Jan 23, 2025

Sandbox VR raises USD 6.8 million to boost franchise growth Sandbox VR, a provider of location-based virtual reality experiences, has raised USD 6.8 million through a convertible note funding round led by Gobi Partners, with participation from Abacus Ventures Growth Fund and Hyphen Capital. The funding will support Sandbox VR’s efforts to expand its footprint in North America and Europe, with plans to scale its franchise program to 200 locations by 2027. The company leverages proprietary VR technology combining full-body motion capture and haptics, delivering immersive group experiences through exclusive games like Squid Game Virtuals, developed in collaboration with Netflix. “Franchising has been critical to our growth, and we are thrilled to collaborate with passionate partners to redefine the future of entertainment,” said Steve Zhao, CEO of Sandbox VR. iMotorbike raises USD 10 million to drive Southeast Asia growth iMotorbike, a platform for trading pre-owned motorcycles, has raised USD 10 million in a Series A funding round led by Headline Asia, with participation from Ondine Capital, 500 Global, Gobi Partners, Astor Management, and Endeavor Catalyst. The company plans to use the funds to expand into Vietnam and Taiwan, while also establishing new inspection centers and showrooms in Malaysia, including locations in Penang and Johor. This growth initiative will involve hiring skilled mechanics and operations staff. Founded in 2016, iMotorbike specializes in creating a reliable trading platform for motorcycle enthusiasts, offering thorough inspections and customer-centric policies. “From day one, our goal has always been to create a platform that people can trust, whether buying or selling motorcycles,” said co-founder Gil Carmo. “We are deeply grateful for the trust our investors and customers have placed in us, and we hope that we continue to set new standards within the industry and make pre-owned motorcycles more accessible and hassle-free for everyone.” Virtuos expands global reach with three acquisitions Virtuos, a video game development company, has announced plans to acquire Abstraction, Pipeworks Studios, and a majority stake in Umanaia Interactive. These acquisitions will enable Virtuos to offer an enhanced range of services, including art, engineering, full game development, and live operations: Abstraction, recognized for co-development projects like Baldur’s Gate 3 and Dune: Awakening, will strengthen Virtuos’ engineering expertise. Pipeworks Studios, which has a 25-year history of developing games like Terraria and Call of Duty, will become Virtuos’ lead development studio in the Americas, contributing expertise in live operations and cross-platform gaming. Umanaia Interactive, founded in 2021 by industry veterans with experience working on Assassin’s Creed and For Honor, will bring innovation and original IP development to the company. These acquisitions will expand Virtuos’ network to 26 studios globally, enhancing its presence in Europe and North America. The integration of these studios will strengthen Virtuos’ capabilities and broaden its service offerings. The deals remain subject to regulatory approval and closing conditions. Banyu secures USD 1.25 million to transform Indonesia’s seaweed industry Banyu, a tech-enabled seaweed farming company, has raised USD 1.25 million in seed funding led by Intudo Ventures. The funding will support the establishment of a seedling cultivation lab and the scaling of operations in Sulawesi. Banyu, founded in 2023, collaborates with local farmers to implement advanced farming methods, including its spore seedling technology, which has reportedly shown a 20% yield improvement over traditional techniques. The company aims to stabilize farmer incomes and supply sustainable bio-based materials for industries like food, bioplastics, and animal feed. Photo of Dodon Yamin (center), founder and CEO of Banyu. Photo courtesy of the company. Meta and Temasek join Databricks’ latest round as new investors Databricks, a leading data analytics and AI platform, has raised USD 15.25 billion through a USD 10 billion Series J equity round and USD 5.25 billion in debt financing. The equity round was co-led by the Qatar Investment Authority, with new investors Temasek and Meta participating, bringing the company’s valuation to USD 62 billion. In a statement, Databricks said that the funds will support the development of new products, acquisitions, and international expansion. AIFT bolsters Middle East operations with new funding AIFT, a cybersecurity and insurtech company, has deepened its commitment to the Middle East after securing additional funding from Dubai Insurance. This investment will support AIFT’s growth in the region, building on the launch of its OneInfinity platform, which is said to be the first Web3 insurance product approved by the Central Bank of the UAE. The company also plans to strengthen its regional focus by hiring additional personnel. As part of this initiative, AIFT has appointed Obaid Buti Almulla of Dubai Insurance to its board and added Tony Chan, an artificial intelligence expert, to its advisory board. DeHaat acquires AgriCentral to enhance farmer services DeHaat, an Indian agritech platform, has acquired AgriCentral, a digital platform backed by Olam Agri, in an all-cash deal. The cost of the acquisition has not been disclosed. Founded in 2018, AgriCentral employs satellite imagery and machine learning for precision farming. Its features, including real-time crop price tracking and personalized crop planning, will complement DeHaat’s existing offerings in market linkages, mechanization, and financial advisory services for farmers. RELATED ARTICLE