Singapore plant-based meat startup Karana closes US$1.7m seed funding

KARANA, which is set to launch "pork" made from organic jackfruit this year, has closed its seed funding round with US$1.7 million, the Singapore-based startup announced on Thursday. Investors include chief executive officer of Monde Nissin Corp, Henry Soesanto, who acquired Quorn Foods for US$831 million in 2015; Big Idea Ventures, a Temasek and Tyson Foods-backed fund dedicated to plant-based…

AMTD Digital Continues Acquisition Spree in Singapore with FOMO Pay

AMTD Digital, the integrated digital solutions platform of AMTD Group, announced that it will acquire a controlling stake in FOMO Pay, a QR payments provider, via its “Fusion-in” programme, which involves using a combination of share swap and cash for investment. The acquisition is subject to the Monetary Authority of Singapore’s (MAS) approval. FOMO Pay is a well known Singaporean…

Singapore-based robotics startup Botsync secures seed-funding from lead investors

Singapore-based robotics startup Botsync secures seed-funding from lead investors

Singapore-based robotics startup Botsync has secured seed-funding from lead investors Wong Fong Industries Ltd., SEEDS Capital, Angelhub and Artesian Venture Partners for an undisclosed amount. The funding will enable them to accelerate product development, build new technology teams and scale up production of their heavy-duty autonomous mobile robot solutions, to support the logistics and manufacturing sector. Four Indian graduates from…

Singapore ‘hyperlocal’ AI startup snags $7M in Series A

Eustan Ventures

Singapore-based NextBillion.ai has snagged $7 million in its Series A round and plans to use the funds to expand its team and boost product and research development. The months-old startup aims to build artificial intelligence-powered applications that cut across various technology segments, including natural language processing, facial recognition, and cybersecurity. Its latest funding round was led by US VCs Lightspeed…

Singapore to invest $36m in maritime technology startups

Maritime technology startups are set to benefit from a SGD50m ($36m) fund via SEEDS Capital, the investment arm of Enterprise Singapore, and six co-investment partners.Supported by ESG and the Maritime and Port Authority of Singapore (MPA), this latest initiative by SEEDS Capital aims to drive the growth of the maritime sector through technology and innovation. The six partners are Innoport…

Singapore fintech sector bags S$462m in funding in H1 2020

eustan ventures

NVESTMENT in Singapore-based financial technology (fintech) firms spiked year on year in the first six months, on the back of a surge in deals in April and May 2020. Equity funding hit S$462 million in the period to June 15, up 19 per cent against the first half of 2019, going by industry data released on Friday. Banking services for…

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…

HSBC still growing in Singapore even as it resumes global job cuts

Eustan Singapore

HSBC is resuming its plans to cut about 35,000 jobs worldwide in the medium term as part of a major overhaul it had announced earlier this year. But there will be no redundancies in Singapore this year, The Straits Times understands. A spokesman said Singapore remains one of its growth markets. "Since 2018, HSBC Singapore has grown its headcount by…

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…

GBCI Ventures Pours US$11 Million into Its Own Fintech Startup

eustan ventures

GBCI Ventures announced an US$11 Million investment into Fincy a fintech startup led by Douglas Gan, Vannesa Koh and Lim Ming Wang who are all from GBCI Ventures. In a media statement, they shared that Fincy is the venture capital firms new endeavour that aims to provide an “affordable alternative to existing financial services, starting with simplifying currency exchange via…

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