Startup news portal Tech in Asia raises US$6.6M led by Hanwha Investment & Securities

Anisa Menur
Startup news portal Tech in Asia raises US$6.6M led by Hanwha Investment & Securities

Tech in Asia plans to use the new funding for research and product development for its media, events, and jobs products

Singapore-based startup media, events, and job platform Tech in Asia today announced that it has raised a US$6.6 million funding round led by Hanwha Investment & Securities, an affiliate of South Korean conglomerate Hanwha.

Existing investors Eduardo and Elaine Saverin, Walden International, and East Ventures also participated in the current round.

In a statement, the company cited plans to use the new funding for research and product development for its media, events, and jobs products.

“With fresh capital secured, it gives us more resources to work on research and product and development so we can continue to serve our users well. We are also looking for data scientists and data analysts to beef up our data team,” said Tech in Asia CEO and Founder Willis Wee.

” … Behind our media, events, and jobs products is a data warehouse with a treasure trove of data for us to understand and serve users better. We have some ways to go before being near the world’s best (e.g Toutiao), but that is the standard we are aspiring to,” he added.

It will also continue to invest in community efforts such as the Tech in Asia City Chapters events and community content efforts.

Also Read: Indonesian logistics platform Andalin won TechInAsia Jakarta 2017’s Arena Startup Pitch Battle

Report of the funding round first surfaced in March, when TechCrunch reported that the company is “close to” raising US$6 million.

The funding news followed a massive lay-off at the company’s India operations. In addition to laying off five employees, mostly from its editorial team, it also had to cancel events in the country.

Prior to the current funding round, Tech in Asia has raised US$4 million in 2015 and an undisclosed sum in 2013. It has also acquired Singapore-based tech blog SGEntrepreneurs.

Founded in 2011, the company is a graduate of Y Combinator.

Disclaimer: Tech in Asia is a direct competitor to e27.

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