Ecosystem Roundup: Society Pass’s IPO could be in limbo, White Star Capital’s new US$360M global fund, Kumu raises US$73.6M

Society Pass CEO Dennis Nguyen

Founder’s past, lawsuit could cast a shadow on Society Pass’s planned US IPO
The firm was supposed to make its debut earlier this month, but the IPO is understood to be delayed; The firm and its founder Dennis Nguyen have been hit by lawuits, including cases filed by ex-employees, who are claiming compensation and bonuses totalling US$690K.

White Star Capital launches new US$360M global fund, to open office in Singapore
The VC has hired Cristina Ventura as a venture partner to expand its investment efforts in SEA; It will look for Series A/B opportunities in consumer, lifestyle, digital health, gaming and fintech sectors as a priority in SEA.

Loship in talks with Daiwa Securities to raise US$50M Series C
The deal is expected to be closed in 3-6 months; In August, DealStreetAsia reported that Loship had raised US$12M in pre-Series C col-led by BAce Capital; Loship is a one-hour-delivery startup.

Live-streaming app Kumu secures US$73.6M
Investors include General Atlantic, SIG, Openspace Ventures, and Kickstart Ventures; It is also raising debt funding from US-based Pollen VC; Kumu has grown its content creator base from 65 to 1,000 over the last year while its MAUs grew from 500K to 2M since its launch in Feb 2018.

Bug bounty platform for DeFi, Immunefi, raises SU$5.5M
Investors include Blueprint Forest, Electric Capital, Framework Ventures, Bitscale Capital, and P2P Capital; Immunefi enables security researchers to review code, disclose vulnerabilities, and get paid to do so and allows companies to secure their projects with top security talent.

Viki founders launch venture builder for startups in SEA
TheVentures Singapore is focused on early-stage, high growth tech businesses in SEA; It will seek opportunities in domains including e-commerce, community, fintech, online to offline, biotech, healthcare, foodtech and sustainability.

Drone startup Poladrone nets US$4.29M
Investors are Wavemaker Partners, Malaysian Technology Development Corporation, ZB Capital Limited and angels; Poladrone offers end-to-end drone solutions that use cost-effective autonomous drone technology to simplify and streamline operations workflow across various sectors.

Omnichannel solution for MSMEs majoo raises US$4M pre-Series A
Investors are AC Ventures, BRI Ventures and Xendit; Starting off as a PoS solution, majoo is expanding its offerings to be the end-to-end SaaS solution for MSMEs to sell through multiple offline and online channels with a single dashboard.

Temasek said to be creating new holding firm to house cluster of investment units
The exercise is similar to what Temasek undertook last year with the creation of Seviora Holdings; The new entity will house the fund-of-funds; Names like Helionica Capital and Tower Capital Asia are likely entities involved in the exercise.

QoreNext closes US$1.5M seed round from Wavemaker Partners
Its Qore platform changes the way foundational data is produced and consumed, while the virtual collaborative aspect brings the gig-economy model into the corporate data management world; It consists of a platform for enterprise data content, powered by machine learning and robotic process automation.

Waste Labs raises pre-seed money to digitise, plan, improve waste collection processes using AI
Investors are Entrepreneur First, Singapore VC Fund4SE, and strategic angels; Waste Labs has developed an AI platform to digitise, plan, and improve waste collection processes, and enable manufacturers to increase the supply of goods produced from recycled materials.

Vietnam’s stock trading app Anfin bags US$510K
Investors are Global Founders Capital, First Check Ventures, and R2 Venture Partners; Anfin aims to simplify the financial investment process through a user friendly, transparent, generating passive income for young Vietnamese; Users can buy and sell stocks with small capital starting at only US$2.

Farmacare raises seed funding to provide a pharmacy biz management solution in Indonesia
Investors are Beenext, Taurus Ventures, iSeed SEA, and Indonesia Women Empowerment Fund; Farmacare boasts of features such as sales record management, inventory tracking, CRM, and business performance monitoring.

Japan’s RareJob makes strategic investment in Vietnam’s edutech firm Dream Viet Education
Dream Viet provides online English tutoring platforms, including Kyna.vn and Kynaforkids; RareJob aims to utilise its network of approximately 6K available Filipino tutors on “RareJob Eikaiwa” to provide high-quality lessons to DVE’s students.

Fintech enablers are fuelling the growth of embedded finance
Fintech enablers develop and provide cutting-edge technologies to various clients, allowing them to offer their own fintech services; Such platforms and solutions can be core infrastructure, customer onboarding solutions, or payments systems.

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