Amartha CEO also resigns from Indonesia’s presidential staff position

Andi Taufan Garuda Putra, CEO of fintech company Amartha, has resigned as a special staffer for President Joko Widodo, following allegations of conflict of interest, according to a Kr-Asia report.

Earlier, Ruangguru CEO Belva Devara also resigned from the same position over the controversy.

The resignations came following an article in The Jakarta Post, in which critics questioned the involvement of startups founded by the special staff of the President with the government’s national-level programmes.

“This resignation is based solely on my sincere desire to fully serve the economic empowerment of the community, especially for micro and small businesses,” the 32-year-old Putra said in a statement.

Other than Ruangguru and Amartha, education startups MauBelajarApa, Pijar, Pintaria and Tokopedia Pintar are among the startups involved in the programme, whose founders are still holding various positions in the Presidential staff.

Razer launches fully automated masks to fight COVID-19 in Singapore

Gaming company Razer has launched a fully automated masks to support Singapore’s fight against COVID-19, according to a company statement.

The ‘Made in Singapore‘ masks have been created in an ISO 13485 certified control room and will be validated as per local and international standards.

The line is currently expected to have a manufacturing capacity of five million masks per month which can be scaled up if necessary.

Also Read: Morning News Roundup: Digital payments platform InstaReM launches cash payout option in the Philippines

Razer said that this initiative began due to the lack of face masks and a growing demand in Southeast Asia.

“Due to the lack of high quality and reliably manufactured face masks in the market as well as the lack of face masks in Southeast Asia, Razer committed to setting up a fully automated face mask production line in Singapore within 30 days from 1 April 2020,” a company spokesperson said.

Companies such as Frasers Property, JustCo and PBA Group have already committed up to US$50,000 for initial shipments of the masks.

In addition, Razer’s subsidiary, Razer Fintech, has also recently launched a US$50M COVID-19 relief fund for its partners.

India’s online travel company Expedia names new CEO

India’s online travel firm Expedia has elevated Vice Chairman Peter Kern as CEO, according to Techcrunch.

Expedia has also appointed company veteran Eric Hart as its CFO.

At the same time, the firm has informed that the executives and Board members will forgo their salary for the remainder of the year and senior executives will take a 25 per cent pay cut due to a dip in the travel demand.

“We are unable to make any predictions as to when travel will rebound, but we emphatically believe that it will, for … ‘if there’s life, there’s travel,’” said Barry Diller, Expedia chairman.

The company recently received US$3.2 billion investments from Apollo Global Management and Silver Lake to sustain its business through the pandemic.

“This investment helps ensure the company has the resources to sustain market leadership and emerge from the current economic environment stronger than ever. While it may not emerge stronger than ever, certainly having a significant chunk of operating capital will help ensure that it emerges merely whenever this industry slump ends,” said Apollo partner Reed Rayman.

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Image Credit: Arga Aditya, Expedia, Razer

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Most founders and VCs operate in regions that they are familiar with. For obvious reasons, they understand the market, speak the language, have trusted connections and access to capital.

While this can bring success for both there’s also a fundamental problem: Great founders might not operate in the same region as great VC and vice versa.

The result is that many VC start to limit themselves to what is available in the region and the most successful startups in the region set the benchmark for what is possible. But investors miss the perspective on great talent that is available beyond their region or are simply unable to unlock it.

Is this really a problem?

Example: A talented European blockchain founder A should be looking at Singapore as his next market due to the strong support (in the form of supportive regulations) from the government in the fintech space. But he will need to raise capital and get active support to enter.

Fintech VC X does not support founders that have their HQ in Europe and as their mandate tells them to look only at Southeast Asia –also, they don’t have the required advisory resources.

Also Read: 5 more VCs who are early adopters of e27 Pro

There are exceptions out there where VCs, angel investors, accelerators and venture builders with a global mindset fill the void from pre-seed to later stages, but in general, few VCs have a clear direction for this opportunity in their investment thesis.

