With the fast growth of social media, the influence of such media has grown beyond being a mere marketing tool. In fact, this influence has also extended to business funding through the phenomenon of crowdfunding. This portmanteau takes after the original “crowdsourcing” and is used to refer to the collective effort of a large network of individuals who each contribute a small amount of capital to finance a new speculative business venture.
1. Beatrobo | Japan
Tokyo-based startup Beatrobo is a global, social music service that uses customizable robot avatars as a conduit for sharing songs and discovering new artists. The startup has just received series A investment from Japanese convenience store chain Lawson.
Singapore bitcoin ATM producer Tembusu announced today it has closed its seed funding round and raised over S$300,000 (US$236,600), just one and a half weeks after launching its first machine and after the company itself was valued at S$5.1m (US$4.02m).
Company spokesman Jarrod Luo said the extra capital would form the bulk of the working capital the startup requires to “fulfill its outstanding machine orders in a timely fashion”, including stockpiling raw materials and expanding its team.
Tembusu was the first company to open a bitcoin ATM in Singapore, and it is also the first to design and manufacture its machines there. It is also Asia’s first home-grown bitcoin ATM producer, having just beaten South Korea’s Coinplug to launch by a couple of days.
At press time Singapore has six active bitcoin ATMs, with several companies racing to increase that number. Another Singapore company, Bitcoin Exchange, launched a Lamassu ATM in a busy Singapore shopping mall right after Tembusu’s release.