Day: December 6, 2019

IdeaSpace, Philippines-based startup accelerator, announces that it has invested in three startups, injecting US$20,000 each, as reported by DealStreetAsia.

The startups that were part of its incubator programme are Airship Logistics, an end-to-end solution for courier companies; Cocotel, a tech-based property manager for resorts and hotels; and Experience Philippines, a community travel platform for domestic and foreign tourists.

The three startups were the top picks of this year’s startup competition after an acceleration program, in which 20 founders worked with mentors to refine their business and financial model, product, operations, and communications.

Besides investment, IdeaSpace will also provide the three startups with access to learning sessions, free use of office space, and linkages to corporate partners, strategic partner resources, and investors.

Also Read: 5 Filipino startups are giving Lazada, Shopee a run for their money, defying expectation

“We’re looking for resilient, creative, and disciplined entrepreneurs who understand the pain points they’re trying to solve in industry and society and who are willing to do the work to build a scalable, sustainable business,” said IdeaSpace executive director Diane Eustaquio.

IdeaSpace was launched in 2012 with US$12.5 million in funding. So far, the firm has backed eight startups, including PortfolioLauncher, TimeFree Innovations, PinoyTravel, Zipmatch, and Saffron Technologies.

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Most people in Southeast Asia view the rise of food delivery platforms as a guilty pleasure. Yes, services like Grabfood, Lalafood, FoodPanda, and others are convenient, but they also enable us to indulge in treats that our stomachs (to say nothing of our wallets) may have likely ignored if it were not for the on-demand economy.

But food delivery platforms deserve more than just our dietary regret. The industry deserves recognition as but one pillar of an even larger industry: food tech. The field refers to the development of new products and services around food; a wide spectrum that spans delivery services all the way to the creation of new types of food as we know it, such as in the case of Beyond Meat, which produces plant-based meat substitutes that some say are indistinguishable from the real item.

Food, of course, has no market. We all eat food. That’s why it should come as no surprise that the food-tech industry is projected to grow to US$700 billion in just a decade. How can people in the startup and tech community get involved in this space beyond just satisfying their late-night cravings through a delivery platform? Fortunately for our diets, there are several key ways.

1. Foodtech as a digital transformation enabler

Most people discuss digital transformation as though it were some laborious task that every traditional business leader must undertake. On the other hand, the advent of food tech has given restaurants, eateries, and other small food businesses many ways to easily transform how they serve and connect with their customers.

Also Read: Foodtech in Singapore through the eyes of startups

Take the case of Booky in the Philippines. The lifestyle app and discovery platform allow users to enjoy discounts from restaurants and other services. Booky effectively becomes another digital storefront for restaurants, bringing them new business from the digitally-savvy consumers who are also likely to become loyal customers.

2. Food as a complement of fintech

Food is clearly the main draw in the fin techs drive to make digital payments a habit and a lifestyle. The benefits of bringing e-payments mainstream are not lost on the banking sector including regulators, now fintech’s biggest champions as it promotes the velocity of money and also financial inclusion of the unbanked in emerging economies.

And then there’s blockchain and cryptocurrencies that hold the greatest promise in terms of secure digital transactions in a more and more Internet-based world economy.

Blockchain too has banked on food to bring the important technology mainstream. The Singapore-based Pundi X launched the first blockchain-based Point of Sales Systems XPOS with its crypto-carrying XPASS and XWallet in restaurants and food festivals across Asia in 2018. The XPOS has been rolled out to stores in 25 countries around the world since, including a couple of Michelin Star restaurants that now accept all major cryptocurrencies.

3. Foodtech as a venture capital magnet

If the food-tech sector is projected to grow to USD$700 billion, you can bet that venture capital firms and other investors are doing what they can now to claim their piece of the pie. There is no shortage, in other words, of capital to be raised for founders launching in the food tech space. 

One of most high profile examples of this fact is evident in Uber founder Travis Kalanick, who raised US$400 million from Saudi Arabia’s sovereign wealth fund for CloudKitchens. The company creates shared kitchens for the exclusive rent of delivery-only restaurants. 

But venture capital in food tech is not limited to big gambles like kitchens for rent. There is an increasing number of food-tech funds dedicated to backing ventures in every niche of the sector. Investments into the food tech space reached the US$1 billion mark in 2015, compared to only USD$60 million in 2008, and reached an all-time high of 459 unique investments in 2017. To put it simply, if you’re a founder in search of a hot idea, you can get funding in food.

4. Foodtech as a smart investment

With the food tech industry on track to be worth USD$700bn in a decade, the popular online global trading platform eToro recently created a new portfolio to help people invest in this fast-growing sector.

