Category: PE, VC & Alternatives

Erez Capital Makes Investment in Curio Converting Nuclear Waste into Sustainable Energy

Erez Capital, a rising star in the venture capital arena with a firm focus on disruptive technologies, is thrilled to announce a strategic investment of $100,000 in Curio, an avant-garde deeptech startup. Curio stands at the vanguard of nuclear technology innovation, pioneering the develop and commercialization cutting-edge technologies that are aimed at converting nuclear waste into safe and sustainable energy sources.

“Throughout Erez Capital’s journey, I’ve had the privilege of engaging with numerous startups. Among them, Curio shines as a company positioned to reshape the renewable technology landscape. Beyond mere concepts, Curio boasts an established patented process with a clear path to commercialization, led by a dedicated workforce, a distinguished board of experts, and visionary leadership. Together, they’re propelling the company toward unparalleled heights within this industry,” shared Michael Benezra, the Managing Director and Founder of Erez Capital.

Curio’s breakthrough hinges on its patented nuclear waste recycling technology NuCycle, which effectively addresses the longstanding challenges of the light-water reactor fuel cycle. The company has secured substantial investments, including vital support from the Department of Energy’s ARPAe program, as well as continued investments from Synergos Holdings (www.synergosholdings.com) – a distinguished deeptech accelerator based in New York, led by visionary founders Rabbi Yechezkel Moskowitz and Yehudah Moskowitz.

Under the adept leadership of President and CEO Ed McGinnis, a former Executive Director of the President’s Council of Advisors on Science and Technology (PCAST) and Acting Secretary for Nuclear Energy at the U.S. Department of Energy (DOE), Curio is ushering in a new era of nuclear recycling and energy transformation.

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. For more information, visit https://ErezCapital.io.

About Curio

Curio is a leading deeptech startup dedicated to revolutionizing the energy landscape through its groundbreaking nuclear waste recycling technology NuCycle. By converting nuclear waste into secure and renewable energy resources, Curio is determined to shape a cleaner and more sustainable future. Guided by the expertise of President and CEO Ed McGinnis, a distinguished luminary in the field of nuclear energy, Curio is poised to redefine how we approach energy generation and waste management. For more information, visit https://curio.energy.

For media inquiries, please reach out to:
Michael Benezra
mbenezra@erezcapital.io

As International Revenue Soars to $650M with 45% from SEA; Chiratae Expands SEA Regional Advisory Board with the addition of Mr. Puneet Pushkarna

Chiratae Ventures, a leading venture capital firm, announces the appointment of Mr. Puneet Pushkarna to its esteemed Regional Advisory Board, reinforcing its commitment to the Southeast Asia (SEA) market.

The announcement comes soon after Chiratae’s significant milestone -its active portfolio companies surpass $650 million in revenue. Companies focusing on SEA or headquartered now contribute about 45% of the total international revenue across the company’s diverse portfolio. Companies such as Active.ai, Kristala.ai, and Lenskart have driven growth in the SEA market, with Lenskart’s strategic acquisition of Japan’s Own Days last year as a recent highlight.

Given the growing significance of SEA as an investor base and a burgeoning market, Chiratae Ventures has been active in the region, particularly in Singapore and Japan. The appointment of Puneet Pushkarna to the Regional Advisory Board reinforces Chiratae’s dedication to its growth and success in SEA. Puneet will provide strategic guidance to Chiratae’s international operations in this role.

Sudhir Sethi, Founder and Chairman of Chiratae Ventures, shared, “With a strong foothold in the SEA market and our portfolio companies, either focusing on the region or being headquartered there, contributing over 45% of the total revenue, we are thrilled to welcome Puneet Pushkarna to our Regional Advisory Board. Puneet’s addition further bolsters our already formidable Advisory Board, whose collective efforts have significantly established Chiratae as one of India’s premier venture capital funds. His exceptional expertise and diverse background will undoubtedly guide our ventures to even greater heights within the Asian market while fostering stronger connections with our esteemed investors.”

Puneet Pushkarna brings a wealth of experience, currently serving as a General Partner at Solmark, a prominent private equity fund based in Singapore. Throughout his career, Puneet has excelled in nurturing and scaling companies in the competitive global landscape. He previously held the position of President at Headstrong, driving transformative initiatives in the Capital Markets domain through cutting-edge digital technology services. Additionally, Puneet co-founded TechSpan, backed by the prestigious institution Goldman Sachs, where he successfully led business solutions consulting and design thinking ventures, earning recognition as one of the fastest-growing companies in Silicon Valley.

Beyond his business acumen, Puneet is deeply involved in various Boards and Advisory Boards, including his role as Chairman of Core Committee, RIE2025, National Research Foundation, Singapore, Chairman Emeritus of TiE Singapore, and as a Board member of IIM Nagpur and Industry Advisory Board of SP Jain School of Management. Additionally, Puneet serves as a Catalyst at SMART (Singapore MIT Alliance for Research & Technology) and actively engages in philanthropic efforts, supporting initiatives such as the Indian Foundation for the Arts (IFA), the Singapore Indian Fine Arts Society (SIFAS), and the South Asian Heart Society.

