Startup Funding Weekly Brief (24 - 30 Jun 2024)
Sam Lee Chengyi
Fractional CFO who specializes in SME M&A and Series A Fundraising | M&A Advisory | Seed and Series A Fundraising | Exit Planning | Growth Strategy | Performance Dashboarding
U2U Network (https://u2u.xyz/)
Vietnam-based comprehensive ecosystem for Web3 builders, U2U Network has sealed the deal with an impressive seven-figure investment in seed round co lead by IDG Blockchain.
U2U Network aims to create a decentralized, user-driven marketplace for digital resources called DePIN Marketplace. U2U Network is developing a marketplace where digital resources, such as internet bandwidth, storage space, and valuable data, can be bought and sold. This marketplace is designed to meet the diverse needs of various participants, from small businesses to large government entities. By providing a decentralized platform for resource exchange, U2U Network is unlocking new economic opportunities and driving efficiency across multiple sectors. The DePIN Marketplace has the potential to significantly impact the global economy by enabling the efficient distribution and utilization of underused digital resources. This could lead to substantial cost savings and productivity gains, as businesses and governments can access the resources they need without relying on centralized providers. Positioning itself as the Amazon or Alibaba of the Web3 world, U2U Network aims to drive massive adoption and network effects.
The fresh funds will be utilized to implement its innovative DePIN Subnet technology, marking a crucial step toward revolutionizing the exciting landscape of DePIN. this funding will accelerate the development and integration of DePIN technologies and hardware devices, making resource sharing simpler and more accessible to everyone.
Marina Chain (https://www.marinachain.io/)
Singapore-based startup that developed an AI (artificial intelligence)-based shipping industry carbon emission management solution, Marina Chain, attracts investment from CNT Tech.
Marina Chain has developed a Scope 3 carbon emission management platform that uses AI technology to support carbon accounting for the entire supply chain of shipping, ports, and logistics. Using cloud and AI, Marina Chain supports carbon accounting, carbon regulation compliance, and ESG (environmental, social, and governance) management within the shipping industry. Marina Chain main targets are gas terminals, shipyards, and ship owners in the shipping industry.
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The funds will be used to efficiently manage reports on carbon emissions and to grow into an innovative solution for the shipping industry.
Paywatch (https://www.paywatchglobal.com/)
Asia’s leading earned-wage access (EWA) service provider, Paywatch, has successfully raised $30 million (approximately RM141 million) in Series A funding round. This marks the largest investment secured by an EWA player in Southeast Asia to date. The Series A equity investment of over $14 million (about RM65 million) was led by Third Prime, alongside a consortium of prominent US investors including Vanderbilt University and University of Illinois Foundation.
Founded with a mission to provide debt-free EWA solutions, Paywatch enables employees to access a portion of their earned salaries in real-time before the end of their payroll cycle. This innovative service has significantly reduced employees’ reliance on loans, alleviated household debt burdens, and boosted financial management capabilities. Moreover, Paywatch’s automated platform has proven instrumental in enhancing employee retention and productivity for businesses across various sectors. With over $58 million (approximately RM273 million) in salaries processed through its platform to date, Paywatch anticipates doubling this volume by the end of the year.
The investment from US-based institutions like Vanderbilt University and University of Illinois Foundation underscores Paywatch’s global appeal and its pivotal role in advancing financial inclusion across diverse markets.
The funds will be used for expansion plans include leveraging its robust digital infrastructure to introduce new financial inclusion tools and services. Paywatch currently operates in Malaysia, Philippines, Indonesia, and South Korea, and aims to further broaden its footprint across the region.