Day: April 17, 2020

It seemed only a few short months ago that coworking became one of the hottest trends in the modern commercial world. Entrepreneurs who were looking to start their own businesses were relying on coworking to reduce their costs while long-established corporations were pivoting to coworking arrangements in an effort to rejuvenate their aging business models.

These days, though, coworking is incredibly imperiled by the continued spread of COVID-19, which has made shared workspaces incredibly undesirable for the time being.

Will COVID-19 mean the end of coworking?

Here’s a review of how the coronavirus is putting a strain on the budding coworking industry, and how specific companies are reacting to it. 

Coworking is hurting

There’s really no denying that COVID-19 has been an unmitigated disaster for most of the coworking industry. After all, most “non-essential” businesses have been forced to temporarily shutter their operations.

Others have simply pivoted to remote work models that are effectively the opposite of coworking arrangements in many ways. Certain coworking companies, too, such as WeWork, have been hit hard both financially and in terms of the press coverage, they’re receiving. 

Also Read: How to choose a coworking space for your startup

We can thus conclude that coworking is seriously hurting thus far, but that doesn’t mean that COVID-19 will spell out an end to coworking entirely. After all, every crisis must end sooner or later, or else it’s not a crisis and is instead simply the norm.

COVID-19 will eventually be dealt with, and in the world of tomorrow, coworking may yet flourish again as an attractive and affordable business model. For now, though, times are tough and coworking companies, in particular, are facing serious challenges.

Just take a look at how COVID-19 has helped tarnish the already-damaged reputation of WeWork. People are now writing opinion articles in Bloomberg openly calling for WeWork’s investment partners to walk away from the company due to COVID-19.

They cite the fact that COVID-19 has already sparked massive cultural changes and will likely continue to do so; by arguing that the future will be much less tolerant of things such as handshakes, let alone shared workspaces, critics of WeWork are asserting that now is the time to permanently abandon the company. Chances are, many investors will agree with them.

WeWork is just one company, though, and can’t monopolise the entirety of the coworking industry no matter how hard it tries to do so. Alternative reasons that COVID-19 may not be the end of coworking are still worth entertaining, at least for now. 

Digital workspaces can’t last forever

There are few reasons to believe that the ongoing digitisation and remotisation of our workplaces will last forever. Many people enjoy working from home, after all, but countless others require the social presence of others to remain on-track.

Some things simply can’t be done remotely or with digital assistance, either, and the economy can’t perpetually shut down in its entirety.

Also Read: [In Photos] Coworking space Kolega brings digital startup hub to Tokopedia Tower, launching a new networking spot

This is simply to say that self-isolation and quarantine measures won’t be permanent and that coworking arrangements could yet thrive when the economy re-opens. 

Regardless of whether coworking makes a comeback, we are likely to see an increase in flexible workspace solutions.

This crisis has taught us that commercial flexibility is of the utmost importance, after all, and that being able to roll with the punches is critical if we want a functioning economy that can weather modern shocks like a pandemic in the 21st century.

Coworking thus may not so much die as evolve over the next few months, as coworking companies would be ideally situated to pivot to flexible workspace solutions that fall short of coworking but don’t quite qualify as traditional work arrangements. 

Finally, there’s no real way to determine whether COVID-19 will be the end of coworking or any other industry until additional stimulus packages are considered and passed.

The United States passed a mammoth US$2 trillion spending bill that was the largest in its history as a response to COVID-19, for instance, but that was likely just the start of what’s to come.

Health experts are telling us that COVID-19 will endure for months to come at a minimum, which means billions if not trillions of dollars in additional stimulus spending will be forthcoming. How the coworking industry benefits (or doesn’t) from that money will have a huge say in whether or not it has a post-COVID-19 future.

Also Read: How coworking is reshaping the workforce

While it’s likely too early to predict the ultimate demise of the industry, there’s no denying that the coronavirus has permanently crippled some already-ailing companies such as WeWork.

Other, smaller fish in the industry will find it impossible to secure enough stimulus money to endure. The coworking industry and the related trend of flexible workspaces will endure, however, if only because some individuals will always find it profitable to offer innovative office arrangements to the marketplace.

