Today’s edition of Captain’s Log also includes some updates from M17 and iflix Indonesia
FinAccel raises Series A funding round co-lead by NSI Ventures, Jungle Ventures
FinAccel, the Singapore-based startup behind instant credit platform Kredivo, announced that it has raised an undisclosed Series A funding round co-lead by NSI Ventures and existing investor Jungle Ventures.
In an email to e27, FinAccel CEO and Co-Founder Akshay Garg said that the funding round has actually been closed “earlier this year” but has only been announced today.
The company plans to use the funding to invest in product (particularly through people, systems, and R&D) and customer acquisition.
“Plans for the last quarter of 2017 are to make our merchant partners successful, automate even more customer applications, and create an innovation pipeline of new products,” Garg said.
The company has also renewed its partnership with BFI Finance, which has been providing the credit line for Kredivo users.
Khazanah National Entrepreneurship Outreach programme launches in Malaysia
The Khazanah Nasional Entrepreneurship Outreach (KNEO) programme was officially launched on Tuesday by Second Finance Minister Datuk Seri Johari Abdul Ghani at the Khazanah Megatrends Forum 2017 event.
The initiative aims to “unearth entrepreneurial talents among Malaysians” through trainings, bootcamps, and accelerator programmes. It is described as an expansion of Project Brainchild, which Khazanah Nasional Berhad initiated in 2015.
The programme will run for 28 weeks with submissions open from October 3 to November 27.
Upon selection ot the acceleration phase, each team will receive mobilisation funding of RM20,000 (US$4,700) in exchange for a two per cent stake in their company to be undertaken by Khazanah’s accelerator partners.
Top three finalists at the demo day will be awarded RM30,000 (US$7,100) each.
Also Read: Captain’s Log, Oct 3: Uber loses its Vietnam CEO but inks a partnership with Tokopedia
M17 aunches live streaming service in Malaysia, Thailand
Social entertainment and media company M17 announced the launch of its livestreaming service in Malaysia and Thailand.
The company also partners with Malaysian media agency Tashi Media to recruit, train, and manage talents; it has also begun recruitment for the talents.
“Malaysia and Thailand are exciting markets for M17 as we already generate significant revenue through our operations in North Asia and growing overseas content,” said M17 CEO Joseph Phua in a press statement.
M17 is the result of a merger between Singapore-based dating platform Paktor and Taiwanese video streaming platform 17 Media in April. Following the merger announcement, the company claimed to have experience “impressive” growth of its livestreaming content with 90 per cent of its revenue derived from it.
iflix Indonesia CEO resigns
iflix Indonesia CEO Cam walker has resigned from the company since July and is currently working his notice until mid-October, Mumbrella Asia reported.
Walker joined the company in March 2016 as it enters the Indonesian market. The report also stated that he plans to stay in the country to “work on startup and early stage investment opportunities.”
His resignation followed the recent departure of CFO Georg Chmiel.
According to an iflix spokesperson, the company is going to announce Walker’s replacement “in the coming weeks.”
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