Wavecell to scale up after raising $11m

Singapore-based cloud communications start-up Wavecell has raised US$8.15 million (S$11.3 million) in a funding round led by venture capital fund Qualgro.

New investors include MDI Ventures, the corporate venture capital arm of Telkom Indonesia. Existing investors such as Wavemaker Partners also participated.

Wavecell develops products that help companies communicate with users through messaging and live video chat. Firms can integrate its technology onto their websites and apps.

Its customers include ride-hailing company Grab and e-commerce platform Lazada.

The new funds will be used for scaling up in the region as well as reinforcing the company's links with mobile carriers.

E-sports start-up Spout raises $3m

Singapore-based e-sports start-up Spout Entertainment Group has closed a $3 million round of seed funding from venture capital firm Reapra.

The funds will be used to finance Spout's expansion into emerging markets such as Myanmar.

Up to $835,000 will go towards providing free education resources to the local community.

"South-east Asia is one of the world's fast-growing regions, with a burgeoning young middle class and a strong appetite for real-time on-demand content, particularly in the sphere of competitive gaming," said Spout chief executive Daryl Teo.

Spout's subsidiary companies include e-sports network, e-sports influencer agency SpoutAgency, e-sports gaming stadium Spout Arena and e-education company Cite.

Spout has also acquired Zaany Technologies, which specialises in marketing campaigns, technology consulting and mobile applications.

Chia Yan Min

A version of this article appeared in the print edition of The Straits Times on June 13, 2017, with the headline 'Start@SG'. Print Edition | Subscribe