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Global Trends
Chinas digital games market growth is 5 times bigger than the rest of Asias in 2015
According to a report research firm SuperData, Chinas digital game market hit US$7.5 billion in revenues already.
The country ranks No. 2 in terms of digital sales in Asia, counting for 38 percent of the regions revenues. Led by
MMOs and free-to-play games, the forecast for Asias digital games market is to hit nearly $19.6 billion by the end of
the year and climb to $21.2 billion by 2016. SuperData predicts that Chinas digital game revenues will hit $8.2 by
then. China ranks just under the regions leader, Japan, which currently holds 45 percent of digital game revenues.
The Japanese market has seen $8.82 billion in revenues over the same time period while having only a tenth of
Chinas population thanks to heavy spending on mobile games. But Chinas growth rate is five times that of the
regions average, and its set to grow another 8 percent next year, says SuperData. Averages revenues per paying
customer in Asia are the highest in the world, with each gamer spending $32.44. SuperData says that despite
conversion rates being among the lowest in the world, the average paying user is 30 percent higher than anywhere
else.
Asia Pacific
China
Zhiguoguo, Which Lets Chinese Companies Register Trademarks For Free, Raises US$3.7M Series A
Protecting intellectual property in China is notoriously difficult, even though the country is trying to set up legal
safeguards to aid emerging industries. Zhiguoguo wants to help businesses preserve their IP by providing free
trademark registration and affordable legal services. Based in Beijing, the startup announced that it has raised a
US$3.7 million series A led by Matrix Partners China, with participation from returning investor Legend Star.
Founder Sisi Liu says that Zhiguoguo has processed 20,000 orders since May 2014. Its new capital will be used for
marketing, hiring, and increasing Zhiguoguos roster of paid legal and consulting services. According to Wabei, more
than 2 million trademarks were registered in China last year and that number is expected to increase at least 30
percent every year.
Baidu invests US$11M in restaurant management platform to bring more local businesses under its wing
Restaurant management software-as-a-service startup Keru Cloud announced it has secured US$10.7 million in
series B funding led by Baidu and Tianxing Capital (hat-tip to 36kr). Fangjinglin Investment and Kaixing Capital also
participated in the round. The startup aims to be an all-in-one solution for restaurants and other businesses to go
digital. It reports 3,000 restaurants nationwide, including Beijing, Shanghai, Guangzhou, and several more Chinese
cities. By the end of this year it hopes to up that number to 20,000 merchants. Offline, Keru Clouds flagship tablet
app can be used by restaurant staff to input reservations, add parties to the queue, take orders, and run customer
loyalty programs. For customers ordering takeout or delivery by phone, restaurants can take the orders, add
customers to a database, and allow them to track the status of their order online.
Korea
Konolabs Earns US$100K Investment from 500 Startups and Invitation to Batch-13
Konolabs, developer of Kono, an artificial intelligence (AI)-driven personal assistant scheduler, earned US$100K
investment from 500 Startups, a startup accelerator based in Silicon Valley. Konolabs was also invited to 500
Startups Batch-13 program, which provides startups with four months of mentoring and networking opportunities at
the 500 Startups office in Mountain View, California. The company has been developing Kono as its flagship product.
When users create a new schedule on the scheduler app and provide details of what to do with whom for that
particular appointment, according to official Konolabs website, Kono suggests three best locations at the best
available time based on attendees preferences, locations, traffic, and availability. Other users of the same app can
also be easily invited to the schedule one set up. Additional features include informing users of the best time to leave
for a scheduled appointment based on their behavioral patterns and traffic condition.
Japan
Crowdsourced Translation Startup Gengo Raises US$5.4M And Changes Its CEO
There are changes afoot at Gengo, the crowdsourced translation service based in Tokyo, Japan, which just
announced its US$5.4 million Series C round and a change of leadership. Matthew Romaine, previously CTO, is
replacing fellow co-founder Robert Laing as CEO of the startup. Gengos service connects translators with
customers who want their words translated. Its a particularly interesting company because, unlike many startups in
Japan, its business is global, to the point that most of its revenue comes from overseas. Despite that, however,
Gengos Series C round was put together entirely by Japanese VCs. It has landed big name investors in the past
including Intel and Atomico but this time around the funding was lead by Recruit, with participation from SBI
Investments, MUFJ Capital and CrowdWorks.
Todays news takes Gengo to over $23 million in funding from
investors. It raised $5.25 million from Atomico, 500 Startups and others in 2011, and went on to close a $12 million
Series B round led by Intel Capital in 2013.
