Day: April 2, 2020

Santo Purnama, co-founder of Singapore-based biotech startup Sensing Self, has developed a rapid self-test kit for COVID-19, for people who want to test themselves at the comfort of their homes.

The product has already obtained a license from Europe (with CE certification), India (approved by the National Institute of Virology and the Indian Council of Medical Research), and the US (through Food and Drug Administration).

The kit uses enzyme analysis to offer results in around 10 minutes, instead of using nostril swab tests, which take up to an hour.

According to Purnama, the product is priced at a low rate of US$10 per unit is because he considers this as a social mission to help save more lives.

As per a company statement, the Indian government has already ordered millions of test kits, while Europe and the US have already certified it.

The kits are currently available in 14 countries, including Italy, Spain, Germany, the UK, Czech Republic,  Switzerland, SouthKorea, China, Lebanon, Japan, India, Netherlands, the UAE and South America.

Purnama also expressed his disappointment that even four weeks after the product was developed, the Indonesian government has failed to determine the approval status of the self-test kit.

“We have sent out Sensing Self test kits to help renowned research institutions, such as the Mayo Clinic, the University of California San Francisco, and Chan Zuckerberg Biohub. We always maintain the quality of each unit, as well as its accuracy, because we understand that this is a medical tool highly related to one’s health. Early detection of the COVID-19 virus can make a difference between life and death,” he said.

Also Read: COVID-19 may drive us apart today, but it could bring humanity closer in the future

Currently, Purnama and his team are developing a test that can detect COVID-19 infection as soon as a person is exposed to the virus. Sensing Self team plans to launch this product soon.

“The war against COVID-19 is a war against time. We must reduce the growth rate of this pandemic by carrying out tests as widely as possible. That said, we hope that the Indonesian government could authorise our initiative to bring these independent test kits to Indonesia,” Purnama added.

“If everyone has access to self-test kits, we can minimise the risk of infection when patients need to come to the hospital for the test. At the same time, we can relieve the burden of medical personnel who are already very overwhelmed,” he continued.

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The current state of affairs has brought light to some very harsh realities in full force, and our daily lives are massively altered in dramatic ways, not seen before in our lifetime. It’s been more than three months since COVID-19 emerged and all regular businesses have come to a halt.

While we believe that our diverse model that includes retail makes us more adaptable than other retailers, it wasn’t designed for such a pandemic that we face today. We have taken some really agonising decisions of having the team and management to go on major no-pay leave but in lieu of having them reinstated once we deem fit as a group when the crisis is over.

Here are some of the movements that we have taken in the short term to alleviate and maximise on our business model throughout this pandemic.

These could also be immediate solutions that retailers with brick and mortar stores can take to mitigate cash flow constraints, redeploy digital marketing spend and respond to the sharp decline in indirect revenue. 

Use of social media for direct sales 

Having a solid database across our community allows us to fully engage with our customers. We implemented live streams of product presentations and created unique discount codes to draw attention.

The complexity of tech products allows us to build a more experiential video through our efforts, which allows consumers to be in the comforts of their homes, too. The call-to-action is much more apparent through these engagements and the commitment to make a purchase is higher. 

Having built a strong relationship with crowdfunding creators worldwide, the live streams are often shared by creators to draw additional traffic to the live streams. It provides a sense of realness and emotional pull to consumers when creators are involved.

Promotion or gift cards

Gift cards are a great incentive for recurring purchases from customers. They combine the benefits of merchandise with cash and provide people with a choice of how they prefer to use their awards.

To further incentivise customers, provide discounts or work with complimentary local businesses that create co-marketing opportunities to acquire new customers. Digital gift cards have been something we have initiated a long time ago and this need becomes more apparent now more than ever.

Ultimately, it provides us with an immediate infusion of cash flow and the certainty of a returning customer. Include these incentives in your email campaigns, and foster a better long-term relationship with your customers.

