PE, VC & Alternatives Archives - Page 5 of 25

REDEX Group raises $10M Series A funding led by Aramco Ventures

REDEX, Asia’s leading Renewable Energy Certificates (RECs) solutions provider, announced today the successful completion of a USD 10 million Series A funding round.

REDEX’s mission is to accelerate the world’s transition towards renewable energy. The new funding will allow the company to expand beyond Asia, and to further innovate in streamlining and digitizing the issuance and trading of RECs.

Aramco Ventures led the investment, along with notable new investors from the Middle East, Southeast Asia, and Japan. Aramco Ventures is the corporate venturing subsidiary of Aramco, the world’s leading fully integrated energy and petrochemical enterprise.

“REDEX is well positioned as the leading marketplace for I-RECs, which will enable renewable energy markets in many parts of the world. We look forward to collaborating with the REDEX team to extend this capability into new geographies,” said Bruce Niven, Executive MD, Strategic Venturing at Aramco Ventures.

Established in 2018, REDEX Group is a first-mover RECs player in Asia, offering a full suite of RECs management solutions covering asset registration, verification, trading, and retirement.

“We are witnessing tremendous growth in the adoption of RECs by brand owners striving to be 100% renewable, both for themselves and their supply chains,” said Jen-Wee Kang, Founder and CEO of REDEX. “The demand for green energy is very real, and the number of RECs issued and retired is more than doubling year on year. Building on the trust we have established with key players in the ecosystem, REDEX is well-positioned to play a leading role in the exponential growth of RECs adoption globally.”

As a concept, RECs are very simple – the instrument traces one’s power consumption to renewable energy sources. Its simplicity is precisely why the instrument is the most convenient and practical way for companies to achieve Scope 2 neutrality.

RECs are endorsed and adopted by RE100, the main consortium of leading brand owners committed to 100% renewable electricity. The consortium was originally formed in 2014 by 13 corporate partners. Today, RE100 has more than 400 members who consume around 400 TWh of power.

REDEX believes there is great potential to apply RECs creatively in the industrial sector, like for green aluminium, steel, and cement – commodities that are covered in the starting phase of Europe’s Carbon Border Adjustment Mechanism (CBAM).

In April, the company announced that it was the first API-integrated Platform Operator Account on I-REC, the world’s largest RECs registry. In June, REDEX also announced its partnership with China Southern Grid, supporting the grid operator in its role as an I-REC Issuer in China.

About REDEX Group Pte Ltd

REDEX Group Pte Ltd operates Asia’s leading trading platform for Renewable Energy Certificates (RECs). The company offers a one-stop ecosystem for RECs, supporting clients through the full RECs lifecycle – asset registration, production verification, marketplace, and retirement. As an early mover in Asia with a proven track record, REDEX is developing practical and innovative solutions to meet the clean energy needs of corporates globally. The company’s mission is to accelerate the world’s transition towards renewable energy.

For more information, please visit https://redex.eco/

About Aramco Ventures

Aramco Ventures is the corporate venturing subsidiary of Aramco, the world’s leading fully integrated energy and petrochemical enterprise. Headquartered in Dhahran with offices in North America, Europe and Asia, Aramco Ventures strategic venturing programs invest globally in start-up and high growth companies with technologies of strategic importance to its parent, Aramco, primarily supporting the company’s operational decarbonization, new lower-carbon fuels businesses, and digital transformation initiatives. Aramco Ventures also operates Prosperity7, the company’s disruptive technologies investment program.

For more information, please visit www.aramcoventures.com

Media Contact:
enquiry@redex.eco

Society Pass Inc (Nasdaq: SOPA) / Thoughtful Media Group Inc Ventures into Concert Sponsoring in Indonesia

Thoughtful Media Group Inc (“Thoughtful Media” or “TMG”), the Thailand-based social commerce-focused, premium digital advertising network of Society Pass Incorporated (“SoPa”) (Nasdaq: SOPA), Southeast Asia’s (SEA) next generation, data-driven, loyalty, fintech and e-commerce ecosystem, today announces that it will commence sponsoring local live music events in SEA, resulting in creating unique marketing opportunities for advertisers.

Expected to launch its first concert in 4Q 2023 in Jakarta, Indonesia, TMG-sponsored concerts will focus on the local musicians with a tag line of “Lemburan”, which translates as “over-time”, aiming to create a distinctive space and time for music fans to gather and to enjoy the nostalgia of their favourite musicians. Streaming these concerts via TMG-affiliated social media channels, advertisers have the opportunity to collaborate with TMG-connected influencers in promoting these popular music events and reaching to their desired audiences.