ChatWork, a year older than Slack, raises US$3M for team chat and collaboration tool
ChatWork, an enterprise social network, today announced that it has raised US$3 million from GMO Venture
Partners (GMO VP). It marks the first investment in the startup, which is based in Japan and California. ChatWork
was an early mover in the team chat and productivity space, recently abuzz thanks to Silicon Valley rival Slack and
its nearly US$2.8 billion valuation as of last month. While Slack has been a hit with startups, ChatWork positions
itself as a communication tool for non-technical business professionals and small-to-medium enterprises (SMEs).
ChatWork offers text, voice, and video chat in addition to task management and file sharing. More than 66,000
companies in 183 countries already use the platform, which is currently adding 30,000 new users a month.
Rakuten Ventures puts seed funding into push notifications startup OneSignal
Rakuten Ventures, the investment arm of the Japan-based ecommerce titan, announced that it has made an
undisclosed seed investment in a US startup thats made a push notification platform aimed at mobile app and game
developers. That startup is OneSignal, which today rebrands from GameThrive. Its a Y Combinator alum thats
been mostly keeping its head down since it graduated in 2011. Aside from the three main mobile OSes, OneSignals
system can be integrated with gaming engines like Unity 3D. The startup makes money with three pricing tiers for
developers based on how many devices and monthly notifications they want to hit. If its less than one million
devices, theres a free tier for smaller devs to try out before expanding. This is Rakuten Ventures third investment in
a non-Asian startup. Its something well be seeing a lot more of after the VC firm launched a US$100 million startup
fund last summer.
India
Handicraft e-store bags US$18M to help global audience discover Indian ethnicity
India is known for its community of artisans who make lovely traditional art and handicraft items. Craftsvilla, an
online marketplace that connects these local artisans with the world, announced it raised US$18 million in series B
funding led by Sequoia Capital. The company earlier raised an undisclosed amount from Nexus Venture Partners,
Lightspeed Venture Partners, and GFC, who also participated in this round. Like Etsy, which is now looking to go
public and raise roughly US$300 million, Craftsvilla users can buy handmade items directly on its website. The fresh
infusion of funds will be used for marketing and scaling the platform as it aims to become a destination for ethnic
products globally. The four-year-old startup claims to have 2 million products across categories like clothing,
handicrafts, jewellery, and art from 12,000 artisans. It facilitates 100,000 transactions per month.
Financial comparison startup CompareAsiaGroup raises US$40M series A led by Goldman Sachs
Hong Kong-based financial comparison site CompareAsiaGroup announced it has raised US$40 million in series A
funding led by Goldman Sachs Investment Partners, Jardine Pacific, Nova Founders Capital, ACE & Company, and
Route 66 Ventures. Zynga founder Mark Pincus, former Facebook and MySpace COO Owen Van Natta, and others
also participated in the round. The site aggregates more than 1,500 financial products including credit cards, loans,
health insurance, and car insurance. The latest funding round will go toward expanding those offerings to more
categories, including investment products and life insurance, and into marketing. "We want to make sure in the next
12 months that every housewife will know our brand," says Gerald Eder, founder and managing director. The
service is free to consumers, while the more than 60 banks and insurance companies that list their products pay a
commission in return for expanding their marketing reach.
Indian startup that recommends cheap drug alternatives gets US$6M funding, rebrands itself
Gurgaon-based drug e-store HealthKartPlus (now 1mg) has raised US$6 million in fresh funding. The investors
include MakeMyTrip founder Deep Kalra, Omidyar Network, Intel Capital, Sequoia Capital, and Kae Capital. The
startup allows users to search for drugs and get information on dosage, common uses, and warnings. It finds the
generic drug equivalents for commonly prescribed brand-name drugs and compares the costs of each. The site
provides users details on the ingredients and also necessary precautions for before and after its use. It sells drugs
SparkLabs Global Ventures (http://www.sparklabsglobal.com) is a global seed-stage fund with partners in
Silicon Valley, Chicago, London Tel Aviv, Singapore, and Seoul.
4
Grocery delivery startup Grofers nabs US$35M in funding as competition in India heats up
Grofers, an Indian startup that delivers groceries and everyday items to households through a mobile app,
announced that it has closed a US$35 million funding round led by existing investors Tiger Global Management and
Sequoia Capital. The investment comes about eight weeks since the company closed its last US$10 million round,
which itself came almost immediately after it bagged a seed round. Grofers says that it intends to use the funding to
ramp up its product offerings and expand throughout India. Based in Gurgaon, the company provides 90-minute
delivery to customers in Delhi, Mumbai, and Bangalore. While the service is identical, the business models can vary.
