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November 29th, 2015

Bi-monthly Highlights

Global Trends

Examining how the IoT will affect the world

The Internet of Things (IoT) has been called the next Industrial Revolution it will change the way all
businesses, governments, and consumers interact with the physical world. According to BI Intelligence
estimates, there will be 34 billion devices connected to the internet by 2020 in total, up from 10 billion in 2015.
IoT devices will account for 24 billion, while traditional computing devices (e.g. smartphones, tablets,
smartwatches, etc.) will comprise 10 billion. Nearly US$6 trillion will be spent on IoT solutions over the next five
years. Businesses will be the top adopter of IoT solutions. They see three ways the IoT can improve their
bottom line by lowering operating costs, increasing productivity, and expanding to new markets or developing
new product offerings. Consumers will lag behind businesses and governments in IoT adoption. Still, they will
purchase a massive number of devices and invest a significant amount of money in IoT ecosystems.

US millennials willing to pay for entertainment, but not digital news

Contrary to common discourse, US millennials (ages 18-34) personally pay for various content services. But
when it comes to what types of content millennials are willing to shell out money for, video entertainment and
music trumps all types of digital news, according to a recent survey from the American Press Institute. The
study reveals that 55% of millennials personally pay for movie and TV downloads, and nearly half pay for
music services. By comparison, less than 15% of those surveyed claim they personally pay for news services
like digital news apps, digital magazines, or digital newspapers. An overwhelming majority of US millennials
pay for at least one type of content, either through a service or subscription. In total, 93% of US millennials
revealed they regularly use paid content, and 87% said they personally pay for some of this content. One out
of every four US millennials pays for some type of digital news service, compared to almost 30% who pay for
print news. Digital news apps gained the highest share of millennial users either through personal or
borrowed accounts.

Consumers value this in-car technology more than driving performance

Cars' infotainment systems are becoming increasingly innovative and elaborate drivers can navigate to a
destination while operating a smartphone hands-free. And drivers' demand for in-car technology powered by
the infotainment screen has been growing over the past year. In fact, consumers value in-car technology more
than the car's driving performance, according to an Accenture survey. The infotainment center which is
becoming the next mobile device is creating a massive market opportunity. And tech companies like Apple
and Google are entering the auto market to capture a share of the growing market.Consumer demand for incar technology has increased significantly over the past year. Among recent car customers those who
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recently purchased a car in Germany, the US, and China, 37% agreed they would switch to another
manufacturer if it was the only one offering a car with full access to applications, data, and media, up from 20%
in 2014, according to a McKinsey survey.

Asia Pacific
China

TutorGroup raises US$200 million in Series C funding

Online education provider TutorGroup said it raised about US$200 million in Series C equity funding, valuing
the privately owned company at over US$1 billion. Singapores sovereign fund GIC, the Russia-China
Investment Fund (RCIF), Goldman Sachs Group Inc and Silverlink Capital LP participated in the funding
round. TutorGroup, which offers online courses on English in the greater China region and for Chinese
students abroad, has already attracted investments from Alibaba Group Holding Ltd and Temasek.

Alibaba names Gobi Partners its investment manager for US$130M Hong Kong startup fund
Chinas ecommerce giant Alibaba on Thursday named Gobi Partners its first investment manager for a new
HK$1 billion (US$130 million) not-for-profit fund aimed at Hong Kong entrepreneurs and startups. Alibaba says
the object of the fund is to support the aspirations of entrepreneurs who wish to take advantage of the
resources offered by Alibabas ecosystem in e-commerce, logistics, mobile platforms, cloud computing, and
financial services. The funds investment thesis is to be stage agnostic, meaning Gobi and other investment
managers will have the freedom to invest in companies at startup, growth, and expansion phases. But
investment amounts per deal were not disclosed. According to a release, the board of directors will include
Allan Zeman, founder and chairman of Lan Kwai Fong Group, Bernard Chan, president of Asia Financial
Group and Asia Insurance, and Savio Kwan, Alibabas president and chief operating officer from 2001 to 2003.
Meanwhile, Alibabas own Cindy Chow will serve as executive director.

Chinas version of Lending Club is planning an IPO on the NYSE

Chinas P2P lending marketplace has exploded over the past couple of years, but until now, no company has
gotten big enough or ambitious enough to look at an IPO in the US. But that changed, when P2P lending firm
Yirendai filed its F-1 form to the SEC, announcing its intent to list on the New York stock exchange in a
US$100 million intial public offering. Yirendai and services like it allow anyone with money to become a lender,
and anyone who needs money to apply for a loan. On Yirendai, prospective lenders can select loans theyd
like to buy into based on the total sum, payback period, and interest rate. Yirendai is a wholly owned
subsidiary of a Chinese financial services company called CreditEase, and CreditEase would remain a
majority stakeholder in the company following the IPO. Assuming the listing is successful, Yirendai would be
listed on the NYSE under the symbol YRD.

