Author: vivian
Global Brain launches US$175 million sixth fund
Japanese venture capital fund Global Brain Corporation has officially launched its sixth fund, its founder and CEO Yasuhiko Yurimoto announced at the firm’s annual Alliance Forum on December 8.
Founded in 2001, the corpus of Global Brain’s first and second fund totaled only at US$17.5 million. This latest fund is the sixth which is valued at US$175 million and has a first close at US$ 130 million, with the final close expected by June 2017.
This latest fund has been financed by more than 10 companies and academic institutions, including travel agency JTB, Mitsui Sumitomo Banking, Sumitomo Forestry, Information Services International-Dentsu, and the public-private entity Cool Japan Fund.
With the closed US$175 million VC fund, Global Brain will be targeting investments in startup ventures of various industries, including sectors such as the internet of things (IoT), hardware, enterprise, robotics, education, and e-commerce solutions.
The fund will aim to invest in a portfolio between 70 to 80 companies over a period of 10 years, with ticket size ranging from 200 million yen (about US$1.7 million) to 1 billion yen (US$ 8.67 million) each.
The fund is also focused on investing in ventures that can strengthen Japanese tourism in the 2017-2019 period, given the upcoming Tokyo Olympics in 2020.
“With the Tokyo Olympics and Paralympics happening in 2020, Japan is in a time of change. We want to create an ecosystem that links this progress to a future beyond the Olympics,” Yurimoto said, emphasising an interest in ventures that could solve Japan’s societal and economic issues.
The future also includes a strong international focus, with Global Brain planning to deploy its capital in the startup ecosystems of Japan, Silicon Valley, South Korea, Southeast Asia, and Israel.
Southeast Asia, in particular, represents strong growth prospects for this fund, given the prevailing growth narrative of economies in the region.
This is a goal shared by its primary limited partners: the Cool Japan Fund, travel service conglomerate JTB, and mega-bank Sumitomo Mitsui Banking Corporation (SMBC).
With the closed US$175 million fund, this will bring the VC’s total funding raised to US$375 million, with its capital spread across 51 investments in 43 companies.
The firm’s portfolio list include Raksul – Japan’s own printing startup, Near – India’s location-based advertising venture, and Mercari – a used-goods application.
By Vivian Foo, Unicorn Media
Malaysian PE firm Creador closes Fund III at US$ 415 million
Southeast Asia and India-focused private equity (PE) firm Creador has reached the first close for its Fund III at US$415 million, falling US$35 million short of its initial target at US$450 million.
This latest round of fundraising has seen different investors varying from endowments, pension funds, family offices, international fund of funds (FOF) as well as a development bank, according to Edwin Cheah, the Director of Creador.
The private equity firm, based out of Malaysia, Mauritius, India and Indonesia in its previous two funds has raised a funding amount of US$130 million and US$331 million respectively.
“The sectors that Creador III will focus on are consistent with Creador II,” Cheah said. “But the businesses that we are excited about are ones that sell from one to many, B2C businesses that are targeting a broad base of consumers.”
In particular, the company will be looking at three investment themes – financial, consumer and business services. With examples of financial services being banks and finance companies, consumer services examples including branded products, media, retail, healthcare, and education while business services refer to B2B services, payment processing.
Established in September 2011, Creador is founded and headed by former ChrysCapital managing director Brahmal Vasudevan. On its global advisory board are other noteworthy former Malaysian corporate captains like Krishnan Tan and Dr. Thillainathan Ramasamy, as well as former Indonesian finance minister Dr. Ir Bambang Subianto.
The company’s Malaysian portfolio includes data and analytical tools provider CTOS Holding Sdn Bhd, medical and allied health education provider Asiamet Education Group Berhad and retail pharmacy chain RedCap Pharmacy.
While in Indonesia, the company has picked stake in companies like financing firm BFI Finance, TV operator MNC Sky Vision and cereal player Simba Indosnack Makmur.
Its India investments include Murugappa Group’s NBFC Cholamandalam Finance, Repco Home Finance, tile maker Somany Ceramics and PC Jewellers.
