Qashier bags S$1.2m in seed funding round led by Cocoon Capital, Hardware Club

QASHIER, a smart point-of-sale (POS) terminal provider, has bagged S$1.2 million in a seed funding round led by Singapore-based venture capital (VC) firm Cocoon Capital and Hardware Club - a San Francisco-based VC firm. The startup will use the funds to expand further into South-east Asia, grow its team, and invest more in product development, it announced on Thursday. Qashier…

Singapore to invest more than $14bn to support research and innovation

Singapore Eustan

Singapore is positioning itself for a post-coronavirus world with massive investment in innovation, over and above the immediate support it is giving to help the economy rebound from possibly its worst downturn on record. The government will set aside more than S$20 billion ($14.3bn/Dh52.6bn) to support research in “high impact areas” such as health and biomedical sciences, climate change and…

Singapore retains top spot as world’s most competitive economy

Singapore has retained its top spot as the world's most competitive economy in the latest edition of the IMD World Competitiveness Ranking. The Republic held on to the top slot for a second straight year in the annual list of 63 economies, which analyses their ability to generate prosperity. Making up the top five after Singapore were Denmark, Switzerland, the…

Grab layoffs highlight cost burden when startups grow heavier

eustan singapores

AMID the economic downturn, homegrown tech firm Grab has cut 5 per cent of its workforce, but will "double down" on the delivery segment by redeploying more talent there, chief executive Anthony Tan announced to staff on Tuesday. Grab's move to retrench employees highlights how even startups touting asset-light business models may not necessarily be more operationally agile than traditional…

Singapore’s Covid-19 economic recovery team criticised for excluding sustainable business voices, women

Singapore Eustan

The city-state's Emerging Stronger Taskforce, which aims to 'reimagine' the post-Covid economy, features establishment industry figures. Critics say a more diverse group is needed to precipitate a more equitable, sustainable future for Singapore. A taskforce of industry leaders assembled to revitalise the Singapore economy after the Covid-19 downturn has been criticised in parliament and by civic society groups for excluding…

Singapore’s Mighty Jaxx bags $3m funding led by KB Investment

Singapore-based platform for designer toys and collectibles Mighty Jaxx International has raised a funding of S$4.5 million ($3 million) led by South Korea’s KB Investment to conclude its pre-Series A funding round closed at a total amount of S$7 million. The new tranche of funding was also joined by existing investor SGInnovate, as well as LA based VC Greycroft Partners,…

Asian startups face cash crunch as coronavirus saps funding

Saving cash has become the new mantra for startups in Asia as capital quickly dries up in the region. Funds raised by Asia-focused venture capital firms fell to a seven-year low of $2.2 billion in the first quarter, according to U.K. data provider Preqin. Investors are now urging startups to save enough money to support their business for at least…

Lippo Group makes strategic investment in Singapore payments startup MoolahGo

Lippo Group, a multinational conglomerate based out of Indonesia, has made a strategic investment in Singapore fintech startup MoolahGo for an undisclosed sum as part of its pre-series A raise. Prior to this financing round, MoolahGo announced in March last year that it had received seed funding from Eric Barbier, the founder and former CEO of payments firm Thunes (previously…

Singapore’s Circles.Life lets go of employees despite recent fundraise

Singapore’s Circles.Life lets go employees despite recent Warburg Pincus-backed funding Mobile virtual network operator Circles.Life reportedly has let go of several employees and eliminated roles associated with non-priority projects less than a month after snagging investment from global private equity major Warburg Pincus, as reported by DealStreetAsia. The company said the layoffs were a part of the company’s year-end review.…

Govt’s S$300 million injection into deep-tech scheme will benefit Singapore. But some concerns remain

Among the many announcements in Budget 2020, one which slipped under the radar was the S$300 million injection by the Government into Startup SG Equity for deep-technology startups. Under the scheme, the Government will co-invest up to S$4 million with qualified third-party investors into eligible Singapore-based deep technology startups. As a deep-tech venture capitalist in Singapore’s startup scene, the announcement by…

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