Hong Kong Startup News Roundup - 19 May 2019

Plant-based meat startup, Impossible Foods bags $300 million Series E funding to accelerate growth

Impossible Foods, a startup that makes plant based meat has raised a $300 million Series E round led by Temasek and Horizons Ventures, brings the total funding raised to more than $750 million. The startup will use these funds to accelerate the company’s rapid scaleup, including accelerated hiring and capacity expansion at its manufacturing plant in Oakland, California.

Since launching in Singapore in March 2019, sales have increased in Asia more than three-fold. Impossible is sold in a wide range of restaurants and cuisines throughout Hong Kong, Singapore, and Macau. Since January, Impossible Foods has recorded intense growth in every sales category in which it does business — independent restaurants, large restaurant chains, and non-commercial outlets such as theme parks, museums, stadiums, and college campuses. The Impossible Burger is now sold in more than 7,000 restaurants on two continents. In many restaurants, it is a top-selling item and a key driver of new foot traffic.

YouTrip, Singapore's 1st multi currency mobile wallet, raises largest funding round for a FinTech startup in South-East Asia

Singapore startup YouTrip, the country’s "first multi currency mobile wallet”  has raised the largest funding round for a FinTech startup in South-East Asia of US$25.5 million for its pre-Series A round. Participating investors include major Asian family offices and venture capital firm Insignia Ventures Partners.

The funds will be used to develop its technology and technical payment infrastructure, as well as introduce new product features. They will also expand deeper into Southeast Asia.

Launched in August 2018, YouTrip lets travellers enjoy 0% transaction fees (that typically range from 3-5% with other card issuers) and competitive exchange rates in over 150 currencies.

Hong Kong, Taiwan investors to develop $500m Yangon Technology Park Project

In what will be the first industrial zone project to be led by the Yangon region government, a group of investors from Hong Kong and Taiwan will be developing Yangon HtanDaPin Technology Park, a $500 million investment industrial zone, in HtanDaPin township. 

Golden Myanmar Investment Co Ltd, Wedtex International HK Co Ltd and Yangon Well Development Co Ltd signed a memorandum of understanding (MoU) with the Yangon region government last week at the Yangon Investment Forum.

Located in the western border of central Yangon region, the industrial zone area of HtanDaPin – which is about a two-hour drive from the Yangon city – spans across 1,000 acres. The project is currently awaiting the approval of the Parliament and will proceed as per the Myanmar Investment law.

Arch Capital-backed Co-living operator opens 2nd location in Hong Kong

Co-living provider Oootopia unveiled its second shared residence last week, according to an announcement by the company, as the private equity-backed startup expands its Hong Kong footprint.

The opening of the new property in the Tai Kok Tsui area, within ten minutes’ walking distance of both the Olympic and Mong Kok metro stations, follows Oootopia’s initial entry into Hong Kong’s co-living market last year with a 56 room property in To Kwa Wan, on the western shore of Kowloon Bay.

Ootopia, which is backed by Hong Kong-based fund real estate manager Arch Capital and Singapore-based hotel management firm Wanderwonder Hospitality, says that it has a third location timetabled for later in the year, as shared living businesses catch on with both young professionals and property investors in Hong Kong.

Macau Government promises support to Portuguese startups going to Macau or the Greater Bay Area

The Macau Chief Executive said on Wednesday that the region will continue to boost cooperation between Chinese and Portuguese-speaking companies and support “startups” who want to go to Macau or the Greater Bay Area.

“We will continue to boost the advantages that Forum Macao represents, we will further boost the development and cooperation between China and Portuguese-speaking countries and continue to promote exchanges and cooperation between companies in China and Lusophone countries,” he said.

The president of the Macau SAR spoke also mentioned the recent visits by Chinese President Xi Jinping to Portugal and Marcelo Rebelo de Sousa to China. According to the head of the executive, these visits are a demonstration of the “constant deepening of the global strategic partnership between China and Portugal, of the historical ties between Macau and Portugal and also Macau’s role as a platform for relations between China, Portugal and Lusophone countries”.