Getting serious about games

• US$2 billion. That’s the expected market revenue of the mobile gaming segment in Indonesia by 2026, driven by an estimated 78.6 million users.
• 500-backed Bukalapak is eyeing a slice of that pie. In 2021, it acquired another 500-backed startup, Itemku, a marketplace for virtual gaming goods. Bukalapak also invested in Yield Guild Games Southeast Asia (YGG SEA), a blockchain gaming startup.
• Now, it is looking for a CEO of Gaming and has received over 200 applicants in just 2 weeks! The company is looking to leverage the over 100 million users in its Mitra Bukalapak network “to bring local publishers and gaming communities to the masses” shares Khailee Ng, Managing Partner of 500 Global.
• “The DNA of Bukalapak has always been about serving communities. This continues to be true for Bukalapak’s growth story, to which the acquisition of Itemku and fruits of its upcoming efforts in the space is showing,” he adds.
• Read the full feature in Tech in Asia.

A step closer to tokenizing the world

• InvestaX, a 500-backed digital securities platform, secured Series A funding from major crypto investment and capital markets firms.
• New strategic investors include Coinbase Ventures, Gate Ventures, Token Bay Capital, Sustainability Exchange Group (SEG), and Global Blockchain Ventures.
• Co-founder and CEO Julian Kwan said, “We are excited to have a diverse strategic LP base join our latest funding round, which also proves that digital securities/security tokens are penetrating both sides of the crypto and capital markets.”
• “This is a testament to the team and our strategy and signals the convergence of digital assets, digital securities, and security tokens, as well as new token assets including NFTs. InvestaX is built with an open architecture and believes in the power of a decentralized world of assets, this latest funding round further demonstrates our commitment to this and to collaborating with the leading companies across different segments of the industry,” he added.
• Congratulations to the InvestaX team!
• Read the full announcement here.

Greater confidence in uncertain times

• The market’s most accurate COVID-19 antigen self-testing kit is now available in Hong Kong, thanks to a partnership between 500-backed biotech startup Prenetics and ACON Bio, a manufacturer of diagnostic products.
• The two companies teamed up to launch Flowflex™, an affordable and easy-to-use test kit, which provides results in just 15 minutes with 98.8% accuracy. What’s more, it will also be priced significantly lower than current kits in the market to make it more accessible for all.
• Two independent validation studies show that it is the most accurate antigen test in the market in both clinical sensitivity and specificity.
• “We aim to supply millions of testing kits and make it the most affordable FDA EUA authorized rapid test in Hong Kong,” said Danny Yeung, Co-founder and CEO of Prenetics. “By providing near-instant results without the need for specialist equipment or to visit testing facilities, Flowflex™ can provide reassurance before visiting family and friends, particularly those who are more vulnerable.”
• More details here.