Hong Kong Startup News Roundup - 30 June 2019

Hong Kong-based Serai, formerly known as Jasmine22, launches

Hong Kong-based Serai, formerly known as Jasmine22, has officially launched. The tech startup aims to connect small and medium sized manufacturers with component suppliers in different parts of the world, and is a wholly owned subsidiary of HSBC.

Jasmine22 was incorporated last December. In February, Vivek Ramachandran, global head of growth and innovation at HSBC’s commercial bank in Hong Kong, was appointed CEO of the project.On May 7, it was granted a moneylender license in Hong Kong. In general, the regulation for money lenders to issue loans is looser than that for banks.

Jasmine 22 was then renamed as Serai limited on June 20.It probably means that the architecture for Jasmine 22 has been completed and the service is launching in the near future.

WHub together with Societe Generale host 3rd annual FinHACK

After the success of last year’s FinHACK, WHub together with Societe Generale put together the third annual FinHACK, a 36 hour FinTech Hackathon focused on 3 topics: Cybersecurity, Green Finance and Digital Banking. With 160 FinHACKers, 36 hours and a chance to win a cash prize of $25,000, the 3 days of the hackathon were extremely energetic and creative. 

Hong Kong's Techstyle venture The Mills Fabrica expands into the UK

Hong Kong’s Heritage “techstyle” firm The Mills Fabrica is expanding into the UK with a pilot cross-border incubation program and upcoming community events.

A landmark revitalisation project by the Nan Fung Group, which transformed their old textile factories into a new heritage and innovation centre, The Mills Fabrica aims to create an open platform and bridge the gap between Asia and Europe to support techstyle startups across the two continents.

Modelled after the Fabrica Incubation Program in Hong Kong, UK incubatees will benefit from 12-months customised support and have access to The Mills Fabrica’s global network in the techstyle space, as well as exposure opportunities in Asia and around the world. This includes sharing their story and innovation on international stages and at some of the world’s largest startup events and conferences.

Chicago Booth Angels Network Hong Kong partners up with AngelHub

AngelHub, Hong Kong’s first SFC licensed equity crowdfunding platform, has signed a partnership with Chicago Booth Angels Network Hong Kong and GBA Chapter. The partnership is going to focus on fostering the startup investment ecosystem. 

India's Edtech startup Unacademy raises $50M funding led by Steadview Capital, others

India based Edtech startup Unacademy has raised $50 million in Series D funding, led by Hong Kong-based hedge fund Steadview Capital, along with existing backers Sequoia India, Nexus Venture Partners and Blume Ventures. 

Unacademy, a platform that connects expert educators with students looking for quality education, has 13 million learners. 

The company plans to use the capital to bring more educators onboard, fuel growth across multiple exam categories and build a more robust product and technology team.

Unacademy founders Gaurav Munjal and Roman Saini also participated in the round, along with angel investors including Haptik CEO Aakrit Vaish and Udaan cofounder Sujeet Kumar.