Day: March 25, 2020

Cybersecurity startup Horangi nabs US$20M Series B led by Provident Growth

Horangi, a Singapore-based cybersecurity company that provides solutions to industries across Southeast Asia, has announced a US$20 million fundraise in a Series B round, led by Southeast Asian private equity firm Provident Growth. 

Other participating investors include Singapore’s Monk’s Hill Ventures, Australian VC firm Right Click Capital, and venture debt fund Genesis Alternative Ventures.

This round brings Horangi’s total funding raised to date to US$23.1 million.

Horangi will use the fresh funds to support its expansion plan in the region. It also plans to enhance its cloud security product Warden, double its staff count to grow presences in Singapore and Indonesia, and infuse Artificial Intelligence and Machine Learning technologies.

Since its launch in 2016 by former Palantir cybersecurity experts Paul Hadjy and Lee Sult, Horangi has worked with over 200 customers to provide cybersecurity solutions.

Horangi’s services include Penetration Testing and vCISO, which seeks to empower organisations of all sizes to threats.

Its product ‘Warden’ is designed to protect organisations using public cloud infrastructure from critical security threats and compliance violations in the cloud. 

Temasek suffers US$23.5B shareholdings plunge in three months

Singapore’s Temasek reportedly experienced a significant fall in its biggest equity shareholdings and those of its subsidiaries, losing almost US$24 billion since January as the result of the coronavirus outbreak hiccuping the market. 

Singapore’s state investor owns multibillion-dollar stakes in worldwide-operating companies such as Alibaba.and Singapore Airlines.

Also Read: Singapore’s Horangi Cybersecurity bags US$3.1M Series A round led by Monk’s Hill Ventures

According to a DealStreetAsia report, there’s a one-third decline in Temasek’s market value.

The nation’s benchmark Straits Times Index slumped 7.4 per cent on Monday. Temasek’s majority stake in Singtel slumped US$7.4 billion. DBS Group is also down US$5.3 billion. Temasek’s interest in Singapore Airlines has declined US$1.7 billion.

Just last month, Temasek announced a company-wide wage freeze and voluntary pay cuts for senior management in part to help fund community programs aimed at alleviating the impact of Covid-19, Channel News Asia reported.

Golden Equator Consulting appoints Meredith Carson as Managing Partner

Golden Equator Consulting (GECo) announced today the appointment of Meredith Carson, a digital transformation, communication, and marketing industry leader, as its Managing Partner. 

Carson will lead a team of strategists, analysts, and creators and will be responsible to drive the growth of the digitally-focused consulting business.

Before joining Golden Equator, Carson was based in the UAE, where she spent 12 years advising global brands throughout the Middle East and North Africa (MENA) as well as Europe and North America. 

She has previously co-founded and was Director of Strategy at Bravo Romeo by AJ, an integrated marketing and communications strategy firm focused on smart government, ICT, and media sectors as well as consulting startups.

Also Read: Singapore-based GECo to run Brunei accelerator program

A subsidiary of the Singapore conglomerate Golden Equator Group, GECo is known for its digital transformation initiatives which impact markets and sectors. GECo is also known for its Startup Bootcamps, including those which it conducts with Brunei’s national SME agency Darussalam Enterprise, as well as for providing market-entry consulting for companies looking to enter and access Southeast Asia.

In January 2020, the group announced its expansion into Brunei.

Grab introduces grocery services operation GrabMart in Vietnam

Singapore-headquartered ride-hailing service Grab has launched GrabMart, a grocery service on its app, in Ho Chi Minh City, Vietnam, says a DealStreetAsia report. 

GrabMart allows users in the southern city to order fresh and processed food and drinks from its merchant partners, including supermarkets, convenience stores, and food retailers.

“GrabMart is implemented in light of the government’s push for online shopping, providing safety options for local people amid the spread of COVID-19,” said Nguyen Thai Hai Van, the newly-appointed Country Manager for Grab Vietnam.

With this, Vietnam has become the fourth market in Southeast Asia where Grab has launched the grocery service, after Indonesia, Thailand, and Malaysia.

AppAnnie named Sea as Top Publisher 2020, becoming the only Southeast Asian company included

Application market analytics firm AppAnnie has published the results of its Top Publisher Awards for 2020. Sea is the first and only Southeast Asian and Singapore-headquartered company to be included in this global ranking.

With the downloads from digital entertainment firm Garena and e-commerce platform Shopee combined, Sea has also been ranked as Southeast Asia’s #1 publisher of 2020.

Also Read: Tencent grants Sea’s Garena first access to its games titles with a publishing contract

Garena’s self-developed game Free Fire was the world’s most downloaded mobile game, reaching a new record of 60 million daily active users across the globe. 

Shopee, its e-commerce business, ranked first in Q4 2019 by monthly active users and total time spent in the app in the Shopping category, in both Southeast Asia and Taiwan.

