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Lightspeed Venture Enters Singapore to Step Up Tech Investment

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(Bloomberg) — Lightspeed Venture Partners, a backer of Oyo Rooms and Grab Holdings Inc., is poised to step up investments in Southeast Asian startups, using part of the $4 billion the global venture capital firm raised earlier this year.

The Menlo Park, California-based firm has recently established a new regional office in Singapore with a local team, according to Akshay Bhushan, a partner at Lightspeed who was previously a founding member of Flipkart’s corporate development team. It plans to focus on Singapore and Indonesia, he said.

Read more: Snap IPO Launches VC Firm Lightspeed Into Valley Elite

Lightspeed is joining other U.S. investors including Vulcan Capital in boosting their investments in Southeast Asia. With deepening mobile penetration and an emergent middle class, the region has given birth to tech giants such as Grab, Gojek and Tokopedia in the past decade.

“We are excited to see the first generation of high value companies that have come out of Singapore and Indonesia,” Bhushan said in an interview. “Coupled with a strong digital adoption, the region is the fourth-largest internet market, so we wanted to work closely with our entrepreneurs as we make more investments.

Read more: Southeast Asian Tech Startup Investments Fall 13% in First Half

Lightspeed will focus on seed, Series A and Series B investments — ranging between $500,000 and $20 million — on areas including enterprise software, consumer internet and financial technology, he added.

The firm’s four-member Southeast Asia team includes Bejul Somaia, a 12-year company veteran who played a key role in setting up the firm’s operations in India and its investments in Oyo Rooms and Udaan. The other two executives are Pinn Lawjindakul, who formerly worked at Grab and Tiger Global Management in Singapore, and Marsha Sugana, who previously served at L Catterton and Goldman Sachs Group Inc.

 

Source:- BNN

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BC Liberals promise $2 million investment in McAbee Fossil beds – Ashcroft Cache Creek Journal

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BC Liberal candidate Jackie Tegart has announced that $2 million from the Liberals’ Rebuild B.C. plan has been earmarked for the development of the McAbee Fossil Beds as a tourist destination.

The McAbee Beds are located east of Cache Creek on the Trans-Canada Highway, and are internationally recognized as the most diverse site known in British Columbia for plants and insects of the Eocene Epoch from 50 million years ago.

In 2012 the beds were declared a heritage site by the provincial government and closed to the public. In 2017 a working group of volunteers secured funding to develop a business plan for the site, which set out a phased approach to develop a world-class interpretive and research centre at the globally significant site, which could attract up to 50,000 visitors each year.

The McAbee Beds were recognized with a “Stop of Interest” sign and reopened to the public in the summer of 2019. The COVID-19 pandemic halted plans to open the site again in 2020, but work on a trail system for visitors began in September, with the hope of welcoming visitors again in 2021.

The BC Liberals recently announced their $8 billion Rebuild B.C. plan, which includes increased funding to accelerate infrastructure projects to meet the needs of the province’s growing population, create jobs, and improve long-term productivity. The McAbee site has been recognized for the enormous potential it has as a centre for education, research, and tourism, and the Liberals say that investment in it would put people to work immediately as the site is developed, and for years to come as the centre becomes operational.

“This site is of interest to researchers, students, and visitors,” says Tegart. “Investing in developing McAbee as a tourist destination will create jobs and allow more British Columbians to safely visit and spend time in our community.”

BC Votes 2020Election 2020

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Investment of $550-million will build 20 new schools, expand others: province – durhamradionews.com

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Over the next year, 20 new schools will be built across Ontario and eight existing schools will see state-of-the-art permanent additions.

That’s according to the provincial government, who are investing $550-million in the project, which is expected to add nearly 16,000 new learning spaces and 870 new licensed child care spaces over the 2020-2021 school year.

“Our government is doing everything possible to ensure our students can achieve lifelong success,” said Premier Doug Ford. “That’s why we made a significant commitment to fix our schools and ensure students and staff have access to the best classrooms, with features like modern ventilation systems and high-speed Internet access. During construction, these projects will create hundreds of jobs and contribute significantly to our economic recovery.”

Some schools will also be getting upgrades to enhance their facilities and add more student spaces.

“This government firmly believes that all children deserve to learn in state-of-the-art, modern, technologically connected and accessible schools,” said Education Minister Stephen Lecce. “We will continue to take action to ensure students are safe today and well into the future by approving more new school buildings and permanent additions, and increasing access to child care for working parents.”

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Israel, UAE, US launch joint regional investment fund – Anadolu Agency

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JERUSALEM 

Israel, the United Arab Emirates (UAE) and US announced on Tuesday the establishment of a development fund during the first-ever visit of an Emirati delegation to Tel Aviv.

The Abraham Fund, derived from the Abraham Accords, the official name of the normalization deal between Israel and the UAE, will be launched with an initial investment of $3 billion, said US International Development Finance Corporation CEO Adam Boehler.

He said the Jerusalem-based fund aims to promote economic cooperation and prosperity in the Middle East and North Africa.

In a statement, the US Embassy in Israel said the fund is “a manifestation of the new spirit of friendship and cooperation between the three countries, as well as their common will to advance the region”.

On Sept. 15, the UAE and Bahrain agreed to establish full diplomatic, cultural and commercial relations with Israel after signing controversial agreements at the White House.

The deals have drawn widespread condemnation from Palestinians, who say the accords ignore their rights and do not serve the Palestinian cause.

* Ahmed Asmar contributed to this report from Ankara



Anadolu Agency website contains only a portion of the news stories offered to subscribers in the AA News Broadcasting System (HAS), and in summarized form. Please contact us for subscription options.

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