XA Network, an investment network comprising senior executives from leading global and regional technology companies, has invested an undisclosed amount in Vertex Venture’s fourth fund.

The US$305-million fund aims to back Series A and B startups in Southeast Asia and India.

As part of the partnership, Vertex will be able to access XA’s deep-tech expertise and vast talent network to support its investments and portfolio companies.

Also Read: Going big? Then Go e27 Pro.

In return, Vertex will provide XA insights from a global investor’s perspective and access to its affiliates from Silicon Valley, China, Israel, Southeast Asia and India.

Joo Hock Chua, Managing Partner at Vertex SEA and India, said that this partnership would help both the companies grow their portfolios and provide them with the necessary aid it will need to expand further.

“XA members have deep and diverse expertise in tech, marketing and operations. We certainly look forward to working with them closely to help our portfolio grow,” Chua said in a statement.

Formerly known as Xoogler Angels, XA Network aims to provide smart capital to early-stage companies across the Asia Pacific region. The network was founded in 2018 by distinguished executives from companies such as Microsoft, Netflix, Apple, AWS, Facebook, Twitter, LinkedIn and PayPal.

The network has invested in a wide variety of sectors and over 20 companies since 2018, including Tigerhall, Neuron, Pencil, and Infradigital.

Vertex is a global investment firm backed by sovereign wealth fund Temasek and focuses on Series A and B deals. Its Fund IV managed to raise US$305 million against the target corpus of US$230 million. Its portfolio firms include Grab, InstaRem, PatSnap and kids e-commerce firm FirstCry.

The VC firm has offices in Singapore, Jakarta and Bangalore.

Also Read: Meet Mentor For Hope, the startup mentorship programme that will donate 50K meals for those in need

Vertex recently joined “The Mentor For Hope” programme which aims to provides mentorship to founders affected by the COVID-19 crisis, besides helping charities raise funds.

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Image Credit: Aditya Chinchure

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Magnus Grimeland, CEO and Founder of Antler

Antler expands to India, hires Rajiv Srivatsa to head country’s ops

Global early-stage VC Antler has announced its plans to launch in India to enable more entrepreneurs to build startups through its platform, support, and global reach.

The local operation will start in Bangalore and be led by Rajiv Srivatsa, Co-founder of Urban Ladder, who is joining as Partner.

Magnus Grimeland, Founder and CEO of Antler said it plans to invest in up to 40 companies within its first year of operations in India through a dedicated fund.

Antler also has plans to expand to other major cities in the country in the next three to five years.

Headquartered in Singapore, Antler already has a global presence in 11 locations around the world. The firm said that it democratises entrepreneurship and works with exceptional founders regardless of background or geography.

Singapore’s AngelCentral invests in female essential products PSlove

AngelCentral, a Southeast Asian community of angel investors, has announced that it has invested an undisclosed pre-Series A amount in homegrown consumer brand for female essential products, PSlove.

With the amount raised from this funding round, PSlove will be expanding its product range and add more markets across Southeast Asia.

Also Read: Meet LoveGrid, a new social network developed to cheer you up

PSlove started off by designing and launching 100 per cent drug-free and odourless pain relief patches that produce heat for menstrual, back, neck, and joint pain relief.

PSlove did a zoom virtual pitch to over 40 angels and hosted zoom office visits where founders showcased their numbers and products.

NTU, Facebook collaborate to launch data centre specialist pilot programme

The Nanyang Technological University (NTU) and Facebook have announced to jointly launch a nine-month pilot programme that will offer new courses aimed at developing local data centre talent, Channel News Asia reported.

The public programme will be started in August and offer four specialist certificates and one graduate certificate, all eligible for funding and mid-career subsidies from SkillsFuture Singapore.

The four specialist certificates are in Design Engineering, Network Engineering, Site Operations, and Facility Operations, while the graduate certificate is in International Construction Management.

After the nine-month pilot, NTU’s Centre for Professional and Continuing Education will progressively introduce more courses in subsequent phases.

Alternative Android app store CWA Store raises seed funding form MRC Ventures-backed MOVA Store

With a mission to make Android apps accessible in developing countries, Singapore’s app store startup CWA Store has raised a five-figure seed funding from MRC Ventures-backed MOVA Store and an unnamed tech company.

CWA said that the funds will be mainly used for regional expansion and product development.

Also Read: This startup is a white-label WhatsApp that lets enterprises build their own private chat channels

The Android store was created with the core ideology that everyone deserves access to apps, regardless of their location or phone capacities. Its platform houses many Lite-version apps, suitable for mobile phones with a lower capacity or power configuration.