No slowdown in China: internet companies raise over US$6.5b in first half of 2015
Investments in Chinas tech companies and startups soared in the first half of the year, says a new report
from PricewaterhouseCoopers. All the funding thrown at Chinese web and tech firms in H1 2015 were almost
the same as the full-year total of 2014. The report mirrors the boom in funding for Chinese startups weve
seen going on all year, including bumper investment rounds for Didi Kuaidi (US$3 billion), food delivery startup
Ele.me (US$630 million), and laundry app Edaixi (US$100 million). In the first half of 2015, there were 1,126
investments in the tech and web industries in the country, amounting to US$15.56 billion (that covers four
sectors: mobile and telecoms, internet, technology, plus entertainment and media; the chart uses the phrase
TMT to group them together). In the same period, China saw a total of 2,525 venture capital and private
equity investments across all industries, totaling US$25.4 billion.

Chinas answer to Vine gets new funding, now valued at over US$1b
Chinas answer to Vine, an app named Miaopai, has secured US$200 million in series D funding, the startup
has revealed. The funding for Yixia, the startup behind Miaopai, comes from Weibo, Sequoia Capital, and
Korea-based YG Entertainment. Weibo and parent company Sina have long been investors in the video app.
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The huge new round values Yixia at over US$1 billion, the startup claimed. Its unclear how much of a stake
Weibo and Sina have, but the tech giant has heavily promoted Miaopai over the years, and to casual
observers it kind of looks like its a Weibo spin-off app. Weibos 222 million monthly active users have helped
Miaopai get quite a bit of traction. The startup claims its app gets 1 million video uploads per day along with
510 million video views on the average day. It has 5 million daily active users. Weibo and Miaopai said they
plan to collaborate on Periscope-style live video streaming.

Taiwan

Alibaba launches new US$306m not-for-profit fund to invest in Taiwan startups

Alibaba launched a NT$10 billion (about US$306 million) fund to invest in startups in Taiwan. According to the
company, the fund will be managed by professional investment managers and will operate on a non-profitesque model, wherein profits generated from investments will be re-invested into portfolio companies. The firm
adds that the fund will help startups start and grow businesses on marketplaces and platforms in the Alibaba
ecosystem, enabling them to offer products and services in the Greater China region. This year in particular,
Taiwan looks poised to see more money for startups enter its borders. In addition to as-yet unannounced
funds, Taiwans National Development Council recently pledged US$83 million across three venture capital
firms as part of a long-term plan to fuel the islands startup ecosystem.

Korea

Korean On-Demand Cleaning Startup WaHome Scores US$1M In Seed Funding

WaHome, a Seoul-based on-demand home cleaning service, has landed US$1 million in seed funding, which it
will use to hire more engineers, build features for its Android and iOS apps, and launch in more Korean cities
before tackling expansion in Hong Kong and Japan. The seed round came from Sparklabs Global Ventures,
Mashup Angels, Fast Track Asia, Gabriel Fong, the former chairman of GoGoVan, and actor Bae Yong-Joon.
WaHome now has about 350 cleaners on its platform. After expanding its current services into new cities, the
startup will add other verticals, like home maintenance. The startup has to compete against traditional house
cleaning call centers, but its founders are confident that people will turn to WaHome in order to avoid
annoyances like the subscription fees both customers and cleaners have to pay.

Japan

Japanese 3D Printing Startup Kabuku Lands US$6.1M Series A

Kabuku, a Tokyo-based startup that explores new uses for 3D printing, plans to expand around the world after
raising a US$6.1 million Series A round. The company runs Rinkak, an online marketplace that lets makers
upload their 3D printed designs and sell them directly to consumers. The funding was led by Global Brain,
Dentsu Digital Holdings, and Mitsui Sumitomo Insurance. Kabukus Series A follows a US$3.3 million seed
round it announced just three months ago. Kabukus goal is to find new methods and applications for 3D
printing in a different industries. Its initiatives have included the Open Road Project, a partnership to create
customized components for Toyota i-Road vehicles, and another service that prints interchangeable parts for
Olympus Air cameras. The company will use its new capital to expand its sales and marketing into new
countries.

Japans Mitsui invests US$52M more in India's Naaptol

Japanese business conglomerate Mitsui & Co has invested INR 343 crore (approximately US$52 million) in
Naaptol, a tele-shopping and e-commerce venture in India. The funding comes almost seven months after
Mitsui led an investment round of INR 136 crore (around US$21 million) in the company, which also saw
participations from New Enterprise Associates, Canaan Partners and Silicon Valley Bank. With the latest
round, Mitsuis stake in Naaptol will go up from 5 per cent to 20 per cent. The company intends to use the
funds for expanding its reach and building up an efficient supply chain. We would also upgrade our studio
capabilities to churn out more and more content in multiple languages every day and invest in technology,
said Manu Agarwal, Founder and CEO of Naaptol. Started in 2008, Naaptol is a comparison-based social
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shopping portal, which hosts a variety of products from hundreds of different brands. The company claims it is
a one-stop destination for shoppers, merchants and market enthusiasts, that binds buyers and sellers in a
lucrative network.

