Funding Roundup: Red Dot Payments secures strategic investment; Tueetor closes $1.48m investment

Red Dot Payment has closed investment in a round led by MDI Ventures, while iGroup has established a strategic partnership and invested in edtech startup venture Tueetor.

Red Dot Payment closes investment in round led by MDI Ventures

Singapre-based Red Dot Payment, which provides integrated online payment solutions has secured a strategic investment in a round led by MDI Ventures, the corporate venture arm of Indonesia’s largest telecoms firm.

Existing investors in the startup – GMO Venture Partners, Wavemaker Partners, and Skype co-founder Toivo Annus – also participated in this round. The company already maintains a presence in Thailand and Indonesia.

According to the company, this investment – stated to be “millions of US Dollars” – will fund the expansion of business operations across Southeast Asia.

A key differentiator of Red Dot Payment compared to providers like 2C2P from Singapore and Veritrans in Indonesia is its focus on solving specialised, industry-specific payments needs, with its payment tolls for hotels being an instance of this, as well as tool sets for insurance providers and charities.

Commenting on the investment, MDI Ventures CEO Nicko Widjaja said, “With an increasing adoption of ecommerce and online transactions in the region, different types of industries [will need a solution] more focused toward their specific needs. Red Dot Payment provides these advantages.”

iGroup leads $1.48m investment into edtech startup Tueetor

iGroup (Asia Pacific) Ltd, a provider of research information resources and library technologies, has invested into and formed a partnership with Singapore-based educational technology startup Tueetor. The investment sees Tueetor becoming an associated company of the firm.

In addition to the partnership launching a fully automated learner-trainer matching platform, it is accompanied by an investment of $1.48 million to drive expansion of the platform and see a mobile app launched within the next three months across both iOS and Android systems as well its progressive launch in the 16 countries iGroup operates.

The current focus of the venture is the private tuition market, which sees it addressing the issues of affordability and accessibility through a two-sided online marketplace automatically matching learners and trainers based on submitted criteria sets such as  subject, qualification, teaching experience, budget, preferred time and location and other attributes.

According to the company, over the next two years it will be expanding into other Asia Pacific markets such as Thailand, Malaysia, Hong Kong, Taiwan, Shanghai and other Chinese cities. Additionally, it plans to establish a market presence in Japan and South Korea, which represent the largest private education market by value worldwide.

“Unlike yesteryears, private tuition today is no longer considered a luxury. It is a supplement that helps students stay ‘in line’. This is especially so in our ultra-competitive Asian societies. And according to the figures by Forbes, North America and Europe are catching up too,” said Tan Han Sing, Tueetor’s Executive Director.

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