Ilhamka Nizam, TMG Indonesia Country Head, explains, “Indonesians love music, and it comes as no surprise that TMG found an innovative way to tap into that expanding market segment. Across these live events, TMG aims to reach over 2.5 million over the course of the next year which will create significant sponsorship opportunities for advertisers and our 10,000-member influencer community here in Indonesia. We are planning to host 1 concert each month and is projected to earn $680K annually, and each year we are planning to host 1 big festival that is outside the monthly concerts we will be hosting. I am confident that over 2024, the Group will expand these initiatives across the rest of the TMG markets in Southeast Asia, significantly increasing the revenues for the Group”.

About Thoughtful Media Group Inc.

Founded in 2010, Thoughtful Media Group is the leading digital advertising platform in SEA. Through our network of more than 10,000 talented creators across multiple industries in Thailand, Vietnam, Indonesia and Philippines, we help brands maximise marketing budgets and achieve business objectives through some of the most innovative marketing campaigns in the region.

In July 2022, Society Pass (Nasdaq: SOPA), the next generation acquisition-focused fintech and e-commerce ecosystem in SEA, acquired TMG. Since then, TMG has fully evolved into a digital-first and fully integrated advertising powerhouse, servicing creators and advertisers in SEA.

For more information on TMG, please visit:
Website at www.thoughtfulmedia.com or
LinkedIn at https://www.linkedin.com/company/thoughtful-media-group-inc or
Instagram at https://www.instagram.com/thoughtfulmedia/ or
Facebook at https://www.facebook.com/thoughtfulmediaasia or
Twitter at https://twitter.com/ThoughtfulMedia.

About Society Pass Inc.

Founded in 2018 as a data-driven loyalty, fintech and e-commerce ecosystem in the fast-growing markets of Vietnam, Indonesia, Philippines, Singapore and Thailand, which account for more than 80% of the SEA population, and with offices located in Angeles, Bangkok, Ho Chi Minh City, Jakarta, Manila, and Singapore, Society Pass Incorporated (Nasdaq: SOPA) is an acquisition-focused holding company operating 6 interconnected verticals (loyalty, digital media, travel, telecoms, lifestyle, and F&B), which seamlessly connects millions of registered consumers and hundreds of thousands of registered merchants/brands across multiple product and service categories throughout SEA.

Society Pass completed an initial public offering and began trading on the Nasdaq under the ticker SOPA in November 2021.

SoPa acquires fast growing e-commerce companies and expands its user base across a robust product and service ecosystem. SoPa integrates these complementary businesses through its signature Society Pass fintech platform and circulation of its universal loyalty points or Society Points, which has entered beta testing and is expected to launch broadly at the beginning of 2023. Society Pass loyalty program members earn and redeem Society Points and receive personalised promotions based on SoPa’s data capabilities and understanding of consumer shopping behaviour. SoPa has amassed more than 3.6 million registered consumers and over 650,000 registered merchants and brands. It has invested 2+ years building proprietary IT architecture to effectively scale and support its consumers, merchants, and acquisitions.

Society Pass leverages technology to tailor a more personalised experience for customers in the purchase journey and to transform the entire retail value chain in SEA. SoPa operatesThoughtful Media Group, a Thailand-based, a social commerce-focused, premium digital video multi-platform network;NusaTrip, a leading Indonesia-based Online Travel Agency; VLeisure, Vietnam’s leading provider of hotel management and payment solutions; Gorilla Global, a Singapore-based, mobile network operator; Leflair.com, Vietnam’s leading lifestyle e-commerce platform; and NextGen Retail, a Indonesia-based e-commerce platform.

For more information on Society Pass, please visit:
Website at https://www.thesocietypass.com or
LinkedIn at https://www.linkedin.com/company/societypass or
Facebook at https://www.facebook.com/thesocietypass or
Twitter at https://twitter.com/society_pass or
Instagram at https://www.instagram.com/societypass/.

Cautionary Note Concerning Forward-Looking Statements

This press release may include “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate”, “believe”, “estimate”, “expect”, “intend” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the SEC. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus relating to the Company’s initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Media Contacts:
Rokas Sidlauskas
Chief Marketing Officer
rokas@thesocietypass.com

Society Pass Inc (Nasdaq: SOPA) / Thoughtful Media Group Inc Launches 1st Ever MediaGram to Build Indonesia Online Fitness Community

MediaGram Platform Projected to Generate +20% of TMG Group Revenues in 2024

Thoughtful Media Group Inc (Thoughtful Media or TMG), the Thailand-based social commerce-focused, premium digital advertising network of Society Pass Incorporated (SoPa) (Nasdaq: SOPA), Southeast Asia’s (SEA) next generation, data-driven, loyalty, fintech and e-commerce ecosystem, today announces a launch of first ever MediaGram, entitled “Sit Up”, in partnership with Indonesian superstar actor and producer, Chicco Jerihko, to develop online fitness centric community promoting health focused lifestyle in Indonesia. TMG expects new revenue models with fitness clubs and clothing retailers to emerge as result of this partnership.

