Category: Funding Rounds

Julo raises seed round led by Skystar Capital to serve the underbanked consumers

Indonesian peer-to-peer (P2P) lending startup Julo has landed an undisclosed seed funding led by Skystar Capital, with participation from East Ventures, Convergence Ventures, and other undisclosed angel investors.

The capital will be used to accelerate financial inclusion in Indonesia, that is focusing on the 100 million underbanked people to obtain loans for their various personal use.

According to Julo’s Co-founder Adriansus Hitijahubessy, it will be primarily spent on product and business development, in addition to machines learning investments, team development and distribution.

“The idea for Julo started when I was building AI-based credit scoring solutions for emerging countries in my previous company,” said Hitijahubessy. “As successful as it was, I realized that instead of helping consumers in Latin America and African countries to gain access to credit, I should be helping people in my home country.”

Hitijahubessy also notes that Indonesia is a suitable seedbed for the fintech lending company, as the country has a large segment of the population at the base of the financial pyramid and low consumer credit liquidity equipped with information technology.

Along with Hans Sebastian and Victor Darmadi, Hitijahubessy set up Julo, a personal loan app for Android users. This allows loan applicants to apply for a small personal loan from their phones, where they are required to submit pictures of personal documents.

Successful applications can receive their loan within the next 24 hours, with a maximum permissible loan size of about US$600 and a payment period up to six months.

Besides, it is the startup’s credit scoring algorithm that allows users to manage loans, due dates, and cash back bonuses paired with alerts and reminders, which draw Skystar Capital to invest.

Edward Gunawan, the Partner of Skystar said, “We believe that having a strong credit scoring algorithm is a key differentiator for P2P lending startups. Driven by a technically strong founding team, Julo is one of the first locally grown P2P lending startups. ”

The startup generates revenue from a provision fee from borrowers and service fees from lenders. Since its launch in January 2017, Julo claims to have 50,000 app downloads and more than thousands lenders.

Julo hopes the company will reach a critical mass of 10,000 borrowers within the year, and accelerate the development of its credit scoring engine.

HoloEyes raises US$1.3 million Series A to help surgeons stimulate operations in VR

Japanese Virtual Reality (VR) startup HoloEyes, which develops surgical simulation content for doctors, announced recently that it has raised 150 million yen (about US$1.3 million) in a Series A round from Nissay Capital.

This follows a 10 million yen (about US$89K) seed round the company has secured from Japanese VR-focused acceleration program Tokyo VR Startups (TVS) after graduating from its 2nd batch. The investment proceeds from the round have been used for product and business development.

Founded in October 2016, HoloEyes was set up by app developer Naoji Taniguchi, surgeon and visiting associate professor Dr. Maki Sugimoto, and Kenichi Shinjo who has previously worked as the producer of AllAbout and COO of Appliya.

Developed for medical use, the startup’s VR content solution known as HoloEyes VR is designed to provide 3-dimensional images for surgeons and other medical staff to understand the surgical procedure more intuitively.

The technology is based on cloud services that can convert a specific patient’s medical diagnoses, such as CT scans, MRIs, and X-rays into polygons for the medical staffs to freely view then in 3D space using VR devices.

Collecting and accumulating the data from CT scans, HoloEyes eventually plans to form 3D human body models based on its medical VR database. Moving forward, the startup may assume a business model based on a search database to retrieve 3D images based on certain keywords.

For example, it could be possible to search “60s male prostate cancer” and retrieve the 3D images for a similar case which can be used by a doctor for diagnosis or surgery training. The possible use cases could also include sharing surgical plans and easier explanation for patients.

In December 2016, the team won the Tech Lab Paak award at the event’s 6th Demo Day, while in January 2017 they were awarded the Amazon AWS prize at the Demo Day of the 1st batch of Brave – the acceleration program by Tokyo-based life science-focused startup VC/ accelerator Beyond Next Ventures.

With the proceeds from Series A, HoloEyes plans to build the system and business base for HoloEyes VR and expand its staff.

Myanmar Online Creations secure Series A funding from BOD Tech

Myanmar Online Creations (MOC), one of the country’s first online publishers which provides local content recently announced that venture capital firm BOD Tech has joined its six-digit Series A round closed earlier this month.

The deal was finalized in mid-June, and others who participated in the round include Yangon-based financial advisory firm Trust Venture Partners, and Thaung Su Nyein, the CEO of Information Matrix which produces the 7 Day Journal.