Crowdfunding fireside chats

Due to the nature of our diverse business model, we establish ourselves as the thought leaders that take ideas to reality. Firechats allow a more intimate approach and focus mostly on building meaningful exchanges of information.

It allows the guest to feel casual and comfortable.

They are usually more likely to open up more to their personal stories and insights. Without the formality, users get a more detailed understanding of the speaker’s character and being, which builds the emotional connection.

Potential creators or the public are mostly brand advocates that love their Kickstarter or Indiegogo brands.

These fireside chats are popular as we act as the platform for both creators and the public to build a bond through our network and audiences. Fireside chats draw traffic to our marketing and consultancy services that aid new or current creators build traction for their crowdfunding campaigns or if they are starting one.

Thought leadership posts

Most users are probably working from home and their time is very much spent online. We started writing more about different aspects of crowdfunding and practices within the industry, offering our expertise as thought leaders in our industry.

We address current issues for new creators and provide advice on topics they could only get from our experts within the company.

Organic content creation allows our users the insights and knowledge behind sensitive and valuable topics like product entry viability into the market, pricing strategies, and even negotiation skills.

However, articles are not maximised if they are not tied in into email campaigns or social media, so always provide that opportunity to showcase visibility to your users at every opportunity too.

Extend payables with suppliers

We work with many suppliers in our retail arm and credit terms are always helpful in such a time like this. One way to hold onto working capital is to establish a long credit line with suppliers.

Of course, it depends on the relationship that you have with them and thankfully at WTP, we always had that since we started operations due to the unique nature of the business and our exceptional track record with sales and branding.

Most suppliers would want to work long term with you on the retail front as it would mean more sales too. It has to be mutually beneficial for both parties, with terms that preserve the integrity and longevity of supplier relationships.

Retailers do need the products for sales to pay off suppliers, and suppliers should work out a better credit term to retain long term sustainability.

Supporting small and local businesses

I speak on behalf of many independent businesses, entrepreneurs, creators, and individuals all around the world. This virus reminds us that we are all connected and equal, regardless of our religion, status, occupation and how famous we might be.

While we advise our customers to save and buy smarter, the truth is that the threat of our economy shutting down is real if people stop buying altogether. So we are still asking people to buy, not necessary from us; but from any independent or local businesses that you know. 

Large corporations have vast financial resources to survive on, but the rest of us need your fullest support so that we can all have choices once this crisis is over.

It could be the bakery in your local neighbourhood, the clothing brand that your friend owns, your favourite food hawker a couple of miles away, or even the florist you got your yearly flowers from for your loved ones. 

For our part, we will do whatever we can to have our team employed and work for our vision and creators. But without sales, that becomes totally impossible. It’s not business as usual here at WTP.

But we are counting on you to our large community of startups and brand owners. Community work is something we are all too familiar with, and that is crowdfunding.

The power of the masses should be in full exercise with social responsibility during these trying times. Obviously, I’m not saying that we should all buy mindlessly. But basic economic principles demand that we continue to support so that our friends and neighbours can continue to work.

It’s so important to maintain some form of normalcy in such tough times. Now is the time for togetherness, individual responsibility, and collective generosity.

It’s time to show we can do better when facing adversity. The world has been through a crisis before and we will emerge stronger together. Stay safe, stay strong and think of others now more than ever.

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Register for a live meditation session with e27 and Bjorn Lee and learn to keep your cool through the COVID-19 crisis.

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.

Join our e27 Telegram group, or like the e27 Facebook page.

Image credit: Li Yang on Unsplash

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B2B agriculture marketplace TaniHub lands US$17M Series A+ funding 

Indonesia-based agritech startup TaniHub has announced the closing of  US$17 million Series A+ round of investment, co-led by Openspace Ventures and Intudo Ventures.

Other investors who joined this round were UOB Venture Management, Vertex Ventures, BRI Ventures, Tenaya Capital and Golden Gate Ventures.

