PE, VC & Alternatives Archives - Page 2 of 25

Stableton Partners with Alta to Expand Access to Global High-Growth Pre-IPO Investments

Stableton, a leader in VC direct secondaries and an award-winning growth equity fintech platform, is proud to announce a strategic partnership with Alta, Asia’s leading digital securities exchange for alternative assets.

This collaboration aims to expand investor access to high-growth, late-stage private companies, meeting the surging demand for liquidity and diversification within private markets. With more than 1,300 unicorns redefining the industry landscape, substantial value has emerged over recent years. This wave of rapid growth, alongside the advent of sophisticated data providers and enhanced liquidity for the most valuable unicorns, has set the stage for Stableton to unveil the world’s first strategy of its kind, now accessible via Alta. This pioneering strategy delivers investors unparalleled, cost-effective access to a systematic investment approach focused on the world’s Top 20 unicorns, spanning industries including artificial intelligence, fintech, and aerospace.

“This growth reflects a significant shift in how investors are approaching private market opportunities, seeking more flexible and transparent solutions,” said Wei He, Head of Investments at Stableton. Alta has demonstrated its capabilities with a track record of over US$53 billion in mandated transactions and more than US$700 million successfully raised for private companies and funds, positioning it as a transformative player in the alternative investment landscape.

Stableton’s experience with over 95 transactions, a network of more than 100 sourcing partners, and robust technology- and data-driven investment processes enable access to the leading private technology stocks via portfolios and single investment opportunities. The combination of Stableton’s unique investment strategy and Alta, which features over 35,000 direct investor accounts and partnerships with more than 100 financial institutions, promises to elevate accessibility in private markets.

“Partnering with Stableton represents a significant milestone in our journey to democratize access to the private markets,” said Benjamin Twoon, Co-Founder and Chief Commercial Officer of Alta. “This collaboration introduces a unique investment product akin to an Exchange Traded Fund, offering investors a diversified portfolio and fractional access to a carefully curated group of industry-leading, late-stage private companies. By combining innovation, efficiency, and a data-driven approach, we are advancing our mission to open doors for more investors to participate in this asset class with the same level of rigor, transparency, and diversification as institutional players.”

Andreas Bezner, CEO and Co-Founder of Stableton, remarked: ”Partnering with Alta represents a significant step forward in our mission to provide superior access to growth equity investments. By leveraging Alta’s strong digital platform and Stableton’s expertise in pre-IPO secondaries, we’re not just widening the doors for investment—we’re setting a new standard for accessibility and liquidity in private markets. This is about providing investors, from institutional to individual, with opportunities that were previously out of reach and delivering impactful and flexible solutions.”

The global unicorn market, valued at $4.7 trillion, continues to show strong investment potential.

Alta is committed to tackling the challenge of private market illiquidity with its accessible, efficient, and secure exchange platform. Alta has seen increasing demand this year from investors eager to participate in high impact ventures like, SpaceX, Stripe, xAI and OpenAI. Over the years, Alta raised a total funding of over US$150 million for SpaceX, and recently closed an additional US$15 million for the spacetech firm.

Alta’s technology-powered initiatives are transforming the financial landscape by empowering a diverse array of investors to engage in alternative investments and the firm believes that broadening access to capital markets is crucial for fostering sustainable growth and generating new opportunities for communities globally. In acknowledgment of those efforts, Alta has recently been named as a 2024 Technology Pioneer by the World Economic Forum.

Konstantin Heiermann, COO and Co-Founder of Stableton, shared insights on the operational benefits of the partnership: “This collaboration with Alta not only broadens our geographical reach but also brings a new level of efficiency and scale to our distribution. This partnership marks an important evolution in how investors engage with private markets, making access more seamless, transparent, and aligned with modern expectations.”

This partnership aims to foster a more dynamic investment ecosystem where technology and strategic alliances facilitate the flow of capital into high-potential, late-stage private companies.

Together, Stableton and Alta are committed to bridging the gap between traditional investment barriers and forward-thinking solutions, making pre-IPO investments more attainable and impactful for a broader audience of global investors.

About Stableton

Stableton is a VC direct secondaries specialist investment manager and an award-winning growth equity fintech investment platform (Swiss Fintech Awards 2022 winner) that empowers investors and shapers of tomorrow to achieve their full potential. Stableton’s mission is to provide superior access to growth equity and pre-IPO deals and portfolios, focusing on secondaries. Investors benefit from institutional-quality investments, product innovation, bankable products with low minimums, and improved liquidity.

Stableton was founded in 2018 by Andreas Bezner, CFA, and Konstantin Heiermann, with an international team of over 25 employees across Zurich, Zug, Berlin, and Riga. Our success story includes a CHF 15 million Series A funding round in July 2022 and a FINMA license as a portfolio manager, according to Art. 17 (1) of the Financial Institutions Act (FINIA). Stableton delivers institutional-grade quality with assets over USD 270 million and a track record of over 95 transactions.

About Alta

As the leading licensed digital securities exchange for alternative investments in Asia, we are building critical capital market infrastructure backed by some of the most active securities brokerages and bookrunners on the Singapore Exchange – Phillip Securities, PrimePartners and Nomura Holdings (Japan).

Empowering Private Markets: Through our Digital Exchange, we enable the tokenization and digital custody of alternative assets. This end-to-end solution simplifies and expedites the trading of smaller asset blocks, ultimately facilitating access and liquidity in private markets. We believe that access to capital markets are pivotal in all economies, we recognize that our role in building this critical infrastructure goes beyond facilitating trades; it paves the way for entrepreneurship, job creation, financial inclusion, and economic resilience, fostering a brighter future for emerging markets and economies.

Innovative Financial Ecosystem: Our journey has seen us transition from securities trading and distribution of comprehensive products, including equities, private credit, funds, and asset-backed securities representing real world assets like whiskies and wines, to include fund management and digital custody.

Visit us on https://alta.exchange/

For media inquiries, please contact:

Stableton
Lyn Melwani
Growth Manager
melwani@stableton.com

Alta
Deeksha Kakkar
Marketing Communications Specialist
deeksha.kakkar@alta.exchange

Asian Financial Forum returns as Region’s First Major International Financial Assembly in 2025

– Bringing together scholars, financial officials and business leaders for discussions on the theme ‘Powering the Next Growth Engine’

Themed “Powering the Next Growth Engine”, the 18th Asian Financial Forum 2025 (AFF), will be the region’s first major international financial and business event of the year.
Heavyweight speakers include Prof Justin Lin Yifu, Chief Economist and Senior Vice President of the World Bank (2008-2012); Prof Stuart Russell, Co-Chair of the World Economic Forum’s Council on AI; Dr Kai-Fu Lee, Chairman of Sinovation Ventures; and Joe Tsai, Chairman of the Alibaba Group.
The event brings together scholars, financial officials and business leaders from Mainland China, ASEAN, the Middle East, Europe and the United States to share invaluable insights.

The 18th Asian Financial Forum 2025 (AFF), co-organised by the Government of the Hong Kong Special Administrative Region (HKSAR) and the Hong Kong Trade Development Council (HKTDC), will be held at the Hong Kong Convention and Exhibition Centre (HKCEC) on 13 and 14 January (Monday and Tuesday). Themed “Powering the Next Growth Engine”, AFF will be the first major financial and business event in the region in the new year, bringing together more than 100 global policymakers, business leaders, financial experts and investors, entrepreneurs, tech giants and economists to share their views on issues related to political leadership, geopolitical tensions, monetary policy shifts, macroeconomic challenges and more. These industry heavyweights will discuss the latest developments in financial markets and investment opportunities and explore how Hong Kong can leverage its strengths as an international financial centre to seek breakthroughs in a period of change.

