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Here are 15 awesome startups that will pitch at TOP100 APAC 2019!

Entrepreneurs in APAC, are you up for a challenge?

TOP100 2019

TOP100 APAC 2019 is a programme organised by e27 that empowers insights, connections, talent, and funding opportunities for early-stage tech startups in Asia. This year, the programme has shifted to a private pitching competition and applications will close on 28 February 2019.

Meet 15 awesome startups who will be taking their first step to TOP100 APAC 2019 to get a chance to pitch at Echelon Asia Summit 2019:

REVSMART WEARABLE HK CO LTD – Hong Kong

Revsmart is developing a smart communication wearable and experience platform to help riders access communication, navigation, and music effectively using vibro-sound technology. Looking to solve the most pressing problems for bike riders, REVSMART is launching their Wearable helmet smart device “Heads Up” this year.

Pipeep – Bangladesh

Introducing the flexible-transit concept for a better transport environment to urban commuters. Pipeep’s mobile platform allows passengers to request shared on-demand shuttle bus service that travels from point-to-point between selected zones. Operates in morning and evening time to serve work purpose commuters. A solution that solves the city’s core problem caused by traffic congestion.

Unreal AI – India

The Vizor ID, created by Unreal AI, is a security device that uses face recognition, powered by art deep learning models, to authenticate employees with fast authentication and high accuracy. Highlighting its Multiple Authentication feature that allows up to 7 face recognition simultaneously and Built-in Visitor Management feature that able to keep track of unknown individuals and notifying the administrator, Vizor ID is recommended to be used at locations such as offices and schools.

iMoney – Kazakhstan

iMoney is a Biometric lender (ATM) that aims to tackle problems like lack of direct access to cash, human factors for requesting a loan and the long process of loan approval.

12Go – Thailand

12Go is a multimodal Online Travel Agency platform with coverage across 15 countries in Asia for purchasing tickets for trains, ferries, buses, flights, transfers, hotels, tours and insurances using Cloud-based real-time ticket booking and seat selection engine.

Horlu – Vietnam

Horlu helps you to create your website instantly by analysing your Facebook page content with an AI algorithm. Its content-first design approach intelligently creates sites built for your content with less time consuming and at a more affordable cost.

Bee Bush – Cambodia

Bee Bush is a fresh and unique social media platform which offers innovative and advanced features to enable users to search, connect, learn, having fun, and make revenue at the same time. It combines unique features such as profile feed, business page, and local business reviews with its user-friendly content searching filter system to help to enhance the visibility of its online business users.

Flexible Pass – Burma

Flexible Pass is a health and fitness App in Myanmar that can be used at over 100 gyms, fitness centers, and hotels in Yangon. Flexible Pass allows its users to access multiple gyms or fitness centers with one pass to tackle not just the lack of flexibility membership plan at the individual gym but also the wastage of membership fee on days you don’t go to the gym.

AgUnity – Australia

AgUnity’s solution automatically collects the most essential data about your product, starting on-farm and continuing through to the end consumer. We create a unique, detailed ‘track’ for every pallet; now your product has a story. This unprecedented visibility of your supply chain allows areas of waste & inefficiency to be automatically identified so you can understand the key issues to target.

Generalized Intelligence – China

Generalized Intelligence is an AI adoption accelerator who enables enterprises to unleash new efficiencies, productivity, agility, and competitiveness. Applying AI in drone tech, Generalized Intelligence also offers an end-to-end drone platform for developers to develop level 5 autonomous drones.

UniChat – Malaysia

UniChat initiated an App based student platform for students to meet and approach other students just by clicking a ‘Discover’ button. Individuals who are geographically close-by with similar interests would be paired up automatically, allowing them to start interacting instantly. UniChat brags many features such as UniDiscover, UniTime, and UniEat which helps make students’ life easier.

MEGPlay – Malaysia

MEGPlay is a gaming-focused platform in Malaysia (aiming to expand across SEA) for mobile gamers. Through MEGPlay, gamers can chat, join mobile gaming communities, and find team members. MEGPlay also allows users to join mobile gaming events and competitions, to purchase mobile gaming merchandise, and to get insights into gaming news.

Also Read: The culture of Echelon is the biggest draw for both speakers and participants alike

Positive Energy Ltd. – Singapore

Positive Energy Ltd. offers a renewable energy finance platform for smarter sourcing, funding, and trading clean energy assets. Using its blockchain based asset financing, trading, and management platform, Positive Energy Ltd. aims to solve the market issues by digitalizing the transaction workflow making green investments fast, liquid and economically viable for all parties involved.

Ssivix Lab – Singapore

SSIVIX LAB is the leading innovative technology and services company that is pioneered in bringing the products and ideas into Mobile Space with high quality together with providing cutting-edge services to the client. Launched its Medtech focused product MyCLNQ, a one-stop shop to take care of all medical appointments booking, last year, SSIVIX LAB is working toward innovation to provide a cost-effective solution in the healthcare sector to benefit the community and citizens.

Smarter Me Pte Ltd – Singapore

Smarter Me Pte Ltd is a live online school that offers classes in critical knowledge and skills for the future to children who aims to bridge the mismatch in what our children are learning in schools today and the skills required in the future economy. Smarter Me Pte Ltd is also working to build a community of students, educators, entrepreneurs, and future employers across APAC for the education ecosystem.

So what are you waiting for? These guys didn’t! Sign up for our TOP100 APAC programme at this link.

Just got your pitch deck ready? Drop it here.

Not a startup but keen to meet the e27 team while we tour APAC? We’re running a series of Echelon Roadshows (Founders Confession content session, networking opportunities and F&B provided), RSVP at our Eventbrite page.

The post Here are 15 awesome startups that will pitch at TOP100 APAC 2019! appeared first on e27.

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Hidden reasons why VCs reject your startup for investment

Sometimes it’s not you, it’s them

Asking for funding from Venture Capital (VC) investors is likened to the same statistics of getting rejections from Tinder.

Okay. That’s not a good analogy, but you get the point — fundraising for your startup is tough.

