ShopSpot had a rough 2012 when, after a hot start, its peer-to-peer mobile marketplace struggled to take off. Now, with a SGD 779K (USD 628K) cash injection from Jungle Ventures and SingTel Innov8, the Thailand and Singapore based startup is giving it a second go.
While the app (available on iOS) received 10,000 downloads in just over a month when it launched in April last year, CEO and co-founder Natsakon Kiatsuranon found 60 days in that the Craigslist model does not seem to work well in Asia. That was not the only challenge.
“It was so much harder than we thought to built a two-sided marketplace,” said Nat, echoing another startup that faced similar challenges and had to pivot. Read more
Flocations, a travel discovery site aimed at short haul weekend travelers, has raised a SGD 0.7M (USD 0.57M) seed round led by TNF Ventures and joined by SingTel Innov8 and Singapore-based angel investor Ben Ball.
The Singapore-based company offers a different take on travel discovery. Instead of search by destination, Flocations lets users search by price — perfect for travelers who are on a budget and don’t know where they want to go. Read more
Here is a list of venture capital firms with a presence in Singapore that are actively investing in startups. While venture capital and private equity firms appear similar in their objectives — to make money through means like a company’s sale or IPO — they possess very different mindsets. This list doesn’t contain private equity firms. Read more
The inaugural Optus-Innov8 Seed Program has announced on 12th November its first two pre-series A investments. SingTel Innov8 led a AUD250k (USD260k) round by 121cast, which offers a free, personalized, and mobile digital audio feed.
It also fronted a AUD450k (USD468k) round by Venuemob, a provider of party and function locations in Melbourne.
Both startups, which are registered in Australia, stood out from the Winter Pitch Event held on 31st July. 10 startups pitched at that event with the hopes of securing funding.
Moving ahead, Venuemob and 121cast will have 3 to 6 months to refine their strategy and business model, all the while taking advantage of the free venue and mentorship provided by the accelerator program.
Optus will come in to lend a hand with their communications technology, network services, and know-how. Both companies could also use the time to raise their next round of funding, which would be in the AUD1M and above range.
The Program will reopen applications once again in January 2013 for their summer intake.
Optus is a wholly-owned subsidiary of SingTel Group.
SingTel Innov8, the venture capital subsidiary of SingTel (view profile), manages a fund size of USD158M. It invests in technologies in the fields of network capabilities, next generation devices, digital content services, and customer service enhancers. Read more
SingTel Innov8, the wholly-owned subsidiary of SingTel, has participated in a AUD 11M (USD 11.2M) Series B round by Australia’s Brandscreen, a startup that provides the technology for online ad exchange platforms.
The Sydney-based company, founded in 2006, processes 200,000 bids a second on its real-time media trading products. The startup expects that automated trading systems and advertising exchanges will dramatically increase ad spend in the digital space to around 40%. Read more
Optus Innov8 Seed Program, a startup accelerator in Australia, has announced that ten startups have been shortlisted to join their program. They have been invited to pitch at a Winter Pitch Event held on 31st July. The program will last from 3 to 6 months. Read more
SingTel Innov8, the wholly-owned corporate venture arm of SingTel, and Mitsui & Co, have jointly invested US$5M in General Mobile, a Cayman-based startup dedicated to providing mobile internet services to emerging markets with its proprietary content management and app store hosting platform. Read more
SingTel Innov8, the venture capital arm of SingTel, has joined forces with Australian telco Optus to start an Australian Seed Program to take young digital startups to the next stage and help them expand into Asia.
This Optus-Innov8 Seed Program will provide Australian startups with seed funding, mentoring, networking and co-working spaces. It will invest up to A$250,000 per startup.
Optus, a wholly-owned subsidiary of SingTel, is also partnering with Fishburners in Sydney and York Butter Factory in Melbourne to provide the co-working spaces, which will hold regular events to connect budding entrepreneurs with industry experts and potential investors. Read more
Patai (trophy in hand) flanked by the judges.
Builk is the winner of this year’s Echelon Launchpad. The Thai startup is a professional social network for the construction industry that doubles as a construction management web app.
Ten startups each had their turn in the cauldron at Echelon 2012′s pitch competition. Definitely a highlight among attendees, the Launchpad had put startups under the intense spotlight as they pitch and try to impress both the sophisticated crowd and inscrutable judges.
During Builk’s pitch, principal and co-founder Patai Padungtin shared that 1,400 construction firms have already registered with Builk since their launch in 2010.
(Read: Builk walks where few tech startups tread: Changing the construction industry)
He also revealed that they plan to expand to Indonesia, Vietnam, and Australia, and add new modules to Builk, such as the ability to collect pre-construction information from contractors. Read more