Data analytics start-up Nugit raises $7.1m

Singapore-based marketing data analytics start-up Nugit has raised US$5.2 million (S$7.1 million) from Sequoia India.

Nugit, which was founded in 2013, manages over 146,000 connected ad accounts for around 500 brands in 34 countries.

Founder and chief executive David Sanderson said: "Many of the legacy systems that are being used to manage marketing data are slow, overpriced and take months to implement.

"We believe analytics can be much leaner and more intelligent, by leveraging technologies such as artificial intelligence and machine learning."

The money raised will go towards hiring more engineers and data scientists to further develop the product, he added.

The company, which has 28 staff here, is also looking to expand into Australia and Japan.

Fintech-focused space launches next month

A massive coworking and events space for fintech firms will be launched in the central business district next month.

Called LATTICE80, it is believed to be Singapore's first and only fintech-focused space and will take up two floors and 30,000 sq ft in 80 Robinson Road.

The facility is a not-for-profit effort led by the Marvelstone Group, a Singapore-based hedge fund.

It aims to help start-ups expand, support existing companies and financial institutions in adopting new technologies, and form public-private partnerships to develop new tech and financial infrastructure. It is also looking to link start-ups with investors.

Marvelstone Group chairman Joe Seunghyun Cho said the space will host a mix of overseas and local start-ups.

He added that he hopes to expand the space next year and bring more start-ups and venture capitalists on board. "We are also open to expanding in the region."

500 Startups launches 2nd S-E Asia fund

Silicon Valley venture capital firm 500 Startups is launching a second South-east Asia fund targeted to be worth US$50 million (S$68 million).

The money will be distributed in the form of US$50,000 to US$150,000 cheques for about 200 seed-stage companies in the region, said managing partner Khailee Ng.

The firm's first South-east Asia fund was launched in 2013. It was initially pegged at US$10 million, but subsequently increased to over US$20 million.

This second fund was "kick-started" and supported by investors in the first fund, said Mr Ng.

500 Startups' investments in the region include ride-sharing and logistics firm Grab, mobile marketplace Carousell and Indonesian online marketplace Bukalapak.

Chia Yan Min

A version of this article appeared in the print edition of The Straits Times on October 06, 2016, with the headline 'Start@SG'. Print Edition | Subscribe