Category: Startups

Start-up Express Pitching Final takes place on 15 June

Social innovation programme drives diverse tech developments

Start-up Express, an entrepreneurship development programme organised annually by the Hong Kong Trade Development Council (HKTDC), has returned for its fifth edition. As they face up to issues arising from the ongoing pandemic and adverse global economy, start-up enterprises are in need of support more than ever before. This year’s programme continues to help entrepreneurs develop their businesses by building connections, exploring markets, seeking partners and enhancing brand awareness.

In 2021, 10 winning teams were selected for the Start-up Express Pitching Final
Allklear advocates the concept of plant-based, functional and sustainable foods through innovative technology to produce a new generation of future health foods
i2cool has developed a radiative cooling paint that reduces the surface temperature of buildings as well as saving energy and reducing carbon emissions

Nurturing a sustainable entrepreneurial ecosystem

Stephen Liang, Assistant Executive Director of HKTDC, said the HKTDC would continue its commitment to supporting entrepreneurs in expanding their businesses, especially during the pandemic, in addition to promoting the city’s capabilities in the areas of innovation and technology.

“Since the first edition of Start-up Express in 2018, the programme has already nurtured 40 start-ups, most of which are still active and have expanded on a considerable scale. Start-up Express has given tremendous support to local start-ups, helping them explore global markets, seal major orders and win international awards. We will continue our quest to spread the spirit of entrepreneurship in Hong Kong, assisting start-ups in growing their businesses to the next level and helping them gain a foothold in the global arena. The HKTDC remains committed to building a sustainable and international entrepreneurial ecosystem that promotes local economic growth and business development,” Mr Liang said.

New ESG Award recognises socially aware projects
Start-up Express is aimed at local tech start-ups that have plans to expand into international markets. As the pandemic situation gradually begins to ease, innovative business models and fresh ideas will provide a new stimulus for the economy in post-pandemic times. The enrolment for Start-up Express 2022 reflects the great enthusiasm of local entrepreneurs, with shortlisted start-ups coming from a broader spectrum of fields than ever before including emerging technologies such as art tech, green tech, health tech, prop tech, fintech, smart city tech, edtech, food tech and more. This year, the ESG Award has been added to reward the most sustainable and socially efficient start-up.

HKTDC offers full support to boost business development
The Pitching Final of this year’s Start-up Express will be held on 15 June. The winning start-ups will be offered access to capability-building workshops, mentoring sessions, exploratory missions to the Guangdong-Hong Kong-Macao Greater Bay Area, marketing sessions, extensive publicity and investor pitching opportunities. These activities will help the winning entrepreneurs hone their business skills, gain access to the latest market insights and acquire business know-how from experienced industry leaders. The winning start-ups will also be presented with opportunities to interact with buyers and investors at HKTDC-organised local and overseas events. In addition, the HKTDC will arrange business matching meetings, helping the entrepreneurs to connect with potential partners, increase their media exposure and enhance brand awareness.

Taking the pulse of the market and building a global network
Mr Liang added: “Last year’s winning teams stood out because of their innovative and forward-looking ideas. Through Start-up Express they were able to gain more insights into their industries, overseas market trends and investor preferences by participating in different HKTDC-organised events, including the Asia Summit on Global Health, Asian Financial Forum, the Belt and Road Summit, online exhibitions in Mainland China and overseas, and investor meetings in Hong Kong and the mainland. They have also been able to strengthen their business networks and expand their markets and businesses through the exposure they have gained. To help fuel the growth of these start-ups, the HKTDC also leveraged its network of 50 overseas offices worldwide to endorse them in international competitions and connect them to overseas investors through pitching events.”

Professional judging panel to select 10 most outstanding start-ups
In the 2022 Pitching Final, the judging panel will select 10 outstanding teams out of 20 shortlisted start-ups. This year’s panel comprises Raymond Yung, Vice Chairman, AMTD Group; Jason Chiu, Chairman, Hong Kong Start-up Council; Andrew Young, Associate Director (Innovation), Sino Group; Ben Cheng, Managing Partner, C Ventures; and Arshad Chowdhury, Managing Partner, Betatron Venture Group. In addition, AMTD Group is the Strategic Partner of Start-up Express for the fourth consecutive year.

Start-ups selected for the shortlisted top 20 in the Pitching Final have all presented innovative business solutions that help address social and environmental issues. Among them:
– Allklear advocates the concept of plant-based, functional and sustainable foods through innovative technology to produce a new generation of future health foods.
– i2cool has developed a radiative cooling paint that consumes no energy and does not require any cooling agent, and is able to reduce the surface temperature of buildings.
– PONS.ai, an artificial intelligence-powered phygital social marketplace for art and entertainment products, aims to empower creators worldwide with digital ownership.
– FlashGreen champions environmental friendliness by recycling stocks of short-dated, best-before-date foods from suppliers and reselling them at lower prices in vending machines.

