New York, Oct. 10, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- Weyland Tech, Inc. (“Weyland”) or ("The Company") today announces a $2 million investment from TRITON FUNDS LP, the La Jolla, CA-based investment fund entirely managed by students from the University of California, San Diego and California State University, Northridge. The funds will accelerate the development of the Company’s AtoZPay, eWallet, and core PaaS business, CreateApp.
TRITON FUNDS is the largest student-run fund in the United States and focuses on “millennial growth ESG” (Environmental, Social and Governance) investment themes.
Weyland CEO Brent Suen comments, “TRITON FUNDS, although a younger fund and managed exclusively by students, is a major validation of our initiatives in Southeast Asia. Younger demographics in the region have led to multi-billion-dollar valuations of ‘millennial-driven’ tech companies with strategic and financial backing from the likes of Google, Alibaba, Tencent, Sequoia Capital, KKR, Warburg Pincus, Softbank and sovereign fund Temasek. Sam Yaffa and his team impressed us with their deep understanding of thematic investing and appreciating that high returns can be gleaned by taking an investment approach based on observing how peers behave. Notable investments by TRITON include LimeBike https://www.li.me/ and AtYourGate http://atyourgate.com/. The major connectivity comes from TRITON’s immediate understanding of smartphone penetration, mobile commerce, and eWallets and realizing how emerging markets where we operate will benefit from the convergence of all three. We firmly believe that this investment from TRITON will enable us to scale at a much higher rate.”
“Weyland Tech presents a unique opportunity to accommodate the millennial generation in the emerging markets,” said Sam Yaffa, co-founder of TRITON FUNDS. “Weyland is not only a first mover in the eWallet industry but is penetrating the most technologically advanced and adaptive market in the world - Southeast Asia. TRITON FUNDS has the upmost confidence in Brent and the management team to execute the company’s expansion plans because of their vast experience in the region. In addition, the success of their DIY app creator platform, CreateApp, serves as a testament of the company’s ability to achieve its objectives.”
Dmitriy Slobodskiy, Research Analyst at TRITON FUNDS, adds, “Weyland Tech has created an accessible way for anyone to build their business through the CreateApp platform. The company was able to simplify a complex process of app-creating and as a result, we are excited to see the developments the company can implement in the eWallet industry.”
About TRITON FUNDS LLC
TRITON FUNDS LLC is a student-run fund-manager founded by undergraduates from the University of California, San Diego and California State University, Northridge. TRITON FUNDS provides students the invaluable opportunity to gain real-world experience investing alongside experienced financial professionals. We invest in high performing teams with revolutionary aspirations to grow their company into industry leaders. TRITON FUNDS creates an ecosystem that assists talented entrepreneurs in successfully growing their ideas and maintaining strong community ethical standards. We provide strategic capitalization, business development support, and engineered exits to organizations we believe have a viable future in the modern economy. More information can be found at http://www.tritonfunds.com.
About Weyland Tech Inc.
Weyland Tech is a global provider of mobile business applications. Its CreateApp platform offers a mobile presence to businesses in emerging markets, with partnerships on 3 continents and growing. This DIY mobile application platform, offered in 14 languages with over 35 integrated modules, enables small and medium sized businesses (“SMB’s”) to create native mobile applications (“apps”) for Apple’s iOS and Google Android without technical knowledge or background, empowering SMB’s to increase sales, reach more customers and promote their products and services in an easy, affordable and efficient manner.
In May 2018, the Company expanded its portfolio to fintech applications with the launch of its AtozPay mobile payments platform. The mobile wallet launched in the world’s 4th most populous country, Indonesia, and is already experiencing rapid growth in transactions taking place on the platform.
Follow Weyland Tech online at:
Weyland Tech Facebook Page (https://www.facebook.com/weylandtech)
Weyland Tech Twitter Feed (https://twitter.com/weylandtechinc)
Weyland Tech LinkedIn Page (https://linkedin.com/company/weylandtech)
Brent Suen, CEO Public Facebook Page (https://www.facebook.com/BrentSuenWEYL)
Brent Suen, CEO Public Twitter Feed (https://www.twitter.com/BrentSuenWEYL)
Safe Harbor Statement
This release contains certain “forward-looking statements” relating to the business of the Company. All statements, other than statements of historical fact included herein are “forward-looking statements” including statements regarding: the continued growth of the e-commerce segment and the ability of the Company to continue its expansion into that segment; the ability of the Company to attract customers and partners and generate revenues; the ability of the Company to successfully execute its business plan; the business strategy, plans, and objectives of the Company; and any other statements of non-historical information. These forward-looking statements are often identified by the use of forward-looking terminology such as “believes,” “expects” or similar expressions and involve known and unknown risks and uncertainties. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks, and uncertainties, and these expectations may prove to be incorrect. Investors should not place undue reliance on these forward-looking statements, which speak only as of the date of this news release. The Company’s actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company’s periodic reports that are filed with the Securities and Exchange Commission and available on its website (http://www.sec.gov). All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under the securities laws, the Company does not assume any duty to update these forward-looking statements.