While many in the F&B industry have felt the negative impact of the coronavirus pandemic, 3 SQUARE – a digital foodhall network and virtual restaurant group – today announced that it has successfully raised an oversubscribed seed round of US$1.2 million.
3 SQUARE raised a round of investment from leading Taiwanese department store chain Hanshin Department Store Co. Ltd and foodtech VC firm Foodland Ventures. Prominent family offices and angel investors have also participated. The funding will be used to scale the business in Taiwan and prepare for its entry into Southeast and North Asia.
The company was founded in 2020 by Victor J. Chow. Victor, previously an executive at food delivery platforms honestbee and foodpanda, has extensive experience servicing over 5,000 restaurants in Taiwan and 25,000 restaurants across the Asia Pacific region. His love of food and respect for restaurant owners started at a young age, where he grew up in an immigrant family that owned, operated and invested in multiple restaurants.
“With COVID-19 leading to the closure of restaurants and bars, many restaurant owners are looking for an alternative to the traditional brick and mortar restaurant business model in order to cope with the significant shift in consumer demand from dine-in to delivery, a rapidly changing F&B market and high overhead costs. 3 SQUARE eliminates barriers to growth, reduces risk and enables partners to grow profitably by providing upgraded cloud kitchen spaces,” says Victor, 3 SQUARE’s chief executive.
3 SQUARE’s first location is in the center of Taipei City, with twenty restaurant brands available for delivery, takeaway and dine-in. Popular restaurant partners include new brands from the Michelin-starred MUME Group and 30 year old night market standout Shi Yuan Taiwanese Fried Chicken.
3 SQUARE also has a virtual restaurant group with six in-house fully branded restaurant concepts available at launch. These menus are developed using big data and trend analysis with culinary design and consumer insights for the best foods that customers crave.
3 SQUARE is preparing for the next round of fundraising to accelerate an expansion of 300 brands in the 3 SQUARE ecosystem across Southeast and North Asia, with the vision to become the most impactful cloud kitchen network and virtual brand group in the region.
Smart Rental – Smart Devices Subscription Provider Receives 1.1 Million USD in Equity Crowdfunding
HAAS ASIA SDN BHD with brand name Smart Rental, a smart subscription business has successfully raised RM 4.6 million (1.1 million USD) from 177 investors in just one month, vastly exceeding its minimum target amount by more than three times.
This project was facilitated by Malaysia’s leading equity crowdfunding (ECF) platform, MyStartr, which was approved by the Securities Commission (SC) for the Malaysia Co-Investment Fund (MYCIF), which is a fund that co-invests in ECF and peer-to-peer campaigns with a ratio of 1:4. MyStartr aims to raise funds for 5,000 small and medium enterprises (SMEs) by 2030.
A previous crowdfunding at MyStartr platform from February to April of 2020, Linear Channel Sdn Bhd a subsidiary of Haas Asia Sdn Bhd has successfully raised RM1.33 million which far exceeded their original target of RM500,000.
Commenting on the funding achievement, chief executive officer of Haas Asia Sdn Bhd, Joshua Chin Tong Lim said, “our campaign with MyStartr reflects the successful business model recognized by the market. It is an important step in the company’s growth, and we are very grateful to have investors who believed in our growth and potential.”
Smart Rental was first introduced to the market based on a Haas (Hardware-as-a-Service) service provision model (integrated Credit, Services, Exchange into monthly subscription service). This business model has been validated by multiple panels of business experts at the 2019 Create@Alibaba Cloud Startup Contest, where it won recognition as one of the Top 10 best business models; Pitch Selangor 2019, where it achieved the same result; and 2020 Golden Bull Awards, as an Emerging SMEs Award and last but not least, The Lang Titanium Award for The Best Use of Technology. Smart Rental offers 12 or 24-months PC subscription packages at different price points, encompassing the following services: the right to use the PC, regular maintenance visits and software upgrades, repairs and exchanges, and free PC model upgrades upon contract renewal. On average, Smart Rental customers save 87% on the PC purchase cash outlay and 55% on maintenance and services.
Offer a solution to overcome the computer needs
The smart subscription model accelerated during the Covid-19 pandemic in 2020. “Many work-from-home (WFH) and Smart Rental caters to all consumers and SMEs that prefer to get electronic products with worry-free maintenance service for free,” Joshua Chin explained. Within a year, over 1100 subscription contracts have been issued, with a total value of RM 5.2 million. Smart Rental will soon launch its CSR computer crowdsourcing initiative under the brand name Sambong Future, an initiative to connect B40 students to a sponsor thru its contractual giving/gifting.
Smart Rental is also developing a digital engineer platform which will accelerate the maintenance service nationwide and upcoming are Smart Centres across the country with its first outlet opening its doors in Mid Valley. By 2040, it is expected to have more than 50,000 subscribers.
About Smart Rental
Smart Rental is run by Linear Channel Sdn. Bhd, a company that started by refurbishing and reselling second-hand PCs under the brand name BuyNow. The Company diversified into the short-term PC rental market around 2010 and HaaS solutions for PCs in 2019. The Haas model is in high demand as consumers are currently more reliable on devices for learning and getting work done. With this, consumers enjoy similar solutions only previously offered by companies to serve large companies and government agencies. Smart Rental is well-positioned to capitalise on the demand.
SOURCE HAAS ASIA SDN BHD
NFX’s New $450M Fund For Pre-Seed & Seed
As published on NFX Website
Here’s what might be interesting for Founders to know about our new fund.
1. At $450M, NFX’s Fund III is the largest fund exclusively dedicated to pre-seed & seed startups.
2. Your success at pre-seed and seed is our only business. We are not a multi-stage VC. Everything about NFX is designed to help pre-seed and seed companies win.