With this new fund, the Malaysia-based company is also planning to invest in newer markets, such as the Philippines and Sri Lanka, apart from its existing target markets Indonesia and Malaysia in Southeast Asia, and India.
“We are exploring opportunities in the Philippines and Sri Lanka and these new markets will be no more than 10% of the fund,” Brahmal Vasudevan, the founder and chief executive officer of Creador said.
“We are still working on the deal opportunities in Indonesia and will disclose further details once able,” he added.
By Vivian Foo, Unicorn Media
Japan space entertainment startup ALE raises US$ 6 million from angel investors
Japanese space startup ALE is developing the technology to deliver on-demand man-made meteors, which could turn the night sky into a blank canvas.
The startup does this by launching a microsatellite packed with small pellets which will then release once it has reached the outer space to induce atmospheric re-entry.
This will result in meteors that are bright enough to be seen with the naked eye over the brightest city skies, potentially reaching audiences across a 200 km area in diameter on the ground.
The project is known as Sky Canvas and has attracted much attention as well as investment. As on Tuesday afternoon, the Tokyo-based space entertainment startup has raised up to JPY 700 million (about US$ 6 million) from angel investors.
Founded in 2011, it was a former investment banker with a Ph.D. in astrophysics from the University of Tokyo, Lena Okajima who garnered private funding and collaboration with academics from three academic institutions to establish ALE.
With these funds, the company will officially launch its shooting star technology – Sky Canvas Project in 2018.
“Imagine a future, where you can use our meteors for international fireworks displays, a proposal for marriage, or a special memorial,” said Shinsuke Abe, ALE’s Research Director and Nihon University Aerospace Engineering Professor.
Besides, ALE’s artificial meteors can also serve another purpose – to be used as a vehicle to observe the upper atmosphere, to collect data on atmospheric re-entry of objects, and to better understand the nature of natural meteoroids.
Led by Lena Okajima and four research directors from academic institutions across Japan, ALE has begun publishing papers and presenting its findings from the project at space symposiums.
“We are excited to showcase our artificial meteor project, the very first of many we plan on undertaking as a space entertainment company,” Okajima said. “As the first pioneers in the space entertainment field we aim to consistently further the frontiers of this industry while contributing to scientific research.”
ALE has also disclosed plans to provide its artificial meteors to corporations and governments for entertainment purposes, such as outdoor festivals, sports games, city promotions and theme parks.
But it is very likely that the grand showcase for this outer space entertainment could be the opening of the 2020 Tokyo Olympics, which ALE is rumored to have bid to take part in.
By Vivian Foo, Unicorn Media
Video Url: https://www.youtube.com/watch?v=vHvyz3h-rRo
Maverick capital-backed e-pharmacy 1mg buys MediAngels, making its second acquisition of the year
Online pharmacy 1mg Technologies Pvt. Ltd has acquired Mumbai-based MediAngels (Angels Health Pvt. Ltd), an online hospital for an undisclosed sum in cash and stocks to strengthen its position in India’s eHealth space.
At the start, 1mg operates an online marketplace for medicines, besides facilitating medical appointments and diagnostic test bookings. But with its acquisition of MediAngels, it has also forayed into specialty doctor consultations, corporate health services, and insurance partnerships.
“Our consumers can now access a deep network of over 450 specialists across India and the world, and we also get an entry into the corporate health space through this platform,” said 1mg’s co-founder Prashant Tandon in a statement on Wednesday.
“We now offer services to consumers as well as corporate customers which include ePharmacy, eDiagnostics, eConsultations and Super Speciality Second Opinions as well,” he adds.
1mg, earlier known as HealthkartPlus, was the generic drug search business of Healthkart, an online vendor of health products run by Bright Lifecare Pvt. Ltd. In April 2015, HeartkartPlus was rebranded and spun off into a separate entity now known as 1mg.
On the other hand, MediAngels.com was founded in 2011 by super-specialist doctors, Dr. Arbinder Singhal and Dr. Debraj Shome with the purpose of bringing topmost super-specialist doctors within everyone’s reach using technology.
Fast forward to today, the company has established itself as a platform for patients to seek online consultations for specialized medical cases in cardiology, cancer, neurosurgery, orthopedics, and pediatrics, among other areas, from its network of doctors covering 93 specialties.