The context: Manufacturers and suppliers investing billions of dollars in developing new food and services as the world grapples with multiple food security challenges, requiring more sustainable agricultural production. On the lifestyle front, there’s the move towards more plant-based diets and consumer demand for out of home dining options that are opening up opportunities for manufacturers, retailers and even technology firms.

eToro’s new food tech investment portfolio comprises a diverse range of companies working in the sector, from established brands like Danone (BN.PA), which invests its own capital in food tech disruptors, through to innovators like Beyond Meat (BYND), which quadrupled its stock value in three months following its IPO in May.

eToro’s mission, of course, is to allow ordinary folks to get a piece of the action in otherwise prohibitive global stock investments. The company’s popular copy trading platform allows entry of USD$200 to invest in global brands and companies. Meanwhile, investment in the specially curated portfolio for food tech starts at US$2000.

Also Read: Meet the 10 agritech, foodtech startups pitching for Future Food Asias US$100K grand prize

Small business owners in the food space can use it to digitally transform their businesses, founders can easily launch venture-backed startups in the food tech gold rush, and online traders can even invest into the entire sector as a whole through a food tech portfolio.

So while those in the tech community are often advised to follow their heart, it may be just as smart and forward-thinking to follow your stomach.

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Image Credit:  Robert Anasch

 

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Josie Stoker’s previous job involved extensive business travel, mostly flights. As a champion of Climate Change, she was, however, concerned about the harms her flights/travels could do to the planet.

While searching for a solution to this pressing problem, she realised that it was difficult to keep track of the impact that each individual on this earth can make on Climate Change on a day-to-day basis.

“I decided to set out with a mission to build a tool that would make it as easy to track our carbon emissions as we track our footsteps,” Stoker tells e27.

Her relentless quest for a solution eventually paid off. She started Climate Technology Solutions out of Singapore. The startup has developed a mobile app, called Capture, which enables users to track, reduce and remove carbon emissions from everyday life.

The company has another founder Abdul Aziz, whom Stoker met during an Antler programme (Capture is part of Antler’s ongoing startup programme).

Stoker has worked across diverse countries and disciplines. In her last role, she was involved in bringing senior executives to spend time learning from remote nomadic tribes. Aziz’s background is in product development and project management.

Capturing lightning in a bottle

Capture mainly serves three functions — tracking, reducing and removing CO2 emissions from everyday life.

The app uses GPS information from your mobile to automatically detect your mode of transportation and keeps a running total of your emissions. It will then give you a clear picture of your environmental impact, your daily allowance guidelines, and your choices that cause the most significant climate impact.

Also Read: MAEKO addresses climate change by converting food waste into compost. Greta Thunberg should feel happy

“The Capture app helps you remove the equivalent amount of CO2 that you’ve produced through a choice of certified offsets (such as forest conservation and renewable energy projects). We encourage users to subscribe to an ‘offset-as-you-go’ monthly payment through their choice of project,” she explains.

The startup initially targets higher earners. “A study by Oxfam showed the wealthiest 10 per cent are responsible for 50 per cent of carbon emissions, thanks to several factors such as transportation, consumption and diet,” she adds.

“We will start by targeting specific segments of potential users within this population. It will help us to be more ecologically-impactful. It will also help us target those who can currently afford to make personal improvements in carbon efficiency, and purchase carbon offsets,” she goes on.

As per an estimate, this segment of the population (aged between 15 and 64 years) would account for around 500 million people.

“We cautiously estimate that 5 per cent of this 500 million would care enough about the climate crisis and seek personal solutions. This would take us to an addressable market size of 25 million,” she hopes.

“This number is growing and we believe it will continue to grow at an increasingly higher rate, as climate change becomes more prevalent. We aim to reach 10 million users over the next five years,” says Stoker, who holds a Master’s Degree in Management from Singapore Management University.

As per an estimate, up to 100,000 people enter the search term ‘carbon footprint’ on Google each month. Over four million people left their jobs or schools for the global climate strike in September 2019.

“We’ve seen a huge surge in the success of sustainability-related brands across diverse groups of users — from hydro flasks to Teslas. Hundreds of millions are anxious about the climate crisis, so much so that ‘eco-anxiety’ is becoming a well-known term to describe the feeling of doom and panic that can be associated with climate change,” Stoker notes.

‘Building things people want’

Capture subscribes to the Y Combinator motto of ‘build things people want’. “We know people are searching for solutions to help them track and offset their carbon emissions. It’s also been interesting to watch the growth in other sustainability-related markets, for example, the reusable water bottle market, which is forecast with a CAGR of 4.2 per cent between 2016 and 2024 (Transparency Market Research),” she adds.

While Capture realises that personal carbon emissions tracking is not a mainstream issue yet, the perception is fast-changing.

As the company grows, Capture wants to add more features to the app and intends to provide a complete picture of one’s personal climate impact. This includes many categories of life, including mobility, food choices, purchases (clothing, technology, etc.), and home energy usage.

Stoker expects to add the ‘food choices tracking’ feature by the end of March 2020, which will be followed by ‘home energy tracker’ and ‘spending tracker’.

“We expect that in the coming years, many of the products and services we buy will already include carbon offsets, so we want to help people keep track of that too — all in one place,” she notes.

