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Hello readers,
Who’s ready for the weekend? Mine is going to be eventful because my friends have organized a virtual board games night. With Singapore’s new measures to bring down the Covid-19 cases, I’ve been staying at home more often, saving more recipes in my phone, and cooking up a storm (and creating a mess) in the kitchen.
Partly why I’m enjoying this stay-at-home period is also because I have a lot less laundry to do since I’m always in my pajamas these days. Speaking of laundry, who knew it can be at the root of a legal tussle?
Today we look at:
- A potential lawsuit between a Softbank-backed startup and a laundry vendor
- Why this venture capital firm is pretty unusual
- Other newsy highlights such as Razer exploring entering the crypto space and Rapyd setting up a VC arm
PREMIUM SUMMARY
A SoftBank-backed startup is facing a lawsuit from a laundry vendor
The worst part of adulting is doing the laundry…and laundry is also the biggest thing on Style Theory’s mind right now. The Singapore-based fashion rental startup is facing legal action from its Indonesian laundry vendor Beyond for allegedly breaching its contract.
- The agreement: Style Theory works with Beyond for all of its laundry and dry cleaning needs and has committed to take up a certain amount of Beyond’s capacity. However, the vendor alleges that since early 2021, Style Theory has “failed to complete [its] payments.”
- Style Theory’s response: Chris Halim, CEO of Style Theory, declares, however, that the startup has paid Beyond for all the services the latter has delivered since the beginning of their contract and that it has been conducting discussions with the vendor to figure out a solution.
- The value: According to Beyond, the contract has a maximum estimated value of 118.97 billion rupiah (around US$8.3 million), though Style Theory says that this value is inflated.
Read more: SoftBank-backed Style Theory faces lawsuit from laundry vendor
PREMIUM SUMMARY
Behind an unusual venture capital firm
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