Harnessing Hong Kong’s unique advantages to demonstrate financial excellence
Launched in 2007, the AFF has become a flagship financial event for Hong Kong and the broader region, showcasing the city’s status as an international financial centre and its role as a connector in spearheading regional financial activities. Against the backdrop of a constantly shifting global economic landscape, Hong Kong has been leveraging its unique geographical position, professional services and global perspective to continue fostering collaboration and ensuring mutual success between Asia and the world.

Luanne Lim, Chairperson of the AFF Steering Committee and Chief Executive Officer, Hong Kong, of HSBC, said: “The geopolitical and economic landscape of 2025 is set to be fraught with challenges, underscoring the importance of international collaboration. The Forum adopts the theme ‘Powering the Next Growth Engine’, bringing together influential speakers and thought leaders to share insights, dissect the evolving global landscape and spotlight emerging investment opportunities. Key areas of focus include the growth potential of emerging markets such as Mainland China, ASEAN and the Middle East, as well as advancements in sectors like artificial intelligence, fintech, sustainability, philanthropy and family offices. The Forum continues to provide a premier platform for renowned global investors and fundraisers to collaborate and ignite new engines for growth with its strong international influence and diverse perspectives.”

Impactful sessions spotlight global issues
The Forum will feature a distinguished line-up of speakers, with a two-day programme featuring various panels and workshops, including plenary sessions, policy dialogues, keynote luncheons, breakfast panels and fireside chats, as well as thematic workshops focusing on development and innovation across different industries. It will continue to stage well-received sessions such as Global Economic Outlook, China Opportunities and CIO Insights. Global Economic Outlook will analyse international economic trends and provide insights into business opportunities and wealth accumulation in emerging industries and regions in 2025. China Opportunities will focus on examining the investment outlook in Mainland China under the acceleration of technological innovation and its impact on global businesses. CIO Insights will explore new opportunities for cross-regional cooperation from macroeconomic and asset allocation perspectives, offering participants insights and strategies that can help realise long-term growth.

Financial pioneers share insights on future economy
One of the keynote speakers at AFF will be Prof Justin Lin Yifu, a globally renowned economist and Chief Economist and Senior Vice President of the World Bank (2008-2012). Prof Lin will deliver an in-depth analysis of the shifting global economic landscape and the impact on Mainland China and international markets, exploring strategies for achieving stable growth and driving rapid economic development amid a complex international environment.

The Forum will also bring together scholars, financial officials and business leaders from the mainland, ASEAN, the Middle East, Europe and the United States to shed light on a range of key topics, including macroeconomics, China opportunities, investment prospects, artificial intelligence (AI) and fintech as well as sustainability.

As the world’s second largest economy, the mainland’s economic and industrial development plays a significant role in driving global economic growth. Heavyweight speakers include Dr Fred Hu, Founder and Chairman of Primavera Capital Group; Jin Liqun, President and Chair of Asian Infrastructure Investment Bank; Li Yimei, Chief Executive Officer of China Asset Management, and Joe Tsai, Chairman of Alibaba Group, will take the stage at AFF to share their views.

Emerging markets such as the Association of Southeast Asian Nations (ASEAN) and the Middle East will also be spotlighted. Speakers from ASEAN will include Satvinder Singh, Deputy Secretary-General for ASEAN Economic Community of ASEAN while a new session will highlight the opportunities in financial cooperation and investment between the Middle East and Hong Kong, featuring speakers from the two places.

A stellar line-up of speakers and company representatives from Europe and the US will offer new impetus at various panel discussions. Featured speakers include Edward Dolman, Executive Chairman and Chief Executive Officer of Phillips Auctioneers; J Christopher Donahue, President & Chief Executive Officer of Federated Hermes, Inc; Antoine Gosset-Grainville, Chairman of the Board of Directors of AXA; Dr Hou Yang, Chairman and Chief Executive Officer, Greater China Region and Global Senior Vice President of Microsoft; Philip Lane, Chief Economist and Member of the Executive Board of the European Central Bank; Vincent Mortier, Group Chief Investment Officer of Amundi; and Dr Olli Rehn, Governor and Chairman of the Board of the Bank of Finland.

AI and fintech are having a profound impact as they become more broadly adopted in the financial services sector. Prof Stuart Russell, Co-chair of the World Economic Forum Council on AI; Dr Kai-Fu Lee, Chairman of Sinovation Ventures and Ken Wong, Executive Vice President of Lenovo and President of Lenovo Solutions & Services Group, will address the latest industry developments and prospects at the AFF. Prof Russell, Distinguished Professor of Computer Science at the University of California, Berkeley and Co-chair of the World Economic Forum’s Council on AI and the OECD’s Expert Group on AI Futures, will explore the prospects of AI becoming a new engine for global economic growth.

Sustainable development is another key topic at the AFF. In different sessions of the Forum, Sue Lloyd, Vice Chair of the International Sustainability Standards Board (ISSB); Martin Neubert, Partner and Group Chief Investment Officer of Copenhagen Infrastructure Partners, and Jiadi Yu, Chief Investment Officer of International Finance Corporation (IFC), will share views on how the adoption of the ISSB will contribute to market confidence in Hong Kong’s capital markets.

Diverse exhibition zones create opportunities, innovative technologies drive growth
The Fintech Showcase, InnoVenture Salon, FintechHK Start-up Salon and Global Investment Zone will be assembled at the AFF to help fintech companies, start-ups and international investment agencies from around the world to connect businesses, showcase the latest technological innovations and promote collaboration.

In addition to offering pitching and startup advisory sessions, the InnoVenture Salon features an exhibition of innovative technologies across various fields such as regtech, deep tech, green tech, health tech and food tech and agri-tech. This capacity-building support will connect entrepreneurs with potential clients, users and investors from different regions and industries, helping businesses refine their strategies, expand operations and thrive in the global market. Additionally, AFF Deal-making, a unique deal-sourcing and matching session, will build on the success of previous years to connect sources of funds and deals from around the world through one-on-one meetings.

AFF – Hong Kong’s major annual financial event
International large-scale events play a strategically important role for Hong Kong. As the first major financial event of the year, the AFF is designed to provide industry professionals with the latest insights and help them explore new opportunities. Early bird registration is now open for participants. The AFF is collaborating with various organisations to provide special travel, dining and shopping discounts and privileges for overseas participants, encouraging them to make the most of their stay and experience the vitality of Hong Kong. More details regarding the content, speaker lineup and media registration arrangements for the AFF will be announced at a press conference on 7 January 2025.

Websites
– Asian Financial Forum: https://www.asianfinancialforum.com/conference/aff/en/about-aff
– Programme: https://www.asianfinancialforum.com/conference/aff/en/info-programme
– Speaker list: https://www.asianfinancialforum.com/conference/aff/en/speakers

Members of the media interested in interviewing speakers at the Asian Financial Forum should email ayiu@yuantung.com.hk or lsong@yuantung.com.hk by 8 January 2025.

Photo download: https://bit.ly/3Bz8p9t

Media enquiries

Yuan Tung Financial Relations:
Agnes Yiu Tel: (852) 3428 5690 Email: ayiu@yuantung.com.hk
Louise Song Tel: (852) 3428 5691 Email: lsong@yuantung.com.hk

HKTDC’s Communications & Public Affairs Department:
Katy Wong Tel: (852) 2584 4524 Email: katy.ky.wong@hktdc.org
Clayton Lauw Tel: (852) 2584 4472 Email: clayton.y.lauw@hktdc.org

HKTDC Media Room: http://mediaroom.hktdc.com

About HKTDC
The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong’s trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus.

