Hong Kong Startup News Roundup - 25 October 2020

Magnum Research Limited Closes a USD 30 Million Pre-B Funding

Magnum Research Limited (“Magnum Research”), developer of digital wealth management platform AQUMON, announces that it has completed its follow-on Series Pre-B round of funding in October 2020. This marks the largest funding deal in the Asian digital wealth management space in 2020. This latest round of fundraising attracted investors Zheng He Capital Management, Lenovo Capital, Alibaba Entrepreneurs Fund, Wing Lung Family Office, and government backed Cyberport, bringing the total round size to USD 30 million (HKD 233 million).  Notably, the Alibaba Hong Kong Entrepreneurs Fund has participated in all previous four investment rounds after it led Magnum Research’s Series A in 2017. 

Although 2020 is a perilous year for many industries, it has brought tremendous growth opportunities to the Digital Wealth Management industry. As an early investor of Lufax and Ping An Good Doctor (HKG: 1833), this round’s lead investor Zheng He Capital Management demonstrated unique insights into the FinTech Space. Magnum Research is thrilled to partner with Zheng He Capital to continue its mission of making algorithm-driven investment advice more accessible.

OnTheList launches OnTheLove

We are proud to announce the establishment of OnTheLove. Amplifying OnTheList’s passion for promoting 360-sustainability, the mission of OnTheLove is to promote ‘Second Life’, to give back to society and to create opportunities beyond the status quo.

Business has a responsibility to give back to the community. We strive for creating the second possibility for everyone and everything.

Chinese startup launches in-home COVID-19 testing

China's local start-up Evercare is proactively rolling out an internationally-accepted, 99.9% accurate COVID-19 test designed specifically for cross-border travel. Evercare's COVID-19 test is generated from the PCR (polymerase chain reaction) methodology.

By adopting the WHO-recommended nasal and throat swab testing method, Evercare has tested over 20,000 people, providing official documentation for travel and unique testing experience at the convenience of their home.

For corporate partners in Hong Kong, Evercare helps companies test their employees before they return to the office. Under this scheme, registered nurses visit the workplace to administer testing, reducing employees' travel time, and raising work productivity. As Hong Kong prepares for a "health code" and "travel bubble" it opens up travel with mainland China, Macau, and Singapore, and thus the test is suitable for all cross-border travel.

Big-name Asia hedge funds raise billions, startups struggle

ESTABLISHED Asian hedge funds have attracted the lion's share of new money this year, while startups have been hamstrung by global travel curbs that have made it impossible for face-to-face meetings with European and US asset allocators.

Well-known firms including Tribeca Investment Partners Pty, Pleiad Investment Advisors Ltd, Dymon Asia Capital (Singapore) Pte Ltd and Sylebra Capital have drawn more than US$3 billion of new money among them this year.

That contrasts with the net US$3.1 billion that flowed out of regional funds in the first eight months of 2020, according to Eurekahedge Pte Ltd. Meantime, the median raising for new Asia funds this year is just US$20 million.

If you're a startup and looking for funding, head over to AngelHub