With this round, TaniHub aims to strengthen its market position and accelerate the expansion of service and geographical coverage for farmers and customers to encourage and build inclusivity.

Alongside funding news, TaniHub also announced it will launch a new automated packing and processing centre (PPC) in Malang, East Java, in an effort to reach more farmers.

TaniHub connects farmers with more than 5,000 business customers from small and medium enterprises (SMEs), hotels, restaurants, food processing industry as well as retail customers.

“Agriculture is a key sector in Indonesia, and the industry’s efficiency enhancements can help ensure the welfare and sustainability of livelihoods and communities. We are supportive of TaniHub’s philosophy and look forward to the improvements and opportunities its platform will bring to Indonesia’s agricultural supply chain,” commented Seah Kian Wee, CEO of UOB Venture Management.

IoT Tribe announces 12 startups selected for its Deep Tech Accelerator Programme

IoT Tribe, an equity-free accelerator primarily focusing on getting IoT startups from design to market, has announced a new initiative for deeptech startups.

The programme will be running in three cohorts in Singapore over 2020 and 2021, where startups will attend workshops, one-to-one business planning sessions and get pitch coaching.

The 12 companies in the first cohort are:

AtomBrush – a robotics startup based in Singapore that builds products from scratch

Avirtech – provides drones and other smart technologies for the agriculture industry

Leorix — manages infrastructure for high-frequency data pipelines to reduce time and money spent on building complex custom solutions.

Also Read: Ex-Oway Directors e-commerce app Ezay makes life easy for rural woman retailers in Myanmar

Meracle – harnesses digital technology to optimise asthma therapy

Moaah – offers business development tracking and analytics software for professionals.

MyrLabs – builds technologies to enable fast-moving robots

PhonePass – a two-factor authentication technology firm based in Australia

Psion Insights – specialises in digital advisors, machine learning, deep learning, predictive analytics to empower risk management

RisikoTek – uses data analytics and entity resolution to detect money laundering

SenzeHub – wearable tech that can provide patient location, vitals reading, as well as an abnormality and crisis detection through AI

SmartBeing – AI startup that focuses on smart homes, enterprises, and connected cars

WeavAir – uses advanced sensor technology, algorithms, and predictive analytics to manage heating, ventilation, and air conditioning systems

gojek launches 12 welfare programmes for driver-partners 

Indonesia’s ride-hailing super app gojek has launched 12 welfare programmes to support its driver-partners affected by the COVID-19 outbreak, according to a statement.

The fund will focus on three areas that are likely to affect drivers using the gojek platform — healthcare provision, reducing daily costs, and income assistance.

Recently, gojek co-founders and senior management had pledged 20 per cent of their annual income to support those affected by COVID-19.

The elements of the provision will include hygiene kits like masks, sanitisers and health insurance coverage and other items like affordable meals and vehicle loan payment relief.

Also Read: Morning News Roundup: SEA VC firms launch talent database of startup employees laid off due to COVID-19

“This package of initiatives is designed to cover the key areas in which drivers are likely to experience hardship as society navigates its way through the current crisis. Our team has been working very hard to initiate these programs, and there are several more in the pipeline.

Although it will take us some time to fully activate the rollout due to limited availability of supplies and social distancing measures, we want to reassure all driver-partners that gojek is here for you, just as you have always been here with us over the years,” said co-CEO Andre Soelistyo.

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Image Credit: gojek, IoT Tribe, TaniHub

The post Afternoon News Roundup: Indonesia’s B2B agri marketplace TaniHub lands US$17M funding appeared first on e27.

As the COVID-19 pandemic continues to threaten the global economy, it is natural that the startup ecosystem might fear how it will impact their fundraising journey.

While investors are expected to become more cautious in the coming months, in March, fundings continued to pour in for Southeast Asian startup ecosystem. The e27 content team noticed that there seemed to be a bigger number of seed stage funding rounds being announced during the month, as opposed to Series A.