Business of IP Asia Forum and Entrepreneur Day Unlock IP and Innovation Potential

The two events promote Hong Kong’s position as a leading regional IP trading centre and an international innovation and technology hub

– BIP Asia Forum welcomed over 3,000 participants
– E-Day attracted around 11,800 visits, facilitated over 230 business matching meetings and created business opportunities for participants
– IP financing as a growth engine should not be overlooked according to an IP valuation expert at BIP Asia Forum. IP valuers are subjected to professional scrutiny and need to do an inordinate amount of background research in order to put the information into a sensible IP context
– Connecting start-ups from across the globe, E-Day reflects Hong Kong’s growing role as a global innovation hub. Over the years, Hong Kong has introduced significant policies to support innovation and technology, especially with more proactive measures to drive university research translation and industry-academia collaboration

The two-day Business of IP Asia Forum (BIP Asia Forum), jointly organised by the Hong Kong Special Administrative Region Government (HKSAR Government) and Hong Kong Trade Development Council (HKTDC), and held concurrently with Entrepreneur Day (E-Day), hosted by the HKTDC, concluded successfully on Friday 6 December. The two events brought together more than 160 intellectual property (IP) experts and business leaders from around the world to explore the potential of IP, promote business innovation and growth, and drive high-quality economic development. Taking place on 5 and 6 December, BIP Asia Forum and E-Day reinforced Hong Kong’s position as a leading regional IP trading centre and an international innovation and technology hub.

The two events featured a mix of forums, exhibitions, competitions, workshops, and business matching meetings. More than 400 exhibitors from various sectors, including IP and innovation and technology, participated in the two events to capture business opportunities and gain insights into the latest IP and innovation trends.

This year, BIP Asia Forum welcomed over 3,000 participants, while E-Day attracted around 11,800 visits and facilitated over 230 business matching meetings, creating business opportunities and fostering expansion for participants.

This year’s BIP Asia Forum, themed “Reimagining IP for Impact and Growth”, featured a Policy Dialogue on the opening day, where international IP experts and representatives from multinational organisations shared insights on the flourishing and newest developments in the IP world.

Cultural and creative IP unleashes huge potential
The HKSAR’s 2024 Policy Address emphasised strengthening Hong Kong’s position as an IP trading centre, promoting cross-sectoral exchange, and encouraging more local and international cultural and creative products to be registered on the Asia IP Exchange Portal. The HKSAR Government also recently published the Blueprint for Arts and Culture and Creative Industries Development, highlighting the significant potential of cultural and creative IP.

The HKTDC continues to be active in promoting cultural and creative IP resources from Hong Kong and overseas to facilitate industry exchange and collaboration. In addition to the annual BIP Asia Forum, the HKTDC leverages physical trading platforms such as the Hong Kong International Licensing Show and the Hong Kong International Film & TV Market to actively promote the development and trading of cultural and creative products, inviting various IP experts to share practical case studies and opportunities.

Cultural and creative industries encompass various sectors, including film and television entertainment and music and arts. Jake Hwang, Chief Manager, Story IP Business at Kakao Entertainment Corp, renowned for his experience with popular web novels and comics IP projects such as What’s Wrong with Secretary Kim, Business Proposal, and Run On, shared insights on IP related to popular Korean dramas, webcomics, and web novels at the forum. He said: “In terms of creating original IPs and where we invest our money, we don’t see things in short-term income. We are trying to see things on a more long-term basis, because we don’t know which IPs will be successful. But we keep trying to produce new IPs every day. We also try to meet with global partners as much as possible. It could be physical productions, over-the-top platforms, or independent producers, just to open potential and discuss freely.”

In today’s competitive business landscape, leveraging IP has become essential for driving innovation, building brand value, and creating new revenue streams. Many international brand leaders agree that IP plays a crucial role in developing strategies for sustainable growth and expanding into new areas. Dr Na Wei, Senior Director of IP Licensing at Xiaomi, believes in the importance of collaboration between different IP owners. “One smartphone may contain more than 200,000 patents. It’s not something that one company can do on its own, so that’s why collaboration is very necessary. We need to work with many other patent owners on acquiring or securing their licenses, and we also license our own patents to them. It’s in that way that these kind of high-density patent products can be made possible.

Among the various areas of IP, one area with growth potential is IP financing, where businesses can use their intangible assets as collateral to secure funding without diluting equity. This means that an IP portfolio facilitates access to capital but also enhances a company’s valuation significantly. Martin Brassell, Co-founder and CEO at Inngot Limited said: “As valuers, we have to exercise our professional judgement, subject the inputs that we’re given to professional scrutiny, and do an inordinate amount of background research in order to put the information we’re being given into a sensible, commercial, and, if necessary, IP landscape context. That’s really where the hard yards are.”

This year’s Innovation & IP Market, themed “Smart City Innovation”, showcased over 20 innovative projects in areas such as smart city technology, digital business, smart living, artificial intelligence (AI) and robotics, and transportation. Xu Song, Deputy Director, Science & Technology Innovation Division of the Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone of Shenzhen said: “The Business of IP Asia Forum provided an excellent platform for exploring business opportunities and networking. The Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone of Shenzhen gathered enterprises and institutions in the field of intellectual property and joined the forum. They received enquiries from over 40 renowned IP organisation and technology companies from various countries and regions regarding policies and measures for establishing operations in Qianhai. This helps enterprises in both ‘going global’ and ‘attracting foreign investment’.”

E-Day promotes exchange and uncovers new opportunities
The HKTDC E-Day also concluded on Friday. Themed “Where Start-up Dreams Take Flight”, this year’s E-Day showcased over 340 start-ups, invention projects, and support services from 13 countries and regions, and invited more than 60 industry leaders to participate in business matching meetings and networking events.

Hong Kong start-up Lacess Limited participated in E-Day for the first-time, showcasing sustainable footwear made from upcycled farm waste, factory waste, recycled plastic, and other innovative materials. Natalie Chow, CEO & Co-founder of Lacess Limited said: “As a start-up, we know the power of making connections to drive growth. Entrepreneur Day was an incredible opportunity to meet like-minded innovators, exchange ideas, and explore collaborations that could help us expand into new markets. It’s been inspiring to see how global businesses can come together to create meaningful change.

The Thailand pavilion, organised by the Department of International Trade Promotion under the Ministry of Commerce of Thailand, participated in E-Day for the first time, showcasing 10 key start-ups from Thailand. Pannakarn Jiamsuchon, Thai Trade Commissioner & Consul (Commercial) said: “HKTDC’s E-Day provided a perfect platform for Thailand to shine. Our participation at E-day not only promoted the Thai start-up sector but also drew global investors into the market, creating a win-win situation for the international business community.”

The Australian pavilion, led by Investment New South Wales (NSW), took part in E-Day for the second consecutive year, and showcased nine start-ups specialising in health tech, green tech, smart city solutions and other related technologies. A representative from the Australian pavilion said they wanted to take advantage of E-Day to introduce New South Wales’ start-ups to overseas markets.

Start-up Express International leads top start-ups to explore Greater Bay Area opportunities
Now in its third edition, Start-up Express International continues to support global start-ups in establishing a presence in Hong Kong and expanding into regional markets. The programme is supported by global partners worldwide, and 10 winning global start-ups were selected last month. The winning start-ups attended the “Start-up Express International – Meet the Global Winners” session during E-Day to share their entrepreneurial experiences and network with each other.

Jimmy Ng, Investment Director at Gobi Partners, said: “It’s amazing to see Start-up Express International connecting top start-ups from across the globe further reflecting Hong Kong’s growing role as a global innovation hub. Over the years, Hong Kong has introduced significant policies to support innovation and technology, especially with more proactive measures to drive university research translation and industry-academia collaboration. These efforts, combined with initiatives to boost start-up funding and private investment, are creating a strong ecosystem that empowers entrepreneurs to turn their ideas into impactful businesses.”

