SEA Digest: Cake DeFi sets up $50m R&D hub; WHA Corp backs grocery app MungMee

Singapore-based Cake DeFi has deployed $50 million into an R&D hub for digital asset and blockchain product development. Meanwhile, Thai grocery app MungMee has received a second seed funding from local logistics developer WHA Corporation.

Cake DeFi injects $50m into R&D centre

Cryptocurrency investment platform Cake DeFi has invested $50 million to set up a research and development centre focusing on digital asset and blockchain technology by means of open-source blockchain R&D, according to a company release.

The capital will be deployed in the next four years to develop products and innovations for fintech players and financial institutions in the tech sector.

Dubbed as Birthday Research, the tech-savvy unit located in the city-centre will combine all of Cake DeFi’s product innovations and development in its application for business-to-business (B2B) solutions, including node, custody and keys management as well as a SWIFT for DeFi.

By adopting blockchain solutions, the R&D arm of Cake DeFi aims to help the traditional finance sector overcome existing challenges, such as slow and erroneous payment transactions, lack of trust and transparency and unequal access to financial services across different markets.

The news comes after Cake DeFi announced in March that it had launched a $100-million venture capital arm to invest in Web3, gaming and fintech businesses in metaverse, non-fungible tokens (NFT), blockchain and e-sports within two years.

The platform currently offers crypto staking, lending and mining services.

WHA Corp backs MungMee’s seed round

WHA Venture, a venture capital arm of SET-listed industrial real estate developer WHA Corporation, has committed about $34 million baht ($937,504) in the second seed funding of Thai grocery startup MungMee, an online marketplace for local retailers and wholesalers.

The e-commerce platform has raised a total of $50 million baht ($1.3 million) in the second seed round led by WHA together with its angel investor Piyawadee Sonsingh, founder of cosmetics company Rojukiss, who put in $16 million baht ($438,440), Mungmee CEO Pijittra Tritannathada told DealStreetAsia.

Mungmee has now accumulated $111 million baht (~$3 million) in total fundraisings, according to a document seen by DealStreetAsia.

The Thai logistics giant is currently in talks with Mungmee to provide logistics services on the app, including warehousing.

The announcement comes after Sonsingh splashed out $40 million baht ($1 million) as the sole investor of the first seed round in 2021, added Tritannathada. That same year, Lakeshore Capital-backed software company Relationship Republic, Mungmee’s former parent company, also chipped in $21 million baht ($575,452) in the pre-seed funding.


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