Hong Kong Startup Investments 2019 — a year in review
Everything you need to know about the Hong Kong startups that fundraised this year
With 2 startups officially joining the unicorn club (Lalamove and Airwallex) and over 40 startups fundraising, startups in Hong Kong have had a fruitful year!
Have you missed out on these rising startups, if yes, don’t worry, we have compiled everything you need to know about the 42 Hong Kong startups that fundraised this year. From the amount they raised, the founders, the lead investors to how the funds were used.
(The startups have been organized in a descending order with the largest fundraise on the top)
Startups that raised over US$100,000,000
Lalamove:
Lalamove is the fastest way to deliver anything in your city.
Amount Raised: USD 300,000,000
Founders: Chow Shing Yuk, Gary Hui, Santit Jirawongkraisorn
Lead Investors: Hillhouse Capital, Sequoia China
How the funds were used? Expansion across Asia.
Startup Profile: https://whub.io/startups/lalamove
Website: https://www.lalamove.com/
Source: TechCrunch
Chayora
Chayora is an infrastructure developer based in Hong Kong with a focus on building Data Centre platforms in China.
Amount Raised: USD 180,000,000
Founders: Jonathan Berney, Oliver Jones
Lead Investors: Actis
How the funds were used? This Series C funding gave Chayora expansion capital for its data centre development projects. Combined with project debt of $250 million, it will enable Chayora to complete two hyperscale data centre facilities on the Chayora’s Tianjin campus and acquire land for further growth.
Website: http://www.chayora.com/
Source: Capacity Media
WeLab
WeLab is a Hong Kong-based fintech company offering virtual banking and consumer financing solutions.
Amount Raised: USD 156,000,000
Founders: Aananth Solaiyappan, Frances Kang, Kelly Wong, Simon Loong
Lead Investors: Alibaba Entrepreneurs Fund
How the funds were used? To launch WeLab Bank in 2020 and further expand internationally within the next 2 years
Startup Profile: https://www.whub.io/startups/welab-limited
Website: http://www.welab.co/
Source: WeLab
Airwallex
Airwallex is a financial technology company that offers integrated solutions to businesses for cross-border transactions.
Amount Raised: USD 100,000,000
Founders: Jack Zhang, Jacob Dai, Ki-Lok Wong, Lucy Yueting Liu, Max Li
Lead Investors: DST Gobal
Website: http://www.airwallex.com/
Source: Tech in Asia
Startups that raised between US$50,000,000- US$99,999,999
GoBear
GoBear is a complete and easy-to-use comparison site for all types of insurance, credit cards and loans.
Amount Raised: USD 80,000,000
Founders: Frank Stevenaar, Ivonne Bojoh, Marnix Zwart
Lead Investors: Walvis Participaties and Aegon NV
How the funds were used? “Our latest round of funding will be invested in our priority areas of product, technology, senior management and technical talent.”
Startup Profile: https://whub.io/startups/gobear
Website: http://www.gobear.com/
Source: Digital News Asia
Sandbox (2 rounds)
Sandbox VR is a virtual reality startup that offers a premium, fully-immersive virtual reality experience.
Amount Raised: USD 68,000,000
Founders: Steven Zhao
Lead Investors: Andreessen Horowitz, David Sacks
How the funds were used?
Startup Profile: https://whub.io/startups/sandbox-vr
Website: https://sandboxvr.com/
Source: Upload VR
Amount Raised: USD 11,000,000
Lead Investors: David Sacks of Craft Ventures and the Andreessen Horowitz Cultural Leadership Fund
Source: Variety
InstaReM
InstaReM is a fintech startup that provides digital international money transfer services to individuals and businesses.
Amount Raised: USD 58,000,000
Founders: Michael Bermingham, Prajit Nanu
Lead Investors: Vertex Growth Fund
How the funds were used? To expand its presence in Asia Pacific.