[Replay of BIP Asia Forum event, including highlights of the exhibition and forums, will be available from 7 December 2024 to 6 January 2025. Replay of E-Day event will be uploaded after 7 January 2025.]

BIP Asia Forum website: https://bipasia.hktdc.com/en/
E-Day website: https://eday.hktdc.com/en
Start-up Express International website: https://portal.hktdc.com/startupexpress/en/s/start-up-express-international

Photo Download: https://bit.ly/3ZDjnnz

Media enquiries
For enquiries, please contact:
Burson:

Wing Chan	Tel: (852) 9518 4326	Email: wing.chan@hillandknowlton.com
Rachel Zhu	Tel: (852) 6816 5846	Email: rachel.zhu@hillandknowlton.com

HKTDC’s Communication & Public Affairs Department:

Katy Wong	Tel: (852) 2584 4524	Email: katy.ky.wong@hktdc.org
Jane Cheung	Tel: (852) 2584 4137	Email: jane.mh.cheung@hktdc.org

HKTDC Media Room: http://mediaroom.hktdc.com/en

About the HKTDC
The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong ’s trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions , conferences and business missions to create business opportunities for companies, particularly SMEs, in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via trade publications, research reports and digital news channels.

HKTDC and Hang Seng Bank’s InnoClub Recognises and Supports Outstanding GBA Start-ups

Promoting Innovation in GreenTech, Smart Catering, and Digital Marketing

InnoClub, a platform co-created by the Hong Kong Trade Development Council (HKTDC) and Hang Seng Bank supporting start-ups and SMEs in Hong Kong and the wider Guangdong-Hong Kong-Macao Greater Bay Area (GBA), today announced the winners of its second annual InnoClub Awards.

Green technology company Zence Object Technology, smart catering solutions provider Wada FoodTech, and digital marketing firm GoGoChart have been recognised for their ground-breaking achievements in sustainability, digital transformation of traditional industries, and innovative marketing strategies, respectively, with the awards given yesterday on the first day of HKTDC’s Entrepreneur Day 2024.

Established in 2021, InnoClub has supported more than 1,400 start-ups and SMEs in Hong Kong and the GBA with their digital transformation and competitiveness, while promoting Hong Kong’s entrepreneurial spirit and innovation and technology (I&T) development. Aside from business matching, InnoClub organises gatherings, seminars and GBA delegations to facilitate the exchange of ideas and collaboration among its members. Coinciding with the platform’s third anniversary, the Awards recognise the achievements of InnoClub members.

Stephen Liang, Assistant Executive Director of HKTDC, said: “I am pleased to see InnoClub membership continuing to grow to some 1,400 corporate members in just three years. Like any good association, the more members InnoClub has, the more value it can provide by bringing together like-minded entrepreneurs to share insights and experiences on the common challenges and opportunities they face. We will continue to organise gatherings, such as our Solution Days and GBA missions, to help SMEs and start-ups grow and prosper.”

Alex Wong, Managing Director, Head of Business Banking of Hang Seng Bank, said: “Hang Seng Bank with its deep local roots and strong network in the Greater Bay Area, offers market expertise and best-in-class banking services to support start-ups and SMEs. I look forward to continuing our strategic partnership with HKTDC to ensure InnoClub grows from strength to strength, creating more opportunities for everyone.”

Greater Bay Area Innovating the Future
Taking home the InnoClub GBA Innovator Award was start-up Zence Object Technology in recognition of its significant contributions to I&T in the GBA, developing new and innovative products, services or technologies and positively impacting the region.

Founded in 2020, Zence Object Technology tackles agricultural waste and carbon emissions by converting waste into commercially viable and innovative eco-friendly bio-based materials, advancing global sustainability goals. Given the immense volume of global organic waste, enhanced waste processing plays a crucial role in carbon reduction, creating a rapidly expanding market.

In a process that fully utilising used tea leaves, Zence Object Technology transformed this waste organic material into a completely biodegradable tea-based paper, boards, and plastics suitable for consumer product packaging and construction with a focus on the Greater Bay Area due to its substantial market and mature supply chain, primarily serving chain restaurants and hotels. Through continuous innovation, Zence Object Technology has expanded beyond tea waste, achieving mass production in 2023 and completing construction of its own R&D and production facility this year.

Calvin Sio, Founder and CEO of Zence Object Technology, said: “Thanks to InnoClub’s network, we have been able to promote our business and connect with various stakeholders. Through continuous innovation, we are gradually expanding into other industries, providing eco-friendly solutions for a diverse customer base. We hope that with InnoClub’s continued support, we can broaden our reach within the GBA and expand to other regions, meeting global sustainability needs.”

Wada FoodTech is the recipient of the InnoClub Industry Impact Award, which recognises a start-up for its significant contributions to an industry through their innovations, demonstrating leadership, creativity and expertise in their field.

Wada FoodTech provides smart catering solutions and a logistics technology platform that optimises operational management for businesses across the entire supply chain, from central processing and warehousing to end-point retail stores. This digitised approach strengthens food safety controls and boosts efficiency. Focusing on Australia, Hong Kong, and Japan, Wada FoodTech leverages patented Artificial Intelligence of Things (AIoT) cold-chain technology to build a decentralised food service platform, disrupting the traditional restaurant-centric model.

Jason Chen, Founder and CEO of Wada FoodTech, said: “We are grateful for InnoClub’s recognition of our innovative model, which we believe will become a new trend in the food and beverage industry. The sector currently faces challenges such as high inflation and low unit prices, necessitating cost structure optimisation. To help businesses navigate these difficulties, we have launched a subscription-based catering service platform that only charges platform fees, empowering businesses to expand. Thanks to InnoClub’s support, we plan to pursue other markets overseas.”

The prestigious InnoClub Rising Star Award recognises an up-and-coming start-up that has shown exceptional promise and the makings of a future leader in their field by demonstrating creativity, leadership and a commitment to innovation.

This was awarded to GoGoChart which specialises in mobile and digital marketing technologies, offering services such as paid advertising and App Store Optimisation (ASO) to enhance app rankings and visibility. Since its founding in 2016, GoGoChart has provided solutions for over 2,000 mobile apps and brands, serving businesses of all sizes across more than 60 countries and regions.

Initially focused on mobile gaming apps, GoGoChart has expanded into brand promotion and building long term partnerships with clients. The company has also developed its own Campaign Management Platform (CMP) and Software as a Service (SaaS) offerings, providing comprehensive mobile marketing solutions that allow clients to self-select services and reduce promotional costs.

Daniel Lo, Founder and CEO of GoGoChart, stated: “Our clients primarily come from four main sectors, namely finance, consumer brands, e-commerce, and gaming. Currently, in addition to actively assisting Hong Kong SMEs with their digital transformation, we intend to leverage the advantages of the GBA to expand globally, connecting with more potential clients through the extensive member and client networks of InnoClub and Hang Seng Bank.”

Photo Download: https://bit.ly/3VsKnDN

Media Enquiries

Hill & Knowlton:

Wing Chan	Tel: (852) 9518 4326	Email: wing.chan@hillandknowlton.com
Rachel Zhu	Tel: (852) 6816 5846	Email: rachel.zhu@hillandknowlton.com

HKTDC’s Communications & Public Affairs Department:

Katy Wong	Tel: (852) 2584 4524	Email: katy.ky.wong@hktdc.org
Jane Cheung	Tel: (852) 2584 4137	Email: jane.mh.cheung@hktdc.org

Media Room: http://mediaroom.hktdc.com/en

About HKTDC
The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong’s trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via trade publications, research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn

About Hang Seng Bank
Founded in 1933, Hang Seng has continually innovated to provide best-in-class, customer-centric banking, investment and wealth management services for individuals and businesses. It is widely recognised as the leading domestic bank in Hong Kong, currently serving close to 4 million customers.

