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5 in 5 minutes - Oct 14th

Hong Kong startup news roundup

Baidu sets up $3B fund to support later-stage startups

China's most popular search engine company, Baidu, launched a new investment fund to focus on mid- and later-stage startups in the internet sector, with most rounds ranging from $50 million to $100 million.

Baidu, currently valued at US$62 billion, set up Baidu Venture, a US$200 million fund to invest in earlier-stage startups focused on AI, AR and VR. 

KKday expands to Singapore

Taiwan's KKday, an online travel discovery platform has launched officially in Singapore. KKday creates a customized itinerary for its customers in different countries.

Founded in 2014, the startup raised US$4.5 million in Series A earlier this year, in a round led by AppWorks Ventures with the participation from 91Capital. KKday provides more than 6000 travel experiences from 53 countries across the world including the United States and Europe.

Carousell officially launches in the Philippines

Carousell, the Singapore-based P2P marketplace has launched in the Phillippines. expanding its market to more than 14 cities. Carousell claims that it has a 10 percent month-over-month growth in listings. Founded in 2012, the startup has raised US$35 million in Series B in August.

Google and Facebook to build high-speed cable between LA and Hong Kong

Google and Facebook are working together to build a nearly 8000-mile cable between Los Angeles and Hong Kong, it will double the current record and allows Google and Facebook to offer faster service to visitors in Asia. The cable is being called the Pacific Light Cable Network and is expected to be completed in 2018.

9 startups pitch during INFINITI Accelerator 2.0 Investor Demo Day 

A joint initiative between INFINITI and Nest, the INFINITI Accelerator is a 12-week, full-time program designed to help startups from around the world grow and scale rapidly. Now in its second year, the theme for INFINITI Accelerator 2.0 is 'Smart Cities'. Handpicked from 140 global applications, 9 startups were handpicked to receive mentorship on the critical components of product development, branding, marketing, financial management and legal advice.

The INFINITI Accelerator program enables startups to create meaningful and impactful products in a commercial environment. Dane Fisher, General Manager , President of Infiniti Motor Company Limited, says INFINITI wants to attract the best startups from the global to Hong Kong. He points out that startups can take this opportunity to test their product-market fit in Asia.

 This year INFINITI Lab took a new experimental approach by working together with startups participated in the program to incorporate new technology with INFINITI's product. For example, Visionaire 777, a startup specializes in building interactive software tool using AR and VR technology, has worked together with INFINITI to develop an interactive software, with the aim to revolutionize the modern car showroom, enabling users and customers to visualize and customize their ideal car from the inside out.

The nine startups that successfully completed the “INFINITI Accelerator 2.0” program hail from four different countries and cities. They include: Kazoo Technology (HK), Visionaries 777 (HK), Pilot Automotive Labs (Singapore), aureso (Singapore), Hapticus (Singapore), Carpool Arabia (Dubai), Dagmy Motors (USA), Drop (USA) and kraftwerk (USA). Each was selected as they share INFINITI’s vision to improve the future of urban environments through technology.

In 2017, INFINITI’s successful Accelerator Program will be rolling out globally with initiatives kicking off in Singapore, the Middle East and Canada.

To learn more about the “INFINITI Accelerator 2.0” Program and the startups, visit: www.infiniti.com.hk/infiniti-lab.html

 

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