Grofers owns no inventory of its own, and works with brick-and-mortar retailers to help them list products on its app.
It then works with a mixture of in-house deliverymen (both part-time and full-time) and third-party logistics
companies to take the goods to doorsteps.
Indonesia
Taiwan
Philippine
iFlix, A Netflix Clone For Southeast Asia, Scoops Up US$30M In Pre-Launch Funding
Video on-demand is looking like a hot market in Asia in 2015, after iFlix, one of a number of Netflix-like services to
have sprouted up in Southeast Asia, landed a US$30 million investment ahead of its imminent launch. iFlix was first
announced in March by Catcha Group a Malaysia-based organization that runs a plethora of online businesses,
SparkLabs Global Ventures (http://www.sparklabsglobal.com) is a global seed-stage fund with partners in
Silicon Valley, Chicago, London Tel Aviv, Singapore, and Seoul.
5
Malaysia
Singapore
Consumer Finance Startup CompareAsia Scores US$40M Series A Led By Goldman Sachs
CompareAsiaGroup, which runs websites that help users find financial services, has raised a US$40 million series A
led by the Goldman Sachs Investment Partners team. Other investors include Nova Founders Capital (a venture firm
that is also one of CompareAsiaGroups founders), Jardine Pacific, Ace & Company, Route 66 Ventures, Zyngafounder Mark Pincus, and Owen Van Natta, who has held senior positions at Facebook and MySpace.
CompareAsiaGroups total raised to date is now about $45 million, including an earlier seed round.
CompareAsiaGroup helps financial institutions in turn by allowing them to reach more customers without the
expense of setting up new branches, hiring more sales agents, or paying for radio and television commercials.
CompareAsiaGroup currently operates sites in eight Asian countries (Hong Kong, Indonesia, Malaysia, the
Philippines, Singapore, Taiwan, Thailand, and Vietnam) that let consumers compare credit cards, loans, insurance,
and other financial products for free.
United States
Headout Raises US$1.8 Million For Its Travel App That Puts A Concierge In Your Pocket
Headout, a mobile travel application that functions as sort of a mobile concierge, helping you find tours, activities
and tickets to local events in select U.S. cities, has closed on US$1.8 million in seed funding in order to expand its
business to new markets. Currently only live in New York and Los Angeles, the startup says it plans to utilize the
funds to reach 12 more cities by year-end. Describing itself as an Uber for tours, the startup first began as
Bangalore-based Tourlandish, and was initially targeting travel to and from Asia. But the company, which later
participated in the 500 Startups accelerator program, shut down that app and relaunched with one focused on New
York tours and events instead. Other investors in the seed round include 500 Startups, Nexus Venture Partners,
Arena Ventures, AngelLists Maiden Lane Ventures, Funders Club, Haystack Fund, Ludlow Ventures and DreamIt
Ventures.
Backed By US$3.5 Million, SnowShoe Debuts Clever, Plastic Stamps That Unlock Content On Phones
A startup called SnowShoe has developed clever, plastic stamps that interact with the touch sensors on mobile
phones by way of the web browser. SnowShoe announced a US$1 million in a second round of seed funding led by
Lowercase Capital aimed at increasing its manufacturing capabilities in order to meet demand from larger clients.
Also participating in the new round are Collaborative Fund and MESA+ Capital. SnowShoe CEO Claus Moberg, a
former TechCrunch Disrupt Hackathon winner who left his Ph.D. studies at the University of Wisconsin, says the
idea for the startup actually grew out of earlier efforts to develop loyalty apps for grocery stores. The team was first
trying to build a way to authenticate digital coupons outside the stores point-of-sale system, when they invented the
SnowShoe stamp.
Valet Startup ZIRX Raises US$30M Led By Bessemer, Expands To Offer More Value-Added Services
ZIRX provides an on-demand mobile app that enables users to request valets to pick up and drop off their cars
instead of trying to find parking on their own. Customers either pay a daily fare or a monthly subscription fee to use
the service. As the company looks to increase the number of services it offers and cities it serves, ZIRX has raised
US$30 million in Series B funding led by Bessemer Venture Partners. The round includes participation from existing
investors Norwest Venture Partners and Trinity Ventures, and Bessemer partner Ethan Kurzweil will join the ZIRX
board. The new money follows $6.4 million that ZIRX raised last year, back when the service was only available in
San Francisco and mostly just SOMA. With the funding, ZIRX will look to expand into new cities over the coming
months. It will be expanding availability of its ZIRX Care services to all the markets it operates in.