Combining its award-winning mobile app and strong digital capabilities with a vast network of 260 service outlets in Hong Kong, Hang Seng offers a seamless omni-channel experience for customers to take care of their banking and financial needs anytime, anywhere.

Its wholly owned subsidiary, Hang Seng Bank (China) Limited, operates a strategic network of outlets in almost 20 major cities in mainland China to serve a growing base of mainland customers locally and those with cross-boundary banking needs. The Bank also operates branches in Macau and Singapore, and a representative office in Taipei.

As a homegrown financial institution, Hang Seng is closely tied to the Hong Kong community. It supports the community with a dedicated programme of social and environmental initiatives focused on future skills for the younger generation, sustainable finance, and financial literacy, addressing climate change and caring for the community.

Hang Seng is a principal member of the HSBC Group, one of the world’s largest banking and financial services organisations. More information on Hang Seng is available at www.hangseng.com.

SMC Entertainment Executes Acquisition Agreement to Acquire Boutique Investment Manager, Bateau Asset Management

SMC Entertainment, Inc. (“SMC” or the “Company”) (OTC PINK: SMCE), a Fintech incubator company focused on acquisition and support of commercialized financial services and technology (Fintech) companies, is pleased to announce that it has executed an Acquisition Agreement to acquire a 100% interest in Australia-based Bateau Asset Management, a boutique investment manager (“Bateau”). The acquisition will provide SMC with an initial presence in the Southeast Asia Fintech market.

Since 2016, Bateau has offered an absolute-return investment philosophy delivered by a multi-manager approach to investing. Services include investment research and

education with the objective of providing clients with rigorously constructed absolute return portfolios that they can understand.

As further detailed in the Company’s Current Report on Form 8-K filed with the SEC, under the terms of the executed Acquisition Agreement, SMC will acquire 100% of Bateau in exchange for the issuance of 14,000,000 shares of Series C Preferred Stock and $2,000,000 in convertible promissory notes.

About Bateau Asset Management

Bateau Asset Management is a boutique investment manager founded in 2016 based in Australia with offices in Singapore. Bateau follows an absolute-return investment philosophy and a multi-manager approach to investing.

To learn more, go to https://www.bateauam.com.au/.

About SMC Entertainment, Inc.

SMC is a versatile holding company focused on acquisition and support of proven commercialized financial services and technology (Fintech) companies. SMC’s multi-discipline growth by acquisition approach is to enhance revenues and shareholder equity. For more information on SMC, visit www.smceinc.com.

Press Release Contact:
Erik Blum
Chief Executive Officer
SMC Entertainment, Inc.
360-820-5973

Safe Harbor Statement
Some of the statements in this press release may be forward-looking statements or statements of future expectations based on currently available information. Such statements are naturally subject to risks and uncertainties. Factors such as the development of general economic conditions, future market conditions, unusual catastrophic loss events, changes in the capital markets, and other circumstances may cause the actual events or results to be materially different from those anticipated by such statements. The Company does not make any representation or warranty, express or implied, regarding the accuracy, completeness, or updated status of such forward-looking statements or information provided by any third-party. Therefore, in no case whatsoever will the Company and its affiliate companies be liable to anyone for any decision made or action taken in conjunction with the information and/or statements in this press release or any related damages.

Innovation Beverage Group Limited Announces Closing of $5.4 Million Initial Public Offering on the Nasdaq Capital Market Under Symbol “IBG”

Innovation Beverage Group Limited (IBG or the Company), a developer, manufacturer, marketer, exporter and retailer of a growing beverage portfolio of 60 formulations across 13 alcoholic and non-alcoholic brands with a focus on premium and super premium brands, today announced the closing of its initial public offering (the Offering) of 1,350,000 ordinary shares, at a public offering price of $4.00 per share for total gross proceeds to the Company of $5.4 million, before deducting underwriting discounts and offering expenses. In addition, the Company has granted a 30-day option to the underwriters to purchase up to an additional 202,500 ordinary shares solely to cover over-allotments, if any.

The ordinary shares began trading on The Nasdaq Capital Market, under the symbols “IBG”, on September 26, 2024. The Offering closed on September 27, 2024.

The Benchmark Company, LLC acted as the sole book-running manager for the Offering. Sichenzia Ross Ference Carmel LLP served as legal counsel to the Company.

A registration statement on Form F-1 (No. 333-266965) relating to the securities being sold in this offering was declared effective by the Securities and Exchange Commission (the “SEC”) on September 25, 2024. The Offering was made only by means of a prospectus. Copies of the final prospectus may be obtained, when available, on the SEC’s website, www.sec.gov, or by contacting The Benchmark Company, LLC, 150 East 58th Street, #17, New York, New York 10155, at (212) 312-6700.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Innovation Beverage Group Limited
Innovation Beverage Group Limited is a developer, manufacturer, marketer, exporter and retailer of a growing beverage portfolio of 60 formulations across 13 alcoholic and non-alcoholic brands with a focus on premium and super premium brands. The Company owns exclusive manufacturing rights in its beverage portfolio. The Company’s products are sold in both the United States and Australian markets. To learn more, go to https://www.innovationbev.com/ .

Safe Harbor Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Words such as “may”, “could”, “expects”, “projects,” “intends”, “plans”, “believes”, “predicts”, “anticipates”, “hopes”, “estimates” and variations of such words and similar expressions are intended to identify forward-looking statements. These statements involve known and unknown risks and are based upon several assumptions and estimates, which are inherently subject to significant uncertainties and contingencies, many of which are beyond the Company’s control. Actual results (including the anticipated benefits of the offering described herein) may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause actual results to differ materially include, but are not limited to, the risk factors described in the Company’s filings with the Securities and Exchange Commission. The forward-looking statements are applicable only as of the date on which they are made, and the Company does not assume any obligation to update any forward-looking statements.

Investor Relations Contact:
TraDigital IR
John McNamara
917-658-2602
John@tradigitalir.com

SOURCE: Innovation Beverage Group

Belt and Road Summit Opened Today

Focusing on Eight Major Steps to build a connected, innovative and green Belt and Road

The ninth Belt and Road Summit, co-organised by the Hong Kong Special Administrative Region Government (HKSAR) and the Hong Kong Trade Development Council (HKTDC), opened today at the Hong Kong Convention and Exhibition Centre.

The theme is Building a Connected, Innovative and Green Belt and Road. As one of the celebrations for the 75th anniversary of the founding of the People’s Republic of China, the Summit brings together over 90 policymakers and business leaders from Belt and Road countries and regions. It centres on the eight major steps President Xi Jinping announced last year to support the high-quality development of the Belt and Road Initiative (BRI) and explores cooperation opportunities for the next golden decade of the BRI.

The Opening Session featured opening remarks by John Lee, Chief Executive of the HKSAR, and welcome remarks by Dr Peter K N Lam, Chairman of the HKTDC. Special addresses were delivered by Li Yongjie, Deputy China International Trade Representative of the Ministry of Commerce of the People’s Republic of China; Gou Ping, Vice Chairman of the State-owned Assets Supervision and Administration Commission of the State Council of the People’s Republic of China; and Xiao Weiming, Deputy Secretary-General of the National Development and Reform Commission of the People’s Republic of China. A keynote address was delivered by H.E. Nguyen Hoa Binh, Permanent Deputy Prime Minister of Vietnam.