Also a business-to-business (B2B) service, MediAngels was used extensively by insurers and corporates who enroll for second opinions and employee health benefits. Insurers, for instance, can use the platform to consult doctors and ask whether a given patient should undertake a surgery or not.
MediAngels, which consist a team of 12 people, will continue to build the doctor network and B2B health services for the corporate users in Mumbai led by Singhal, said Tandon. 1mg, with this acquisition, will see its employee strength being increased to 301.
Commenting on the acquisition, Dr. Arbinder Singal of MediAngels said, “The time is right for eHealth platforms to serve the basic need of every Indian to complete the cycle of healthcare for the consumer at a click.”
“Within 1mg ecosystem, we plan to scale up second opinions and drive B2B engagements with more insurers and corporates. Our robust technology tools will help them optimize employee benefits spends on healthcare and to have a healthier workforce,” he adds.
This makes the second acquisition for 1mg in 2016 as in July, the Sequoia-backed company has acquired Medd.in, a booking platform and marketplace for diagnostics and imaging tests for an undisclosed amount.
This acquisition came two months after 1mg has raised INR 100 crore (about US$ 15 million) in a Series B round led by Maverick Capital Ventures and existing investors Sequoia Capital and Omidyar Network.
According to the Prashant Tandon in a statement, 1mg at present has 30 to 40 pharmacies across 13 cities that fulfill medicine orders. In the next six to nine months, the company plans to expand it to 30 cities.
On top of that, the company also has ambitions to roll out subscription services for patients with chronic health issues such as diabetes, blood pressure, among others.
By Vivian Foo, Unicorn Media
Triip.me forms partnership with Booking.com to create unique local tour and hotel lodging experience
Singaporean impact travel company Triip.me and Booking.com have announced a strategic partnership to bring forth an integrated tour and lodging experience.
The collaboration is set to give traditional lodging access for the first time to truly indie and unique local experience offerings that will be slated in early 2017 at hotels around the world, the company announced on December 13.
“This is not just a simple API integration,” said Ho Viet Hai, the CEO of Triip. “Rather, our product team is executing on a vision to make travel and tour booking more seamless.”
Ho Viet Hai also noted the incidence of increasing Indie travellers shifting back to hotels from Airbnb and other platforms, while still demanding a unique local experience.
“We asked a very simple question: How to make traditional lodging more Indie? Our answer was to give travellers best-price guarantees on lodging while also staying true to Triip’s vision of providing authentic local experiences at the same time,” he adds.
The solution was the partnership formed between Triip.me and Booking.com which leveraged on the networks pairing Triip’s inventory of over 6000 local guides in 660 cities with Booking.com’s 1,073,647 properties in 227 countries.
Under this partnership, Triip’s new booking practice will also offer frequent travellers the lowest rate on hotel rooms, free international phone access through Flexiroam, as well as honoring travellers’ reward status achieved on other websites.
However, Mr.Ho emphasises that the venture was not a direct competitor to Airbnb or other similar marketplaces, saying that “We do not see ourselves as a direct competitor to platforms such as Airbnb. Instead, we see ourselves as an enhancement to traditional lodging.”
Targeting avid super travellers, Triip’s new booking experience will be especially useful to those who travel constantly both for businesses and lifestyle purposes.
“Now that we’re building the product, we’re seeking partnerships with any hotels around the world interested in having a more hands-on approach to the bookings we’ll be sending them, and also getting the word out to super travelers so we have sufficient early adopters to optimize the experience.” concluded Mr. Ho
Founded in 2013 by Ho Viet Hai and Lam Thi Thuy Ha, who had been in the tourism industry as a tour guide herself, Triip initially allowed Vietnamese people to curate their own tours to offer to travelers. The company is currently present in almost 100 countries.
Triip is backed by Gobi Partners and is, as a matter of fact, the Shanghai-based VC firm’s first investment in Vietnam. In February 2016, Gobi Partners has invested US$500,000 in seed funding to the travel platform which links travellers with knowledgeable locals.
By Vivian Foo, Unicorn Media