RETAIL | Staff Reporter, Singapore

Daily Briefing: Scorpio Electric raises $8.5m; Communications roadmap key to successful startup fundraising

And plastic bag charge at select FairPrice outlets extended for another year.

From e27:

Singapore-based smart e-motorcycle startup Scorpio Electric has announced a $8.5m (US$6.3m) in fresh funding from undisclosed private investors. This follows a $2m (US$1.5m) seed funding round in 2018 from its parent and SGX-listed luxury automobile distributor EuroSports Global Limited.

The fresh capital will be used for the development and production of its zero-emission, fully electric motorcycle, intended to launch in 2021. A portion of the proceeds will also be used for software and hardware development of its first motorcycle.

This will include the construction of prototypes that will undergo quality checks, in accordance with international standards.

Read more here.

From e27:

Having a communications roadmap plays an important role in the success of a startup fundraising process, said Singapore-headquartered PR and communications firm SPAG in their new report.

According to the study, whilst the COVID-19 has disrupted startup investment in 2020, there are sectors that experience a surge in popularity this year: fintech, edutech, and health tech.

However, startups still need to pay extra attention to setting themselves apart and securing the attention of investors with the right communications roadmap.

As highlighted in the report, a surge in the quality and quantity of startups brings tougher competition, and more must be done to turn investors’ heads.

Developed in partnership with KPMG (Singapore), APACMed, PRCA SEA, and e27 and in consultation with key members of the investing community and innovation ecosystem, the report aims to provide an overall view on the communication landscape and guide startups with sound communication advice.

Read more here

From ChannelNewsAsia:

A plastic bag charge at more than 20 NTUC FairPrice supermarkets and convenience stores will be extended for another year from 12 November following positive customer response, said the supermarket giant in a press release.

The year-long pilot of a plastic bag charge at the 25 stores saved 15.6 million plastic bags, and saw about 7.8 million bring-your-own-bag transactions, it added.

The same stores, except one that has been converted to a dedicated online fulfilment centre, will be involved in the extension.

Plastic bags will cost the same after the pilot: $0.20 and $0.10 per transaction at the supermarkets (FairPrice, FairPrice Finest, FairPrice Xtra) and convenience stores (Cheers, FairPrice Xpress), respectively.

About $600,000 was raised from the plastic bag charges, and this will go towards supporting environmental and community causes, said FairPrice.

Read more here

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