HK mobile games platform ALAX raises $3.8m from its token-based fundraising

Hong Kong-based mobile games platform ALAX, founded by technology entrepreneur Kalvin Feng in the first quarter this year, has raised $3.8 million from its token-based fundraising.

In a statement, the three-month-old blockchain project for games and applications said the funding will help drive product development, international expansion and recruitment.

ALAX, a joint venture of blockchain technology business DECENT and game distribution platform Dragonfly, connects global game developers with mobile gamers worldwide.

Since its launch, it has signed partnerships with three leading smartphone manufacturers in Asia to deepen its consumer network.

In March, the mobile games platform announced its partnership with China- and India-based Gionee, among the world’s top smartphone manufacturers.

Following Gionee, ALAX also announced partnerships with Torque Mobile in the Philippines, and UTOO, which has over 106,000 stores across Malaysia and Indonesia.

Asia’s mobile gaming industry is set to grow significantly in the coming years. Malaysian gamers generated $589 million in revenue in 2017 while the number was $175 million in the Philippines, according to a report from market intelligence provider Newzoo.

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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.