Aelf, HSBC, Temasek Fuel Web3, Tech Startups in Asia with USD 100M+ Funds
Aelf, a Singapore-based blockchain solutions company, has kicked off a USD 50 million fund for Web3 blockchain projects. Meanwhile, HSBC Malaysia has launched a MYR 500 million (USD 106.9 million) fund to boost tech-led startups in Malaysia's digital economy. Temasek is also contributing SGD 65 million (USD 47.7 million) through its early-stage deeptech investing platform, Xora Innovation.
Aelf's fund aims to support innovative Web3 projects, indicating a growing interest in blockchain technology. The company is looking to foster growth and development in the Web3 space.
In Malaysia, HSBC's fund is set to support startups driving the country's digital economy forward. This initiative aligns with the government's efforts to promote tech innovation and entrepreneurship.
Temasek's contribution through Xora Innovation is part of its commitment to support early-stage deeptech startups. This investment is expected to fuel innovation and growth in the tech sector.
In other news, HN Novatech, a South Korean food tech startup, has secured USD 4 million in a Series A bridge round led by Logan Ventures. The company has also launched ACOMS, a proprietary heme-based seaweed ingredient for plant-based meat applications.
Hukumku, an Indonesian legal tech startup, has raised funds led by East Ventures to democratize legal access in Indonesia. The platform plans to launch in November 2023, aiming to be a one-stop solution for legal needs.
Parallax, a Philippine cross-border payments company, has raised USD 4.5 million in a seed funding round. The company plans to use the funds to expand its team and scale its operations in the USD 21 trillion cross-border payment market.
These investments and fund launches reflect a vibrant tech startup ecosystem in the region, with significant support from both private and public sectors. From blockchain to legal tech and cross-border payments, these initiatives are poised to drive innovation and growth in their respective sectors.
