alliance initiative, the accelerator will assist deeptech startups on their expansion into and across Asia, using Singapore as a springboard.
The hybrid programme will feature eight weeks of virtual capacity building workshops, events and webinars, followed by a 4-week soft landing in Singapore set to commence at the start of 2021, subject to public health advisories.
The programme will help startups hone their business strategy, perfect their product-market fit, access Asian markets, scale up their processes and teams, as well as raise their next rounds of investments.
The 12 startups selected are:
Aromatec, which offers gentle and efficient ‘cold’ concentration processes to disrupt traditional production processes in the food & beverage industry, from Singapore.
CHECKTOBUILD, a construtech startup that uses IoT and drone systems to provide an autonomous inspection service and business intelligence for large-scale construction projects, from Madrid, Spain.
Cognicept Systems, which provides human-in-the-loop (HITL) error handling with its telerobotic networking technology and remote robot trainers, making unpredictable applications reliable and enabling previously impossible use cases, from Singapore.
Dot Incorporation, which has invented a revolutionary and affordable full-page ‘tactile display’ that can display braille text and tactile graphics simultaneously, from Seoul, South Korea.
LexaTexer, a software company that can build enterprise-scale AI and data-driven applications more efficiently and cost-effectively than alternative solutions, from Berlin, Germany.
Macco Robotics, a startup specialising in creative and user-friendly applications for humanoid robots in the food & beverage, leisure and hospitality sectors, from Sevilla, Spain.
Neuron Soundware, which reshapes machine diagnostics and predictive maintenance by using advanced AI-based analyses to recognise sound patterns in real-time and provide early warnings of mechanical failures, from Prague, Czech Republic.
QLUE, which implements AI-powered smart workforce management to improve workforce response time and productivity, from Jakarta, Indonesia.
Quadible, which offers an AI solution that continuously authenticates users without the need for any user input, by learning their behavioural patterns, from London, UK.
Themis Industries, a startup using innovative technology as an advanced waste treatment solution that can reduce operational costs and eliminate pollutant emissions, from Milan, Italy.
Vyobotics, which offers affordable robotic solutions with plug-and-play modules to serve the needs of various sectors, based in Singapore.
Wild Immersion, the world’s first virtual reserve that harnesses new technologies to create 360° immersive experiences showcasing wildlife in their natural habitat, from Paris, France.
Bangladesh’s B2B commerce platform ShopUp raises US$22.5M Series A
Investors: Sequoia Capital India and Flourish Ventures (lead investors), VEON Ventures, Speedinvest, and Lonsdale Capital (Singapore).
What is ShopUp: ShopUp offers small businesses easy access to B2B sourcing, last-mile logistics, digital credit, and business management solutions. This helps these neighborhood mom-and-pop sellers achieve more profit with less effort, allowing them to focus their efforts towards engaging with their customers and business expansion.
Also Read: Why Bangladesh is the next frontier for tech investment
The startup opened its office in Bengaluru, aiming to expand and hire talent aligned to the company’s vision and goal. E-commerce platform Voonik also recently merged with ShopUp, with both founders of Voonik joining ShopUp as co-founders.
LINE launches social banking platform in Thailand
The story: LINE Corporation has launched LINE BK, a ‘social banking’ platform, connecting the social media platform to KASIKORNBANK.
Under the slogan ‘Banking in Your Hand’, LINE BK lets customers transfer money, open savings accounts, apply for loans, and make payments easily and conveniently from the LINE app.
LINE BK is operated by KASIKORN LINE, a joint venture between LINE subsidiary LINE Financial Asia and KASIKORN Vision Company, a subsidiary of Thailand’s KASIKORNBANK.
Beginning October 15, LINE BK was launched under the Wallet Tab in the LINE app in Thailand.
From this link, users in Thailand can sign up for LINE BK, open as many as five savings accounts, and apply for a debit card, without having to install any additional apps. LINE BK also offers high interest rates for saving accounts and unlocks a range of banking services including personal loans for freelancers and individuals without fixed incomes.
LINE plans to expand banking services into other countries, including Japan, Taiwan, and Indonesia.
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