Puneet Pushkarna shared his excitement for the new role, adding, “I am honoured to join Chiratae Ventures and contribute to the growth of the platform they have built over close to two decades and its dynamic portfolio in Asia region. There are strong benefits for the Asian block to partner, invest and grow exponentially by understanding each other’s strengths and hope to bridge the gap. The Indian model of solving for population-scale problems using technology-led business models has relevance for the larger region and hoping to help Chiratae and its portfolio expand its regional footprint”

Anoop Menon, Principal-Investments who also leads Investor Relations in the East Asian region, says, “With the changing geo-political environment and India’s blistering economic growth, India has become a strong contender for increased investments and business partnership within Asia. Along with this, there is a strong need to contextualise the India narrative by a leader who has seen both sides closely, and Puneet helps us do that. Having him on our Advisory Board provides a valuable sounding board for our team and founders as we navigate the markets in Singapore, Japan, and other regions of Asia Pacific.”

Chiratae Ventures, recently announced the final close of its first Growth fund at $122 M, oversubscribed by 34% and is in the market for its next flagship Venture capital fund. It will continue looking to cement its presence in SEA and the larger Asian region, and Puneet will help strengthen the firm’s position as a leader in the Venture capital landscape.

About Chiratae Ventures:

Chiratae Ventures is a 16-year-old Indian technology venture capital fund advisor, having advised funds that collectively (across six funds) have $1.1 Bn AUM, 130+ investments, 48 exits, 8 Unicorns, 3 IPOs and a track record of having returned capital to LPs in each of the last 12 years. The funds advised by Chiratae Ventures have investments across sectors such as Consumer-Tech, SaaS, Fintech, and Healthtech and have been early backers of companies such as Bizongo, Fibe, FirstCry, Flipkart, Lenskart, Myntra, Pixis, PolicyBazaar and Uniphore, amongst many others.

For media inquiries, please contact:

Tanvi Dubey
Chiratae Ventures
+91-8792059986

Neha Chaturvedi
Adfactors PR
+65- 87098749

AWS Approves And Lists Verofax Martech Solution For Brands & Retail On Global Marketplace

Verofax, an award-winning Brand & Retail Martech service provider, achieved Full Technical Review (FTR) approval on Amazon Web Services (AWS) marketplace. Verofax services are now available for direct acquisition by retail and for global brands, leveraging the unparalleled capabilities of AWS.

Verofax specializes in brand-customer direct engagement by transforming products into powerful marketing tools. With patented technologies such as computer vision, Artificial Intelligence (AI), and product digitization, Verofax enables brands to seamlessly connect directly to customers and access real-time first-party customer data to offer personalized brand experiences. The result? brands are able to reduce their cost of customer acquisition, and increase promotional marketing ROI (conversion rate) and 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’s commitment to delivering exceptional performance, security, and scalability for brands worldwide.

Verofax’s solutions go beyond traditional marketing. By assigning a unique web link to each product, Verofax’s technology becomes a powerful tool for product traceability and counterfeit management. This added advantage brings significant value to brands, safeguarding their reputation and enhancing customer loyalty in their offerings.

Brands that choose to work with Verofax benefit from a range of advantages. By leveraging Verofax’s solution, brands can circumvent traditional marketing channels and elevate customer acquisition rates by up to 60% while reducing costs of customer acquisition by an impressive 20-fold, when compared to online Ads. Verofax has successfully partnered with renowned Fortune 100 brands, including industry giants like Budweiser & Corona, to power global marketing campaigns and create frictionless 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 real-time consumer insights, enabling data-driven decision-making and personalized marketing strategies in real-time. By leveraging this invaluable data, brands can deliver exceptional customer experiences, build unwavering loyalty, and achieve unparalleled commercial success.

Verofax’s achievement of AWS Full Technical Review approval demonstrates its dedication to excellence and its ability to deliver top-tier software services. By partnering with Verofax, brands can unleash the full potential of their marketing efforts, accessing real-time consumer insights, driving customer engagement, and transforming their products into powerful marketing tools.

One of the key benefits of Verofax’s AWS FTR approval is the assurance it provides to brands seeking exceptional software services. The rigorous FTR process involved a comprehensive assessment of Verofax’s AWS infrastructure, architecture, and adherence to best practices. By achieving this status, Verofax demonstrates its ability to deliver superior solutions, ensuring optimal performance and security for its clients.

“We are incredibly proud to have achieved AWS Full Technical Review (FTR) status, which further solidifies Verofax’s 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. — Wassim Merheby, CEO of Verofax.

Experience the transformative power of Verofax’s solutions and join the ranks of global brands revolutionizing customer engagement. Discover why Verofax is the partner of choice for unlocking unparalleled marketing potential, achieving remarkable cost savings, and delivering exceptional customer experiences.