Angel investors, accelerators and venture builders typically don’t have the capital resources needed to source talented foreign founders, provide capital and support their market entrance.

The great reset

Since we are currently in the midst of a ‘great reset’ caused by COVID-19, right now is a good time to start thinking what the startup ecosystem will look like in the next five years. One thing is for sure, we will continue to need the innovation that startups create in order to bring our society forward.

Even more important is that we make sure that we don’t let great talent go to waste just because they are in the wrong environment or circumstances.

What do we need then?

• We need to support the founders that focus on the environment that is going to work best for them and that are prepared to venture out of their base region.
• We need truly global VC that add active value on a regional level to startups but focus on sourcing founders globally
• We need VC to become active advisors, set up frameworks of support resources and not just only provide capital. Much like angel investors, accelerators and venture builders have been operating.
• Where VCs have generally shifted to later stages (Series A and beyond) in the past decade, they will need to move back towards the earlier stages as capital in pre-seed, seed and pre-series A will dry up and valuations will come down.

Let’s face it. Despite the tough times ahead for the US economy, smart and creative founders will likely flourish by starting companies that will grow big in the next 10 years, in ways that we can not foresee yet while generating great returns for VC.

Also Read: How can startups fundraise during a crisis

What should founders and VCs in other countries learn from the US? Can they extract the ingredients for success and apply them in their own respective operating regions? I believe they can, but it requires a different way of thinking and looking at the world.

Let’s have a closer look at those ingredients needed and use the US as an example so we can make practical conclusions.

What are the ingredients needed for any successful startup?

There’s obviously a lot of factors that define whether a company will be successful or not. But at the core, I believe two things are essential and should drive how founders and VC think. One ingredient is ‘founder’ the other essence is ‘environment’.

If a great founder finds himself in the wrong environment the company likely won’t succeed and vice versa.

What makes a great founder?

I believe it’s the founders that start something out of necessity rather than a luxury that have the real drive and creative mind to innovate and succeed.

If it would be irrelevant if a founder was great or not, any large corporation could spin-off a successful startup and it’s proven that most can’t, due to a lack of real drive and creativity (even though they might provide the right environment).

At the same time, we all know that not just any person with an idea could launch and build out a successful company.

Also Read: Coping with consumer behaviour during the COVID-19 crisis

The comfort zone

It’s no surprise that a lot of successful companies have been started by immigrants (ie. Apple, Google, and Amazon). Why? Well the mindset of these founders can be defined as ‘getting out of the comfort zone’, there’s simply no plan B only plan A.

And this is regardless of whether it was them or their parents that immigrated before they were even born. It’s the (open) mindset of ‘anything is possible if you are willing to make changes and put the effort’, that they grew up with that define the actions they took in their further lives.

Being an immigrant myself, I’m fully aware of the clarity that appears around you when the comfort (social contacts, any form of job stability or money) of what you are used to, disappears. It’s like a big reset. Distractions are taken away and you simply start to operate on a level of necessities rather than luxuries. What is it I really need (to do)?

The right mindset to success

If you apply this mindset to starting a company, you know that your idea needs to address a real problem in order for people to see the real value (so they will pay you). You also know that flexibility is need as changes might be needed along the way in order to make the business work.

And since you, as an immigrant do not have that many options, you don’t have time to experiment with what could be the next big thing. You’ll likely run as hard as you can for the idea that you can execute with the resources that you have while creating innovative solutions along the way. In the end, that’s what every VC should want from a founder; to create maximum success with limited resources available.

Just to be clear: I’m not stating that a founder should not experiment. It just seems that in many cases, we have lost the real problem-solution fundamentals that a founder should work on.

I moved to Taiwan from the Netherlands in 2014 and decided to launch a new venture called CarPal. After six months I realised the market circumstances were not ideal, so I started to test other markets.

Also Read: Why Bitcoin is set to boom in a post-COVID-19 era

Singapore turned out to be great. I moved myself and the company to Singapore and was able to raise SG$1 million in 2015 to grow. If I would not have been flexible at that time, I’d probably never ended up in the right environment.