I wrote in Aug 2016 on “How to think like a VC before asking for funding” which explained the official questions that VCs would be thinking.

Even though you may have a great pitch and a great proposition, VCs still reject investing in your startup.

During the conversations, they showed their support and financial commitments to you.

But, why then did they reject at the last minute? What gives?

When I was fundraising for my e-commerce startup 14 years back, I met 30 investors, but only three agreed to invest and I only raised 15 per cent of my target.

It became a lingering thought in my mind as to why I was unable to fundraise more despite my startup having great traction with the right ingredients.

Now, as a VC helping my startups get follow-on funding, I found myself in the shoes of an investor and came to understand the hidden reasons why VCs reject a potential investment.

These are reasons which are never mentioned officially, fueling your frustration as you wonder if you have done something incorrectly.

The truth is: it’s not you, but the VC.

So read on if you want to know what exactly goes on behind-the-scenes.

All capital is committed to existing investments

Startup founders have an impression that VCs have endless pots of gold ready to invest in startups at any one time.

That’s far from the truth.

VCs may have already committed fully to their funds, usually within the first three to five years (also known as the necessary investment period).

If you have requested for investments but have gone past that timeframe, there is no way an investment can be made.

Sometimes, they have already completed investing in their first capital call and could be waiting for a second call much later.

The investment period and capital call periods are usually well-kept secrets within the VC firm.

Despite no further funding allowed, VCs do not want to admit that they ‘ran out of money’.

Instead, they would want to show that they are still active in the game.

They would be willing to meet you to get updated with the latest technology trends or to obtain potential deal stories for their pitches to future Limited Partners for their next fundraising.

Difficulty in justifying to the investment committee

A VC firm is made up of partners, who will generally review and decide whether they should invest in a startup.

Some VC firms require unanimous approval, while some may have ‘silver bullet’ approval or majority approval.

How individual VC firms work is also a well-kept secret.

If you did not work directly with the Partners, it will be the job of the Principal, Associates or Analysts who will justify and fight for your startup to be invested to the committee.

If the VC is part of a corporate grouping, it may have even more clearance checks and approvals from other divisions or even higher management.

In every organisation, people always want to look good with their colleagues.

If the person supporting your startup finds it difficult to justify to the investment committee, he will look bad and loses his credibility.

It can be harder if the VC needs to get a unanimous decision.

Losing credibility could mean even more difficulty in getting investment approvals in future or even a promotion.

So, rather than taking the risk, that VC might just reject it outrightly.

The lack of trust in a founder

In Asia especially, trust is a very important trait that needs to be cultivated.

VCs don’t just give money for investment and walk away. They seek relationships.

They have to be working closely with the startup founder for a long time.

What’s more, it is about putting money into the hands of the founder and trusting the founder makes the right decisions and calls in spending that investment.

If there is no trust, the deal to invest will likely fall through.

After speaking to fellow VCs, I deduced that many startup founders in Singapore tend to be too transactional and Western-styled.

This is ironic as Asians are more focused on guanxi, the Chinese word for relationships.

Maybe it is due to the Singaporean meritocratic belief that one can work hard and be rewarded.

But, we forget that relationships are the ones that bind partnerships between investor and entrepreneur.

In my personal experiences, I found entrepreneurs tending to treat VCs like ATM machines.

Many entrepreneurs fail to be sincere and keen on developing a proper relationship.

There seems to be an urgent rush to get investments in without properly ‘investing’ in the relationship.

To me, it delivers a ‘one-night stand’ turned thoughtless-shotgun-marriage vibe.

At TRIVE, we take an average of four to six months in building friendships before considering any investment.

It is only after establishing trust when we can start being real to each other and this helps to mitigate any potential conflicts due to misunderstanding and mistrust in the future.

So until trust is built, it could be a probable reason why you got rejected for investment.

The VC had to choose between you and another startup

It sucks, but you were outshined by others.

VCs get many decks being submitted for review for investment.

TRIVE gets an average of 200 decks via online each month.

We barely have time to call not more than 10 per month for a meeting. Plus, we only invested in 3 last year, a 0.125 per cent chance of success.

I heard of other VCs averaging 1000 decks or more while their investment rates are considerably lower by a lot.

At every round of investment meeting, there will be unofficial quotas being set.

A list of investments is presented before the committee and they have to filter candidates, due to the limited deployment of capital.

Also Read: 5 things startups should know about Corporate Venture Capital

I recalled one startup seeking Series A which was a really good decent traction and scalable model.

Discussions were optimistic and the VC was confident in the investment committee’s approval.

Sadly, the startup got rejected for investments and upon some further prodding, I learnt that the committee could only choose one for that day, among the six that were presented.

Your startup doesn’t seem right somehow

VC investment is more of an art rather than a science, especially in early-stage investments.

There is not much financial data available, especially from a young company.

For professional VCs, prudent and detailed due diligence (DD) is done on the industry, market, background checks and competitor analysis.

But, even the best DD does not guarantee the full assurance of an investment.

VCs will then have to rely on their own gut feeling and intuition.

Despite how amazing a startup may be, sometimes there is an inexplicable lingering feeling that there is off.

Also Read: Here are 15 awesome startups that will pitch at TOP100 APAC 2019!

And once there is an iota of doubt, the deal does not go through.

I am too polite to tell you that your startup isn’t good

One interesting value of Asian culture is to be polite and adopt discretion when rejecting.

I have come across instances where a founder told me about his rejection from a VC with no reasons given.

It is only in privacy when my fellow VCs admit to each other why the startup is lacking.

When I asked why the VC declined to share the cause of rejection with the startup, the VC revealed his fear of coming across rudely.

Rather than providing constructive feedback, they just felt rejecting without reason would end the discussion cleaner and faster.

Concluding thoughts

When I ask entrepreneurs how they receive successful funding, they usually shrug and say, “I got lucky.”

There’s some level of truth in that statement.

While we can always say the startup has promising prospects, the hidden reasons why VCs would say no to an investment are variables one is unable to easily predict.

My advice is to accept these variables as part of fundraising and to keep persevering until you get the right investor on board.