Ascendiant Capital Markets: Society Pass Inc (Nasdaq: SOPA) 2Q 2023 Saw Strong Revenue Growth of 338% Year on Year; Major Acquisition and Expected Cash Probability in 2H 2023 to Drive Share Price Higher

Ascendiant Capital Markets LLC (Ascendiant) initiates equity research coverage on Society Pass Inc.(Nasdaq: SOPA)(SoPa or the Company), Southeast Asia’s (SEA) next generation, data-driven, loyalty, fintech and e-commerce ecosystem.

Click Here (on Society Pass website) or Here (on Ascendiant Capital Markets website) to view the full Ascendiant
Capital Markets Equity Research Report.

Summary Points:

  • Strong 2Q 2023 Revenue Growth:SoPa reported its quarterly financial results on 10 August with 2Q 2023 revenues totaling $2.2 million, representing a 338% y-o-y.
  • Major M&A:Announced in July 2023, the Company entered into an agreement to acquire 95% of PT Inetindo Info (“Inetindo”), a wholly subsidiary of Story-I Limited (“Story-I”). Inetindo is a leading Indonesia-based Apple Premium Reseller and Authorised Education Partner as well as an electronic gaming retailer for several different gaming companies. The purchase price is ~$1.9 million and the deal is expected to close by September 2023. Ascendiant notes that Inetindo’s annual revenue of ~$30 million will be a significant contributor to Society Pass results going forward.
  • Significant 2023 Revenue Growth and Expected Cash Profitability in 2H 2023: SoPa stated that 2023 revenue run rate can be $60 – 100 million and it expects to reach cash profitability sometime in 2H 2023.
  • Focused on Loyalty Platform: SoPa’s ecosystem of technology-enabled companies synergistically work together to transform how consumers and merchants interact with one another. Its key focus is on generating customer loyalty, ease of transaction for consumers, and revenues for merchants. As more merchants and consumers in SEA register on its Society Pass platform, more transaction data is generated, and thus presenting more opportunities for creating loyalty from consumers to merchants.
  • Lifestyle Platform: The Company has developed an online lifestyle, “Leflair” branded platform in Vietnam to enable consumers to purchase high-end brands in many categories. Using the company’s smart search engine, consumers search or review their favorite brands among hundreds of choices in various categories, including Apparel, Bags & Shoes, Accessories, Health & Beauty, Home & Lifestyle, International, Women, Men and Kids & Babies categories.
  • Market Opportunities: Ascendiant believes that continued strong economic expansion, robust population growth, rising level of urbanization, the emergence of the middle class, and the increasing rate of adoption of mobile technology provide fast growing market opportunities for SoPa in SEA.
  • Positive High Risks versus High Rewards: Overall, concerns outweighed by growth prospects and valuation. Society Pass’s main products still has long commercialization challenges ahead, but we believe the ~billion dollars market potential presents high rewards for the risks.
  • Current valuation attractive: We are maintaining our BUY rating, but raising our 12-month price target to $3.75 from $3.50, based on a NPV analysis, representing significant upside from the current share price. We believe this valuation appropriately balances out the company’s high risks with its high growth prospects and large upside opportunities.

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 3.3 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;Pushkart.ph, a popular grocery delivery company in Philippines; 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 Contact:
Rokas Sidlauskas
Chief Marketing Officer
rokas@thesocietypass.com

Legend Capital Portfolio: Nuclei, the World’s First RISC-V CPU IP Vendor, Accomplishes ISO 26262 ASIL-D Product Certificate

Legend Capital‘s portfolio company, Nuclei System Technology, a leading RISC-V CPU IP vendor in China, announces that NA900 has been certified to be compliant to ASIL D requirements of ISO 26262 standards for both systematic fault and random hardware fault. NA900 becomes the world’s first RISC-V CPU IP achieving ISO 26262 ASIL D product certificate.

Legend Capital‘s portfolio company, Nuclei System Technology, a leading RISC-V CPU IP vendor in China, announces that NA900 has been certified to be compliant to ASIL D requirements of ISO 26262 standards for both systematic fault and random hardware fault. NA900 becomes the world’s first RISC-V CPU IP achieving ISO 26262 ASIL D product certificate.
The NA900 processor has been developed as a hardware SEooC according to ISO 26262-10. The development meets the applicable ASIL D design specification, implementation and verification requirements of ISO 26262 parts 4,5,7,8,9 as guided by ISO 26262-10, and the functional safety management requirements per ISO 26262-2. According to the official assessment report, NA900 meets both systematic capability and hardware safety integrity with ASIL D. Nuclei is the first RISC-V CPU IP vendor in the world to get ASIL D product certificate.

NA900 is a configurable CPU core features a 9-stage, dual-issue pipeline supporting RISC-V RV32IMACFDPB ISA.

NA300D has been assessed according to ISO 26262-5:2018 with SGS and gets ASIL D Ready certificate for hardware safety integrity. According to SGS assessment report, NA300D meets the architectural metrics SPFM and LFM with ASIL D target values.

