Alibaba acquires Rocket Internet-backed e-commerce company Daraz – [TechJuice]
Chinese tech giant Alibaba has acquired Daraz Group, which is Pakistan’s leading e-commerce platform. With Alibaba’s support, Daraz Group will have more resources to penetrate and capture more markets in the South Asian region. Besides, it also has a presence in Bangladesh, Myanmar, Sri Lanka and Nepal.
Daraz was founded in 2012 by internet company builder Rocket Internet. It previously raised US$55.6 million in funding from investors CDC group and Asia Pacific Internet Group.
“Together with Alibaba, we are ready to empower entrepreneurs in the region and to fulfill our promise to offer our customers the best selection of products with a high level of convenience. All of this would be supported by a best-in-class technology platform, a strong logistics network, and a vibrant community of ecosystem participants,” said Dr. Jonathan Doerr, Co-CEO, Daraz, in a press statement.
Singapore-based cashback aggregator ShopBack acquires Seedly – [e27]
Singapore-based cashback aggregator ShopBack has acquired finance management platform Seedly in an equity and cash deal.
Through this acquisition, ShopBack intends to expand its financial products and community verticals. Seedly will continue to operate as an independent company.
Tee-Ming Chew, CTO and Co-founder of Seedly said that “by joining forces, Seedly will gain access to international markets and resources to grow. ShopBack gains Seedly’s expertise in developing the personal finance vertical.”
Pioneering Southeast Asia angel investor network BANSEA gets new chairman – [press release]
One of Southeast Asia’s pioneering angel investor network, the Business Angel Network of Southeast Asia (BANSEA), founded in 2001, has appointed James Tan as its new chairman, replacing Dr. Mark Hon. He will remain on the board of directors as the Immediate Past Chairman.
Tan said that he will grow BANSEA’s angel investor network through education and investment activities.
“We are confident that BANSEA members will develop best practices through our angel investment masterclasses and co-investment activities. We will continue to build strong global partnerships to encourage greater investment collaboration across the funding lifecycle and geographies,” said Tan.
In 2016, BANSEA launched its first syndicate, the BANSEA One Fund (B1). This allowed members pool their resources to invest in startups while diversifying risks. B1 sought seed stage investments in the range of US$40,000 per investment.
One of B1 portfolio companies includes Parcel Perform, which recently raised US$1.1 million from the BANSEA One Fund, Wavemaker Partners, and 500 Durians.
Philippines-based edtech startup Edukasyon raises undisclosed funding – [e27]
It will use the newly-raised funding to expand across the Philippines, and also to add new verticals to its marketplace and integrate data science for its user base.
The startup first began life in 2015, as a platform to serve the niche segment of senior high schools in Metro Manila, allowing students to search and apply to a few dozen schools.
Since then, it has expanded to related verticals, launching college, technical-vocational and study-abroad search-and-apply services.