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Hong Kong Startup News Roundup - 26 April 2021

5 in 5

 1. Sequoia-backed edtech startup CoLearn secures $10m in series A round

Sequoia-backed edtech startup CoLearn secures $10m in series A round. Indonesia's CoLearn, an AI-backed edtech startup that provides a platform for online classes and livestreamed homework and exam assistance, said it has raised US$10 million in its latest round of funding


2. Chinese driverless truck developer TuSimple debuts on Nasdaq raising $1.1 Billion USD

Shares of TuSimple Holdings Inc (TSP.O) made a lackluster U.S. stock market debut on Thursday, giving the self-driving truck maker a market capitalization of $8.5 billion.

TuSimple shares opened at $40.25, marginally higher than their initial public offering (IPO) price of $40 per share.

3. Singapore's startup accelerator Big Idea Ventures launches its third cohort for Foodtech firms 

Big Idea Ventures (BIV), a startup accelerator in Singapore and New York, has announced the launch of its third cohort, which features 15 early-stage startups working in plant-based and cell-based industries.

BIV is focused on the alternative protein industry with its New Protein Fund, and on developments in the food industry that can solve challenges in waste, water use, plastic use, and carbon dioxide emission with its Generation Food Fund.


4. BlackRock partner with Temasek to invest $600m in decarbonization fund

BlackRock (NYSE:BLK) and Temasek, the Singapore-based investment company, team up to launch a series of late stage venture capital and early growth private equity investment funds that will focus on advancing decarbonization solutions to accelerate global efforts to achieve a net zero economy by 2050.

The two companies intend to commit a combined US$600M in initial capital to invest in multiple funds launched by the partnership, which will be called Decarbonization Partners.

The funds will also raise third-party capital from investors "who are committed to achieving a net zero world while also seeking to obtain long-term sustainable financial returns," the companies said in a statement.

5. Singapore’s fintech startup STACS raises $3.6M in pre-Series

Singapore-based fintech Hashstacs Pte Ltd (STACS) announced today it has raised $3.6 million USD in pre-Series A funding. The company develops blockchain platforms that can work with financial institutions’ existing infrastructure, and its core technology is also used in GreenSTACS for environmental, social and governance (ESG) investments. The round was led by Wavemaker Partners, which focuses on enterprise and deep tech companies in Southeast Asia, with participation from the Tribe Accelerator, a program for blockchain startups backed by the Singaporean government. STACS participated in Tribe last year, along with Project Ubin, the Monetary Authority of Singapore’s blockchain-based multi-currency payments network initiative.



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