Over the last four months, the Philippines has had increasingly longer work-from-home experiments – first for a day or two with Typhoon Kammuri in late November, next for a few days due to the eruption of Taal Volcano on January 12, and now for at least a month with the lockdown from COVID-19.

Many local startups and tech companies have been caught flat-footed, especially with the current lockdown. Like in Malaysia, there are companies that have business models that go directly against the recommendation for social distancing and strict quarantining, such as travel and hospitality. 

The greater majority of startups and tech companies in the Philippines can still operate in the lockdown but are still adjusting to the nuances of moving from in-person to fully remote work in such a short span of time.

Many analysts are in fact predicting an economic downturn as businesses get acclaimed to a world struck with a pandemic, even possibly a reduction of M&A activity in Southeast Asia. 

Surprisingly, there are a few tech companies in the country not only surviving but thriving in the midst of the current lockdown.

Also Read: Startup survey reveals the Philippines is ready to scale as fintech will emerge as the top sector

They are worth studying because their use cases point to examples of how businesses in the Philippines and across Southeast Asia can potentially become more impactful and integral to the lives of their users.

Basic needs go on-demand 

When the community quarantine took into effect in Manila on March 15, few people were prepared. As in other countries, there were absurdly long lines at groceries as people stocked up – or in some unfortunate cases, hoarded – essentials such as food, water, and sanitation items. But not everyone was able to get what they need.

Many Filipinos have since turned to the on-demand services platform, MyKuya.

According to founder Shahab Shabibi, MyKuya has seen triple the requests compared to the week before, with many people turning to the app for help with basic needs, such as getting a kuya (Filipino for “big brother”) to help deliver take-out or do personal shopping for necessities such as sanitation items.

Employed through MyKuya’s enterprise partners, these kuyas are themselves working completely voluntarily. For many Filipinos at the bottom-of-the-pyramid, the economic impact of not working during the COVID-19 lockdown – “no work, no pay” is a commonly heard refrain – is the worst part of the pandemic.

Many of the new kuyas are workers whose work will be shut down for the next month, or who have even already been laid off.

Shabibi feels that taking in this new surge of kuyas through their enterprise partners is in line with their overall mission.

“It’s unfortunate that it had to happen this way, but this story is directly in line with MyKuya’s aims to create jobs for millions of Filipinos. With the values of bayanihan (communal unity) and nation-building in mind, we’ve always been about creating real livelihood opportunities for people here in the Philippines. It’s actually our goal to create one million jobs by 2022,” says Shabibi.

Also Read: Afternoon News Roundup: Forkwell.io partners Microsoft to host COVID-19 hackathon

Work-from-home evolves 

Apart from occasionally slow internet (depending on their internet service provider), most Filipino workers do have the tools and resources to successfully work-from-home. Their company probably has a messaging platform, a workflow system, and other industry-specific digital tools.

While these Filipino companies may provide their employees with a robust productivity stack, their offerings in learning and development are almost nonexistent.

Filipino culture prizes face-to-face interaction, which is why the vast majority of education and upskilling in corporations and universities is still done in-person.

Local tech company CloudSwyft is giving Filipinos the opportunity to continue their professional growth remotely.

The company provides a cloud-based, technology learning platform built around online courses and technology learning labs that provides instruction in everything from data science and machine learning to Azure and Power BI.

While CloudSwyft has a regional footprint – the company counts clients and partners in Malaysia, Singapore, Indonesia, and Australia – founder Dann Angelo De Guzman is especially proud that the remote learning their platform enables is needed more than ever for Filipino workers and students.

“Coming from a humble background right here in Manila, I’ve personally experienced how digital upskilling can improve your life. I’m excited to offer more of these opportunities to millions of people across ASEAN, who can now learn the skills in most demand by the best employers across the globe, right from the comfort and safety of their own home,” says De Guzman, who added that a portion of revenues from their platform subscriptions for the rest of the year will be donated to the Philippine General Hospital, Lung Center of the Philippines, and the Ayala Foundation.

Betting on the future 

In anticipation of the potential recession due to COVID-19, more Filipinos will be looking to make long-term investments that will steward their financial health well into the future.

Also Read: Work-from-home: Watch out for cyberthreats amid COVID-19 pandemic

As a matriarchal society, many of these investment decisions will be made by women, as data from investment platform eToro has shown – the Philippines has the highest proportion of female investors in the entire world. 

eToro has over 12 million users across the world, only 13 per cent of whom are women. In sharp contrast, the proportion of women investors in the Philippines is 26 per cent, or double that of the global average.