Photo by rawpixel on Unsplash

This article is part of the “Startup Advisories” series, where I provide SEA startup founders articles on challenges my startup mentees go through. Discussions in this article were based on feedback from mentees, VCs and my own personal experiences.

Christopher Quek is a startup advisor and mentor to Singaporean entrepreneurs. His full range of SEA articles are found on christopherquek.com.

e27 publishes relevant guest contributions from the community. Share your honest opinions and expert knowledge by submitting your content here.

 

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Malaysia’s game plan: Improving human lives through the power of tech

Malaysia’s homegrown innovators Katsana, Hostel Hunting, Swingvy, and CXS are cultivating a more human side of tech 

With the advent of tech, the race to innovate within the tech spectrum is largely focused on coming up with the “new.” From smarter algorithms, to artificial intelligence (AI), and even to augmented reality (AR) — the goal has always been to disrupt.

But more than disruption and awe, today’s tech innovators are constantly coming up with ways to improve human experience. By this, we don’t just mean using tech to promote greater convenience and ease in people’s daily lives. We mean solutions that impact the very nature of people.

These are solutions that help inculcate road safety discipline, democratise HR platforms for small and medium companies (SMEs), provide cheap lodging options for young people, and even ones that power human development through skills training.

True, some of the most interesting and most inspiring solutions out there are ones that are anchored on cultivating a better quality of life. These are solutions that transcend the common notions of convenience that saturate the market.

Because of this, we spoke to four of Malaysia’s tech startups to see what innovations they’ve come up with and how those innovations are hinged on helping improve human lives.

Safety first for drivers and passengers alike

According to Malaysia’s Ministry of Transport, a total of 7,152 recorded deaths up to 2016 are due to road accidents. This data places Malaysia on the 18th spot when it comes to the road fatalities index in the world.

With a total number of registered vehicles accumulating to 27.6 million, how do you fully inculcate road safety to such a significant population of drivers?

Katsana, a tech startup that pioneered the next generation GPS tracking and fleet management system, came up with a solution that helps train drivers to become more safe on the road: DriveMark.

A mobile telematics app, DriveMark scores the way you drive using mobile phone sensors to spotlight risky driving patterns and behaviour. By introducing a gamification and rewards approach, drivers are encouraged to reach a higher level of safely on the road.

Drivers may also enroll into monthly contests that come with free personal accident insurance and rewards from their partners as a further incentive for further protection.

With the Katsana Advanced Telematics, the team has gained significant experience from its initial launch in 2013 especially in understanding driver behaviour patterns derived from sophisticated telematics data from vehicles, which has allowed them to precisely score driving risks.

Katsana came up with DriveMark as a way to democratise this unique information and apply their technical know-how on a mobile app in the hopes of helping as many people as possible—all through data analytics and impactful engagement.

“When we look into conversations surrounding safe driving, it’s predominantly a discussion of deterrence through penalization and tend to be reactive instead of being proactive,” said Syed Ahmad Fuqaha, CEO and co-founder of Katsana. He added, “with DriveMark, we associate safe driving with positive cues which comes in various forms; acknowledgement that you are driving safe, rewards, prizes, rebates, discounts and social recognition.”

Katsana wants DriveMark users to also be part of their mission — to be ambassadors of safe driving. They believe that having clusters of people who are truly passionate about safe driving helps them grow and spread the word to like-minded people; and hopefully, to have that passion spill over to larger part of the community.

By 2017, Katsana had analysed 460 million kilometers worth of travel data, collecting approximately 1.2 to 1.4 million kilometers of data on a daily basis.

Also read: MaGIC or no MaGIC, Malaysia’s startup ecosystem is bound to flourish!

Creating livable spaces for the Millennial generation

The comparison between the Millennial and Baby Boomers generation includes the premise that while one generation could afford housing at a comparatively younger age, another could not even even manage long-term rentals for spaces with proper living conditions.

However, this debate ignores the contextual differences between in the two very different socioeconomic realities happening in at different times in history. Baby Boomers sometimes point to Millennials’ inability to sustain proper living spaces without realising that today’s world demands different priorities.

Meaningful innovative solutions often arise from necessity. One such innovation grounded on helping young people find affordable and professionally managed long-term spaces is Hostel Hunting.

Hostel Hunting started as a student rental marketplace. The idea was simple: to get landlords to list with them and provide the supply, and then connect them to the potential tenants who make the booking.

In 20118, they introduced HH+ Rooms – affordable rooms that are professionally managed by Hostel Hunting from renovation and furnishing to daily community management, home maintenance, and tenant living experience.

Widening their market beyond catering to University students, Hostel Hunting now provides rooms to accommodate both the youth market and young adults. HH+ is a full stack proptech and propserv solution.

In the B2B sector, Hostel Hunting helps companies to provide housing needs for interns, foreign students, and outstation staff.

“More people are looking to rent rather than owning a place of their own. Despite that, tenants are still required to do the nitty gritty such as buying their own furniture, DIY, or hire cleaning services to maintain their homes. We want to provide and shape a better living experience for our tenants,” said Wen Khai, CEO and co-founder of Hostel Hunting.

In addition, for the tenant side, he said, “We guarantee [owners] a higher rental yield, hassle-free operation, and the HH+ living experience.”

Hostel Hunting believes the trust and support won both from their customers and the quality of their investors, has positioned the business well —especially with offering and shaping an improved living experience in the home rental landscape.

Also read: HostelHunting raises Series A, aims to “aggressively” drive further regional growth

An HR solution for all 

One of the most visible indicators of performance gap in industries is a company’s capacity to digitalise its data. While most large corporations have the resources to implement Enterprise Relationship Planning (ERP) solutions, the majority of SMEs in this region are stuck with past manual HR practices involving tons of papers. Often, the companies turn to regular spreadsheets, or outsourced payroll agents.

In many instances, the simple process of managing pay slip distributions and leave applications are paper-based —open to the possibility of human error, and unnecessary costs.

