Tiger Global Management has led US-based global consumer insight infrastructure startup Monnai’s $6.5 million Series A funding round that was also participated by 500 Global and others. Separately, Cleveland Avenue, a Chicago-based venture capital firm has invested in South Korean fandom business startup bemyfriends.
Monnai raises $6.5m Series A
Tiger Global Management led US-based global consumer insight infrastructure startup Monnai’s $6.5-million Series A funding round, according to a release.
Existing investors such as 500 Global, Emphasis Ventures (EMVC), and fintech-focused venture capital firm Better Tomorrow Ventures, which led the company’s seed round six months earlier, also participated.
“Monnai stands out for its unique ability to simplify in one seamless platform the complex web of information sources businesses must navigate to best make decisions,” said Alex Cook, partner, Tiger Global. “We are thrilled to support their mission of scaling this solution further, which we believe will be a key enabler to the growth of the fintech market as a whole.”
Monnai, which said it has raised over $10 million so far, plans to use the new capital to accelerate its go-to business capabilities in its key markets and further the development of proprietary analytics and data ingestion capabilities.
Launched in 2021, Monnai is a global consumer insight infrastructure that enables fintechs to efficiently
navigate four key pillars: onboarding, trust and fraud risk, credit underwriting and collections.
Tiger Global had invested extensively in fintech and e-commerce startups in Southeast Asia last year as they were the biggest beneficiaries of the lifestyle shift in the region following the COVID-19 disruptions. The firm made five investments in fintech (Matrixport, Xendit, Spenmo, Lump, and Ayoconnect), including two as the lead investor, and three in e-commerce (Telio.vn, Ula, and Moglix).
Cleveland Avenue backs bemyfriends
Cleveland Avenue, a lifestyle consumer brands- and technology-focused venture capital firm, has invested in South Korean fandom business startup bemyfriends’ Series A extension round, per a release.
The funding from Cleveland Avenue brings the total capital raised by the company to approximately $29 million since its launch in 2021, it said. The company plans to use the funding to expand its fandom business across various industries such as entertainment, sports, and lifestyle.
“The fandom business is gaining traction not only in entertainment, but also in a wide range of other industries like retail, gaming, and technology,” says Mingu Lee, Managing Partner at Cleveland Avenue.
bemyfriends provides solutions and services that help companies, brands, and creators from all over the world form close connections with their fans and monetise their activities through features for content uploading, community management, direct communication with members, global eCommerce and live streaming.
The first tranche of the firm’s Series A round last year saw participation from prominent South Korean companies such as CJ Group, GS Corp, and Dreamus Company.