NA300 is a configurable CPU core features a 3-stage, single-issue pipeline supporting RISC-V RV32IMACFDPB/Zc ISA.

“It’s a great honor for Nuclei to obtain the world’s first ISO 26262 ASIL D product certificate of RISC-V CPU IP, which is a huge achievement of the team. This is a significant milestone not only for Nuclei, but also for the entire RISC-V ecosystem booming in the automotive industry. Together with our partners, Nuclei will continue expanding FUSA compliant product portfolio in the near future.” said Jianying Peng, CEO of Nuclei.

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 ( https://www.linkedin.com/company/legend-capital ).

About Nuclei System Technology
Established in 2018, Nuclei System Technology is a leading RISC-V CPU IP vendor in China. Nuclei dedicates to developing high-performance/low-power processors and their associated SoC platforms to serve the rapidly growing computing applications worldwide.

Starting from scratch, Nuclei provides a full series of processors that can meet various markets and applications, including RISC-V 32-bit (N/U classes) & 64-bit architecture(NX/UX classes), security (NS class) & automotive (NA class), etc. As of today, more than 150 customers have officially licensed Nuclei’s processor IPs. covering MCU, AIoT, 5G communication, industrial control, artificial intelligence, automotive electronics, storage, Ethernet, etc.
https://nucleisys.com

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

Backed by Legend Capital, the Chinese Pet Food Industry Leader Gambol Pet Goes Public Successfully

On August 16, Legend Capital‘s portfolio company, Gambol Pet (301498.SZ), was successfully listed on the ChiNext Market of the Shenzhen Stock Exchange. Gambol Pet plans to issue 40,004,500 shares at an offering price of RMB39.99 per share, with an estimated total fundraising of approximately RMB1.6 billion.

Engaged in the R&D, production and sales of pet food and providing multi-series products mainly for dogs and cats, Gambol Pet was founded in 2006 and is a leading pet food company in China. The company started with overseas OEM/ODM businesses and has gradually become a recognized supplier for international enterprises such as Walmart and Spectrum Brands. With the rapid growth of the pet food market in China, Gambol Pet has systematically expanded its presence in the Chinese market since 2013 and established its own brand, Myfoodie, which achieved full-category coverage in pet food, including pet staple food, snacks and health care products.

As one of the leading companies in the pet food industry, Gambol Pet adheres to the concept of “Global Vision, Continuous Innovation” and is committed to producing nutritious and healthy pet food that consumers need. Through its reliable product quality, continuous innovation and efficient sales network, the company made the best of the opportunity of the rapid expansion of the pet food demand in China and has formed a core lineup of proprietary brands with Myfoodie at the center.

Legend Capital invested in Gambol Pet in 2019 and 2020 and helped the company transform from an export-oriented OEM enterprise to a leading pet food enterprise in China driven by its own brand business. After the investment, Legend Capital provided value-added services to the company in various dimensions to support its business at home and abroad, including supply chain resource introduction, business sales channel connection, financial and legal compliance, and talent introduction.

QIN Hua, Chairman and CEO of Gambol Pet, said: “Gambol Pet will take the listing as an opportunity to firmly grasp the strategic window of the rapid development of the pet industry in China. We will adapt to the changes and dynamic trends in pet culture, consumer upgrades, and consumption concepts and continue increasing our products’ market share in domestic and overseas markets. Simultaneously, by continuing to accelerate our global expansion and build our global advantages in technologies, talents, markets, and supply chains, we will keep moving forward and strive to become a highly innovative international enterprise with substantial growth, as well as a leading player in the global pet food industry.”

Raymond CHEN, Co-Chief Investment Officer of Legend Capital, said: “With the continuous improvement of people’s living standards, more and more people are getting emotionally attached to pets. The pet industry in China is in its early stages and enjoys broad prospects for future development. Gambol Pet adheres to continuous innovation and emphasizes proprietary brands. Through independent R&D and product innovation, it has formed its core brand, Myfoodie, which surpassed many imported brands and helped Gambol Pet consolidate its leading position in the pet food industry. Mr. QIN Hua, Chairman of the company, is an outstanding entrepreneur with both local experience and a global vision, and we are proud of the team for achieving this remarkable achievement. Congratulations to Gambol Pet on its successful listing.”

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 ( https://www.linkedin.com/company/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)/Thoughtful Media Group Inc Enters Philippines Market and Launches Creator Economy Focused Advertising Platform

  • SoPa officially launches Thoughtful Media Group (TMG), the leading digital advertising platform in Southeast Asia, in the Philippines market.
  • TMG will present its Philippines executive team and disruptive influencer advertising business model at a media presentation in Manila on Thursday, 17 August 2023.
  • TMG has expanded its ecosystem of multi-platform advertising services through a network of more than 10,000 talented creators across multiple industries in Thailand, Vietnam, Indonesia and Philippines, assisting brands maximise marketing budgets and achieve significant revenue generation.

