South Korean robo-advisor startup Fount has raised $33.4 million in a Series C funding round while Pakistani B2B agritech marketplace Tazah has closed its pre-seed round.
Korean startup Fount nets $33.4m in Series C
South Korean robo-advisor startup Fount announced raising $33.4 million in a Series C funding round co-anchored by Hana Financial Investment and Nice Investment.
Existing investors KT Investment, Smilegate Investment, Shinhan Capital, and Korea Development Bank also participated in the funding round. The company said it will use the fresh funding to boost its technology development and hire more people.
Founded in November 2015 by Youngbeen Kim, Fount provides robo-advisor service to B2B clients in South Korea. These include MetLife, Samsung Life Insurance, Hana Financial Investment, and Hyundai Motor Securities.
The startup said it has 260,000 registered users as of June 2021 while its assets under management reached $730 million as of March 2021. Most of its users are in the millennials age group.
The global robo-advisory industry is forecast to register a growth of 53.54% from 2020 to 2025, resulting in revenues of $94 billion, according to a report by the Oxford Business Group.
Pakistan’s Tazah raises $2m pre-seed round
Tazah Technologies, a B2B agriculture marketplace in Pakistan, has raised a $2 million pre-seed round led by Global Founders Capital and Zayn Capital, per a TechCrunch report.
Other participants included Ratio Ventures, Walled City Co, i2i Ventures, Suya Ventures, Globivest, Afropreneur Syndicate, +92 Ventures, Sunu Capital, Musha Investments and angel investors like senior executives from ride-hailing platforms Careem and Swvl.
Tazah connects farmers directly with retail fruit and vegetable sellers. It currently serves around 300 businesses and individual sellers of different sizes in Lahore.
Part of its new funding will be used to expand its fulfillment centre network in Lahore, the report added.