Scalyr Raises US$2.1M Seed Round For Its Log Monitoring And Analysis Service
Scalyr, a log-monitoring service that gives developers more insight into how their applications are performing,
announced that it has raised a US$2.1 million seed round led by Susa Ventures. Other participants in this round
include Bloomberg Beta, Google Ventures and Sherpalo Ventures. Thats a pretty illustrious group of investors for
what may seem like a bit of an esoteric product at first, but Scalyr founder Steve Newman previously founded
Writely, which he then sold to Google and which formed the basis for Google Docs. The idea behind Scalyr, then, is
to get all of this data from server logs, as well as various metrics, error reports and other performance data and run it
through a single tool that you can get actionable data from. Services like Splunk and Loggly offer similar log
management services, but those tools make it easy to see anecdotes and its hard to roll that up into an overview.
With US$2M In Funding From Upfront, Ferris Helps Users Edit And Share Videos Trapped On Their Phones
A startup named Ferris wants to change that, with an app designed to make mobile videos actually watchable
and actually shareable. The app also enables users to collaborate on videos together, helping them to create stories
around events a number of friends and family members attended together. Ferris was founded by Paul Boukadakis,
SparkLabs Global Ventures (http://www.sparklabsglobal.com) is a global seed-stage fund with partners in
Silicon Valley, Chicago, London Tel Aviv, Singapore, and Seoul.
7
Assured Labor Raises US$6.75M, Connected Workers With 100K Jobs In Latin Americas Informal Sector
Long before LinkedIn went public or before a plethora of on-demand startups began washing the Bay Area and
other U.S. cities with services at the click of a button, there was this startup from an MIT grad called Assured Labor.
David Reich started the company in 2008 to make informal labor markets in Latin America faster and more
transparent for low-skilled workers. It connects about 50,000 employers and 2 million job seekers in Mexico and
Brazil through two brands, EmpleoListo and TrabalhoJ (pictured below). They just closed another US$6.75 million
funding round led by existing investor, Capital Indigo, with participation from Mexico Ventures, Thayer Ventures and
Promotora Social Mxico. Theyre partnering with employers like Brazilian brewing company Ambev, CRM business
Atento, Sears and financial conglomerate Inbursa to find and place workers.
Fashion Marketplace Poshmark Raises US$25 Million More, Heads To Apple Watch
Three years ago, fashion marketplace Poshmark launched on iOS with an app that allowed women to buy and sell
secondhand items, including clothing, shoes and other accessories, right from their mobile device. The company,
which has since expanded to Android and the web as of last year, has now grown its online community to include
millions of registered users, and is on track to double its revenue in just six months this quarter to $200 million in
annual sales. Poshmark is announcing US$25 million in Series C funding, with investment from Mayfield, Menlo
Ventures, Inventus Capital, Union Grove Venture Partners, Shea Ventures, and SoftTech VC. While there are a
number of competitors in the online fashion resale space today, including luxury consignment site The RealReal
which also this month took in an additional $40 million in new funding, what makes Poshmark different from many of
these sites is that it doesnt play middleman when it comes to managing the transactions that take place on its
platform.
Mixmax Raises US$1.5M From Harrison Metal, Floodgate To Bring Interactive Apps To E-mail
Mixmax, which is making e-mail interactive with apps that set-up calendar meetings and polls, raised US$1.5 million
from Harrison Metal, Floodgates Mike Maples and Ann Miura-Ko, Ram Shriram of Sherpalo Ventures and angels
Eric Ries, Soundcloud CEO Alex Ljung, Nuzzel CEO Jonathan Abrams, Inkling CEO Matt MacInnis and
Soundclouds Eric Wahlforss. Mixmax is a simple Chrome plug-in that adds extra functionality to your G-mail
accounts. You can put in little apps or widgets to schedule meetings, annotate documents, make purchases, confirm
SparkLabs Global Ventures (http://www.sparklabsglobal.com) is a global seed-stage fund with partners in
Silicon Valley, Chicago, London Tel Aviv, Singapore, and Seoul.
