Announced the First Investment of the HK$200M Cyberport Macro Fund
HONG KONG – 25 April 2017 – As the cornerstone for sustainable development of a society, innovation and entrepreneurship are engines behind the growth of Hong Kong’s economy. Cyberport has been playing a key role in fostering Hong Kong’s digital economy over the past years and has achieved remarkable results. Riding on the solid momentum that Cyberport has built, the company today unveiled its new three-year strategic plan to groom digital entrepreneurs to help drive the transformation and value-creation of Hong Kong.
Under the umbrella of the new three-year strategic plan, together with the strong support from the government and industry partners, Cyberport targets to:
- expand to a 1,200-member community
- strenghthen the investor network to include more than 100 active partners, and
- double the funds raised by start-ups to HK$2.8 billion
“Cyberport has been fostering digital tech development over the years. What underpins our new strategic plan is our resolute belief in the potential of digital technology to accelerate Hong Kong’s economic growth and ultimately improve our quality of life,” said Dr Lee George Lam, Chairman of Cyberport. “I am pleased to be working closely with the dynamic team at Cyberport and help expand their network with investment and business leaders. I am confident that Cyberport will be able to seize new opportunities for collaboration through our ever-expanding network; build a complete ecosystem for entrepreneurs to thrive and succeed; and become a key driving force behind the digital transformation of the Hong Kong economy.”
Cyberport will enhance its focus on key clusters of digital technology, namely FinTech, eCommerce, IoT/Wearables, Big Data/AI. With a critical mass of close to 200 FinTech companies providing innovative solutions such as robo advisors, wealth management analytics, InsurTech, and algorithm trading, they have gained strong momentum in transforming the financial industry as well as recognition from numerous industry accolades. This exciting field, together with the other said clusters, are widely regarded as the building blocks of a “Smart City”, a vision articulated in the HKSAR government’s initiatives. Under the three-year plan, Cyberport will gear up its resources to inspire more youth to join the league; accelerate the growth of digital tech entrepreneurs; catalyse adoption of digital tech solutions among SMEs and corporates; as well as to attract international talents, investors and partners to help the start-ups go global.
The announcement came along with the introduction of Lynk, a Cyberport incubatee, as the first investee of the Cyberport Macro Fund (CMF). This is an unprecedented initiative where Cyberport steps up its commitment to digital tech development by co-investing in start-ups with institutional investors to shore up the venture capital ecosystem in seed to series A funding, and pave the way to success for scalable digital startups in Hong Kong.
“The CMF is a testament to our pledge to give digital start-ups that extra push they need to excel and go global. And more importantly, to maximise that impact by joining hands with industry partners – both old and new, local and overseas,” explained Dr Lam. “Therefore, we would like to thank our co-investors for acknowledging the value of Cyberport’s start-ups and join us in accelerating their growth into global business. We certainly look forward to more collaborations with individual and institutional investors in the near future through CMF and other initiatives.”
Lynk, a digital platform founded in 2013, connects users to the right experts for advice, insights and knowledge. With a growing base of 35,000 experts from 73 countries and strong client portfolio, Lynk is set to become a global brand and a super connector. Benefitting from a highly scalable business model and a conscious awareness of compliance issues, it stands out among early-stage start-ups and currently enjoys an international profile of investors hailing from Hong Kong, Mainland China, the United States, Southeast Asia and Africa.
“I would like to thank Cyberport for their dedicated support of our entrepreneurial journey along the way,” said Peggy Choi, Founder and CEO of Lynk. “Aside from being the first investee of the CMF, we have also received professional support through Cyberport Incubation Programme, which has helped accelerate our growth and push our business forward. With Cyberport now being a partner of our business, we look forward to achieving more and contributing to the digital economy.”
With headquarters in Hong Kong and offices in Singapore and Mumbai, Lynk has just concluded Series-A funding with US$4M.