Singapore-based workforce productivity startup Mercu has raised seed funding while GIC has enhanced its stake in Europe’s The RAILPOOL Group.
SG work productivity startup Mercu raises seed round
Singapore-based workforce productivity platform Mercu has secured $1.6 million in a seed funding round from several investors including TEN13, 500 Global, Flying Fox Ventures, Archangel Ventures, and XA Network. Existing investor Sequoia Capital India also participated in the round.
The startup currently works with companies in Australia, Singapore, and the US. Mercu will use the fresh funding to boost expansion in the US, hire key team members, and further develop the workforce enablement platform.
Mercu helps businesses onboard, grow, and retain their deskless teams more effectively – all via popular chat apps like Whatsapp, Messenger, and Telegram so employees don’t need to install another app.
This method is also more relevant as content sent via chat apps has 4-5x the engagement compared to email or mobile app-based content. “Chat is powerful. Regardless of age, we all use apps like WhatsApp multiple times a day to chat with family and friends. Mercu taps into this habit instead of asking users to create a new one. As a result, employer communication via Mercu reaches staff almost instantly,” said Mercu co-founder Jascha Zittel.
GIC hikes stake in RAILPOOL
Singapore sovereign wealth fund GIC has acquired a further 27% stake in Europe’s rail vehicle leasing company The RAILPOOL Group (RAILPOOL) from co-owner Palladio Partners, a German specialist in global infrastructure investments.
With this, GIC has become the majority shareholder in RAILPOOL. GIC first invested in the company in 2016, according to a press statement.
“RAILPOOL has delivered strong business performance since our first investment in 2016. During this period, RAILPOOL more than doubled its fleet. We expect growth in rail locomotive leasing to continue, driven in particular by the ongoing replacement of owned locomotives with leased ones, and the shift from road to rail,” said Ang Eng Seng, CIO of Infrastructure at GIC.