Startup Digest: RunningMan raises $40k; IIPL-Alibaba pact; Fynd secures $385k

RunningMan has raised $40,000 on Malaysian crowd-finance platform PitchIn Equity while IIPL and Alibaba Cloud have entered into a partnership and Fynd has closed a $385,000 from Far East Ventures.

RunningMan raises $40k through equity crowdfunding

Malaysian last-mile logistics startup RunningMan has raised their target of RM175,000 ($43,538) on PitchIN Equity, The startup offers a platform that offers delivery within the hour from restaurants in the vicinity.

With a target of RM175,000 ($43,538), it raised the funds moments after it went live on August 22, 2015. It was selected as the best startup at the ASEAN Startup Campus Accelerator bootcamp. They also became the first Angel Tax Incentive (ATI) accredited company to raise funds through equity crowdfunding, making history.

Andrew Chee, CEO of RunningMan thanked Nexea Angels, BizAngel Network and WTF Accelerator for leading the fundraising process, and enabling them to become players in an on demand economy. Funds raised will be used to develop better mobile interface as well as to expand their geographical reach to cover the entire KLang Valley.

IIPL and Alibaba Cloud form partnership

Alibaba’s cloud computing arm Alibaba Cloud has signed a Memorandum of Intent (MOI) with government-backed VC Infocomm Investments Pte Ltd (IIPL).

Aimed at growing the infrastructure for startup ventures in the city-states, this partnership will see Asia-based startups able to leverage on Alibaba Cloud’s suite of cloud infrastructure services and support network to develop networking and big data intelligence solutions.

Speaking on the partnership, Dr Alex Lin, Head of IIPL, said, “This partnership seals the interconnectivity and open exchange benefits startups looking to the China market and Southeast Asia market through Singapore. It also augments our very vibrant ecosystem where startups can tap on Alibaba Cloud for tech support and explore other collaboration opportunities.”

The partnership announcement also saw Alibaba commence its first global startup competition Create@Alibaba Cloud Start-up Contest (CACSC).

Organised in partnership with IIPL, it is part of Alibaba Cloud’s global start-up program “Create@Alibaba Cloud”, launched in Singapore in April 2016. it saw 12 startups from regional countries (i.e. Singapore, Thailand, Malaysia and Indonesia) compete to win $216,000 in cloud resource credits and compete in the global final at the Alibaba Cloud Computing Conference in October 2016.

The two winning startups were home automation company igloo home and entertainment company Havson Group.

Fynd closes $385k funding from East Ventures

Singapore-based Fynd, an on-demand mobile device repair platform, has raised $385,000 in pre-Series A funding from Far East Ventures and angel investor Koh Boon Hwee.Far East Ventures is the venture capital arm of Far East Organisation, Singapore’s largest private property developer.

The investment will accelerate its scaling around Southeast Asia, with Fynd already commencing operations in Hong Kong. It aims to establish a presence in Jakarta by the end of 2016.

Speaking on the investment, Fynd founder and CEO Fynd founder and CEO Albert Tirtohadi said, “Fynd’s first phase was all about getting the value proposition and processes right for both customers and our iSpecialists, the experienced technicians who deliver our service on the front line. On an operational level, that is now working really well.” 

According to Tirtohadi, the largest challenge for their next phase is developing rapidly and ensuring the continued provision of robust customer service.

Also Read: 

Four firms to get on board Malaysia’s equity crowdfunding platform pitchIN to raise $1.73m

Three Malaysian startups secure funding from Digi Telecom’s first accelerator

Malaysia’s online baby boutique Applecrumby & Fish raises $300k from 500 Startups

IIPL head Alex Lin on how Singapore came to be a vibrant startup ecosystem

SG Dealbook: Singtel joints Alibaba cloud computing alliance; GIC seeks West Bengal opportunities

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.