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Food and agribusiness industry formed a US$5 trillion global industry based on a 2015 McKinsey report.

With the growing population of 7.8 billion as it stands today to the 10 billion projected by the United Nations in 2057, the market size of this industry will only get significantly bigger as demand for food worldwide increases.

This massive opportunity has, in turn, generated tremendous global investment interests throughout its value chain.

Innovation via technology and digitalisation are seen as pragmatic solutions to help address some of the greatest challenges facing the global food system. Food demand is increasing and suppliers are seeking greater distribution and access to the regional or global supply chain.

Customers are asking for food traceability, greater price transparency, as well as faster, round the clock access to information. New digital platforms have emerged in an attempt to address these market needs.

According to AgFunder’s Agri-FoodTech Funding Report 2019, US$786 million of funding – or four per cent of total investment in the agri-foodtech space – across 104 deals with a median deal size of US$1.5 million was invested in agribusiness marketplaces last year as global agribusiness moves quickly to catch up with the e-commerce trends globally.

Also Read: Here are the key challenges facing Indonesia’s agritech sector

Where are the digital agribusiness marketplaces and platforms

Two major organisation profiles emerged when we analysed the existing agribusiness marketplaces and e-commerce platforms.

First are startups, primarily based in emerging markets, seeking to disrupt the industry via digital transformation. They aim to improve and streamline procurement processes, provide greater price transparency, and enable provenance via blockchain technology. Second, are large multinationals or leading regional food service companies such as Cargill, US Foods, Bayer and Nestle.

Agribusiness marketplace startups are gaining the buck

The 2019 AgFunder report reported that the nine out of the top 20 agritech marketplace funding went to Asian startups engaged in marketplace and e-commerce operations – Six Chinese (Xinliangji, Qdama, Yimutian, Dafengshou, Just Free and Guoquan Shihui), two Indian (Ningacart and Agrostar) and one Japanese (Sorabito).

Many of the top 20 invested marketplaces are located in developing countries with a strong agricultural economy.  These agribusiness startups engaged themselves to offer different products and services within the agriculture or foodservice value chain:

• Trading platforms to facilitate sale, leasing and/or rental of agriculture machinery and equipment;
• Farmers-to-farmers or farmers-to-restaurants/retailers networks;
• B2C retail and distribution of food and equipment;
• B2B procurement of wholesale food, grocery and/or equipment marketplaces;
• Direct sales platform for agriculture inputs, machinery and replacement parts;
• Agriculture insurance and/or procurement financing; and
• Crowdfunding or financing for farmers.

Traditional multinational and regional players investing in e-commerce

Multinational or regional agriculture and/or food service players are also investing into e-commerce and marketplace platforms to augment their existing operations and increase their B2B customer offering, although the number is significantly less than those of the agribusiness marketplace startups.

Also Read: (Exclusive) Agritech startup iFarmer in talks to raise US$500K investment

In the US, major players such as Cargill and US Foods have invested in deploying their own agribusiness e-commerce and/or marketplaces last year.

Cargill launched a digital platform called myCargill.com in March 2019 with a pilot group of Cargill’s edible oil customers in the US with the intention of expanding into other food areas, as well as to its global customers and supplier base.

US Foods, a 24 multi-billion dollar distributor, has done significant business through e-commerce with 350,000 SKUs and more than 250,000 customers. It has engaged in online selling for the last 20 years, which was back then prompted by major hotel chains who needed 24/7 access to products ranging from food products and cooking equipment for their hotel and restaurant operations, and subsequently to other restaurant chains and outlets which they service.

Multinational Bayer also launched an agro marketplace called Orbia last year in October, combined with a loyalty programme for farmers called Impulso Bayer. Under the model, a rural producer accumulating points at Impulso Bayer can exchange them for products and services on Orbia.

Although Asia supports the food needs of 60 per cent of the global population with roughly 23 per cent of the world’s agriculture land, it is surprising that we have yet to see many mid- to large-sized Asian-based traditional agriculture organisations investing or launching online agribusiness marketplaces or e-commerce sites.

