Today’s top tech news, January 19: More details emerged on the latest funding round of Carousell

Anisa Menur
Today’s top tech news, January 19: More details emerged on the latest funding round of Carousell

We also have updates from tech giants such as Google, Tencent, Uber, SoftBank, and Apple

Carousell raised over US$45M in funding last year – Tech In Asia

Following report of its US$70-80 million in Series C funding round, which surfaced in October 2017, more details has emerged on the numbers that the company has raised.

Citing financial documents submitted to Singapore’s Accounting and Corporate Regulatory Authority (ACRA), the Tech In Asia report said that Carousell has raised over US$45 million in new funding in 2017. It had paid-up share capital totaling about US$87.1 million as of September 20 last year.

The numbers raised fell short of the reported US$80 million, but the report suggests that it is possible that “the remainder has not been banked yet.”

The document named EDBI, Rakuten Ventures, Sequoia Capital, Golden Gate Ventures, and 500 Startups as investors.

SoftBank closes investment deal with Uber, is now biggest stakeholder – Reuters

A group of investors co-led by SoftBank and Dragoneer Investment Group has closed an investment deal with Uber on Thursday.

The investors will take a stake of about a 17.5 per cent in the company, with SoftBank becoming the largest shareholder at 15 per cent.

The deal includes a “large purchase of shares” from existing Uber investors and employees at a discounted valuation for the company of US$48 billion; it is dubbed as a 30 per cent drop from Uber’s most recent valuation of US$68 billion.

According to an Uber spokesperson, these secondary stock sales will be completed by the end of Thursday on the Nasdaq Private Market. The investor group has also completed a US$1.25 billion investment of fresh cash at the other, higher valuation.

Also Read: Today’s top tech news, Jan 18: S Korea may shut down cryptocurrency exchanges

South Korean consumer group files complaint against Apple – Reuters

South Korean consumer group Citizens United for Consumer Sovereignty has filed a criminal complaint against Apple CEO Tim Cook on Thursday over slower iPhone devices. The group accused the company of destruction of property and fraud.

The complaint followed a criminal probe in Europe over allegations that the tech giant had deliberately shortened the life of its handsets.

It is already facing lawsuits in United States and other countries over similar accusations, which is believed was meant to push users to buy new devices.

Google, Tencent agree to share patents – Bloomberg

Google and Tencent have agreed to share patents covering a range of products and technologies.

The deal comes with an understanding that the tech giants will team up on developing future technologies. It will also smooth Google’s business in China while helping Tencent expand beyond the country, which it already has a dominant position.

Such deal was often made in order to minimise patent infringements; other companies that have made such deals including Samsung.

Image Credit: Carousell

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