“MediaGram” is an Instagram page used as a media platform to build communities in collaboration with individuals and/or companies. TMG Group aims to launch 3 Mediagram partnerships per quarter for the rest of 2023 and in 2024 across SEA to continuously develop innovative advertising channels promoting brands and services.

A household name in Indonesian entertainment landscape, Chicco Jerihko’s popularity derives from acting in and producing movies, TV shows and web series. Chicco has previously been nominated for and awarded prestigious awards for his roles in cinema, including Best Actor and Best Film by Festival Film Indonesia. Due to his on-screen success, Chicco Jeihko has amassed over 3+ million followers on social media. Chicco Jerihko comments, “Since 2003, I have been building these healthy habits to meet career demands and personal priorities. I am thrilled to share these habits and best practices with the wider online community and collaborating with renowned digital advertising firm, Thoughtful Media, on this endeavour”.

Kriangkrai Chaimongkol, TMG Chief Executive Officer, explains, “MediaGram is a direct result of our innovative methodology of growing the SEA digital creator economy and we are proud to present our first collaboration with Chicco Jerihko. We strongly believe that collaboration between TMG and SEA celebrities will have a significant positive impact on the regional social media market. We expect this ground-breaking platform to chart a fresh path for local celebrities to engage with and develop bigger audiences for our brands to market to. As we expand this exciting business to other parts of SEA in 2023 and 2024, and with innovative revenue models just emerging, we project our high margin, MediaGram revenues to contribute over 20% of Group revenues in 2024. TMG continues to create value-added services for our strategic celebrity partners, brands and the wider SEA creator community”.

About Thoughtful Media Group Inc.
Founded in 2010, Thoughtful Media Group is the leading digital advertising platform in SEA. Through our network of more than 10,000 talented creators across multiple industries in Thailand, Vietnam, Indonesia and Philippines, we help brands maximise marketing budgets and achieve business objectives through some of the most innovative marketing campaigns in the region.

About Society Pass Inc.
Founded in 2018 as a data-driven loyalty, fintech and e-commerce ecosystem in the fast-growing markets of Vietnam, Indonesia, Philippines, Singapore and Thailand, which account for more than 80% of the SEA population, and with offices located in Angeles, Bangkok, Ho Chi Minh City, Jakarta, Manila, and Singapore, Society Pass Incorporated (Nasdaq: SOPA) is an acquisition-focused holding company operating 6 interconnected verticals (loyalty, digital media, travel, telecoms, lifestyle, and F&B), which seamlessly connects millions of registered consumers and hundreds of thousands of registered merchants/brands across multiple product and service categories throughout SEA.

Society Pass completed an initial public offering and began trading on the Nasdaq under the ticker SOPA in November 2021.

Cautionary Note Concerning Forward-Looking Statements
This press release may include “forward-looking statements,” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate”, “believe”, “estimate”, “expect”, “intend” and similar expressions, as they relate to us or our management team, identify forward-looking statements. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors detailed in the Company’s filings with the SEC. All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus relating to the Company’s initial public offering filed with the SEC. The Company undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Media Contacts:
Rokas Sidlauskas
Chief Marketing Officer
rokas@thesocietypass.com

Indonesia Investment Forum 2023: Sustainable projects attract English Investors

The Indonesia Investment Promotion Center (IIPC) London, in collaboration with the Embassy of the Republic of Indonesia (KBRI) and the local representation of Bank Indonesia, once again hosted the Indonesia Investment Forum (IIF) 2023 in London, UK, on October 5, 2023.

Thirteen sustainable investment projects in sectors such as energy, industry, electric vehicles, tourism, infrastructure, transportation, mining, and digitization were presented during the business matching session at IIF 2023. These projects managed to pique the interest of approximately 20 investors from London and the surrounding regions.

Participating virtually, Minister of Investment/Head of Indonesia Investment Coordinating Board (BKPM) Bahlil Lahadalia recognized the global economic uncertainty and slowdown, emphasizing Indonesia has maintained positive economic growth of 5.31% in the second quarter of 2023, with inflation remaining below 4%. This achievement is attributable to the significant contribution of investments, making Indonesia the second-largest investment destination in Southeast Asia.