MOC said that the capital from the Series A is intended for its plan to launch up to 10 applications and to set up a broader business plan for 2018.

In fact, the startup already owns five local platforms and applications launched to date since February 2017. These include Onlyinburma.com, a Burmese content portal for the locals in Yangon and Lolburma.com, a social media content platform which allows users to upload funny videos and pictures.

The remaining three sites are Langyaung.com, a business directory listing page which includes accurate GPS mapping for all local businesses; serious dating site Phoosar.com; and ezdin-gar.com, a billing payment system based on QR codes.

“We feel a great synergy and opportunity between the current content and technology of the properties within the BOD portfolio and MOC’s current 5 online sites,” said Win Ohn, the Founder and CEO of Myanmar Online Creations.

Meanwhile, BOD Tech owns flymya.com – a one-stop platform for flight and travel bookings. Aside from MOC, the company has also backed a number of tech-based startups including shopmyar.com, Yangondoor2door, Laundary.com.mm and Star Ticket.

Mike Than Tun Win, the Founder of BOD Technology Company said, “We will be contributing our content and do cross products partnership with MOC products.”

Havson Group Puts VR On The SEA Map With Funding From 500 Startups

VR entertainment technology startup Havson Group has closed funding from Silicon Valley-based venture capital seed fund and accelerator, 500 Startups. Producing unique VR content and using advanced VR technology that solves problems of motion sickness and latency, Havson Group has recognised the booming virtual reality industry in Southeast Asia and generated early interest from global players.

Pioneering the introduction of VR in the region, Havson Group recently launched EXA Outpost, a first of its kind hyper-reality development studio based in Kuala Lumpur, Malaysia, where players leave reality behind and immerse themselves in a first-person experience that puts players in the middle of a dimension exploration.

EXA Outpost 1 located at SetiaWalk Puchong
EXA Outpost 1 located at SetiaWalk Puchong

EXA Outpost: Mission Room
EXA Outpost: Mission Room

EXA Outpost: Angkas Zone
EXA Outpost: Angkas Zone

Backed by a team that has deep-seated knowledge of the industry, Havson Group has been no stranger to the world of gaming. Starting off as Mediasoft, the team has developed some of the top mobile games in the world including the badminton game Jump Smash and the world’s first sepak takraw game Roll Spike that saw more than 10 million downloads.

The founders of Havson Group of companies (Left) Rayson Wong; (Right) Havene Liew
The founders of Havson Group of companies (Left) Rayson Wong; (Right) Havene Liew

Cementing its track record to date, Havson Group participated and subsequently won the Alibaba CACSC competition held in Singapore in August 2016 emerging as a Champion against 12 other startups from the region. And becomes Merit winner of global final in Hangzhou, China. Havson Group’s unique advantage comes from its VR solution enabling players to move freely in a large space without motion sickness.

Havson Group - Champion of Singapore Division, CACSC 2016
Havson Group – Champion of Singapore Division, CACSC 2016

“Through the Alibaba CACSC competition, we managed to prove to the world that we are an emerging global tech company solving real gaming problems.” said Kee Saik Meng, Founding Partner of Havson Group.

Havson Group - Merit Winner of Global Final, CACSC 2016
Havson Group – Merit Winner of Global Final, CACSC 2016

Havson Group was also the first Malaysian startup showcasing their VR content at the Silicon Valley VR Expo in San Jose.

Even though well known on the international gaming scene, the problems Havson Group sought to address with their tech solutions were more regional. Bringing the VR industry to Southeast Asia, Havson Group saw its many advantages for the market including drawing traffic to dying malls.

“Our VR Parks provides a solution for mall operators wanting to attract footfall, especially from millennials, and provides a gaming experience unlike any other VR multiplayer has done.” said Havene Liew, Founder of Havson Group.

A burning passion for improving and growing the Malaysian games industry drove former film director and game design lecturer Havene to initially kickstart Mediasoft Entertainment in 2012 together with another founder Rayson Wong. During his time as a lecturer, Havene saw numerous young talented individuals leaving the country to seek opportunities overseas or quit the gaming industry altogether due to a lack of opportunities.

Taking matters into their own hands, Havene and Rayson wanted to create those very opportunities, develop those talents and contribute back to the local gaming ecosystem. This passion for talent development saw Mediasoft winning the best employer award in 2015 awarded by KWSP Malaysia.

