Seoul-based Yello Mobile has raised capital in a funding round that it expects will increase its valuation to $4 billion. It has raised $47.2 million from new and existing investors through convertible debt and expects more in the coming weeks. If completed, it will be one of the country's most valuable start-ups, after Coupang, an online retailer valued at $5 billion in June, Bloomberg News said.
Lufax to raise $1 billion
Lufax, a Chinese peer-to-peer lender and broker, is close to completing a round of fund raising, valuing the company at $18 billion, securing its position as the most valuable financial start-up in the world. The company, recently changed its name to Lu.com, is raising $1 billion by selling five per cent stake to a group of Chinese and overseas investors, Bloomberg News reported.
Perx raises funds
Start-up Perx says, it will expand from being only a mobile loyalty app to a platform that manages brands' customer engagement - from user experience to customer data and marketing analytics. Fuelling this new vision is a 'single-digit million dollar' Series-A funding from Golden Gate Ventures and other investors, including Facebook co-founder Eduardo Saverin, Perx CEO Anna Gong, and its CTO, Rob Roach, Tech in Asia said.
Slack creates $80-million fund
Slack Technologies which has raised about $300 million, wants to give some of the money back. The start-up, which runs a popular corporate chat service, is forming an $80 million venture fund to invest in other start-ups. Stewart Butterfield, chief executive officer, said his company was contributing more than half of the latter fund.
Hampton keeps product name
Hampton Creek, a food start-up, backed by billionaire Bill Gates, reached a deal with regulators that lets it continue calling its vegan spread 'Just Mayo' . The US Food and Drug Administration had sent the San Francisco-based firm a letter in August saying its 'Just Mayo' and 'Just Mayo Sriracha' spreads were not mayonnaise and featured a misleading label because they lacked eggs. Hampton Creek is now notified that it could keep the name as long as it reduces the size of its logo, which features an egg, Bloomberg News said.