Southeast Asian VC Golden Gate Ventures closes third fund while Xiaomi plans to restructure company

Third from left to right: Udiba Effiong Udiba (Director General of Bureau, Public Private Partnerships, Cross River State, Nigeria), Kenneth Low (COO, Arcadier), Adaeze Ekwueme (President, Arcadier CocoaOne), and Tang Jiunn Shyong (CFO, Arcadier)

Singapore’s Arcadier signs partnership in two African markets – Press Release

Singapore-based proprietary marketplace builder platform Arcadier announced its entry to the African market with the signing of three partnership with businesses and government institutions in Nigeria and Kenya.

In addition to a distribution agreement with a Kenyan company to resell the startup’s Software-as-a-Service (SaaS) product, Arcadier also signs a partnership with Nigerian payment gateway company Paystack.

It also signs an MoU with the Cross River State Government of Nigeria. Arcadier’s digital marketplace technology will be used to sell the state’s cocoa beans and derivative processed products such as cocoa butter, powder, and liquors directly to global market.

The partnerships followed Arcadier’s participation in the Enterprise Singapore (ESG) Trade Mission to Nigeria and Kenya in April.

Australian agritech startup OneCrop raises funding from Twynam Group – Dealstreet Asia

Australian agritech startup OneCrop announced that it has raised a “multi-million dollar” investment from Twynam Group, Dealstreet Asia reported.

The startup creates biodegradable mulch films to help farmers in Australia, China, and the US to improve crop yield in an environmentally friendly way, tackling the issue of agricultural plastic waste in these countries.

According to CEO Andrew Logan, the funding will enable the company to “fast-track film laying machines into the field, enable the uptake of the technology in Australia, expand its manufacturing operations in China, and build on OneCrop’s existing market presence in the US.”

Also Read: 4 things I learned from Dexecure CEO’s talk at the Arcadier Inspire Summit

Xiaomi to restructure company – South China Morning Post

Xiaomi founder and CEO Lei Jun announced in an internal letter on Thursday that the company will undergo an internal restructuring to “strengthen the different functions and help develop younger talent,” according to South China Morning Post.

The restructuring includes the creation of new departments: An organisation department that oversees hiring, promotion and training, as well as a strategic advisory department that will focus on development strategy and monitor the progress of each business unit.

The Chinese smartphone maker will also include the establishment of 10 new business units: Four hardware units, four internet services units, one technology platform, and an e-commerce platform.

Golden Gate Ventures closes third fund – e27

Southeast Asian venture capital firm Golden Gate Ventures announced that it has oversubscribed the closing of its third fund, less than three months since its first close.

Existing investors such as Temasek, Hanwha, Naver, and EE Capital participated in the fund, with new investors such as Taizo Son’s Mistletoe, Mitsui Fudosan, IDO Investments, CTBC Group, Korea Venture Investment Corporation (KVIC), and Ion Pacific.

The firm plans to continue its existing investment strategy of investing in “opportunities that tap into the rising consumer internet and mobile trends in Southeast Asia,” with investment strategy that ‘puts the entrepreneur first and actively contributes to the ecosystem” with this new fund.

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Image Credit: Arcadier

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