John Lee said during his opening remarks: “Green development is increasingly important in Belt and Road collaboration. Hong Kong contributes to the cause of sustainability by not only developing green tech, but also by leveraging our expertise in financial services and driving the development of green finance. Earlier this year, we launched the world’s first multi-currency, tokenised green bond, part of our commitment to Hong Kong’s rise as a green finance hub.”

Dr Lam said: “Innovation and sustainability are key drivers of growth today. We will discuss how we can work more closely together to create a more innovative and greener Belt and Road. With its unique strengths and advantages, Hong Kong is ideally placed to foster collaboration. As the most international city in the Guangdong-Hong Kong-Macao Greater Bay Area and gateway to the vast Mainland China market, Hong Kong can facilitate many opportunities across Asia and beyond. ASEAN – our second-largest trading partner – will be a market highlight at this year’s Summit, following the recent mission we organised to Laos, Cambodia and Vietnam led by Hong Kong SAR Chief Executive John Lee.”

In her remarks, Li Yongjie said: “Under the framework of The Mainland and Hong Kong Closer Economic Partnership Arrangement (CEPA), the Ministry of Commerce (MOFCOM) supports Hong Kong to enhance its status as an international financial, shipping and trading centre, and to play the role of a hub and platform in the Belt and Road Initiative. The MOFCOM will support Hong Kong in signing free trade agreements and investment protection agreements with more countries and regions, and to join Regional Comprehensive Economic Partnership as soon as possible. The MOFCOM will also support mainland and Hong Kong enterprises to strengthen information exchange, deepen cooperation on Belt and Road projects, enhance Hong Kong’s participation in the Belt and Road Initiative, and strengthen Hong Kong’s status as an international trade centre.”

H.E. Nguyen Hoa Binh said during his speech: “The global economy is experiencing significant transformations in its structure and growth model, requiring both governments and the business community to collaborate in promoting initiatives on economic cooperation and integration that support peace, cooperation and development at regional and global levels. I am confident that with the commitment and sound policies of our governments, along with the support and active engagement of the business community and by embracing a spirit of equality, openness and mutual benefit while upholding international law, the Belt and Road Initiative will continue to flourish.”

Deepening multilateral cooperation for a win-win future
Following the successful outcomes of Chief Executive John Lee’s ASEAN visit in July, organised by the HKTDC, the Summit aims to further deepen relations between Hong Kong and ASEAN as well as other emerging markets along the Belt and Road.

The Policy Dialogue, hosted by Algernon Yau, Secretary for Commerce and Economic Development of the HKSAR, focused on Multilateral Cooperation for an Interconnected World. Invited ministerial-level officials from ASEAN and Central Asia who explored opportunities for multilateral cooperation include: H.E. Lim Lork Piseth, Secretary of State, Ministry of Commerce, Cambodia; Rachmat Kaimuddin, Deputy Coordinating Minister, Maritime Affairs and Investment in Infrastructure and Transportation, Indonesia; Arman Kassenov, Vice-Minister of National Economy, the Republic of Kazakhstan.

One highlight of the first day was the Business Plenary chaired by Professor KC Chan, Chairman of WeLab Bank. This session featured Ding Yanzhang, Chairman of Power Construction Corporation of China; Clara Chan, Chief Executive Officer of Lee Kee Group; Dato’ Seri Cheah Cheng Hye, Co-Chairman and Co-Chief Investment Officer of Value Partners Group; Shinta Widjaja Kamdani, Chief Executive Officer of Sintesa Group. They discussed Hong Kong’s role in promoting multilateral business cooperation as well as strategies that global companies are adopting in response to the latest international situation. In the evening, a cocktail reception took place with welcoming and opening remarks from Dr Peter K N Lam, and Sun Yu, Vice Chairman and Chief Executive of Bank of China (HK) Limited. Algernon Yau, Secretary for Commerce and Economic Development of the Hong Kong SAR, also delivered special remarks.

The Keynote Luncheon featured a welcome address by Paul Chan, Financial Secretary of the HKSAR Government, opening remarks by Chen Liang, Chairman of the Board of Directors and Chairman of the Management Committee of China International Capital Corporation Limited, and a keynote speech by Dilma Rousseff, President of New Development Bank.

Comprehensive analyses of topical issues on the first day of the thematic breakout session
As the Belt and Road Initiative enters its next golden decade, there is increasing demand for efficient, one-stop legal and dispute resolution services. A thematic breakout session titled Building a Green, Sustainable and Innovative Silk Road through Hong Kong’s Legal and Dispute Resolution Services was co-hosted with the Department of Justice of the HKSAR. The session began with welcome remarks from Paul TK Lam, Secretary for Justice of the HKSAR Government, featuring business leaders from the Hong Kong International Arbitration Centre and law firms. Another thematic breakout session on the first day was co-hosted with the Insurance Authority, titled Role of Captive Insurance in Supporting Belt and Road Initiative.

Additionally, the Summit co-hosted the Mainland-Hong Kong Trade In Services Symposium with the Ministry of Commerce of the People’s Republic of China (MOFCOM). This symposium analysed the latest developments across various sectors, driving service innovation along the Belt and Road, with representatives from leading companies in telecommunications, AI and professional services. The Symposium also features a pavilion brought by MOFCOM, which brings together exhibitors in the fields of green technology, business services and cultural trade to showcase China’s achievements in trade in services to global buyers, and to build a platform for collaboratively exploring the international market.

Debut Green Chapter highlights Hong Kong’s green advantages
This year’s Summit introduces a new Green Chapter, featuring a series of thematic breakout sessions related to green construction, innovation and finance, allowing participants to explore ways of developing green businesses leveraging Hong Kong as a platform.

The Charting Green Development for a Connected World session discussed strategies for optimising green infrastructure development. It was co-hosted by the China International Contractors Association. The speakers at this session were: Chen Zhong, Vice General Manager of China Communications Construction Group Limited; Harry Lai, Executive Director of Hong Kong Green Building Council; Wu Yun, Deputy General Manager of China Energy Engineering Group Co., Ltd; Rex Wong, CEO of Kam Shing Group; and Mi Zhihui, Vice President of Shanghai Municipal Engineering Design Institute (Group) Co., Ltd.

Second Business Plenary to explore opportunities in the Middle East
Tomorrow’s Business Plenary will be chaired by Ronnie C. Chan, Honorary Chair of Hang Lung Properties Limited. The business plenary, which will explore opportunities in the Middle East and other Belt and Road markets, will feature: Mohamed Abduljabbar Alkoheji, Second Vice-Chairman of the Bahrain Chamber of Commerce and Industry; Bonnie Y Chan, Chief Executive Officer of Hong Kong Exchanges and Clearing Limited; Peter Fekete, Group CEO of 4iG from Hungary; Eric Ip, Group Managing Director of Hutchison Port Holdings Limited from Hong Kong; Iqbal Khan, Chief Executive Officer of Fajr Capital from UAE; and Bui Kim Thuy, Deputy CEO of VinFast from Vietnam.

Two new thematic breakout sessions will also take place tomorrow – Multi-dimensional Connectivity under the Belt and Road Initiative and People-to-people Exchanges through Business and Cultural Collaboration – discussing progress in transport connectivity and ways in which economic and cultural exchanges can enhance mutual understanding. The Green Chapter will also have two sessions tomorrow on Smart and Green Silk Road and Developing Viable Sustainable Infrastructure Projects. Two sessions from the Finance Chapter will discuss how businesses can seize financial services opportunities in the Belt and Road via Hong Kong to expand in ASEAN and the Middle East and the impact of financial innovation and technology on BRI development. A Youth Chapter session brings together young business leaders to talk about the ways in which youth can harness opportunities presented by the BRI.