Start-up Express 2022 Pitching Final
– Date: 15 June 2022 (Wednesday)
– Time: 1:45pm Media registration; 2pm-5pm Start-up Express Pitching Final
– Venue:
HKTDC SME Centre
G/F, HKCEC
1 Expo Drive, Wan Chai

Due to limited space, a livestream session will be arranged at the Media Centre. Media representatives are welcome to interview the winning start-ups at the SME Centre after the event has concluded.

– Judging panel
Raymond Yung, Vice Chairman, AMTD Group
Jason Chiu, Chairman, Hong Kong Start-up Council
Andrew Young, Associate Director (Innovation), Sino Group
Ben Cheng, Managing Partner, C Ventures
Arshad Chowdhury, Managing Partner, Betatron Venture Group
– Shortlisted start-ups: Click here ( https://tinyurl.com/Start-up-Express ) to view the profiles of the shortlisted start-ups.
– Start-up Express website: https://portal.hktdc.com/startupexpress/

Media registration
To join the online livestreaming of the contest, media representatives are asked to complete the registration form below and email it to clayton.y.lauw@hktdc.org. https://mediaroom.hktdc.com/en/pressrelease/detail/20354/

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

Media enquiries
Please contact the HKTDC’s Communications & Public Affairs Department:
Clayton Lauw, Tel: +852 2584 4472, Email: clayton.y.lauw@hktdc.org

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

Director-General of Investment Promotion visits Middle East and Europe to promote Hong Kong’s long-term business opportunities

The Director-General of Investment Promotion, Mr Stephen Phillips, today (May 29) started his duty visit to Doha, Abu Dhabi, Dubai and Kuwait in the Middle East, and Amsterdam, Lisbon and Madrid in Europe as part of the latest efforts of Invest Hong Kong (InvestHK) to promote Hong Kong’s business attractions.

Mr Stephen Phillips

During the visit, Mr Phillips will meet with business leaders from various sectors including innovation and technology, financial services and family offices, fintech, business and professional services, tourism and hospitality, and transport, infrastructure and advanced manufacturing. He will also speak at three events in Abu Dhabi, Lisbon and Madrid, giving updates on Hong Kong’s latest business environment and opportunities, highlighting the city’s strategic role in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).

Mr Phillips said, “Hong Kong is an ideal location for overseas and Mainland companies, as well as entrepreneurs from around the world, as a base to set up or expand their business in Hong Kong, the GBA, China, and Asia more widely. The facts speak for themselves: in two surveys conducted last year, we saw a record number of businesses from overseas and the Mainland come to Hong Kong, as well as the largest number of start-ups in Hong Kong.”

He added, “Hong Kong offers to companies a wide range of routes to growth opportunities. I look forward to sharing with representatives of companies and entrepreneurs the up-to-date and real situation in Hong Kong, and particularly how they can use Hong Kong to seize opportunities, including those arising from the GBA.”

About InvestHK
InvestHK is the department of the Hong Kong Special Administrative Region Government responsible for attracting foreign direct investment and supporting overseas and Mainland businesses to set up or expand in Hong Kong. It provides free advice and customised services for overseas and Mainland companies. For more information, please visit www.investhk.gov.hk.

Hong Kong Investment Promotion Chief visits Middle East and Europe to promote Hong Kong’s long-term business opportunities

The Director-General of Investment Promotion of the Hong Kong Special Administrative Region, Mr Stephen Phillips, today (May 29) started his duty visit to Doha, Abu Dhabi, Dubai and Kuwait in the Middle East, and Amsterdam, Lisbon and Madrid in Europe as part of the latest efforts of Invest Hong Kong (InvestHK) to promote Hong Kong’s business attractions.

Mr Stephen Phillips

During the visit, Mr Phillips will meet with business leaders from various sectors including innovation and technology, financial services and family offices, fintech, business and professional services, tourism and hospitality, and transport, infrastructure and advanced manufacturing. He will also speak at three events in Abu Dhabi, Lisbon and Madrid, giving updates on Hong Kong’s latest business environment and opportunities, highlighting the city’s strategic role in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA).

Mr Phillips said, “Hong Kong is an ideal location for overseas and Mainland companies, as well as entrepreneurs from around the world, as a base to set up or expand their business in Hong Kong, the GBA, China, and Asia more widely. The facts speak for themselves: in two surveys conducted last year, we saw a record number of businesses from overseas and the Mainland come to Hong Kong, as well as the largest number of start-ups in Hong Kong.”

