By: Asia Business Outlook Team | Monday, 13 November 2023
The month of November has begun with a strong start with a lot of nations, particularly Japan prioritizing their supply chains. They are also in the process of establishing a cross-border payment infrastructure with India, meanwhile, China experienced strong fluctuations in the Bond markets. Singapore on the other hand maintained a strong trade economy.
This week we saw the Singaporean startup economy dominate the startup ecosystem, from fintech to healthcare, they left no stone unturned. We have BondBlox which is streamlining how the masses access the bond markets to Snuugo, which has released an innovative product for new mothers. Other startups have made strides in their own ways.
BondBlox, Fintech, Based in Singapore
BondEvalue Pte. Ltd. (BondbloX), a Singapore-based fintech firm, has raised $6 million in Series B funding from Beacon Venture Capital, the corporate venture arm of Thailand's Kasikornbank. Beacon Venture Capital joins existing shareholders MassMutual Ventures and Citigroup in the round, according to a statement released by BondbloX on Thursday.
BondbloX, founded in 2016, has a team of debt capital market bankers and technologists spread across Singapore, India, and Mexico to provide all investors with easy access to bonds. This additional funding will allow the company to expand its international expansion to Gujarat International Finance Tec-City (GIFT City) in India, as well as scale BondbloX Bond Exchange (BBX), its digital exchange for trading fractional and full-size bonds.
“We are immensely honoured to welcome Beacon VC to our Series B round, as well as other new and existing shareholders including Citi and MassMutual Ventures,” said Dr. Rahul Banerjee, BondbloX Co-Founder and Chief Executive Officer.
LXA, Fintech, Based in Singapore
LXA, a Singapore-based fintech startup, announced the completion of a $10 million seed funding round led by New Enterprise Associates, Inc. (NEA). It is a fintech firm that is facilitating non-depository capital for the Asian mortgage market.
The company's technology platform streamlines loan origination, processing, underwriting, and servicing, revolutionising the mortgage industry. This platform aims to use end-to-end technology to streamline the entire mortgage lifecycle, from loan origination and borrower processing to loan servicing, with the goal of matching institutional capital pools and residential mortgage borrowers.
In early 2023, the firm was founded by seasoned executives from the asset management, insurance, mortgage, and technology industries to bridge the gap between mortgage assets and institutional capital in Asia, beginning with Singapore.
“We founded LXA to create an institutional channel for the large capital pools of insurance, pension funds, sovereign funds, and endowments to access the highly desirable local currency mortgage asset class,” said Moorjani, Founder.
Entropica Labs, IT, Based in Singapore
Entropica Labs, based in Singapore, has raised $4.7 million in a Series A funding round led by Italian Deep Tech venture capital firm Liftt and existing investor Wavemaker Partners. The new funds will be used to expand the team, bringing complementary expertise in quantum error correction, software engineering, and computing architectures to accelerate software development, according to the statement.
Entropica Labs will also continue to leverage existing and future strategic partnerships with leading quantum hardware providers to ensure that its products are rigorously tested on real quantum hardware.
“As hardware companies continue to unveil bigger and more advanced quantum computing systems, with some crossing significant computational thresholds, the need for sophisticated error correction schemes has never been greater, Years of working with real quantum systems have provided our team with invaluable experience and insights into what’s needed to make quantum computers useful,” said Tommaso Demarie, Entropica Labs Co-Founder and Chief Executive Officer.
Snuugo, Healthcare, Based in Singapore
Perfect Nature, a Singapore-based healthcare and lifestyle company, has raised SGD $1 million ($740,000) in seed funding for Snuugo, the first intuitive and smart wearable breast pump designed and manufactured in Singapore. The seed funding round was led by prominent angel investors Peter Tan, Founder and Former Chief Executive Officer of Fischer Tech Ltd, and Willy Koh, Founder of Racer Technology Pte Ltd, according to the statement.
"This funding demonstrates our conviction that mothers deserve the best when it comes to breastfeeding." From the materials and technology to the design features and mobile application, Snuugo has been meticulously designed to address all of the concerns of Asian mothers. With these funds, we’re not just building a product; we’re building a future where mothers can experience the joy of breastfeeding like never before,” said Justin Tan and Charles Lim, Co-Founders of Snuugo.