19 MoUs signed on Day 1
19 Memoranda of Understanding (MoUs) signed on the first day of the Summit. Signatories of the 4 G2G MoUs and 15 B2B MoUs comprised government and businesses from the Middle East and ASEAN, including the United Arab Emirates, Indonesia, Malaysia and Vietnam as well as Australia. Areas covered include infrastructure, energy and sustainable development. This year’s Summit continues to offer investment and business matching services, including one-to-one project matching meetings and project investment sessions. The business matching service provides a full range of options, in both physical form on 11-12 September and online on 16-17 September, with more than 280 investment projects expected to be matched and more than 800 one-to-one project matching meetings taking place.

The Summit continues to feature an exhibition area showcasing more than 100 exhibitors across three distinct zones: the Hong Kong Zone, Global Investment Zone and InnoTech Zone. The Hong Kong Zone highlights the services and business advantages of Hong Kong service providers. The Global Investment Zone presents large-scale investment projects, cultural and technological developments as well as global investment opportunities. The InnoTech Zone showcases cutting-edge innovations, AI, digital technologies and solutions from around the world.

The Strategic Partner for the 9th Belt and Road Summit is Bank of China International Capital Corporation Ltd. The Banking Partner is Bank of China (Hong Kong) Limited. The Global Connectivity Partner is the Hongkong and Shanghai Banking Corporation Limited. The New Economy Partner is Standard Chartered. The Diamond Sponsor is Huatai International Financial Holdings Company, while China Mobile International Limited, China National Petroleum Corporation, China Telecom Global and China Unicom Global Limited are Platinum Sponsors.

Media enquiries
Yuan Tung Financial Relations:

Anson Wong	Tel: (852) 3428 3413	Email: awong@yuantung.com.hk
Louise Song	Tel: (852) 3428 5691	Email: lsong@yuantung.com.hk

HKTDC Communications & Public Affairs Department:

Clayton Lauw	Tel: (852) 2584 4472	Email: clayton.y.lauw@hktdc.org
Agnes Wat	Tel: (852) 2584 4554	Email: agnes.ky.wat@hktdc.org

HKTDC Media Room: http://mediaroom.hktdc.com

Verofax secures $3M in Bridge funding to deploy AI & AR experiences to tourists and sports fans

Verofax Limited, a Web3 services company, today announced closing a $3M bridge round led by international investors Plug & Play Tech Center, Navig8 Group, King Abdullah University for Science and Technology, Trove Capital UK follow-on investment, Jawa Brothers Advisory, with Alzamil Pedco CVC and Tracecore CVC completing the list of investors.

Verofax applies patented Web3 technologies such as Blockchain, Augmented Reality and Artificial Intelligence to provide ‘Elevated tourist, shopper and brand marketing experiences’, enabling destinations, retailers and sports stadiums to turn their experiences interactive and drive conversion and social virality. Brands can reach customers directly, thereby increasing consumer intimacy with direct engagement and leveraging gamification for unmatched results from AI & AR experiences. Verofax has won many awards for the application of artificial intelligence for tourism and retail and has achieved sales to date of over $3M for Fortune 100 companies across 50 markets globally.

The funds will be used to execute the Company’s pipeline of projects in the Middle East and EU, notably AI-powered guides in GCC and Sports fan guides in the EU and North America. Verofax solutions apply to various industries (Retail, Tourism and Sports) and are already used by leading brands such as Anheuser Busch Inc and Emirates Airlines. Verofax is a Microsoft Native partner and has secured a global network of distributors and resellers, co-selling on enterprise solution platforms such as Microsoft Azure Marketplace, Amazon AWS, and other platforms.

Wassim Merheby, CEO of Verofax, said, “Our solution helps Tourists elevate their experiences, unlock personalized discounts and Offer gamified ‘Explore to win’ sponsored games in Augmented reality. This allows enterprises and brands to sponsor and elevate their marketing efficiency, power direct-to-consumer communication and deliver amazing experiences to drive growth and boost loyalty. We are thrilled to be joined by strategic investors that will help us accelerate our AI guide solution and AR gamified experiences and grow through their collective network and with their advice.”

Abdullah Alakeel, Country Director of Plug & Play Saudi, said: “Our recent investment in Verofax demonstrates our unwavering commitment to supporting the most promising startups within the Kingdom and the broader region. As one of the world’s most active and successful early-stage tech investors, we are fully dedicated to nurturing the Kingdom’s entrepreneurial ecosystem. We are thrilled to witness the transformative impact that Verofax will continue to make within the Tourism industry.”

Mr Ian Campbell, Vice President of the National Transformation Institute (NTI), said, “KAUST is mandated to accelerate the digital economy in the Kingdom as part of the University’s forward vision, leveraging KAUST science and innovation to make an impact beyond the walls of the campus itself and to create collaborations and identify opportunities where KAUST can contribute by convening minds and resources together to deliver solutions to benefit the wider Kingdom and beyond. The application of AI in tourism, customer service and beyond are applications that fall within our investment mandate.”

Jamal Jawa, Managing Partner of Brothers Advisory, said, “Our investment thesis is to support growth startups that leverage the latest technologies such as AI / AR and Web3, setting new service categories. We have been incredibly impressed by Wassim and the whole Verofax team and are thrilled to be making this our first investment in a Pre-Series A startup in the GCC region”.

About Verofax
Verofax is a Web3 Asset Digitization and mixed-reality experience solution provider with a presence across North America, Europe, Asia and MEA regions. The Verofax solution is available across multiple cloud marketplaces, such as AWS & Microsoft Azure, to power tourism and retail personalized, immersive experiences with ease to boost customer loyalty and repurchase rates. Verofax boasts investment and support from 500 startups, including Sanabil Investments (PIF), and has received government grants to develop its IP globally. For technical matters, visit Verofax at https://www.verofax.com or contact info@verofax.com.

About Plug & Play Tech Center
Plug & Play Tech Center is the most significant innovation platform in the world, supercharging innovation of over 500 industry-leading corporations by keeping them at the forefront of industry trends through PnPTC corporate Accelerator programs. Plug & Play runs over 100 industry-focused accelerator programs in over 50 locations globally and invests in over 250 companies a year alongside the world’s best VCs. For more information, visit https://www.plugandplaytechcenter.com.

About KAUST
KAUST is an international graduate-level science and technology research university located on the shores of the Red Sea in Saudi Arabia. Home to world-class faculty, scientists, engineers, and students from around the globe, the campus’s 10 research centers focus on solving problems related to water, food, energy, and the environment. Students can access state-of-the-art labs and our eminent faculty while obtaining a diverse graduate study experience. Visit https://www.kaust.edu.sa/en/ or #KAUSTPortfolio for more information.

About Jawa Brothers Advisory
Jawa Brothers Advisory, Owned and Managed by the Jawa Family, has been an Active Investor in the field of Private Equity for more than three decades. The group invests primarily through interests in limited partnership positions, Leveraged Buyout (MBO and LBO), Growth and Expansion Capital Private Equity Funds and Late Stage Venture Capital Funds. Funds are selected based on a clearly defined set of criteria. The company’s disciplined and discerning investment professionals perform exceptional due diligence, studying the industry to identify specific opportunities and trends. Jawa Brothers Advisory is part of Starling Group. Visit https://www.starlinggroup.com/ for more information.

Learn more at https://www.verofax.com or contact Verofax at info@verofax.com.

