Paving the way to Asia
- 500-backed fintech startup Fave has been acquired by Indian merchant platform Pine Labs in a US$45 million deal. Both companies noted that the acquisition will help them accelerate their growth in the Asia region.
- The combined team is working to bring Fave’s offering to customers in 3,700 Indian cities, which, according to TechCrunch, is one of the rare times when a Southeast Asian startup is launching its offering in India.
- Fave’s leadership will continue working at the startup. Co-founder and CEO of Fave Joel Neoh added that it plans to hire an additional 100 employees and launch a buy now, pay later product in the next one to two months.
- Read the full article on TechCrunch here.
Supercharging the super app
- 500-backed super app Grab announced it plans to go public in the United States, facilitated by a partnership with Altimeter Growth, a special purpose acquisition company. This is expected to be the largest-ever U.S. equity offering by a Southeast Asian company.
- According to Grab, it will also receive about US$4.5 billion in cash as part of the deal to continue expanding its business.
- Co-founder and group CEO Anthony Tan said, “Altimeter is investing in a way that demonstrates our aligned values, with a three-year lock-up on their sponsor promote shares and unprecedented contribution of shares to our new GrabForGood endowment fund… This is testament to the global investment community’s belief in the long-term value proposition of Grab’s superapp strategy and the exciting growth potential of Southeast Asia.”
- Read the full announcement on Grab here.
A cookieless monster
- By January 2022, Google will have phased out third-party cookies in its Chrome browser. This means ad companies and businesses that rely on cookies to target consumers will have to find an alternative solution.
- Xin-Ci Chin, head of marketing for StoreHub, a tablet-based point of sale (POS) system startup said the biggest losers from third-party deprecation would likely be SMEs, especially the smaller enterprises, which are not in the habit of owning or even collecting first-party data.
- On how the startup is managing its user base of over 13,000 companies across Southeast Asia, Xin-Ci shared, “We are mostly preparing our customers for the cookie-less world in a variety of ways, such as making it easier for them to collect their customers’ information using technology, from store-enabled cashback and QR ordering to online ordering.”
Missed out the last Daily Markup? Go here to check it out.
500 Startups is a venture capital firm on a mission to discover and back the world’s most talented entrepreneurs, help them create successful companies at scale, and build thriving global ecosystems. In Southeast Asia, 500 Startups invests through the pioneering 500 Southeast Asia family of funds. The 500 Southeast Asia funds have backed over 240 companies across multiple sectors from internet to consumer to deep technology. It continues to connect founders with capital, expertise and powerful regional and global networks to help them succeed.
This post is intended solely for general informational or educational purposes only. 500 Startups Management Company, L.L.C. and its affiliates (collectively “500 Startups”) makes no representation as to the accuracy or information in this post and while reasonable steps have been taken to ensure that the information herein is accurate and up-to-date, no liability can be accepted for any error or omissions. All third party links in this post have not been independently verified by 500 Startups and the inclusion of such links should not be interpreted as an endorsement or confirmation of the content within. Information about portfolio companies’ markets, competitors, performance, and fundraising has been provided by those companies’ founders and has not been independently verified. Under no circumstances should any content in this post be construed as investment, legal, tax or accounting advice by 500 Startups, or an offer to provide any investment advisory service with regard to securities by 500 Startups. No content or information in this post should be construed as an offer to sell or solicitation of interest to purchase any securities advised by 500 Startups. Prospective investors considering an investment into any 500 Startups fund should not consider or construe this content as fund marketing material. The views expressed herein are as at the date of this post and are subject to change without notice. One or more 500 Startups fund may have a financial interest in one or more of the companies discussed.