Hong Kong Startup News Roundup - 17 January 2021

HSBC Joins MioTech's Series B Financing Round

MioTech, the AI-based sustainability data and technology provider, announced today that HSBC has invested in the company in an additional financing round to its Series B, further expanding the company's stellar investor base which already includes ZhenFund, Horizons Ventures, Moody's and TOM Group.

In 2020, MioTech successfully expanded its environmental, social and governance (ESG) data coverage to more than a million public and private companies in the Greater China region. It has implemented supply chain, portfolio, and energy monitoring systems across many different sectors. MioTech plans to launch more datasets covering Asian and European markets. It will also develop more software to address the climate and sustainability challenges faced by financial institutions, corporations and governments.

"HSBC brings us a wealth of knowledge on ESG and green finance," said Jason Tu, Co-founder and CEO of MioTech. "With the new round of financing, MioTech looks to invest more into developing sustainability data and technology, and will further expand its product offerings and geographic coverage."

The investment was made by HSBC's Strategic Innovation Investments team, a corporate venture capital unit which takes minority holdings in early stage technology companies, following MioTech's work with HSBC Global Asset Management.

Paris-based iziwork lands €35 million to grow its temporary employment platform

French startup iziwork, who has just featured in our list of 10 French startups to look out for in 2021 and beyond, has raised €35 million in a round led by Cathay Innovation and Bpifrance. The fresh funds will be used to expand its ‘JobTech’ solution across France and internationally, and expand their team.  

The new funding round brings the total funds raised by the startup to 55 million since its founding in September 2018. The company aims to use the round to expand its team, as well as grow nationally and internationally.

Founded in 2018, iziwork is helping temporary workers find more security with a larger number of job offers. In just a few clicks, the user creates a profile, uploads their CV and presents their availability. Iziwork’s AI-driven technology then completes an analysis, and matches up the job seeker with potential offers. “In 95% of cases, we propose a mission in less than four hours,” said co-founder Mehdi Tahri. 

Brinc is Searching for Climate Conscious Startups to Join its Spring 2021 Accelerator Programs

Brinc is looking to invest in the next generation of technology startups that are fundamentally focused on creating a positive impact in the world. On Brinc’s 6 th anniversary, December 1st, 2020, Brinc vowed to commit to invest in over 1,000 climate-conscious startups over the next 5 years driven by their mission to help slow down and ultimately tackle climate change.

Brinc’s 3-month accelerator programs are 100% online and are uniquely designed to support global startups that have fully developed technology solutions and are ready for commercialization. Accepted startups will receive an investment of up to $80,000 USD. Brinc will support the teams to facilitate commercial agreements, to help scope and secure pilots/POCs, while also opening up growth opportunities locally and internationally for

companies. Upon completion of the program, Brinc will continue to support company growth through business development, provide capital raising guidance, and ensure a deep connection to the growing Brinc family of founders globally.

Global Activewear Retailer chooses OliveX for Strategic Investment

Global digital health and fitness company OliveX Holdings Limited (NSX: OLX) (“OliveX” or “the Company”) is pleased to announce that it has completed a strategic placement to Gym Aesthetics GmbH (“Gym Aesthetics”) of 1,666,667 shares at $0.45 each to raise A$750,000. Funds raised will primarily be used to advance OliveX's technology and continue its global expansion.

In connection with the placement, OliveX and Gym Aesthetics have entered into a nonbinding term sheet ("Term Sheet") for content, branding, sales and marketing collaboration.

If binding terms are ultimately agreed, it is hoped that the collaboration will advance the KARA Smart Fitness Mirror strategy – including product sales and after-sale monetisation –in Europe and the Asia Pacific region.

Gym Aesthetics is a German fitness-fashion retailer which sells high quality gym and fitness clothing. It has a substantial customer base and network, a significant online retail presence, an on-demand workout platform and it conducts regular global fitness events.

Under the Term Sheet, smart mirrors incorporating OliveX’s advanced AI technology are proposed to be sold in the German market, to deliver immersive and customised fitness content using Gym Aesthetics trainers and coaches. Gym Aesthetics apparel and products would feature on OLX's platform.

WeLab Bank Appoints Tat Lee as New Chief Executive

WeLab Bank, a virtual bank licensed by Hong Kong Monetary Authority, announces that Tat Lee has been appointed as the new Chief Executive. He succeeds Adrian Tse, who has stepped down from the role for what the bank described as “personal reasons”.

Tat has close to two decades of retail banking and fintech experience and was most recently the Alternate Chief Executive and Executive Director of WeLab Bank. Tat joined WeLab as employee back in 2013, at a time when the firm was still in its infancy. Over the last eight years, he has assumed a number of roles in WeLab including Head of Product and Risk Management and then later as General Manager of WeLend.

Since 2018, Tat has been strategically involved in building the foundation for WeLab Bank, from obtaining the virtual banking license to its official launch in July 2020.