This challenge to a company’s limited resources often leaves companies stranded in that predicament. To address this, digital HR system provider Swingvy decided to help fill in the gaps. By seamlessly connecting HR information, Swingvy automates all administrative work — employee onboarding, core HR, leave application, payroll, and benefits administration — in an efficient manner.

The tech evolution of HR systems is not new, having started more than a decade ago. What differentiates Swingvy is its “freemium” business model, which allows users to register and use the solution for free and without any time lock.

Also read: Swingvy, an online HR platform for SMEs in Southeast Asia, raises funding from Aviva

Swingvy democratises its HR system in two ways: first, the platform runs on the Web without the need to pay for any licenses, hardware, or maintenance fees—making it perfectly accessible to both large enterprises and small businesses. Secondly, it allows everyone in a company to use the software in a instead of just HR admins.

The only time the product is monetised is when satisfied customers choose to add on to the range of services they want from Swingvy, and can then decide to unlock premium features.

Since Swingvy is an all-in-on HR platform, the premium package integrates the payroll and the benefits platform, promoting full transparency for both admin and employees.

In addition to helping SMEs cut costs and save time, Swingvy administers its HR system to global standard user experience. To fully compute a company-wide payroll system, the automation takes about 10 minutes to produce results.

“It doesn’t make sense for companies to go through the unnecessary challenge of building their own HR software. Our HR platform, besides managing admin and employees’ HR related information, also integrates and automates with the country’s statutory and banking files,” said Jin Choeh, CEO and co-founder of Swingvy.

In 2017, Swingvy was the first Malaysian startup to win the Arena Battle in Tech in Asia and become a part of e27’s Top 100. It is one of the youngest companies to be awarded “Malaysia HR Technology Entrepreneurial Company of the Year” by Frost and Sullivan, and is set to appear as one of the 10 finalists in Asia to pitch in the first Google Asia Demo Day in Shanghai.

Lifelong learning and human development through tech

With the impact of advanced industrialization trickling down to the grassroots, it is important to ask the right questions on exactly what changes the workforce has to make.

“How will working be different? How will the way we understand ‘employability’ shift? How will ‘gig economies’ change the way small and large companies hire? How is it possible to close the gaps between education and employability? How do we bring valuable talent data out of the silos in which it typically resides to construct meaningful pictures of future workforces? How do we help individuals become self-driven lifelong learners?”

These are all critical questions raised by Malaysia-based tech startup CXS.

CXS is a learning analytics company with the capability to manage talent development from education to employability with a focus on preparing national workforces for the ever-changing demands of what is known as the 4th Industrial Revolution.

Essentially, CXS provides a suite of products, services, and solutions augmented with technology to power human development and promote lifelong learning.

With their analytics system, CXS helps clients with a range of issues including the implementation of improved recruitment and hiring solutions, talent management, and executing large-scale upskilling and reskilling programs.

Also read: Malaysia hosts Create@Alibaba Cloud Startup Contest, enables 15 ASEAN startups to go global

“Talent acquisition and talent supply is now a major macro-economic factor affecting all industries to differing degrees. We help our clients get data out of silos and put it to work to solve problems. Good examples of the kinds of problems we typically help solve are: locating top talent to drive the growth of emerging industries, or helping find the local talent to secure direct foreign investment in key industry sectors,” said Jan Lambrechts, CEO and founder of CXS.

In addition to what the talent pool looks like currently, clients need to know where the to find potential talent. CXS believes that the best way to answer problems posed by advanced industrialization is through better hiring, smarter learning, and evidence-based outcomes.

While CXS is maintaining a strong focused on the ASEAN region, it is rapidly expanding to other parts of the world such as the Middle East and Latin America.

Malaysia is becoming a hub for tech innovators 

Among Malaysia’s strengths is that it is operating as a microcosm for the Southeast Asian ecosystem. Hostel Hunting believes that localisation in the region is effective because the fundamentals of putting up a tech startup is established in Malaysia, making it a suitable platform to scale up into different territories.

While Hostel Hunting is a beneficiary of government support and guidance though MDEC, Cradle, and Magic, itt is also noteworthy that Malaysia’s startup ecosystem in Malaysia is very supportive of each player.

Swingvy is also contributing back to the startup community with the launch of a programme offering 90% discount for the use of its product for startups in Malaysia and Singapore.

Funding also poses an important role for many players. “Being a tech startup involves heaving in machine learning and predictions. We would not be here without a government grant early in our days,” said Fuqaha of Katsana who credits much of their success to state-sponsored financial support.

Meanwhile, CXS believes there is no doubt its early and rapid growth was made possible by the invaluable support received from agencies such as MDEC and TalentCorp. CXS highlights that the private sector has been equally amazing, demonstrating their willingness to collaborate and innovate. This is important because it sets an example for other countries in the region—truly a case of “Malaysia Boleh!” or “Malaysia can!”

How to take this to the next level

When asked what Malaysia could do better in terms of supporting startups and innovation as a whole, DriveMark creators suggested, “Allowing budding entrepreneurs to experiment with technology and innovation right after secondary school by funding innovative ideas. Start with a fund as small as RM2000-5000 with no expectation of return. If any of the ideas grow, then nurture it with bigger fund or assistance to help it go to market.”

Swingvy creators echoed this sentiment, saying that education plays a major role. Support should start from education, especially since Malaysia has always had the talent potential as well as the resources.

They believe that it’s always best to have innovation and entrepreneurial thought nurtured from a young age. This means, the government should acknowledge that the previous educational system has not addressed this this area, and that private institutions should create and invest more funds to build a stronger startup ecosystem.

On the other hand, Hostel Hunting believes that Malaysia could benefit from better public awareness and understanding of the ecosystem landscape.

All the four startups—Katsana, Hostel Hunting, Swingvy, and CXS—believe that to holistically enhance the growth and impact of tech innovators requires adequate funding, sufficient support to nurture creativity, and educating both the players in the startup ecosystem as well as the general public. This will nurture better tech innovation and continued enhancement of human experience.

