Date
11 December 2017
A Tech in Asia team is pictured at a Bangalore summit in 2016. The Singapore-based media company holds annual 'Tech in Asia' conferences. Photo: Tech in Asia
A Tech in Asia team is pictured at a Bangalore summit in 2016. The Singapore-based media company holds annual 'Tech in Asia' conferences. Photo: Tech in Asia

Hanwha unit leads US$6.6 mln funding round of Tech in Asia

Tech in Asia, a Singapore-based media and events startup, has raised US$6.6 million in a new funding round led by a South Korean investment firm.

The lead investor is Hanwha Investment and Securities, an affiliate of Hanwha, one of Korea’s largest business conglomerates, according to an announcement Monday

Other investors in the round include previous backers Eduardo Saverin – a Facebook co-founder – and his wife, and Walden International and East Ventures.

“It is always humbling to meet individuals and organizations who believe in our mission enough to invest in it. We will continue to serve and build Asia’s tech ecosystem and keep improving our products to better serve the community,” Tech in Asia CEO Willis Wee said in a statement.

According to the company, the fresh funds will be used for research and product development for Tech in Asia’s media, events, and jobs products. The firm will also continue to pour resources into community efforts such as Tech in Asia City Chapters

Hanwha, the leading investor of this round, is one of the top ten business enterprises in South Korea. Founded in 1952, the group has now 61 domestic affiliates and 258 global networks in three major sectors: manufacturing and construction, finance, and services and leisure.

TechCrunch, the tech industry news website, said it believes Hanwha was keen on this deal because it wants to raise its visibility among Southeast Asia’s tech community, and get access to data and deal flow.

In June 2015, Tech in Asia raised US$4 million in Series C funding. The Singapore-based firm was one of the first to cover tech and startup news across Asia since its inception in 2009. 

This article appeared in the Hong Kong Economic Journal on Nov 22

Translation by Ben Ng with additional reporting

[Chinese version 中文版]

– Contact us at [email protected]

BN/RC

EJI Weekly Newsletter

Please click here to unsubscribe