SG startup Bambu bags $10m in Series B from US-based Franklin Templeton, PEAK6

US dollar notes. Photo: Hemant Mishra/Mint

Singapore-based digital wealth technology startup Bambu has raised $10 million in a Series B funding round from third-time investor Franklin Templeton and new backer Chicago-headquartered PEAK6 Strategic Capital LLC.

With the fresh funding, Bambu targets to look at new opportunities and reach a wider B2B audience through scalable software-as-a-service solutions, the startup announced on Wednesday.

The fresh funds, also the largest tranche raised ever by Bambu, will take its total external capital to $13.4 million, a Bambu executive told DealStreetAsia in an email.

Last year, it had raised $3 million from Franklin Templeton, Octave and fintech investor Mamoru Taniya in a Series A round. Earlier in 2017, it bagged $400,000 in a seed round from angel investor Tigerspike, the executive added.

In the past three years, the company has been a robo-advisor technology provider to more than 15 financial institutions globally.

The cloud-based platform is powered by its own proprietary algorithms and machine learning tools.

With the latest funding, the company plans to expand the product offering to target new segments within financial services, as well as build up delivery and support teams in key global markets, it said.

The team has grown over the last three years to 70 employees.

Founded in 2016 by Ned Phillips and Aki Ranin, the company has expanded to have offices in Singapore, London, Hong Kong and representatives in San Francisco, and Johannesburg, with clients in the USA, Europe, UAE and 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.

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.