Sequoia India leads $3m seed funding for blockchain startup Band Protocol

Band Protocol team

Sequoia India has led a $3-million seed financing for Singapore and Thailand-based startup Band Protocol, marking its first blockchain investment in Southeast Asia.

Band Protocol offers a proprietary platform that users – organisations, developers and brands – can utilise to set up a community focused on a specific top and issue personalised tokens to curate data and information within that community. These tokens can be used as an economic incentive to motivate users to actively participate in the community.

Its seed round was joined by Dunamu & Partners, an investment arm of Korean fintech company Dunamu, and SeaX, a VC fund that invests in early-stage deep tech companies.

The proceeds of the latest financing will further accelerate Band Protocol’s product development and help establish its go-to-market strategy for 2019, the startup said in a statement.

“The blockchain industry has gone through several ups and downs, but we take a long-term view. We have been very impressed with Band Protocol’s experience in the blockchain space across several industry cycles, as well as the team’s technical skills and strategic approach,” said Pieter Kemps, Principal at Sequoia Capital (India) Singapore.

Founded in 2017 by Soravis Srinawakoon, Sorawit Suriyakarn and Paul Chonpimai, Band Protocol says its platform is ideal for fraud detection, KYC and identity verification, credit bureaus and any service or site that offers online discussion, recommendations and rankings.

The global cost of fraud is estimated to reach nearly $4 billion and Band Protocol claims to provide a solution for fake news, information biases and inaccurate reporting.

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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.