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5 in 5 minutes - November 10th

Hong Kong Startup News Round Up

WeLab raises US$220M from Alibaba Entrepreneur Fund and IFC

WeLab has raised US$220 million of combined Series B+ equity and debt strategic financing from the Alibaba Hong Kong Entrepreneurs Fund, International Finance Corporation (IFC) and other global banks. WeLab plans to use the capital for technology and product development. WeLab also plans to expand beyond Greater China.

Hong Kong's BottlesXO raises US$3.4 M Pre-Series A

BottlesXO, a Hong Kong-based alcoholic beverage delivery service provider, has raised US$3.4 million in a Pre-Series A round from a private equity firm in Singapore. The capital will fuse the technology development, as well as expand its presence to new Asian markets. The Pre-Series A round brings its total funding to US$6.4 million.

Founded in 2015, BottlesXO provides alcoholic beverage delivery services without delivery charges or minimum order. It claims beverages can be delivered to customers within 30 minutes. The startup has developed an app with features including delivery tracking through GPS, flash sales and food-pairing suggestions. BottlesXO's service is available in Hong Kong, Shanghai,  Singapore and Suzhou.

Razer raises US$528M in Hong Kong IPO

The games hardware maker, Razer, has raised US$528.2 million from its initial public offering in Hong Kong, priced at HK$3.88 per share.

Based in Singapore and San Francisco, the startup saw an oversubscription from Hong Kong retail investors. Razer is backed by Intel Captial and Li Ka-shing, with existing investors including Temasek Holdings and Lee Hsien Yang, brother of Singapore's prime minister.

Betatron launches cohort two and invests in eight more Hong Kong startups

Betatron, a 4-month non-vertical accelerator programme, launched its second cohort and revealed the eight startups in the cohort. Each startup receives US$30,000 investment, free workspace at the Betatron Lab and mentorship.

The eight startups include:

CAPSL Entertainment, which focuses on VR gaming;

PAKT, which provides innovative clothing storage service;

Pixofy, a startup that develops interactive shopping experience using augmented reality;

EyesOn, a sharing economy platform that works with social influencers to promote brands;

OMyCar, an analytics platform that analyses drivers driving habits;

IC Workshop, a B2B platform for product testing, inspection and factory certification;

KidHop, an online platform for all types of kids activities;

TripGuru, an online platform for activities discovery and reservation

Cathay Photonics wins Elevator Pitch Competition 2017

Elevator Pitch Competition 2017 has reached the grand finale on November 2, 2017. Held by the Hong Kong Science and Technology Parks Corporation (HKSTP), the Elevator Pitch Competition 2017 is an annual pitching competition which finalists pitch their business within 1 minute inside an elevator,  at the iconic International Commerce Centre.

A total of 100 finalists joining the competition from all around the world,  Cathay Photonics crowned champion and took home an investment prize worth US$140,000. Cathay Photonics is a Hong Kong-based company that researches and develops specially-coated glass and ceramic products.

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