Hong Kong Startup News Roundup - 6 December 2020

Hong Kong’s Avant Meats Closes US$3.1M Seed Round To Commercialise Cultivated Fish In 2021

Hong Kong-based Avant Meats, the city’s only startup working on cell-based protein, has just closed a US$3.1 million seed funding round. Avant received backing from prominent regional and international investors, including the chairman of the world’s largest responsible tilapia producer. The food tech says that the financing will help accelerate its scale-up plans towards the commercialisation of its cultivated fish in 2021. 

Announced on Thursday (December 3), Avant Meats’ US$3.1 million seed round saw participation from major investors across the Greater China region, including China Venture Capital, Hong Kong’s first SFC-licensed startup investment platform AngelHub and ParticleX, as well as global leading alternative protein venture capital firms Lever VC, CPT Capital, Artesian, Loyal VC and 208 Seed Ventures. Notably, Markus Haefeli, the chairman of leading tilapia fish producer Regal Springs also backed Avant Meats in the round in a strong show of support for the cultivated seafood industry. 

Commenting on their successful funding, Avant Meats co-founder and CEO Carrie Chan said: “Avant is pleased to be partnering with strategic investors who can support us with manufacturing know-how, customer relationships, and ongoing support. We will accelerate our work with the sustainable seafood and functional protein industries to accelerate adoption of our products into existing global supply chains.”

Singapore fintech startup CardUp partners with Visa to launch in Hong Kong

CardUp, a digital credit card platform, has announced a partnership with payments giant Visa to expand into the Hong Kong market.

The Singapore-based fintech startup will allow businesses in Hong Kong to make payments with credit cards in instances where the recipients do not accept card payments. Businesses can also use their available credit limit to delay the outflow of an expense for up to two months on payments to over 100 countries.

CardUp, licensed by the Monetary Authority of Singapore as a major payment institution, helps shift payments currently made by cash, check, or bank transfers onto credit cards. It currently works with major banks in the region such as Citi, DBS, and United Overseas Bank.

Insurtech Company StartupCare Launches “blüüm” a Brand New Augmented Health Platform

 Insurtech company StartupCare officially announces the launch of brand new augmented health platform “blüüm”, offering curated medical insurance plans and health services. StartupCare was established in 2018, committed to provide SMEs and startups with comprehensive group medical solutions. During the Covid-19 pandemic, there is an increasing attention to personal health, as well as the demands for flexible and innovative healthcare solutions from which people are able to receive protection at anytime and anywhere. In view of this, StartupCare is launching blüüm to roll out flexible and diversified insurance plans to maximize the quality of life at every stage.

Powered by technology,  “blüüm” Goes Beyond Health Insurance

With the refreshing brand concept “Freedom of Health”, blüüm is dedicated to providing tailored health insurance to enable users to enjoy their lives the fullest. In the future, one-stop health insurance and management solutions will be designed to accommodate different lifestyles with the use of cutting-edge technology.

Young Founders School moves fully online with support from Credit Suisse

Young Founders School (YFS)​, a non-profit organization with a mission to change the way entrepreneurship is taught, today announces the completion of its move to being a fully online program and its aims to expand further internationally in partnership with Credit Suisse, a leading global wealth manager and global investment bank. 

YFS, like most charities, was badly impacted by COVID-19 as donations from supporters dropped drastically and their core offering, which was previously delivered through in-person workshops, had been halted since early 2020. However, with Credit Suisse’s renewed commitment, which is now in its fifth year, YFS is able to take its offline programs fully online. The new re-designed courses that had previously delivered learning experiences to over 3,000 students across Hong Kong, Singapore, Shenzhen and Bangladesh will now expand internationally across Asia and around the world as YFS continues its mission to reach 1 million students by 2025.

Brinc unveils plans to invest in over 1,000 climate-conscious startups in the next 5 years

As the climate continues to change at unprecedented speed, international v enture capital and accelerator firm,  Brinc, announces today at WebSummit the future focus of their global investment programs

Coinciding with it’s 6th birthday on December 1st, Brinc has published key criteria that all future investments must commit to in order to get investment and support. This is part of their drive to only back businesses that showcase a commitment to building better alternatives and understand the importance of climate action in their business decisions. Choosing a plant-based diet over animal based diets, choosing climate conscious brands, reducing unnecessary energy usage are just a few examples in their criteria, which spans across sourcing, manufacturing, packaging and distribution. The full list of criteria and recommendations can be found  HERE.

The new commitment comes in recognition that Brinc and its global business partners need to do their part to slow down the effects of climate change. With over 120 global mentors already signed up to the new programs criteria - ranging from large corporates to institutional investors and governments - 2021 is shaping up to be a significant year of impactful growth.

Hong Kong based EmergeVest invests in London based Detected

With more than $800,000 in seed funding on the books, RegTech startup Detected is enabling B2B eCommerce platforms and marketplaces to mitigate risk by verifying both buyer and seller identities, credit ratings, locations and solvency. The company secured funding from Hong Kong-based EmergeVest, reports said, while other angel investors also participated. The company's artificial intelligence-powered platform is marketplace-agnostic, automating data analytics every month to keep both B2B buyers and suppliers compliant and secure.