India

Ola raises US$500M to go deeper into existing markets as India standoff with Uber continues
Indias dominant ride-hailing app, Ola, announced that it has raised US$500 million in fresh funds to defend
against Ubers challenge on its home turf, putting its new valuation at US$5 billion. The investment was led by
Baillie Gifford, Falcon Edge, Tiger Global, SoftBank Group, DST Global, and Didi Kuaidi (Chinas dominant
ride-hailing app). This news comes the same day that U.S.-based ridehailing app Lyft, which shares some
investors with Ola, is said to be raising US$500 million at a US$4 billion valuation. Indeed, there is something
of a global alliance taking shape against Uber among regional ride-hailing startups. In Southeast Asia, for
example, GrabTaxi shares many of the same investors as Ola and Lyft. And its possible that, in time, there
many be further consolidation between all these regional players whether in the form of acquisitions and
mergers, or through more Didi-Lyft style tie-ups. This round takes Olas total raised funds to date to about
US$1.3 billion with over US$1.2 billion of that coming in the past year alone. Most recently, in April, the
company raised US$400 million.

Rentomojo gets US$2 million funding from Accel, IDG Ventures

Rentomojo, a Bengaluru-headquartered furnishing solutions platform, has raised US$2 million in Pre-Series A
from Accel Partners and IDG Ventures India. Rentomojo, founded in November 2014 by IIT Madras graduates
Geetansh Bamania and Ajay Nain, had raised seed capital from London-based investors last year. The funds
will fuel our expansion across the country, Geetansh Bamania, Co-founder and CEO, Rentomojo said in a
press statement. Following the fund-raising, Venkatesh Peddi from IDG Ventures India and Prashanth
Prakash from Accel Partners will join the companys board. At present, Rentomojo has operations in
Bengaluru, Mumbai, Delhi NCR and Pune. Categories on the platform include appliances, furniture, packages,
kitchen and home utility, and two-wheelers.

More than mere taxis, Jugnoo raises US$3m to use auto rickshaws for everything
Jugnoo, an Uber-esque app for motorized rickshaws in India, announced that it has raised US$3 million in
series B funding. The round was led by mobile wallet and previous investor, Paytm. Kunal Shah, CEO of
mobile top-ups site Freecharge, also invested in the round. Jugnoo currently has three apps Jugnoo Auto,
Jugnoo Meals, and Jugnoo Fatafat. Together, Jugnoo allows users to instantly hail auto rickshaws, order
home-cooked meals, and get groceries delivered to their homes. All of the startups services are completed by
auto rickshaws. It claims to have more than 3,300 autos as theyre known in India enlisted on its platform.
It is currently operational in 22 cities and hopes to expand to 40 by the end of the year.

Delivering groceries, Grofers bags big bucks from SoftBank

In a whopper of a deal, Grofers, a two-year-old startup that delivers groceries and other products from local
stores to customers on demand, has snapped up US$120 million in a series C funding round led by Japans
SoftBank. Gurgaon-based Grofers is an ecommerce startup that connects consumers to brick-and-mortar
stores through its mobile app. Users can order from over 120,000 products that include groceries, fruits,
vegetables, cosmetics, electronics, bakery items, and flowers. The startup has over 10,000 small merchants
on board in cities like Delhi, Gurgaon, Bangalore, Mumbai, Jaipur, and Hyderabad, and hopes to expand with
the latest funding. Others who took part in the round were Tiger Global, Sequoia Capital and Apoletto
Managers. This was the third funding for Grofers this year, and one of the largest investments at this stage
raised by any Indian tech startup, the paper said.

KountMoney tackles Indias archaic credit rating system for loans, gets seed funding
In India, the banking system excludes large numbers of people from loans because eligibility criteria are
archaic. Fintech is out to disrupt this by widening the circle of eligible borrowers through data analytics and
algorithms for better risk-profiling. A new credit rating system can also reduce the costs of borrowing for
creditworthy people. The latest to tackle this widespread problem is Bangalore-based KountMoney. The
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company announced an undisclosed amount of seed funding from angel investors, through TracxnSyndicate.
The online lending marketplace promises to make it easier and faster to get personal loans. Lending
institutions can also use the data science capabilities of KountMoney for better risk analyses of borrowers and
reduction in costs. Indias loan market is growing at 20 percent and expected to cross US$300 billion next
year; 20 percent of that is the unsecured loan segment that KountMoney is targeting.

Fintech startup gets US$1.5m funding to help millennials reach payday

Early Salary, a fintech startup, said it has raised US$1.5 million seed capital led by Ashok Agarwal from New
Delhi-based Transcorp Group. Early Salary aims to take cash advances and quick loans to mobile phones,
developing an app that lets people apply for loans that, if approved, get credited to their accounts instantly.
The seed money will be directed toward getting the startups app up and running in the next three months. The
verification process combines traditional credit scoring methods with social and online risk assessment,
involving social media and data analytics. Potential borrowers can upload a selfie and fill out a quick
application form. Users can pay loans back when they get their salary the following month with a 22 to 30
percent annual percentage rate. It could be great news for app users, because payday loans can get
expensive.