He added, “Hong Kong offers to companies a wide range of routes to growth opportunities. I look forward to sharing with representatives of companies and entrepreneurs the up-to-date and real situation in Hong Kong, and particularly how they can use Hong Kong to seize opportunities, including those arising from the GBA.”

About InvestHK

InvestHK is the department of the Hong Kong Special Administrative Region Government responsible for attracting foreign direct investment and supporting overseas and Mainland businesses to set up or expand in Hong Kong. It provides free advice and customised services for overseas and Mainland companies. For more information, please visit www.investhk.gov.hk.

Media contact:

Mr Antoine So
Head of Public Relations
T: +852 3107 1035
E: ASo@investhk.gov.hk

Ms Eva Chan
Senior Manager, Public Relations
T: +852 3107 1071
E: EChan@investhk.gov.hk

Hong Kong ‘ideal listing destination’ for ASEAN companies

  • City serves as platform for satisfying two-way funding needs

Hong Kong has been named as an ideal overseas listing destination for Association of Southeast Asian Nations (ASEAN) companies in a research report^ prepared by the Hong Kong Trade Development Council (HKTDC) in collaboration with CCB International (CCBI).

Hong Kong is an ideal overseas listing destination for companies in the ASEAN region, according to a research report prepared by the Hong Kong Trade Development Council (HKTDC) in collaboration with CCB International (CCBI).

HKTDC Director of Research Irina Fan said: “With the Regional Comprehensive Economic Partnership (RCEP) free trade agreement coming into effect on 1 January 2022, closer regional economic integration will foster funding needs for projects across Asia, particularly with regard to ASEAN companies’ projects in Mainland China and vice versa. Hong Kong is ideally positioned to serve as a platform to satisfy two-way funding needs.”

Simon Lee, Head of Corporate Finance & Capital Market Services of CCB International, said: “This is a highly informative and well-researched paper for any executive of an ASEAN company seriously considering fundraising via an overseas listing, and in which the insights of many stakeholders in the region are shared. Hong Kong stands out as the top choice for the listing of ASEAN companies seeking overseas funding.”

Most popular overseas listing destination for ASEAN companies
There are already more than 80 ASEAN-headquartered companies listed on the Hong Kong Stock Exchange – the highest tally for a non-ASEAN stock market. These listed ASEAN companies represent a variety of sectors covering consumer discretionary, property and construction, information technology and industrial businesses with a total market capitalisation at US$15.3 billion. This indicates that Hong Kong is the most popular overseas listing destination for ASEAN companies, representing a wide variety of enterprises in terms of sector and size.

The research report highlights that Hong Kong’s attractiveness to ASEAN companies is due to a range of factors including good market breadth and depth, efficiency and flexibility in funding overseas investment, access to more diversified financial and strategic investor pools, its position as a doorstep to expansion in the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) and Mainland China, strong governance, and the convenience provided by it being in a similar time zone to ASEAN countries.

Strengthening promotion in ASEAN countries
To facilitate ASEAN companies’ needs and enhance Hong Kong’s position as an overseas listing hub for these enterprises, Ms Fan highlighted some of the key recommendations proposed by survey interviewees. “Hong Kong should step up its promotion in ASEAN countries to raise companies’ awareness. Indeed, it is clear that some ASEAN companies need to be more informed about the latest developments relating to Hong Kong’s listing regime and policies,” she said.

HK well positioned for ASEAN companies in prevailing and emerging sectors
Survey interviewees highlighted that in addition to prevailing sectors in ASEAN such as consumer goods and services, mining and commodities and real estate investment trusts (REITs), fast-growing sectors including biotech, high-tech enterprises and fintech are showing good potential, while environmental, social and governance (ESG) is becoming an increasingly important factor across Southeast Asia. Interviewees suggested that Hong Kong can further reinforce its position as a listing destination for both prevailing and emerging sectors in ASEAN by streamlining its processes for overseas listing and the new special-purpose acquisition company (SPAC) regime, in addition to providing listing incentives for REITs. Hong Kong is also in a strong position to respond to the growing need for ESG funding in the ASEAN bloc.

Closer collaboration with ASEAN exchanges to promote dual primary/secondary listing
Hong Kong can also enhance collaboration with ASEAN exchanges to promote dual primary/secondary listing in Hong Kong. “Hong Kong is the gateway between ASEAN countries and Mainland China. By working with ASEAN stock exchanges to facilitate the dual or secondary listing of ASEAN companies in Hong Kong, all parties would be better positioned to capture the growing opportunities,” Ms Fan added.