Most of the new entrants are deployed by Asian-based startups and spread across China, India, Indonesia (iGrow), Vietnam (MimosaTek), Malaysia (Cityfarm), and the Philippines (Cropital), with China and India dominating.

Also Read: Top-funded agritech startups in Indonesia

Where is the next wave of evolution in agribusiness marketplaces?

It is without a doubt that marketplaces will continue to grow in dominance as a business model in various stages within the value chain of the agriculture industry.

So, what are the next wave of trends impacting this marketplace platform technology?

We believe there are at least four areas where we expect increasing focus, investments and deployments:

B2B user expectations are moulded to those of B2C

There is a great upside to being one of the slower market sectors to embark on B2B marketplaces. At least 80 per cent of B2B buyers are not only looking for but expect a buying experience like that of a B2C customer.

Given many B2B buyers are interacting with B2C marketplaces in their day-to-day private lives, we will expect the B2B customer demand for user experience to grow more similar to those of B2C with every day passing.

Omnichannel communication and a personalisation experience to deliver a convenience and seamless purchasing process seem will gradually become an essential differentiator to acquire new customers and drive customer retention and loyalty.

Increasing adoption of blockchain agriculture

Blockchain agriculture is predicted to grow in importance as food quality is fast becoming an issue of concern globally. Imagine the journey our food takes after it leaves the farm as it passes through numerous hands and processes before getting onto the dinner table.

Also Read: Meet the 15 startups competing for SustainableAg Asia Challenge by Rabobank

Through blockchain technology, we will be able to attain both provenance and traceability from food source to destination via one single source of the truth. This empowers all buyers to have greater supply chain transparency and increase consumer trust in the food purchased.

Foodshed and Agrimp are two examples of blockchain-enabled agribusiness platforms. Foodshed uses blockchain technology to create transparency supply chain, reduce supply chain inefficiencies by connecting local sustainable and independent producers to local wholesale markets, restaurants and grocery stores on via its mobile marketing and logistics app.

Agrimp is a B2B cloud-based digital marketplace for transactions of food crops with complementary services including logistics, quality inspections, secure payments, and legal support. Agrimp has introduced blockchain technology to improve food traceability and sustainability, and insurance coverage for all the major risks known in the agri-business.

Despite blockchain’s apparent benefits, it will take some time for the blockchain technology to be truly affordable and scalable, especially for adoption in the developing countries where agribusiness is significant to the overall economy.

Expansion of complementary ecosystem products and services to agribusiness marketplaces

Today, most agribusiness marketplaces started off being relatively specialised in their value proposition to address specific pain points within the food chain. As they scale, they can’t rely on being a niche player.

Ecosystem partnerships become a critical competitive advantage with partners providing augmentative products and services to the different users within the agribusiness marketplace.

Also Read: Indonesia’s agritech industry is at an inflection point

The large captive user base of a successful marketplace offers massive opportunities for monetisation with limited marketing investments.

Continuing investments in online marketplaces with future consolidation

The development of agribusiness marketplaces is still in its infancy stage compared to other industry sectors (e.g. retail, consumer goods and industrial) which has been affected and reshaped by marketplace technology advancements.

We will see a greater number of new startups being founded and investment funding poured into promising startups as they address technology and supply chain inefficiencies along the food chain.

Future acquisitions are also likely to occur as larger-sized traditional agriculture organisations take an increased interest in these online agribusiness marketplaces and leverage acquisitions to gain faster market entry vs. building their own in-house digital platforms.

However, we do not foresee such consolidation efforts in the immediate two years as the general conservative nature of these businesses will more likely trigger a monitoring behaviour to identify the optimal acquisition candidates for the right time, right place purchase further into the future.

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These are not unprecedented times. There is a list of cases where change, or something unexpected, has put many companies out of business and made other companies come out stronger and reinvent themselves.

The invention of the internet has put many companies out of business, the ones who could not reinvent their companies for the internet age but rather double-down on their old way of doing business, closed down.

Every video store is already out of business not because of Netflix but because they chose not to reinvent themselves.

Social media platforms such as Facebook put newspaper companies out of business. Not because of Facebook, but because the newspaper companies refused to change the way they did business. Uber and Grab put taxi companies out of business, not because of Uber and Grab but because taxi companies refuse to change.