3. We’re your first investor. We lead deals. We typically invest between $500K and $5M and have capital to follow on and support you through your company’s life.
4. Founders come first. We partner with world-class founders and support them with everything we’ve got.
5. NFX excels at helping you raise your next round. We have software and systems to make that happen, and we’re grateful to have most of the world’s leading later-stage investors in our tribe.
8. We are Founder-first, because we were Founders first. We founded and exited 10 companies worth over $10B combined. We’ve walked in your shoes.
10. We’re #1 at building network effects into startups. Network effects account for 70% of the value creation in tech. That’s why we named our firm NFX.
11. Our NFX team is 45 people. We bring levels of support to seed-stage teams that are usually seen only at multi-stage firms.
12. The NFX Guild gives our Founders and their teams unfair advantages. We create insider playbooks and masterclasses for our Guild for recruiting, PR, culture, branding, fundraising, go-to-market, board management, and more.
We invest across all industries, and we are particularly focused on businesses with network effects and in these sectors: crypto, marketplaces, techbio, games, fintech, and proptech. We invest in the U.S., Israel, Latam, and Europe.
For NFX, a big new fund is simply the rocket fuel that lets us work with exceptional Founders. Building the future is the point.
Indonesian Startup MAKMUR Raises Seven-Digit Seed Funding to Advance Features and People Development
Indonesia-based investment app, MAKMUR, has secured a seven-digit seed funding round, led by BEENEXT, with participation from Kinesys Group, Trihill Capital, and notable angel investors including Yiping Goh (Quest Ventures’ partner), Edward Tirtanata (Kopi Kenangan’s CEO), Vidit Agrawal (GajiGesa’s CEO), and Andrew Lee (former unicorn executive). MAKMUR will use the capital to expand its features and product portfolio, as well as to hire new talented individuals and people development.
MAKMUR is a technology-based investment app that allows users to set their financial goals and reach them through long term investing. Similar to Betterment in the U.S., it has goal-based investing feature so users can easily invest towards multiple goals, such as emergency fund, retirement fund, and children’s education fund with the ease of using just one app.
The app also provides a Robo Advisory feature that adapts to users’ risk tolerance, as well as investment horizon, and prevailing economic conditions. This proprietary dynamic asset allocation technology helps users invest optimally regardless of whether the market is bullish or bearish.
Financial advisory are often available only for high-net worth investors. However, MAKMUR digitizes and democratizes such services to be completely accessible and affordable for all Indonesian citizens.
Sander Parawira, founder and CEO of MAKMUR, pointed out, “Many people think that investing in mutual funds is difficult, in which they have to go through a complicated account opening process and prepare a large amount of capital. Supported by OCR (Optical Character Recognition) and face recognition technology, we offer an exceptional account opening experience that is simple and swift. It only takes five minutes to complete the account opening process, with an initial capital starting from IDR 10,000 (USD 0.70) and no transaction fee.”
Faiz Rahman, BEENEXT’s partner, added “We are witnessing a new revolution in Indonesia where mass market come to realize the importance of investing. MAKMUR enables retail investors to do prudent long-term investing to build wealth sustainably. We are very excited about MAKMUR and we look forward to having a long-term partnership with MAKMUR as we believe in their mission to make investing easier, cheaper, and more sustainable for Indonesians.”
MAKMUR App to help build a robust inclusive financial ecosystem in Indonesia
MAKMUR app is the brainchild of Sander Parawira, a Stanford University’s graduate, formerly the Head of Quantitative Strategies of Wall Street’ leading quantitative trading firm, Virtu Financial. Prior to Virtu, Sander was a Software Engineer at Facebook.
Sander built the app with the aim to improve financial literacy and inclusions among Indonesian citizens. “Indonesia’s capital market investor has experienced a significant growth, however, the number of investors today in Indonesia is still fewer than 2% of the population. Following the seed funding round, we are hoping to bridge the financial inclusion gap while improving financial literacy across the country.”
Ever since the company obtained official license from Otoritas Jasa Keuangan (OJK) in February 2021, it has partnered with ten leading investment managers. They include Avrist Asset Management, Bahana TCW Investment Management, BNI Asset Management, Capital Asset Management, Eastspring Investment, FWD Asset Management, Principal Asset Management, RHB Asset Management, Syailendra Capital, and Trimegah Asset Management.
MAKMUR app is available on both Play Store and App Store for Android users and iOS users respectively. For further information, please visit https://www.makmur.id
MAKMUR is a start-up that provides technology-based investment app to help Indonesians plan their financial goals and invest for the long term easily, safely, and sustainably. All investment plans are designed by experienced investment professionals based on quantitative research and big data. MAKMUR is established by a former Head of Quantitative Strategies at Virtu Financial, a leading quantitative trading firm in Wall Street and an ex Facebook Software Engineer. The team has a cumulative 30 years experience in the investment and technology space in reputable companies such as IndoPremier, Traveloka, and IBM and are graduates from the best universities in the world such as Stanford University, UC Berkeley, Columbia University, and Purdue University.
BEENEXT is a Venture Capital fund managed by serial entrepreneurs that focuses on assisting founders with its operational experience, network, trust, unique perspectives, and the capital. The team invests in early-stage tech start-ups that are focused on building the new digital platforms driven by the data network. BEENEXT aims to establish a platform of founders, by the founders and for the founders across the globe, primarily in South East Asia, India and Japan. Since its establishment in 2015, the team has invested in over 200 companies globally.
SOURCE PT Inovasi Finansial Teknologi (MAKMUR)
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