Roundup of news and ideas from the world of startups – Week ending 29thJuly 2018
News you can use
Cashing in: Is Southeast Asia ready to go cashless? – Southeast Asia Globe probes how financial technology and the regional startup scene could change the way the Kingdom pays for stuff. As investments in fintech continue to surge globally and throughout Southeast Asia, the region may be on its way to solving the divide between mobile connectivity and financial inclusion. While the region has a 133% mobile connectivity rate (meaning some users own more than one SIM card or mobile phone), only 27% of Southeast Asians have a bank account. Cambodia enjoys the highest mobile connectivity in Southeast Asia, at 173% – but only a 13% banked population, according to a 2017 Asian Development Bank report. That presents a barrier to loans and saving cash. But banking apps and other fintech products could provide solutions for unreached individuals and smaller businesses.
21 technical Alexa skills IT pros should know – We have featured trends in Voice activated UI and systems in the past (Alexa for Business service brings Voice services to your office and Catch them young! Amazon offers $250,000 prize fund for Alexa skills aimed at kids ). Alexa skills can help you with things like network diagnostics, IP address lookups, and programming questions. Check out this categorized list and see what functions you might find helpful.
Inside The Rise And Reign Of Supergiant Venture Capital Rounds – There was a time not so long ago when nine-figure venture capital rounds weren’t a near-daily feature of tech business news. But now funding rounds of $100 million or more cross the wires with stunning frequency. The era of supergiant rounds is now the new normal. This attributable, in part, to billions of dollars flowing into new venture capital funds—the largest of which are raised by the oldest, most entrenched firms—and competition from relative newcomers like SoftBank.
Corporate M&A
‘Uber for Trash’ Startup Rubicon Global Acquires Waste Management Company – Fortune has learned that Rubicon Global, an Atlanta-based waste management startup, has acquired RiverRoad Waste Solutions, a New Jersey-based waste and recycling company. RiverRoad confirmed the deal, though financial terms weren’t disclosed. This is a rather surprising move as Rubicon has long marketed itself as the “Uber for trash,” and being a waste brokerage is a descriptor that the company has long resisted. RiverRoad Waste is a registered waste broker, meaning the company brokers agreements between business customers and trade waste removal companies.
Facebook Buys Redkix, an Israeli Messaging Startup, to Compete With Slack – Facebook has acquired the Israeli messaging-technology startup Redkix to buttress its Workplace by Facebook collaborative platform, the social media giant said Thursday. The price was not disclosed but was reportedly in the tens of millions of dollars. The acquisition is part of Facebook’s efforts to compete with Slack, a popular organizational messaging platform that is used by high-tech firms and the developer community. Redkix, which was founded in 2014 by serial entrepreneur brothers Oudi and Roy Antebi, has developed a system with email that functions like chat designed primarily for organizations. The company raised $17 million in seed-stage funding from investors including the investment arm of Salesforce.com, Wicklow Capital and SG VC as well as angel investors Oren Ze’ev, Ori Sasson and Amnon Landan. Redkix is a relatively small Israeli purchase Facebook after companies such as Onavo and Face.com, for which it paid $150 million and $100 million, respectively. (Refaella Goichman)
Fiat Chrysler’s Magneti Marelli to Acquire Self-Driving Tech Startup – Magneti Marelli, a components business that is part of Fiat Chrysler Automobiles, plans to acquire a French startup focused on self-driving car technology. A company news release said Aug. 1 that Magnetti Marelli, a supplier of electronics, automotive lighting and powertrains with about 43,000 employees, had signed an agreement to acquire all shares of StartMeUp, with closing expected in the last quarter of this year.
Wellspring Search, LLC Acquires Arizona-Based Digital Agency, Local Lead Link, LLC – Wellspring Search, LLC a digital marketing agency based in Gettysburg, PA and Frederick, MD announces it has acquired Local Lead Link, LLC an SEO agency based in Phoenix, AZ and Minneapolis, MN for an undisclosed sum. “We have been looking to acquire another agency since the start of 2018,” said Karl Hindle, Managing Partner of Wellspring Search, “and Local Lead Link provides us with a substantial bank of clients in the construction and home services space.”
Startup shut and failed last week
Cloud startup Apprenda is shutting down – Troy, Michigan based startup Apprenda is shutting operations an investor says. Venture capital firm Safeguard Scientifics has invested $22.1 million in Apprenda since 2013. It held a 29 percent ownership stake in the startup according to corporate controller Dave Kille.
Chinese bike-sharing firm on the verge of shutdown fires India staff – The Chinese bike rental company Ofo has shut down its operations in India and fired most of its 30 employees in India. The Alibaba-backed startup had launched operations in India in January 2018. Ofo, which offers station-free bikes operated via an app, claimed to have completed 1.1 million rides within four months in India.