Fitness Wearable And Coaching Startup GOQii Lands US$13.4M Series A From NEA And Cheetah
Mobile
GOQii sells its own fitness trackers, but its main focus is a cloud-based platform that sends data to real
coaches, who then provide feedback to help users meet their health goals. Subscriptions come with a free
wristband, but the platform is also compatible with most major brands, including Fitbit, Jawbone, and Misfit.
The Menlo Park, California and Mumbai-based company just raised a US$13.4 million Series A, which it will
use to expand in the U.S. and China. Co-founder and chief executive officer Vishal Gondal says the company
is already the leading fitness tracker company in India and wants to hit one million users there as soon as
possible. The companys Series A was led by New Enterprise Associates (NEA), with participation from
Cheetah Mobile; Great Wall Club (GWC); DSG Consumer Partners; Supercell co-founder and chief executive
officer Ilkka Paananen; angel investor Pravin Gandhi; and Gondal.

Indonesia

Indonesian beauty ecommerce site Sociolla grabs series A funding led by Venturra Capital
Indonesia-based cosmetics and beauty ecommerce site Sociolla announced it secured a seven-figure series
A investment led by Venturra Capital. The exact amount is undisclosed. East Ventures participated in the
round, as did Steve Christian of Indonesias KapanLagi Network. According to Sociollas co-founders
Christopher Madiam, John Rasjid, and Chrisanti Indiana, the cash will be used to boost the firms overall tech
infrastructure, introduce new features, and grow the team in Jakarta. Sociolla currently has 140 brands on
offer. Visitors can shop by brand or by department, under the categories of makeup, skincare, haircare, nails,
bath and body, accessories, fragrances, and gifts.

Malaysia

Malaysias Kaodim rakes in US$4m to improve the Southeast Asian services sector
Malaysia-based startup Kaodim announced it raised a US$4 million series A round of funding led by Venturra
Capital. Other participating investors in this round are Beenext, 500 Startups, and East Ventures. The
company says it will use this funding to launch in other major cities in Southeast Asia and expand its product
offerings to include other services in the home, lifestyle, wellness, education, and business categories,
among others. Kaodim, which means job done in Cantonese, is a services marketplace. If youre in search
of, say, a plumber, a cleaner, or a wedding photographer, Kaodim can match you up with a corresponding
provider. Its a model similar to Thumbtack in the US, and it seems to be catching on in Southeast Asia.

Singapore

TechSG launches as a new resource hub for Singapores startup ecosystem, but fails to dazzle
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IBM and the National University of Singapore on Thursday announced the launch of TechSG, a new digital
platform for Singapores technology entrepreneurial ecosystem. In other words, its a place to get an overview
of local startups, events, founders, research, investors, incubators, curated news, and so on. Rather than
starting a resource portal from scratch, TechSG says that it integrates and augments existing information
and resources from around the Web (in a card-style layout). But the launch feels much more like a beta than a
finished product. More comprehensive coverage of Singapores startup ecosystem will be added by May next
year, the team said, but nonetheless, it just feels unpolished at this stage.

After launching in the US, Singapores 3D-printing pen CreoPop raises more funding
Singapores 3D pen maker CreoPop announced its pre-series A round of funding from Russia-headquartered
venture capital firm Emery Capital and other private investors. The amount raised, much like the hardware
startups previous rounds, is undisclosed. The company says it has so far raised a total of US$2.75 million, in
addition to over US$300,000 from crowdfunding and pre-orders for the pen. This includes the latest funding
round. The latest funding will be used for further research & development and to bring CreoPops product to
more markets around the world. CreoPops last funding was announced in June 2015. Since then, the
company has launched its 3D-printing pen commercially, securing a deal in the US with retail powerhouse
Best Buy in October 2015. The pen is also available from several US specialty and hobbyist outlets like B&H,
Adorama, and Matterhackers.

Singaporean startup raises funding to help you run your factory like clockwork
Singapore-based Arcstone is a data analytics and operations startup for manufacturing plants. The company
announced its first round of funding, led by Tokyo-based venture capital firm Global Brain. Wavemaker
Partners, 500 Startups, and YSS Capital also participated in the round. The investment amount is currently
undisclosed, but founder and CEO Willson Deng says, funds will be allocated towards two key areas:
continued software platform development and building our presence in the manufacturing world to secure
customers throughout Southeast Asia. Part of the latter will naturally be recruitment. In order to expand to
Southeast Asia, the company wants to hire regional experts in manufacturing and software developers that
are familiar with enterprise level coding, Willson says. It is a niche area so we are keen on bringing in
exceptional talent to train but well only be keeping the best.

