Category: Business

Singapore-based Startup, Refash Raises US$ 294K In Seed Funding Round

A startup enterprise based in Singapore, Refash has recently announced that it has raised S$400,000 (approximately US$294K) worth of fundings for its starting seed round. The funding round was led by Singapore’s Tri5 Ventures and Malaysia’s Tinkbig Ventures.

For those uninitiated, Refash was named after the concept of “refashioning” which means the reinvention of a new type of fashion trend where people can still spot a different outfit daily without burning a hole in their wallet.

The idea was also borne out of the alarming environmental consequences of trending fashion where 41.5 million kilogram of clothings were being disposed by Singaporeans annually.

Hence, Refash hopes to hone and grow the acceptance of Singaporeans in the practice of buying and using second-hand clothings by mediating the process and provide a solution to resell clothing surplus efficiently, easily and quickly.

In other words, Refash aims to help women clear their wardrobe through providing a retail platform for women to buy and sell their clothing items efficiently. The startup also look forward to refashion the concept of “buying” for shoppers, enforcing the idea that they do not have to hold on to the clothes forever.

“The disposing of so much clothing is a real waste, literally. Rather than just throwing away, I believe in the immense potential in the problems we are solving – bursting closets, clothes wastage and rising landfills to dispose these clothes”, said Refash CEO and Founder, Aloysius Sng in e27.

Hence, by creating a system which facilitates fashion resell, users who wish to clean out their closets just have to pack their unwanted items and the rest is handled by the Refash team where the team will then sell the items on their platform and outlets.

“People who want to clear their closets of unwanted clothes just need to pack and have them picked up by Refash. We will do the rest,” Aloysius Sng adds.

Since its launch in January 2016, the idea has been proven profitable as the six-months old enterprise has already earned a revenue of S$250,000. Selling more than half of the 40,000 “looking-brand new” clothing items which it has processed. Additionally, the startup has also successfully cashed out at least S$150,000 to its sellers.

Reportedly on e27, Refash plans to use the fundings on enhancing its technology, both on the front-end platform as well as their back-end inventory system. It also plans to build on its business networking group of resellers to facilitate quicker movement of the items.

Besides that, Refash with Tinkbig Venture on board. also has the ambition to expand its market to Malaysia by the end of the year.

About Refash:
Refash is a Singaporean-based fashion portal that sells second-hand fashion, helping women get rid of clothes they no longer want to keep. Refash collects clothes from sellers and processes them which includes taking snapshots of the item before listing them on the website for sale.

India-based SaaS firm, CloudCherry raises US$6 million In Series A Round Funding

After raising US$1 million in their seed funding round, CloudCherry, an enterprise startup based in Chennai, India has raised to new heights as they recently closed their Series A funding with a six-fold increase of US$6 million.

The funding was led by prominent venture capitals – Vertex Ventures and Cisco Investments plus existing investor IDG Ventures, which now only holds a minority stake in the corporation. This amount by far has made a record for the highest 2016 Series A funding raised by a SaaS startup.

Understanding that a quick, genuine response can always be a game changer to secure a happy customer, CloudCherry was established to help companies by providing a way to act fast on customer feedback.

Thus, CloudCherry set out to provide a platform for companies where companies can apply key metrics to gauge customer experience, capture customer feedback as well as get notified about customer insights in real-time to intervene and fix issues.

The startup enterprise currently works with companies in sectors of banking, financial services and insurance (BFSI), hospitality, healthcare, retail, manufacturing as well as e-commerce whereby their clients include brand names such as World of Titan, HDFC Bank, Caratlane and Central Voonik.

According to Deal Street Asia, CEO and co-founder of CloudCherry, Vinod Muthukrishnan said that “With this funding and their support, we are many steps closer to making our presence globally and becoming the name synonymous with Customer Experience.”

In a separate statement, the CloudCherry co-founder has also expressed his ambitions for the company, as they are looking to expand their business outside of India, targeting the markets of United States, Southeast Asia, and West Asia.

About CloudCherry:
Founded in 2013, CloudCherry is a SaaS firm formed with the coming together of a group of management gurus, business leaders and experts in mobility, analytics and technology sectors. The company based in Chennai, India specializes in customer analytics technology whereby it collaborates with brands to provide real-time analytics of the company’s products as well as to help them track, measure and improve user satisfaction.

Apple Acquires First Indian Startup, Tuplejump

Tuplejump, a Hyderabad-based startup with the vision to simplify data engineering recently became the third machine learning expertise acquired by Apple.

Founded in 2013, Tuplejump was helping major companies to stock, process and visualize their data using its unique in-house software, with most operations from both India and United States. But what caught Apple’s eye was Tuplejump’s on-going project called “FiloDB”.