Startup Profile: https://whub.io/startups/instarem
Website: https://www.instarem.com/
Source: Entrepreneur Asia Pacific
Startups that raised between US$1,000,000- US$49,999,999
Insilico Medicine
Insilico Medicine is dedicated to develop high-performance AI platform for drug development to treat cancer and age-related diseases
Amount Raised: USD 37,000,000
Founders: Alex Zhavoronkov
Lead Investors: Qiming Venture Partners
How the funds were used? To speed up the process of drug development with artificial intelligence.
Website: https://insilico.com/
Source: Finance Asia
OneDegree
OneDegree is a technology company and a digital insurer that fully digitized insurance process end-to-end.
Amount Raised: USD 30,000,000
Founders: Alex Leung, Alvin Kwock
Lead Investors: BitRock Capital
How the funds were used? To scale its end-to-end digital insurance platform, launch new product offerings in Hong Kong, and focus on more growth opportunities.
Startup Profile: https://whub.io/startups/onedegree
Website: https://www.onedegree.hk/
Source: E27
CompareAsiaGroup
CompareAsiaGroup is a personal finance management platform committed to help people across Asia to save time and money.
Amount Raised: USD 20,000,000
Founders: Alister Musgrave, David Hatcher, Gerald Eder, Shaun Kraft, Stefan Bruun
Lead Investors: Experian
Startup Profile: https://whub.io/startups/compareasiagroup
Website: http://www.compareasiagroup.com/
Source: TechCrunch
Qupital
Qupital is a digital trading marketplace for buyers and sellers of corporate receivables.
Amount Raised: USD15,000,000
Founders: Andy Chan, Winston Wong
Lead Investors: CreditEase FinTech Investment Fund (CEFIF)
How the funds were used? To expand its supply chain financing products, launch in mainland Chinese cities and hire more people for its tech development and risk management teams.
Startup Profile: https://whub.io/startups/qupital-limited
Website: http://www.qupital.com/
Source: TechCrunch
Koofy
Specializing in the development, design and application of Sense and Motion Technology (SMT).
Amount Raised: USD 12,000,000
Founders: Felix Lio, Ondy Ma
Website: http://www.koofydev.com/
Source: Facebook
Dash Living
Hong Kong’s #1 Serviced Living Community
Amount Raised: USD10,000,000
Founders: Aaron Lee
How the funds were used? To help finance the residential property manager’s expansion across multiple Asian markets over the next eighteen months
Startup Profile: https://whub.io/startups/dash-serviced-suites
Website: https://www.dash.co/
Source: Mingtiandi
The CareVoice
The CareVoice is a health InsurTech company that provides a mobile-based data-driven SaaS platform.
Amount Raised: USD 10,000,000
Founders: Jan Velich, Neil Liang, Sébastien Gaudin
Lead Investors: Lun Partners Group
Startup Profile: https://whub.io/startups/the-carevoice
Website: http://www.thecarevoice.com/
Source: SCMP
BBPOS
BBPOS is an mPOS solution provider and payment transaction industry for developing systems and services ahead of technology trends.
Amount Raised: USD 8,000,000
Founders: Ben Lo, Jimmy Tang
How the funds were used? While a part of the funding will be used by BBPOS to spruce up delivery of its point-of-sale (POS) solutions for global enterprise merchants, the other part will be used to expand its comprehensive merchant services to the rapidly growing SME network in its key Asian markets.
Website: http://bbpos.com/
Source: Deal Street Asia
Glints
Glints provides a talent recruitment and job matching platform designed to bridge the gap between education and employment.
Amount Raised: USD 6,800,000
Founders: Oswald Yeo Hexiang, Qin En Looi, Steve Anderson Sutanto, Ying Cong Seah
Lead Investors: Monk’s Hill Ventures
How the funds were used? To grow the company’s product and engineering teams and expand into both Hong Kong’s and Vietnam’s markets to provide recruitment solutions for clients and job candidates.
