Financial access for all
- 500-backed fintech startup Fairbanc announced it has raised an undisclosed seven figures Series A funding from ADB Ventures, the Asian Development Bank’s venture arm, Accion Venture Lab, East Ventures, Sampoerna Strategic Group, and others.
- The World Bank estimates that Indonesia’s micro, small, and medium enterprises (MSMEs) have a US$166 billion unmet need for credit.
- According to the press release, since Fairbanc’s inception in 2019, it has partnered with Fast-Moving Consumer Goods (FMCG) companies to offer a ‘Buy Now Pay Later’ option to its merchants. The startup’s AI-powered credit scoring system has helped MSMEs in the startup’s network grow their sales by over 35% while limiting nonperforming loans to near-zero.
- The new investment will be used to expand the startup’s reach and strengthen its sales and technology teams. Fairbanc is also developing a product recommendation system with new features, including timely alerts to help its 60,000 merchants plan inventory.
- Read the full article on PR Newswire here.
Skyrocketing success
- 500-backed Australia rocket startup Gilmour Space Technologies has secured US$46 million in a round led by US-based Fine Structure Ventures, Australian venture capital firms Blackbird and Main Sequence, and Australian pension funds HESTA, Hostplus, and NGS Super.
- According to TechCrunch, this funding round is the largest private equity investment raised by a space company in Australia.
- SatNews says that since its inception, Gilmour Space has achieved a series of technological milestones to become a leader in orbital-class hybrid propulsion technologies that use safer and lower cost fuels than traditional chemical propulsion rockets.
- CEO and co-founder, Adam Gilmour said, “This new investment will give us runway to launch our first orbital rocket in 2022. It will help us develop multiple Eris vehicles, grow our team from 70 to 120 in the next 12 months, build our sovereign space manufacturing capability for rockets and satellites, and facilitate a commercial spaceport in Queensland, where we hope to launch the world’s first hybrid rocket to space.”
- Read the full article on TechCrunch here.
A surge in potential
- 500-backed Indonesia startup RaRa Delivery has been selected for the fifth cohort of Surge, Sequoia Capital India’s accelerator program for startups in India and Southeast Asia.
- RaRa Delivery claims to be Southeast Asia’s only last mile delivery service for eCommerce businesses. Through data-driven logistics, the startup is attempting to make same-day deliveries scalable at the most optimal cost.
- The cohort consists of 23 early-stage startups. According to TechCrunch, the program was launched in March 2019 and has backed 91 startups to date.
- The investment firm said that the program is “tried, tested and proven to support founders through strategic mentorship from some of the world’s best startups and business minds, hands-on company building support, and a community of founder-to-founder support”.
- Read the full article on TechCrunch here.
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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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