{"id":2607,"date":"2021-09-20T02:00:00","date_gmt":"2021-09-20T02:00:00","guid":{"rendered":"https:\/\/dailymarkup.com\/?p=2607"},"modified":"2021-09-18T05:35:26","modified_gmt":"2021-09-18T05:35:26","slug":"daily-markup-337-500-startups-rebrands-to-500-global-raises-largest-fund-to-date-carousell-enters-billion-dollar-startup-club-with-us100m-raise-prenetics-to-become-hong-kongs-first-unic","status":"publish","type":"post","link":"https:\/\/dailymarkup.com\/?p=2607","title":{"rendered":"Daily Markup #337: Carousell enters billion-dollar startup club with US$100M raise; Prenetics to become Hong Kong\u2019s first unicorn by 2022; 500 Startups rebrands to 500 Global, raises largest fund to date"},"content":{"rendered":"\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/EENKMs2rCOrt0-X5P3x4-dieVy0i4qvOBAb1pX_nd_uJNMaVEq7WPIY2tiWdloSQa-bkUBSv1OO_5WrkTJ-rVGQGubBv04V7qKKCiKlQVzr1ytQyPwtKxYDAZAsJfdGcaO8L9yVY=s0\" alt=\"\" \/><figcaption>Credit: 500 Global<\/figcaption><\/figure>\n\n\n\n<p><strong>A whole new world<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Since its founding in 2010, 500 Startups has <a href=\"https:\/\/pitchbook.com\/newsletter\/500-startups-rebrands-as-500-global-expands-strategy-to-later-stage-companies\">invested in hundreds<\/a> of seed- and early-stage companies. The 11-year-old venture capital firm has now rebranded as <a href=\"https:\/\/500.co\/\">500 Global<\/a>.<\/li><li>It also announced the close of its <a href=\"https:\/\/finance.yahoo.com\/news\/500-startups-closes-largest-fund-120000655.html\">fifth and largest fund raised<\/a> to date at US$140 million, bringing the firm&#8217;s total assets under management to US$1.8 billion.<\/li><li>500 Global will expand its investment strategy to target later-stage startups. The firm said it has already started writing larger investments into companies, leading or co-leading fundraising rounds, as well as offering later stage co-investment opportunities to limited partners.<\/li><li>Overall, 500 Global has backed 33 companies valued at over US$1 billion, including Southeast Asia\u2019s Bukalapak and Grab. According to the firm, it has invested in more than 6,000 entrepreneurs across 77 countries.<\/li><li>\u201cWe\u2019re excited to expand our scope to back even more founders globally, from the first check to last. Our new brand reflects this vision,\u201d said Christine Tsai, CEO and founding partner of 500 Global. Recently, the firm also <a href=\"https:\/\/technode.global\/2021\/08\/12\/500-startups-rebrands-southeast-asia-fund-to-500-southeast-asia\/\">rebranded its Southeast Asia fund<\/a> from 500 Durians to <a href=\"https:\/\/sea.500.co\/new\/\">500 Southeast Asia<\/a>.<\/li><li>Read the full article on Yahoo! Finance <a href=\"https:\/\/finance.yahoo.com\/news\/500-startups-closes-largest-fund-120000655.html\">here<\/a>.<\/li><\/ul>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh4.googleusercontent.com\/x_LypBTWJ62uQRJIelt1_RfTfr4h7dJDpK9ysJfQGp9oNNq7OrRk2yxF1voHGSPcph1nHpGhrNB9z_Bp7NIwnTq9OB6rt7EQ6ptN7QB5gtEC1qUEH4adYC_22TKvvwoZKXuKc9o5=s0\" alt=\"\" \/><figcaption>Credit: Carousell<\/figcaption><\/figure>\n\n\n\n<p><strong>A market of good<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>500-backed second-hand marketplace <a href=\"https:\/\/www.carousell.sg\/\">Carousell<\/a> has become Southeast Asia\u2019s latest unicorn. The Singapore-based startup secured <a href=\"https:\/\/www.techinasia.com\/carousell-breaks-unicorn-club-100m-raise\">US$100 million<\/a> in a funding round led by South Korean private equity firm STIC Investments, bringing its valuation to US$1.1 billion.<\/li><li>According to <a href=\"https:\/\/www.techinasia.com\/carousell-breaks-unicorn-club-100m-raise\">Tech in Asia<\/a>, this comes ahead of its potential listing in the United States via a merger with a blank-check company. This could push Carousell\u2019s valuation to at least US$1.5 billion.