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Featured Image: 123RF

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Lufthansa Innovation Hub opens Singapore office, aims to boost Asia’s travel & mobility tech

Singapore, the perfect starting point to tap into Asian Travel & Mobility tech ecosystem

Joined by over 100 distinguished guests from the Asian Travel & Mobility tech (T&MT) ecosystem, international media representatives, and top executives from the Lufthansa Group (LG), the Lufthansa Innovation Hub (LIH) opened its first foreign office in Singapore on Monday, January 28.

The expansion of the aviation group’s innovation unit is a strategic response to the growing importance of Asia’s T&MT sector.

It aims to expand LG’s footprint along the travel chain to systematically create and capture value beyond flying.

While the speed of innovation is accelerating on a global scale, Asia emerged as the most VC-funded T&MT market in the world, capturing 59 per cent of global deal flow in 2018, according to LIH.

Furthermore, 17 out of 34 unicorns in global Travel & Mobility Tech are based in Asia.

Singapore is LIH’s chosen location to settle in.

The initial focus here would be on an in-depth exploration of specific market developments in digitalization of travel and mobility plus establishing a network of relevant tech players forming the first strategic partners on site.

The local team is currently being set up in Singapore, and LIH’s three strategic 2019 goals are:

  1. Understanding the specifics of Asian T&MT ecosystem by systematically focussing on trend & market research.
  2. Exploring concrete opportunities and validating first projects in Asia with local partners.
  3. Leveraging expertise of local Lufthansa Group colleagues in the digital context.

Investing in Asia through strategic partnerships

While the LIH headquarters in Berlin are focused on digitizing the core business through building their own ventures, the LIH Singapore office will be focused on partnerships and investments as key activities to leverage on existing footprint.

In other words, its main aim is to understand the market and source for investment opportunities.

LIH has already begun screening Asian deal flows prior to their official set up in Singapore.

The move to Asia with a focus on new, digital business models is part of the LG’s digital strategy: envisioning a decisive expansion of digital activities along the travel and mobility chain and building a sustainable network with leading technology players.

Also Read: Grab partners with micro retail tech startup Warung Pintar to champion digital inclusion

Dr Christian Langer, vice president of Digital Strategy Lufthansa Group and managing director at Lufthansa Innovation Hub, echoed:

“More than ever, Asian startups, but also digital enterprises, are the driving force behind fundamental changes along the travel chain. With the expansion of the Lufthansa Innovation Hub, we want to become a serious part of this emerging ecosystem.”

In an effort to understand Asia’s T&MT ecosystem through systematic research, an alliance with INSEAD has already been launched on the topic: “The Future of Work” and its explicit relevance for the transformation of business travel.

The aim is to publish key findings in a whitepaper and to implement them a test project, which will be validated in conjunction with LG’s real-world conditions.

In this context, LIH is in discussions with WeWork, Singapore’s Changi Airport and also the Munich Airport.

According to Gleb Tritus, managing director of LIH:

“We look forward to exploiting the unparalleled dynamism of the Asian technology ecosystem even more consistently in the future and to leveraging the established position of the Lufthansa Group. Singapore is clearly a pioneer of mobility innovation and our first collaboration with INSEAD and other players strongly attests to how eager established local players are to experiment and explore,”.

The opening of an additional office in Shanghai, China is planned over the course of the year.

About The Lufthansa Innovation Hub

The Lufthansa Innovation Hub (LIH) was established in Berlin at the end of 2014 in response to the rapid development of the global T&MT scene.

Thousands of startups along the travel chain have subsequently emerged over the last few years. Furthermore, the volume of venture capital invested in the T&MT context globally reached a record high of US$43.89 billion in 2018.

In short, the entire travel chain is undergoing a fundamental process charge.

Also Read: How apps help seniors with better mobility, safety, and quality of life

To keep up with these developments, a team consisting of serial founders, startup experts and long-term Lufthansa employees was established in Berlin to act as the interface between LG and the global startup ecosystem.

Focus Areas:

  1. Discover – The LIH’s Trend & Market Intelligence specialist systematically research and analyze developments in the global T&MT ecosystem, to identify interesting opportunities for the Lufthansa group.
  2. Build – The LIH uses its own entrepreneurial mindset and methodological competence to develop and validate business model innovations, using prototype developed in-house.
  3. Partner – The LIH initiates partnerships between the Lufthansa Group and startups, whose technological solutions have the potential to make travelling with Lufthansa even more convenient.
  4. Invest – The LIH supports the Lufthansa Group by strategically investing in tech players in the global startup scene.

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Google, JD.com, Tencent confirm leads in GOJEK Series F fundraising

GOJEK’s ongoing Series F funding round confirmed its first closing from the three behemoths, accompanied by investment from Mitsubishi Corporation and Provident Capital among other investors

Ride-hailing unicorn-turned-on-demand service and payment platform GOJEK has confirmed the first closing of the ongoing Series F fundraising, with Google, JD.com, and Tencent leading the round. Joining the three are Mitsubishi Corporation and Provident Capital, among other investors.

The company said that the proceeds will be used to enhance GOJEK’s market leadership in Indonesia across transport, food delivery, logistics, mobile payments, and merchant services. Plus, it will be used to drive continued expansion across other markets in Southeast Asia. Its regional footprint includes the recent introduction of GOJEK in Singapore, GO-VIET in Vietnam, and GET in Thailand.

Also Read: Startup of the Month, January: Vietnamese e-wallet service MoMo

Leading the market with its digital payment GO-PAY and food delivery GO-FOOD, it is reported that GOJEK’s current gross transaction value (GTV) across all markets amounting to more than US$9 billion with transaction volumes of two billion at the end of 2018.

“By focusing on solving problems for our users and partners, GOJEK has introduced the multi-sided platform model where millions of people can consume services that address their most frequent daily needs and where businesses and entrepreneurs can access those consumers, grow their incomes and at the same time gain access to crucial financial services,” said Nadiem Makarim, GOJEK Group CEO.

With the investment from JD.com, GOJEK has cemented its strategic partnership with JD.com’s Indonesia e-commerce joint venture, JD.id and its last mile delivery logistics joint venture, J-Express (JX) to enhance end-to-end logistical capabilities and e-commerce services in Indonesia.