Hong Kong as preferred listing destination for Malaysian companies
The report also gave insights into overseas listings by Malaysian enterprises. The Hong Kong Stock Exchange has the largest number of listed Malaysian companies among key stock exchanges outside ASEAN, and Hong Kong is well perceived by Malaysian companies as an important gateway for expanding into Mainland China. Leveraging Malaysia’s economic growth and further economic integration in the region, Malaysia’s fast-growing IT sector and growth companies could be potential candidates for listing on the Hong Kong Stock Exchange through the new SPAC route.

^ The report is based on desktop research and interviews conducted by the HKTDC from September 2021 to January 2022. Interviewees included senior executives/members of listed companies, chambers of commerce, professional organisations, legal practitioners, accountants and investment bankers. Interviewees were asked to share their insights on Hong Kong’s strengths as a listing destination for ASEAN companies, some of the hurdles ASEAN companies are facing, as well as recommendations to strengthen Hong Kong’s position as a listing hub. The first research report in this series focuses on the overall overseas listing regime of Hong Kong as well as Hong Kong as a listing destination for Malaysian companies, while two subsequent reports on Thai and Indonesian companies listing in Hong Kong will be released later this year. Disclaimer https://tinyurl.com/HKTDC-Disclaimer

References
– HKTDC Research Portal: https://research.hktdc.com/en
– “Hong Kong as a Listing Destination for ASEAN Companies”: https://bit.ly/3ajmAkV
– Photo download: https://bit.ly/3MsV1UI

Media enquiries
Please contact the HKTDC’s Communication and Public Affairs Department:
Snowy Chan, Tel: +852 2584 4525, Email: snowy.sn.chan@hktdc.org

Please contact CCBI’s Corporate Finance & Capital Market Services:
Sam Siu, Tel: +852 3911 8926, Email: samsiu@ccbintl.com

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

About CCBI
CCB International (Holdings) Limited and its subsidiaries (collectively “CCB International”) is a financial and investment services company owned by China Construction Bank Corporation (“CCB”). CCB International is committed to expanding its international platform. Backed by the CCB global network, its business covers key financial centres worldwide including Mainland China, Hong Kong, Singapore and London. CCB International offers a full range of products and services including sponsoring and underwriting, financial advisory, corporate mergers and acquisitions, restructuring, additional issuance and placement of shares, refinancing for listed companies, direct investment, asset management, securities brokerage, market research, investment consultancy, futures and commodities business. The corporate finance and capital market services of CCB International have raised almost HKD5 trillion from the global equity market for hundreds of companies. For more information, please visit: http://www.ccbintl.com/English.html.

Soluna Raises $35M from Spring Lane Capital to Build Green Data Centers for Crypto, Machine Learning

Soluna Holdings, Inc. (“SHI” or the “Company”), (NASDAQ: SLNH), the parent company of Soluna Computing, Inc. (“SCI”), secured $35 million in project financing to develop green data centers co-located with renewable energy assets. Spring Lane Capital, a private equity firm, invested private funds in Soluna as a part of their strategy focused on hybrid project capital for sustainability solutions in the energy, food, water, waste and transportation industries. The capital will help develop three behind-the-meter (BTM) projects designed to convert wasted renewable energy into clean computing services such as bitcoin mining and artificial intelligence.

“Soluna is the only true green bitcoin company we’ve yet seen,” said Rob Day, Spring Lane Capital Partner and Co-Founder. “Going after wasted renewable energy ‘spilled power’ is a compelling solution and fixes both bitcoin’s climate problem and wind power’s grid problem.”

Michael Toporek, CEO of Soluna Holdings, Inc. said, “Consistent with our previously articulated strategy, we continue to pursue opportunities that we believe enable us to optimize our cost of capital. The Spring Lane Capital approach helps us develop a mature repeatable model that can be scaled.”

The first of the three projects, Dorothy, named in honor of African American mathematician and human computer Dorothy Vaughan, is expected to be energized later this summer and coincide with the launch of a local STEM program. The Dorothy project is a 100 MW data center with a 50 MW initial phase, connected to a Texas wind farm that produces more electricity than the grid can consume. Soluna’s data center is currently estimated to create between 25 to 50 highly skilled jobs for technicians, security and electrical staff.

The other two projects funded by the new capital will come from Soluna’s robust pipeline.

John Belizaire, CEO of Soluna Computing, Inc., said, “We are honored to have a pioneering sustainability project finance firm like Spring Lane Capital back our vision. Our model of leveraging excess clean energy to generate low-cost computing is the future of green bitcoin mining and green data centers.”

Spring Lane Capital has a successful track record helping sustainable technology companies raise capital to build flagship projects. Their ‘hybrid project capital’ approach provides project equity along with additional growth capital.