United States

Marketing automation battle for SMBs heats up as Salesfusion raises US$13.5M

Atlanta-based Salesfusion, a marketing automation platform serving B2B small and medium-sized businesses,
is raising US$13.5 million in a series B funding round. Investors include Noro-Moseley Partners, BLH Venture
Partners, Alerion Ventures, Tech Square Ventures, and Hallett Capital. Marketing automation adoption rates
remain highest among B2B enterprises, but interest from the B2C and SMB segments is growing. In fact,
every single one of the top five growing marketing automation vendors is focused on either B2C or SMB
companies (or both). The company said it will utilize the funds to launch the next generation of its product,
Salesfusion 360x, and to increase its marketing efforts and expand its sales team.

Rdio is filing for bankruptcy, Pandora will buy key assets for US$75M
Pandora will acquire key assets from streaming music technology company Rdio for US$75 million in cash.
The move comes as Rdio revealed it sought bankruptcy protection in the U.S. Bankruptcy Court for the
Northern District of California. Founded in 2010, Rdios service has been available in 60 territories worldwide
and allowed on-demand access to over 12 million songs. The company has raised US$125.7 million in funding
from Atomico, Skype, Mangrove Capital Partners, and famed entrepreneur Janus Friis. Pandora will be gaining
technology, product, intellectual property, and people from Rdio. On an investor conference call, Pandoras
chief executive, Brian McAndrews said that the Rdio acquisition is all part of a broader plan for growing
Pandoras user base and transforming the company. He added that the vision is to be the go-to destination for
music, spanning on-demand streaming, radio, live events, and much more. The acquisition deal is expected to
close in the first quarter of 2016.
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Numecent raises US$15.5M to bring cloudpaging to Android and Linux

Irvine, California-based software company Numecent said it has raised a new round of US$15.5 million from a
broad range of European investors as the company seeks to expand its cloud-based services beyond
Windows. The series B round includes US$4.5 million from Deutsche Telekom, with the rest from European
industrialists, family offices and private equity firms, according to Numecent. Deutsche Telekom also led the
companys series A round. Numecents cloudpaging platform can virtualize software and place it in the cloud.
Even an entire operating system like Windows can be instantly placed online and run on your compute at the
same speed as if it was installed natively. Until now, Numecents focus has been on Windows and Windowsbased applications. Now, the company said, it will use the new money to develop similar capabilities for Linux
and Android. Numecent has now raised a total of US$38 million.

Earnest raises US$275M to help millennials manage their financial futures

Lending platform Earnest wants to help millennials manage their finances. To build out its offering of loans and
other financial management tools, the company has raised US$75 million in funding, plus US$200 million
worth of loan capital from New York Life. Battery Ventures led the round, which saw participation from Adams
Street Partners and Maveron. The funds will be used to fuel 200 new hires, including new marketing and sales
professionals, as well as engineers and designers. Following its launch last year, Earnest came out with two
products: loans for coding academic tuition and consumer loans. But the companys defining feature has been
a big data-fueled lending engine, built from the ground up. While technology remains a large component of
Earnests overall platform, chief executive and founder, Louis Beryl, said cultivating relationships with
consumers has been key to the startups strategy. He said he wants Earnest to become the bank that
consumers turn to throughout their lifetime.

Descartes Labs raises US$5M to make agricultural predictions with deep learning
Descartes Labs, a startup with image recognition technology that can help companies answer questions
related to agriculture, is announcing a US$5 million round of funding. The startup can work with satellite
images to predict what will happen next. Using a type of artificial intelligence called deep learning, Descartes
Labs claims that it can make more accurate predictions than the U.S. Department of Agriculture. Descartes
Labs spun out of the Los Alamos National Laboratory in New Mexico last year and is proudly based in Los
Alamos, New Mexico, with around 13 employees. Cultivian Sandbox led the new round in Descartes Labs.
Crosslink Capital, Data Collective, TenOneTen Ventures, and ValueStream Labs also participated. To date the
startup has raised US$8.78 million.

Lyft Said to Seek US$500 Million in Funding

Lyft, the ride-hailing start-up, is seeking to raise new capital, as Uber, its larger rival, also ramps up
conversations with investors about another private fund-raising. The company, which is based in San
Francisco, is seeking about US$500 million at a valuation of approximately US$4 billion. Thats up from the
companys current valuation of about US$2.5 billion. The figures are still in flux and may change as fundraising talks continue. Lyft operates in more than 190 cities across the United States. In September, Lyft
teamed with Didi Kuaidi, the Chinese ride-hailing behemoth, to provide service to Chinese Didi Kuaidi app
users who enter the United States. Lyft has already raised more than US$1 billion from investors like the
billionaire activist Carl C. Icahn, the venture capital firm Andreessen Horowitz and the hedge fund Coatue
Management.

Banking startup Card closes US$9M funding round for growth

Banking service Card announced that it closed a US$9 million funding round led by Columbia Pacific Advisors
Growth Capital strategy and Fenway Summer Ventures. The prepaid card startup said it has processed over
US$450 million in deposits to date. The investment will be used to boost the companys customer growth and
tech development.