I’m not claiming that all founders should be immigrants. As long as there is a healthy level of ‘out-of-comfort’ in their lives and they see a real problem they would like to solve with passion, they’ll likely be more creative and run harder than somebody who wants to start a company because their friends did.

So that’s just one ingredient. Just getting out of the conform zone might not be enough and even backfire if there’s no support system that will help a founder to grow.

How can a great founder succeed in the right environment?

We all expect a founder to be resourceful, but only to a certain extend. A great support system is needed. Simply put, founders need capital and advice from the right people.

I believe VCs have a role to play here as they have access to the resources to do so. We need them to become truly global VC when it comes down to sourcing founders and be prepared to provide advisory resources beyond just capital.

Sure accelerators, venture builders and angels have filled this space for several years as mentioned before but set aside a few exceptions, most have limited resources.

Also Read: From the front-lines: An insider’s guide to how SEA tech firms are navigating COVID-19

How about the government?

Singapore is a great example of a government that is aware they also have their own part to play. And they do that very well, I dare to say probably the best in the world. I believe this is extremely helpful if the support flows to the right talented people.

However, the government can only do so much and they will always have a bias towards their own citizens, great founder or not. I’d say they can put up a nice canvas but founders and VC will have to provide the paint.

Also, as a reference let us keep in mind that the ecosystem in the US has not been fundamentally created by the government, it has always been the entrepreneurial spirit of founders that have brought innovation supported by smart capital.

VC will shift back and focus on earlier stages

Where VCs have generally shifted to later stages (Series A and beyond) in the past decade they will need to move back towards the earlier stages as capital in pre-seed, seed and pre-series A will dry up and valuations will come down.

Talented founders won’t be able to succeed without their help, hence the deal flow might dry up if they don’t act.

Learning from the US

I won’t go too much in-depth as there’s only so much we can adopt, but there’s a few characteristics that few in countries the world have:

• Full ‘immigrant mindset’ (each person is typically only 1 or 2 generations away from an immigrant)
• Mindset where failure is socially accepted while starting a new venture
• Strong ecosystem across company stages with experienced angel investors & VC that provide more than just funding but also advisory and sometimes even operational resources
• Proven successes that make sure institutions and private investors will keep investing money in to venture capital

Also Read: COVID-19 response and recovery: How can the retail industry turn around its future

How about family offices?

I left out family offices from the discussion as they generally have less of a venture capital thesis in place or advisory resources available. However, family offices could decide to work with a multi-family office to extend their reach and knowledge or invest in the fund of a global VC.

I think over the next five years we will see the following happening:

• Founders will move increasingly out of their existing base and start exploring other regions
• A new generation of VC will emerge that bring focus to sourcing talent globally regardless of their home base
• This same group of VC will start to provide resources beyond capital
• VC will shift back to earlier stages (such a seed and pre-series A) and work closely together with angel investors, venture builders, and accelerators
• Smart institutions, wealthy individuals, and family offices will seek to back this new generation of VC and founders

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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.

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SensorFlow co-founders, Saikrishnan Ranganathan and Max Pagel

Proptech startup SensorFlow secures US$8.3M in Series A+ funding led by Openspace Ventures, Gaw Capital Partners

Singapore-based proptech startup SensorFlow announced that it has raised a US$8.3 million in Series A+ funding led by Openspace Ventures and Gaw Capital Partners. The company said it plans to use the funding to develop solutions for automating heating ventilation and air-conditioning (HVAC) systems that help hotels manage COVID-19, hiring new talent in hardware and data science roles and for international market expansion.

This round follows SensorFlow’s Series A funding in February 2019, which was led by private investor and finance sector veteran Pierre Lorinet, with participation from Cocoon Capital and Playfair Capital.

Founded in 2016, SensorFlow offers buildings, including hotels, offices and industrial spaces, the ability to automate HVAC systems, monitor equipment performance, and optimise housekeeping routes through Internet of Things (IoT) technology and artificial intelligence-driven solution. The solution generates up to 30 to 50 per cent of savings on hotel room HVAC costs, which can translate up to 30 per cent in savings on total hotel energy bills.

