& meet dozens of singles today!
User blogs
French startup Georges — or Georges.tech — is raising a new round of funding of $42.4 million (€35 million). The company is also getting a new name and will be called Indy going forward. The startup has been building an accounting automation application for freelancers and small companies.
Singular is leading today’s funding round. You might not be familiar with Singular, but it makes a ton of sense to see the VC firm on the cap table. Former Alven partners Jeremy Uzan and Raffi Kamber left the Paris-based VC firm to raise their own fund. Uzan previously invested in Indy when he was at Alven and he’s following up with Singular.
Existing investors Alven and Kerala are also investing once again. Overall, Indy has managed to attract 40,000 clients who pay a monthly subscription fee to access the service.
Indy first started with a product specifically designed for freelancers, self-employed people, doctors, architects, lawyers, etc. It can help you replace your accountant altogether. You first connect the service to your bank account. Indy then imports all your transactions and tries to tag and categorize as many transactions as possible.
You can go back and add missing data. You can also add receipts or invoices right next to your transactions. Once this is done, you know how much VAT you’re supposed to get back at the end of the year.
Indy then automatically fills out administrative forms based on your data. You can then download your tax documents or send them directly from Indy.
You can also use the platform to get an overview of your business. You can see your corporate revenue, track your expenses, and see how much you earn per year based on personal expenses and your own pay.
Over time, Indy has expanded its service so that it supports more types of companies. In addition to freelancers, Indy supports EURL, SARL, SAS and SASU. In 2020, the startup has tripled its revenue.
And the company plans to improve its product to support even more self-employed people, including people selling stuff under the BIC status in France. Indy plans to hire 100 people in 2021 in Lyon.
Indy has even bigger plans as it has been evaluating the U.S. as a potential market. There are a ton of self-employed people in the U.S. and that’s why it represents an interesting opportunity.
When the two year-old Indian company Jetsons Robotics began searching for a partner to help design charging stations for their autonomous rooftop solar installation cleaning robots, the Israeli company Powermat was an obvious choice.
While the company had made its name as the designer for wireless charging technologies for consumer electronics, over the past two years the company was shifting its focus to more industrial applications. So it made sense to work with the Indian company on new form factors and applications for its charging technologies.
Indeed, the consumer market that Powermat had hoped to capture had been, by that point, broadly commoditized, so the tech developer needed a new direction.
Cleaning rooftop solar installations can be a costly endeavor, running companies anywhere from $100,000 to $500,000 per year, according to Jetsons Robotics chief executive, Jatin Sharma. The use of robots to replace human labor can save money, but the autonomous solution that the company wanted to build necessitated some kind of wireless charging dock, he said.
Contact-based charging meant too many variables in the outdoor environment, but an inductive charger would be too costly. Until the company worked with Powermat on a solution, Sharma said.
Backed by 100x.vc, Sharma’s robots are already cleaning roughly 1.7 megawatts of solar installations on a daily basis.
For Powermat, the solar cleaning robots are a good test of the company’s new industrial focus, according to chief technology officer Itay Sherman.
“You can look at it like maturation of the market,” Sherman said. “Powermat had been a pioneer in driving wireless technology. This market is maturing and we are moving on to markets where the technology and innovation is important. We have decided to shift our efforts to these emerging markets. Robotics is one, medical devices, IOT, and the automotive market are others.”
Oi Yee Choo, chief commercial officer of digital securities platform iSTOX
iSTOX, a digital securities platform that wants to make private equity investment more accessible, has added new investors from Japan to its Series A round, bringing its total to $50 million. Two of its new backers are the government-owned Development Bank of Japan and JIC Venture Growth Investments, the venture capital arm of Japan Investment Corporation, a state-backed investment fund.
Other participants included Juroku Bank and Mobile Internet Capital, along with returning investors Singapore Exchange, Tokai Tokyo Financial Holdings and Hanwha Asset Management.
Founded in 2017 and owned by blockchain infrastructure firm ICHX, iSTOX’s goal is to open private capital opportunities, including startups, hedge funds and private debt, that are usually limited to a small group of high-net-worth individuals to more institutional and accredited investors. (It also serves accredited investors outside of Singapore, as long as they meet the country’s standards by holding the equivalent amount in assets and income.) iSTOX’s allows users to make investments as small as SGD $100 (about USD $75.50) and says it is able to keep fees low by using blockchain technology for smart contracts and to hold digital securities, which makes the issuance process more effective and less costly.
iSTOX’s Series A round was first announced in September 2019, when the company said it had raised an undisclosed amount from Thai investment bank Kiatnakin Phatra Financial Group while participating in the Monetary Authority of Singapore (MAS) FinTech Regulatory Sandbox. The Singaporean government has been especially supportive of blockchain technology, launching initiatives to commercialize its use in fintech, data security, logistics and other sectors.
iSTOX completed the sandbox program in February 2020, and was approved by the MAS for the issuance, custody and trading of digitized securities. The new funding will be used for geographical expansion, including in China, where it already has an agreement in the city of Chongqing, and Europe and and Australia, where it is currently working on issuance deals. iSTOX also plans to add new investment products, including private issuances that investors can subscribe to in “bite-size portions.”
In a press statement, iSTOX chief commercial officer Oi Yee Choo said, “Capital markets are transforming rapidly because of advancements in technology. The regulator MAS and our institutional investors have been far-sighted and progressive, and they support the change wholeheartedly.”
The company is among several Asia-based fintech platforms that want to democratize the process of investing. For retail investors, there are apps like Bibit, Syfe, Stashaway, Kristal.ai and Grab Financial’s investment products.