CWA Store itself is a vertically integrated app development company that’s not solely responsible for the creation of the app store but is an app creator themselves too.

Next, it plans to expand to India, Pakistan, and Indonesia, where there is large Android markets penetration.
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Picture Credit: Antler

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Because of COVID-19 and its unprecedented global economic implications, many businesses have been affected in unforeseeable ways. As such, these past few months have presented unique challenges faced by many startups — from being forced to shift to digital work environments, to losing investment opportunities, and even to losing actual business profit.

#MentorForHope, a Singapore-based startup support initiative and charity fundraising, has secured additional support from Temasek Trust which will enable the initiative to provide up to 850 hours of additional complimentary mentoring sessions to startups whose businesses have been affected by COVID-19.

Temasek Trust is an independent steward of philanthropic endowments and gifts. The additional support comes in the form of a successful application to the Oscar@sg fund, wherein, for every dollar donated by the public towards the #MentorForHope programme, the grant will match with another dollar, up to a cumulative target threshold.

This empowers the initiative to significantly extend the programme’s reach and support by helping more startup businesses access expert advice and other crucial information on how to navigate today’s extraordinary challenges.

Furthermore, this emboldens the programme’s outreach by raising more funds for their beneficiary organisations that play vital community support roles for those that are struggling in today’s global health crisis.

Collaborating with volunteers

Being a 100% volunteer-led initiative, #MentorForHope aims to raise the equivalent of 50,000 meals for those in need. More than that, they have also gathered the support of more than 200 Venture firms, accelerators, incubators, and working professionals across Southeast Asia, #who are coming together to pledge time and support and guide founders whose businesses have been affected by the COVID-19 pandemic.

“We were encouraged when #MentorForHope came forward to apply for the oscar@sg grant as this initiative allows this group of young professionals to take speedy action for our startup community who are affected by the current COVID-19 pandemic. The mentoring programme not only benefits startups during this challenging business climate, but also directly assists the beneficiary organisations,” said Cheo Hock Kuan, Chief Executive Officer of Temasek Trust.

Additinally, Cheo Hock Kuan remarked that their matching funding mechanism will be able to help the initiative double the pace of delivering quality mentoring to startups while also helping local communities by donating the mentoring proceeds. Not only is this beneficial to struggling startups, but it will also help feed communities through beneficiary organisations.

Temasek Trust manages the oscar@sg fund and supports ground-up initiatives responding to important community needs in Singapore, particularly ones that are arising from the COVID-19 pandemic.

Beneficiary organisations

“We are rallying support from all Singaporeans who believe in the value of supporting our startup and innovation ecosystem, and wish to do good for the less fortunate at the same time. My team as well as our partners and mentors are working hard to meet our targets,” said Elise Tan Yee Ling, who leads the #MentorForHope programme along with a team of volunteers.

The first beneficiary organisation is Beyond Social Services, an organization that launched its COVID-19 Family Assistance Fund as a way to help affected families during the pandemic, most of which are low-income families from precarious employment backgrounds that lack job security.

Donations funneled by #MentorForHope will help contribute to this fund, in conjunction with Tech SG Covid-19 Outreach efforts led by a group of leading Singapore tech startup founders and investors.

The second beneficiary organization is Willing Hearts Soup Kitchen, a secular, non-affiliated charity that runs a soup kitchen providing around 6,500 meals daily in support of the elderly, the disabled, low-income families, children from single-parent families, or otherwise poverty-stricken families, and migrant workers in Singapore.

Get in touch with #MentorForHope

Startup founders who are interested to learn from volunteer experts on how to better navigate the unique challenges of the COVID-19 pandemic may sign up here. Through the program, aspiring entrepreneurs and founders will receive access to exclusive investors and industry leaders network, one 1-on-1 mentorship session, group mentorship sessions, masterclasses, and two months of VentureCap Insights access. The Mentor for Hope team will work with you to maximise your takeaways from the programme.

Also, founders are encouraged to donate SGD 50 as a way of paying forward. This money will help vulnerable fund low-income families who are in greater need during the crisis.

As for those who wish to make donations in support of the #MentorForHope initiative and its beneficiary organisations, you may do so directly via the Give.Asia fundraising web-page, and nominating their preferred charity option.

The startup community and the public who are interested in helping out are also encouraged to start personal mini-charity fundraisers in support of #MentorForHope in order to help achieve the programme’s fundraising target.