“With a dedicated JD.id entry point on GOJEK’s mobile app, 27 million monthly active GOJEK users will have direct access to JD.id’s high-quality e-commerce offering. As JD.com expands its presence in the region, we look forward to working together with GOJEK to deliver innovative retail, logistics and consumer solutions across the region,” said Jon Liao, JD.com Chief Strategy Officer.

Also Read: AI-predictive maintenance startup Avanseus secures US$1.3m funding from TNB Aura

“Our investment in GOJEK is an important milestone for Tencent in Southeast Asia. GOJEK has maintained leading market share and high growth in its core businesses, while making meaningful progress in new verticals. This additional investment will strengthen our alliance with GOJEK in fast-growing Southeast Asia and enable Tencent to broaden its partner cooperation more globally,” said Martin Lau, President of Tencent on Tencent’s investment.

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Tackle gender diversity to bridge the technical skills gap in Singapore

Simply hiring more women will not solve the problem

The significant underrepresentation of women within the tech sector is impacting the functionality of businesses in Singapore and across the globe.

Despite positive moves to implement effective solutions that will bridge both gender diversity and skills gap, women are still struggling to break the glass ceiling and challenge for high-profile roles in this industry.

The representation of women in the boardroom

Introducing more female talent to the tech sector has seen significant industry-wide improvements.

A study from the Peterson Institute of International Economics found that organisations with greater gender diversity are actually more profitable.

This concludes that gender diversity enhances work-place performance and increases the rate of success.

However, in spite of this positive outlook, there is still a noticeable underrepresentation of women across the wider tech sector.

Globally, less than one in 10 women work as a developer. A startling figure that only further sparks the argument surrounding gender bias within IT.

Singapore has been identified as a global leader in the IT industry.

Quick to adopt the newest technological trends, the Lion City is a thriving base for startups looking to grow their profit and productivity.

19 per cent of these startups are founded by women — which you might think would translate to a high number of female CEOs running the show.

This, unfortunately, isn’t the case as only 12 per cent of C-suite roles across the South East Asia tech scene are held by women.

Start your battle against gender diversity

Finding the perfect solution to gender diversity is not something businesses have the capacity to come up with overnight.

You can’t simply hire more women to close the deficit as this will continue to increase the problem and only further dilute the sector.

Research indicates that worldwide, 41 per cent of women are twice as likely to quit their role within the tech sector compared to only 17 per cent of men, a number that only further depletes the handful of new developers choosing to stick out a career in IT.

For female developers who want to make it to the top of the career ladder, it can be very difficult in a male-dominated sector.

Every developer across the industry will have similar skills and expertise, but there is an unconscious bias against women; a well-known stigma that needs to be removed from the industry.

Also Read: To fix the gender divide, the crypto world needs more female heroes to look up to

Recent reports have identified that one of four science and tech professionals in Singapore are female, with the number of those working in the IT sector growing by only 10 per cent since 2011.

These figures further highlight the fact that the tech sector remains a ‘boys club,’ and for that categorisation to be removed, the entire industry needs to perform a massive U-turn to help fix this age-old problem.

Bridge the skills gap and you could solve both issues

For a conclusive solution that can solve both problems, the global IT industry needs to rethink its outlook.

Only after these discussions happen and businesses are equipped with the plans to face the gender gap problem, will they then be able to bridge the skills gap.

Sadly, businesses won’t be able to pick the best solution out of thin air.

Although hiring more women seems to be the simple answer to the predicament of both problems, it will only add to the mass exodus of women leaving the sector.

That is unless organizations can up come with a positive solution.

Also Read: Women in tech, and a competitive advantage

To overcome the gap of gender diversity, women working in the Singapore business sector have rallied around each other to launch women-focused workspaces and training opportunities in an attempt to remove the statistical anomaly of female professionals in IT.

The path to encourage women and young girls into IT needs to begin much earlier.

STEM subjects within Singapore have been placed at the top of the priorities list by educational establishments and the government as they help provide economic growth and technological development throughout the country.

But with Microsoft research identifying that post “16 STEM subjects suffer from a considerable gender imbalance”, it only provides a small window of opportunity between the ages of 11-16 for parents and teachers to influence the decision-making process.

There needs to be a more comprehensive offering of STEM subjects in school, as well as more inspirational talks and extra-curricular activities providing guidance on the route of a successful tech career and the benefits of working in the sector.

Businesses also need to set an example; they might already have women in high-powered roles, so they should promote their success and give them the recognition they deserve on visible platforms.

The more top-performing IT professionals young girls see, the more likely they are to aspire and apply for similar roles.

Working together, this industry has the chance to alter the trajectory of women entering the sector, promoting it as inclusive for everyone.

By solving this part of the problem first, we can effectively narrow the skills gap and shed a more favourable light on the sector from which all businesses can experience benefits.

Photo by rawpixel on Unsplash

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RHL Ventures invests in Malaysia’s interior design marketplace Atap.co

Atap.co is a platform for interior designer sourcing and hiring, as well as a digital publisher for interior design and home and living content

Atap team

Malaysia-based private investment firm RHL Ventures has announced that it has agreed to invest an undisclosed sum in Atap.co, an online marketplace for interior designer sourcing and hiring.

Atap.co will use the money to solidify its market presence in Malaysia. With assistance from RHL, the company plans to launch a physical experience centre in Petaling Jaya to raise the level of immersion for prospective interior design customers.

Atap.co was founded in 2015 by Shen Maosheng and Seow Yao Han, both are tech entrepreneurs who have earlier created the automotive review website Live Life Drive (acquired by iCar Asia in 2013). It is a platform for interior designer sourcing and hiring in Malaysia, as well as a digital publisher for interior design and home and living content. It was created with an aim to help consolidate the fragmented interior designer and architect market in Malaysia via a proprietary online platform that links them to customers (home- and office-owners).

With a team of 16 people, the company claims that 1,580 interior designers have been utilising the Atap.co platform, with project and photo listings numbered at 2,481 and 26,911, respectively.