8
Europe
After Raising US$25M, U.K. Restaurant Delivery Startup Deliveroo Adds France And Germany To Its Menu
The premium take-out space in Europe continues to heat up as a number of startups target parts of the market that
Just Eat, Foodpanda and Delivery Hero arent yet catering. Namely, food delivery from premium restaurants that
dont traditionally offer a take-out and delivery service. The best funded is the U.K.s Deliveroo, which earlier this
year raised a US$25 million Series B round led by Accel Partners money it pegged for European expansion. The
London-headquartered startup is making good on that promise, launching the service in Paris and Berlin, following a
quiet launch in Dublin earlier this week. Berlin and Paris have the combination of elements we look for in new
markets high population density, affluence and quality restaurants and were natural choices for our first
international launches, says Deliveroo CEO and co-founder William Shu. In addition, they are large capital cities
that serve as a logical beachhead for further expansion.
Innovative fintech startup Number26 raises about US$10.86M in funding led by Peter Thiels Valar Ventures
Number26, a German startup providing its own spin on the age-old practice of banking, has announced that they
have obtained about 10.86 million (10 million Euro) in a Series A from PayPal co-founder Peter Thiels Valar
Ventures, as well as Swiss entrepreneur Daniel S. Aegerter and current investors Earlybird and Redalpine. With this
latest funding, the startup reveals that they intend to both speed development of their core product, as well as boost
the size of their current team. Of the top features highlighted by Number26 is a lack of fees. The fintech startup says
that they do not charge for using accounts or using a MasterCard, instead generating income on the merchant side
by charging a small percentage on the interchange fee that MasterCard charges businesses. They do not allow for
overdrafts, either, which ensures that customers cannot be charged a fee on that end, either.
P2P lending service Assetz Capital raises about US$4.5M through crowdfunding
British P2P-lending startup Assetz Capital has announced that they have raised about US$4.5 million (3 million
pounds) through Seedrs, a crowdfunding startup that allows regular people to invest in various projects. Assetz
launched two years ago and currently counts nearly 8,500 lenders, but they have not previously raised funding. The
company said that they had received interest from their lending customers in financially supporting the startup,
which led them to decide to launch a crowdfunding investment campaign. They initially sought 2 million pounds, but
expanded their target to 3 million, which they hit with support from almost 800 backers. Supported by this latest
influx of funding, the startup intends to expand their team and begin to branch out other European markets.
Peak, a startup developing exercises and games for the brain, raises US$7M in Series A
British startup Peak, which develops brain-training games, has announced that they have pulled in US$7 million in a
Series A led by Stockholm-based Creandum and including participation from current investors DN Capital, London
Venture Partners (LVP), and Qualcomm Ventures. The company only launched last year, but they have now pulled
in $10 million altogether. With this latest funding, the startup says that they plan to increase their team of
neuroscientists and engineers. Peak is aiming to provide users with a brain workout, offering a set of 6 daily games
and exercises ostensibly designed to sharpen brain functions. And then, having played for awhile, users can access
data to check their performance. What is notable about Peak is that they are embracing the Apple Watch, having
developed an app that will be released when the device is shipped.
BlaBlaCar expands to the Americas, launching in Mexico via the acquisition of Rides
Long-distance ridesharing platform BlaBlaCar has launched in Mexico, the first market in the Americas for the Parisbased startup, through the acquisition of major local player Rides. Mexicos addition to BlaBlaCar markets grows the
community to over 20 million members. The company says the European leader of ridesharing will help the
Mexicans cope better with the increasing fuel costs in the country. Mexicans have been suffering from a 72%
increase in the cost of fuel since 2010 and the railways system between 14 cities lacks the interest of the people,
according to the BlaBlaCar press release. Based on the need for affordable transportation, Rides has established a
strong community of drivers and passengers in the country. Alberto Padilla, Cristina Palacios and Ignacio Cordero of
Riders will join BlaBlaCar in its 12th international office.
ClickMechanic, The U.K. On-Demand Car Mechanic Startup, Scores Seed Funding
ClickMechanic, the U.K. startup aiming to be something like an Uber for car mechanics by offering a marketplace
that lets you easily and transparently book a mobile mechanic, has scored a modest seed round. The London-based
company, founded by Andrew Jervis and Felix Kenton, has raised about US$487,000 (320,000) from angel
investors led by former Just Eat CEO Klaus Nyengaard. This adds to around US$152,000 (100,000) that the young
startup and graduate of so-called pre-accelerator Entrepreneur First (EF) had previously raised from various
investors, including former Director of AutoTrader, James Bromley, and Imperial Innovations. The ClickMechanic
website not only lets you locate, receive a quote and book a nearby mobile mechanic, who will come to your home
or workplace, but the startup has also built an automatic quoting system to help you know if you are being offered a
competitive price. This uses data its licensed from manufacturers.
Israel