The company, which started in Silicon Valley in 2011 before moving to Singapore last year, will use the funds to expand across Asia in 2013. Indonesia features prominently in Gimmie’s plans. The startup made an appearance at Sparxup 2012, a startup conference in Jakarta. Ideosource will be helping the company expand its footprint in the country.
The company had previously raised USD 244K from angel investors in the United States. Tandem, a mobile industry incubator in Silicon Valley, invested USD 200K. Read more
Wavemaker Labs, a Singapore-based investment firm, together with the National Research Foundation (NRF), has invested over SGD 740,000 (USD 592,000) in Luxola.com, an online cosmetics and skincare store, which is also based in the same country. This is Wavemaker Labs’ first investment.
“We are thrilled to have received this funding which will help us expand into new markets while at the same time maintaining our focus on superior customer service and brand alignment,” said Luxola’s founder and CEO Alexis Horowitz-Burdick. Read more
The eight incubators are: Get2Volume, Golden Gate Venture Investments, Incuvest, Jungle Ventures, Red Dot Ventures, The Biofactory, The Network Fund (TNF), and WaveMaker Labs. Full details in the press release.
Under TIS, the NRF will co-fund up to 85 percent of total investment per company, or up to S$500k (US$400k), with the rest topped up by the venture firm. Only Singapore-based startups need apply.
The incubators can choose to buy out NRF’s equity share within three years of investment, at a price of 1.1 times capital in the first two years, and 1.15 times capital in year three.
Born in 2006, the NRF dictates the country’s direction for R&D by developing national policies and planning strategies for innovation, enterprise, and research. Read more