Hong Kong Startup News Roundup - 7 June 2020

Happyer.io accepted into the Cyberport Incubation Program unlocking $500K funding

Happyer.io has been accepted into Cyberport Incubation Program unlocking $500K funding! 

Happyer is a Hong Kong based career platform for the modern job seeker who is not just looking for a job but is looking for the right fit, where they can be happier. 

WHub hosts Hack.Asia, powered by Jardines, to shape Hong Kong’s tomorrow

Hack.Asia, hosted by WHub and powered by Jardines, will be taking place from 6-8 July 2020, as part of this year’s Startup Impact Summit (7-8 July 2020) and StartmeupHK Festival 2020. Spanning 36 hours, this annual hackathon aims to inspire the next generation of innovators and business leaders to shape Hong Kong’s tomorrow.

Students, entrepreneurs and startups, are invited to develop technology-driven solutions to address current challenges faced by market-leading businesses in the region including Accenture, Dairy Farm, Gammon, Hactl, HSBC, Hongkong Land, Jardine International Motors, JLL, Jardine Restaurant Group, Mandarin Oriental Hotel Group and Microsoft. Given their reach, access to resources, and renowned entrepreneurial spirit, the best Hack.Asia solutions – if adopted – can bring transformative change throughout Asia, and beyond.

With the support of industry experts, mentors and judges from Jardines, WHub and the participating companies, participants will have 36 hours to design and develop innovative solutions (existing solutions allowed*) to address business challenges in the area of travel, e-commerce, data analytics, IoT, consumer experience and big data & AI.

Winners will receive a HK$50,000 cash prize, internship opportunities, the possibility to further develop and implement their ideas into Proof of Concept with the participating companies. All winning teams will present their works at the final showdown hosted on the main stage of Startup Impact Summit 2020.

Singapore fintech GoBear raises $17m fresh investment

Singapore-headquartered fintech GoBear has raised $17 million in a new funding round from Dutch venture capital firm Walvis Participaties and life insurance and asset management company Aegon N.V., it announced on May 27.

The company will use the fresh capital to speed up its transformation into a comprehensive financial service platform across three areas -- an online financial supermarket, digital insurance brokerage and digital lending.

Despite the current coronavirus pandemic, GoBear said its platform had been gross margin positive since the end of 2019. The company reported a 52% increase in average order value for its digital insurance brokerage in the first quarter this year.

InvestHK unveils details of virtual StartmeupHK Festival 2020

Invest Hong Kong (InvestHK) today (June 4) announced details of its five-day StartmeupHK Festival 2020, which will run from July 6 to 10. Befitting its theme of start- ups and technology, the festival is making the unprecedented move of transforming from an in-person event to a fully virtual experience.

The week-long extravaganza of start-up events will feature keynote addresses by renowned industry figures from around the world, exhibitions, investor matching and a jobs fair, and will be open to attendees across the globe for free, with additional paid premium sessions. The festival will showcase the latest developments in smart cities, retail tech, artificial intelligence, fintech, lifestyle tech, and global start-up trends and insights. It represents a unique opportunity for start-ups, entrepreneurs, investors, industry leaders, students and government representatives to connect, exchange ideas and benefit from business opportunities in Hong Kong, Mainland China and elsewhere in Asia.

Hong Kong’s loss of special status could hurt startups

The United States' decision to remove special policy exemptions that had treated Hong Kong differently than mainland China could hurt Hong Kong's tech startup scene.

Although Hong Kong is not a manufacturing hub, there were 3,184 startups based in Hong Kong in 2019, up 43% from 2017, according to a government survey. The areas these startups focused on ranged from financial technology and e-commerce, to logistics and supply chain management.