#Asia Singapore startup raises US$5M using Co-founder’s own VC firm

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Cloud Alliance will use funds to accelerate platform development and ramp up marketing efforts

Money

Singapore-based platform solutions startup Cloud Alliance has raised US$5 million in Series A funding from Singapore-based investment firm Aetius Capital.

One interesting fact of this investment round is Co-founder of Cloud Alliance Benjamin Cher is also the founder and CEO of Aetius Capital.

The newly-raised capital will be channeled towards development of the Aggregated Payment Platform named “CloudMoolah”, and to integrate with strong local payment gateways regionally. It will also be used for the marketing and promotion of CloudMoolah to Unity Technologies (Unity)’ developers.

It recently sealed a partnership with leading San Francisco-based game engine developer to become its integrated payment partner.

Also Read: Why Singapore is a lush nursing ground for fintech startups

Unity is the game engine of choice for 5.5 million game developers globally. Among the games built upon this platform are Hearthstone: Heroes of Warcraft, Cities: Skylines, Angry Birds 2, Firewatch , and Her Story. In addition, according to an official press release, 90 per cent of the Virtual Reality (VR) and Augmented Reality (AR) games are built using Unity.

The deal will mean CloudMoolah will be available as a ‘ready-to-use’ function to these developers’ during their development cycle.

“Through our platform solution called CloudMoolah, we can enable Unity’s game developers to significantly shorten their time to publish and monetize their games, starting in Southeast Asia where the games market is worth around US$3 billion a year growing at a compounded annual growth rate of 69 per cent,” said Cher in an official press statement.

Cloud Alliance was founded in March 2016 with Cher and Jonathan Sze at the helm.

 

 

 

The post Singapore startup raises US$5M using Co-founder’s own VC firm appeared first on e27.

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