Asia Digest: SG’s Credify raises seed funding; Chinaccelerator’s 18th cohort

Photo by Micheile Henderson on Unsplash

By Quynh Nguyen

December 1, 2020

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.

Existing investors including BEENEXT and Deepcore also participated in the round.

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-demand marketplace), MikeLegal (AI legaltech).

“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.

Related Stories

Venture Capital

Singapore’s Credify bags $1m from Beenext, SoftBank’s Deepcore

The company will use the funds to enhance its product suite and localise its development ops in SE Asia.

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Decacorn Capital to raise $50m fund, ties up with Chinaccelerator

In two years, Decacorn has made 18 investments - nine in the US, six in Israel and the rest across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.
APPLY NOW

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.
APPLY NOW