Added Day: “Soluna is driving demand for clean power by giving a floor price and improving the bottom line of the renewable power partners they work with. The ultimate result is more wind farms and solar farms that would not otherwise be built.”

At power plants like the wind farm where the Dorothy project is under construction, excess energy is wasted when the grid becomes overloaded or demand is too low. Soluna’s scalable solution allows every excess megawatt to be used for batch-oriented, computing-intensive processes, such as cryptocurrency mining and machine learning. Additionally, flexible demand consumers help stabilize the grid by preventing power overload, which can otherwise lead to blackouts and grid malfunction.

Last month, Soluna Holdings (SCI’s Computing’s parent company), sold its Albany-based MTI Instruments subsidiary for $10.75 million, expanding its focus on helping the modern grid absorb more renewable energy through flexible green data centers.

About Soluna Holdings, Inc.

Soluna Holdings, Inc. (Nasdaq: SLNH), which operates through its subsidiary, Soluna Computing, Inc. is the leading developer of green data centers that convert excess renewable energy into global computing resources. Soluna builds modular, scalable data centers for computing-intensive, batchable applications such as cryptocurrency mining, AI and machine learning. Soluna provides a cost-effective alternative to battery storage or transmission lines. Up to 30% of the power of renewable energy projects can go to waste. Soluna’s data centers enable clean electricity asset owners to ‘Sell. Every. Megawatt.’ For more information about Soluna, please visit solunacomputing.com or follow us on LinkedIn and Twitter.

Investor Relations:
Kirin Smith, President
PCG Advisory, Inc.
646.823.8656
Ksmith@pcgadvisory.com

Media contact:
Bridgette Borst Ombres, Tigercomm
(304) 546-3788
bombres@tigercomm.us

Venturi Partners Hits Final Close of USD 175M in Maiden Fund

Venturi Partners, a Singapore-based investment platform that empowers audacious brands in India and Southeast Asia, announced today that its maiden fund has hit its final close of USD 175 million. The firm may, however, increase the quantum of the fund with demand for investments going up.

(L-R) – Rishika Chandan, Managing Director; Nicholas Cator, Founder and Managing Partner; Lauren Burns, Chief Operating Officer and Sarvesh Nevatia, Executive Director of Venturi Partners

Founded by veteran consumer investor Nicholas Cator, the investment platform’s expertise lies in identifying and supporting Asian high-growth consumer companies with an online or offline presence in sectors ranging from FMCG to education and healthcare services. The Venturi team has, in their previous roles, invested and supported a variety of consumer brands such as Byju’s, Lazada, Pristyn Care, Cure.fit, Chewy, Oatly, Global Fashion Group, Burger King, Sula Vineyards, Domino’s & Future Consumer.

Venturi has already deployed 30% percent of the fund across three investments in India and South- East Asia, and aims to deploy the rest over the next 24 months. The platform typically invests $10 million to $40 million in series B to series D rounds. The team has strong prior entrepreneurial and operating backgrounds and will leverage this experience to be a value-added partner to its companies.

“The Venturi team has a unique expertise, network and track record in the Consumer space in the region. Founders today are looking for more than just investors – they want long term partners that understand consumer trends and brands and have a long-term mindset. Adding value to portfolio companies by being sector focused, operationally minded and supporting management teams on specific projects is more relevant now than ever. We will only make 8 investments from Fund – 1 and work closely with our founders,” said Nicholas Cator, Managing Partner at Venturi Partners.

The platform has raised commitments from large EU and Asian family offices, such as Peugeot Invest, Ackermans & Van Haaren and Frederic De Mevius, Founder of Verlinvest and a member of the family ownership of ABI.

“Our aim is to build a long-term, partnership-based investment platform with a small number of Families with similar values that want to participate in the Asian consumer growth story. We offer our Families more transparency on our portfolio than a traditional fund and will offer up to 100% of their commitment in co-investment opportunities. This enables us to deploy larger amounts into our portfolio companies and to support them over multiple rounds,” said Nicholas Cator, Managing Partner at Venturi Partners

About Venturi Partners

Founded in 2019 by veteran consumer investor Nicholas Cator, Venturi Partners is an Asia-focused investment platform that enables consumer-facing business startups to build disruptive brands in India and Southeast Asia. The firm provides growth funding to customer-centric, purpose-driven brands in India and Southeast Asia, with a focus on education, healthcare and fast-moving consumer goods, that have a shared desire to create a positive impact on the world. Venturi has built a unique investment platform for families wanting to participate in the long-term consumer growth trends in Asia. The platform is built around shared values and long-term partnerships, and aims to bring operational value-add to entrepreneurs building tomorrow’s leading brands in Asia.