SensorFlow’s wireless IoT solution features real-time data tracking to help properties monitor energy consumption trends and make better-informed operational decisions based on big data. Wireless sensors gather data on guest behaviour within hotel rooms and the system optimises energy usage automatically and activate maintenance alerts when it detects faulty equipment, reducing disruptions to the guest experience.

Fintech startup Modalku receives US$40M in Series C funding from undisclosed investors

Modalku, Indonesia-based fintech group that provides a P2P lending service for SMEs, announced that it has received a Series C funding of US$40 million from its existing investors. The company said it will use the funding to realise its vision for financial inclusion in Southeast Asia and to reach more SMEs.

Also Read: SensorFlow aims to help hotels conserve energy, raises US$573K in seed funding round

To date, Modalku group has processed about US$895 million in loans to Indonesian, Singaporean, and Malaysian SMEs. In Singapore and Malaysia, Modalku operates under Funding Societies.

Prior to this round, Modalku closed a US$25 million in Series B funding back in 2018 from SoftBank Ventures Korea, Sequoia India, Alpha JWC Ventures, and Golden Gate Ventures.

Co-Founder & CEO Modalku, Reynold Wijaya, said that to weather the COVID-19’s storm, Modalku has applied two restructuration approaches, which include the company offering a credit restructuration scheme based on each SME’s business performance, and collaborative model with Modalku facilitating the payment scheme requested by the borrowers.

Singapore Fintech Association, Razer Fintech partner to support Singapore’s fintech ecosystem amidst COVID-19

Singapore FinTech Association (SFA) and Razer Fintech, Razer Inc’s financial technology arm, today announced their collaboration to address the key issues facing the fintech industry in Singapore as a result of the COVID-19 pandemic, which includes business continuity concerns, high business costs, funding, and employment.

As part of the agreement, SFA and Razer Fintech will leverage on SFA’s capabilities and Razer’s ecosystem, to mobilise support for the Singapore Fintech community, including cash flow and marketing support programs, helping curate fintech companies in Singapore through partnerships or investment, supporting the evaluation and due diligence process (certification, screening, and reference checks), and having joint networking events to promote the fintech scene in Singapore.

This follows the announcement on April 10 by Razer of a US$50 million COVID-19 Support Fund where Razer will leverage on its business arms of Razer Fintech, Razer Gold, and corporate ventures arm, zVentures to support business partners and help them tide over the negative impact brought about by COVID-19.

Interested fintech companies can get assistance in the form of bridge financing, equity, or equity-linked instruments ranging from US$100,000 to US$1.5 million depending on the stage of growth and requirements. More information about this collaboration can be accessed here.

E-commerce portal Thaitrade partners B2B food e-marketplace OctoRocket in promoting cross-border trade across Asia

Thaitrade.com, an e-commerce portal founded by The Department of International Trade Promotion (DITP), Ministry of Commerce, Thailand, has announced its partnership with OctoRocket.asia, a B2B food marketplace to promote cross-border trade between Thailand and Asia’s food & beverage industry members.

OctoRocket.asia, is a joint venture by Singapore Press Holdings (SPH) and Y3 Technologies. It consists of curated B2B wholesale food e-marketplace that focuses on connecting retail buyers and suppliers in the Asian region.

Also Read: Singapore’s SFA signs MOU with ASEAN’s AFIN to promote fintech marketplace APIX

As part of this partnership, OctoRocket will bring focussed exposure to the range of curated Thai brands endorsed by Thaitrade. Similarly, Thai suppliers will be introduced to the network of Southeast Asian suppliers on OctoRocket’s platform.

The Director-General of the International Trade Promotion Department, Somdet Susomboon, said the partnership will help encourage Thai food manufacturers to take the first step in exporting their products via first establishing an online presence, while Thai suppliers will be able to source a wide variety of Southeast Asian products to suit the increasingly international palate of Thai consumers.

