Singapore sets aside additional $215m for deep-tech Startups

Singapore is strengthening its support for deep-tech startups in the country with an additional S$300 million (US$215.4 million) under the Startup SG Equity scheme to encourage investments into such companies. Through Startup SG Equity, the Singapore government co-invests with qualified third-party investors into eligible startups. It aims to draw in more private-sector investments into homegrown startups with intellectual property and…

Singapore chatbot startup Pand.ai secures pre-series A funding

Singapore-based conversational AI startup Pand.ai has raised an undisclosed amount of pre-series A funding from Bualuang Ventures, the corporate venture capital arm of Bangkok Bank. It plans to use the new funds to expand the resources of its natural language processing (NLP) lab in Singapore, which focuses on developing conversational AI engines for Southeast Asian languages, according to a statement.…

Singapore startup making cell-based milk secures pre-seed funding

TurtleTree Labs, a Singapore-based startup that leverages biotechnology to create the full nutritional content of milk, has raised an undisclosed amount of pre-seed funding in a round led by alternative protein-focused venture capital fund Lever VC. Asset management firm KBW Ventures and VC fund K2 Global also participated in the round, according to a statement. Using proprietary mammary cell-based methods,…

Ford Vietnam Announces $82 Million Investment in Switch From Motorbikes to Cars

Ford Vietnam has announced it is investing $82 million to increase production, which will speed up the transition to cars in a communist nation known more for the iconic motorbike. The automaker will use the money to buy machines like internet-connected robots, add a body-and-paint shop to its factory outside Hanoi, and nearly double its workforce to approximately 1,000 people,…

Singapore Launches Framework to Attract Investment Funds

The new corporate structure can be used for a wide range of investment funds and provides fund managers greater operational flexibility and cost savings. Singapore is courting more funds to base themselves in the city-state with the launch of a new framework that caters to the needs of global investment funds and investors, and a grant scheme to encourage industry…

Singapore-based iSTOX closes $5 million in investment funding

Capital markets platform iSTOX has closed an investment funding of $5 million from South Korean company Hanwha Asset Management. Singapore-based iSTOX is a capital markets platform for fundraising through the use of Security Token Offerings (STOs). The platform supports one-stop issuance, custody and trading of digitized securities. The company aims to allow investors and issuers to connect and transact directly…

POS startup StoreHub secures $8.9m in Vertex-led round

StoreHub, which offers an omnichannel operating system for retail and F&B businesses across Southeast Asia, has raised US$8.9 million in a Series A+ round led by existing investor Vertex Ventures Southeast Asia and India. Tokyo-based Accord Ventures and an undisclosed private family office also participated in the round, which pushed the startup’s total funding to date to US$15 million, according…

Malaysia’s P2P total financing to reach RM1b in 2020

DOMESTIC peer-to-peer (P2P) financing industry is expected to exceed RM1 billion in 2020, said the Funding Societies Malaysia. Co-founder and CEO Wong Kah Meng (picture) said with the total financing for the industry standing at RM521 million last year, 2020 poised to record more growth. “As the Malaysian government seeks to boost micro, small and medium enterprises’ (MSMEs) GDP contribution…

AMTD, Xiaomi, Funding Societies, SP Group join Singapore digibank Race

Hong Kong-based investment banking firm AMTD Group, Xiaomi consumer finance arm Xiaomi Finance, Singapore government-owned SP Group, and crowdfunding startup Funding Societies officially announced they have submitted an application for a digital wholesale banking license in Singapore. The consortium, led by AMTD, focuses its bid on small and medium-sized enterprises in all stages of growth in Southeast Asia and Greater…

Here’s how the Singapore startup scene will look like in 2020

2019 was a significant year for the Singapore startup scene for several reasons. On a positive note, Carousell’s merger with classified firm 701Search lifted its value to S$1.2 billion, showing that born-and-bred Singaporeans can grow unicorns – companies with a valuation of over S$1 billion - and can compete in the big league. On the downside, local grocery seller HonestBee…

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