“Filipina traders are shattering gender stereotypes with their active participation in the investment scene, proving that investing is a viable path for economic mobility,” says Paul Familiaran, Head of Southeast Asia Business for eToro.

“We are optimistic about the sustained upward trend in the number of registered female traders in the coming years, especially since more women joined the ranks of Popular Investors on the eToro platform.”

One hopes that the absolute number for both female and male investors on eToro will continue to rise.

As COVID-19 lockdown shrouds our future with uncertainty, it becomes increasingly important to invest in assets that have a long-term horizon and are more protected from the threats that brick-and-mortar businesses and in-person work face.

In much the same vein, entrepreneurs and founders should take this as a lesson for themselves: It’s now high time to search for new ways to create value.

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Editor’s note: e27 aims to foster thought leadership by publishing contributions from the community. Become a thought leader in the community and share your opinions or ideas and earn a byline by submitting a post. We are discussing inclusivity at work and women all of March. Share your thoughts, tips and best practices on how we can make the startup ecosystem more inclusive, gender and culture diverse.

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A ‘lifelong cyclist’, he always believed cycling is the best way to get from point A to point B. At the age of 13, he started racing downhill mountain bikes nationally. 

Three years later, Jack O’Sullivan decided to convert his passion into a business and founded Vital Fixes, a direct-to-consumer brand of single-speed bikes, in Dublin. 

While running the business, he realised bike commuters faced three common pain points: sweating, theft, and utility. To address these pain points, he developed the concept of a bike in 2019 that can replace cars for urban transportation with three main features: electric, modular and smart.

And Modmo took birth.

“There were no bike manufacturers in Ireland, so I travelled to China and Taiwan to find the finest bicycle factory,” O’Sullivan tells e27. “However, I couldn’t find any and so decided to take a spur-of-the-moment trip to Vietnam in 2019 where I met with some bike manufacturers.”

Also Read: Why 2020 is the year for tech startups in Vietnam

It was a turning point in his life.

In the Southeast Asian country, he joined Vietnam Silicon Valley (VSV) Accelerator and Becamex Business Incubator. This where he built a team of engineers, who turned 3D designs into a manufacturable product within eight months. 

Designed to replace cars, Saigon –as his bike brand is known — is the “first fully modular bicycle”, he claims. The product is expected to hit the market in June.

Saigon has an 18.5Ah battery, which allows up to 200km of pedal-assisted cycling per charge. Plus, the bike uses a fully-integrated and removable battery, paired with a front 250-watt motor to get you from A to B effortlessly and without a sweat. It weighs just 14kg.

Saigon is designed as a pedelec, meaning people wouldn’t need a license, pay tax or insurance to ride it on the streets.

“Simple on the outside but high-tech inside, Saigon has a smart handlebar display, GPS for location tracking and Bluetooth for function control via the iOS/Android app. The front and rear modular mounts allow our range of MODs (modular accessories) to easily slide on/off, allowing riders to customise it to use for other utility purposes. One can mount a child seat, basket, food delivery boxes and a pannier rack onto the bike,” he says as he explains the features of the two-wheeler.

While all the R&D activities are done in Vietnam, the company has no plans to sell the product in the country. “Majority of our customers come from the US. We are also receiving enquiries from countries such as Ireland, Germany, and the Netherlands,” he says.

Modmo also sees great potential in markets such as Taiwan, Japan and South Korea, but it has no immediate plans to enter these markets.

While it is priced at €2,799 (US$3,098), Saigon is available at a discounted price at €1,999 (US$2,212). One can pre-order by paying just €99 (US$110).

Also Read: Is Vietnam the new golden child of tech startups in SEA?

The less-than-a-year-old startup is backed by VSV and a few unnamed angel investors.

According to O’Sullivan, the company is already cashflow positive. “We’ve been growing 120 per cent per week since the launch. Also, we’ve had a close partnership with our manufacturer, so we’re able to do the final tooling payments after our Kickstarter campaign in June,” he reveals.

According to O’Sullivan, smart scooters currently available in the market such as Scooterson cannot be used for utilities. “Although these scooters are a great option for first- and last-mile transportation, they are not suitable for any other utilities. On the other hand, Saigon is modular and allows riders to carry much more. Also, Saigon comes with a much longer battery range. Plus, we’re about half the price,” he says.