Digital innovation firm Imaginato sets an operation based in Singapore

Imaginato, a technology services provider, has announced the expansion of its operations into Singapore to further accelerate digital innovation within the region. 

The Singapore office will be directly overseen by Founder and CEO Sean Liao, who was previously Managing Director for Rocket Internet China.

Founded in 2012, Imaginato has partnered with companies across Asia Pacific on product strategy, platform development, and scaling.

Since arriving in Asia from the US, Liao has founded tech ventures in China, Hong Kong, Malaysia, Indonesia, and Singapore. Some of his other top ventures include Airizu, China’s first national-scale, sharing economy platform; and Hong Leong Group-backed e-commerce marketplace, GEMFIVE.

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Close to 65 per cent of Singaporeans are open to the idea of adopting a digital-only bank, according to the Visa Consumer Payment Attitudes Study.

Based on the study, 84 per cent of Singapore respondents indicated that they would be interested in using digital banking services offered by an existing bank.

Seventy-five per cent of them are keen to bank with companies within the financial services industry and reputable companies that are not in financial services.

Sixty-three per cent respondents also highlighted that they are keen to bank with new startups.

The study goes further by revealing that among those who are open to digital banking services offered by non-banks, 60 per cent are willing to switch some services from their current bank to new digital banking players with no prior banking experience. One in five (20 per cent) respondents also shared that they would move all their services to a neobank without hesitation.

The study details that the respondents are open to adopting neobanks due to many sign-up promotions, more innovative products and services, and access to better rewards.

Also Read: Now, Visa joins Go-Jek’s ongoing Series F financing round

The top services that respondents would use a digital bank for include money transfers to family and friends (64 per cent), paying bills (63 per cent), and payments at retail shops (56 per cent).

“The digital banking space in Singapore and Southeast Asia is set for a year of unprecedented growth, setting the stage for the next revolution in banking,” said Visa Country Manager for Singapore and Brunei, Kunal Chatterjee.

According to Chatterjee, when the region shifts to a millennial, digital-led demographic, more consumers will expect digital-first experiences and want their banking and payments to match the speed and convenience of their user journeys.

The top reasons why Singapore respondents prefer digital banks include convenience (54 per cent), faster service (52 per cent), and not needing to wait in line (45 per cent).

Information that respondents are most willing to share with regard to open banking includes bank account history (67 per cent), contact information (64 per cent) and social media profile (63 per cent).

Singaporeans trust banks (62 per cent) the most when it comes to access to personal information, followed by government bodies (58 per cent) and payment providers (58 per cent).

Also Read: After Razer and Grab, China’s Ant Financial applies for digital banking licence in Singapore

On a report jointly done by Bain & Co, Google and Temasek, Southeast Asia’s digital lending market are predicted to grow from US$23 billion in 2019 to US$110 billion by 2025, representing 29 per cent compound annual growth rate.

China-based fintech operator Ant Financial and gaming startup Razer Fintech had applied for a digital banking licence on Thursday, stating its mission in targeting underserved youth market with its Razer Youth Bank. On Monday, Grab Holdings and Singapore Telecommunications announced their joint bid that has 60 per cent equity held by Grab.

The Visa Consumer Payment Attitudes Study was conducted in October 2019 by ENGINE Insights with 511 Singaporeans aged 18-65 years of age. This is part of a regional research project conducted in Southeast Asia on 5,000 consumers across seven markets in Southeast Asia.

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gojek’s senior management donates 25 per cent of annual salary to pandemic affected partners

Indonesia’s ride-hailing company gojek has announced a support fund for drivers, merchants and other partners, who have been adversely affected by economic slump caused by the COVID-19 pandemic.

The capital in the support fund will come from 25 per cent of the senior management and co- CEOs’ annual salary, annual salary increase budget, and corporate partners.

“This fund will support drivers who are the lifeblood of our business and have become a vital part of how cities will cope under reduced movement. What is clear is that all companies have a responsibility to offer support where they can, and this is something we can do to help the world through this extraordinary period,” said co-CEOs Andre Soelistyo and Kevin Aluwi, in a joint statement.

Blue Planet, a tech-driven waste management firm, raises US$25M funding

Singapore-based waste management company Blue Planet Environmental Solution, which converts organic waste into energy and compost, has raised US$25 million from Japanese financial group Nomura, according to Dealstreet Asia.

The new capital will be used to develop its technology solutions further.

Also Read: Morning News Roundup: Surge’s third programme to go online, Temasek invests in Indias CureFit

“Together, we aim to deliver our vision of ‘zero waste to landfill’, which is a long-term ambition to eliminate waste from business activities, downstream consumption and waste handling processes,” said Madhujeet Chimni, Co-founder of Blue Planet.