Also Read: Meet the VC: RHL Ventures on sniffing out a good deal and why VCs need to work together

Over the past two years, Atap.co – via its Leads Marketplace – has listed nearly 3,000 renovation jobs which have carried a budget value of MYR415 million. During this period, the website has drawn in 480,000 average monthly site visitors.

“In today’s market, those in need of interior design work would typically look to the internet only to find that their search lists are dominated by large and expensive firms that can afford to maintain an online presence,” said Maosheng, Co-founder of Atap.co. “We therefore created Atap.co to match up-and-coming interior design businesses in Malaysia with prospective clients leads, which our in-house technologies help verify to ensure that the leads are genuine and not automated.”

Since 2014, it is estimated that the building sector in Malaysia has experienced an 8.7 per cent growth, with 70 per cent of projects being carried out by the private sector. This has helped to foster the tremendous growth of interior design and decorators in the naLon, however the sector’s potential has not been fully realised as many designers – especially those in the B2C segment – still rely on word-of-mouth to land projects.

“We decided to back Atap.co as they are helping to bring in much-need innovation in Malaysia’s interior design market,” said Rachel Lau, Managing Partner of RHL Ventures. “Maosheng, Yao Han and their team are helping to highlight the breadth of talent possessed by our homegrown designers — which we consider as having the potential to stand toe-to-toe with their international peers.”

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Meet 15 of the top-notch investors who will be judging TOP100!

In this case, getting judged is a good thing

With TOP100 just around the corner, here’s an exclusive sneak peek behind the judges’ table.

Meet 15 of the many investors we have lined up for the TOP100 pitching qualifiers!

Leck Ting Yan

TRIVE
Partner

Ting Yan was a judge last year during the Singapore qualifiers. He spends most of his time working with TRIVE’s portfolio companies on their next steps, looking for partnerships as well as good teams to invest in.
His four personal areas of interests in tech are: off-grid renewable energy, water, food, and education.

Mohd Ridzwan (Reez) Nordin

Monk’s Hill Ventures
Venture Partner

Reez has led several initiatives to nurture and unearth entrepreneurial talents within corporates and the public at large through angel matching funding and pre-accelerator programs. Reez was previously the Vice President at Khazanah Nasional, Malaysia’s strategic investment fund. Over there, he helped to invest in startups in the enterprise software space, as well as fund investments across the world.

Zoë Ng

Raintree Development
Co-founder and Managing Director

Zoë started her entrepreneurial career as a founding team member at Charlotte Tilbury Beauty, leading business development and digital. She has since moved back to Southeast Asia to work on multiple ventures in Malaysia, Singapore and Cambodia. Her latest project – Raintree, is Cambodia’s first creative office development that supports the tech, education and entrepreneurship sectors through programmes in the space.

Christopher Quek

TRIVE
Managing Partner

Christopher is Managing Partner at TRIVE, an early-stage VC based in Singapore that focuses on SEA. He is a 4th generation serial entrepreneur-turned-VC with 20 years of experience in various industries of eCommerce and deep technologies. With TRIVE, he has invested in over 13 startups. A prior experience running a pro-bono incubator saw him help 38 Singapore startups raise US$5.6 million in angel funding. He has also provided over 1000 one-to-one advisories to startup entrepreneurs. His current pay-it-forward program has helped 22 Singaporean startups obtain the Startup SG Founder Grant.

Joshua Agusta

MDI Ventures
Vice President of Investment (Chief Investment Officer)

Joshua is currently serving as the Vice President of Investments in MDI Ventures, leading all MDI Ventures’ investment, divestment, portfolio management and post-deal integration activities. Joshua is highly experienced in corporate innovation with a demonstrated history of leading multi-stage tech investments, starting from seed stage up to pre-IPO and M&A activities of Telkom Group. Besides investing activities, Joshua is also highly involved in industry and market research where he co-led MDI Ventures’ two whitepaper publications.

RJ Balmater

Monk’s Hill Ventures
Investments

RJ was previously a consultant at Balmater Consulting Company, where he led a small team to advise family-owned SME’s in Indonesia. Prior to that, he was a financial analyst at Fortman Cline Capital Markets in Manila focusing on local sell-side deals in the region. RJ holds a bachelor’s degree in finance from California State University of Fullerton (CSUF).

Khairu Rejal

Rekanext
Managing Partner

Khairu has more than 10 years of experience in the venture capital and startup incubation space, initially at the Nanyang Technopreneurship Center (NTC) and later at Majuven, a Singapore-based venture capital firm focused on early growth and high tech companies in Biotechnology, Healthcare, Clean-Sustainable Solutions and Dynamic Digital Convergences. In 2017, Khairu along with other like-minded angel investors came together to launch Rekanext Capital Partners.

Nadia Fonny

Gobi Partners
Investment Manager

Nadia was a judge during our TOP100 qualifiers last year where she judged in Manila, Thailand as well as at Echelon Asia Summit 2018. Nadia has four years of working experience in the chemical industry, and more recently as a Citibusiness Associate at Citibank, where she spearheaded the FATCA (Foreign Account Tax Compliance Act) implementation with 100 per cent High Priority Completion in CitiBusiness Indonesia.

Low Zhen Hui

Captii Ventures
Associate Director

ZhenHui does quite a bit of research and analysis on markets and industry verticals, on top of participating in investment origination and processing at Captii Ventures. ZhenHui travels extensively to Indonesia and Singapore to meet with new start-ups.

Ruui Wong

Captii Ventures
Investment Manager

Ruui is active in engaging with startups and researching on various opportunities besides pursuing investments from origination to execution at Captii Ventures. Ruui travels extensively in this region to meet with new start-ups.

Katrina Chan

QBO
Director

As director of QBO, Katrina leads the team’s overall operations, strategy and partnerships. In addition to managing their stakeholders, growth and fund-raising, She also works with and advises start-ups directly.

