Daily Briefing: Hustle Fund hits $44.4m final close of second pre-seed fund; ZASH acquires video-sharing platform Lomotif to take on TikTok

And the Atelier to open for preview this Saturday.

From DealStreetAsia:

Singapore- and Silicon Valley-based seed investor Hustle Fund has raised $44.4m (US$33.6m) for the final close of its second global pre-seed fund.

Hustle Fund 2’s anchor limited partners are US venture capital firm Foundry Group Next, Taiwanese corporate Far Eastern Group, Japanese corporate venture arm LINE Ventures, and Chinese private investment firm Shanda Group.

Both LINE Ventures and Shanda Group re-joined this vehicle, having anchored Hustle’s $15.2m (US$11.5m) debut fund in 2019.

Hustle Fund targets the pre-seed segment, writing $33,000 (US$25,000) first cheques in startups before working alongside the team to determine follow-on rounds. It plans to deploy up to one-third of the fund in Southeast Asian companies in Hong Kong and Australia, amongst other places, whilst the remaining will be invested in North American startups.

Read more here.

From e27:

Global media and entertainment company ZASH has announced the acquisition of a majority stake in Singapore-based video-sharing platform Lomotif.

The financial details remain undisclosed.

The Lomotif deal will be closed concurrently with the closing of ZASH’s merger with Nasdaq-listed Vinco Ventures, a merger and acquisition company focused on digital commerce and consumer brands.

Founder Paul Yang will continue to lead Lomotif upon the completion of the deal.

“As an emerging player in user-generated video creation, we are excited to be part of ZASH’s overall content and distribution plans and strategies and are looking forward to accelerating growth and adoption of Lomotif worldwide,” Yang said.

Read more here.

From ChannelNewsAsia:

The Atelier, Bukit Sembawang Estates Limited’s luxury condominium project in Newton, will open for preview by appointment only this Saturday, 27 February.

The prime District 9 development’s official sales launch will commence on 13 March.

Located along Makeway Avenue, the luxury development comprises a single freehold residential tower with 120 units of one- to four-bedders ranging between 549 sq ft and 1,496 sq ft.

Prices for one-bedroom units start from $1.51m, whilst two-bedroom units go from $2.48m. Three-bedders and four-bedders, on the other hand, are priced from $3.12m and $4.38m, respectively. The estimated date of vacant possession for the project is in Q1 2024.

Read more here.

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