Startup Profile: https://whub.io/startups/glints
Website: https://glints.com/
Source: Marketing Interactive
Sleek
Sleek makes the lives of entrepreneurs and investors easier. Regtech venture, governance, accounting, tax management
Amount Raised: USD 5,000,000
Founders: Julien Labruyere and Adrien Barthel
Lead Investors: Pierre Lorinet and Fabio Blom, and MI8
How the funds were used? To expand its tech team, build new features for clients and increase its operational capacity.
Startup Profile: https://www.whub.io/startups/sleek
Website: http://www.sleek.sg/
Source: TechCrunch
AngelHub & WHub
WHub is Hong Kong’s startup community platform and power connector, passionate about fostering the growth of startups and the entire tech innovation ecosystem. AngelHub, first SFC startup investment platform, democratises startup investment.
Amount Raised: USD 3,000,000
Founders: Karen Contet Farzam, Karena Belin
Investors: Kharis Capital and TNG FinTech group
How the funds were used? The new investment will be deployed across both AngelHub and WHub to further develop the business through geographical expansion, technology upgrades and talent acquisition as both companies build their offering and attract more customers and new investments to the platform.
Startup Profile: https://whub.io/startups/w-hub, https://www.whub.io/startups/angelhub
Website: www.whub.io , www.angelhub.io
Source: Press Release
Mapxus
Mapxus is a thriving indoor map technology platform that provides state-of-the-art indoor map services for global applications.
Amount Raised: USD 3,000,000
Founders: Isaac Zhang, John Chan, Ocean Ng
Lead Investors: Beyond Ventures
How the funds were used? The startup will invest the fresh capital in research and development (R&D), sales, marketing and operational functions as well as for expanding to Singapore, Japan, Taiwan, Thailand, Malaysia and the Philippines.
Website: http://www.mapxus.com/
Source: Deal Street Asia
Animoca Brands
Animoca Brands develops and publishes mobile games.
Amount Raised: USD 2,500,000
Founders: Yat Siu
Lead Investors: Hashed
Startup Profile: https://whub.io/startups/animoca-brands-limited
Website: http://www.animocabrands.com/
Source: Deal Street Asia
Buyandship
Buyandship provides global shipping services.
Amount Raised: USD 2,200,000
Founders: Sheldon Li
Lead Investors: Infinity Venture Partners.
How the funds were used? To improve operation efficiencies and also for market expansion.
Startup Profile: https://whub.io/startups/e-buy-global-limited
Website: https://www.buyandship.today/en/
Source: E27
Area 28 Technologies
Area28 is a modern development platform built on today’s infrastructure for tomorrow’s world.
Amount Raised: USD 2,100,000
Founders: Tony Zander
Lead Investors: Vectr Ventures and Alibaba Hong Kong Entrepreneurs Fund.
How the funds were used? To scale its teams in Hong Kong and China and support the final stages of product development before a commercial launch.
Website: https://area28.io/
Source: Tech In Asia
Nosh
NOSH delivers fresh and healthy meals in Hong Kong.
Amount Raised: USD 1,700,000
Founders: Maximilian Von Poelnitz
Lead Investors: undisclosed
How the funds were used? Nosh will rebrand its corporate business and app into a new name ‘Spoonful’
Startup Profile: https://whub.io/startups/nosh-meals
Website: https://www.nosh.hk/
Source: Deal Street Asia
Booqed
BOOQED is digital marketplace enabling tenants and landlords to find or monetize short-term, unused business spaces.
Amount Raised: USD 1,675,000
Founders: Charles Oh, David Wong, Ken Huang
Lead Investors: Colliers International, Techstars and Lazard Korea.
How the funds were used? It will use its seed round on product roll-outs, marketing and hiring.
