A fitting union
- 500-backed e-commerce startup Carousell has acquired Ox Street in a move to capture new and fast emerging e-commerce segments.
- Ox Street is a Singapore-based online sneaker and streetwear marketplace that focuses on product authenticity. The team inspects each pair of sneakers before it reaches buyers.
- In a joint statement, the two firms shared that Ox Street will continue to operate as its own brand, retaining its name, platform, and team. Carousell, on the other hand, intends to benefit by capturing growth in categories driven by Gen Z trends.
- Siu Rui Quek, co-founder and CEO of Carousell said, “We share common values in being user-first and in building communities, as evidenced by the brand love they have created amongst their dedicated community of sneakerheads and fashion enthusiasts, especially amongst the Gen Z.”
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A firm commitment
- “We’re seeing more interesting startups. Those opportunities are interesting enough for us to put more capital to work in those markets (Vietnam and the Philippines),” Vishal Harnal, Managing Partner at 500 Southeast Asia told TechNode Global in an interview.
- He shared that the venture capital firm is more confident in its strategy following its successes this year. According to the article, 500-backed Grab looks to be shaping up to become the world’s biggest SPAC (special purpose acquisition company) deal, while 500-backed Bukalapak launched the largest IPO in Indonesia’s history.
- “We’ve had a string of successful exits that are coming up, so we’re reaffirming our commitment to the region and our commitment to this strategy to support founders,” he added.
- To Bloomberg, Vishal also shared that more family money in Southeast Asia is being channeled into technology and tech investments because of recent startup successes.
- Read the full TechNode interview here.
Building bridges
- 500-backed Angel Investment Network Indonesia (ANGIN) has collaborated with the Embassy of the Kingdom of the Netherlands in Indonesia and Unknown Group to launch the ACCESS program.
- Focusing on the areas of circular economy, sustainable mobility and transport, as well as life sciences and health, the program aims to facilitate connections between Indonesian startups and the Dutch private sector.
- The program comprises online workshops, one-on-one mentorships, and a matchmaking event. The exchange of knowledge and expertise is expected to support Indonesian startups in scaling their sustainable solutions.
- Read the full article here.