“I invite our friends from the U.K. to be part of this development process. You have the technology, markets, and financial capabilities, while Indonesia possesses abundant natural resources, extensive territory, and market penetration potential worldwide. Come to Indonesia, bring your technology, and we will handle the licensing,” said Bahlil in his address.

Nurul Ichwan, Deputy for Investment Promotion at the Ministry of Investment/BKPM, participated as a panelist in a discussion titled ‘Powering Up: Advancing Sustainable Infrastructure, Financial Sustainability, and Investment in Indonesia.’ She discussed the progress and efforts of the Ministry of Investment/BKPM in advancing investment projects, especially in renewable energy, sustainable investment, and the development of the electric vehicle ecosystem in Indonesia.

“The IIPC London office serves as the main contact point for our British and European investor friends interested in our sustainable projects,” Nurul emphasized.

Several ready-to-offer sustainable investment projects presented by the Ministry of Investment/BKPM include the Electric Motor Industry for Electric Vehicles in Bekasi, West Java; Integrated Charging Station Facility in South Jakarta, DKI Jakarta; Solar Power Plants (PLTS) in Penajam Paser Utara, East Kalimantan, and Lebak, Banten; as well as the Bioethanol Industry in Bojonegoro, East Java, with a total estimated investment value of USD 276 million.

Additionally, the project for the development of the Super Priority Tourism Destination (DPSP) Toba Caldera Resort by the Lake Toba Authority Implementation Agency (BPODT) was offered with an estimated investment value of USD 1.7 billion. Indonesian Ambassador Desra Percaya, Bank Indonesia Governor Perry Warjiyo, and Minister of State for the Investment Security Unit Nusrat Ghani were also present and delivered speeches at the opening of IIF 2023, with the theme “Fostering Sustainable Growth Through Green Investment and Digital Transformation.”

Prominent speakers from both Indonesia and the UK discussed potential economic cooperation between the two countries, including Richard Graham, the UK Trade Envoy to Indonesia, Malaysia, the Philippines, and ASEAN; Lord Vaizey of Didcot, Chairman of the UK ASEAN Business Council; and Rino Donosepoetro, Chairman of the British Chamber of Commerce Indonesia. IIF 2023 was conducted in a hybrid format at the KBRI London office and was attended by more than 200 participants, including business leaders as well as senior banking and investment representatives.

According to data from the Ministry of Investment/BKPM, the UK has been the second-largest European investor in Indonesia in the last five years after the Netherlands, for food crops, plantations, and livestock (24%); mining (20%); food industry (9%); chemical and pharmaceutical industry (8%); and hotels and restaurants (7%), with a total investment realization of more than USD 1.75 billion.

Further information is available via https://iif2023.indonesianembassy.org.uk/

Source: Ministry of Investment/BKPM

Society Pass Inc (Nasdaq: SOPA) Announces Equity Line of up to $40 Million to Invest into Operating Subsidiaries Projected to Go Public in 2024

Society Pass Inc. (Nasdaq: SOPA) (SoPa or the Company), Southeast Asia’s (SEA) next generation, data-driven, loyalty, fintech and e-commerce ecosystem, announced that it entered into a structured financing agreement for an equity line of credit with Strattners FZCO (Strattners) to efficiently access capital.

SoPa shall have the right, but not the obligation, to sell to Strattners up to $40,000,000 of SoPa’s common stock at SoPa’s request over the next 36 months, subject to certain limitations. For instance, the amount that may be sold under the agreement will be subject to Instruction I.B.6 to Form S-3, which is referred to as the “baby shelf rules”. When the Company’s public float is less than $75,000,000, it may not sell more than the equivalent of one-third of its public float during any twelve consecutive months pursuant to the baby shelf rules. The shares of the Company’s common stock will be issued at a 6% discount to the lowest volume-weighted average price during the three trading days following the date of the Company’s request.

Raynauld Liang, CEO of SoPa, explained, “By raising this capital from Strattners, without paying large commissions and fees, we will generate shareholder value by efficiently deploying such capital into our operating subsidiaries, such as our spinout candidates, Thoughtful Media Group Inc and NusaTrip Inc.” Mr. Liang continued, “This financing strategy also allows us to opportunistically invest in acquisitions as well as bolster our working capital and shall be used judiciously when market conditions for our common stock are favorable.”

Society Pass completed an initial public offering and began trading on the Nasdaq under the ticker SOPA in November 2021.

In July 2022, Society Pass (Nasdaq: SOPA), the next generation acquisition-focused fintech and e-commerce ecosystem in SEA, acquired Thoughtful Media Group Inc. Since then, TMG has fully evolved into a digital-first and fully integrated advertising powerhouse, servicing creators and advertisers in SEA.