Square debuts at US$11.20 per share, is trading up more than 40%

One day after it started trading, Square began trading at US$11.20 a share on the New York Stock Exchange,
up slightly from its US$9 pricing the night before. The stock is currently up 42 percent from market open and
rising. Squares public offering has been the subject of much discussion. Prior to its roadshow, Square was
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valued at US$6 billion as a private company. Ahead of its initial public offering, that valuation dropped to
US$4.1 billion. There is a difference between the way public and private company valuations are calculated,
which may account for some, if not all, of the difference. Regardless, the lowered valuation may have
negatively impacted Squares initial stock price.

Cloud security startup Zenedge raises US$4M led by Canadas Telus

Zenedge announced that it took in a US$4 million series B round led by Canadian telecommunications
company Telus. The Los Angeles-based startup said that it will use capital to expand its services in Canada
and Europe by adding new DDoS mitigation services in Toronto and Amsterdam. Telus is the best strategic
partner for Zenedge as we share the same goal of ensuring security of web applications and networks for
businesses, said Yuri Frayman, Zenedges chief executive. Telus will now offer Zenedges services to its
customers, the startup added. Zenedge has raised at least US$7.5 million to date.

Tinder owner Match Group starts trading above US$13 per share
Relationship and hookup factory Match Group, owner of Match.com, Tinder, PlentyofFish, and OkCupid,
started trading on the Nasdaq stock market at more than US$13 per share under the symbol $MTCH. Thats a
bit above the US$12 price the company set the night before, pushing the total value of the company above its
approximately US$2.9 billion valuation. Back in October, Match Group hoped to raise at least US$100 million
in this initial public offering it ended up raising about four times that figure. Match Group has 59 million
active users, of which just about 8 percent pay to use Matchs services. Thats 59 million monthly active users,
4.7 million of whom are paid users.

Nuzzel raises US$1.7M for its social social content curator that anyone can now use
Social news aggregator Nuzzel has raised US$1.7 million in new funding from a bunch of individual investors
including Salesforce chief executive Marc Benioff, Googles Matt Cutts, SoftBanks vice chairman Nikesh
Arora, and others. This announcement comes as the company evolves its social aggregator product its
now available to everyone, meaning that you dont need to have a Twitter account to actually use the service.
With Nuzzel 2.0 launching on the Web, iOS, and Android, anyone can take advantage of social curation.
Instead of getting personalized results by authenticating with Twitter, users will be able to find relevant feeds
and add them to their favorites or subscribe to them. The new funding will be used to further scale the product,
including bringing on more engineers and improving product development of such features as its newsletter
platform. Money will also be put into resources exploring integrations with publishers, something that hasnt
been a major focus yet.

Circle Medical raises US$2.9M to help promote its on-demand primary care service
Circle Medical, which acts as a concierge for healthcare, announced that it has raised a US$2.9 million seed
round, led by Collaborative Fund. The startup says that the new funds will be used to increase brand
awareness and market the company. Other participants in this round include Tencent, Real Ventures, Kima
Ventures, Y Combinator partner Paul Buchheit, and YouTube cofounder Jawed Karim. Conceived after the
son of one of the cofounders fell ill on a family vacation and the father didnt know how to get care from an innetwork physician, Circle Medical provides patients with a physician for non-urgent care. Instead of
emergency services, Circle Medical delivers all the things you typically expect to receive from your physician,
such as checkups, flu shots, blood work, and general standard care. Each healthcare professional will bring a
medical kit and privacy blinds, and can visit you wherever you are.

Airbnb is reportedly raising US$100M, forecasts US$900M in revenue for 2015

Airbnb has reportedly raised at least US$100 million in a new funding round. The investment leaves the
unicorns valuation unchanged, at US$25.5 billion. This news arrives as Airbnb faces criticism for both its
responsibility to keep users safe and its role in San Franciscos housing crisis. Airbnb has forecasted revenue
of US$900 million this year after previously projecting US$825 million during a fundraising completed in July.
The company reportedly brought in US$340 million in revenue during the last quarter alone, on bookings of
US$2.2 billion but dont expect Airbnb to generate a profit until 2017.

Learning tool Quizlet raises US$12M led by USV

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Union Square Ventures led a US$12 million series A round for peer-to-peer learning tool Quizlet, the firm
announced through a blog post. The startup originally wasnt interested on raising outside capital because it
was profitable, according to the post. It was this year that Quizlet decided to take on the investment from USV,
along with more capital from Costanoa Venture Capital, Altos Ventures, and Owl Ventures. The funding round
will be used to expand the companys international reach as well as building its products technology.

Gig marketplace Shiftgig closes US$22M to grow in North America

Marketplace for short-term jobs Shiftgig announced that it raised a US$22 million series B round. Renren led
the round, while Chicago Ventures, DRW Venture Capital, and others followed. Shiftgig aims to connect
employers with people who are looking to pick up open shifts in the hospitality, customer service, and events
industries. The investment will be used to expand the on-demand jobs services to more cities in North
America. The startup said it already serves more than 270 clients in 8 cities. Based in Chicago, Shiftgigs
funds total around US$35 million since its seed round in 2012.