To mark this partnership, OctoRocket has launched a curated landing page of Thai products as endorsed by Thaitrade.com here.

Sunway iLabs to host E-commerce Jumpstart Programme to help SMEs going online

Sunway Innovation Labs (Sunway iLabs) together with Sunway University, Alibaba.com, government agencies MDEC, MaGIC, Cradle Fund, and others, will host a free four-week training programme for SMEs and retail entrepreneurs called the eCommerce Jumpstart Programme, to help their businesses get online.

The eCommerce Jumpstart Programme is a corporate social responsibility initiative by Sunway iLabs in response to the COVID-19 crisis, aimed at helping Malaysian retail and SMEs entrepreneurs on their digital transformation journey to weather the current economic downturn. The programme will feature a list of experts to give talks during the programme and mentor the participants.

“SME Corp had indicated in 2018 that only 37.9 per cent of SMEs are involved in online business, with a majority of the online businesses serving the domestic market. We want to help the businesses who are not online to get an online presence for their survival, and help them emerge stronger,” said Matt Van Leeuwen, Sunway Group Chief Innovation Officer and Sunway iLabs Director.

“If there’s anything the COVID-19 situation has amplified, it would be the crucial necessity for offline SMEs to employ a bricks-and-clicks strategy. The eCommerce Jumpstart Programme intends to help them implement digital solutions for their business through a structured curriculum and mentorship from digital experts,” he added.

The launch of the eCommerce Jumpstart Programme will take place on April 27, 2020. The 12-hour, four-week programme will cover fundamentals in the first week, e-commerce strategy in the second week, pragmatic steps for getting businesses online in the third week, and content and digital marketing in the fourth week in a form of lectures, talks, and workshops from successful digital entrepreneurs, e-commerce players, and academics.

The programme is open to any Malaysian retail entrepreneurs and SMEs. At the end of the programme, there will be a competition where the winner will be able to win a 100 per cent fee waiver worth US$2,864 for the Alibaba Global eCommerce Talent (GET) Programme which includes access to Alibaba’s global ecosystem and resources and an opportunity to join the Sunway iLabs Accelerator Programme. Registration has been opened until April 25, 2020, at 6 pm.

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Image Credit: SensorFlow

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Vietnam’s OnPoint brings in US$8M funding to help consumer brands establish e-commerce presence

Vietnam based e-commerce enabler OnPoint has secured US$8M in a Series A round of financing, led by Kiwoom Investment and Daiwa-SSIAM Vietnam Growth Fund II L.P, according to KrAsia.

The company will use the funds for hiring and developing data-driven capabilities.

OnPoint currently has several dozen clients, including L’Oreal, Shiseido, P&G, Rohto, Beiersdorf, Unilever International, Watsons, Kimberly-Clark, Unicharm, CJ Group.

Former C-level executives of Lazada, Quang and Le Xuan Long started OnPoint to empower consumer brands to grow and thrive in the fast-paced ecosystem.

“We see ourselves not just as an extending arm in online demand creation and demand fulfilment, but also a strategic partner for brands who helps facilitate their multitude interactions with online netizens,” said Quang.

Bugworks announces US$7.5M in fresh funding to tackle future pandemics

Bengaluru and Delaware-based biopharma startup Bugworks has announced US$7.5M in fresh funding, led by University of Tokyo Edge Capital, Global Brain Corporation, and South Africa-based Acquipharma Holdings, according to The Economic Times.

The fresh funds will be used by the company to complete its phase-1 studies for GYROX series intravenous drug candidate, which is a drug said to be effective against bacterial superbugs and commonly used antibiotics.

According to Anandkumar, CEO of Bugworks, the new money will also help support the firm’s mission to be better prepared for future pandemics.

Also Read: A sneak-peek at the 9 startups selected for Bridge Fashion Incubators latest cohort

“This new financing is an endorsement of our team and differentiated anti-microbial resistance (AMR) assets, as we bring reputed global investors to aid our mission of pandemic preparedness by defeating superbug infections,” he said.

