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5 in 5 minutes - October 20

Hong Kong Startup News Round Up

HKSTP, HSBC and HKBAN launch Sprinter, a two-year accelerator programme

Hong Kong Science and Technology Parks Corporation (HKSTP), HSBC and Hong Kong Business Angel Network (HKBAN) team up to launch Sprinter, a two-year programme that provides an "Entrepreneur Track" for startups and a "Business Angel Track" to mentor early-stage investors.

The Entrepreneur Track has two cohorts, and will train at least 120 technology companies. Participating startups will receive a series of structured training within five months.

Ten startups from each cohort will be selected to enter the second stage. Over a seven-month period, the 10 startups will receive professional training on business expansion and fundraising strategies. Startups will also have exposure in overseas exhibitions, pitching events and roadshows.

On the other hand, the Business Angel Track offers practical knowledge for 40 angel investors and individuals. Participants will receive knowledge on investment best practices, as well as opportunities to connect with stakeholders to help make quality deal flow. The program does not have an entrance fee.

The programme will open for application at the end of November 2017.

Horizons Ventures leads US$7M funding round for FinTech startup MioTech

MioTech, a Hong Kong-based AI-powered investment management platform, has raised US$7 million in a Series A funding round. The round was led by Horizons Ventures, Li Ka-shing's investment arm, with the participation from WeLab's co-founder and CEO Simon Loong Pui-chi, as well as returning investor Zhenfund. MioTech plans to use the new capital for team expansion, as well as expanding its service in Mainland China and Singapore.

MioTech develops an artificial intelligence-based software that aggregates and analyses internal and external data sources. The software also integrates data into a graph database and enables asset managers to have access to in-depth insights about investment opportunities.

Hong Kong's logistics startup PICK-UP completes funding round

PICK-UP, a Hong Kong-based logistics startup that offers same-day delivery, has secured funding from Axis Capital Partners, Metroworks Equity, Sage 42 Apps and Shanghai Bestway Enterprise Development Company. The startup plans to use the new capital to power its product enhancement as well as expansion plan in Southeast Asia.

PICK-UP is a platform that matches business and individuals with independent delivery agents for two-hours, four-hours, or same day deliveries.

BridgeU raises US$5.3M in Series A

BridgeU, a London and Hong Kong-based EdTech startup, has secured US$5.3 million in Series A in a round led by London’s Octopus Ventures. Fresco Capital and Downing Ventures also took part in the investment round.

BridgeU uses big data and management tools to empower students to make better higher education decisions. The BridgeU matching algorithm helps generate personalised university and course recommendations, taking each individual's strengths and preferences into account. The startup also helps students to build university application and enables staff from schools to manage and track application progress.

Prenetics secures US$40M

Prenetics, a Hong Kong-based genetic testing startup, has raised US$40 million in a Series B investment round led by Beyond Ventures and Alibaba Hong Kong Entrepreneurs Fund. Yuantai Investment Partners, mFund and eGarden Ventures also participated in the Series B round. The funding will power Prenetics's product development, team expansion, as well as its expansion plan in China and Southeast Asia.

Prior to the Series B round, Prenetics has raised US$10 million in its Series A round back in May 2016, the Series A round was participated by China's Ping An Ventures,  Indonesia's Venturra Capital, 500 Startups and Singapore’s Coent Venture Partners.

The company started as a research department at City University of Hong Kong and was spun off in 2009. Prenetics partners with insurance companies to offer genetic tests, its service is available in Hong Kong, Singapore, Malaysia and Thailand.

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