 Society Pass Incorporated (Nasdaq: SOPA) (SoPa), Southeast Asia (SEA)’s next generation, data-driven, loyalty, fintech and e-commerce ecosystem, today announces the official launch of its digital advertising platform, Thoughtful Media Group Inc (TMG), in the Philippines market. With the theme of “The Power of Influence”, TMG will introduce its new Manila-based executive team and its disruptive influencer advertising business model at a media presentation at 4 pm on Thursday, 17 August 2023 at Mansion Sports Bar & Lounge, OPL Building, 100 Don Carlos Palanca, Legazpi Village, Makati, 1229 Metro Manila, Philippines.

Established in 2010 and acquired by SoPa in 2022, TMG’s growth trajectory has been impressive. In just 12 months, TMG has grown from operating exclusively in its headquarters of Bangkok, Thailand, to expanding to Vietnam in 4Q 2022, to Indonesia in 1Q 2023 and now to Philippines in 3Q 2023. In addition, TMG’s employee count has increased from just 15 professionals in July 2022 to over 75 staff today. With an influencer network of more than 10,000 talented creators, an integrated roster of digital advertising products and services including influencer marketing and brand campaigns, social commerce, and sports marketing, and 13 years of experience serving more than 100 brands, TMG’s market entry into the Philippines market offers a significant value proposition to advertisers, merchants, and influencers in SEA’s fourth largest economy. Well positioned to benefit from Philippine’ forecast soaring digital advertising revenues over the next decade as increasingly more consumers make direct purchases on social media platforms, TMG collaborates with social media platforms, advertisers and influencers to develop the entire creator economy in Philippines.

Mr. Dennis Nguyen, SoPa Founder/Chairman/CEO and TMG Chairman, states, “We are very pleased to bring the Philippines market into the TMG ecosystem. TMG’s disruptive advertising platform, combining over 10,000 talented creators, market-leading design/branding capabilities, influencer advertising-focused social commerce services, will generate massive storytelling capabilities and revenue generation opportunities for local, regional and international advertisers seeking to market in Philippines. By leveraging our local knowledge of market trends from other offices in Thailand, Vietnam, and Indonesia, TMG provides international quality advertising products and services for our brand partners as well as a significant revenue generating opportunities for Philippines creators”.

Mr Nguyen continues, “I am very excited to hire Billy Soo to head our TMG Philippines operations. Billy brings a wealth of experience in gaming and advertising from his time at Gushcloud International, Nixgen Entertainment and Powerplay Inc. I look forward to seeing Billy and his team create the most unique and powerful advertising platform here in Philippines”.

Although currently at a nascent stage, the Philippines creator economy is experiencing a dynamic surge, driven by a tech-savvy population and widespread internet access. According to Datareportal, Philippines’s internet penetration rate stood at 73.1 percent of the total population at the start of 2023 with the number of internet users increasing by 10 million between 2022 and 2023. Furthermore, Filipinos spend a combined 3 hours and 43 minutes a day on social media. INSG forecasts the value of SEA’s influencer marketing industry to reach US$2.59 billion in 2024, up from US$638 million in 2019 alone.

Responsible for driving sales and onboarding Philippines clients onto TMG’s regional digital advertising platform, Mr. Billy Soo, Country Head of Thoughtful Media Group Philippines, comments, “Bonding through the power of influence, we want to create a genuine connection for brands and content creators, tapping onto TMG’s broad advertising network and extensive ecosystem to open new doors towards more business opportunities, capitalising on digital-first and fully integrated advertising networks. Mr. Nguyen hired me to turbocharge TMG’s expansion here in the land of the Kabayan. In just five weeks’ time, we have already built a staff of 10+ Manila-based advertising professionals. TMG Philippines will offer premium branded campaigns, MCN, sports marketing and e-sports verticals and we look forward to serving the creator and advertiser communities”.

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 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.

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 3.3 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;Pushkart.ph, a popular grocery delivery company in Philippines; 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/.

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

Maxim: Society Pass (Nasdaq: SOPA) – Compelling Valuation; Positive on Organic Growth & M&A; Raises Revenue Targets for 2023 and 2024

Maxim Group LLC (“Maxim”) issues research report on Society Pass Inc. (Nasdaq: SOPA) (“SoPa”), Southeast Asia’s (SEA) next generation, data-driven, loyalty, fintech and e-commerce ecosystem.

Click Here (on Maxim research website) or Here (on Society Pass website) to view the full Maxim research report.

Summary Points:

• Diversification – SOPA started 2022 with just F&B (food & beverage) and Leflair (lifestyle) and now has 6 verticals. The company has also expanded to 5 countries; Singapore, Vietnam, Philippines, Indonesia, and Thailand. Maxim believes there are significant cross selling opportunities. Specifically, Maxim believes Thoughtful Media can market the company’s other brands and the lifestyle business can be expanded geographically. Maxim has a positive view on the SEA market due to increasing mobile and ecommerce penetration, younger populations, travel coming back, and the opportunity to consolidate smaller companies. The acquisition of Inetindo creates additional expansion opportunities in other geographies and other branded products to be sold, and can increase the subscriber base that can be deployed to the potentially highest profit margin business of Society Points (loyal progam).