For more information, please visit www.venturi.partners.

Media contacts:
Adfactors PR:
Snigdha Nair, India: Snigdha.nair@adfactorspr.com
Namrata Sharma, Singapore: Namrata.sharma@adfactorspr.com

Believe Pte raises $55M in Series C funding to continue its global mission of delivering breakthrough personal care and beauty products

Singapore-headquartered Believe Pte Ltd, a fast-growing consumer products company serving the global Muslim audience with brands spanning skincare, fragrances, make-up and hair care has raised Series C funding of US $55M from incoming investors Venturi Partners and IIFL AMC alongside continued participation from Jungle Ventures, Accel, Alteria Capital and Genesis Alternative Ventures. Investment from IIFL AMC is subject to approval from the Securities and Exchange Board of India (SEBI).

The Company (started in mid-2019) has delivered rapid growth in its relatively short history, thereby inspiring investor interest and has cumulatively raised over US$ 80M over the last two years.

The Series A and Series B fund raises were led by Accel and Jungle Ventures with participation from Wamda Capital, a Middle East based fund. The current Series C raise in Believe’s third year of operation is led by Venturi Partners, a Singapore-based investment platform founded by veteran consumer investor Nicholas Cator. Venturi Partners enables consumer-facing business startups to build disruptive brands in sectors such as FMCG, education, health-tech, home improvement, etc. in India and Southeast Asia. IIFL AMC’s private equity fund that has backed several leading consumer brands will also co-lead this round, subject to approval from SEBI.

This is Venturi’s second investment and is a testament to the investment platform’s expertise in identifying and supporting multi-geography, high-growth consumer brands with an online and offline presence. Nicholas Cator, Founder & Managing Partner at Venturi said, “We are excited to be backing the most experienced BPC founders in the region and have been extremely impressed by their ability to build a diversified portfolio of products and a unique distribution network during a pandemic. We are convinced that with its strong team and group of investors, Believe will become the leading global halal and clean BPC house of brands.”

With the likes of Swiggy, Licious, Dailyhunt, and Country Delight in its portfolio, IIFL AMC looks to back market leaders and disruptors across businesses, while keeping sight of profitability at steady state. Chetan Naik, Fund Manager at IIFL AMC, said, “Believe has demonstrated unprecedented traction and growth in a very short period via its brands focused on the global markets in the BPC segment. With its unique positioning of halal based clean products (devoid of alcohol and animal ingredients), it has addressed the latent need of a large target market in a highly focused manner. Its growth is a testament to how a relevantly positioned brand with strong product efficacy creates resonance with its consumer and creates value for all. We are delighted to partner with the exceptional team at Believe for the company’s next phase of growth.”

Believe is a house of brands that includes Lafz, ZM and Dr.Rhazes. The brands have received incredible customer love in Bangladesh and India with a growing base in GCC countries. They are sold in over 8 countries and are manufactured across the globe including countries like South Korea, Italy, Spain, France, Germany and UAE.

While Lafz is the flagship premium brand crafted with traditional ingredients; ZM’s vegan, cruelty free, single ingredient positioning finds popularity among the youthful and aspirational.

Believe’s vision to create enduring brands consistent with consumers’ belief systems while ensuring highest efficacy, quality and uniqueness drives its success across distribution formats in the Middle East and Asia. This fundraise will catalyze consolidating market share in Bangladesh and India (via strategic acquisitions) while deepening reach in GCC and South East Asia (through both organic and inorganic growth) paving the path to becoming a large global CPG conglomerate.

Ankit Mahajan, CEO of Believe PTE Ltd said, “We have received tremendous consumer love all the way from launching our first product in 2019 to witnessing 2.5x growth in last 1 year. Our 2000+ family of happy Believers is our eyes and ears to the ground that help us be nimble and responsive to consumer needs. We have created a relentless marketing organization that has the ability to identify consumer needs, use of 12-member strong R&D expertise to make fantastic products and then put our international supply chain to deliver global standard products to countries across the world.”

IndigoEdge, Bangalore (India) headquartered investment bank focused on new age consumer brands was the sole advisor for this transaction.

Media contacts:
Adfactors PR:
Snigdha Nair, India: Snigdha.nair@adfactorspr.com
Namrata Sharma, Singapore: Namrata.sharma@adfactorspr.com

TheCapitalNet TV intros Into The Private Markets With Cyril Demaria

  • A series focusing on understanding the nuances of the private markets ecosystem

TheCapitalNet TV launches Into The Private Markets with renowned industry expert Cyril Demaria, focusing on understanding the nuances of the private markets ecosystem.

