ELECTRIFY to raise US$5M Series A, seeking to develop its P2P Energy Trading Technology [Press Release]
ELECTRIFY, the purveyor of Singapore’s first retail electricity marketplace, announces that it seeks to raise US$5 million in Series A funding by the end of this year.
These funds will be used to accelerate ELECTRIFY’s business growth focussing on technology development, as well as for strategic hires to hone its Artificial Intelligence and blockchain capabilities. It also will use the funding for regional expansion plans into key markets outside of Singapore.
ELECTRIFY’s Synergy forms a component of ELECTRIFY’s electricity contracting ecosystem, facilitates peer-to-peer energy trading across an existing city-wide energy grid. It enables individual producers of energy, including private producers of renewable energy such as owners of solar panels, to sell excess energy to other consumers across a city.
ELECTRIFY said it is currently in talks with potential investors based in the region. Previous notable milestones of the company include a strategic investment secured from Tokyo Electric Power Company (TEPCO), the completion of the first series of city-wide P2P energy trades in Singapore, and a recently announced collaboration with the power-monitoring startup, Ampotech to enable real-time energy monitoring.
SG Bike signs deal to buy Mobike’s Singapore licence for US$1.85M [DealStreetAsia]
The deal will see that SG Bike operates 25,000 shared bikes in the city-state, as announced by Singapore-based urban planning and civil engineering company ISOTeam, the 51 per cent shareholder of SG Bike. The transaction includes the purchase of Mobike’s licence to operate its bicycles in Singapore, a security deposit of US$550,000, and 25,000 bicycles, as well as related bicycle service fees for storage costs.
Right now, the deal is still subject to regulatory approval. If successful, it will make SG Bike the largest shared bike operator in the city. Per September 13, Mobike bicycles unlocking is expected to be done via SG Bike’s app by September 13.
Sean Tay, Chief Operating Officer of SG Bike, said: “With the increased bicycle fleet size, SG Bike will now be able to serve more areas in Singapore. Bicycles will also be strategically deployed to ensure bicycle availability.”
Mobike, which was acquired by Meituan Dianping for US$3.4 billion, first launched its bike-sharing service in Singapore in March 2017 and has stated that it plans to roll back its international operations.
Global software company SAP.io launches accelerator, joined by 7 B2B startups [Marketing Interactive]
Software company SAP has officially launched SAP.iO Foundry Singapore, its first accelerator programme based in Singapore. According to Marketing Interactive, its first cohort will be joined by seven early-stage startups focussed on B2B technologies.
With SAP.iO Foundry, SAP said that it aims to accelerate Southeast Asian startups by providing them access to mentorship, exposure to SAP technology, the application of programmable interfaces, as well as opportunities to collaborate with SAP customers.
The companies that have joined the accelerator are:
- TADA, data-driven customer advocacy, and engagement platform that helps brands attract, engage and retain customers.
- Size n Fit, an eCommerce add-on to help online shoppers find apparel that fits and reduce returns.
- Flowcast, a platform that uses machine-learning algorithms to harness complex data to automate credit decision-making.
- LuxTag, a blockchain-based anti-counterfeiting and anti-theft solutions provider.
Indonesian Jet Commerce buys Brand Top for the Philippines, China expansion [DealStreetAsia]
Indonesia-based e-commerce enabler, Jet Commerce, announces that it has acquired Chinese firm Brand Top for an undisclosed amount as an expansion strategy into the Philippines and China, as reported by DealStreetAsia.
Established in 2017, Jet Commerce offers an end-to-end e-commerce solution for brands and small and medium businesses. The startup claims to have helped 100 official online stores on 13 popular Asia-based e-commerce platforms to date.
With its expansion into the Philippines, Jet Commerce will also open a new office in Taguig City, in Manila.