Startup Profile: https://whub.io/startups/booqed
Website: https://www.booqed.com/
Source: TechCrunch
Gini
Hong Kong-based smart spending-tracker
Amount Raised: USD 1,600,000
Founders: Raymond Wyand,Victor Lang
Lead Investors: Vectr Ventures and international institutions
How the funds were used? To support a global roll out plan, with gini’s aim to be compatible with over 3,000 overseas banks in 60 countries by the second half of 2019 — starting with over 60 banks across Hong Kong, France, Switzerland and the UK currently available.
Startup Profile: https://whub.io/startups/gini
Website: https://gini.co/en/
Source: PR Newswire
Cloudbreakr
Cloudbreakr is an intelligent influencer platform to find content creators in different industries.
Amount Raised: USD 1,280,000
Founders: Chan Rudy, Edwin Wong, Felix Wong, Leo Siu
Lead Investors: Hong Kong X Technology Fund.
How the funds were used? Cloudbreakr will use the new funds to further improve the capacity of its platform’s big data analysis process, build a social media and content analysis software, and develop AI-powered influencer marketing tools. It’s also eyeing business expansion in countries such as Thailand, Malaysia, Singapore, and Indonesia.
Startup Profile: https://whub.io/startups/advwhere
Website: http://www.cloudbreakr.com/
Source: Tech in Asia
Pakpobox
Pakpobox is a network of smart lockers that connects merchants, couriers and consumers in addressing the pain points of last mile delivery.
Amount Raised: USD 1,200,000
Founders: Christian Secci, Eric Choi, Matthew Ng, Sheldon Li
Lead Investors: WFRETES TECNOLOGIA E MEIOS DE PAGAMENTO
How the funds were used? Expansion into South East Asia and Brazil
Startup Profile: https://whub.io/startups/pakpobox-hong-kong-limited
Website: http://www.pakpobox.com/
Source: WHub
eJOHRI
eJOHRI operates as an online jewellery marketplace.
Amount Raised: USD 1,000,000
Founders: Jignesh Mehta, Shailen Mehta,
Lead Investors: Rajesh Ranavat
How the funds were used? To help jewellery retailers in over 100 cities in India access consumer bases across the country and overseas
Website: https://www.ejohri.com/
Source: VCCircle
OliveX
Olivex is a health care app that provides artificial intelligence (AI) and gamification to improve users’ health and fitness.
Amount Raised: USD 1,000,000
Founders: Keith Rumjahn
Lead Investors: Alabaster and Antanas Guoga
How the funds were used? To advance OliveX’s body motion AI initiatives and a number of additional opportunities in the wellness space, including potentially deploying the capital for app acquisitions.
Website: https://www.olivex.ai/
Source: Proactive Investors
Startups that less than US$1,000,000
Volt14 Solutions (2 rounds)
Volt14 is develops ultra-high performance materials for Li-ion batteries.
Volt14 (Hong Kong) develops battery materials that will enable lithium-ion batteries to double their energy storage capacity.
Amount Raised: USD 955,000
Founders: Animesh Kumar Jha, Adam Haldar
Lead Investors: 500 Startups’ Southeast Asia-focused 500 Durians, the Hong Kong Science and Technology Parks venture arm HKSTP Ventures, and startup enabler Entrepreneur Firs
How the funds were used? Volt14 plans to use the proceeds from the raise to further refine their material for consistent mass production and support the manufacturing trials with battery cell producers it currently has in the pipeline.
Website: https://volt14.com/
Source: Tech In Asia
Amount Raised: 55,000
Lead Investors: Entrepreneur First
Source: Tech in Asia
Carnot Innovations (2 rounds)
Carnot Innovations is an AI based predictive maintenance platform
Carnot Innovations (Hong Kong) focuses on life-cycle cost optimization by using AI-based analytics to predict and preempt mechanical equipment failures.
Amount Raised: USD 800,000
Founders: Chris Choy, Ashish Jerry Justin
Lead Investors: 500 Startups’ Southeast Asia-focused fund 500 Durians, MTZ holdings, and Entrepreneur First.
