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.…

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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…

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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…

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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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Singapore’s EV Growth makes final close of debut fund at $250m

Singapore-headquartered venture capital firm EV Growth announced that it has made the final close of its reopened first fund at $250 million, exceeding the initial target of $150 million. DealStreetAsia reported in May that the firm, a joint venture between Sinar Mas, East Ventures, and Yahoo! Japan, has made a final close of the fund at $200 million. The firm,…

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Licious raises $30 million in Series E, led by Singapore-based Vertex Growth Fund

Fresh meat and seafood brand Licious has raised $30 million in Series E funding round. The round was led by Singapore-basedVertex Growth Fund along with existing investors 3one4 Capital, Bertelsmann India Investments, Vertex Ventures Southeast Asia and India, and Sistema Asia Fund. Including this round, Licious has raised a total of $95 million to date. Bengaluru-based Licious was founded by…

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Singapore’s Neuron Mobility raises $18.5M to bring its electric scooters to more international markets

Singapore-based startup, has closed an $18.5 million financing round as it looks to scale its e-scooter startup in international markets — a month after the nation introduced difficult regulatory changes. The new financing round, dubbed Series A, was funded by GSR Ventures, a venture capital firm that was the first institutional investor in Chinese ride-hailing giant DiDi Chuxing, and Square…

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Singapore launches $14m initiative to draw film funds to Southeast Asia

Singapore’s Infocomm Media Development Authority (IMDA) has launched a $14.7m (S$20m) initiative to partner with film and media investment funds that set up in the city state to invest in film and TV content across Southeast Asia. Describing the S$20m as a “catalyst to attract other investors”, IMDA has launched an open call for partners that can “jointly support the…

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Singapore healthtech startup Hummingbird banks $19m in series B round

Singapore-based biotherapeutics startup Hummingbird Bioscience has raised US$19 million in a series B round co-led by Korean investors Mirae Asset Venture Investment and GNTech Venture Capital. New backers Delian Capital, Mirae Asset Capital, DAValue-GiltEdge, HB Investment, Wooshin Venture Investment, and Kiwoom Investment-Shinhan Capital also participated in the round, alongside existing investors Heritas Capital and Seeds Capital. Hummingbird focuses on the…

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Singapore dental startup Zenyum secures $13.6m to fuel expansion plans

Singapore-based dental startup Zenyum has raised US$13.6 million in series A funding from RTP Global, Sequoia India, TNB Aura, and Enterprise Singapore’s Seeds Capital, among other investors. Zenyum plans to use the fresh funds to fuel its expansion plans to markets like Vietnam, Indonesia, and Taiwan. It currently operates in Singapore, Hong Kong, Malaysia, and Thailand. Founded in 2018, Zenyum…

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