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12-08-2014, 09:20 AM
An honorable member of the Coffee Shop Has Just Posted the Following:
SINGAPORE-BASED START-UP FULL OF FTS FAILS DESPITE OVER US$39 MILLION IN GRANTS
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Post date:
11 Aug 2014 - 6:54pm
http://therealsingapore.com/sites/default/files/styles/large/public/field/image/bubbly%205.PNG?itok=KlSRLmV- (http://therealsingapore.com/sites/default/files/field/image/bubbly%205.PNG)
A Singapore based Social Network called Bubbly is closing shop and liquidating after the business did not do so well.
This is despite the company receiving over US$39 million in investments and grants from prominent venture capital companies including Sequoia Capital, Singtel Innov8 and JAFCO Asia.
Bubbly is a social networking platform for hand phones similar to twitter where instead of using text and reading others' updates, users listen and voice record their updates.
Bubbly had had a few acquisition deals but the negotiations fell through so it is winding up.
Over the past 9 months, Bubbly had two possible acquisition deals with two China companies, and another start-up but the negotiations fell through as prices couldn't be agreed on.
The company decided to wind up and take whatever cash that the business had out with them.
Since its foundation, Bubbly has gained over 5 rounds of grants and capital investments since 2006.
In 2012, it also received US$5 million from JAFCO Asia, SingTel's Innov8 and Sequoia. Despite these capital investments, the company could not make it work.
What is more shocking is that this company could even be based in Singapore and receive millions of dollars in funding in the first place.
A quick look on the company's about us page shows that the directors and company leaders are pretty much all foreigners:
http://i.imgur.com/xpCpGVC.pnghttp://i.imgur.com/TBdfmwK.pnghttp://i.imgur.com/vGQgoBC.png
Even their team members seem to be from foreign countries:
http://i.imgur.com/l7x4Fmn.jpg
Why are foreigners allowed to come here and start companies, proceed to hire pretty much all foreigners, receive large grants then close shop and take out the money from the company?
While foreign companies can create jobs for Singaporeans, judging from this photo, how many jobs do you think were created for Singaporeans by this company?
Click here to view the whole thread at www.sammyboy.com (http://www.sammyboy.com/showthread.php?187709-FTrash-Company-Runs-Road-After-39M-Free-Makan!&goto=newpost).
SINGAPORE-BASED START-UP FULL OF FTS FAILS DESPITE OVER US$39 MILLION IN GRANTS
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Post date:
11 Aug 2014 - 6:54pm
http://therealsingapore.com/sites/default/files/styles/large/public/field/image/bubbly%205.PNG?itok=KlSRLmV- (http://therealsingapore.com/sites/default/files/field/image/bubbly%205.PNG)
A Singapore based Social Network called Bubbly is closing shop and liquidating after the business did not do so well.
This is despite the company receiving over US$39 million in investments and grants from prominent venture capital companies including Sequoia Capital, Singtel Innov8 and JAFCO Asia.
Bubbly is a social networking platform for hand phones similar to twitter where instead of using text and reading others' updates, users listen and voice record their updates.
Bubbly had had a few acquisition deals but the negotiations fell through so it is winding up.
Over the past 9 months, Bubbly had two possible acquisition deals with two China companies, and another start-up but the negotiations fell through as prices couldn't be agreed on.
The company decided to wind up and take whatever cash that the business had out with them.
Since its foundation, Bubbly has gained over 5 rounds of grants and capital investments since 2006.
In 2012, it also received US$5 million from JAFCO Asia, SingTel's Innov8 and Sequoia. Despite these capital investments, the company could not make it work.
What is more shocking is that this company could even be based in Singapore and receive millions of dollars in funding in the first place.
A quick look on the company's about us page shows that the directors and company leaders are pretty much all foreigners:
http://i.imgur.com/xpCpGVC.pnghttp://i.imgur.com/TBdfmwK.pnghttp://i.imgur.com/vGQgoBC.png
Even their team members seem to be from foreign countries:
http://i.imgur.com/l7x4Fmn.jpg
Why are foreigners allowed to come here and start companies, proceed to hire pretty much all foreigners, receive large grants then close shop and take out the money from the company?
While foreign companies can create jobs for Singaporeans, judging from this photo, how many jobs do you think were created for Singaporeans by this company?
Click here to view the whole thread at www.sammyboy.com (http://www.sammyboy.com/showthread.php?187709-FTrash-Company-Runs-Road-After-39M-Free-Makan!&goto=newpost).