About NusaTrip
Founded in 2013, NusaTrip is a Jakarta, Indonesia-based, IATA-licensed online travel agency that serves both local and global customers and partners by optimizing cutting-edge technology and providing 24/7 customer-centric support team-as-a-service. With its first mover advantage, NusaTrip has onboarded +1.2 million registered users, +500 airlines and +650,000 hotels around the world as well as connected with over 80 million unique visitors.

NusaTrip is now an integral member of Society Pass (Nasdaq: SoPa) ecosystem.

For more information on NusaTrip, please visit:
Website at https://www.nusatrip.com.
LinkedIn at https://www.linkedin.com/company/nusatrip/ or
Instagram at https://www.instagram.com/nusatrip/ or
Facebook at https://www.facebook.com/nusatrip.travel or
Twitter at https://twitter.com/nusatrip.

Media Contact:
Rokas Sidlauskas
Chief Marketing Officer
rokas@thesocietypass.com

Co-led by Legend Capital, Leadrive Completes Series D Financing Round

On October 9th, Leadrive Technology (Leadrive) announced the completion of its Series D financing round, with an amount of over RMB600 million. Legend Capital, as an existing shareholder of Leadrive, co-led the financing round to continuously give the company its support.

The Series D financing round was completed in succession to Volvo Car Technology Fund AB’s strategic investment in Leadrive for its Series C+ round over the past month. Leadrive has been supported and favored by various investors, including industrial capital, private equity investment, and insurance funds.

The funds raised in this round will be mainly used to supplement operating cash flow, expand production capacity, and develop next-generation power modules, power bricks, and silicon carbide (SiC) technology.

Legend Capital stated: “Currently, the global trend of vehicle electrification is accelerating, leading to a systemic transformation of the global automotive supply chain system and creating favorable opportunities for technology innovators. Leadrive is featured with rare forward-looking R&D capabilities in automotive power semiconductors and motor controllers in China. Additionally, with the long-term accumulation in SiC third-generation power semiconductors, Leadrive’s forward-looking layout will translate into large-scale deliveries within the next 2 to 4 years. We are honored to participate in Leadrive’s continuous innovation and pursuit of excellence and believe that with its global vision and layout, Leadrive will fully grasp the opportunities presented by the transformation of the automotive supply chain system and grow into an iconic enterprise with global competitiveness.”

Since its establishment in 2017, Leadrive has consistently focused on R&D and breakthroughs in core technologies. It has developed and launched several technology-leading power semiconductor modules and electric drive solution platforms, which have been put into mass production. As of now, Leadrive has achieved designated and mass production on over 30 flagship models of leading passenger vehicle OEMs at home and abroad. The company has also established deep cooperation with leading international OEMs and Tier 1 suppliers, ensuring the high-quality and stable supply of electric control systems and power module products in overseas markets.

About Legend Capital
Founded in 2001, Legend Capital is a leading VC&PE investor focusing on the early-stage and growth-stage opportunities in China, with offices across Beijing, Shanghai, Shenzhen, Hong Kong, and Seoul, Korea.

It currently manages USD and RMB funds of over US$10 billion in commitments, and has invested in around 600 companies, covering technology, healthcare, consumer, enterprise service and intelligent manufacturing sectors. Rooted in China, Legend Capital participated in the rise of many world-leading companies by solid investment coverage and systematic post-investment value-add. Over the years, Legend Capital has also become a widely recognized name in bridging key resources in China and overseas through cross-border activities, and a valuable partner to Chinese and overseas investors.

Legend Capital values long-term sustainable investment and incorporates ESG into its long-term development strategy. As a UNPRI signatory since November 2019, Legend Capital is among the first group of top VC/PE firms in China to join the initiative.

For more information, please visit www.legendcapital.com.cn/index_en.aspx and follow us on LinkedIn @Legend Capital.

The article is distributed by Ever Bloom (HK) Communications Consultants Group Limited on behalf of Legend Capital.

For further information, please contact:
Ms. Orianna Ou / Ms. Arina He
Tel: +852 3468 8171
Email: legendcapital.list@everbloom.com.cn

Society Pass Inc (Nasdaq: SOPA) Announces Plans to Spinout Two Profitable Business Units Into New Publicly-Traded Companies via Nasdaq IPOs in 2024

Society Pass Inc. (Nasdaq: SOPA) (SoPa or the Company), Southeast Asia’s (SEA) next generation, data-driven, loyalty, fintech and e-commerce ecosystem, announces that its Board of Directors, together with its financial and legal advisors, have evaluated a comprehensive range of strategic restructuring options to unlock shareholder value. As a result of these discussions, SoPa will pursue a spinout and initial public offering on Nasdaq in 2024 for its digital advertising ecosystem, Thoughtful Media Group Inc (TMG), and for its online travel platform, NusaTrip Inc (NusaTrip).

