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5 in 5 minutes - July 22nd

Hong Kong startup news roundup

iFashion Group buys Singapore's Dressabelle for US$5.5M

iFashion Group, a Singaporean-based lifestyle venture platform, has acquired the O2O fashion platform Dressabelle for US$5.5 million.“[iFashion] is a great platform for us to continue to strengthen Dressabelle’s position as a regional e-commerce fast fashion label. We look forward to bigger and better things on the horizon for iFashion and Dressabelle,” Khoo said in an official statement.

Alibaba: Hello, Australia

China’s e-commerce giant Alibaba has announced plan to open an office in Melbourne Australia later this year. There are around 1300 Australian brands being sold through Alibaba’s Tmall to near 423 million online shoppers in China, including brands like Bellamy’s and Blackmores. Expanding to Australia will further boost China’s cross-border e-commerce market.

Thailand online payment solution platform raises US $17.5M to expand across APAC

Omise, a Thailand-based online payment solution platform announced it has secured US$17.5 million in Series B in a round led by SBI Investment, a Japanese venture capital firm and other investors. They will expand its operations across Southeast Asian markets and to accelerate product development.

Singapre VC fund raises US$63.5M for its 5th fund

Global venture capital firm Vickers Venture Partners has made it first close of its fifth fund at S$86 million, with the aim to make the final close of the current fund at S$340 million, with a cap of S$540 million. Founded in 2005 by Dr Finian Tan and his four partners, Vickers focuses on investments related to life sciences, technology, media, and telecommunications.

LogDNA raises $1.3 million to help engineers better manage their servers

LogDNA raised $1.3 million in funding in a round led by Initialized Capital and Skype cofounder Jaan Tallinn. LogDNA specializes in server management for engineers and people working in DevOps.

 

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