TiA was also looking to sell the company but could not find a right match
TiA, with offices in Singapore, Jakarta, Tokyo, and India, was also looking to sell the company but could not find a right match. Eventually, it decided to seek a new investment round, the report added.
When contacted by e27, Terence Lee, Managing Editor at TiA, declined to comment.
The report comes in the midst of a massive lay-off at its Indian unit. TiA, which expanded to India in 2015 by opening an office in Bangalore, laid off around five employees, mostly editorial, a few days ago. The company, with nearly 100 employees across Southeast Asia, also cancelled plans to bring its events to India as it doesn’t think that will “be sustainable on a unit economics basis.”
TiA was founded in 2011 as a news portal with a focus on tech startups in Southeast Asia. The company has received multiple rounds of funding since launch. In June 2015, it secured US$4 million, led by SB ISAT Fund, with participation from Facebook Co-founder and Singapore resident Eduardo Saverin, Walden International, Marvelstone, m&s Partners, and Andrew James Solimine, Co-founder of Nitrous. Existing investors East Ventures, Fenox Venture Capital and Simile Venture Partners had also participated.
TiA graduated from the Winter 2015 batch of Y Combinator’s highly acclaimed accelerator programme.
Disclaimer: TiA is a direct competitor to e27.
The post TechInAsia close to securing US$6M in new funding round: Report appeared first on e27.