In addition to MDI Ventures, we also have updates from OYO, WeWork, and SoftBank
MDI Ventures launches an office in Singapore – DailySocial
Indonesian venture capital firm MDI Ventures, which is backed by state-owned telco Telkom Group, has begun operation of its Singapore office, DailySocial reported.
The Singapore office was founded in April and has secured operational permit from Monetary Authority of Singapore (MAS).
It will be led by Shannon Lee, former Lead of C31 Ventures, a corporate venture arm of Singapore-based property giant Capitaland.
MDI Ventures has invested in startups from 10 countries.
Ahead of IPO, WeWork CEO reportedly cashes out over US$700M – The Wall Street Journal
WeWork CEO and Co-Founder Adam Neumann has cashed out more than US$700 million from the company ahead of its IPO, The Wall Street Journal reported.
The report named the size and timing of the payouts as “unusual” as founders “typically” wait until after an IPO to liquidate their holdings.
It is made through a mix of stock sales and loans secured by his equity in the company.
The report also stated that the CEO has already set up a family office to invest the proceeds, and has begun hiring financial professionals to run it.
SoftBank’s Seoul unit raises US$270M for early-stage investments – Reuters
SoftBank Group Corp announced that its Seoul-based venture capital unit –that focusses on early stage investments– has raised a KRW317 billion (US$270 million) fund, Reuters wrote.
Expected to be closed within the next six months, the fund included South Korea’s National Pension Service as an investor.
OYO Founder to invest US$2B to triple stake – Bloomberg
Oyo Hotels and Homes Founder Ritesh Agarwal is set to invest US$2 billion to triple his stake in the startup, according to a Bloomberg report.
The company stated that Agarwal will buy shares from existing investors Lightspeed Venture Partners and Sequoia India, which will remain backers of the startup.
Another source who asked not to be identified said that the deal will value Oyo at about US$10 billion and raise Agarwal’s slice of the company from 10 per cent to 30 per cent.
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