Episode 1 | Into the Private Markets with Cyril Demaria : Asset Classes
Link : http://tcn.one/pvtmarketsep1

With over 20 years of work experience in the private markets, having authored multiple books and research papers, along with being part of multiple funds, consultant to pension funds, family offices, and a PhD from University St. Gallen in addition to being an Affiliate Professor at EDHEC Business School, Cyril Demaria, with his bounty of knowledge about the private market value chain, sits down with TheCapitalNet Team to break down basics of the private markets, starting with the asset classes prevalent in the same.

Cyril Demaria : Author, Academician and Investor
Apoorva : Editor, TheCapitalNet TV
Watch : https://www.thecapitalnet.tv

Stay tuned for Episode 2 focused on key industry players prevalent within these assets classes – exclusively on TheCapitalNet TV.

TheCapitalNet TV (www.thecapitalnet.tv) is a pioneer in producing and publishing original Audio-Visual content with deep insights, knowledge, and resources on Private Markets, Private/Alternative Investments, Venture Capital, Private Equity, Innovation, and startups ecosystem globally. For content suggestions, sponsorships, advertising, or partnerships, please reach out: contact@thecapitalnet.tv, and visit TheCapitalNet TV at https://www.thecapitalnet.tv.

TheCapitalNet TV is the knowledge media arm of TheCapitalNet, Inc.

TheCapitalNet, Inc (www.thecapitalnet.com) is a SaaS company that operates at the intersection of process, intelligence and transactions related to the private markets, including investments (PE, VC, CVCs, Angel Networks, and M&A), innovation (Accelerators and Incubators), and startups. We put the best technologies to work while collaborating with our stakeholders to enable what they do best : value nurturing and wealth creation.

Brawijaya Student Start-up makes Forbes 30 Under 30 List

  • Chickin Indonesia agricultural start-up by students from Brawijaya University

An agricultural start-up initiated by three students from Malang’s Brawijaya University whose app, Chickin, has been downloaded by a thousand farmers across Indonesia, has made the Forbes 30 Under 30 list. According to the founders, the application uses Internet of Things (IoT) and artificial intelligence (AI) to enhance the productivity of farmers by up to 25 percent.

Universitas Brawijaya (UB) in Malang, East Java, Indonesia (ANTARA/ HO/ Universitas Brawijaya)
Chickin, hatched at UB/U.Brawijaya by founders Ashab, Tubagus and Ahmad (Chicken.ID Website / Malang, Indonesia)

The app was developed by agrotechnology student Ashab Alkahfi, who is serving as the President of Chickin, Tubagus Syailendra from international relations, who is serving as CEO/Chief Executive Officer, and Ahmad Syaifullah from information systems, serving as the CTO/Chief Technology Officer.

“Based on initial research, we developed the app in Klaten, Central Java. We built poultry coops as farmers and began our poultry business where we found a number of challenges faced by local farmers. From there, we tried to solve these challenges by means of technology,” Alkahfi explained.

The application allows farmers to control the micro-climate inside chicken coops from a distance. Through the technology, farmers can input data, including daily, sales, and production data, to enhance performance and make it more measurable and at the same time, minimize risks through preventive measures.

The app also offers a number of features for management of the poultry farm, including data and IoT configuration adaptable to climate, temperature and humidity, as well as recording the age of each poultry. Aside from partnering with 14 poultry farms, Chickin has established cooperation with 100 poultry suppliers in the food industry.

Alkahfi said he hopes the app will bring ease to farmers and have a positive impact on them, adding that the farming modernization technology was developed free of charge under Brawijaya University’s Entrepreneur Incubator.

Chickin has seen 22-fold growth in the last 10 months and closed a funding round of Rp35 billion with three global investors. The company is targeting to increase revenue to Rp500 billion by the end of 2022.

So far, Chickin Indonesia is not only assiting one thousand farmers across the nation, but the company is committed to developing the technology to minimize the use of antibiotics for organic chicken through coop micro-climate control and providing training to poultry farmers free of charge to modernize Indonesian poultry farms.

For more information, Chickin Indonesia is online at https://chickin.id/.
Written by: Aria Cindyara, Editor: Rahmad Nasution (c) ANTARA 2022

Singapore-Headquartered Cake DeFi Launches US$100 Million Venture Capital Arm

Looks to Invest in Global Web3, Gaming and Fintech Startups

  • Cake DeFi has launched Cake DeFi Ventures, its US$100 million venture arm committed to accelerating growth of tech firms, with a focus on investing in Web3, gaming and fintech startups.
  • Cake DeFi Ventures has earmarked US$100 million for investments over the next two years.
  • Deploys first investment in US-based media startup, The Edge Of Company, Inc.