This is not unprecedented. This is more sudden, more shocking, but not unprecedented in the business world.

This is not the time to ask ourselves what we should be doing, but rather, what should we be doing in a different world.

There was a time in my life when like you, I thought that the best thing to do to provide for my family was to get a good education, get a well-paying job, and work in a beautiful office. I worked in a bank, in a comfortable 9-5 job, and made no effort to change my life.

Also Read: e27 COVID-19 support: Discounts/ freebies from 5 remote-working enablers

A few years later, I caught the entrepreneurial bug and started my first business venture, thinking that I was going to do things differently. I thought I was going to change my life.

Little did I know that I wasn’t being different after all. I designed my own business to be very traditional, where everyone had to come to an office to work, and our sales process involves getting that face-to-face meeting with a prospect.

I thought I changed my world but I did not, I simply doubled-down on the old way of working, the old way of doing business, and exposed myself more to the risk of a changing world.

Fast forward to 2020, the year of the Coronavirus. Governments are pulling out all stops to prevent the world from burning down. Businesses are closing everyday, and people are losing their jobs every hour.

This was what happened to the companies who did not reinvent themselves for the internet age, to video stores, to traditional newspaper companies. But same as before, there are also companies that have now come out stronger because they reinvented themselves a long time ago.

These are mostly companies that already had a strong remote work culture before the pandemic hit. Companies such as Amazon, Etsy, Adobe, and Zoom. Those companies are still aggressively looking for the right talents, and that could be you, sitting on your desk, at home.

There are still lots of opportunities to find well-paying jobs, that allow you to have the perfect work-life balance. This pandemic has presented you with the opportunity to take back control of your time, take back control of your life, take back control of your finances.

Also Read: Why a learning-integrated life is important amidst the COVID-19 pandemic

Stay in Singapore, but work globally.

Value yourself and your time

When working remotely, you take control of your own worth. Your employers have to evaluate you by your actual productivity, instead of judging who sits longest at their desk as in traditional work.

This means that you won’t have to be dragged into a meaningless and unfair competition to appear productive. Instead, you will start being valued and respected for the actual work you contribute. 

Remote work also allows you to take control of your schedule. Because now you are truly judged by your productivity, you can actually complete small tasks during those 10-15mins dead spaces before a call, such as getting up to stretch without being seen as a total slacker.

Stuck in a long meeting you need not be part of? Simply mute your microphone and continue to work. Stop subsidising your employer’s bad practices with your personal time. 

Take charge of your finances

Practically speaking, remote work also lets you take control of your finances. Think of all the money you have spent on commuting to work, on that exorbitant lunch, and on childcare for your children while you’re at work.

Remote work puts decisions back in your hand, as you need not be strung along by external circumstances. More important than saving, it also allows you to plan your day such that you can take more than 1 job at a time. 

The world is different now, and it has become more challenging to stay afloat let alone thrive. I am not encouraging you to fix what’s not working. I’m encouraging you to completely replace what’s not working with something better.

And you don’t have to do it alone. It’s easier to do it together with a group of like-minded people who seek to help each other in this moment of drastic change.

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Temasek-backed Reefknot Investments co-leads UK startup Previse’s US$11M funding round

Previse, an Artificial Intelligence- and data science-powered fintech platform in the UK, has announced a US$11 million fundraise, led by Reefknot Investments (a JV between Temasek and Europe’s Kuehne + Nagel ) and Mastercard.

Existing investors Bessemer Venture Partners, Hambro Perks, and Augmentum Fintech, also joined the round.

Previse’s current funding round will support its growth, as the business rolls out its instant payment technology, InstantPay, to more large corporate buyers all over the world.

Reefknot specialises in investment in and support to transformative logistics and supply chain technology startups globally.

Previse’s AI analyses the data of the corporate buyer to detect the very few invoices that need manual intervention, so that the rest are paid instantly. As a result, the traditional methods that often take months no longer damage the SME suppliers’ cash flow and help them expand opportunities for investment and growth.

