Hong Kong Startup News Round Up - November 24

Grana raises funding from STI Financial Group

Grana, the Hong Kong-based e-commerce startup has raised an undisclosed amount of fundings from Hong Kong's STI Financial Group in the form of venture debt.

The fresh capital will be invested to improve cash flow management, as well as to accelerate its AI technology development. Grana’s total disclosed funding stands at US$16 million.

3 Hong Kong-based startups win investment from Alibaba Hong Kong Entrepreneur Fund

Jumpstarter 2017 held its Grand Finale on November 21, where the final 24 startups pitch their idea with the hope of becoming the top 3 winners. Surgical robotics firm CuttingEdge MedTech, green energy solutions provider En-Trak and sustainable food provider Farm66 Investment stood out from the crowd and each won up to US$1 million in investment from Alibaba Hong Kong Entrepreneurs Fund.

Alibaba Founder Jack Ma also held a fireside chat with Hong Kong Chief Executive Carrie Lam to share his startup experience. "My advice [to entrepreneurs] is ‘don’t follow what’s hot.’ Be unique, and think about what makes you better, why you will last for ten years, while others can only last for one.” said Ma.

Founded in 2015, Alibaba Hong Kong Entrepreneurs Fund has invested in 14 Hong Kong startups, including Aqumon, CompareAsiaGroup, DayDayCook, Gobee.bike, GoGoVan, Grana, Glo Inc, NOSH, Origami Labs, Prenetics, Quipital, Shopline, WeLab and YEECHOO. All the profits from these investments will be put back into the Fund.

Hong Kong Banks to Shut Down Bitcoin-Related Accounts

The South China Morning Post reports that various Hong Kong entrepreneurs and bitcoin companies have been forced to open back accounts overseas as local bank accounts were suspended.

The sudden change of heart from local banks left cryptocurrency -related businesses up the creek. FinTech entrepreneurs and businesses including Gatecoin and Bitspark needed to look oversea to fulfil their banking needs.

Read the full story here

9 proptech startups to compete at MIPIM Startup Competition in HK

9 property technology startups will compete at the MIPIM Startup Competition during the MIPIM Asia Summit 2017, an annual property leaders' summit in the APAC region on November 29th.

Basking Automation, China Mini Storage Limited, GorillaSpace, Rover Parking, SnapFlat, Solen, Space Tech Pte Ltd, WEMAINTAIN and WorkWell have been chosen as the 9 finalists.

LA's Divergent 3D receive fundings from Hong Kong VCs

Divergent 3D, a Los Angeles-based startup backed by Hong Kong veteran Li Ka-shing, has raised US$65 million in Series B. The round was led by Hong Kong-based O Luxe Holdings, with the participation from Li Ka-shing's Horizon Ventures, Shanghai Alliance Investment Limited and Altran Technologies.

Divergent 3D has raised over US$90 million from 2 rounds. Founded in 2014, Divergent 3D wants to reshape car manufacturing through 3D printing.