Vertex Ventures China closes US$566M fund – Dealstreet Asia
Vertex Ventures China, the China-focussed venture capital arm of the Singapore-based company, has secured nearly RMB4 billion (US$566 million) in capital commitments for a USD-denominated fund, Dealstreet Asia wrote.
According to Vertex Ventures China Managing Partner and Head Tay Choon Chong, the fund was oversubscribed by overseas LPs due to its “strong past performance with good realised returns.” It is also said to be the largest fund the firm has ever raised in China.
It will back early and growth-stage startups in the fields of high-tech and mass consumption with a focus on semiconductor, artificial intelligence (AI), enterprise services, healthcare and online education.
Indonesia’s Etobee rebrands to Finfleet, pivots to focus on fintech services – DailySocial
Indonesian logistics startup Etobee announced its rebrand and pivot into Finfleet, an agent-based financial products consumer on-boarding service, DailySocial wrote.
Starting off as a last-mile logistics service provider, Finfleet now helps financial institutions to on-board new customers, particularly in areas that are currently unreached by financial services.
The pivot and rebrand have been conducted since February 2018 when the company underwent massive change in their managerial structure.
It has named Brata Rafly, former Dimo CEO, as Co-Founder & CEO.
Finfleet has raised a US$3.5 million funding from Kejora Ventures, XL Axiata, Gobi Ventures, Skystar Ventures, and Asian Trust Capital.
Also Read: Temasek-owned Vertex Ventures closed its fourth Southeast Asia and India fund at US$305m
gojek CEO Nadiem Makarim resigns to join Indonesian cabinet – e27
Speaking to the press at Merdeka Palace, gojek Founder & Global CEO Nadiem Makarim announced his resignation from the company to join President Joko Widodo’s new cabinet.
Having been inaugurated on Sunday, the president is set to announce his new cabinet on Monday.
Rumours of Makarim’s appointment have circulated among Indonesian startup communities in the past months. It remains to be seen what his new designation in the cabinet will be.
Following his resignation, Gojek Group President Andre Soelistyo and Co-Founder Kevin Aluwi will step up as Co-CEOs.
Zilingo to invest US$100M for its US expansion effort – Dealstreet Asia
Singapore-based fashion tech platform Zilingo is planning to invest US$100 million to support its expansion plan to the US, Dealstreet Asia reported.
The investment is part of its strategy to expand into new markets such as Australia, Europe, and the Middle East.
The startup has recently opened offices in New York and Los Angeles over the summer. It will also expand its sales and products teams in the country.
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