Singapore’s UNL raises US$2M from SG Innovate, others for its universal addressing system

Singapore-headquartered firm UNL today said that it has raised US$2 million, co-led by Here Technologies and VC firm Elev8, according to KrAsia. SGInnovate, SOSV’s Mobile Only Accelerator (MOX), and Amsterdam-based VentureRock also participated in the round.

The capital will be used to develop its technology further and for expansion in Asia. The company is currently building local teams in Singapore, Indonesia, India, and Japan.

UNL aims to give a unique universal address to individuals in rural areas, urban, indoor spaces, underground and airspace.

Also Read: Meet the VC: Stephanie Strunk of Amadeus Ventures on why women should support women

“UNL is a whole new way to think about locations. It’s about the economic impact and unlocking places to become the gravity points for location-based services. And it’s about economic inclusion: bringing 4 billion unaddressed people into the global digital economy,” CEO and Founder Xander van der Heijden said.

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Image Credit: gojek

 

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With COVID-19 gripping the world, killing hundreds of people every day and felling companies, startup founders in Southeast Asia are a worried lot. They are already feeling the pinch and struggling to salvage their business.

‘How long will the crisis last?’ and ‘How to deal with a prolonged situation that may last more than 12 months?’ are the key questions founders ask each other, but no one has a definite answer to the question yet.

In light of the spread of the pandemic and its impact on businesses, SEA Founders (a community of Series A-B tech founders scaling businesses in the region) huddled together over a call to discuss issues and solutions to help each other tide over the crisis.

Of the 21 founders participated in the huddle, the majority participants cited delayed revenues and the urgent need to bring down the net burn as the top-most challenges. These two are also the high impact and priority items for most of them. 

The inability to travel and delay in fundraising are the other major concerns.

Also Read: e27 Community shares its proven tools and tricks to work from home

The meeting, which took place last week, also discussed the concerns of Southeast Asian founders in five key areas — revenue, cash, costs, employees, and funding & investors.

Revenue concerns

The concerns on revenue are mainly on longer sales cycles and unpredictability of revenue streams. The attendees shared that prospective customers negotiate more and expect discounts. The companies’ pipeline is weakened and deals are delayed/cancelled. Revenues forecasts are also impacted. As the situation gets darker, founders are unable to travel for lead generation and close deals.

Cash concerns

Delayed payments from customers is severely reducing the cash flow and runway. High OPEX and reduced cash flow are also harming their business. 

A bridge round of funding or government-supported loans from banks could help improve the situation.

Costs concerns

Founders are also looking at cost-cutting measures, which will focus largely on employee salaries and benefits, and implement a headcount freeze. But how to reduce costs without jeopardising the ability to produce and deliver value is a challenge.

Employee concerns

Another worrying factor is the low employee morale, with impending pay cuts and freezes. It is a challenge to ensure that productivity does not slip because of work-from-home measures. The possibility of employees looking to leave because of uncertainty about the future and security of their roles also worries the founders.

Funding and investor concerns

The breakout has also impacted investor confidence. Founders are wondering whether investors are looking out for different things in times of crisis. The questions such as ‘which VCs are still in a strong position to invest’ and ‘whether to take bridge funding from existing investors even if it is not required at the moment’ are also in the founders’ minds.

Also Read: Surviving COVID-19: How to adapt your digital marketing strategy amidst a global crisis

SEA Founders is a community that helps founders in the region scale faster by accelerating learning and fostering deeper relationships throughout the ecosystem. Its cross-regional programmes include the Founders‘ Coaching Pause, quarterly Masterclasses, and Local Forum Groups.

Currently, the community has 38 founders operating in different verticals (edutech, fintech, HR, F&B) and models (B2B, B2C, SaaS) and hail from Singapore, Bangkok, Kuala Lumpur, and Jakarta.,

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March is the time to celebrate enterprising women. And e27 chose to do so with the award-winning journalist, documentary filmmaker, writer, strategic communications advisor, founder and passionate advocate of inclusivity in the workplace — Prerna Suri.

She joined us early this month to shed her thoughts on inclusivity and authenticity. While we focus on embracing all genders, races, and communities at work, we at times fail to embrace our truest selves fully. This often leads to biases that even affect us as entrepreneurs and employees. So, owning up to our true self — in terms of accents, work, ideas, and ethos — is something we need to absolutely delve on.

Catch up on the webinar where Suri will help us become more resilient towards rejection, especially in the face of adversity and shared strategies she developed over the years as a journalist, founder and now communications professional while being a South Asian woman to succeed — and more importantly — stay true to yourself.

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The e27 Webinar series is an effort to share actionable insights with the startup community to improve their day-to-day work life. These interactions are laced with advices, inspiration, and productive human connection for learning and development and sharing the best practices with the e27 community in Southeast Asia.

Next webinar: To help you overcome this global crisis, e27 invites you to join us for a webinar on: How to manage remote teams–– part of a webinar series designed to help you cope with the COVID-19 crisis.

Image credit: Giulia Bertelli on Unsplash

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