Asian tech news roundup – Nov 3

Photo credit: kasto / 123RF.

A lot of money flowed into “edtech” startups today, with India’s Meritnation and Vagupu securing close to US$7 million between them. Elsewhere, one of Thailand’s most recognized companies made its first startup investment – and there was news (or was it “fake news”?) that one of Singapore’s own big brands might be leaving the country.

Education

Meritnation gets US$5.8 million funding boost. (India). The investment came from existing backer Info Edge, which also holds stakes in job portal Naukri and real estate sites 99acres and Jeevansaathi. The elearning platform will use most of the money to pay off debts. (Inc42)

Vagupu gets US$1 million in seed capital. (India). The online tutoring platform, which offers both consumer and business-focused services and has offices in Bangalore and California, did not reveal the identity of its seed investors. It will use the money for marketing activities and to enhance its development team. (VCCircle)

Photo Credit: rawpixel / 123RF.

UpCode Academy raises US$300,000 seed funding from Tri5 Ventures (Singapore). The startup runs a range of computer science-oriented classes and workshops, and is also backed by 500 Startups’ Southeast Asia fund, 500 Durians. (UpCode Academy)

Fintech

AlgoMerchant launches after securing US$2 million-plus funding. (Singapore). Offering a range of “robo-traders” aimed at opening up automated investment strategies to retail investors, AlgoMerchant has so far received funding from East Ventures and a number of angels from the banking and securities trading sectors. (Tech in Asia)

Photo credit: oneinchpunch / 123RF.

Logistics

SCG unit makes debut venture investment in Giztix. (Thailand). The Thai conglomerate’s recently established venture arm AddVentures has made its first direct investment into a startup, leading automated logistics firm Giztix’s series A round. The startup has previously secured funding from 500 Startups and KK Fund. AddVentures is also a limited partner in funds operated by Singapore-based VCs Vertex Ventures and Wavemaker Partners. (Giztix)

Big tech

Trump says Broadcom to quit Singapore for US. (Singapore). The semiconductor giant – previously known as Avago until it completed its record US$37 billion acquisition of US competitor Broadcom in February last year – has its global headquarters in Singapore. But US President Trump suggested the company will be moving its nerve center across the Pacific after a meeting with its CEO Tan Hock. (The Straits Times)

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from Tech in Asia https://www.techinasia.com/apac-news-roundup-03-11-2017
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