Asia news roundup: Electrify in $30m ICO, fengshui upset at Zen, and SixCap bankruptcy bid

Electrify wants to bring power suppliers and their price plans onto the blockchain / Photo credit: Liammolina

Electrify, RateX, Soho, and Tuple Tech were among the Singapore-based startups to announce funding today.

Energy and greentech

Electrify raises US$30 million in token sale (Singapore). The startup is developing a blockchain-based marketplace for household energy supply deals in the run-up to the liberalization of Singapore’s energy market next month. Electrify said that prospective token buyers pledged the equivalent of US$1.3 billion during its ICO. (Tech in Asia)

Travel and hospitality

Rocket denies Asia exit rumor, but reportedly seeks buyers for Zen Rooms (Singapore). Rocket Internet’s Singapore-based joint venture, Asia Pacific Internet Group (APACIG), said it would not be exiting the market after rumors emerged late last week that it was to shut down. However, APACIG portfolio company Zen Rooms – which dismissed around 10 percent of its team last week – is reportedly being shopped around to potential buyers as its funding runway is close to drying up. (Tech in Asia)

Fintech

SixCapital applies for liquidation owing creditors US$143 million (Singapore). The startup’s sole owner Patrick Teng filed for voluntary liquidation in the British Virgin Islands, where it is incorporated. SixCapital claimed to have developed automated currency trading technology that could generate returns of up to 18 percent. But investors filed police complaints against the startup last December, saying it had stopped making payouts in June and that its bank accounts had been suspended. Yesterday, over 200 investors and their proxies swarmed the Singapore office of accountancy firm Baker Tilly, SixCapital’s preferred liquidator, in an effort to stake creditors’ claims. (The Straits Times)

RateX nets US$2.3 million for app launch and regional expansion (Singapore). RateX is a web browser extension that provides shoppers with the lowest exchange rate for cross-border purchases they make through ecommerce portals. The pre-series A investment came from Alpha JWC Ventures, Insignia Ventures Partners, and several other backers. RateX said it will use the funds to launch its mobile app in Singapore and Taiwan this month and expand into Taiwan and Indonesia later in the year. (RateX)

Property and real estate

Soho founder Jonathan Lui / Photo credit: Soho

“LinkedIn for property” Soho raises US$1.3 million (Singapore). The startup allows owners and agents to create free online profiles for their properties, where they can entertain bids, store financial and transactional documents, and chat with tenants and property managers. Australia’s Bridgelane Capital led the round. Soho will use the funds for recruitment, with the aim of doubling its software development team. Founder Jonathan Lui said that he started Soho because he thinks the pay-to-list classifieds model for marketing properties will phase out over the next five years, leading to “significant changes to the online property searching experience.” (Soho)

Artificial intelligence

The Tuple Tech team / Photo credit: Tuple Tech

US$1 million seed funding for Tuple Tech (Singapore). The startup uses AI tech to help enterprises handle data analytics, sales and marketing, and product development. The seed capital came as a private investment from Johnson Chng, partner and managing director at Silk Road Finance Corporation, along with several other individuals. Tuple Tech will use the funds to hire new talent. (Tuple Tech)

Media and entertainment

Beam secures undisclosed investment from SOSV and Artesian (Malaysia). Beam is an events management and “online business connector” platform focused on early-stage companies. It will use the funds to expand its presence in China and Taiwan, with a goal of exceeding 500,000 users and US$3 million revenue by the end of this year. Angel investors also joined the round; previous backers include TBV Capital and Amperor Group. (Beam)

Big tech