Daily Briefing: Streetwear startup Novelship raises $2.85m from seed funds; Insurtech startup Axinan ties up with Indonesia's Bukalapak

And Diesel engines provider XMH Holdings to divest 80% stake at Z-Power.

From DealStreetAsia:

Novelship, a Singapore-based sneaker and streetwear marketplace, on Tuesday announced the close of a $2.85m (US$2.05m) seed round led by Global Founders Capital.

Including the fresh funding, the startup said it has now raised a total of $3.2m (US$2.3m) from angel investors and organisations.

Global Founders Capital is a Berlin-based investor that has backed companies such as Facebook and Slack. In Southeast Asia, its portfolio includes Indonesian unicorns Traveloka and Lazada, and Malaysian healthtech startup Naluri Hidup.

Novelship said it plans to use the funds to expand to new markets, including Malaysia, Hong Kong, and Indonesia.

Launched in October 2018, Novelship operates an online marketplace specialising in limited-edition sneakers and streetwear from brands including Nike, Air Jordan, Yeezy, and Supreme.

Read more here.

From e27:

Singapore-based insurtech startup Axinan partners with Indonesia e-commerce giant Bukalapak to offer digital insurance solutions to Bukalapak’s customers, an announcement revealed.

Through Axinan’s lifestyle insurance app and main consumer brand igloo, merchants of Bukalapak can opt to insure against the risk of total loss or damage during transit. The e-commerce giant’s customers who purchase gadgets and electronics can buy protection against accidental damages.

Axinan’s risk assessment engine is powered by big data, real-time risk management and digitised claims management – issuing pricing in line with the calculated risks of each transaction.

“With the booming e-commerce scene in Indonesia, there is an increasing gap we see arising due to the inherent risks associated with the eCommerce market – damage and loss during transit,” said Wei Zhu, Founder and CEO, Axinan, in an official press statement.

Read more here.

From DealStreetAsia:

Singapore-listed XMH Holdings, a provider of diesel engines for the marine and industrial sectors, has announced plans to dispose of its 80% in Z-Power Automation Pte Ltd, an integrator for power, control, and system solutions.

XMH did not provide further details about the planned divestment, including the possible deal size, but said the disposal is part of the process of rationalising its business activities.

In 2014, XMH Holdings paid $13.2m (US$9.5m) for an 80% in the Singapore-based Z-Power Automation. The remaining 20% of the company is held by the four existing shareholders, who will remain with Z-Power for a “considerable period of time” to extend their expertise to the company.

Early this month, XMH announced that it has recorded pre-tax losses for the three most recently completed consecutive financial years, based on audited full-year consolidated accounts.

Read more here.