A Recap on What Happened This Week: Asian Startup News Overview (29th January- 3rd February)

This week was fantastic! As there was a deluge of funding pouring in on some Asian startups. We saw an Israeli startup, StoreDot, collaborate with Circulor to Map supply chains for production to Taiwan-based urban mobility technology firm raises $15M from AppWorks to accelerate Southeast Asia expansion.

This weekend, Asian startups flourished.

StoreDot

StoreDot, an Israeli start-up developing fast-charging batteries, announced a partnership with Circulor, a UK start-up that uses blockchain technology to map supply chains for companies pursuing greener, more sustainable production, on Tuesday.

StoreDot has started using Circulor's technology to track the origin and carbon footprint of the raw materials used in its battery cells.

Volvo Cars, Polestar, BHP, and TotalEnergies are among the companies that use it.

StoreDot, whose investors include the truck division of then-Daimler, now Mercedes-Benz, BP, Polestar, and Samsung, aims to develop cells that can travel 100 miles (161 kilometres) on a 5-minute charge by 2024.

In addition, the company has joined the 'Battery Pass' project, a German-funded consortium working to develop a common classification and standards for gathering and disclosing battery data. Circulor is another partner.

ION Mobility

TVS Motor Company today announced that it has made an investment in Singapore-based electric vehicle (EV) start-up ION Mobility. Among others, the move is part of the Indian two/three-wheeler manufacturer's strategy to expand its global presence.

However, TVS Motor did not disclose the quantum of investment it has made in ION.

"TVS Motor has entered into an investment agreement with an aim to provide ION the necessary ecosystem support to be successful in the electric two-wheeler markets of Singapore and Indonesia," the Apache-maker said in an official statement.

According to the Indian firm, the partnership is in line with its commitment to build an aspirational product portfolio while associating with sustainable and scalable brands.

ION Mobility

"TVS Motor is committed to developing exciting products for consumers across global markets. We are thrilled to partner with ION Mobility, a full-stack EV company with a strong team of engineers and technical base in Singapore, to drive the premium electric two-wheeler growth in the region. We share a common vision and are eager to support them as a strategic investor," said Sudarshan Venu, Managing Director, TVS Motor Company.

PH’s Foxmont Capital

Foxmont Capital Partners, a Philippine-based early-stage venture capital investor, has announced raising $21.3 million for its second investment vehicle, exceeding its $20 million target.

The second fund received commitments from Singapore-based Pavillion Capital, Taiwan-based Appworks, and The Netherlands’ Orient Growth.

ShopUp

ShopUp, a Bangladesh-based full-stack business-to-business (B2B) commerce platform, has on Thursday announced a major milestone in securing $30 million in debt financing.

ShopUp said in a statement the $30 million financing round was comprised of $20 million from Lendable, the global provider of debt to fintech companies in emerging markets, marking their first investment in South Asia.

Additionally, ShopUp secured $10 million in debt financing from The City Bank, a major commercial bank in Bangladesh, a first for a local startup.