The app, which will hit the market this month, will be free to download — the ‘track’ and ‘reduce’ features will not be chargeable. “However, we encourage our users to engage in CO2 removal for their emissions, which could be something in the region of US$5-$8 per month, depending on their levels of CO2-producing activity and their choice of CO2 removal project. Capture charges a 10 per cent transaction fee on offsetting.”

Capture will also offer B2B services, including Capture for Events (where it will provide tracking and removal for conference travel emissions). For these, it will charge a fee from organisations.

“Over the coming months, our main challenges are around raising awareness. In the coming years, we will have to be incredibly agile and adaptable as the climate tech space is moving very fast,” Stoker concluded.

The post The Capture app enables you to track, reduce and offset carbon emissions from everyday life appeared first on e27.

F10, Switzerland-originated fintech accelerator and incubator has added Singapore into its operational city, an official statement shared.

F10 will bring to the country its P2 <<Prototype to Product>> Startup program to drive innovation towards the fintech sector.

F10 seeks to support the entrepreneurs with a dedicated coach to develop the idea further, provide tools, create exposure, and enable partnerships. The aim in Singapore is to support pre-seed and seed-stage fintech, regtech, and insurtech startups to stimulate worldwide collaboration with international organisations while giving access to the F10 ecosystem.

After four years in Zurich as incubator and accelerator, the expansion is deemed timely with track records of around 100 Startups already went through the programs with an 85 per cent plus survival rate.

Also Read: Swiss accelerator, VC firm Blockchain Valley Ventures makes its debut in Singapore

Before officially launching its operation in Singapore, F10 has completed two F10 Hackathons in Asia. This time, the 6-month program will start in May 2020 and is open for teams with a validated prototype of their product or service that solves a relevant problem within the financial industry.

With the expansion expected to bridge the gap between the European and Asian economy, Corporate Members in Singapore may benefit from access to high-potential startups with the opportunity to collaborate with them.

Two members are already on board in Singapore, namely SIX and Julius Baer, which are also part of the Swiss ecosystem and aware of the benefits from working with F10.

“We are excited to open a second office in Singapore and to explore the possibilities further. Singapore offers an ideal framework for fintech initiatives and is centrally located in Asia with high potential neighboring countries,” said F10 co-founder and board member Andreas Iten.

“We have observed the developments in Singapore closely and actively contributed to shaping the fintech landscape in the region. We want to bridge the gap between Switzerland and Singapore, two highly ranked innovative places, and offer Startups the opportunity to benefit from both ecosystems,” he continued.

The F10 opened the applications for this Startup Program beginning in May 2020 in Singapore. Following the setup, F10 Head of Program Management Lisa Schröder will transfer to Singapore, bringing her experience from Switzerland to Asia to support and guide Asian startups with a local team.
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Satellite operator Kacific raises US$160M – Tech In Asia

Kacific Broadband Satellites Group, a Singapore-based satellite operator providing internet for rural markets, announced that it has secured US$160 million in long-term credit facilities from a group of financial institutions including Asian Development Bank (ADB) and GuarantCo.

Tech In Asia reported that the company plans to use the deal to repay short-term loans used to fund the construction of its Kacific1 satellite and associated infrastructure and launch costs.

Established in 2013, Kacific said that the company already has customers in 25 nations that have signed up to its service ahead of Kacific1’s operations early next year.

Its first satellite focusses on rural areas in the Pacific and Southeast Asia.

Fintech startup Nivesh raises US$600K – Press Release

Indian fintech startup Nivesh today announced a US$600,000 funding round led by Windrose Capital, through its The Next Billion Fund.

Nivesh is a platform built to serve marginal investors from Tier 2 and 3 cities with limited or no access to formal public financial markets. It employs a large network of independent agents in those cities.

Agents and small institutions use the platform to facilitate and simplify mutual fund investments.

The new funding will be used to expand to a new market and grow the customer base in existing ones.

Also Read: Gilmour Space secures US$14M to develop low-cost hybrid rockets for small satellite market

Evermos raises US$8.25M Series A to bring halal products to Indonesia – e27

Indonesia-based Evermos, a halal/sharia-compliant social commerce company, has raised US$8.25 million in an “oversubscribed” Series A funding led by Jungle Ventures.

The funding round also included the participation of Shunwei Capital and existing investor Alpha JWC Ventures.

The startup plans to use the funds to expand its presence in the digital Islamic economy ecosystem, accelerate growth by focusing on further collaborations with local brands and organisations, and build and support a vast online reseller network.

Swiss fintech incubator F10 enters Singapore – e27

Switzerland-originated fintech accelerator and incubator F10 is set to launch in Singapore.

The company will bring its P2 <> Startup program to drive innovation towards the fintech sector.

Before its official launch in Singapore, F10 has completed two F10 Hackathons in Asia.

This time, the six-month programme will start in May 2020 and is open for teams with a validated prototype of their product or service that solves a relevant problem within the financial industry.

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Image Credit: Sharon McCutcheon on Unsplash

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