Animoca Brands to acquire stake in leading AI accelerator Zeroth

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Animoca Brands has entered into an Earn-In Agreement with Zeroth founder Tak Lo to acquire a 67% stake in Venture Classic Limited, the operational company for the artificial intelligence accelerator Zeroth SPC (both companies together: “Zeroth”). Total consideration for the transaction is approximately US$1.08 million (A$1.5 million), consisting of US$0.72 million (A$1 million) in cash earn-in and approximately US$0.36 million (A$0.5 million) in Animoca Brands shares.

Additionally, Animoca Brands has committed to underwrite investment into Zeroth SPC totalling up US$2 million. This investment will provide participants with Limited Partner status and grant them claims on proceeds from the cohorts of AI and blockchain startups accelerated by Zeroth.

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Project Startup: Hong Kong’s Digital Community is Launching Start-ups to Rival Other Silicon Centres

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We’re excited to have the South China Morning Post Money supplement publish the story on the Hong Kong startup scene today!

The story by Jenni Marsh and photo by May Tse, covers some of the leaders in the start-up ecosystem in Hong Kong from angel investors to startups to the connectors. It’s a great read and you can try and grab a copy today or have a look at the Scridb document embedded below or follow this direct link to SCMP.com:

Now, tech angels excited by the Tumblr sale for US$1.1 billion to Yahoo! last month and Instagram being acquired by Facebook for US$1 billion last year, want to know, can Hong Kong produce a global tech star?

American entrepreneur Paul Orlando believes so. He saw the city’s “silicon” potential during a trip in 2011. Impressed by its techpertise, digital innovation and attractive taxation laws, all at the gateway to China, the founder of Chatfe and Inticiti Consulting relocated from New York to Hong Kong, positioning himself on what he hopes was the brink of a breakthrough. “I saw the city was ready to grow. A lot of what I experienced reminded me of New York’s tech community in 2008.” What it lacked, he says, was the infrastructure to connect venture capitalists with the right outfits.

Essentially, Hong Kong needed a “scene” – an answer to London’s Silicon Roundabout in the East End or New York’s Silicon Alley in edgy Flatiron and Chelsea (Google’s stomping ground) that would enable like-minded entrepreneurs to network, and give investors a portal to find projects. Casey Lau – a charismatic, social-media man about town – spotted the same weakness several years earlier, and made it his mission to connect the dotcoms.

Have a read of the story and let us know what you think in the comments below.

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