Alibaba has announced it intends to launch a $306-million ( Rs 2,044 crore) fund to invest in start-ups in Taiwan. The fund will be managed by professional investment managers and will operate on a non-profit-esque model, wherein profits generated from investments will be reinvested into portfolio companies. The firm said the fund would help start-ups "start and grow businesses on marketplaces and platforms in the Alibaba ecosystem," Tech in Asia said.
Earnest to raise $275 million
Louis Beryl, founder of student-loan start-up Earnest, said his firm would receive $275 million (Rs 1,837 crore) in financing, comprising a $75-million equity stake led by Battery Ventures, along with $200 million in lending capital from New York Life and an unnamed institution. The sizable war chest will help Earnest take the fight to incumbent banking giants on more fronts as the firm builds a broad spectrum of financial services, not just student loans and personal loans. Earnest will double its 160-person head count, Bloomberg News said.
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Start-up incubator plans IPO
Kai-Fu Lee, former China head for Google, is planning an initial public offering at his venture firm, with a portfolio of hundreds of firms valued at over $2 billion. His start-up incubator, Innovation Works, is seeking to list its business management arm on China's over-the-counter market. Innovation Works has $500 million in assets under management, Bloomberg News reported.
CreoPop raises funding
Singapore's 3D pen maker CreoPop has raised an undisclosed amount in a pre-Series-A round of funding from venture capital firm Emery Capital and other private investors. The firm said it had so far raised S$2.75 million, in addition to $300,000 from crowd-funding and pre-orders for the pen. This includes the latest funding round. The latest funding will be used for further research and development, Tech in Asia said.
Elio Motors unveils prototype
Elio Motors, a start-up working closely with Detroit's top automotive suppliers, unveiled the final prototype of a sleek, three-wheeled vehicle it plans to start producing next year. At the Los Angeles Auto Show, the firm introduced the P5, which seats two passengers in tandem and is engineered to attain a highway rating of up to 135 kilometres per gallon. It will have a base price of only $6,800, Bloomberg News said.
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