Thailand-based TMG, the premier digital advertising network in SEA, operates in Thailand, Vietnam, Indonesia, and Philippines and connects advertisers/brands/merchants with over 10,000 influencers to targeted audiences in SEA via its social media-focused advertising ecosystem. TMG delivers significant returns on investment on advertising spend for its clients by more efficiently and effectively generating additional revenues across thousands of creator channels in industries such as fashion & beauty, lifestyle, video games, cooking, automotive, travel, luxury, and sports.

Nusatrip, a leading Indonesia-based online travel agency, offers a comprehensive range of airlines and hotels on its travel platform for corporate and retail customers across SEA. With its first mover advantage, NusaTrip has onboarded over 1.2 million registered users, over 500 airlines and over 650,000 hotels around the world as well as connected with over 80 million unique visitors. Initially only focused on the Indonesian market, NusaTrip has expanded to other SEA countries to become a first-choice travel provider throughout SEA.

SoPa believes that its separately-traded TMG and NusaTrip subsidiaries will increase SoPa shareholder value as investors can more clearly evaluate the performance and future potential of these profitable businesses on a standalone basis, whilst allowing each business to pursue its own distinct strategy and capital allocation policy. Both TMG and NusaTrip are managed by separate executive teams.

“We believe that separating and listing our principal businesses in 2024 will improve our ability to unlock hidden value for all our stakeholders,” says Raynauld Liang, the Chief Executive Officer of SoPa. “Both TMG and NusaTrip are profitable and have large and growing market opportunities. This new proposed group structure will further increase both their operational agility and ability to focus on delivering exceptional solutions to their customers.”

Mr. Liang further notes, “SoPa’s actions follow the leads of both Johnson & Johnson (JNJ) and Kellogg’s (K) spinning out operating subsidiaries and we plan on having the same success.”

Society Pass completed an initial public offering and began trading on Nasdaq under the ticker SOPA in November 2021.

SoPa acquires fast growing e-commerce companies and expands its user base across a robust product and service ecosystem. SoPa integrates these complementary businesses through its signature Society Pass fintech platform and circulation of its universal loyalty points or Society Points, which has entered beta testing and is expected to launch broadly at the beginning of 2023. Society Pass loyalty program members earn and redeem Society Points and receive personalised promotions based on SoPa’s data capabilities and understanding of consumer shopping behaviour. SoPa has amassed more than 3.6 million registered consumers and over 650,000 registered merchants and brands. For the past 2+ years, it has invested in building proprietary IT architecture to effectively scale and support its consumers, merchants, and acquisitions.

In July 2022, Society Pass (Nasdaq: SOPA), the next generation acquisition-focused fintech and e-commerce ecosystem in SEA, acquired Thoughtful Media Group Inc. Since then, TMG has evolved into a digital-first and fully integrated advertising powerhouse, servicing creators and advertisers in SEA.

Cautionary Note Concerning Forward-Looking Statements
This press release may include “forward-looking statements,” within the meaning of applicable securities laws. All statements other than statements of historical fact included in this press release are forward-looking statements. When used in this press release, words such as “anticipate”, “believe”, “estimate”, “expect”, “intend” and similar expressions, as they relate to us or our management team, identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements consist of not purely historical statements, including any statements regarding beliefs, plans, expectations, or intentions regarding the future. Such forward-looking statements are based on the beliefs of management, as well as assumptions made by, and information currently available to, the Company’s management. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors, including, but not limited to, the ability of the Company to complete the proposed spinout successfully. A discussion of these and other factors, including risks and uncertainties with respect to the Company, is detailed in the Company’s filings with the Securities and Exchange Commission (the “SEC”). All subsequent written or oral forward-looking statements attributable to us or persons acting on our behalf are qualified in their entirety by this paragraph. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Company’s registration statement and prospectus relating to the Company’s initial public offering filed with the SEC. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and while the Company may elect to update these forward-looking statements at some point in the future, it assumes no obligation to update or revise these forward-looking statements, whether as a result of new information, future events or otherwise, subject to applicable law. The Company does not give any assurance that it will achieve its expectations.

Media Contact:
Rokas Sidlauskas
Chief Marketing Officer
rokas@thesocietypass.com

Erez Capital Announces Addition Arpit Garg as General Partner

Erez Capital, an emerging venture capital fund investing in disruptive technologies, is thrilled to announce the addition of Arpit Garg as a General Partner.