Mediasoft Entertainment

No stranger to virtual worlds, Kee who has extensive experience in film and games, elaborates on Havson’s insights, “We see this market growing very rapidly in the next few quarters. Besides the growing consumer demand for richer VR experience via malls, we see Hollywood studios and big game companies with IPs entering this space, and, naturally, they are looking for strategic partners to work with.”

This market demand sees Havson Group joining other major competitive players around the world in capturing the global market share. These competitors include The Void, a Hyper-Reality experience gaming centre based in Utah, New York and Dubai. Zero Latency is another immersive VR studio based in Melbourne, Australia which received a total of USD9.5M to date in seed and venture funding from Carthona Capital.

Other players include Dreamscape Immersive which plans to open a VR Multiplex in Los Angeles later this year. Dreamscape has raised USD11M in funding in a round led by Bold Capital. Imax too, has said it plans to open six VR centers in partnership with AMC Theaters and Regal Entertainment, and additional centers planned for Britain and China as well as projects in Japan, the Middle East and Western Europe.

With competition mounting globally in the US, Australia and other parts of Asia, Havson Group’s years of gaming experience and understanding of the Southeast Asian and other regional markets is what they see as their first movers competitive edge.

Others have seen it too with demands for partnerships increasing. Havson Group has already signed partnerships in Pakistan and ShenZhen, China and are currently in discussion with numerous major theme parks and resorts across the region. With interest in VR mounting, Havson Group plans to cement its hold within the region, ahead of the competition.

Managing Partner of 500 Startups, Khailee Ng said that investing in Havson Group was not only in line with their goal to recognize promising startups in Southeast Asia and assist them in growing on a global level, Khailee injects that Havson Group is one of the corporations that has the potential of fast pace growth with the help of technology.

“Having invested in 1,700 Startups in over 60 countries, we’ve built an international platform for startups like Havson to rapidly enter multiple markets at speed. Their business model involves malls paying upfront for rollouts, and generates ongoing profit share. It’s a very capital efficient way to build a global business. Just the kind of business we like!” said Khailee.

With future plans involving Southeast Asia, China and the US, Havson Group of companies is strongly focused on the booming VR market.

“We have the right talented individuals who are brave for new challenges, we can have the right technology along with the skilled software to create a product on par, we have the resources that can push us far, it is undeniable that Havson has the track record that can create another new height,” added Rayson Wong, Founding Partner of Havson Group.

Havson Group Team

About Havson Group: Havson Group builds VR contents and provides VR tech solutions to FEC, theme parks and shopping malls.



Chinese children’s stories startup Kaishu Story tells a US$13 million funding tale

Children’s storytelling startup Kaishu Story, otherwise known as Kaishu Jianggushi in Chinese has raised RMB 90 million (about US$13 million) for its Series B funding round.

New Oriental Education & Technology Group Inc., one of the largest private educational services in China led the investment.

The round also saw the participation from Chinese growth capital firm Trustbridge Partners, Shanghai-listed Zhejiang Daily Digital Culture Group and iResearch Capital.

Kaishu Story was launched by former CCTV host Wang Kai and represents a children’s content brand focusing on children’s stories, with additional products such as audio series and online parenting courses.

To date, the platform has expanded to a total of 2,033 audiobooks which amounts to 23,363 minutes played over 1.5 billion times. Some of the titles include “Kaishu’s Journey to the West”, “Little Prince”, and “Kaishu’s 365 nights”, to name a few.

The startup claims that it has six million users on its content platform through a WeChat public account, a mobile app and audio shows. It targets to generate the revenue of RMB200 million (about US$29 million) in 2017.

Kaishu will use the latest capital to build a national children’s brand, investing in a wider range of product development related to children’s content and moving on to the parenting industry.

“We are making memories, memories of the people,” said Wang Kai. “We hope that through us, every little kid from the age of two can start building on happy childhood memories.”

This funding round comes in lieu with the emergence of a new generation of content and knowledge-sharing platforms in China that have sparked investor enthusiasm.

In January, Q&A knowledge sharing platform Zhihu has raised US$100 million in a Series D round. While Shanghai Bajiulin, a new media and knowledge sharing startup founded by well-known Chinese financial writer Wu Xiaobo also raised RMB 160 million (about US$23 million) in the same month.

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