Singapore’s foodtech startup Hoow Foods raises funding led by Nanyang Realty
Food reformulation technology startup Hoow Foods has announced that it has raised an undisclosed strategic funding, led by the Singapore-based Ang family office Nanyang Realty. Korean-based Venture Capital funds Sunbo Angel Partners and Lighthouse Combined Investment Co. also participated.
The funds will be used to expand Hoow Foods’s scientific headcount, enhance its technology infrastructure and accelerate its operations and R&D capabilities in the region.
Established in 2018, Hoow Foods is one of Singapore’s pioneers in the food technology scene. Aside from its low-calorie ice-cream brand Callery’s, Hoow Foods also commercialises its products via its collaboration with Singapore heritage brand Killiney Group.
In 2020, Killiney launched several new merchandises, including its new Premium Milk Tea and reformulated Premium White Coffee products, with all these offerings co-developed by the Hoow Foods team.
Both Hoow Foods and Killiney are currently working on new flavours to be launched in the near future, with emphasis on producing healthier versions of instant beverages.
ScaleUp Malaysia invests US$46K each in 10 growth-stage companies
ScaleUp Malaysia has announced that it has selected its top 10 companies for its inaugural cohort.
Each of these companies will receive an investment of RM200,000 (US$46,400) each to grow and scale their business further with a focus on regional and global expansion.
Also Read: ScaleUp Malaysia kickstarts 3-month programme with 20 companies in first cohort
Aaron Sarma, General Partner of ScaleUp Malaysia says, “We’ve been working with these companies for the last four months. The final decision was not easy but ultimately our investment committee selected companies with teams and products that were best positioned to scale into large markets.”
The selected companies are:
- ATX, a digital payments service provider that helps micro SMEs participate in the digital economy.
- AutoCraver, a startup that provides a cloud-based end to end management software called “Turbo” for car dealers to automate processes and facilitate car sales.
- Batik Boutique, a premier Malaysian gift brand with an artisanal story that creates social impact by empowering the B40 segment through education, training, and job creation.
- GOLOG, an on-demand cold chain logistics platform that uses data and machine learning to digitise the traditional supply chain.
- Iimmpact, a technology solution that enables digital payments to over 100 billers inclusive of mobile top-ups, utility bills, entertainment portals, local councils, and many more.
- Kwikcar, a peer-to-peer car-sharing platform that aims to change the future of mobility and car ownership.
- AOne, an educational platform for learning centres to manage their classes, teachers, and students through scheduling, fee collection, and process automation.
- BiiB, a community platform that creates gamified virtual events for runners and transforms running into a team sport.
- Agiliux, a cloud-based core insurance platform with extensive policy and claims management capabilities.
- Tripcarte, a travel technology company that provides a distribution platform for travel activity and attraction tickets.
ScaleUp Malaysia has conducted its final Investment Committee Pitch Session and virtually selected the 10 startups during the Movement Control Order period.
ESPL partners with Paytm to accelerate growth during lockdown
Esports Players League (ESPL), the global e-sports tournament network and platform, has entered into a strategic partnership with India-based Paytm First Games.
Paytm First Games will introduce ESPL’s mobile and online focussed tournaments to gaming enthusiasts in India. It will oversee the rollout of ESPL’s amateur e-sports platform in the country and execute tournaments, acquire users, secure local sponsorship and partnership deals, and create local media content.
ESPL will support Paytm First Games’ efforts by delivering the complete tech solution, global sponsorships, media deals, and e-sports strategy.
The first ESPL season is scheduled from May to November 2020.
Paytm First Games has more than half a million daily active gamers on the platform, spending anywhere between 30 to 45 minutes per session. It is the digital gaming platform of Gamepind Entertainment Private Limited, which is a joint venture between AGTech Holdings Limited and One97 Communications Limited, the parent company of Paytm.
Fintech platform Razer pledges US$50M to support its business partners during COVID-19
Razer, the global lifestyle brand for gamers, has pledged to support its business partners, both current and future, through the economic downturn brought about by COVID-19.
Razer will deploy up to US$50 million within 2020 through three main support arms within the ecosystem:
- Razer Gold, Razer’s virtual currencies for its digital offering that will provide support to current and new content partners through marketing contributions and other immediate cashflow relief measures such as cash pre-payment, cash rebates, special rates and reduced settlement periods from 30 to 15 days. Razer will also explore potential investment opportunities in channel and content partners.
- Razer Fintech, Razer’s offline-to-online digital payment networks in Southeast Asia that will utilise both its business verticals for this initiative. Razer Fintech’s B2B vertical, Razer Merchant Services (RMS) will help new and existing merchants and platform partners via cashflow assistance, fee waivers, and customised marketing programs for essential services and online businesses, while its B2C vertical, Razer Pay, will offer packages such as reduced rates and value-added promotions and will selectively explore potential investment opportunities with startups and businesses.
- zVentures, Razer’s corporate ventures arm that will focus its investment efforts on companies with technologies dedicated to fighting COVID-19 or supporting people through the pandemic, such as autonomous food and beverage, delivery and logistics, and healthcare.
The fund will be split across these three pillars in the form of financial contributions, cashflow support, and investments.
This initiative will also provide businesses with access to Razer’s ecosystem of hardware, software, and services worldwide, and bring positive business impact through alliances and partnerships.
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Photo by Michelle Tsang on Unsplash
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