• Acquisitions – Acquisitions have diversified revenue streams to include Apple distribution stores, online advertising, travel/hotel ticketing, and telecom while expanding geographies in SEA. The Apple distribution stores acquisition was the largest acquisition to date in terms of revenue, with the potential to expand geographically and add users for its Loyalty program.

• Cashflow Positive – Management is forecasting to be cash flow positive at some point in 2H23.

• Healthy balance sheet – SOPA ended 2Q23 with unrestricted cash of $10.8M (close to the entire market cap of SOPA), slightly down from $13.8M at the end of 1Q23, and no material amount of debt. 2Q23 cash flow from operations was an outflow of ($2.9M). With expense reduction plans and newer businesses, along with the launch of the Loyalty program, Maxim expects the cash burn to decline and that current levels of cash should be sufficient to fund organic growth through 2024.

• Raise Revenue Targets – Maxim projects revenue to increase from $5.6M in 2022, to $16.5M ($15.0M prior) in 2023, up 194% y/y, with an adjusted EBITDA loss of ($11.0M) ($7.7M prior). For 2024, Maxim projects revenue of $44.3M ($25.1M prior), up 168% y/y.

• Compelling valuation/Reiterate Buy – Maxim targets share price to increase to $1.50. SOPA trades at an EV/revenue multiple of 0.1x Maxim’s 2024 revenue estimate vs. the peer average of 2.4x. Maxim’s $1.50 price target is based on its 10-year DCF analysis, which utilizes a 22% discount rate, 13x terminal multiple, and 3% terminal growth rate, equating to 0.7 x 2024 revenue estimate. Maxim’s positive outlook is supported by the attractive SEA markets and opportunities to consolidate smaller companies.

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 3.3 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 operates Thoughtful 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; Pushkart.ph, a popular grocery delivery company in Philippines; 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 Contact:

Rokas Sidlauskas

Chief Marketing Officer

rokas@thesocietypass.com

Society Pass Inc’s (Nasdaq: SOPA) 2Q/1H 2023 Financial Results Illustrate Continuing Breakneck Revenue Growth and Exceptional Profit Margin Expansion; Confidently Forecasts Achieving Cash Profitability in 2H 2023

Recognises 348% Year on Year Revenue Growth for 1H 2023;
Gross Margin Increases to 29.9% in 2Q 2023 from -1.6% in 2Q 2022

 Society Pass Incorporated (Nasdaq: SOPA) (SoPa), Southeast Asia (SEA)’s next generation, data-driven, loyalty, fintech and e-commerce ecosystem, today announces unaudited financial results for second quarter ended 30 June 2023 and a filing of its 2Q 2023 Form 10-Q with the Securities and Exchange Commission (SEC).

Click Here (on SEC website) to view 2Q 2023 Form 10-Q filing.

Summary Points:

  • With cash on hand of $10.8 million (approximately $0.38 per share) and book value of $12.7 million (approximately $0.45 per share) on 31 March 2023,SoPa is well capitalised for continuing acquisitions of SEA companies in itsdigital advertising, travel, lifestyle, telecommunications, and loyalty/fintech verticals for the rest of 2023.
  • 1H2023 revenues grew 348.0% year on year (from $944,152in 1H 2022 to $4,229,812 in 1H 2023).
  • 2Q2023 revenues grew 338.3% year on year (from $499,062in 2Q 2022 to $2,187,232 in 2Q 2023).
  • 2Q2023 revenues grew 7.1% quarter on quarter (from $2,042,580in 1Q 2023 to $2,187,232 in 2Q 2023).
  • 1H2023 gross profit grew to $1,263,396 from a 1H 2022 gross loss of$14,931.
  • 1H2023 gross margin improved to 29.9%from 1H 2022 gross margin of -1.6%.
  • 2Q2023 gross profit grew to $577,159 from a2Q 2022 gross loss of $138.
  • 2Q2023 gross margin improved to 26.4%from 2Q 2022 gross margin of 0.0%.
  • While 1H 2023 revenues grew 348.0% year on year, 1H2023 cash operating expenses declined 28.0% year on year (from $7,864,068 in 1H 2022 to $5,663,264 in 1H 2023).
  • While 2Q 2023 revenues grew 338.3% year on year, 2Q2023 cash operating expenses declined 51.9% year on year (from $4,891,352 in 2Q 2022 to $2,350,345 in 2Q 2023).
  • While 2Q 2023 revenues grew 7.1% quarter on quarter, 2Q2023 cash operating expenses declined 29.1% quarter on quarter (from $3,312,918 in 1Q 2023 to $2,350,345 in 2Q 2023).
  • 1Q2023 digital advertising revenues represent 62.9% of total revenues and grew 17.7% quarter on quarter from ($1,283,774 in 1Q 2023 to $1,510,960 in 2Q 2023).
  • 1Q2023 travel platform revenues represent 23.8% of total revenues and grew 14.2% quarter on quarter from ($486,707 in 1Q 2023 to $556,042 in 2Q 2023).
  • SoPa completed the following acquisitions in 2Q 2023:VLeisure, Vietnam’s leading provider of hotel management and payment solutions; andNewave, an Indonesia-based KOL management agency. In addition, SoPa announced the acquisition of PT Inetindo Infocom, a subsidiary of Story-I Limited, a leading Indonesia-based retailer of Apple products, for a total consideration of approximately $1.85 million. Management expects the PT Inetindo Infocom acquisition to close in September 2023.
  • Since inception, SoPahas onboarded approximately 3.3 million registered consumers, approximately 650,000 registered merchants/brands and approximately 10,000 influencers onto its ever-expanding next generation digital ecosystem and loyalty platform in SEA.
  • SoPa operates six verticals in SEA:digital advertising, travel, lifestyle, loyalty, food & beverage delivery and telecommunications,
  • SoPa operates infive SEA countries: Singapore, Vietnam, Indonesia, Philippines and Thailand.
  • SoPa employs approximately 225 people throughoutSEA.

