Hong Kong Startup News Roundup - 1 February 2021

Lynk, a “knowledge-as-a-service” platform with more than 840,000 experts, raises $24 million

Lynk, a “knowledge-as-a-service” platform that connects clients with over 840,000 experts in a wide range of fields, announced today it has raised $24 million led by Brewer Lane Ventures and MassMutual Ventures, with participation from Alibaba Entrepreneurs Fund. The company uses machine learning algorithms to match users, who include investment firms, Fortune 100 companies and government entities, with experts on its platform, helping connect them with people they would probably not find at traditional consultancies or by searching online.

Founded in 2015, Lynk has now raised a total of $30 million. It has more than 200 employees across offices in eight cities: Hong Kong, New York City, Singapore, London, Mumbai, Shanghai, Hyderabad, Toronto and Manila. Its funding will be used for product launches and to expand in North America and China, where its seen demand grow over the past twelve months.

Investors give $200m boost to Hong Kong travel startup Klook

Travel booking platform Klook has raised $200 million in a new funding round, underscoring investor confidence in the ability of the tourism industry to eventually recover from the coronavirus pandemic.

The latest fundraising was led by new investor Aspex Management, a Hong Kong-based investment fund, with participation from existing backers SoftBank Vision Fund 1, Chinese private equity fund Boyu Capital and the China arms of U.S. groups Matrix Partners and Sequoia Capital.

The latest financing round lifts Klook's total funding to date to $720 million but the company declined to reveal the valuation basis of the new investments. Startup data service CB Insights valued the company at $1.35 billion before the latest infusion.

Hong Kong supply chain management startup bags $5.7m in series A+ round

International Compliance Workshop (ICW), a supply chain compliance management and business-to-business sourcing platform, announced that it has secured US$5.7 million in a series A+ round led by Infinity Ventures Partners.

Integrated Capital, along with existing investors MindWorks Capital and Hong Kong government-backed Innovation and Technology Venture Fund, also participated in the round.

Founded in 2016, ICW connects global retailers, manufacturers, and accredited testing and certification institutions. The Hong Kong-based company helps them digitalize the supply chain process, from supplier sourcing and product testing to compliance management.

With the new funds, ICW will boost the technological capabilities of its compliance management system and product testing platform. It will also integrate additional features to its B2B sourcing platform, iSource.

Brinc partners with Future Health, a Singapore-based, HealthTech angel investment group, to launch a MedTech Accelerator Program

Future Health Asia, a HealthTech angel investment group, and Brinc, a global venture accelerator firm, announce today the launch of a Singapore & Hong Kong cross-border accelerator program to invest in startups developing MedTech and HealthTech solutions for the Asian market. The program aims to support Seed to Series A stage startups, focusing on an industry that will require additional attention in a post-COVID era.

The program will support startups that either have a significant customer base in Asia or aspire to enter the Asian market. Startups accepted into the 3-month accelerator program will receive a cash investment of up to USD $250,000 and will be provided with a custom-designed curriculum to help them navigate specific points of failure in the industry and reach critical developmental milestones. Accepted teams will also have access to Brinc and Future Health Asia’s growing network of partners in the healthcare space — supporting a significant program objective will be to help them explore and secure commercial opportunities with hospitals, pharmaceutical companies and other healthcare providers across APAC. Furthermore, participating startups will benefit from Brinc’s global network of late-stage investors and will also receive a startup perks package valued at over USD $250,000.