Under quarantine

O’Sullivan was recently put in a quarantine centre in Ho Chi Minh City after he came into indirect contact with three people, who had tested positive for COVID-19. So he had to move my “office” to the centre.

“Instead of working from home, this will be my office for the next 14 days. We’ve got a 60mb internet speed, which is much faster than the one we have in our office. Food is delivered to our beds. I can still get things running. The bikes are still manufactured. The pandemic might actually have sped up production because people are on the edge and things could be shut down tomorrow,” he concludes.

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Vickers Venture Partners raises US$200M for its Fund IV

Global venture capital firm Vickers Venture Partners has received commitments amounting to US$200 million (excluding General Partner commitments) for its fourth fund, which ha a target of US$500 million.

“With Fund VI, we are extremely excited to continue investing globally in deep, disruptive technologies that are creating solutions that are more inclusive and sustainable for societies around the world,” said Chairman Dr. Finian Tan said.

Some of the VC firm’s portfolios are cleantech startup Eavor, biotech firm RWDC Industries, and T-cell focused vaccine company Emergex, which is working on developing safe and effective vaccinations against COVID-19 and a range of other prevalent infectious diseases.

Trucking marketplace Kargo secures investment from Coca Cola’s VC arm Amatil X

Indonesia-based trucking marketplace startup Kargo Technologies has reportedly secured an investment from Amatil X, the VC arm of Coca Cola Amatil, according to a report by DealStreetAsia. A year ago, Kargo raised US$7.6 million in a seed funding round led by Sequoia India, with participation from Uber Co-founder and former CEO Travis Kalanick’s 10100 Fund.

Amatil X had said in an interview last year that it would invest up to US$2 million in each of its potential investees. This would be Amatil X’s first investment in Indonesia.

Also Read: Indonesian logistics startup Kargo raises US$7.6M in seed funding round

Kargo connects commercial shippers with truckers across Indonesia. Its platform allows shippers, transporters, and truckers to connect, transact and track shipments in real-time.

Kargo was co-founded by Tiger Fang, who served as the former GM for Uber in Western China before taking charge of its Indonesia operations. Fang and his business partner Yodi Aditya teamed up to build the new venture but decided to keep the name to retain the older startup’s quarter of a million monthly website visitors.

East Ventures launches Indonesia Pasti Bisa, bringing its portfolio to support the production of 100K COVID-19 test kits

With almost 900 cases of infection announced in Indonesia, the country still lacks test kits availability to contain the spread of the COVID-19.

Nusantics, a deeptech startup in the field of genomic and one of East Ventures portfolio company, is currently developing a test kit to detect COVID-19 infection as a member of the Technological Research and Innovation Task Force for COVID-19 under Indonesia Technology Assessment and Application Agency (BPPT).

In the next three weeks, Nusantics will use the company’s resources and capability in the field of genomics to develop a qPCR test kit that is designed specifically for the Indonesia population, committed to produce 100 test kit prototypes and continue with mass production of 100,000 test kits.

At the same time, Nusantics also plans to run whole genome sequencing to profile the SARS-CoV-2 virus genomic. Genomic mapping is essential because the virus is continuously mutating to adapt to its host and environment.

In supporting the initiative, East Ventures launched Indonesia Pasti Bisa as a platform to mobilise the company’s digital ecosystem in supporting Nusantics and BPPT Task Force efforts. The company will leverage its network to establish a collaboration against COVID-19 epidemics.

Also Read: Morning News Roundup: Chilibeli raises US$10M, gojek denies staff layoff and Grab merger reports

As a start, East Ventures will lead fundraising targeting an amount of US$629,000. The fund will be used to produce 100,000 test kits (US$569,000) and finance the whole genome sequencing project (US$63,000).

The public can participate in this movement by accessing Indonesiapastibisa.com to donate money, equipment, or skill. Crowdfunding will start on Monday, March 30, 2020, at 9 AM local time.

Joining the movement are fintech company KoinWorks, as an accountability partner to provide and manage the crowdsourcing platform. The fund will be disbursed directly to vendors providing materials and equipment for the project, and audited by an independent third party.

IDN Media will be involved as a transparency partner. Progress and result of the project will be published weekly.

