5 in 5 mins - June 10th

1. Saudi Arabia invested $3.5B into Uber

Uber announced on Wednesday morning that they have received a cash infusion from Saudi Arabia’s Public Investment Fund, which is the main investment fund in the country. Uber currently valued at US$62.5 billion.

The investment falls in line with its Vision 2030, which stated its plan to reduce dependence on oil during the next 15 years.

2. Snapchat raised $1.8B in Series F

The LA-based company Snapchat just raised US$1.8B in Series F, US$1.158B billion of that was raised since January 2016. What is also worth mentioning is that the company has estimated the revenues will be between $250 million and $350 million for 2016. According to Snapchat, video view on the service grew more than 350% lat tear to over 10 billion video views per day.

3. KFit acquires Groupon Indonesia

The Malaysian fitness startup KFit just acquired Groupon Indonesia, the local commerce company with more than 1M subscribers. The acquisition will see KFit enter the Indonesian market, Groupon Inc will become a strategic shareholder of KFit.

4. Trax raised $40M in Series C

The Singapore-based startup has raised US$40 million in Series C, the funding comes from existing investors in the company. As of today, Trax has raised a total of US$78 million. The funding will be used to continue their expansion in North America and partnership with retailer chains there.

5. Hong Kong tram operator offers air-conditioned car

Starting from this Monday (June 6th), passengers in Hong Kong will be able to experience the one-and-only air conditioned tram no.88, you will need some luck to catch it as its timetable and routes are random like any other tram cars in the town. The air-conditioned tram is on a three-month trial, during this period of time, passengers on the cool tram will be charged the same fare as on the old trams. Passengers will be invited to take part in survey online or on board.