Clarisite raises US$5.5M for international expansion, appoints new CEO

Behavioral analytics startup Clarisite raised US$5.5 million for its series A round led by Lazarus Israel
Opportunities Fund, the startup announced. Clarisite also announced its new CEO, Yaron Morgenstern, who
will oversee the companys international expansion. The companys software lets its customers provide better
customer experience on the web and mobile. Its customers use Clarisite to optimize the customer experience,
enhance customer service, improve regulatory compliance and reduce risk exposure, the company said. The
U.S.-based VC had invested US$500,000 in Clarisite back in 2012.

DoorDash is raising new investment, would set valuation at US$1B

Food delivery service DoorDash is raising a new funding round that would set the companys valuation at
US$1 billion. DoorDash has raised around US$60 million to date, including a US$17 million series A led by
Sequoia last year. The VC is expected to return and lead the next round.

Jet lands US$350M with another US$150M on the way

Amazon competitor Jet.com has raised a gargantuan new round of funding, giving the company a valuation of
US$1.5 billion. Jet announced the close of a US$350 million raise from Fidelity, Alibaba, Bain Capital, and
Google Ventures. The company is also in the process of raising another US$150 million. When the next round
closes, Jet will have raised US$720 million in total. Jet.com was started in 2014 by Diapers.com founder Marc
Lore, who famously sold the ecommerce company to Amazon for US$540 million, in 2010. Now, Lore is taking
on Amazon again with another ecommerce venture. Jet.com is a bargain marketplace that delivers bigger
discounts to customers the more merchandise they buy. Its styled after Costco, which gives members
discounts when they buy items in bulk. Like Amazon, Jet has its own network of warehouses from which it
ships millions of items.

Europe

UK financial tech startup SalaryFinance raises US$6.1M from Brightbridge Ventures

Brightbridge Ventures gave US$6.1 million to financial tech startup SalaryFinance for its latest funding round,
the UK-based company announced. Founded by Dan Cobley, formerly managing director at Google UK,
SalaryFinance offers a financial benefit service for employees that allows them to pay personal debts directly
from their paycheck at low interest rates, the company says.

Londons Deliveroo raises another US$100M and launches premium meal deliveries outside Europe
London-based food delivery startup Deliveroo has gobbled up another US$100 million in funding, as the
startup announces its first launch markets outside of Europe. The series D round was led by DST Global and
Greenoaks Capital, with additional contributions from Accel, Hummingbird Ventures, and Index Ventures.
Deliveroo has been on a major growth drive in the competitive e-cuisine scene over the past 12 months, and
this news doubles the companys funding to date it raised US$25 million in January followed by US$70
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million in July. The startup also raised a US$2.7 million series A round in mid-2014. So far, the company has
covered dozens of cities across the U.K., Ireland, Belgium, France, Germany, Italy, Netherlands, and Spain.
Now with an extra US$100 million in its coffers, those in Dubai, Hong Kong, and Singapore, as well as
Australias Melbourne and Sydney, can also use the service.

European smartwatch brand Vector Watch raises US$5M to become the industry standard in
wearables
Vector Watch, a London-headquartered company that makes smartwatches that last for up to 30 days on a
single charge, has raised a fresh US$5 million in funding. The round was led by Bucharest-based investor
GECAD Group, with participation from Catalyst Romania and a group of high net worth individuals. The
company had previously raised a US$2 million seed round from GECAD Group in 2014. Vector Watch
unveiled a collection of 12 attractive

Hostmaker hauls in US$2 million

As property-owners (or even renters) have increasingly turned to Airbnb in order to raise a bit of extra income,
it is perhaps unsurprising that companies like London-based Hostmaker have emerged to help those renters
make their dwelling more appealing by offering concierge or housekeeping services. The startup, founded in
2013, has announced that they have picked up US$2 million in seed funding in a round led by DN Capital and
including participation by Avala Capital, DSG Consumer Partners, and a couple of angels. Hostmaker first
launched in London in July 2014 and then expanded into Barcelona and Rome this past April. To date, the
startup reports that it serves about 5,000 guests monthly. This latest funding round will be used to allow the
startup to expand into further European capitals, as well as continue to perfect the service, including taking
steps to build its price-optimization tool.

Germanys test IO announces US$5 million Series A financing

Every developer can tell you the frustration that buggy programming brings about, and finding testers can be
just as aggravating. Thankfully, this German startup addresses both pain points. test IO, a software
crowdtesting platform for mobile and web developers, announced that they have raised a US$5 million Series
A round from Turn/River Capital, a San Francisco-based firm that invests in growing technology web and
SaaS companies. With a relaunched website and a re-brand of the company, which was originally called
testcloud, these new funds will be used to expand the companys growth to the United States and other
markets. This re-branding will also include the opening of a San Francisco-based office and an expansion of
their already vast network of professional testers, which is more than 20,000 strong.

