Top tech startup news stories you need to know this Wednesday, May 23
Good morning! Here are some of the top tech startup news stories for today, Wednesday, May 23.
Foxconn Industrial Internet is seeking a $4.3 billion IPO. Apple supplier and a subsidiary of the world’s largest contract manufacturer Foxconn, Foxconn Industrial Internet (FII), announced plans to raise up to 27.1 billion yuan ($4.26 billion) in what will be mainland China’s biggest IPO in almost three years. FII makes electronic devices, cloud service equipment and industrial robots. Founded by Terry Gou, Foxconn is the world’s largest contract electronics manufacturer and the fourth-largest information technology company by revenue. It is the largest private employer in China. Foxconn plans to use the funds raised to upgrade its smart manufacturing, build internet platforms to connect factories and invest in cloud computing and fifth-generation communication technologies in its mainland factories.
Subscription-only cocktail app startup Hooch raises $5M as it plans blockchain initiative. Hooch is a location-based subscription drinks mobile app that provides users one alcoholic beverage per day redeemable at a number of bars and lounges based off the user’s location. The company announced today it has raised $5 million in seed funding. The funding was led by Revelis Capital Group and Blue Scorpion Investments, with participation from Access Industries Holdings, Warner Music Group (Dai said that Hooch will be working with Warner Music on content, events and promotions), FJ Labs, Diesel CEO Stefano Rosso, former Comcast CTO Sree Kotay and others.
TickledMedia, the startup behind theAsianparent and AsianMoneyGuide raises $5m series B funding. Women-focused online media startup Tickled Media has raised US$4.98 million in series B funding, it announced today. Tickled Media is the company behind popular online title theAsianparent and its Indian sister site, theIndusparent. Both act as a mix of content platform and online community, targeted at “urban parents and parents-to-be.” The startup also publishes AsianMoneyGuide, a similarly designed platform centered on personal finance issues for women.
Cadre, Jared Kushner’s tech startup seeking at least $100 million from Saudi-backed fund. Cadre, a real estate tech startup co-founded and partly owned by President Trump’s son-in-law and White House senior adviser Jared Kushner, is seeking an investment of at least $100 million from a private fund that receives much of its capital from the governments of Saudi Arabia and the United Arab Emirates, according to people familiar with the discussions.
Shipping logistics start-up Haulio secures S$1 mil in seed funding. Haulio, a Singapore-based container haulage startup, has raised S$1 million in seed round investment, following its pre-seed round of S$75,000, which marks the company’s sole prior funding round. The latest round is led by PSA International’s corporate venture capital arm PSA unboXed, which previously incubated Haulio; 500 Startups from Silicon Valley; NUS Enterprise, the entrepreneurial arm of National University of Singapore (NUS); with participation from several logistics industry angel investors.
Swedish music startup Amuse has closed a $15.5 million Series A financing. Swedish music distributor Amuse has closed a $15.5m Series A financing round co-led by Lakestar and Raine Ventures. The money will be used to expand operations in Europe and the US for the firm that dubs itself ‘the world’s first mobile record company’. Founded in Stockholm in 2015, Amuse provides a free music distribution service that allows new talent to deliver music to major music services like Apple Music, Spotify and Deezer.
A coalition of advocacy groups is calling on Facebook to break up its other companies. A coalition of advocacy groups has launched a campaign urging the government to break up Facebook from its other companies. Facebook owns Instagram, Messenger, WhatsApp. The groups are asking the Federal Trade Commission to order Facebook to break off Instagram, Messenger and WhatsApp and say they want users of different messaging services to be able to communicate with one another.