New funding rounds for rivals Iflix and Viu, WeWork’s expansion, and Go-Jek’s bid to conquer the live events space. Here’s a summary of what happened in Southeast Asia’s tech and startup ecosystem in the last seven days.
WeWork is pouring in US$500 million for its forays in Southeast Asia and Korea. The announcement comes almost right after WeWork’s entry into China, where it’s been backed by SoftBank and Hony Capital with the same amount. The US company also acquired Singapore-based counterpart Spacemob. (TechCrunch)
Iflix just added US$133 million to its war chest. The video streaming app beating Netflix in some of Asia’s major emerging markets said the money will be used mainly for the production of local content. (Tech in Asia)
Another contender in the streaming war, Viu, closed a US$110 million round. Foxconn Ventures, Singaporean state fund Temasek Holdings, and Hony Capital were among the investors. (Tech in Asia)
There’s a new digital advertising marketplace in Singapore. It would appear rivals Mediacorp and Singapore Press Holdings have decided to pool resources into this joint venture in the face of almost unassailable competition from Google and Facebook. (Tech in Asia)
Singtel revealed plans to launch a nationwide cellular Internet of Things (IoT) network. The network will enable enterprises to gain operational and cost efficiencies through the use of low-power IoT devices. (DigitalNewsAsia)
Digital token buyers beware. The Monetary Authority of Singapore and the city-state’s police force issued an advisory note about fraud and other crime-related risks associated with initial coin offerings. (Tech in Asia)
Go-Jek continues to branch out beyond ride-hailing. The company snapped up live event management, ticketing, and RFID startup Loket as it sets its sights on sports. Go-Jek has been active in this vertical, having secured title sponsorship for Indonesia’s top professional soccer league. (Tech in Asia)
Food delivery startup Dahmakan has become the first startup to enter Y Combinator’s program. The company is on the cusp of closing more than US$2 million in follow-on funding after its seed round back in February. (Tech in Asia)
Manila-based Flyspaces says it secured the largest ever pre-series A investment made by Filipino parties. The round, worth US$2.1 million, will fuel the startup’s regional expansion, with a particular focus on Indonesia. (Tech in Asia)
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