Previse is part of Mastercard’s Start Path programme, and Mastercard has used the company’s InstantPay with a select group of its own suppliers as part of an ongoing effort to make B2B commerce more efficient and sustainable.

Agrome IQ kicks off Brunei’s farmers-dedicated online marketplace

Agrome IQ, a mobile-based farming management platform, has launched its first online marketplace for farmers in Brunei.

Agrome IQ seeks to help farmers better market their products during the COVID-19 outbreak with plans to onboard 1,500 local farmers in 12 months.

Also Read: Bruneian agritech startup secures pre-Series A funding from Cerana Capital

Agrome IQ founder Vanessa Teo explained that the Agrome mobile can be used by farmers for record-keeping and to sell directly to customers. The data from purchases made will also help gauge customer demand, and will be shared with farmers to help them better plan which crops to plant in the future.

“What we’re looking to do with Agrome Market is to help optimise the supply chain for farmers who are struggling to market their produce. Right now several markets (Belait and Tutong) have closed, while other markets have lower than usual foot traffic (due to the pandemic),” she said.

According to report by Biz Brunei, Agrome IQ plans to do physical checks on the products to ensure customers receive quality items and handling logistics for the farmers, picking up and packing orders and making deliveries nationwide.

Farmers are charged a commission fee between 8 per cent and 10 per cent with waived registration fees during the COVID-19 outbreak.

India-based healthtech startup Plunes gets US$300K pre-Series A funding from undisclosed investors

Plunes Technologie, a healhtech platform based in Gurugram that focusses on aggregating doctors and healthcare service providers, has raised US$300,000 in a pre-Series A funding round from investors based in Europe and West Asia, according to an article by VC Circle.

In its seed funding round in August, Plunes raised US$120,000 from angel investors, including Samuel Kurian and Srinivas Sridharan, who are high-net-worth individual investors based in the United Arab Emirates.

Plunes’s platform helps users in making appointments and arranging online consultations with more than 1,000 doctors and 300 medical facilities on its platform. The company has also tied up with diagnostics chain Metropolis Healthcare Ltd to book tests for coronavirus, founder Chander Verma said.

Hong Kong’s AsiaPay to support fintech startups selected into Plug and Play Singapore Fintech programme

Plug and Play, a global innovation platform, and AsiaPay, a regional digital payment service and solution provider, have announced a new partnership to assist AsiaPay in working closely with innovative startups through Plug and Play’s Singapore Fintech programme.

The primary focus will be startups with innovative solutions to enhance the quality of the financial services and e-commerce industries.

Through the partnership in Singapore, AsiaPay seeks to specifically pilot innovation projects throughout their Southeast Asia businesses by joining Plug and Play for their fourth batch of the fintech accelerator program, which together with their insurtech program is currently accelerating 23 startups from across the world in a three-month program that started last week.

Also Read: New developments in fintech are hitting Southeast Asia in waves

Joseph Chan, CEO of AsiaPay, has announced the company’s pilot venture program in late 2019 that aims to incubate startups and accelerate them regionally.

AsiaPay is a digital payment gateway company, currently operating in over 15 countries in APAC and Europe.

Plug and Play currently runs five accelerator programmes focussed on insurtech, fintech, travel, sustainability, with future plans to launch a regional health platform.

Singapore-based construction tech startup Novade closes Series B funding led by SIG, Vulcan Capital

Singapore’s construction tech startup Novade has closed its Series B funding, led by SIG and Vulcan Capital. Joining the round are existing backer Wavemaker Partners and Enterprise Singapore.

According to The Business Times, the company plans to use the funding to accelerate its global expansion and market penetration in Europe, China, and Japan, as well as to increase investments in its technology and artificial intelligence capabilities.

SIG is a global quantitative trading and investment firm headquartered in Pennsylvania in the US. Vulcan Capital is the US-based investment house of late Microsoft Corp co-founder Paul Allen.

Founded in 2014, Singapore-headquartered Novade’s service focusses on smart field management software for the building and construction industry. It digitises and automates critical site processes including quality controls, safety inspections, and equipment maintenance.
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Image Credit: Reefknot

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Australian fintech startup Airwallex locks US$160 million Series D for expansion

Cross-border financial startup Airwallex has raised US$160 million in a Series D round from ANZi Ventures according to TechCrunch. Other investors include Salesforce Ventures, and existing investors DST Global, Tencent, Sequoia Capital China, Hillhouse Capital and Horizons Ventures.