Raynauld Liang, Society Pass Inc Chief Financial Officer, explains, “Our continuing breakneck revenue growth and exceptional profit margin expansion, as evidenced in the Company’s second quarter 2023 financial performance, substantiate our acquisitions-focused business plan to build the next generation digital ecosystem and loyalty platform here in SEA. Despite 1H 2023 revenues growing 348% year-on-year in the five largest economies of SEA, our 1H 2023 cash operating expenses DECLINED by 28%. Just as importantly, our profit margins are dramatically improving on a year-to-year basis. We realized 29.9% gross margins in 1H 2023, up from a negative 1.6% grow margins in 1H 2022.

Mr Liang elaborates, “I note that our two main subsidiaries, Thoughtful Media and NusaTrip, were only acquired in 2H 2022. Yet, in just under 12 months, both subsidiaries now contribute more than 90% of SoPa’s revenues. I expect both subsidiaries to materially contribute to the Group’s revenues and profits in 2H 2023. Our third biggest subsidiary, NextGen Retail, announced the acquisition of a large retailer of Apple products in Indonesia. I expect NextGen Retail to grow much quicker in 2H 2023. Finally, with the Singapore launch of our SoPa Loyalty App Launch in June 2023, we have put the final piece of the puzzle in building out our business plan. The synergies generated between our loyalty platform and our subsidiaries will translate into significant revenue generation going forward. With the continuing performance in our three big verticals, we confidently project attaining cash profitability sometime in 2H 2023.”

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 3.3 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;Pushkart.ph, a popular grocery delivery company in Philippines; 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/.

Use of Non-GAAP Financial Measures

In addition to financial information prepared in accordance with U.S. GAAP, this document also contains certain non-GAAP financial measures based on management’s view of performance including cash operating expenses. Management uses such measures internally for planning and forecasting purposes and to measure the performance of the Company. We believe these adjusted financial measures provide useful and meaningful information to us and investors because they enhance investors’ understanding of the continuing operating performance of our business and facilitate the comparison of performance between past and future periods. These adjusted financial measures are non-GAAP measures and should be considered in addition to, but not as a substitute for, the information prepared in accordance with U.S. GAAP. When preparing these supplemental non-GAAP financial measures, we typically exclude certain GAAP items that management does not consider to be normal, recurring non-cash operating expenses.

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 as well as anticipated sales growth in Indonesia and the growth of the Indonesian economy. 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

Erez Capital Announces Additional Venture Partners

Erez Capital, an emerging venture capital fund investing in disruptive technologies, is thrilled to announce its addition of 40 Venture Partners to join the fund. These new partners will play an importanl role in the quickly developing artificial intelligence ecosystem – specifically in the proptech, medtech and fintech sectors.

“This fund and its investments will represent the consensus of experts, technology innovators, venture capital, private equity principals and investment bankers who have managed over $100 Billion, and executed over $700 Billion in M&A and licensing transactions,” said Michael Benezra, Managing Partner

Erez Capital Public Deck

As part of our commitment to pushing boundaries and driving transformation, Erez Capital has diligently sought out Venture Partners who share our vision and possess unique expertise in their respective fields. The addition of academic experts, research directors, private equity principals, venture capital partners, fund managers, CEO’s, attorney’s, investment bankers, startup founders, and experienced investors to our network significantly bolsters our capabilities, propelling us forward in achieving our ambitious goals.