Co-founder and Managing Partner East Ventures Willson Cuaca said, “We were informed about Nusantics involvement in BPPT task force on Sunday, March 22. The news makes us want to do more to mobilize our digital ecosystem to support them. Each of East Ventures portfolio companies has various expertise in different industries. By taking a small part of that expertise, we are able to create an innovative platform, Indonesia Pasti Bisa.”

New Energy Nexus Indonesia introduces 6 startups for a second incubation programme

New Energy Nexus Indonesia, a local unit of California-based non-profit firm, has launched the second batch of its incubation and acceleration programme, DealStreetAsia has reported. The firm has chosen six startups that focusses on the renewable energy sector, and cover the Internet of Things (IoT), digitalisation, and energy access, energy efficiency, clean energy, and business model innovation.

By being in the programme, the startups will receive coaching, followed by US$4 million in seed round funding to help get their products and services to the market.

The six startups are Vena Energy, Swadesi Surya Persada (SUPER), Chakra Giri Energi Indonesia, Enertec Mitra Solusi, Energi Persada, RESCO Sumba, Forbetric, and Warung Energi.

Since 2018, there are at least 19 startups that have participated in the Nexus New Energy incubation and acceleration program, with five startups graduating in November 2019.

KK Fund launches Meet your Match Thailand

KK Fund, a Singapore-headquartered seed-stage VC fund, is launching its first Meet your Match Thailand ​session, an initiative to match investors to Thailand-based startups in light of the uncertain situation due to the COVID-19 virus.

In order to support the startup ecosystem, KK Fund has signed up more than 20 investors to participate in this initiative to connect Thailand startups with potential investors online. For the first “Meet your Match” session, KK Fund is focussing on the Thai Startups.

Also Read: Burda Principal Investments sets up Singapore office, will make Series B investments in SE Asia

Some of the investors joining the programme are 500 TukTuks, Beacon Ventures, Burda Principal Investments, Cyber Agent Capital, Golden Gate Ventures, Insignia Venture Partners, Krungsri Finnovate, Monk’s Hill Ventures, Sequoia, and more.

The programme is welcoming applications starting from today at 12 pm Thai time to April 10, 2020 at 12 pm local Thai time. Upon successful matching, an online session over Zoom will be arranged by the investor with the startup.
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Picture Credit: Vickers Venture Partners

The post News Roundup: Indonesia’s Kargo raises funding from Coca Cola’s VC arm; Vickers Venture raises US$200M for Fund IV appeared first on e27.

Not too long ago, a partner from a reputable VC firm shared how disappointed he was to find out that this year’s Echelon Asia Summit had been postponed.

“Do you know that one of the startups in our portfolio now, I met through that event?” he revealed.

His testimonial is only one of the many examples that underscore the importance of offline events and face-to-face meetings for all businesses across verticals. But the global pandemic has severely altered the landscape of business networking and consequently, disrupted business operations.

With offline events either postponed or canceled, many startups are deprived of the opportunity to showcase their innovations to potential customers, investors, or mentors. Key stakeholders seeking out the next unicorn will have to comb through alternative, random spaces. Additionally, businesses aiming to increase brand awareness by engaging their target audience face-to-face will have to rethink their strategies. In other words, COVID-19 has widened the gap among various sectors in the ecosystem that leverage networking for vital business purposes.

Fortunately, the digital space is borderless

While the physical world found itself restricted under enhanced quarantine, the online community thrived amid lockdowns. Digital noise never ceased and in fact, several businesses have been seen in the e-commerce sector taking off where physical borders cannot stop them. We’ve also seen an increase in app downloads, and online education platforms have never been as prominent as they are these days.

As the saying goes, every crisis presents an opportunity. This is already given in a community that flourished through innovation and problem-solving.

Tapping into online initiatives and bridging the gap

As an ecosystem builder and media company, e27 has recognised its key purpose to continue our service and mission to “empower entrepreneurs with the tools to build and grow their companies”. We’re working to support tech startups and stakeholders by collating these online services relevant to the current situation. We hope that by doing this, we serve to fulfill the business networking and introduction gaps in the ecosystem.

e27 Pro Membership Programme

• a membership programme that’s meant to give you actionable insights to aid in informed business decisions, exclusive business-building programmes, and tools that enable your company’s success
• visibility of milestones and fundraising efforts through listicles and widgets
• strong business connection by tapping into our vast network of potential partners

e27 Software & Service Community Discounts

• an initiative to support all B2B startups in the regional tech ecosystem by helping boost the exposure of their software and services

Webinars and dedicated digital campaigns

• for businesses aiming to increase branding awareness without offline event, but still wish to engage with customers and potential strategic partners
• for companies, or even business owners to be seen as thought leaders in the industry through marketing campaigns

Market research and data insights

• for businesses needing to connect with customers, through validation of their hypotheses and theories to be able to make business decisions

These are all part of our overall community initiatives to assist tech startups and stakeholders in these challenging times. We continue to believe in the ecosystem, and that by aptly tapping into relevant online platforms, we can bridge the networking gaps and bounce back together as a community.

