Daily Briefing: SG-based Catcha Investment joins SPAC craze; Lendela bags $2.7m pre-Series A funding

And XNode to launch cross-border acceleration programme in Shenzhen.

From DealStreetAsia:

A blank cheque company formed by the Singapore-based internet investment firm Catcha Group is aiming to raise $331.35m (US$250m) in an initial public offering on the New York Stock Exchange, according to a regulatory filing on Monday.

The company, Catcha Investment, said it would offer 25 million units at $13.25 (US$10) apiece. Each unit will consist of one Class A ordinary share and one-half of a warrant, exercisable at $15.24 (US$11.50,) a preliminary prospectus filed with the US Securities and Exchange Commission showed.

“Whilst we may pursue an acquisition or a business combination target in any business, industry or geography, we intend to focus our search on a target with operations or prospective operations in the technology, digital media, financial technology, or digital services sectors, which we refer to as ‘new economy sectors,’ across Asia Pacific, in particular Southeast Asia and Australia,” Catcha Investment said.

The development was first reported on IPO investment manager Renaissance Capital’s website.

Read more here.

From e27:

Lendela, a Singapore-based consumer credit management platform, announced today it has raised $2.65m (US$2m) in pre-Series A financing round led by existing investors Promise Future International and Luxembourg-based early-stage VC fund 2be.lu Investments.

The startup shared the fresh funds will be used to support its growth plans across Singapore and Hong Kong, with plans to hire new talent in tech development, business development, and marketing.

Launched in 2018, Lendela connects borrowers to partner lenders through an online loan application form. The platform shared applicants would be presented with multiple offers and can sign their loan documents within 24 hours of applying.

In the same year, it announced a $1,248,508 (US$942,000) seed funding round led by Cocoon Capital and IMO Ventures.

Read more here.

From e27:

With a large population, strong technological foundations, and abundant talent pool, China remains a competitive and potentially lucrative market for technology firms even amidst shifting economic trends. Whilst it is prudent for foreign brands to heed the key success factors of localisation in China, the more pragmatic way to make inroads into the China market is through an established acceleration programme.

As the leading global platform for innovation, XNode has accelerated over 130 startups in the past three years and facilitated the fundraising of over $201.5m (US$152m). In Singapore, XNode partners with Enterprise Singapore under the Global Innovation Alliance and has accelerated the market expansion of 15 Singaporean companies into Shanghai since October 2019.

With the goals of validating product-market fit and establishing a go-to-market plan, the programme consisted of expert workshops, mentor sessions, and meaningful 1-on-1 business connections to potential local partners, clients, and investors.

Read more here.