Asia news roundup: Funding for Udaan, Capillary, and Everproof

Photo credit: MIKI Yoshihito / flickr

SoftBank is hoping it can secure more money from the Middle East to close its US$100 billion Vision Fund, while 500 Startups has partnered with a Chinese crypto-exchange to grow blockchain ventures.

Ecommerce

Udaan raises US$50 million to expand logistics network (India). The B2B marketplace will also use the fresh funding to hire more engineers and sales executives, as well as to introduce new services such as lending. Affiliates of Lightspeed Venture Partners and Russian billionaire Yuri Milner participated were among the investors to take part in the series B round. (Inc42)

Enterprise services

Capillary Technologies closes US$20 million round (India). The retail industry-focused customer relationship management platform raised the funding from existing backers including Sequoia Capital and Warburg Pincus. Capillary will use the capital to strengthen its product development capabilities, especially around artificial intelligence and machine learning, and to create new marketing analytics and ecommerce-related products. (Livemint)

Everproof nabs US$1.18 million seed funding (Australia). The startup, which provides a digital identity verification system for employers to check qualifications and accreditations of their staff members, will use the funds for international expansion, team hires, and product development. Sydney-based VC firm Reinventure led the round with participation from fellow Sydneysider fund Allectus Capital. (SmartCompany)

Agritech

Agricx Lab gets US$500,000 for crop imaging solution (India). The Maharashtra-based startup has developed tech that allows farmers to use their smartphone camera to assess the quality of agricultural produce. Mumbai’s Ankur Capital led the seed round, with the Indian Institute of Management Ahmedabad’s Centre for Innovation, Incubation and Entrepreneurship. (Inc42)

Delivery and logistics

A Warung Pintar outlet, supported by Waresix logistics services / Photo credit: East Ventures

Waresix hauls in seed funding (Indonesia).The on-demand warehousing portal secured an undisclosed amount from East Ventures to further develop its warehouse network, infrastructure, and cloud-based platform. Waresix is seeking to cash-in on the regional ecommerce boom by matching users with unused warehouse space. The startup provides logistics services to East Ventures’ Warung Pintar project, which aims to digitize street-side stalls in Indonesia. (DealStreetAsia)

Investors, incubators, and accelerators

SoftBank seeks more Middle Eastern money to close US$100 billion Vision Fund (Japan). Bahrain sovereign wealth fund Mumtalakat is in talks to join the Japanese tech giant’s mega-fund, which already counts Saudi Arabia’s Public Investment Fund and the UAE’s Mubadala among its biggest backers. (Reuters)

500 Startups partners with cryptocurrency exchange Huobi to grow blockchain ventures (China). Huobi Labs, the accelerator set up by crypto-trading platform Huobi, will work with 500 Startups to select startups for its Batch 23 program. The two will also cooperate to help participating startups with fundraising strategy, token sale whitepaper development, go-to-market strategy, community engagement, and marketing. (Technode)

See: Previous Asia news roundups

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from Tech in Asia https://www.techinasia.com/apac-news-21-02-2018
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