Decacorn Capital leads $1.6 million seed round in Singapore’s Propine Capital to custody security tokens on blockchain

23 Nov 2018 — Singapore based Propine Capital secured Singapore Dollar 1.6 million in seed funding round led by Decacorn Capital, with co-investment from SGInnovate(SGi) under Startup SG Equity scheme. Notable investors include crypto arm of Golden gate ventures – LuneX. Incidentally, Propine is the first equity investment from their newly raised fund. Other investors include Entrepreneur First, MTZ Holdings, XPANASIA and Chainfund Capital.

Propine is the first full-service custodian for blockchain based digital assets, established in Singapore. They make storing crypto assets safe, reliable and convenient for institutional investors and service both utility and security tokens. Propine’s cutting edge offline solution protects against hacks, rogue employees and loss of access keys. Clients can sign transactions securely from any location globally. Importantly, they are compliant, audited, insured and intend to support the biggest menu of crypto assets, making Propine the most robust and future proof choice for adopting cryptocurrencies. Apart from physical safekeeping of private keys, they offer several value added services. For more information, visit www.propinecapital.com

Commenting on this investment, Decacorn’s Founder and Managing Partner Debneel Mukherjee said “Our investment in Propine is very timely as the evolution of digital and crypto assets has necessitated independent custodial service where early movers like Propine is at an inflection point for a big impact on the back of a rapid cross border adoption curve in a nascent life cycle “

“We were amazed at the speed with which the Decacorn team worked with us in closing the deal. We look forward to tap on the cross border reach of Decacorn and the expertise of our strategic investors SGi, LuneX , MTZ and Chainfund as we embark on scaling rapidly to become the Gold Standard for crypto custody in Asia”, said the co-founders of Propine.

About the Founders

Tuhina is Co-founder and CEO of Propine Capital. As a banker with BNP Paribas and other financial institutions, she has traded equity, bonds, forex, interest rates and derivatives, in a career spanning 16 years. Tuhina is a computer engineer from renowned BITS Pilani and holds an MBA degree from Indian Institute of Management, Lucknow.

Wong Liang Zan is co-founder and CTO of Propine Capital. He has 13 years of experience building scalable enterprise software with high performing teams. The last two starts ups where he led teams had successful exits – through an acquisition and listing on Australian Stock Exchange. Zan holds Electrical Engineering degree from well-known National University of Singapore.

About Decacorn

Decacorn Capital is a Singapore domiciled cross-border venture funding initiative, centred around game changing start-ups, enabled by innovative use of technology and led by high-caliber, resourceful founders who are out there with the mission to either create a true delight or solve a real problem. At Decacorn Capital, we seek to curate – from key destinations around the world – startups that are rare gems and have crossed an inflexion point in their life cycle.

We aspire to stitch a string of pearls consisting of the next Apple, Google, Amazon, Alibaba, Tencent by betting on SpaceX, Palantir, Lyft, 23andMe, Zebra, Kenna, BioCatch and the likes thereof carefully curated.

Our endeavour is to connect half the world population of underserved consumers in South East Asia, South Asia and China with pioneering, deep-tech work in America and Europe, thus unlocking superior returns for our portfolio investments and our investors.For more information visit www.decacorncapital.com

About SGInnovate

SGInnovate has been established to help ambitious and capable people to build ‘technology-intensive’ products borne out of science research. Our commitment is to use the full power of the Singapore ecosystem to achieve this mission. For more information visit www.sginnovate.com

About LuneX

LuneX Ventures is a dedicated Blockchain and CryptoCurrency fund in partnership with Golden Gate Ventures; a well established South East Asia based VC. LuneX Ventures has invested significant time and resources to set up a fully compliant Cryptocurrency and Blockchain Fund. Investors get diversified exposure to a portfolio of equity in seed and later stage Blockchain startups, larger Cryptocurrencies and other utility and security tokens. In order to boost returns for our investors, we direct all advisor tokens and shares back into the fund. For more information visit www.lunex.vc

About MTZ Holdings / Fuzu Zeng

MTZ is a private investment firm with a focus on the financial and related sectors. Mr Fuzu Zeng serves its Chairman and has founded two other companies – Unionmet (Singapore) Ltd and Raffemet Pte Ltd, besides holding several positions of influence in base metal industry in China in a career spanning 31 years.

About Entrepreneur First

EF runs full-time programmes that fund the most exceptional technical talent and industry experts to find a co-founder, then helps those teams launch their businesses and raise funding. We’ve built >120 companies worth >$1B so far. We run programmes in Hong-Kong, Berlin, Paris, Singapore and London. For more information visit www.joinef.com

About XPANASIA / Teck Moh

Phey Teck Moh is a mentor and angel investor in the Singapore. He cofounded AngelCentral, which provide education and curated startups for angel investments. Xpanasia is an advisory company specializing in Telecommunications and Information Technology companies in Asia Pacific. He had retired as Asia President, Motorola Solutions in May 2013. He previously served as vice chairman of the Singapore Info-communications Technology Federation (SiTF) as well as a board member of Asian-Oceanic Computing Industry Organization (ASOCIO)

About ChainFund Capital

Chainfund Capital supports the world’s most ambitious blockchain researchers and entrepreneurs. For more information, please visit www.chainfund.capital