SG robo-advisor Syfe closes $30m Series B round led by Valar Ventures
Syfe founder and CEO Dhruv Arora Premium
Singapore-based digital wealth management startup Syfe has raised S$40 million ($30 million) in a Series B funding round led by PayPal co-founder Peter Thiel’s Valar Ventures.
UK-based venture capital firm Unbound and Presight Capital – both existing investors – also participated in Syfe’s latest round, according to a company statement.
Valar Ventures is pumping nearly $22.5 million into this round, according to an ACRA filing seen by DealStreetAsia – DATA
VANTAGE.
An early backer of global fintech firms such as TransferWise, Xero, and European digital bank N26, Valar had also led Syfe’s Series A round in September 2020.
Singaporean robo advisor Syfe announced that it has secured SG$40 million (US$30 million) during its Series B funding round.
The fundraise was led by US-based Valar Ventures, the venture capital fund co-founded by Peter Thiel, which led Syfe’s Series A. Existing investors Presight Capital and Unbound also participated in the round.
This latest capital injection comes just nine months after Syfe’s Series A funding round in September 2020. It brings Syfe’s total capital raise to SG$70.7 million (US$52.6 million) since 2019, and more than triples the firm’s valuation.
The funds raised will be used to expand into new markets in Asia, invest in top talent and develop more high-quality investment products and services.
Investment app Syfe raises $30M Series B led by returning investor Valar Ventures
Syfe founder Dhruv Arora
Investment apps in Southeast Asia are attracting a lot of funding, and now some are raising fast follow-on rounds, too. For example, Indonesian robo-advisor app Bibit raised $65 million in May just four months after a $30 million growth round. Now Singapore-based Syfe is announcing that it has closed a $30 million Series B, only nine months after its Series A. It also said all of Syfe’s full-time employees will receive equity in the company.
The latest round’s lead investor is Valar Ventures, which also led Syfe’s Series A, marking the fintech-focused venture capital firm’s first investment in an Asian startup. Returning investors Presight Capital and Unbound participated, too.
09 May 2021 - 8:00
A group of researchers involved in the research project
By Fazeena Saleem | The Peninsula
Doha: A team of researchers is exploring the possibility of growing non-food crops such as cotton and jute in Qatar.
The research funded by Qatar Foundation’s National Research Fund (QNRF) project aims to find the possibility of using industrial waste as fertiliser to grow non-food crops.
Initially a study by Qatar Shell Research and Technology Center (QSRTC), Texas A&M University at Qatar (TAMUQ) and the Ministry of Municipality and Environment (MME) has found that type of industrial waste called biosludge, which is nutrient-rich organic matter, and can be used as a soil enhancer.
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