Homegrown design studio Xm Studios has raised $4.5 million in fresh capital as it looks to expand into new markets and products 

The studio, which specialised in handcrafted figurines of characters from wildly popular franchises such as Marvel and DC Comics, raised the funds through a tokenised offering on digital securities investment platform Addx, according to a joint press release by Xm Studios and Addx this week.

Xm Studios will also be raising capital through digital securities as a way of rewarding its community of fans, according to its co-founder and chief executive Ben Ang. 

Singapore-based e-commerce startup, Rainforest, has raised US$20 million in an oversubscribed pre-Series A funding that was led by venture capital firm Monk’s Hill Ventures, according to the brand aggregator this week. 

Other investors that participated in this were January Capital, Crossbeam Venture Partners, Amasia, and Lo & Behold Group. They were joined by Rainforest’s existing investors, Nordstar and Insignia.

Rainforest has said that it plans to use these funds to "double down on [its] aggressive growth strategy" and to acquire more Asia-based e-commerce brands. 

Nanofilm Technologies International will be hiring a new chief executive by the end of this year, according to the company’s founder, Shi Xu, who is currently assuming the role of interim chief executive officer.

This news comes shortly after their chief operating officer (COO), Ricky Tan, resigned and caused a 2.3 per cent drop in net profits that was reported after the market closed towards the end of August. 

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