This week, we have record-breaking news and big numbers. Grab announced its plans to go public in what is expected to be the largest-ever U.S. equity offering by a Southeast Asian company. Fintech startup Fave has been acquired by Pine Labs in India. It has immediate plans of expanding in India — a move said to be uncommon. Read on for more.
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Grabbing headlines
- Super app Grab revealed its plans for the GrabForGood fund, which has an initial value of US$275 million. Details here.
- The startup also announced its plans to go public in the United States, facilitated by a partnership with Altimeter Growth, a Special Purpose Acquisition Company (SPAC). Read more here.
Big deals
- Fintech startup Fave has been acquired by Indian merchant platform Pine Labs in a US$45 million deal. More details here.
- A report by Reuters revealed that 500-backed Indonesian e-commerce startup Bukalapak has raised US$234 million in capital in a funding round. Read more.
Making the list
- Founder and CEO of drone startup Aerodyne, Kamarul A Muhamed, has been unanimously named EY Entrepreneur Of The Year 2020 Malaysia. He was also awarded the winner of the Technology Entrepreneur category. Details here.
- CNA Lifestyle featured abillion’s 2021 Singapore Top 50 Vegan Dish Awards, an initiative that recognizes the best plant-based options available locally. Read more here.
- 500-backed proptech startup MHub has won third place in the Huawei Spark competition. Find out more.
- Three 500-backed startups, Carsome, Reddoorz, and Fabelio have been ranked in the Financial Times’ high-growth companies in Asia Pacific. Details here.
Words to the wise
- Last week, Managing Partner at 500 Startups Khailee Ng shared his opinion on Special Purpose Acquisition Companies (SPACs) and Environmental, Social, and Governance (ESGs). See what he had to say here.
- Third-party cookies are being phased out with a 2022 deadline. Xin-Ci Chin, head of marketing for StoreHub, weighs in here.
Other stories you may have missed:
- Escavox has been selected for Cultivo Virtual Academy, a six-week program that helps tech startups enter the U.S. market.
- Xfers’ digital currency, XSGD, is now listed on CEX.IO, a regulated, multi-functional cryptocurrency exchange.
- Carousell Malaysia is one of the winners of the CXP Asia Best Customer Experience Awards, which recognizes companies for excellence in customer experience as judged by their own customers.
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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.
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