Bugworks last raised US$9 million Series A in August 2018, which was led by University of Tokyo Edge Capital.

Indusface raises US$5 million from Tata Capital Growth Fund II

Indian SaaS startup Indusface has raised US$5 million in funding from Tata Capital Growth Fund II, according to a company statement.

The latest funds will be used by the company to grow its user base and accelerate its product innovation plans.

“We believe that the cybersecurity market will continue to see significant growth as securing digital assets becomes a priority with the increased salience of digital business processes and the consequent reliance on a trusted “digital assurance” provider like Indusface,” said Akhil Awasthi, Managing Partner, Tata Capital Growth Fund.

Indusface is an application security SaaS startup that helps organisations protect their web and mobile applications.

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Image Credit:Markus Spiske

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COVID-19 and the allied stress may not let one think of anything else. As uncertainty and fear of a slowing economy dominate our WFH schedules, at e27 we think it is important to look beyond and keep moving towards the greater goal.

As a startup founder or a budding entrepreneur; one is juggling meetings, investor presentations, team pep talks, training, etc. But while you are at it, it is important to define the trends and be seen as an expert within the ecosystem –by becoming a thought leader.

On April 23, we hosted a webinar with startup PR and communications specialist, Muara Makarim, Sr Communications Manager at Revolut, to learn more about how to use this time to become a thought leader.

Often seen as just another marketing strategy, thought leadership enhances brand reputation, builds decision-makers’ trust, opens the conversation, and helps close business deals too.

Anyone can become a thought leader and benefit from the added visibility. All you need are passion, expertise, and honesty, says Makarim, who has helped startups such as Shopee and Circles.Life at their game.

Key takeaways

• Founders are the face of the company and should work on enhancing their PR and marketing skills. They should share their views about the industry and what’s happening at their startup freely. Once the startup grows, the founder takes a backseat, but they cannot stop doing this. For example, Revolut founder in the UK is very active as a thought leader.
• Thought leadership distinguishes you and your brand from others. Events, podcasts, and blogs can help you build leads, future investors, and even increase consumer base.
• Bear in mind that its a slow process and yields no instant returns.
• Investors are looking for founders with expertise. This is a great way to build and showcase that, especially when you are looking to get their attention.
• While thought leadership begins at the founder, it does not stop there. Slowly, a startup can involve its’ technologist, sales and market leaders, or even HR executives to share their company practices, product know-how, etc.
• As your startup grows, it’s important to know who participates in where. Divide and plan all your thought leadership efforts.
• LinkedIn is a great tool and the best way for brands to put company updates out there.
• Start a company blog if you can. But let it not just talk about your products, but also about what’s happening at your company, how you make decisions, etc. This will help engage all your stakeholders
• Contributor posts at media such as e27. Contributed posts are a good break from story pitch and press release and an easy way to earn bylines for key members of your company.
• Tech companies can use their data and share it with media companies to do collaborative articles. Connect your data specialists to journalists and see the magic happen.
• Be honest at all times. As long as you can back it with data.
• If you are passionate about what you are saying, people will listen.

Notable resources

• Get started: View the e27 Contribution Programme deck with information about submission guidelines and content style.
• Get inspired: Recent contribution by Eddie Lee of Revolut on the COVID situation
• If you are looking to share your views but don’t know where to start. This guide is your go-to.

Food for thought

• Where should the founder publish the article first? Should it be on the company blog, or personal LinkedIn, or submit to the media first?
• Are there ways to monetise thought-leadership content or engagement?
• How is thought leadership different from personal branding?
• Feel free to share your thoughts on the above via the e27 Contribution Programme

Next steps

• 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.
• Register for the upcoming e27 Webinar: Meditation for entrepreneurs and working professionals

If you are struggling with challenges like how to get your founder to understand the importance of thoughts leadership  or how to enhance speaking engagements, watch the full recording here:

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Image credit:Product School on Unsplash

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Igloo Founder and CEO Wei Zhu

Singapore-headquartered insurtech startup Axinan has rebranded to Igloo even as it has announced the closing of its undisclosed Series A-plus funding.