<\/li><li>\u201cWe believe that the accelerated adoption of digital experiences is an opportunity for us to double down on our re-commerce efforts with a focus on convenience and trust, to unlock step-change growth in our community,\u201d said Quek Siu Rui, co-founder and CEO of Carousell, <a href=\"https:\/\/www.cnbc.com\/2021\/09\/15\/carousell-new-funds-and-valuation-at-1point1-billion-.html\">in a statement<\/a>.<\/li><li>He added that the startup plans to expand across more categories of pre-owned goods as well as markets, and embark on strategic acquisitions to scale up the business.<\/li><li>Read the full article on Tech in Asia <a href=\"https:\/\/www.techinasia.com\/carousell-breaks-unicorn-club-100m-raise\">here<\/a>. A subscription may be required.<\/li><\/ul>\n\n\n\n<p><\/p>\n\n\n\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh3.googleusercontent.com\/uXnbqrNJzQtNeNuaa2AeZ55O0KEbiZJCTMGdlPuOj8A8nxlbxlZPcLY_BppOeao95M5OOx4HiMHMqtVBOz4fDplOrWQMwmMpzaq5EmxJRdyc5Fbea5O-vSYSxob0MzpvrQT1K9Xw=s0\" alt=\"\" \/><figcaption>Credit: Generation T<\/figcaption><\/figure>\n\n\n\n<p><strong>Tried and tested<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>500-backed digital health startup <a href=\"https:\/\/www.prenetics.com\/\">Prenetics<\/a> is poised to become Hong Kong\u2019s first unicorn. It has announced plans to <a href=\"https:\/\/www.cnbc.com\/2021\/09\/16\/hong-kong-biotech-start-up-prenetics-to-list-on-nasdaq-through-spac-merger.html\">go public in the U.S. through a merger with Artisan Acquisition<\/a>, a special purpose acquisition company (SPAC). The deal is expected to close in Q4 2021 or Q1 2022.<\/li><li>According to a joint statement, the deal values the combined companies at US$1.7 billion. The new entity will be traded on the Nasdaq and Prenetics will receive proceeds of up to US$459 million in cash.<\/li><li>Prenetics CEO Danny Yeung told CNBC that a top priority for the startup would be to use its cash proceeds from the deal for mergers and acquisitions. \u201cU.S. is a priority market for us, Southeast Asia, and the rest of Europe \u2014 certainly, we are going to be investing back into growth, manufacturing, product development, and R&amp;D,\u201d he said.<\/li><li>Prenetics currently operates in 10 countries and has conducted more than 5 million COVID-19 tests. The startup\u2019s clients include the Hong Kong government and London Heathrow Airport.<\/li><li>Read the full story on CNBC <a href=\"https:\/\/www.cnbc.com\/2021\/09\/16\/hong-kong-biotech-start-up-prenetics-to-list-on-nasdaq-through-spac-merger.html\">here<\/a>.<\/li><\/ul>\n","protected":false},"excerpt":{"rendered":"<p>A whole new world Since its founding in 2010, 500 Startups has invested in hundreds of seed- and early-stage companies. The 11-year-old venture capital firm has now rebranded as 500 Global. It also announced the close of its fifth and largest fund raised to date at US$140 million, bringing the firm&#8217;s total assets under management [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":2608,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","footnotes":""},"categories":[322],"tags":[473,45,365],"class_list":["post-2607","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily","tag-500-global","tag-carousell","tag-prenetics"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v19.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Daily Markup #337: Carousell enters billion-dollar startup club with US$100M raise; Prenetics to become Hong Kong\u2019s first unicorn by 2022; 500 Startups rebrands to 500 Global, raises largest fund to date - Markup<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/dailymarkup.com\/?p=2607\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Daily Markup #337: Carousell enters billion-dollar startup club with US$100M raise; Prenetics to become Hong Kong\u2019s first unicorn by 2022; 500 Startups rebrands to 500 Global, raises largest fund to date - Markup\" \/>\n<meta property=\"og:description\" content=\"A whole new world Since its founding in 2010, 500 Startups has invested in hundreds of seed- and early-stage companies. 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