Watson Farley & Williams (“WFW”) has advised Stemly Pte Ltd. (“Stemly”) on its spin-out from ING Singapore’s start up incubator, ING Labs Singapore. Stemly, a software-as-a-service platform (SaaS), helps to optimise solutions for supply chain and finance industries, and is the first initiative to be spun out of ING Labs Singapore. Stemly’s spin-out was accompanied by a US$2.5m seed round, with investment coming from ING Ventures, VC firm Elev8 and EDB New Ventures, the corporate venture arm of Singapore’s Economic Development Board, amongst others.
WFW advised Stemly co-founders Giuseppe Manai and Sanjai Saini on all aspects relating to the spin-out of the business and fund-raising, which represented the company’s first institutional round of financing.
The WFW Singapore Corporate team that advised Stemly was led by Partner Damian Adams, supported by Associate Maria Bun.
Damian commented: “We are delighted to have advised Stemly on this matter and to have worked with Giuseppe and Sanjay to achieve this important milestone in the company’s growth and development. Given WFW’s legal expertise and experience in supply chain and finance, it is great to be involved with a business such as Stemly, at the forefront of innovation in the industry”.
Giuseppe said: “We got terrific support from WFW for the whole duration of the deal. The WFW team have been very professional, reliable and, importantly, very patient in guiding us through the process and ensuring a smooth mediation between the different parties. We look forward to continuing to work together”.