The round was led by InVent, the corporate venture capital arm of Bangkok-based Intouch Holdings, an asset management and investment company serving the telecom, media and tech sectors.

Igloo’s existing investors Openspace Ventures and Shanghai-based Linear Capital, besides new investors Singtel Innov8, Cathay Innovation and Partech Partners, also participated.

The fresh round — which takes Igloo’s total investment raised to date to US$16 million — will fuel its expansion plans into Vietnam, as well as help it strengthen its foothold in the Philippines and Thailand. The money will also help it to double its business development and engineering teams across the region.

In an interview with us in October last year, CEO Wei Zhu said the company was in the midst of raising Series A-plus round.

Going big? Then Go e27 Pro

Incorporated in 2016 by Zhu (formerly CTO of Grab), Igloo focuses on creating “innovative digital insurance for the Internet economy”. It leverages Big Data, real-time risk assessment, and digitised claims management to create B2B2C insurance solutions for online companies and insurance companies.

The insurtech firm works with leading e-commerce and travel players in Southeast Asia, including Bhinneka, Bukalapak, Lazada, RedDoorz, Shippit, and Shopee, as well as regional insurance partners Allianz, Baoviet, FWD Singapore, Mercantile, and Sompo.

At present, Igloo is in advanced discussions with telcos, banks, non-banking financial firms, and online travel agencies (OTAs) in the region to offer products through its marquee insurance partners utilising the state-of-the-art data and technology infrastructure.

Since its founding, Igloo claims its insurance products “have already benefitted over 15 million customers, effectively protecting over 50 million transactions in the past year (February 2019 to February 2020)”. The categories include electronics, home, personal accident and travel.

The company has formally rebranded across all its current markets, including Singapore, Indonesia, Malaysia, Thailand, the Philippines, and Australia. The new brand name was chosen as it is the existing name of the company’s flagship digital insurance product line that caters to Southeast Asia’s growing population of digitally-savvy consumers.

Also Read: How insurtech is changing the game in Southeast Asia

“With COVID-19 impacting every facet of personal life and business, digitisation can help the world adjust to the new normal. This is especially apparent in insurance, where we can tap on digital channels for distribution and also for creating awareness,” said Founder and CEO Zhu.

“We see that digital insurance is on the rise in Southeast Asia, and we believe that Igloo, with our digital-first approach and expansion of our product portfolio into personal health, accident and other related products can help fill those gaps and address consumers’ needs for personal well-being,” he added.

The digital insurance penetration is low in Southeast Asia, at only 6 per cent today. Southeast Asia’s digital insurance sector, currently valued at US$2 billion, is growing and expected to grow to US$8 billion by 2025. This is coupled with an accelerating internet economy that is projected to hit US$300 billion in 2025, according to the eConomy SEA 2019 report.

Image Credit: Igloo

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With COVID-19 going rampant around the world, it’s obvious that connection is the only thing that keeps us going, aside from essential workers and healthcare professionals on the frontline.

With public places closed down, all work-related activities are forced to find a rhythm at home, and so do training, seminars, and gatherings for learning.

If you are someone who loves to fill your downtime with learnings or want to master new skills altogether, then the circuit break, social distancing, or whatever terms used, may hinder you from doing the physical co-learning thing.

But the beauty of technology is that you can do (almost) anything just from the comfort of your gadget. COVID-19 has eliminated the need for physical meetings for learning, so these guys have the chance to shine.

FutureLab

FutureLab is an online mentorship and webinars platform that offers a chance to diversify solutions for the customers of businesses. In an article published in The Edge Market, the company said it was built for its enterprise clients to introduce mentorship internally and to ensure that there is succession planning.

The company was co-founded and CEO Brian Tan. In the interview, the FutureLab team revealed that they stumbled upon the business model as a new revenue stream by chance.