June Chen

Monk’s Hill Ventures
Associate

June was a project manager, managing an engineering services company in Thailand where she led planning and executions of projects focusing on maximizing resource utilization and process efficiency. Earlier, June has worked in the investment banking industry primarily advising large corporate clients on IPOs, local and cross-border M&A transactions in Southeast Asia. June’s experience spans across multiple segments including consumer, real estate, telecommunication and energy sectors. June has an MBA from Duke University, The Fuqua School of Business and a bachelor’s degree in finance from Thammasat University.

Khiem Tran

Expara
Vietnam Associate

Khiem joined Expara in early 2017. He holds both Bachelor of Corporate Finance and Master of Business Administration (Finance focused) degree with 100 per cent scholarship from Vietnam National University where he contributed research papers about Vietnam venture capital market to Southeast Asia (Singapore Management University) and local journals (Vietnam Trade and Industry Review). Before joining Expara, Khiem had experience in Vietnam ecosystem since 2014 as Investment Representative from ESP Ventures (formerly Alpha Vision Ventures) and Senior Investment/Innovation Officer at Asia Commercial Bank.

Albert Shyy

Burda Principal Investments
Principal

Albert joined Burda in 2017 and heads Burda Principal Investments’ Singapore office. Previously he was at GREE Ventures from 2014 to 2017, where he led the fund’s investment team in Southeast Asia and India as Principal while working closely with many of its portfolio companies including Kudo, Berrybenka, and Bukalapak. Prior to this, he served as a Director at Lazada Group, Southeast Asia’s largest e-commerce retailer, helping build the company’s Marketplace business across the region. He completed his MBA at the University of California, Berkeley and studied at the University of Pennsylvania with dual degrees in economics and systems engineering. He currently sits on the board of Priceza, Zilingo, and Carsome.

Nat Wittayatanaseth

Beacon VC
Investment Manager

Nat is a VC Investor interested in utilizing fintech to improve financial inclusion in emerging markets and disrupt traditional banking models. My background is in central banking, capital market business, fintech and cryptocurrency having worked at the Bank of Thailand, KBank, Digital Ventures, Pantera Capital and 500 Startups.

Keen on meeting the pool of investors? Sign up today for TOP100!

Stand a chance to be chosen as the ‘Judges Choice’ which will land you a spot in Echelon Asia Summit 2019 where you can pitch and exhibit your innovative idea. (free of charge!)

If you’re an investor interested in being a part of our pool of judges, here’s the link to sign up!

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Bike-sharing startup Ofo terminates staffs over the phone without compensation

The company’s Singapore firm reportedly laid off nine or 10 of its employees over a phone conversation

The tumultuous bike-sharing startup Ofo reportedly has laid off nine or 10 people from its Singapore operations team right before the Chinese New Year holidays, as reported by TODAY.

The move comes right amidst stories of the piling debt owed to vendors. The numbers suggest it owes SG$700,000 (US$519,000) in logistic services.

Also Read: RHL Ventures invests in Malaysia’s interior design marketplace Atap.co

According to sources that have knowledge of the layoffs, some employees were contacted over the phone and told that January 31 would be their last working day. They were not given motivation or any of the one-month compensation offer as stated in their contract. They will only receive their last salary for January.

One of the employees being laid off spoke TODAY and shared that Jack Zhou, General Manager of Ofo called him and let him go with no specific details of what will happen to the company. No argument ensued.

Another laid off staff member also shared the same experience and said that it’s part of the risk working in startup, especially one that has been getting negative coverage like Ofo.

Two weeks ago, the LTA (Land Transport Authority) issued an ultimatum to Ofo, warning the firm to cut down its fleet to the maximum size of 10,000 and set up a QR-code parking system by Feb 13 as part of regulatory requirements, or its license could be suspended.

Also Read: Google, JD.com, Tencent confirm leads in GOJEK Series F fundraising

Ofo’s Managing Director Sebastian Lee has stated that a possible exit from Singapore could happen soon, although LTA confirmed it hasn’t received any filing of operation discontinuation.

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We are on the way to the first 8 cities of Echelon Roadshow 2019

It’s Echelon season and we’re taking the Echelon experience to you

Last Monday, we announced that Echelon Asia Summit 2019, which is happening on May 23rd and 24th in Singapore Expo, is now open for registration.

But before that, we can’t help but want to give you a preview of the Echelon experience, in a city nearest you.

We are heading your way with the Echelon Roadshow for an afternoon of sharing insights and making connections – yes, exactly like a mini-Echelon.

Our speakers are founders themselves, who will not only tell you their startup story, but dispense advice and tips to help you out in your own entrepreneurial journey.

Best practices? Things to avoid doing? Tools you can use? A lot of moral support and encouragement? Get all that and more in our Echelon Roadshow discussions.

We will also be announcing the TOP100 APAC 2019 Qualifier winners during the roadshows so you will get to find out who would be representing your country in the TOP100 Semi-finals during Echelon Asia Summit.

(If you would rather take a shot at being one of your country’s representative in the semi-finals,, you can still join TOP100.)

 

Announcing the first 8 cities of Echelon Roadshow 2019:

1. Singapore – 7 March 2019


Happening at WeWork Cross Street. Register here.

 

2. Ho Chi Minh – 12 March 2019

Happening at WeWork E. Town Central. Register here.

 

3. Phnom Penh, Cambodia – 14 March 2019

Venue to be announced soon. Register here.

 

4. Bangkok – 19 March 2019

Happening at WeWork Asia Centre. Register here.

 

5. Manila – 21 March 2019

Happening at WeWork Uptown Bonifacio. Register here.

 

6. Yangon – 2 April 2019

Venue to be announced. Register here.

 

7. Jakarta – 4 April 2019

Happening at WeWork Menara Astra. Register here.

 

8. Kuala Lumpur – 16 April 2019

Happening at WeWork Equatorial Plaza. Register here.

 

Watch out for announcements on more cities, speakers, and other updates soon. You can also see our updates (as well as share yours) on social media using #Echelon2019.

 

Echelon Asia Summit 2019 happens on May 23-24 at the Singapore Expo. Don’t miss out on sharing insights and creating meaningful connections with 15,000 of APAC’s tech community. Get your tickets at US$10 each, limited to the first 1,000.

Register to #Echelon2019 today!

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