Check out the following list for a clearer picture:

Ezay
Funding: US$200,000 in Seed
Investor(s): Seiji Kurokoshi

The capital will be used to continue the rapid expansion of its retail and wholesale network within the region.

Edufied
Funding: Undisclosed Seed
Investor(s): Undisclosed

The startup is currently valuated at US$3.92 million, according to the company statement.

Kargo
Funding: Undisclosed Series A
Investor(s): Amatil X

The investment into Kargo marks Amatil X’s first investment in Indonesia.

Kyarlay
Funding: US$750,000
Investor(s): EME, United Managers Japan Inc.

Kyarlay marks EME’s eighth investment in Myanmar since launching in October 2018.

Also Read: These early stage startups receive much love from investors in February

Blue Planet
Funding: US$25 million
Investor(s): Nomura

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

UNL
Funding: US$2 million
Investor(s): Here Technologies, Elev8, SGInnovate, Mobile Only Accelerator (MOX), VentureRock

The capital will be used to develop its technology further and for expansion in Asia.

Chilibeli
Funding: US$10 million
Investor(s):  Lightspeed Ventures, Golden Gate Ventures, Sequoia Surge, Kinesys Group, and Alto Partners

Launched in July 2019, Chilibeli empowers its agents (partners), many of whom are housewives, with the opportunity to create value for consumers, promote community bonding, and increase their household income.

Nusantics
Funding: Undisclosed Seed
Investor(s): East Ventures

The fresh funds will be used to “accelerate company in pioneering the BioGenome journey” in the country.

Pahamify
Funding: US$150,000 in Seed
Investor(s): Y Combinator

Before this funding, Pahamify has also received an undisclosed amount in grants from YouTube and Y Combinator.

EngageRocket
Funding: US$2.1 million in Series A
Investor(s): SeedPlus, Found Ventures, JobsCentral co-founder Huang Shao-Ning

The company aims to triple its revenue in 2020 and double its headcount, specifically adding advanced capabilities in engineering, people science, as well as in customer-facing roles in each SEA market to deliver personalised support.

Also Read: Starting off the new year with these early stage funding rounds of January

Right Hand
Funding: US$1 million in Seed
Investor(s): Atlas Ventures, SGInnovate, Entrepreneur First

Since launching, Right-Hand’s solutions have been used within government and financial sectors across Southeast Asia and Australia.

Novocall
Funding: US$500,000 in Seed
Investor(s): 500 Durians, 500 Startups Thailand, Expara Asia Ventures, and Exabytes founder and CEO Chan Kee Siak

While Novocall already has clients in Singapore and Malaysia, it is looking forward to expanding to Indonesia and Thailand.

Superfanz
Funding: “seven-figure” Seed
Investor(s): NXT Ventures

Superfanz seeks to address the pain point in which over 90 per cent of the creators do not earn enough money from their social media accounts to make a living.

Waste4Change
Funding: Undisclosed Seed
Investor(s): Agaeti Ventures, East Ventures, and SMDV

Waste4Change said it plans to use the funding to increase its waste management capacity, targeting to contain at least 2,000 tonnes of waste per day in 2024.

Moovaz
Funding: Undisclosed Series A
Investor(s): SCAngels, SGInnovate

Moovaz said it will use the funding to develop features that will simplify processes in the global relocation industry.

Cardiotrack
Funding: Undisclosed
Investor(s): Frontline Strategy Funds

Cardiotrack aims to bridge the gap between healthcare providers and chronic patients for affordable access to healthcare and better disease management.

Also Read: MassMutual Ventures launches US$100M second fund for Southeast Asia’s early stage startups

Sama
Funding: US$1.15M in Seed
Investor(s): Collaborative Fund,  3tcvp, Antler, Steve Melhuish, angel investors

SAMA recently became a fully-licensed agency, having obtained the Singapore Ministry of Manpower (MOM) license to work directly with companies to address hiring needs.