Also Read: These Indonesian edutech startups are helping students cope and thrive during the COVID-19 crisis

“They wanted to use their mentors but needed our platform. So, we repackaged it for them in two weeks and realised that it was an interesting concept where we could build and customise community mentoring platforms for individual business clients,” Tan said to The Edge Market.

Started as a mentor marketplace for the public to connect experienced mentors to mentees looking for help, it has now become a digital learning ecosystem targeting high schools, universities, and companies to come on board to join.

FutureLab’s enterprise solutions integrate educational institutions with companies and incubators to create what’s called a digital learning ecosystem, allowing mentees to create connections. Meanwhile, corporate clients can tap the new talents entering the market.

For companies using the service, it can use it to organise management training programmes through the platform and add their internal mentors and mentees. HR (human resources) department can track interactions and there is also an event tool to create workshops and community events.

MyClaaz

MyClaaz offers a flexible experience for tuition and professional learning on both the web and app, providing a one-to-one private home and online learning matching service for multiple levels.

MyClaaz allows users to become a student, learner, trainer, and tutor from wherever they are.

Besides offering Malaysia’s school-level and university subjects, the platform also offers what it calls professional subjects that cover business planning, copywriting, corporate financing, designing, accounting, and more.

The Malaysia-based company also offers public interest subjects, such as coding, public speaking, sports, cooking, baking, knitting, sewing, and languages.

To use the platform, users simply search for a preferred nearby tutor by using its tutor’s special map locator. Apps will pinpoint the users with the perfect tutor according to their preferences.

Then, users are free to select the learning service, whether it’s a video recorded teaching, notes, samples of exam’s question, real-time online teaching and problem solving, and home tutoring, which is not an option during the pandemic.

Learncool

Learncool enables knowledge sharing, regular online meetups, training, and bite-sized self-study. It seeks to spark collaboration, especially during the COVID-19 crisis, to assist with holding meet-ups online.

The Singapore-based edutech platform allows users to create a group, share the meeting code, click join conference button in-app, or web app. It targets organisations, such as toastmasters, yoga clubs, training groups, meetups, and hundreds of other such organisations to strengthen their value to customers.

Also Read: (Exclusive) Indonesian edutech startup Gredu raises pre-Series A funding round to help ease teachers’ workload

Learncool also assists users in learning and teaching using recordable video conference from anywhere. It also offers shareable video creation with collaboration features as well as a community-building tool through a monetisation option for advanced content and training.

Akadasia

Singapore-based Akadasia explains itself as “a group of experienced educators, entrepreneurs, creative thinkers, and technology professionals who are on a mission to provide free access to a good, quality education to all”.

Akadasia’s education service has an end goal to open up path for employment or financial support needed to start small businesses that could help the users improve the lives for themselves, their families, and the community at large.

It facilitates teachers to learn ways to engage students online, content creators to assist them in distributing content to learners through FREEJO, and technology partners to help them integrate their technology solutions right into FREEJOO for access by our users.

ProSpark

ProSpark is a Singapore-based e-learning platform for businesses. It has closed a pre-seed funding round led by early-stage venture capital firm Agaeti Ventures with participation from angel investor Adi Adisaputro and Prasetia Dwidharma, a telecom infrastructure developer and early-stage investment firm.

ProSpark was founded in 2018 with a mission to provide a business-to-business learning management system that allows employees to access individual or group training online. It gamifies the system with leadership boards, badges, and a points system.

Also Read: How the Coronavirus is teaching edutech startups a much-needed lesson

ProSpark lets companies onboard, train, and certify their employees. It also enables to conduct knowledge transfer and collaboration. The startup’s main market is Indonesia with priority sectors being banking and insurance.

With much in-person training being cancelled and companies looking for cheaper and more efficient ways to train people, these firma are seeing even higher demands than before.

Even before the pandemic, the global corporate e-learning sector is already expected to grow to US$30 billion by 2022 at a 13 per cent compound annual growth rate, according to Market Research Future. It’s safe to say that the pandemic just re-confirm that the e-learning sector’s position in the market is to be one of the most crisis-proof and sustainable.

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