Turns out FiloDB is an open source project working to enable the automation of data pattern recognition without being explicitly programmed. More specifically, the project aims to build a program that can efficiently apply machine learning concepts and analytics to the massive amount of complex data as they streamed in.

After the acquisition, Rohit Rai and Satyaprakash Buddhavarapu, two of the three co-founders moved to work with Apple in May while the third co-founder Deepak Alur left to join Anaplan, a planning and performance management platform for businesses.

According to Business Insider, the purchase price was not disclosed though it is said to be lower than Apple’s last machine learning purchase, Seattle-based Turi Inc. which was purchased at the price of US$200 million earlier August this year.

Collin Johnson, a spokesperson for Apple, made their usual standard non-denial statement when questioned by TechCrunch regarding the acquisition saying that, “Apple buys smaller technology companies from time to time, and we generally do not discuss our purpose or plans.”

Nevertheless, Apple currently has their sights set on artificial intelligence, looking to expand into the machine learning industry. As along with Tuplejump, the iPhone maker has to date acquired three machine learning startups including Turi, a company that builds end-to-end intelligent applications in Python and Emotient, a company that uses artificial intelligence to recognize, analyze and respond to facial expressions.

Singapore To Be World’s Largest Fintech Hub, Marvelstone Group Announced

Singapore’s ambition to be a ‘Smart Nation’ is moving forward as MarvelStone, an Asian private investment group has announced on Tuesday that it will open the world’s largest fintech hub in Singapore next November.

The facility will be known as Lattice80, spanning over 30,000 square feet and to be located in Singapore’s Central Business District, an area that is notably close to the city-state’s key financial institutions, stock exchange, and regulators.

Joe Seunghyun Cho, Chairman of Marvelstone in Crowdfund Insider said, “We think Singapore is the right place for a global fintech hub for a number of reasons. Singapore, being a traditional financial and trading hub, has the legal infrastructure and access to global investors that budding fintech companies would look for.”

Reportedly to be an independent non-profit initiative, one of Lattice80 objective is to establish a global fintech connection. Besides, the project is also aimed to promote local fintech innovations through providing innovation support schemes to existing company and financial institutions.

While for fintech startups prototype, programs such as workspace, events, and educational programs is provided to help develop and expand their business models oversea. These projects are moving smoothly as Marvelstone works closely with Monetary Authority of Singapore (MAS).

Gina Heng, the CEO of Marvelstone furthermore added, “The time is right for innovation, and people are more receptive to the use of technology in financial services. Lattice80 aims to support the fintech ecosystem in Asia and bridge global players to the region.”

Besides MAS, the Marvelstone Group also seeks to bring partners onboard as well, voicing out their intentions to collaborate with other regional Fintech hubs like London’s Level 39, Australia’s Stone and Chalk as well as Israel’s The Floor to create a global ecosystem for fintech innovation.

Parentlane, A Connecting Platform For Parents Gets Funding From Capier Investment

Parenting can be a formidable task, as parents bear the responsibilities of raising a new life into the world, shaping their personalities and values.

For this, Parentlane offers a social platform that enables parents to connect with other parents and to a community of parenting experts from grandparents to teachers as well as child psychologists and nutritionists. The company works on a community model, which means it operates on the expansion of its increasing members and growing information.

Founded in December 2015, the Bengaluru-based startup leverages on machine learning and data science technology to map out a child’s development. The company specializes in the child development timeline from the age of a newborn to a toddler of eight.

The company was founded by Vijay Anand which has its first round of angel investment on May 2016 with the round led by Sujeet Kumar, the former president of Flipkart and Aprameya Radharkrishna, the co-founder of TaxiForSure.

On the other hand, this funding by Rohit MA came four months later as an extension of the angel investment round earlier in May whereby the managing director of Cloudnine Hospitals has made the investment through his personal investment arm. The amount was undisclosed.

“I believe Parentlane team has done a great job in leveraging technology to deliver personalized guidance to support parents during their early child development cycle,” said Rohit of Capier Investments, “I am personally excited with their plans in delivering superior value to the entire parenting community.”

The development of Parentlane was due to the realization of the needs of today’s city-educated millennial generation for precise and personalized information related to their child as they become parents. Relatedly, the app also provides parents the opportunity to track and treasure their memories with their child as childhood can be brief. The app is currently only available on the android platform.

About Parentlane:
Parentlane is a social parenting platform empowering parents by delivering personalized, timely assistance to raise smart and healthy kids. Parentlane also allows parents to map the development of their child from their first smile to when they crawl. Aside from that, parents can also obtain personalized baby care and child development tips from registered child experts or other experienced parents. The app cover all aspects of growth and development, brain development activities for kids, food recipes and tips for parents during the journey.

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