VENTURE PARTNERS

Lawrence Lou,
Artificial Intelligence
Airbnb (NASDAQ: ABNB)

Mark Hammond
Director New Business TPM
Softbank

Arpit Garg
Investment Banking
Drake Star

Luqman O Lawal, MD
Vice President
Bright Health (NYSE: BHG)

Stefan Mitu
Venture Partner
VU Venture Partners , EY

Kyle Levy
VP of Finance
Phoenix Capital Partners

Jonathan Rich
CEO
Sophia Partners LLC

Darshan Honale
Venture Partner
Global Health Impact Fund

William Grenawitzke
Managing Partner
Bellows Capital Partners

Nicholas Kirk
Lead Investor
Vehiculum Capital

Nadine Samuels, PhD, CPA
Controller, Erez Capital
Assistant Professor of Accounting
SUNY – Canton

Akshit Kandi
Co-Founder
FareMD

Cathy Gent
CEO
Global Investment Corporation (GIC)

Barika Edwards
Partner
Curious Culture

Kayemba Mvula
Founder
Pivot LLC (New Orleans)

Robert Schultz
Adjunct Professor
Babson College

Dr. Anita Gupta
Chief Surgeon | City of New York
American Society of Anesthesiologists to U.S. Food & Drug Administration (FDA)

Farouk Khailann
CEO Premium Africa Holdings. Strategic Advisor
The Private Office of H.H. Sheikh Ahmed Bin Faisal Al-Qassimi for Strategic Alliances and Policies.

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.

Contact:
Noah Ente, Erez Capital
Noah@erezcapital.io

Source: Plato Data Intelligence https://Platodata.io

Society Pass Incorporated (“SoPa”) (Nasdaq: SOPA), Southeast Asia’s (SEA) next-generation, data-driven, loyalty, fintech and e-commerce ecosystem, today announced a strategic payments partnership with 2C2P, a global full-suite payments platform headquartered in Singapore, to drive e-commerce shopping in SEA. Through this partnership, Society Pass’s loyalty application would be able to offer 2C2P’s wide array of alternative payment options to customers based in the Philippines and Indonesia.

2C2P operates payment services in eight markets across Asia and supports over 250 payment options, from cards to cash to e-wallets. Over the years, 2C2P has established and nurtured an extensive network of partners globally, adhering to local and international regulatory compliance standards. The current network includes all major local and international credit cards, over 17 major digital wallets and QR payment platforms, and various alternative payment methods. 2C2P’s customers can use their preferred payment method via cards, digital wallets, or over-the-counter at over 400,000 locations in Asia. The extensive payment solutions meet the needs of businesses from diverse sectors, including airlines, insurance, marketplaces, retail, F&B, and hospitality.

Amidst the pandemic and its recovery, the adoption of digital payments in the region has accelerated while cash usage has continued to decline. Propelled by a surge in digital commerce and government incentives/initiatives, providers of domestic payments, mobile wallets, and buy-now-pay-later (BNPL) operators, are all witnessing increased adoption by businesses. Forecasts suggest SEA’s digital economy is experiencing impressive growth rates from 2021 to 2026E and will outpace China, Europe, and the US. According to an IDC InfoBrief commissioned by 2C2P, SEA’s digital economy spending will rise by 121% by 2026, and digital payments will reach 92% of total digital economy payments by 2026, up from 80% in 2020.

Rokas Sidlauskas, Chief Marketing Officer of SoPa, commented, “We are excited to announce this strategic payments partnership with 2C2P as it enables Society Pass to offer more flexible and convenient methods to pay for goods and services within our ecosystem to our customers. By integrating leading Southeast Asia digital e-wallets such as AliPay (regional), Touch n’ Go (Malaysia), Momo (Vietnam) or GCash (Philippines) just to name a few into our ecosystem, Society Pass enables millions of customers to access our platforms, ranging from travel (NusaTrip), to e-commerce (Leflair.com), to telecoms (Gorilla Networks), and to digital advertising (Thoughtful Media Group). This is especially important considering that we operate in Southeast Asian markets, where unfortunately, over 75% of people are unbanked and do not possess debit or credit cards”.

Mr. Sidlauskas added, “In partnering with 2C2P, we automatically increase the potential customer-base within Southeast Asia by millions of potential users. We are excited by the prospect of adding value by offering our services to them”.

Rachelle Alexis Lim, Executive Director of 2C2P, said, “As we embark on this strategic partnership with Society Pass, we look forward to enhancing the payments experience of SOPA’s consumers across SEA. This collaboration with SoPa aligns perfectly with our mission to drive e-commerce growth in the region and globally, revolutionising how people transact and unlocking the potential of the digital economy for all”.

About 2C2P

2C2P is a full-suite payments platform helping the world’s leading enterprises securely accept and make payments through one point of integration. Its far-reaching network extends across online, mobile and offline channels including over 400,000 alternative payment locations, enabling enterprises to reach their customers or recipients anywhere. 2C2P also provides value-added services such as issuing, 3D Secure, bill payments and digital goods to meet every business need.

The company is headquartered in Singapore and operates globally. It is the preferred payments platform of tech giants, online marketplaces, retailers and other global enterprises.

For more information on 2C2P, please visit: https://2c2p.com/

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 3.3 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 operates Thoughtful 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 Pushkart.ph, a popular grocery delivery company in Philippines.

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 as well as anticipated sales growth in Indonesia and the growth of the Indonesian economy. 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