KSL Capital Partners & Soneva Resorts: A Cautionary Tale of Due Diligence

KSL Capital Partners, a prominent private equity firm boasting over 165 companies in its portfolio and managing a staggering $21 billion in assets, is known for its keen eye for exceptional businesses. With a focus on operational expertise and collaborative partnerships, one might wonder how such a powerhouse could find itself entangled in the web of controversy surrounding Soneva Resorts and its CEO, Sonu Shivdasani.

Soneva, formerly Soneva Resorts and Residences, stands as a testament to luxury hospitality, with its roots tracing back to its founding in the Maldives in 1995 by Sonu Shivdasani and his wife, Eva Malmström Shivdasani. However, beneath its lavish facade lie a series of legal battles and controversies that should have raised red flags during any thorough due diligence process.

One of the most damning revelations surrounds Soneva’s association with Ahmed Adeeb, the former Minister of Tourism in the Maldives, who is now imprisoned for corruption. In 2018, an OCCRP report shed light on Soneva’s partnership with Adeeb, exposing how the Shivdasanis obtained the island of Medhufaru, now home to their Soneva Jani resort, through a dubious no-bid contract facilitated by Adeeb. This revelation not only tarnished Soneva’s reputation but also implicated the resort in a larger scandal of corruption and embezzlement.

Furthermore, Soneva Kiri Resort in Thailand faced legal scrutiny following a devastating fire in March 2022. Investigations revealed that the resort was not constructed in compliance with safety standards, leading to charges against Sonu Shivdasani and other executives for negligence and endangerment. Shockingly, it was reported that the villa where the fire originated had never been inspected for fire safety, highlighting a blatant disregard for regulations. Sonu was even summoned for questioning by the Thai criminal authorities, but he refused to appear.

In yet another lawsuit, Sonu Shivdasani was accused of orchestrating a fraudulent scheme to deceive investors into purchasing properties at the Soneva Kiri Resort. A Swiss individual alleged that Shivdasani failed to deliver a villa and surrounding land worth $6.2 million, leading to a legal battle that spanned multiple jurisdictions. This case not only exposed the dark underbelly of Soneva’s business practices but also raised questions about the due diligence process undertaken by investors like KSL Capital Partners.

So, how could a firm like KSL, renowned for its operational expertise and rigorous due diligence, be blindsided by the controversies surrounding Soneva and Sonu Shivdasani. The answer lies in a failure to dig deep enough into the company’s history and practices.

While KSL’s operational perspective undoubtedly provides valuable insights into the hospitality industry, it appears that their due diligence process fell short in assessing the ethical and legal implications of partnering with Soneva. A more comprehensive investigation should have raised concerns about Soneva’s opaque dealings with corrupt officials, its disregard for safety standards, and its alleged involvement in fraudulent schemes.

Moving forward, KSL and other investors must adopt a more holistic approach to due diligence, one that goes beyond financial metrics to scrutinize the integrity and ethical standards of potential partners. This may involve conducting thorough background checks, engaging independent auditors to assess compliance with regulations, and scrutinizing past legal disputes for any red flags.

Also, investors must prioritize transparency and accountability in their partnerships, ensuring that their portfolio companies adhere to the highest standards of ethics and governance. By learning from the cautionary tale of Soneva, KSL and others can mitigate the risks of being hoodwinked into investing in companies with questionable practices, safeguarding both their reputations and their bottom lines.

About KSL

KSL’s unmatched 30-year track record investing exclusively in Travel & Leisure drives our ability to identify and execute on investments. We bring our operator-first mindset, first-hand experience and commitment to responsible stewardship to partner with best-in-class management teams designed to achieve exceptional outcomes. For more information, visit https://www.kslcapital.com/. Media Contact:

Archie Knowles
Support@P2Markets.com
Source: P2Markets.Com

Eton Solutions Launches AtlasFive for Family Office Wealth Management in India; Onboards Catamaran as its Launch Customer

Eton Solutions, a global leader in cloud-based services for family offices of the future, is launching AtlasFive®, its renowned ERP platform for family offices in India. Eton Solutions also announced the family office of Infosys’ founder, Narayana Murthy, Catamaran, as its launch customer. This underscores its commitment to offering a comprehensive, innovative and localised ERP platform for family offices across the country. Headquartered in North Carolina, USA, it has had a presence in India for the past 5 years with over 300 employees at their Global Technology Center in Bengaluru supporting AtlasFive® clients globally.

Catamaran will use Eton Solutions’ AtlasFive® platform to streamline its investment portfolio management and enhance operational planning, reporting and compliance. Eton Solutions has developed a highly sophisticated ERP platform, AtlasFive®, a fully integrated, secure cloud-native AI-driven software tailored to meet the complex needs of family offices, currently managing over $781 billion for 665 families worldwide. Over 11.5 million transactions are processed annually with 92,000 entities on this platform. The platform integrates all operational facets of a family office into a cohesive solution, emphasising efficiency and operating leverage.Eton Solutions is also planning to set up a presence in GIFT City, Gujarat, in the near future to support the growth of its services provided to clients globally. This new Technology Center is a key milestone for the company’s expansion strategy and will serve as a hub for Eton Solutions’ operations in the country, allowing it to leverage the unique advantages of GIFT City’s world-class infrastructure and regulatory environment.”We chose AtlasFive® for its proven ability to streamline investment management across multiple asset classes and to support our growth objectives.” said Deepak Padaki, President of Catamaran. “The platform’s sophisticated workflow automation capabilities will help integrate back-office operations with portfolio management, allowing us to be more productive in our investment activities.”Satyen Patel, Executive Chairman of Eton Solutions, said, “The emergence of India as a financial powerhouse with the 3rd largest concentration of billionaires in the world after China and the USA, fits squarely with Eton Solutions’ international expansion plans. India is a critical market within our global growth strategy, and we are bullish about the opportunities in this geography, and about servicing the diaspora internationally from India. The fact that we are gearing up to open our next Technology Center in GIFT City very soon is a testimony to our commitment.”Satyen added, “We are thrilled to have Catamaran as the first among what we are confident of, will be many marquee customers in India. Our partnership with Catamaran highlights the power and versatility of AtlasFive®. We are confident that our platform will empower Catamaran to achieve its ambitious growth targets while upholding the highest standards of corporate governance.”The availability of advanced platforms such as AtlasFive® in India will be transformative for the Indian family office landscape, making India a more attractive investment destination for family offices globally. Eton Solutions’ vision to address the complex needs of ultra-high-net-worth families is bolstered by a belief that a holistic, integrated platform with support from a team of skilled experts with domain knowledge in the family-office space, can enable single-family offices, multi-family offices, and professional services firms to reimagine the value they can provide to their clients.About Eton Solutions:Eton Solutions is an ERP software product (AtlasFive®) and services company founded to handle the complexities of servicing ultra-high-net-worth families globally. The company is based in the United States, in Research Triangle Park, NC. with its international headquarters in Singapore focused on serving markets outside of the Americas. Created by family office leaders, Eton Solutions’ flagship product is AtlasFive®, managing over US$781 billion on our integrated platform that holistically aggregates and manages all your liquid and alternative investment assets and office’s data, reporting and workflow processes. With one source of truth, Eton Solutions leads family offices into the future by maximising efficiency and minimising errors and risk. Eton Solutions has experienced a CAGR of over 100% since its inception.Visit: https://www.eton-solutions.comAbout Catamaran:Catamaran is the investment firm and family office of Narayana Murthy, founder of Infosys. With over $1 billion in assets, Catamaran focuses on public and private investments across technology, manufacturing, deep-tech and e-commerce.Visit: https://www.catamaran.in/For all media queries, please contact:Ritika Kar | ritika.kar@adfactorspr.com |+91 97113 06380Shraddha Malakar |shraddha.malakar@adfactorspr.com | +91 9167099173