Prior to joining Erez Capital, Arpit was a tech investment banker at Drake Star Partners. He advised on mergers and acquisitions and private placements (Series B onwards) for companies operating in Fintech, AI, and Entertainment verticals.

Arpit joins Erez Capital with valuable experience as an investment banker with Drake Star Partners in Los Angeles, and Beekman Advisors, where he advised companies operating in Real Estate and FIG sectors in over $3 Billion of M&A transaction value. Arpit started his career as an asset manager with JPMorgan, overseeing the planning and investment of over $1 Billion of technology portfolio across AI, Fintech, Cloud Computing, et cetera. He earned a Master of Science in Finance degree from McDonough School of Business at Georgetown University.

“We are thrilled to welcome Arpit to Erez Capital as our newest General Partner. His experience and successful track record managing billions in capital and working across borders aligns perfectly with our vision to invest globally and bring disruptive technologies to the market.” – Michael Benezra, Managing Partner

About Erez Capital

Erez Capital is an early-stage venture capital firm in Boston, investing in seed-stage startup companies at the forefront of digital transformation.

Erez Capital Public Deck.

Media Contact:
Plato Data Intelligence
144 E44th St
New York NY 10017
PlatoAiStream.com
Zephyr@platodata.io

Source: Plato Data Intelligence

Legend Capital Portfolio Company TUHU Car Lists on the Main Board of the HKEX Successfully

On September 26, Legend Capital‘s portfolio company, TUHU Car (HKG: 9690), was successfully listed on the main board of the Hong Kong Stock Exchange.

Founded in 2011, TUHU Car is a leading integrated online and offline platform for automotive service in China. By providing a digitalized and on-demand service experience underpinned by the customer-centric model and streamlined supply chain, TUHU Car directly addresses car owners’ diverse product and service needs, creating an automotive service platform consisting of car owners, suppliers, automotive service stores and other participants. TUHU Car’s platform serves most of the passenger vehicle models sold in China, fulfilling a wide spectrum of automotive service demands ranging from tires and chassis parts replacement to auto maintenance, repair, detailing, and more. By providing sporadic automotive service demands onto one platform, customer engagement is significantly increased as compared to the traditional offline automotive service model that is highly dependent on localized service demands.

According to the CIC Report, as of the first half of 2023, TUHU Car had more than 100 million registered users on their flagship “TuHu Automotive Service” app and online interfaces. The company had over 18 million transacting users in the last twelve months ended June 30 2023. With the growing service network, TUHU Car has 5,129 TUHU Workshops and over 20,000 partner stores across China, covering a majority of prefecture-level cities and making the company’s platform the largest car owner community amassed by automotive service providers in China. According to the CIC Report, China’s automotive service market reached RMB1.2 trillion in 2022 and is expected to reach RMB1.9 trillion in 2027. As a necessity for daily life and travel, automobile services have the characteristics of recession-resilient and steadily growing.

Legend Capital has long supported TUHU Car’s development as one of the company’s early investors. Legend Capital exclusively invested in TUHU Car’s Series A financing in 2014 and subsequently made additional investments in the company in its multiple rounds of financing from 2014 to 2020.

China’s automotive service market was still in an extremely early stage when Legend Capital initially invested in TUHU Car. At the beginning of the investment cooperation, TUHU Car only had 27 employees, with its office set up in a warehouse and 50 offline partner stores, and the model of “online order + offline installation” pioneered by TUHU Car had just started in Shanghai. After the investment, Legend Capital assisted the company in completing subsequent multiple rounds of financing and provided support and assistance in strategic planning, management operations, team incentives, and business resources, accompanying the company to grow into a leading integrated online and offline platform for automotive service in China.

As a valuable partner of TUHU Car, Legend Capital would like to congratulate the company sincerely: “Congratulations to TUHU Car and its team on the successful listing. Legend Capital has long been focusing on the empowerment of technology and Internet technology in traditional industries. China’s automotive service market has huge room for development, and TUHU Car has demonstrated a high growth rate in its business after years of development and accumulation. Over the nine years of investment cooperation between Legend Capital and TUHU Car, a deep friendship has been established between us. We are inspired by the company’s management team for the relentless efforts in leading TUHU Car towards success and continuously creating value, and we also greatly admire the TUHU Car team for seizing the opportunity to cut into the automotive service market from Internet applications in the early stages of industry development and achieving rapid growth of the company. The listing is believed to enhance TUHU Car’s brand and supply chain advantages further, continuously solidifying the company’s leading position in the industry.”

