<article>OLS Enterprises acquires part of Advance Capital, Fundnel partners ThincLab and Everex has closed a $500,000 seed round.</article>

OLS Enterprises acquires part of Advance Capital, Fundnel partners ThincLab and Everex has closed a $500,000 seed round.
<h3>OLS Enterprise acquires 51% of Advance Capital Partners Asset Management</h3>
OLS Enterprise is acquiring 51 per cent of Advance Capital Partners Asset Management for a consideration of S$1.5 million from vendor Pine Partners. The deal will see Pine Partners stake reduce to 9 per cent.
The other shareholder in Advance Capital is Tan Choon Wee with a 40 per cent stake.
Advance Capital Partners is a registered fund management company which manages investment funds and mandates. Its strategies target the achievement of medium to long term capital appreciation for its investors, with the firm posting a net book value of S$500,000. For the 12 months ended May 2017, it posted a net loss of S$24,000.
March 2017 saw OLD propose the acquisition of a 20 per cent stake in Venture Incorporation Public Co., a Thai financial services company, but the transaction failed to materialise due to the due diligence assessment indicating some deficits.
<h3>Fundnel partners ThincLab</h3>
Singapore-based private investment platform <a style="color: #000080;" href="http://dealstreetasia.com/tag/fundnel" target="_blank" rel="noopener noreferrer">Fundnel</a> has partnered with Australian startup incubator <a style="color: #000080;" href="http://www.adelaide.edu.au/thinclab/">ThincLab</a>, which has links to the University of Adelaide. 
This move will facilitate ThincLab establishing nodes in Singapore, with plans to expand to China, France, Vietnam, and Germany. Singapore startups in ThincLab will be able to access its investors and advisers.
Thinclab Singapore will also serve startups from Thinclab Adelaide and other upcoming Thinclab nodes to serve as a landing pad for their business expansion into Singapore and regionally including ASEAN and North Asia.
<h3 class="p1">Fintech startup Everex raises $500k seed round </h3>
Singaporean fintech startup <a style="color: #000080;" href="https://www.everex.io/" target="_blank" rel="noopener noreferrer">Everex</a> has closed a $500,000 (S$680,800) seed round from Chinese industrial conglomerate <a style="color: #000080;" href="http://www.holley.cn/en/about_intro.php" target="_blank" rel="noopener noreferrer">Holley Group</a>, with plans to raise further funds from a token sale.
According to Tech in Asia, which reported this development, this is Holley Group&#8217;s first financial technology investment. Based in Hangzhou, it has holdings in sectors such as energy, pharmaceuticals and rubber manufacturing. Its presence in Thailand is through its co-founding of the Thai-Chinese Rayong Industrial Zone in 2005.
Everex&#8217;s offering is an Ethereum blockchain-based online payments suite that comprises cash transfer and micro-lending services, as well as a digital cryptocurrency wallet. The venture is targeting the underbanked in Asia&#8217;s emerging markets and has been testing its use with Myanmarese migrant workers in Thailand for remittance purposes.
Everex has capped the token sale at $15 million and has raised $3 million in a pre-sale. Everex is targeting expansion in Thailand, Myanmar and Russia by end-2017, with expansion to other Asian markets in Q1 2018.
Also Read:
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<a style="color: #ff0000;" href="https://www.dealstreetasia.com/stories/singapore-funfair-technologies-token-presale-raises-26m-76969/">Singapore’s Funfair Technologies token presale raises $26m from global VCs</a>
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OLD Enterprise acquires Adance Capital, Fundnel partners ThincLab and Everex raises a $500k seed round while pursuing an ICO.

Singapore: OLS Enterprise acquisition; Fundnel-ThincLab pact; Everex seed round

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Singapore: OLS Enterprise acquisition; Fundnel-ThincLab pact; Everex seed round

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