Adamas Belva and Iman Usman, Co-Founders of Ruangguru
Ruangguru reportedly raises a US$100 million round led by General Atlantic [DealStreetAsia]
Indonesia-based edtech startup Ruangguru has reportedly raised a US$100 million funding in a round led by General Atlantic. The newest investment put the company’s valuation at US$500 million, DealStreetAsia reported.
Speaking to DailySocial, Co-Founder and CEO Ruangguru Belva Devara declined to comment further.
Ruangguru’s previous funding was a Series B funding in 2018, closed in 2019, led by UOB Venture. SoftBank was rumoured to be a potential backer but backing out.
In July 2019, the company marked its 5th year with its Vietnam’s expansion “Kien Guru”.
WeWork raises US$1.75 billion from Goldman Sachs [Tech In Asia]
US-based co-working space startup WeWork announced on Tuesday that it has received US$1.75 billion letters of credit from Goldman Sachs.
“We are pleased that WeWork and SoftBank Group Corp. have entered into a commitment letter with Goldman Sachs for a new US$1.75 billion senior secured letter of credit facility,” said WeWork. The company said that the facility is still being syndicated to be available in January.
Also Read: Indonesia healthtech Halodoc raises US$65M funding from UOB Venture
The new line of credit is part of SoftBank’s US$5 billion pledged debt financing for WeWork, which was announced in October after the US company withdrew its plans to go public.
The US$9.5 billion bailouts from SoftBank includes up to a US$3 billion tender offer and a US$1.5 billion payment from SoftBank due next year, in addition to the US$5 million debt financing.
WeWork will not be asked to post cash collateral for the newest letter of credit, which is expected to free up about US$800 million in restricted cash.
Goldman Sachs is the owner of 1.4 per cent stake in WeWork, but the company said it lost US$80 million in its stake in the company in the third quarter.
BandLab Technologies acquires British music and pop-culture media NME, launching in Australia [Press Release]
Singapore-based music startup BandLab Technologies announces that it has acquired British music and pop-culture media NME, and launched the music journalism brand in Australia. The launch closely follows the announcement of the new and extended NME Awards which return in 2020.
NME also announces the introduction of new Australian awards categories to highlight and recognise Australian artists on a global stage.
Established in 1952, NME has been a music and pop culture benchmark. Launched as the New Musical Express, the brand has evolved to become the platform of breaking what’s new and what’s next.
Also Read: Indonesian edutech startup Ruangguru receives grant from MIT SOLVE programme
Meng Ru Kuok, CEO of BandLab Technologies said, “We’re excited to be opening a new platform for Australian artists, both established and emerging, as well as a channel for brands, to engage with an audience of music lovers in Australia and globally. With the launch of our stand-alone brand extension in Australia, our team’s best writers will be shining a spotlight on the artists and stories coming out of one of the world’s most compelling music scenes.”
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Picture Credit: Ruangguru
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