How the funds were used? It plans to use the new funds to expand its solution across Asia Pacific while building a strong in-house team
Website: https://carnot-innovations.com/
Source: Tech in Asia
Amount Raised: USD 57,500
Lead Investors: Entrepreneur First
Source: Tech in Asia
Aims
Aims (Hong Kong) digitizes sports education for the youth through motion capture and artificial intelligence.
Amount Raised: USD 180,000 (125,000 + 55,000)
Founders: Yufan Elvis Wang
Lead Investors: Entrepreneur First, HAX
Website: https://www.aimotionsports.com/en/
Source: Tech in Asia
Bookairfreight
Bookairfreight (Hong Kong) is an online booking platform which connects SMEs with air freight forwarders — making booking air freight as easy as booking flight tickets.
Amount Raised: up to USD 150,000
Founders: Daisy Jiang, Stefan Vainberg
Lead Investors: Betatron
Website: https://www.bookairfreight.com/
Source: Tech in Asia
ZhenHub
ZhenHub (Hong Kong) is a cloud-based inventory and order management system for eCommerce retailers to automate logistics.
Amount Raised: up to USD 150,000
Founders: Eric Choi, Sheldon Li, Vince Poon
Lead Investors: Betatron
Startup Profile: https://whub.io/startups/zhenhub
Website: http://www.zhenhub.com/
Source: Tech in Asia
Chekk
Hong Kong’s Chekk enables banks, insurance companies, and fintech firms onboard and manage customers through its platform.
Amount Raised: around USD 100,000–USD120,000
Founders: Pascal Nizri, Remy Bellavoine
Lead Investors: MOX
Startup Profile: https://whub.io/startups/chekk
Website: http://chekk.me/
Source: Tech in Asia
Caelus Technologies
Caelus Technologies (Hong Kong) has patented data converter-chip solutions targeted for 5G and internet-of-things markets.
Amount Raised: USD 55,000
Founders: Dr. Morris Xiaoyong HE, Chi Fung LOK
Lead Investors: Entrepreneur First
Source: Tech in Asia
Endovision
Endovision (Hong Kong) is automating the endoscopic diagnosis of the digestive tract via AI-driven software.
Amount Raised: USD 55,000
Founders: Saurabh Jejurikar, Deepanshu Malik
Lead Investors: Entrepreneur First
Website: http://www.endovisionai.com/
Source: Tech in Asia
Neurum
Neurum (Hong Kong) leverages digital data to understand and manage mental health.
Amount Raised: USD 55,000
Founders: Megan Lam, Caleb Chiu
Lead Investors: Entrepreneur First
Website: https://www.neurumhealth.com/
Source: Tech in Asia
Startups that closed a round without disclosing the amount
Apoidea
Apoidea Group is a technology company which focuses on identifying and presenting valuable business information.
Amount Raised: undisclosed
Founders: Cheney Cheng, Hardy Liu, Justin Chiu
Lead Investors: E Capital
How the funds were used? The investment would fund team expansion and business development in Southeast Asia
Startup Profile: https://whub.io/startups/nowwwhat
Website: https://www.apoidea.ai/
Source: The Standard
Lynk
Lynk is a platform dedicated to connecting people to the right experts for advice, insights, and knowledge.
Amount Raised: undisclosed
Founders: Peggy Choi
Lead Investors: MassMutual Ventures Southeast Asia (MMV SEA). Alibaba Entrepreneurs Fund and Wavemaker Partners
Startup Profile: https://whub.io/startups/lynk-global
Website: http://lynk.global/
Source: PR Newswire
Finfabrik
FinFabrik is a fin tech solutions builder that specializes in capital markets software.
Amount Raised: undisclosed
Founders: Alex Medana, Florian Matthaeus Spiegl
Lead Investors: BitMEX Ventures
How the funds were used? To expand its technology platform to drive innovative new products based on digital assets
Startup Profile: https://whub.io/startups/finfabrik
Website: https://www.finfabrik.com/
Source: BlockTribune
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