Spoiled for choice

• 500-backed super app Grab announced the introduction of two new ride options: GrabPet XL and GrabCar Exec. Both services will go live in Singapore from 25th May 2021.
• According to Andrew Chan, Managing Director of Transport, Grab Singapore, the startup created the services in response to consumer requests. He added that this would also create more earning opportunities for driver-partners.
• GrabPet XL is an iteration of the popular GrabPet service, which has seen a ridership growth of close to 170% between April 2019 and April 2021. The XL version utilizes larger vehicles, allowing for the transport of more passengers and pets.
• GrabCar Exec is a limousine-styled service for consumers who wish to travel in comfort and style, with a focus on service quality. GrabCar Exec driver-partners will be required to attend professional training to elevate the overall experience for consumers.
• Read the full press release on Grab here.

Heightening capabilities

• 500-backed rocket startup Gilmour Space Technologies has signed a Memorandum of Understanding (MoU) with defense electronics systems manufacturer DEWC Systems. Together, they will collaborate on building prototype satellites equipped with electronic warfare payloads.
• This five-year collaboration seeks to increase Australia’s Intelligence, Surveillance, Reconnaissance and Electronic Warfare (ISREW) capability.
• Both companies hope to advance the sensor capability, deployment, and uptake of ISREW satellites in Low Earth Orbit (LEO).
• Under the partnership, they also expect to work on co-development projects leading to a small satellite prototype. This includes a joint research activity to understand the requirements of manufacturing a prototype satellite utilizing commercially available components.
• Read the full release on Gilmour Space here.

A bumpy ride

• Co-founder and Group CEO Eric Cheng of 500-backed used car trading platform Carsome appeared on TheEdgeTV to speak about innovation in his startup.
• The interview came after Eric won the EY Emerging Entrepreneur Of The Year 2020 Malaysia award.
• Coming from a startup background gives Eric and his team the ‘growth mentality’, which he credits for getting them through a “roller-coaster year” last year, which has been the hardest challenge the startup has faced so far.
• A story published by Carsome on his entrepreneurial journey also revealed that prior to establishing the startup, Eric dabbled in publishing and gold-farming before having to start all over again.
• Watch the full video on The Edge here.

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500 Startups is a venture capital firm on a mission to discover and back the world’s most talented entrepreneurs, help them create successful companies at scale, and build thriving global ecosystems. In Southeast Asia, 500 Startups invests through the pioneering 500 Southeast Asia family of funds. The 500 Southeast Asia funds have backed over 240 companies across multiple sectors from internet to consumer to deep technology. It continues to connect founders with capital, expertise and powerful regional and global networks to help them succeed.

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