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Singapore’s Xen Technologies hits over US$100M assets through its investment platform

Xen Technologies, an investment platform for private investments, announced today that the assets accessed through its platform has exceeded US$100 million, says a company statement.

The platform, started in 2018, has partnered with venture capital funds to offer co-investment and secondary opportunities in growth-stage and pre-IPO companies in the US and Asia.

“We have been giving our investors in Asia access to top-quartile private equity and venture capital funds, and we are encouraged by the overwhelmingly positive feedback. The combination of a highly selective portfolio of funds and our all-in-one digital investment platform is an attractive solution to investors, especially the newer generation of Millennials and Xennials (hence the name Xen),” CEO and Co-founder Katrina Cokeng said.

The company is confident about exponentially growing throughout 2020 despite uncertain external situations and claims to reach US$1 billion in the next 12 months.

Edufied raises undisclosed funding for its blockchain-based storage system

Edufied, the Singapore based blockchain platform that was recently also a finalist at PIER71 Accelerate, today announced that it has raised an undisclosed seed funding. The startup is currently valuated at US$3.92 million according to the company statement.

With this round, the company plans to extend its footprint to Singapore and the Philippines by the end of 2021.

“With the fresh funds, Edufied will focus on expanding our market in both Singapore and the Philippines. Over the past 1 year, Edufied has set our foundation with clients like AMA Education System, an education group of 23 institutions & 150,000 student base, Philippine Merchant Marine Academy, a premier merchant marine academy and pilot testing with Philippines’s government agencies,” said Founder & CEO, Ryan Soh.

The startup has also signed an MoU with Singapore Association for Private Education, to roll out its system to its 34 institution members.

India’s Qtalk raises US$1.6M to help users browse videos and links over a phone call

QTalk announced today it has raised US$1.6 million in a seed round from Accel India and Lightspeed Venture Partners, according to Inc42.

QTalk allows users to stream YouTube videos, play games, read articles or browse social media together while being on a call, using its in-app browser.

The Bengaluru-based startup plans to use the capital to improve its product and hire more people during the early stages of development.

Also Read: Morning News Roundup: Baby products e-commerce startup Kyarlay raises US$750K from EME Myanmar, United Managers Japan

HOOQ, a video streaming platform backed by Singtel, files for liquidation

Singapore-headquartered Singtel-backed video-streaming service HOOQ Digital has said that it will file for liquidation, according to DealStreetAsia.

Singtel currently holds 76.5 per cent equity in the company.

This decision comes due to the growing competition in the OTT industry, which is majorly dominated by Netflix. Additionally, the company has also not been able to provide sustainable returns or cover growing costs.

“Global and local content providers are increasingly going direct, the cost of content remains high, and emerging-market consumers’ willingness to pay has increased only gradually amid an increasing array of choices,” HOOQ told Business Times.

Singaporean restaurant ordering app Eatsy exits Indonesia

Restaurant ordering app Eatsy has announced that it’s exiting the Indonesian market due to the worsening COVID-19 situation, according to TechInAsia.

The company said in a statement: “The spread of COVID-19 pandemic has affected all business lines, including Eatsy. With a heavy heart, we decided to stop Eatsy Indonesia’s operations.”

Eatsy entered the market in November 2019. However, due to unforeseen circumstances and added competition, the company decided to make a full exit.

Betatron, YPSN, Heron Advisory partner to bring tech investments in the Marine sector 

Today, Betatron has announced a partnership with YPSN​ and ​Heron Advisory​ to bring early-stage venture capital investment funds and accelerators in the maritime industry.

Betatron will be investing US$500K into each startup and will be running a 4-month acceleration program which focuses on business growth and fundraising and concludes with a global investor roadshow in Silicon Valley, Singapore and Hong Kong. Applications are open and will close on April 15th.

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Image Credit: Xen

 

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