UK fintech startup Ebury lands US$83M to grow internationally

Ebury, a UK-based startup that makes it easier for SMEs to trade internationally online, has completed an
US$83 million funding round to boost its growth. That makes Ebury one of the best-financed fintech startups in
Europe in one fell swoop, bringing its total of capital raised to more than US$110 million. The fresh round was
led by private equity firm Vitruvian Partners, with prior backer 83 North chipping in to prevent excessive
dilution. Ebury says it will use the additional cash to expand to the U.S. and parts of Europe it isnt already
covering (namely The Netherlands, UK and Spain). The startup currently employs 300 people, serving 10,000
corporate customers at present.

Australia

Australian online retailer Surfstitch gets US$511M valuation, overtakes Billabong

Online retailer Surfstitch has more than doubled its market value in less than 12 months, thanks to a series of
acquisitions that have seen the former pure-play online retailer move into bricks-and-mortar retailing and
digital publishing. The latest of those acquisitions is Surf Hardware International, the surfboard and
accessories manufacturer behind brands such as FCS, Gorilla, Hydro and Softech. Surfstitch paid A$23.7
million (US$17.1 million) for Surf Hardware, which it revealed in an update to the market when it emerged from
a trading halt. Surfstitch is now valued at A$511 million (US$369 million), which compares to a market value of
A$214 million (US$155 million) when it floated on the Australian Securities Exchange in December 2014. The
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company is tipped to hit a market capitalization of A$550 million (US$398 million) following the Surf Hardware
acquisition. That figure puts Surfstitch as more valuable than its former parent company, Billabong, which is
currently valued at A$510 million (US$369 million).

Israel

SafeDK raises US$2.25M to launch its SDK management service

SDK management startup SafeDK launches with US$2.25 million in funds from an investment led by
StageOne VC. SafeDK said its service monitors third-party SDKs in real time to warn developers about
prospect privacy, performance, and stability issues. By doing so, developers can choose to turn off certain
SDK features without affecting the apps functionality. Headquartered in Israel, SafeDKs first target is the
United States with future expansion plans aiming at Europe and Asia. Eddy Shalev, Marius Nacht, and
Kaedan Capital also participated in the funding round. SafeDKs public beta is now available for Android. The
iOS version is currently in the works.

Israeli braintech startup ElMindA reels in US$28M

The braintech company ElMindA announced an oversubscribed US$28 million Series C round on Monday
from a host of new investors. The round included the Kraft Group, Shanda Group, Wexford Capital, WR
Hambrecht & Co, Palisade Capital Management, OurCrowd, Healthcrest AG, and others according to a press
release. The funds will be put toward marketing its Brain Network Activation system (BNA), which received
FDA and CE Mark approval in 2014. ElMindA uses machine learning to identify patterns in neural network
activity during specific brain functions. Their BNA solution 3D-renders neural data into a visual map of brain
activity. This way, the data is more accessible and easier to obtain. The solution is designed to be used
bedside by patients, letting doctors get frequent updates via a secure linkup. Some doctors are already using it
to monitor brain recovery from trauma.

11-month-old Israeli big data startup Iguaz.io scores US$15M

Israeli big data outfit Iguaz.io announced a massive US$15 million Series A round led by Magma Venture
Partners with investments from Jerusalem Venture Partners and others. The number is noticeably high given
the company was only founded in December 2014. The company has declared itself to be in stealth mode,
i.e. they are remaining tight-lipped about their solution, though company co-founder and CEO Asaf Somekh
said the solution can cover multiple data processing frameworks in ways other solutions cant. Somekh also
said the product is in use and is close to full deployment. Somekh said that the company is rebuilding the
framework for dealing with big data from the ground up, integrating data from multiple storage and processing
platforms into one smooth analytics system.

Lit in green: Glaucoma-treating IOPtima lands US$7.2 million

BioLight Life Sciences Investments announced that it would join two venture capital firms out of Asia in
providing US$7.2 million of direct equity to BioLights subsidiary IOPtima, a company producing biotech
solutions for treating glaucoma. The companys flagship product is the IOPtimate system, which the new
capital will help push as it seeks FDA approval in 2016. Glaucoma is actually a class of conditions, not just
one, that result in pressure on the inner eye because of a blockage of internal eye fluid, also known as
aqueous humor or intraocular fluid. Their solution uses CO2 lasers to reduce internal eye pressure in
surgical procedures without penetrating the eyeball itself, thanks to the nature of fluids which the procedure
allows to flow better around the eyeball. The procedure leaves a thin layer of sclera tissue, the protective
coating around the eyeball. Outside the U.S., the company has already gotten its first sales from Hong Kong,
Poland, Romania, Hungary, and Peru.

SparkLabs Global Ventures (http://www.sparklabsglobal.com) is a global seed-stage fund with partners in

Silicon Valley, Chicago, London Tel Aviv, Singapore, and Seoul.
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