Australia Digest: State awards $886k to Singapore’s IIX; Shebah raises $1m

The Australian Government’s Department of Foreign Affairs and Trade has awarded $886,000 to Singapore’s IIX while women-focused ride-sharing platform Shebah has raised $1 million.

Australia awards $886k to Singapore’s Impact Investment Exchange

Impact Investment Exchange (IIX), a Singapore-based impact enterprise, has raised S$1.2 million ($886,000) from the Australian Government’s Department of Foreign Affairs and Trade (DFAT), according to an announcement.

IIX empowers impact enterprises that produce innovative solutions to support women’s empowerment, climate action, and community resilience.

The proceeds of the funding will be used to support the growth of 500 impact enterprises across Asia.

“Through our partnership with DFAT, IIX is taking our work to the next level by enabling everyone to play a role in building inclusive markets,” said Durreen Shahnaz, CEO and founder, IIX.

DFAT has partnered with IIX in the past too, having funded its programme Equity@Scale, which focuses on addressing weakness in the entrepreneurial ecosystem and moving capital to impact enterprises.

IIX has also established IIX Growth Fund, an equity fund that invests in high impact enterprises across South and Southeast Asia.

Australia’s women-centered ride-sharing Shebah raises $1m

Shebah, a women-focused ride-sharing platform from Australia, has raised $1 million from an undisclosed investor. With this, the total capital raised by the startup through the crowdfunding source stands at $2.4 million.

The current deal enables Shebah to inch closer to its target of raising 3 million, which could become Australia’s largest equity crowdfunding amount till date.

Shebah has so far raised from a pool of 1,352 investors.

Jude Munro AO, former Brisbane City Council CEO and advocate for women in sport, Danielle Warby, are two public figures, who have recently bought shares in the company.

“There is a long list of plans, from technology advancements to improving the driver onboarding process and expanding internationally, so the focus is on implementing these and putting the right team structure in place to see them through,” said George McEncroe, founder and CEO of Shebah.

Shebah is now operational in cities such as Melbourne, Geelong, Bendigo and Ballarat. It will soon be operating in Darwin too.

The Australian rideshare industry is worth $290 million and the taxi industry is valued at $6 billion, with the market growing at 14 per cent year-on-year.

Well known brands like Uber, India’s Ola and China’s Didi are currently present in the cities of Australia. Other ride sharing brands in the country include GoGet, Car Next Door, Flexicar, GreenShareCar, Hertz 24/7 and Popcar.

Also Read:

Strides to exit Australia, announces acquisitions in North America

Ride-sharing giant Didi picks Australia for first Western-style market foray

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.

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.