Hong Kong Startup News Roundup - June 28 2021

This Hong Kong-based crypto startup founded by former Morgan Stanley traders just reached unicorn status

A group of former Morgan Stanley traders has turned their cryptocurrency venture into a unicorn by bringing Wall Street strategies to the brave new world. Amber Group, founded in 2018, raised $100 million from investors including DCM Ventures and Tiger Global Management, ramping up its valuation tenfold to $1 billion in just 18 months. The Series B fundraising also includes China Renaissance Group, Tiger Brokers, Gobi Partners and existing backers such as Coinbase Global Inc. and Pantera Capital, Hong Kong-based Amber said.

Fintech startup Mfast raises $1.5m

Fintech startup Mfast has raised $1.5 million in its Pre-Series A funding from a group of investors led by Do Ventures. Mfast is a fintech platform that enables Vietnamese to access, use and introduce financial and insurance service packages as well as other product segments. After three years of operations in Vietnam, it has served nearly 600,000 users, with 75-80 percent of its end-users coming from remote provinces and rural areas.

Singapore software firm Azentio acquires Indian insurtech platform

Singapore-based Azentio Software (Azentio) announced it has acquired Candela Labs, an Indian technology firm specializing in automation and digital solutions for insurance firms. The deal marks Azentio’s first acquisition as an independent company after buying the software business of Mumbai-headquartered 3i Infotech in 2020. The Candela Labs deal is expected to help Azentio’s growth plans as it aims to become the leading BFSI (banking, financial services, and insurance) tech firm in the Asia Pacific as well as the Middle East and Africa markets.

A South Korean Startup Tosses Its Hat Into The Super-App Ring

Another super app competitor is stepping into the increasingly crowded Asian market as South Korea’s largest FinTech startup, Toss, has announced it has raised roughly $400 million, bringing the firm’s total valuation to $7.4 billion. The Seoul-based, Viva Republica-owned startup is now setting its sights on expansion as it looks to both build out its array of offerings and expand its footprint in Asia — all on the path to a potential public offering in 2025. 

Tech-enabled drug discovery startup Insilico Medicine lands $225m

Drug-discovery startup Insilico Medicine has scored a whopping $225 million in a Series C funding round led by Warburg Pincus. This comes roughly two years after the New York and Hong Kong-based startup raised $37 million in Series B funding. The company now boasts of more than $310 million in funding. Qiming Venture Partners, Pavilion Capital, Eight Roads Ventures, Lilly Asia Ventures, Sinovation Ventures, BOLD Capital Partners, Formic Ventures, Baidu Ventures, and new investors including CPE, OrbiMed, Mirae Asset Capital, B Capital Group, Deerfield Management, Maison Capital, Lake Bleu Capital, President International Development Corporation, Sequoia Capital China and Sage Partners also participated in this round.