Ecosystem Roundup: Indonesia to probe Telkomsel’s GoTo funding; Sequoia’s US$850M fund for SEA; Binance sued over Terra crash

Lawsuit alleges Binance US misled investors over Terra tokens
The lawsuit was reportedly filed by a member of the Terra Research Forum; It claims that the US-based partner of cryptocurrency exchange Binance falsely marketed UST as being more stable than it was in reality.

True Global Ventures’s Web3-focused follow-on fund hits US$146M first close
TGV 4 Plus invests primarily in late-stage Series A, B and C firms across entertainment & gaming, financial services, infrastructure & data analytics/AI; Its portfolio firms include Animoca Brands, The Sandbox, and Forge.

Crypto firm Huobi to pull out of Thailand after losing license
Thailand’s Securities and Exchange Commission said Huobi had failed to “rectify the work system and personnel to be ready and in accordance with the relevant rules and conditions as ordered by the SEC.”

Singapore blockchain analytics firm launches Web3 messaging app
The app allows users to log in with their crypto wallet, choose a username based on their Nansen wallet labels, join groups based on their crypto holdings, and track statistics on token collections, among other things.

Merit Circle to buy out YGG’s seed investment
Merit Circle and YGG issued agreed to buy out YGG and Nifty Fund’s allocation into Merit Circle for a total of 5.4 million MC tokens at US$0.32 each; The proposed solution will also terminate the formal relationship between Merit Circle and YGG.

HK crypto firm 8 Blocks Capital accuses Three Arrows Capital (TAC) of swindling US$1M
It says TAC used the money to repay lenders and counterparties after the latter allegedly underwent over US$400M in liquidation; Singapore-based crypto hedge fund Three Arrows Capital could be in danger of insolvency.

Coinbase cuts 18% of workforce, warns ‘winter’ is coming for crypto
Coinbase CEO Brian Armstrong says the firm “grew too quickly,” which led to inefficiencies with new hires, and that their “employee costs are too high to effectively manage this uncertain market.”

SG crypto payments firm TripleA bags US$4M from Razer’s zVentures
TripleA helps businesses enable crypto payments and payouts; It provides various features such as locked-in exchange rates, real-time fiat conversion, and no chargeback crypto payment solutions.

Tencent leads US$55M round of Indonesian payments firm Flip
Flip provides various financial products such as P2P interbank transfers, overseas transfers, e-wallet top-ups, and payment solutions for businesses; The firm claims it has 10M+ individuals and hundreds of companies as its users.

OTT streaming firm Vidio bags US$44M from Sinarmas Group, Grab, others
Sinarmas Group’s investment marks an open door for Vidio to collaborate strategically with its portfolios, such as Smartfren and MyRepublic; The firm earlier secured US$150M from Affinity Equity Partners in October 2021.

Animoca Brands buys Isralei edutech firm TinyTap for US$39M
The deal, which gives Animoca an 84% stake in TinyTap, will help the former establish a new business segment for user-generated content on the blockchain for educational content that will allow educators to generate their own equity.

Indonesia to probe Telkomsel’s investment in GoTo Group
This follows a petition that has raised concerns over corruption, collusion, and nepotism; Telkomsel had injected US$300M into Gojek last year, in addition to the US$150M it invested in 2020.

Ismaya Group raises US$18M funding round led by East Ventures
Ismaya started by opening its first entertainment business outlet in South Jakarta; After that, it entered the F&B scene by launching restaurants such as Pizza e Birra, Kitchenette, Publik Markette, and Tokyo Belly.

AMILI raises US$10.5M Series A led to expand in SEA
Investors include Vulcan Capital, Pruksa Group, Emtek Group, and SEEDS Capital; Amili offers a multi-ethnic Asia microbiome database, a microbiome bank with samples stored for metagenomic and metabolomic analysis, and Amili Prime.

Singapore IoT coffee startup Morning raises US$5M funding
Investors are East Ventures, P9 Capital, zVentures, and Wee Teng Wen of The Lo & Behold Group; Morning operates an ecosystem that includes a marketplace for specialty coffee capsules and an app with built-in recipes to let users brew cafe-grade coffee automatically.

Smile API raises pre-Series A from Afore Capital
Smile API is an information infrastructure startup in the Philippines focused on employment and finance data; It is the second seed round since its founding in April last year with CreditEase and Plug and Play as investors.

Singapore’s data annotation startup Tictag nets US$1.3M pre-Series A
Investors are M Venture Partners, Investible, East Ventures, Farquhar Venture Capital, and Sam Gibb; Tictag converts complex annotation tasks into simplified bite-sized, gamified ‘quests’ on a mobile app platform.

Sequoia Capital launches US$850M fund to ‘double down’ on SEA
Sequoia SEA Fund I will invest actively at the seed, Series A, and growth stages in companies across the region; In SEA, it has invested in Gojek, Tokopedia, Traveloka, Kopi Kenangan, GuadangAda, Biofourmis, Insider, eFishery, and Appier.

Antler CEO Magnus Grimeland invests in The Scale Factory’s US$775K funding round
The Scale Factory supports B2B tech companies to scale their business in the region through a system of sales and marketing initiatives; The Scale Factory will use the funds to expand its regional geographical footprint.

Grab buys, relaunches food site HungryGoWhere
The renewed HungryGoWhere will focus on food reviews and recommendations; The platform will also feature profile interviews and behind-the-scenes stories of up-and-coming personalities and the origins of popular foods.

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