The new funding will be used on potential acquisitions and expansion to the US, Europe and Middle Eastern markets. Plans to launch new products, such as payment acceptance tools, have also been expressed.

The unicorn company had already reached a valuation of more than US$1 billion last year, according to TechCrunch.

“Being able to transact and do business with customers all over the world is a key criterion for companies who are going through a digital transformation. We’re excited to partner with Airwallex at this critical time in its growth, expanding both its footprint globally and its product capabilities,” said Salesforce Ventures’ head of Australia Rob Keith.

Fintech company TransferWise plans to launch cross-border money transfer service in UAE

London-based TransferWise, which already has an extended reach in Asia now plans to expand to the Middle East and North Africa with the launch of cross-border money transfer service in UAE, according to Kr-Asia.

The company has around 14 offices across the globe and claims to have handled US$3.9 billion (S$5.34billion) in cross-border transfers every month for four million customers.

“Sending money abroad should be as easy as sending an email, yet many people are still reliant on expensive, slow legacy services. People can now send money to over 80 countries without leaving their homes, and all at the real, mid-market exchange rate,” said Kristo Käärmann, co-founder of TransferWise.

Transferwise had also partnered with PayNow recently to offer more customers more choices to make payments.

Setu lands US$15M Series A for its financial service platform

Setu, a Bengaluru-India based startup that provides open APIs across bills, savings, credit, and payments has raised US$15M in a Series A round led by Falcon Edge Capital and Lightspeed Venture Partners US. Existing backers Lightspeed India Partners and Bharat Inclusion Seed Fund also joined the round.

The fresh capital will be used to develop its platform further, strengthen the hiring team and introduce new features.

“We want to reimagine financial services for every Indian, rich or poor, by enabling developers to build products that weren’t possible before. Patience, capital, experimentation, and stellar execution are essential to make this magic happen,” said Nikhil Kumar, co-founder of Setu.

“We are on a decades-long path to building financial infrastructure that will be used for generations to come,” he asserted.

Revolut, StashAway, PolicyPal join forces to support medical heroes during COVID-19

Fintech company Revolut, investment management company StashAway, and insurtech company PolicyPal come together to support medical heroes during COVID-19 in Singapore.

The goal is to offer financial, insurance and rides benefits, to support their wellbeing during this crisis.

Also Read: News Roundup: Novade raises Series B funding; Temasek JV invests in UK startup

Revolut will be providing medical personnel three per cent cashback for every transaction made on Revolut VISA card and up to S$50 rides rebates per week for any ride services.

PolicyPal will offer Personal Accident COVID-19 insurance with a diagnosis benefit of US$3,000 and up to US$2,000 outpatient medical expenses reimbursement. Medical personnel are also eligible to receive free investing for six months offered by StashAway, making sure they will be financially secured once COVID-19 is over.

Indonesian government criticised over relationship with presidential special staffs’ startups 

In an article by The Jakarta Post, critics are questioning the relationship between startups founded by presidential special staffs with the Indonesian government after the former are being called to get involved in national-scale programmes. The presidential special staffs were accused of conflict of interests and lack of transparency.

The pre-employment card programme is an initiative by the government to aid job seekers and laid-off workers by granting them access and funding to a range of training.

Adamas Belva Devara, a presidential special staff who also happens to be the CEO of education startup Ruangguru, got tangled in controversy when the government appointed his company (among several other startups) to provide training for the programme.

Devara, in a statement on Twitter, said that he was ready to step down from the position but the decision “should be discussed with the palace”.

Other than Ruangguru, education startups MauBelajarApa, Pijar, Pintaria and Tokopedia Pintar are among the startups engaged in the programme.

“Some startups are cosying up to the government to keep getting projects and sustain their business,” Institute for Development of Economics and Finance (Indef) economist Bhima Yudhistira told The Jakarta Post.

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Image Credit:  Sean Pollock

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