Since iSTOX works with accredited and institutional investors, however, its most direct competitors include the recently-launched DBS Digital Exchange, which is also based in Singapore. iSTOX’s advantage is that it offers more kinds of assets. Right now, it facilitates the issuance of funds and bonds, but this year, it will start issuing private equity and structured products as well. The company’s securities are also fully digitized, which means they are created on the blockchain, instead of being recorded on the blockchain after they are issued, which means iSTOX is able to offer faster settlement times.
Indian stock exchanges approved the $3.4 billion deal between retail giants Reliance Retail and Future Group on late Wednesday in yet another setback for Amazon, which has invested over $6.5 billion in the world’s second largest internet market and sought to block the aforementioned deal.
The Bombay Stock Exchange said in a notification that it had spoken with India’s markets regulator, the Securities and Exchange Board of India (SEBI), and had no objection or adverse observation on the deal.
Wednesday’s notification is the latest setback for Amazon, which had written to SEBI and Indian antitrust watchdog to block the multi-billion deal between Future Group and Reliance Retail, the two largest retail chains in India. Last year, India’s antitrust group gave a go ahead to the deal to the Indian firms.
“We hereby advise that we have no adverse observations with limited reference to those matters having a bearing on listing/de-listing/continuous listing requirements within the provisions of Listing Agreement, so as to enable the company to file the scheme with Hon’ble NCLT [National Company Law Tribunal],” the notification read. SEBI has advised Future to share various aspects of its ongoing litigation with Amazon to NCLT, whose approval for the deal is pending.
Amazon bought 49% stake in one of Future’s unlisted firms in 2019 in a deal that was valued at over $100 million. As part of the deal, Future could not have sold assets to rivals, Amazon has said in court filings.
Things changed last year after the coronavirus pandemic starved the Indian firm of cash, Future Group chief executive and founder Kishore Biyani said at a recent virtual conference. In August, Future Group said that it had reached an agreement with Ambani’s Reliance Industries, which runs India’s largest retail chain, to sell its retail, wholesale, logistics and warehousing businesses for $3.4 billion.
Amazon later protested the deal by reaching an arbitrator in Singapore and asked the court to block the deal between the Indian retail giants. Amazon secured emergency relief from the arbitration court in Singapore in late October that temporarily halted Future Group from going ahead with the sale.
The two estranged partners also fought at the Delhi High Court last year, which in a rare glimmer of hope for the American giant rejected Future’s plea for an ad-interim injunction to restrain Amazon from writing to regulators and other authorities to raise concerns over — and halt — the deal between the two Indian giants.
An Amazon spokesperson told TechCrunch that the firm will continue to pursue legal remedies. “The letters issued by BSE & NSE clearly state that the comments of SEBI on the ‘draft scheme of arrangement’ (proposed transaction) are subject to the outcome of the ongoing Arbitration and any other legal proceedings. We will continue to pursue our legal remedies to enforce our rights,” the spokesperson said.
At stake is India’s retail market that is estimated to balloon to $1.3 trillion by 2025, up from $700 billion in 2019, according to consultancy firm BCG and local trade group Retailers’ Association India. Online shopping accounts for about 3% of all retail in India.
Source: https://techcrunch.com/2021/01/20/bse-sebi-amazon-reliance-retail-future-india/
Genflow, a London an0d LA-based brand building agency that offers an e-commerce and mobile tech platform to let influencers start companies, has raised $11 million in funding.
Leading the round is U.K. investor BGF. The injection of capital will be used by Genflow to further scale its offering and for international expansion.
Founded in 2016 by entrepreneur Shan Hanif to help social media influencers develop their brands and extract revenue from their audiences, Genflow combines aspects of a traditional branding agency — such as strategy, design and planning — and a tech company with its own software stack.
This sees Genflow position itself as a brand-as-a-service (BaaS) platform, which helps influencers develop their own digital and physical products instead of promoting other brands, and enables them to launch their own membership club, gated community, mobile app or direct to consumer brand.
“Genflow offers the complete infrastructure from design, development, manufacturing and logistics through to strategy, marketing and content creation to drive revenue and profit,” explains the company.
Genflow says its client base are established influencers who typically have large followings on Instagram and YouTube.
“Genflow allows an influencer to start their own business instead of the traditional brand deals so if someone with an audience wants truly their own audience and business Genflow does that for them,” says Hanif. “We provide them the complete infrastructure to launch a business: design, manufacturing, development, content, strategy and marketing all in one place. This gives us the unique ability to execute to a very high level that drives revenue”.
Hanif says influencers typically approach Genflow either with an idea or when they need help figuring out what brand they can launch. “We use ‘Genlytics,’ our in-house built software, to see what the best brand they can release by checking their analytics, breakdown of their followers, what brands they have worked with in the past and to see how much they can potentially sell,” he explains.
Next, Genflow onboards the client and begins the brand building process, offering broadly two options: Gated content, membership clubs, community and mobile apps, or developing direct to consumer brand with physical products.
The first is akin to having your own OnlyFans, Patreon or social media platform. The second is a classic D2C e-commerce play and includes designing the products, and working with factories to create samples, manufacture the products and then handle all logistics etc.
“In both cases then we plan the launch of the brand, the marketing strategy and then work with the influencer to launch the brand itself,” adds Hanif.
“What’s interesting is that traditionally in startups you find a problem, get a team, some funding then try to find customers. What we have invented is the ‘audience first approach’ where we already have the audience and now just need the right products and it’s instantly a success. The metrics that I see for our brands are not normal: conversion rates that are 5-30%, 20% repeat purchase buys and around 6:1 return on Facebook ads.
“We are proud that every brand we have launched to date is profitable and growing year on year so we know our approach works.”
