US-based WeWork has leased a 40,000 sq ft of space in Funan for its second co-working space in Singapore
Funding
Teabox raises $7M for its global tea-commerce business [TechCrunch]
Teabox, the company pioneered the concept of selling tea to direct to consumers online, has raised US$7 million in fresh funding to grow business. This new infusion of capital is a Series B round that takes Teabox, which has head offices in India and Singapore, to just shy of US$15 million in funding to date.
The round was led by Singapore’s RB Investments, with participation from existing backers — including Accel Partners and billionaire US businessman Robert M Bass — and a portion of debt funding from Singaporean bank DBS in the mix.
HomeLane raises US$10M from Accel, Sequoia, RB Investments [press release]
Bangalore-based online home interiors startup HomeLane.com has raised US$10 million from Accel Partners, Sequoia Capital and RB Investments.
The startup will deploy the funds to fuel growth and technology innovation to attract customers and designers alike, strengthening operations in existing markets in the country.
Founded in 2014, HomeLane.com is a provider of home fit-out solutions. With presence in Bangalore, Chennai, Hyderabad, Mumbai and NCR, HomeLane.com enables homeowners to furnish their dream home. HomeLane.com already delivered 1700 projects since inception.
Robinsons Retail invests in Philippines e-commerce startup BeautyMNL [e27]
Philippines’s leading multi-format retailer Robinsons Retail Holdings has acquired 20 per cent stake in Taste Central Curators, which owns and operates e-commerce platform BeautyMNL, for an undisclosed amount.
With this, Robinsons Retail aims to further expand and strengthen its presence in the beauty format and online retain space, as per a disclosure by the company.
Expansion
WeWork to open co-working space in Funan in Singapore [e27]
New York City’s co-working space chain WeWork has leased 40,000 square feet of space in Funan — a popular shopping mall which is undergoing an image makeover to become a “mall of the future” in 2019.
Owned and managed by CapitaLand Mall Trust Management (CMTML), Funan is located in the heart of the Civic & Cultural District. WeWork’s space will be located across two floors of Funan’s North Office Block, namely Level 4, which is the prime connector space linking the office blocks with Funan’s retail component, and Level 5.
Survey
Singapore less likely to experience e-commerce fraud, but victims lose a larger chunk [e27]
While the typical Singapore resident is less likely to be victimised by online payments fraud, when incidents do occur the perpetrator will steal significantly more than an the average shopping cart; a trend that is fairly unique globally.
According to a new report from Stripe, fraudsters typically steal about the same amount as the amount the average person spends online. The report provided data from 13 countries and only Finland and Norway showed the same trend as Singapore.
Others
Rakuten seeks license to become Japan’s fourth major mobile carrier [DealStreetAsia]
Japanese online retailer Rakuten has said it will apply for a fourth generation mobile carrier license, a move that if successful would see it become the country’s fourth major wireless carrier.
Rakuten said it aims to start offering mobile services in 2019 and wants to secure at least 15 million subscribers. It added that it was preparing to raise as much as 600 billion yen ($5.3 billion) by 2025 via interest-bearing debt to fund the move.
Japan’s mobile carrier market is currently dominated by NTT Docomo Inc, KDDI Corp and SoftBank Group. Rakuten shares fell 3.2 per cent in morning trade.
Sunway iLabs announced as Malaysia’s 5th digital hub [press release]
At TechMatch ASEAN 2017, Malaysia Digital Economy Corporation (MDEC) today announced Sunway iLabs as Malaysia’s fifth Digital Hub.
As a Digital Hub, Sunway iLabs will offer startups the opportunity for global expansion, ready access to high-speed broadband and fibre optic connectivity, funding and facilitation opportunities, workforce-ready ecosystem, technologically focused and a holistic convenience and lifestyle experience.
Malaysia Digital Hub is awarded to participating partners to catalyse the economy by attracting and maintaining startups and its ecosystems, focusing on high-speed broadband and soft offerings. Digital Hub is a co-working space that allows the setup of tech and digital startups in a conducive environment. The space provides the opportunity for entrepreneurs to connect to global markets and the digital ecosystem.
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