For more information, please visit www.legendcapital.com.cn/index_en.aspx and follow us on LinkedIn @Legend Capital.

The article is distributed by Ever Bloom (HK) Communications Consultants Group Limited on behalf of Legend Capital.

For further information, please contact:
Ms. Orianna Ou / Ms. Arina He
Tel: +852 3468 8171
Email: legendcapital.list@everbloom.com.cn

Verofax’ Transformative Brand & Retail Martech Solution achieves FTR approval on Amazon AWS Marketplace

Verofax, an award-winning Brand & Retail Martech solution provider, has been awarded AWS’ Full Technical Review (FTR) and approved for Amazon’s AWS Marketplace. As a result, Verofax services will now be available directly for retail and for global brands on the Marketplace, leveraging the unparalleled capabilities of AWS, and turning brand managers into advocates.

Verofax wins The Artificial Intelligence Award at the Rocket Fuel Startup Competition during LEAP 2023 in Riyadh, Feb 21, 2023.

Specializing in brand-customer direct engagement by transforming products into a brand’s greatest marketing channel with patented technologies such as computer vision, Artificial Intelligence (AI) and product digitization, Verofax enables a direct, seamless connection to customers and accesses first-party, real-time customer data to offer personalized brand experiences. The result: brands are able to reduce their cost of customer acquisition, increase promotional marketing ROI (conversion rate) and improve brand loyalty (NPS).

With the AWS FTR approval, Verofax’s advanced solutions have received the seal of validation and endorsement from AWS Solutions Architects. This recognition showcases Verofax’ commitment to delivering exceptional performance, security, and scalability with their Brand, ‘Asset management and traceability platform,’ and Retail, ‘Verofax omni channel retail automation solution,’ worldwide.

Brands that are choosing innovation in working with Verofax benefit from a range of advantages, circumventing traditional marketing channels and elevating customer acquisition rates by up to 60% with costs reduced 20-fold when compared to online Ads. Verofax successfully partners with renowned Fortune 100 brands, including industry giants like Budweiser & Corona, to power global marketing campaigns and create attractive direct-to-consumer experiences.

Rodrigo Cabaleiro, Global Director of Premium Brands, AB InBev said, “Verofax’ solution for interactive packaging improved acquisition and engagement during our FIFA World Cup promotion. By turning our products into a direct-to-consumer communication channel we observed higher ROI on promotional marketing and better data-driven decisions.”

Moreover, Verofax empowers brands with refreshingly new consumer insight from point of purchase through modality of engagement and the entire customer life-cycle. By leveraging this invaluable, previously unreachable data, brands can deliver exceptional marketing strategies, customer experiences, focus on building unwavering loyalty, and achieving unparalleled commercial success.

“We are incredibly proud to have achieved AWS Full Technical Review (FTR) status, which further solidifies Verofax’ position as a leading provider of martech solutions. Collaborating with AWS has been instrumental in our journey, and this approval underscores the exceptional capabilities and performance of our software services. Together with AWS, we look forward to delivering unparalleled benefits to our enterprise clients by increasing Marketing ROI, enhancing customer satisfaction, and turning operations data-driven in real-time,” said Wassim Merheby, CEO of Verofax.

Amazon’s comprehensive FTR approval involves a rigorous assessment of Verofax’ (AWS) architecture, infrastructure and software usability, helping to prove why Verofax is the partner of choice for unlocking revolutionary marketing potential, achieving unmatched cost optimization, and delivering exceptional and unique customer experiences.

Verofax on Amazon’s AWS Marketplace:
https://aws.amazon.com/marketplace/seller-profile?id=3f648a7a-3bfe-485d-8e1d-8c967f3f2e4b

About Verofax
Verofax is the leader in product digitization, providing innovative solutions that empower brands, retailers, and governments to secure supply chains and transform customer engagement. Utilizing latest technologies such as blockchain and AI, Verofax offers a comprehensive suite of tools, immersive omni-channel consumer engagement and compliance validation. By leveraging the Verofax solution, brands can ensure supply chains are compliant and sustainable and customers are engaged through every step of the product lifecycle. Please visit www.verofax.com.

Instagram: https://www.instagram.com/verofaxltd/
YouTube: https://www.youtube.com/@verofaxlimited8482
Promo Video: https://youtu.be/tmekYUuRDjI
FaceBook: https://www.facebook.com/verofax
TikTok: https://www.tiktok.com/@verofaxlimited
Twitter: https://twitter.com/VEROFAXLTD
LinkedIn: https://www.linkedin.com/company/verofax-limited/

For more information:
Rhea Sherring, Verofax
Head of Martech Solutions
Email: rhea@verofax.com