Cake DeFi, a Singapore-based fintech platform that makes DeFi (decentralised finance) services and applications accessible for everyone, has launched Cake DeFi Ventures (CDV), its venture capital arm with US$100 million in earmarked capital.

Cake DeFi Ventures (CDV) is looking to invest in technology startups in Web3, gaming and fintech – especially those in the metaverse, NFT, blockchain and esports industries – that will bring synergistic value to Cake DeFi’s core business. Based in Singapore, CDV will look for global investment opportunities in startups around the world.

CDV is led by Cake DeFi’s Co-founders Dr Julian Hosp (Chief Executive Officer) and U-Zyn Chua (Chief Technology Officer) along with newly appointed Investment Partner Nicholas Khoo:

  • Dr Julian Hosp is a seasoned blockchain entrepreneur, widely regarded as a leading influencer in the crypto and blockchain space. His vision is to bring blockchain awareness and understanding to a billion people by 2025.
  • U-Zyn Chua, a blockchain engineer, enthusiast and investor for over a decade, was a Smart Nation Fellow on blockchain for the Singapore government. He was also the Lead Architect for the world’s first Central Bank Digital Currency (CDBC) – the Sand Dollar in the Bahamas.
  • Nicholas Khoo brings over 20 years in the tech sector with diversified experience in startups and multinationals such as Visa. For more than ten years, Nicholas has invested in a number of successful and fast-growing tech startups and has also served on the investment committees of investors such as the Global Fund.

    Portfolio companies of CDV will receive strong support from Cake DeFi’s global and experienced leadership team, and the opportunity to access Cake DeFi’s connections, resources and expertise within the global blockchain industry.

“By launching Cake DeFi Ventures, we want to bring cryptocurrency and blockchain capabilities to the world. Cake DeFi is one of Southeast Asia’s fastest-growing fintech platforms. The projects that we invest in can expect to receive strong support scaling globally,” said Dr. Julian Hosp, Co-founder and CEO of Cake DeFi.

Deploys First Strategic Investment into US-Based ‘The Edge Of Company, Inc.’

At the time of CDV’s launch, the firm was in early to late-stage discussions with a number of global startups, including those in Southeast Asia, the U.S. and Europe. For its first strategic investment, Cake DeFi has selected tech, media and events startup, The Edge Of Company, which has been building the community and ecosystem for the NFT and Web3 space.

“The entire team at The Edge Of Company is honored to have Cake DeFi Ventures as part of the Edge family. Their know-how, relationships, and strategic insights will help propel this Web3 rocketship to new heights across our platform of tech, media, and events,” said Jeff Kelley, Co-Founder, The Edge Of Company, Inc.

“As an extension of our multiple blockchains support and having built up an R&D arm with cryptography deep tech capability, investing in companies that bring synergies to Cake DeFi’s core business will allow us to enhance and broaden our Web3 offerings,” said U-Zyn Chua, Co-founder and CTO of Cake DeFi.

To apply for funding from CDV, please email contact@cakedefi.vc with the project details. CDV will be in touch with shortlisted projects. Venture capital firms or investment funds interested in co-investment opportunities or strategic partnerships may also reach out for further discussion.

ABOUT CAKE DEFI
Cake DeFi is a fully transparent, highly innovative and regulated fintech platform dedicated to providing access to decentralised financial services and applications by enabling users to generate returns from their crypto and digital assets. It is operated and registered in Singapore and is fully compliant with all regulatory requirements of the Monetary Authority of Singapore (MAS).

By enabling and empowering its users to harness the potential of decentralised finance (DeFi), Cake DeFi aims to educate and inform people around the world on crypto and DeFi in a simple, easy to understand and hassle-free manner.

In 2021, Cake DeFi saw a tenfold growth in its registered customer base, with over US$1bn customer assets. In the same year, Cake DeFi’s customers received over US$230 million in rewards.

ABOUT THE EDGE OF COMPANY, INC.
A media, events, and tech venture, The Edge of Company launched in 2021 with the Edge of NFT Podcast and has since created the NFT LA conference. NFT LA hosted March 28-31, 2022 will be the largest NFT & Web3 gathering in Southern California, and at over 100 episodes the podcast continues to feature “the top 1% in NFTs today and what will stand the test of time.” Believers in economic structures that value the attention of every participant, the company leverages its three founders’ experiences in various domains including blockchain, fashion, real estate, music, neuroscience, foodtech and high-growth startups to catalyze co-creation in the Web3 and NFT space.

For Media Enquiries, Please Contact:
cakedefi@preciouscomms.com