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5 in 5 minutes - Oct 07

Hong Kong Startup News Roundup

Grana secures US$10M Series A funding

Hong Kong-based Grana has raised US$10 million in Series A funding in a round led by Alibaba Group, existing investor Golden Gate Venture and MindWorks Ventures also co-invested, the round will be closed by the end of October 2016.

Founded in 2014, Grana ships fashion goods directly to 12 countries. The startup raised US$6 million in seed funding in February this year, in a round led by Golden Gate Ventures, MindWorks, and Bluebell Group.

Grana plans to expand in the US, its largest international market. Alibaba will also help the company to enter the mainland China market.

7 out of 10 youngsters in Hong Kong plan to start their own business

Millennials and Baby Boomers in Hong Kong are looking to kick start their own business or be self-employed. According to a release from GoDaddy, 68 percent of Hong Kong people plan to either start their business or be self-employed within the next 10 years.

The survey also reveals that 80 percent of small business owners are expecting to scale their business by at least 25 percent within the next 5 years. Almost half of the entrepreneurs surveyed express that they would try again if their current venture failed.

Hong Kong's Ocean Park to partner with tech startups on real-time people traffic management system development

Ocean Park has partnered up with MotherApp Ltd. to develop the innovative PFlow application. The application allows Ocean Park to monitor its guest traffic in real time in order to help the amusement park to rearrange its operation to better cater to visitors.

Ocean Park partnered with the tech startup through Hong Kong Science and Technology Park's “Technologies from Science Park” program. Ken Law, CEO of MotherApp, hopes to use the system in other big events within the city, with the aim to better manage human traffic. The CEO reveals that they are in touch with Hong Kong Tourism Board, with the hope to utilize the technology in various events in the future.

Former financial secretary of Hong Kong launches New Frontier Group to support young entrepreneurs in the city

Antony Leung, the former financial secretary of Hong Kong and chairman of Nan Fung Group, launched New Frontier Group on October 05. Since its first establishment in August this year, New Frontier Group has already invested in Hong Kong-based storage provider Boxful and connecting service provider HelloToby.

Japan-based FinTech startup Money Forward bags $11M in Series D

Japanese startup Money Forward has raised around US$11 million in Series D funding from Mizuho Capital’s FinTech fund and Isetan Mitsukoshi Holdings, with the participation from Fenox Venture Capital, Toho Bank, North Pacific Bank, Gunma Bank, Fukui Bank, and Shiga Bank.

The company has raised US$13.3 million in Series C funding in October 2015. The service is used by 4 million individuals and more than 500,000 businesses in Japan.

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