Startups and downs 🦄
○ Car marketplace Carro has raised a 2nd tranche of US$30m for its US$90m B round, from Softbank Ventures Asia, EDBI, Dietrich Foundation and NCORE Ventures. Plans include the acquisition of Indonesian C2C player Jualo.com.
○ Honestbee owes US$209m+ to lenders and trade creditors. It has applied for moratorium in order to postpone repayments. Full legal documentation here. The app went down temporarily, 38 people have been laid off. A new CEO has been appointed. It has received US$25m of additional VC cash, but will that be enough?
○ Neobank for SMEs Aspire has raised US$32.5m from MassMutual Ventures, Arc Labs, YC, Hummingbird and Picus Capital.
○ Robo-advisor startup StashAway has raised a US$12m B round led by Eight Roads Ventures. Interview with one of the cofounders here. In the same sector, Bambu has raised a US$10m B round from PEAK6 Strategic Capital & Franklin Templeton.
○ Circles.Life is giving unlimited free data to its users from Aug. 7th to 19th. By the way, monthly average consumption of mobile data in Singapore is…12GB. Read an interview of Circles.Life’s CEO here.
○ Agritech startup Nutrition Technologies has raised a US$8.5m Series A from Openspace Ventures and Seeds Capital.
○ Smart home startup Homi has raised a US$1.3m Seed Round from Xoogler Angels, AngelCentral and SeedPlus.
○ Sustainable paints startup Gush has raised US$2.17m from CDL.
Grab & Go-Jek 🚘
○ Grab & Softbank will invest US$2bn in Indonesia to launch a new generation of electric transport system and develop healthcare services.
○ Grab & NTUC have launched a Critical Illness: Pay Per Trip insurance model for drivers.
○ Indonesian Mobile Point of Sale startup Moka is reportedly in the process of being acquired by Go-Jek.
○ Go-Jek has started subsidizing rides to medical facilities for senior & low-income passengers in Singapore, under a partnership with SG Cares, in effect until EoY.
○ Be has launched delivery services in Vietnam, following its entry in the ridehailing market in November 2018.
○ Why has Anthony Tan shaved his head?
○ Comparing the two apps: a nice summary of their features and regional footprint here.
Venture Capitalists 🎢
○ MDI Ventures (CVC of Telkom Indonesia) has expanded to Singapore and hire Shannon Lee Chaluangco as Investment Director to lead the team.
The Smart Nation 🇸🇬
○ 1Exchange is the first Ethereum-powered private exchange in the world, making private equity tradable.
○ MAS has launched Sandbox Express to enable companies to test financial products faster.
○ The new rules on ridehailing are here. Dynamic Pricing is still on the menu. Those rules will come into effect in June 2020.
Food for thought 🍜
○ What is unmanned retail?
○ Why ByteDance has the potential to become the Facebook of China in 2019.
Beyond Singapore 🌏
○ Job portal WOBB has raised a US$1.3m pre-A round from CAC Capital, Accord Ventures and AIG.
○ Former airline executive Ignatius Ong has become CEO of TNG Digital, a JV between eWallet Touch ‘n Go and Ant Financial.
○ AI-powered school management system Edusuite has raised US$235k from Manial Angel Investors Nework.
○ LINE aims to launch an online grocery delivery service, Line Man Grocery, by EoY 2019. LINE reportedly boasts 44m users in Thailand i.e. approximately 60% of the country’s population.
○ 19 million — that’s the number of online cybersecurity attacks reported in the first half of 2019 in Vietnam, a country with ~100m inhabitants.
○ The Boring Company will launch in China this month.
○ Just so you know: Luckin Coffee is after economies of scale.
○ State-backed APT41 is hacking video games to make money.
○ Tencent + Pokemon: soon, for the Chinese market.
○ Cloud kitchen startup Rebel Foods (Faasos) has raised a US$125m D round from Coatue Management, Goldman Sachs and Go-Jek, among others. Post-money reported: US$525m. 235 kitchens in 20 cities; 2m orders/month.
○ Paytm Frist Games, a JV between Alibaba and Paytm is reportedly raising a US$25m round. 300 mobile casual games in a market with 2.8bn downloads in H1 2018.
○ Cold e-mails to VCs work.
— — — — –
Like this revue ? Leave your thoughts here 🧠
And see you in two weeks.