APAC Digest: Coinsilium ups stake in SG’s Indorse; Korea’s Entcrowd raises $186k

Map of the Asia Pacific. Credit: Business & Human Rights Resource Centre

Coinsilium has increased its stake in Indorse while performance facilitation platform Entcrowd in South Korea has raised $186,000 in funding.

Coinsilium increases stake in Indorse

London-based Coinsilium has increased its share in Singapore-based blockchain-powered professional social network Indorse to 6.5 per cent, acquiring an additional 3.5 per cent stake for S$175,000 ($131,194) as per the terms of an option agreement.

This added to its existing equity stake of 3 per cent, with its option call extended to March 2018 that entitles Coinsilium to an additional 3.5 per cent of the firm.

“We are currently on the cusp of a data tipping point, with users becoming increasingly aware of the value their data holds, and in turn increasingly protective of that data. With Indorse, we are proud to present a platform that empowers users to control their own data and offers the opportunity to earn rewards. The increased investment by Coinsilium is a stamp of approval on our project and our notable progress to date,” said Gaurang Torvekar, co-founder of Indorse.

Indorse completed an ICO in September 2017 and raised proceeds reaching 27,422.98 ETH from over 1800 contributors. In November 2017, Indorse launched its MVP, allowing registered users to build professional profiles on the platform.

This latest transaction will see co-founder Torvekar move from the position of CTO to CEO, while co-founder David Moskowitz will assume a director’s position. Additionally, Coinsilium chairman Malcolm Palle will be appointed as a director of Indorse’s board.

“With in-depth industry experience, ambitious objectives, and strong technical expertise, Indorse reflects the Coinsilium vision of investing early in highly talented teams and inspiring projects. I look forward to joining the board and advising the team as Indorse welcomes future milestones and developments,” Palle said.

Korea’s Entcrowd raises $186k

Entcrowd, a service that notifies users of events and performances tailored to their individual preferences, has raised funding estimated at 200 million won ($186,000) from public institutions and investment companies such as the Seoul Business Agency and Bridge Alliance Partners.

Entcrowd uses data from its customers’ ticket purchase history and search history. Currently, its information base has data on more than 2000 artists and 200 venues for its 23,000 customers.

The latest investment will fund improvements to its web service, application development, and online and offline promotions. The company will be enhancing its web service through more personalised recommendation algorithms and performance data. It will also launch a hybrid application for both Android and iOS users.

JoonHwang Jung, CEO of Entcrowd, commented, “Prior to Entcrowd, fans had to constantly check online for nearby performances of their favorite artists. Entcrowd has contributed to the revitalization of the performance culture by improving the ticketing experience.”

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