Given today’s unique challenges, the Southeast Asian startup ecosystem continues to persevere not just in our efforts to lift the community up, but also in helping lift other communities who have greater needs.

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The co-founders of Bobobox

Just less than a week ago, Indonesia-based accommodation startup Bobobox secured US$11.5 million in Series A round of funding, led by Horizons Ventures and Alpha JWC Ventures.

The news came as a breath of fresh air after a series of unpleasant occurrences in the hospitality industry, with companies shutting down, employees being laid off and several other collateral damages that follow the hard hit.

The impact has been especially severe in Southeast Asia, where tourism and hospitality play a significant role. There has been a predicted decline of US$3-7 billion in gross income into the tourism markets in Vietnam, Thailand, Malaysia, and Singapore.

Worse, giants like online booking startup Traveloka laid off 10 per cent of its total workforce in April. A month earlier, Singapore-based RedDoorz had cut eight per cent of its employees.

Smaller but consistent players such as budget hotel startup Airy Rooms, in the meanwhile, were forced to shut down with COVID-19 taking a toll on their operation.

Against all odds

While major companies in the hospitality and travel tech industry bore the brunt, a relatively new player has managed not just to survive but also thrived in the current crisis. And it is no less than a feat in these trying times. The company in the centerstage is Bandung-based Bobobox.

Founded in 2017 by Antonius Bong and Indra Gunawan, Bobobox is a capsule network which has a vision to be the recharging facilities for everyone to get quality rest. Its capsule rooms, or ‘Pods’, are equipped with app-controlled secured door access, customisable lights, Bluetooth speaker, king-size and single-size bed, compact working space, and personal air conditioner. The prices start from US$10 per night.

Pre-COVID-19, Bobobox operated eight buildings with more than 500 pods in total and an average occupancy rate of 80-90 per cent. Amidst the crisis, its occupancy rate dropped to 50-60 per cent in March while other hotels were already at a single digit and many had shut down.

Also Read: Bobobox raises US$11.5M funding when many of its peers in the hospitality sector are on the brink

“Despite the turbulence due to the pandemic, we are grateful that we can still lock-in investment from global investors,” said Bobobox Co-founder and CEO Indra Gunawan.

The pandemic also opens new opportunities for Bobobox as local users become new regulars of the Pods, instead of the usual foreign tourists.

Bobobox’s Marketing Manager Ahmad Qois said the company did things differently to set itself apart from the struggling bunch. In addition to the hygiene protocols and flexible booking options with no cancellation fees, the company operated almost the same as the rest of the measures implied out there.

What is different about Bobobox is that it operates efficiently due to the smaller number of human resources. The firm didn’t have to lay off employees.

Capsule model can be the future

Capsule-style rooms, with only beds and other essentials inside, are not something new in the hospitality industry. It’s often the go-to choice for backpackers as it usually costs less and solo travellers would only need to sleep in their room.

Bobobox pods

Bobobox’s app-based booking system offers a technically more spacious capsule room. Qois called it “self-contained units” with more privacy and security, which spelled differently nowadays with the outbreak.

With the global advise of maintaining secure distance — ‘secure’ now means being ‘self-contained’ — it is understandable that Bobobox’s model has become more in-trend now than ever.

“With extended preventive measures in place, many locals have relocated to our pods to improve their work-from-home experience. Some would choose Bobobox with the closest distance to their workplace to avoid long commutes to work, limiting their exposure to crowded public facilities,” said Bobobox Co-founder and President Antonius Bong.

It is now safer to be together in an “isolated” place with minimised facilities than occupying a large room with people coming and going for room service and housekeeping on top of a receptionist contact.

Staying relevant

“Relevant” would be a positive uptake on the whole COVID-19 situation, but that’s what Bobobox has done. According to Bong, the current situation allowed the startup to show more use cases of its sleeping pods.

“With little modifications, we have installed more than 100 pods in hospitals as comfortable shelters for doctors and health workers so they can rest better while remaining close to their patients. We have been getting great feedback from the medics and local governments on these facilities,” Bong explained.

Sleeping pods can be a lifesaver for the front liners, and Bobobox’s quick wit earned its brand not only exposure but also trust.

Also Read: Indonesian capsule hotel startup Bobobox raises pre-Series A funding round

The Brains behind Bobobox

Gunawan has 10-plus years of experience in the hotel, tech, and manufacturing industries, while Bong worked in the real estate and tech industries. Together, they lead Bobobox with the latest funding with the plans to use it to accelerate its product improvement and location expansion.

