Big names place early bets on this Singapore D2C firm

More: SoftBank begins to shed Alibaba stake and ShopBack heads to Hong Kong. [Read from your browser]( Daily Newsletter --------------------------------------------------------------- Welcome to Tech in Asia's free Daily Newsletter! Get full access to our subscribers-only Daily Newsletter and other insightful analysis on the big and messy topics of Asia’s tech and startup community by [registering here](. --------------------------------------------------------------- Hello {NAME} Evo has piqued interest despite raising a relatively less head-turning sum of US$600,000 in its seed round. Wondering how? The health and wellness direct-to-consumer startup has bagged a stellar list of early backers, including the founders of used-car marketplace giant Carro, rewards platform ShopBack, and fintech firm Spenmo. While it is common practice for founders of other major firms to diversify their wealth, it is less common for a startup to unveil three big names from the ecosystem as investors so early in the game. It is tempting to place a greater significance to a founders’ investment in another startup, given that they’ve already been there and done that. However, giving the benefit of the doubt to founders is, at times, misplaced. VC firms can also point to their other successful investments as a sign they have a keen eye for what businesses make money and what don’t. For instance, East Ventures, the lead investor in Evo’s seed round, was also an early backer in Southeast Asian unicorns GoTo Group, Traveloka, and Carro. Nonetheless, with a batch of heavyweight investors, these remain promising times for Evo. In today’s premium story, we explore what the seed funding means for the Singapore-based startup and what it plans to do with the new capital. -- Shravanth  ---------------------------------------------------------------  THE BIG STORY [Exclusive: East Ventures leads $600k seed round of Singapore D2C firm]( Evo, which focuses on health and wellness, grew 700% in the last five months. The founders of Carro, ShopBack, and Spenmo are among its angel investors.  --------------------------------------------------------------- TECH IN ASIA ORIGINALS  VC Recession Tips: Antler’s funding plans amid a downturn The economic recession is here, and tech startups are implementing massive layoffs and feeling the chill of a funding winter. How is the ecosystem coping with this situation? 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