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Asia news roundup: Funding for RedDoorz, Hotelogix, and 23Mofang

Asia news roundup: Funding for RedDoorz, Hotelogix, and 23Mofang

Asia news roundup: Funding for RedDoorz, Hotelogix, and 23Mofang
March 11
12:44 2018

A RedDoorz-branded hotel room / Photo credit: RedDoorz

Here’s a wrap of the day’s news.

Travel and hospitality

RedDoorz announces US$11 million funding in run-up to series B (Singapore). The startup – which works with independent hoteliers to spruce up and standardize their properties under the RedDoorz brand – also revealed it raised US$5 million in a series A round towards the end of 2016. The deal makes it Southeast Asia’s most-funded online budget hotel brand. RedDoorz will use the fresh funds to expand further in its existing markets of Indonesia, Singapore, and the Philippines. (Tech in Asia)

Hotelogix gets US$5 million (India). The cloud-based hotel management solutions provider said it will use the capital to grow its customer base in India and Indonesia, as well as for product development. Vertex Ventures led the round, with participation from existing investors Accel Partners and Saama Capital. (Livemint)


Ola seeking up to US$1 billion in fresh investment from Temasek, others (India). The ride-hailing firm is said to be in talks with the Singaporean sovereign investment fund and other prospective investors to raise between US$500 million and US$1 billion. Sources familiar with the matter said a deal would likely include a secondary sale of shares by a slew of investors, marking the first major liquidity event for the eight-year-old startup. (The Economic Times)


Paytm Mall in talks with SoftBank to raise US$600 million (India). The ecommerce business of digital payments giant Paytm already counts Alibaba and its affiliate Ant Financial as among its major shareholders. Singapore’s Temasek and China’s Primavera Capital Group are also reportedly interested in backing the firm. (The Economic Times)

Life sciences

23Mofang nets US$15.8 million in Matrix-led round (China). The genetics testing and analysis startup claims to have served 150,000 users, who can view their genetic data and susceptibility to certain medical conditions through its mobile app. Joining Matrix Partners in the round were existing investors including Hanwang Technology, Yahui Medical Fund, and Chengdu Deshang Qidian Equity Investment Fund. (China Money Network)


Online lender Finova Capital secures US$6 million Sequoia Capital backing (India). The startup provides loans to small businesses in India’s tier-2 cities and rural areas. Finova will use the funding for technology development and hiring talent. Sequoia India made its investment in two tranches, the first taking place late last year. (DealStreetAsia)


Saturday Kids gets US$1 million in seed funding (Singapore). The coding school for kids will use the capital to hire new talent. The funding came from Potato Productions, a tech development studio working in areas such as medtech, translation, augmented and virtual reality. (e27)

Investors, incubators, and accelerators

Aisin Group launches US$50 million strategic fund (Japan). The group, which includes Fortune Global 500 car parts manufacturer Aisin Seiki, will use the fund to invest in promising automotive-related technologies. Areas of interest will include autonomous driving, zero-emission engines, connected cars, AI, and artificial and virtual reality. Fenox Venture Capital will manage the fund as general partner. (Fenox Venture Capital)

Singtel and National University of Singapore (NUS) establish cybersecurity hub (Japan). The incubator – a collaboration between Singtel Innov8, the telco’s VC arm, and NUS Enterprise – will house cybersecurity startups, entrepreneurs, and academic researchers. (Singtel)

See: Previous Asia news roundups

This post Asia news roundup: Funding for RedDoorz, Hotelogix, and 23Mofang appeared first on Tech in Asia.

source : techinasia

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