How Gorilla Mobile’s CEO’s past could affect its future

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Hello readers,

Singapore’s telco landscape has gone through a sea change over the last few years. There was a time when major telcos only offered prepaid SIM cards or postpaid connections that came with two-year lock-ins. Now, virtual mobile network operators have introduced SIM-only plans that start from the low price of S$10 (US$7.50), and consumers are spoilt for choice when it comes to choosing a provider.

We’ve seen plenty of new players come up, and Gorilla Mobile is one of them. The blockchain-based firm stands out from the pack because it allows consumers to turn unused data into tokens that can be redeemed for other services. However, questions surrounding the company’s tech and its CEO’s past have come to light.

Today we look at,

• The monkey wrench thrown into Gorilla Mobile’s plans
• What this construction management startup is doing with its fresh funds
• Other newsy highlights such as Carousell’s newest acquisition and Eight Roads Ventures’ latest investment

PREMIUM SUMMARY

Questions abound

Gorilla Mobile made its debut in Singapore earlier this year with an exciting proposition: the tokenization of unused data to purchase other services. Since then, however, the launch of its full services has been pushed back to 2022 due to licensing delays, and concerns have cropped up over its founder and CEO’s past venture and whether its blockchain-based system will actually work.

• Haunted by the past: Prior to founding Gorilla Mobile, Xanne Leo’s had co-founded blockchain-based platform Infinitus Token. The company raised US$2.5 million through an initial coin offering in 2018, and reportedly listed on token exchange platform Kyber Network, but stopped working in 2020.
• Disgruntled investors: All of Infinitus’ social media accounts, except for its YouTube and Medium accounts, have now vanished, though its website is still up. Complaints against Infinitus have shown up on online forums and on its Telegram channel from users who are reportedly unable to withdraw the credits they’ve purchased. Investors in Taipei have also called for an investigation into Singapore-based Ronald Aai, Infinitus’ blockchain tech advisor, over an alleged blockchain scam.
• Why go blockchain? Aside from the controversy surrounding Leo’s previous venture, several industry experts question the use of blockchain by a telco firm. Some don’t understand the need for tokens in the first place while others foresee issues with execution and compliance on the road ahead.

Read more: Gorilla Mobile CEO’s past, blockchain issues throw monkey wrench into its plans

STARTUP SPOTLIGHT

Building on solid ground

Ka-ching! GoCement, an Indonesia-based construction materials marketplace, has raised an undisclosed amount in a seed funding round from MDI Ventures, Beenext, and Ideosource. Arise, a joint venture capital fund co-led by MDI Ventures and Finch Capital, also participated in the round.