Start@SG

Rakuten invests $4m in MetroResidences

Singapore-based start-up MetroResidences, which links business travellers to affordable corporate serviced apartments, has secured $4 million in funding from Japanese Internet giant Rakuten.

The funds will allow the firm to expand into Asia's key business cities, including Tokyo and Hong Kong, the company said.

Over 115,000 room nights have been booked by 800 corporate clients through the company's platform.

MetroResidences has seen rental revenue surge 400 per cent since December 2015.


99.co raises $11m to grow business

Property search portal 99.co has raised US$7.9 million (S$11.1 million) in fresh funding in a round co-led by existing investors Sequoia India and Facebook co-founder Eduardo Saverin.

The money will be used to build its existing business in Singapore and Indonesia, where it operates in Jakarta and Surabaya. The firm also intends to expand into two new South-east Asian countries, which it did not name, improve its tech offerings and grow its team.


AdAsia secures $17m, eyes new markets

Advertising technology company AdAsia Holdings has raised US$12 million (S$16.9 million) in Series A funding from Singapore-based venture capital firm JAFCO Asia. Singapore-headquartered AdAsia began operations in April last year and has seven offices in six countries, with Shanghai soon to follow.

The funds will be used to expand into new markets, including China, Hong Kong, Japan, the Philippines and Malaysia.

The company also intends to hire more staff - it now has a global headcount of more than 90 and plans to hit 400 by the end of next year.

Also, the funds will go towards setting up a product development centre in Vietnam and integrating artificial intelligence and machine learning into its products.


Percipient bags $1m, plans US expansion

Singapore-headquartered fintech start-up Percipient has raised $1 million in its first round of funding, with participation from individual investors.

The firm helps companies - in particular financial institutions - manage and tap data.

Chief executive and co-founder Navin Suri said the funds will be used to invest in research and development, hire more staff and expand into new markets, in particular the United States.

Percipient announced last November that it had snagged India's largest bank, the State Bank of India, as its first paying client.

Chia Yan Min

A version of this article appeared in the print edition of The Straits Times on April 11, 2017, with the headline 'Start@SG'. Print Edition | Subscribe