Binance exit from Vertex, funding Conversant and other updates


Vertex Ventures Southeast Asia and India and Vertex Ventures China have ended their investment in the Singaporean subsidiary of cryptocurrency exchange Binance, according to regulatory documents.

The funds, which are part of Vertex Holdings’ global venture capital network backed by Temasek, on Monday transferred their stakes in Binance Asia Services to Ireland-based Binance (Services) Holdings. The development coincided with Binance announcing that it was withdrawing its application to operate a licensed crypto exchange in Singapore.

Vertex funds and Binance founder and CEO Changpeng Zhao were the sole shareholders of Binance Asia Services before the secondary transactions. Vertex had invested $ 10 million in the entity from 2018 to 2020.

Allocations of shares by Binance Asia Services before December 13

Source data ADVANTAGE

Earlier this month, Binance Asia Services announced that it had invested in the regional private stock exchange Hg Exchange to take an 18% stake.

On Wednesday, Binance announced plans to launch an exchange in Indonesia in partnership with a consortium led by MDI Ventures, which is backed by state-owned telecommunications company Telkom Indonesia.

Other DATA updates ADVANTAGE

Singapore-based digital media activation startup Conversant pocketed $ 21.2 million in a Series B cycle, according to its regulatory documents. The startup could raise up to $ 9.5 million more because it was approved to issue more Series B shares.

Appboxo, which is building an integration infrastructure for third-party applications and services, has raised $ 7 million in a new round of funding from investors such as Gradient Ventures, 500 Southeast Asia, Antler and RTP Global.

The company also issued preferred shares valued at $ 1.1 million to FF APAC Scout, a Founders Fund vehicle; 500 Southeast Asia; Antlers; and Plug and Play Ventures last week. These investors had participated in the seed financing of Appboxo probably via convertible bonds.

Indonesian logistics firm SiCepat Ekspres pocketed $ 4.24 million from Onstar 1 SPV, a special purpose vehicle affiliated with venture capital firm Kejora Capital, last week.

Onstar 1 also bought SiCepat shares from other shareholders and now owns a 1% stake in the company. At the same time, Kejora’s stake amounts to 6.53%.

Siffat Sarwar, co-founder of the Bangladesh-based B2B commerce platform ShopUp, has transferred its entire stake in the company to the new company Shadhin Pte Ltd. Sarwar, who founded ShopUp in early 2017, resigned from the company’s board in June this year and lists her position at the firm on LinkedIn as an advisor since January 2021.

Catering technology company Easy Eat AI this week received $ 2.3 million from the Rajaram Family Trust. The trust, which represents DoorDash executive Gokul Rajaram and previously invested in Nium and Livspace, now owns a 20.56% stake in Easy Eat.

Startup Agritech DiMuto pocketed $ 2.35 million earlier this week as part of a Series A round announced in September. The round was led by The Yield Lab Asia Pacific and joined by SEEDS Capital, PT Great Giant Pineapple, Patrick Vizzone, Ocean Crest Investments and Asia Capital Pioneers Group.

Autonomous vehicle startup MooVita last week received $ 1.97 million from Malaysian energy infrastructure firm Yinson and private equity firm 1Derlife Growth as part of its Series A round. $ 10 million to date.

India’s B2B marketplace Moglix secured nearly $ 1 million from Alpha Wave Incubation earlier this week as part of its Series E cycle. The investment firm previously bought Moglix shares from Accel and Tanglin Venture Partners. in secondary transactions.

According to the DATA ADVANTAGE, Moglix has raised $ 121.99 million so far this year, of which $ 63.99 million came from Alpha Wave.


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