Ecosystem Roundup: Grab’s Q2 revenue up 79%; SCBX abandons US$500M Bitkub buy; S’pore recognises 3AC liquidation

Grab’s Q2 revenue climbs 79%, losses narrow
The Q2 revenue rose 79% to US$321M from a year ago; Net loss narrowed 29% to US$572M; The growth is credited to its fixed cost optimisation, shutting down unprofitable business lines, and thinning down incentives.

Once SEA’s most valuable startup, Grab falls US$13B behind GoTo
The unprofitable companies are both struggling to convince investors of their moneymaking potential after staging their stock-market debuts in recent months; The ride-hailing firms are struggling to reverse losses amid competition.

Thailand’s SCBX abandons US$500M Bitkub acquisition
The due diligence (DD) exercise found numerous issues that need to be addressed by Bitkub’s management and resolved on the orders of the Thai SEC; This follows the indefinite postponement of the deal first announced in July.

Hodlnaut discloses US$280M in outstanding liability after crypto dip
The company also recently announced massive layoffs affecting 80% of staff; The news came after it froze withdrawals on August 8; The firm oversaw US$750M at its peak volume in March.

Singapore recognises 3AC liquidation, allows further probing
3AC’s core team reportedly has 5 luxury properties in Singapore; Teneo, the advisory firm handling the liquidation, has already seized 3AC’s US$40M assets, although its creditors have reported US$2.8B in unsecured claims.

‘Web3 games should aim to have sustainable tokenomics, ecosystems’
Froyo Games’s Co-Founder Douglas Gan says we will see Web3 games materialising in the next five years, infused with finance like an injection needle, boosting the entire gaming ecosystem.

LiquidX acquires Anime Metaverse to invest in anime IP, grow brand
LiquidX functions as an investor, acquirer, and operator, helping family offices and PE funds diversify into Web3; Anime Metaverse acts as a conduit for anime, manga, and dorama into Web3.

How LiquidX aims to help Web3 founders make their visions come true
LiquidX is a Web3 venture capital studio for the metaverse; It recently announced its acquisition of Anime Metaverse; It is currently in talks to acquire an additional two or three seed-stage investments by year-end.

GREENS aims to empower Indonesia’s 240M non-farmers with its meta-farming solutions
The firm has created a seed-to-meal dine-in platform, indoor growing chambers, and farming as a service for anyone to grow food in their community; It recently bagged funding from East Ventures.

Lazada ex-VP’s P2E mobile gaming platform MetaverseGo scores US$4.2M
Investors include Galaxy Interactive, Delphi Digital, Dragonfly Capital, and Mechanism Capital; MetaverseGo provides access to Web3 games without the usual prerequisite of understanding how to use cryptocurrencies.

EVOS Esports Founder’s new Web3 media startup Avium lands US$2M funding
Investors include Saison Capital, East Ventures, Mirana Ventures, and Hepmil Media; Avium builds an entertainment brand to greenlight original content by the studios behind Marvel Comics, Valve, Netflix, Prime Video, and Tencent.

Edutech firm BrightCHAMPS acquires SEA-focused Schola for US$15M
Schola offers a variety of courses in a live, 1-on-1 class model for kids from four to 15 years of age to build important capabilities for successful global careers tomorrow.

Echelon 2022: Going through the long and winding road to growth
The Echelon agenda is designed to suit a company’s journey to grow; Echelon attendees get countless opportunities to meet and connect with investors, corporates, governments, and entrepreneurs.

How mental health startup Intellect’s founder catalysed his personal battle with anxiety
Intellect’s top aim is to expand to broaden the company’s product offerings to include self-care programmes, live coaching, counselling, and crisis management services.

Singapore edutech firm Jackett raises US$1M funding
Investors are Forge Ventures, EF, Epic Angels Network, and Carousell’s Siu Rui Quek; Jackett helps teachers scan and digitise questions, create custom and personalized assessments from the platform’s library, and auto-grade them through AI.

Indonesia’s cold chain logistics startup Superkul nets funding
The lead investor is East Ventures; The startup offers a fleet of motorcycles equipped with refrigerated boxes, called Superkul boxes, that can carry -22॰C to 10॰C.

Founders of Singapore’s personal finance firm Seedly depart
Kenneth Lou and Tee-Ming Chew have handed over the reins to Yeap Ming Feng, Seedly’s marketing manager, and Ian Hutchinson, SingSaver’s general manager; SingSaver is a unit of Seedly’s parent firm Hyphen Group.

BookDoc CEO Chevy Beh passes away at 37
He has received recognition for his entrepreneurship and outstanding achievements and was the top nominee of Ernst & Young’s (EY) Entrepreneur of the Year in 2013, 2014 and 2020.

The post Ecosystem Roundup: Grab’s Q2 revenue up 79%; SCBX abandons US$500M Bitkub buy; S’pore recognises 3AC liquidation appeared first on e27.

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