Tech In Asia raises $6.6M led by Korean conglomerate Hanwha
Tech In Asia, the Singapore-based media and occasions startup, has closed $6.6 million in recent funding.
The lead investor is a reputation that is probably not too acquainted to common readers (but) and that’s Hanwha, a Korean conglomerate which began out in explosives in 1952 however has since expanded into a spread of verticals together with (now) a deal with tech in rising markets.
With $55.5 billion in annual income, Hanwha appears on paper your typical gigantic Asian conglomerate, nevertheless it has truly ventured into startups previous to this funding having backed Singapore-based fund Golden Gate Ventures as an LP.
TechCrunch understands that Hanwha was eager on this deal as a result of it desires to lift its visibility amongst Southeast Asia’s tech neighborhood, and get entry to knowledge and deal stream. Backing one of many area’s most outstanding tech blogs, which additionally runs, hiring and knowledge companies, definitely ticks that field in its e book.
Different buyers within the spherical embody earlier backers Eduardo Saverin — the Fb co-founder — and his spouse, and Walden Worldwide and East Ventures.
We had heard phrase of the funding — and the curious lead investor — for a while, however it’s maybe becoming that Tech In Asia scooped us to its personal information. (TechCrunch did get the sooner story if you wish to depend factors and play insider baseball.)
“It’s all the time humbling to satisfy people and organizations who imagine in our mission sufficient to spend money on it. We’ll proceed to serve and construct Asia’s tech ecosystem and hold enhancing our merchandise to raised serve the neighborhood,” Tech In Asia CEO Willis Wee mentioned in an announcement.
Wee declined so as to add extra after we contacted him.
Tech In Asia’s most up-to-date increase was a $four million Sequence C that closed in June 2015, earlier funding previous to that was undisclosed. The location was one of many first to cowl tech and startup information throughout Asia since its inception in 2009. It entered Y Combinator by way of its TechList database in 2015.
This new spherical makes it the perfect capitalized of a spread of recent media firms that target overlaying startups in Southeast Asia, China and past. Others embody E27, which final raised $2.2 million final 12 months, and Deal Avenue Asia, which hasn’t publicly introduced new funding because the finish of 2015.
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