Newman
Funding: US$150,000 in Seed
Investor(s): Y Combinator

Prior to this, the startup had raised undisclosed pre-seed funding from Indonesian early-stage VC firm Everhaus.

ESPL
Funding: Undisclosed Seed
Investor(s): 500 Startups

ESPL is a global e-sports tournament platform provider focussed on creating mobile ecosystems for amateur esports leagues globally. Through ESPL’s national franchise model, up-and-coming esports talents can easily participate in global competitions, all by facilitating grassroots participation.

Datasaur
Funding: US$1 million
Investor(s): GDP Venture, angel investors

The company will use the funding to strengthen the platform capability, minimise the bias in text-labelling, and increase privacy and data security, something that’s regarded as a crucial aspect of AI-based NLP and used to be outsourced.

hoolah
Funding: Undisclosed Series A
Investor(s): Allectus, iGlobe Ventures, Genting Ventures, Max Bittner, and Tim Neville

The fundraise allows it to double down on their recently announced launch in Malaysia and fuel further expansion.

Oriente
Funding: US$20M in debt
Investor(s): Silverhorn Group

The funding will be used to grow Oriente’s loan book and extend the reach of its inclusive and affordable digital-credit and Pay Later solutions to the undervalued and credit-starved consumers and micro-enterprises in the Philippines.

Arches
Funding: US$450,000
Investor(s): I Global

With this funding, the startup aims to expand its current database and continue to grow operations in Singapore, Tokyo, Ho Chi Minh City, Shanghai and Tashkent.

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e27 encourages startups to update their profiles on our Startup Database. Having a completed profile will provide startups with greater opportunity for exposure among our network of investors.

Image Credit: Helloquence on Unsplash

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Despite the global health crisis, the Southeast Asian startup ecosystem remains busy with their fundraising efforts.

There was some concern that the COVID-19 pandemic might negatively impact the ecosystem. as it had been proven in various pandemics years before. But it seemed like the ecosystem was able to go through the crisis –at least for the time being.

The following is a list of notable later stage funding rounds that e27 managed to gather in March:

DoctorAnywhere
Funding: US$27M in Series B
Investor(s): Square Peg, EDBI, IHH Healthcare, Pavilion Capital, Kamet Capital

The company said that the latest investment will “boost its market leadership position in the healthtech industry in Asia, as it prepares for expansion to augment the region’s healthcare landscape through digital transformation, with the support of local and regional partners.”

Horangi
Funding: US$20 million in Series B
Investor(s): Provident Growth, Monk’s Hill Ventures, Right Click Capital, Genesis Alternative Ventures

Horangi will use the fresh funds to support its expansion plan in the region.

gojek
Funding: US$1.2 billion
Investor(s): Not mentioned

The funding round came just after gojek had been reported to be considering a merger with rival Grab — a report that gojek has denied.

Also Read: These later stage funding rounds of February are the most exciting Valentine’s Day gift

Shopback
Funding: US$75 million
Investor(s): Temasek, Rakuten, EDBI, EV Growth, Cornerstone Ventures, and 33 Capital

Shopback will use the funds to expand into new markets in Asia and diversify its core cashback service.

AnyMind
Funding: US$26.4M in Series B
Investor(s): Japan Post Capital and existing investors

Already existing in 11 markets in Asia, the newly-raised capital will be used by the Singapore-based firm to scale its business and expand into India and the Middle East.

iPrice
Funding: US$10 million in Series B
Investor(s): ACA Investments, Daiwa PI Partners, LINE Ventures and Mirae Asset-Naver Asia Growth Fund

The company targets expansion beyond its primary price comparison unit, which accounts for 50 per cent of its revenues, operating at a 30 per cent EBITDA margin according to a statement.

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Image Credit: Andrew Neel on Unsplash

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