Singapore SaaS platform Credify has raised seed funding from the unit of Japanese IT firm TIS Inc while Shanghai-based Chinaccelerator is set to graduate its Batch 18 on December 9th, 2020.
Credify raises seed funding
Singapore-based software development company Credify has closed a seed investment round from the corporate venture capital arm of Japanese listed IT firm TIS Inc, according to an announcement.
The proceeds from this investment, which is an important step in the development of a strategic partnership with TIS, will be used to support Credify’s technology expansion into the Japanese market and provide for further avenues of collaboration in South East Asia.
Founded in 2019, Credify’s product acts as a personal data bridge, connecting e-commerce marketplaces and lending platforms.
In February, Credify raised $1 million in a seed funding round from venture capital firm Beenext and Deepcore.
Chinaccelerator names 6 SaaS startups in 18th cohort
Shanghai-based accelerator Chinaccelerator is set to graduate its Batch 18 on December 9th, 2020 with six software-as-a-service (SaaS) startups from India, Hong Kong, Spain, and Singapore, according to a statement.
The six startups include Toch (machine vision, media), CodeJudge (developer recruitment), Ignatica (insurtech SaaS), BuildPan (app development), Klaud9 (photographer-on-
“This year was a tipping point for the Asian SaaS ecosystem. Covid-19 has pushed companies to digitise their operations, which has been key to accelerating the adoption of SaaS solutions regionally. Additionally, the fast pace of innovation in the region and lower cost are two important competitive advantages to build better products at a faster speed,” said Chinaccelerator’s Partner and Managing Director Oscar Ramos.
Chinaccelerator said that over the last decade, SaaS companies have grown in prominence. Before 2010, there was only one unicorn in the SaaS space in the US, which by 2020 has gone up to 86. And now the Age of SaaS has found its way to Asia.
In 2020, the Indian SaaS industry has grown 1.5 times faster than its global counterparts. Seven SaaS companies have gone public in China just this year with investors in Southeast Asia also beginning to pay closer attention to this emerging sector.