“We are also revamping existing hotels. Unlike many hospitality SaaS [companies] that only provide branding, we help independent hotels by providing the pods, system, and even marketing. The pilot project has been successful, and we are looking forward to expanding this model,” Gunawan said in an article featuring its first round of funding in 2019.

“We want to enhance ‘Pods’ features and overall experience by growing our tech team and strengthening its manufacturing and operating models,” Bong said.

Key takeaways

Their quick wit and edge of having pods instead of hotel rooms prevented them from free-falling. The company also managed to leverage technology in enabling more nimble operating models (short stays and long stays).

Qois shared that the main takeaways of their survival is that they maintain their efficiency and lean operations. “We learned that it’s important to prepare several scenario planning/simulations so that we will be prepared when another crisis hits the industry. Being an affordable and comfortable option will not be enough, cleanliness and safety will be the new compulsory ethos from now on.”

Being in the face of a global pandemic, Bobobox also forces to look at the operation in a different way. “For more use cases, Bobobox will have to be beyond just a capsule hotel but the future of resting pods for everyone to get a quality rest anywhere, anytime,” Qois said.

Qois’s statement is backed by what Velocity Ventures forecasts, which believes that “the most agile startups may be able to discover new business opportunities and adapt accordingly”.

The report in Web in Travel further suggested that the need for travel won’t dissipate and it predicts that travel numbers will bounce back relatively swiftly.

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Picture Credit: Bobobox

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Anthill Ventures, others invest US$1M in Indian travel-tech startup QuaQua

QuaQua, an India-based platform that delivers immersive virtual travel experiences, has raised US$1M funding from Singapore-based VC firm Anthill Ventures and other anonymous investors.

The company will use the funds to enhance its product and build an AI and content-driven platform.

Founded in 2016, the startup allows people to experience travel from the comfort of their homes. It aims to “deliver real and immersive travel experiences through storytelling, that inspire people to travel”.

Currently, it claims to have a user base of 2.5 million from all over the globe.

Singapore ranks 16 in global startup ecosystems

Singapore has re-entered the best 20 in startup ecosystems globally, jumping five spots to clinch the 16th place out of 100 countries, according to the latest Startup Ecosystems Rankings report published by startup research company StartupBlink.

In APAC, Singapore ranks 3rd, right behind China and Australia.

As per a Singapore Business Review report, the island state’s global status as a fintech hub and highly supportive public sector have been regarded as the primary reason for its higher ranking.

Also Read: [Updated] T. Fuad leaves WeWork Southeast Asia; Korea

“Singapore’s public sector is highly supportive of its startup ecosystem, and considering the country’s stability and infrastructure, it is also becoming a regional entry point for expansion to the Asian market, as startups like Grab demonstrate,” the report said.

Singtel Innov8, others invest US$52M in American security platform Synack

American crowdsourced security platform Synack announced today that it has raised US$52 million in funding from Singtel Innov8, the VC arm of Singtel Group, according to DealStreetAsia.

The round was co-led by B Capital Group and C5 Capital, with participation from GGV Capital, GV (formerly Google Ventures), Hewlett Packard Enterprise, Icon Ventures, Intel Capital, Kleiner Perkins and Microsoft’s venture fund M12.

The new funding will be used for global expansion and product enhancement, the company said in a statement.

India’s LetsTransport raises US$1.3M from Blacksoil

LetsTransport, a logistics solution company which fulfils intra-city last-mile deliveries in India, has secured US$1.3 million in funding from Blacksoil Capital.

This follows an investment of the same amount in the company in November 2018.

LetsTransport provides urban logistics solutions to enterprises by offering tech-enabled intra-regional transportation services. It enables enterprise clients to book trucks and manage bookings through their mobile app, call and website.

It works across industry sectors like organized retail, FMCG and e-commerce, distribution and 3PL companies. Some of its clients include Amazon, Flipkart, Bisleri, Vishal Mega Mart, Future Supply Chain, Coca-Cola, Delhivery, and Udaan.

The startup is present in 15 cities in India and a registered trucker supply of 60,000-plus drivers.

Blacksoil is a new age diversified alternate credit platform for high growth startups, SMEs and real estate segment.

Malaysia Debt Ventures receives 49 applications for its startup funding relief initiative

Malaysia Debt Ventures (MDV) has announced the closing of its first application window for the “Technology StartUps Funding Relief Facility (TSFRF)”, according to DigitalNewsAsia.

The initiative received 49 applications from startups within a diverse number of sectors.

TSFRF is a programme that aims to provide immediate and affordable cash flow support for VCs- or government agency-backed technology startups impacted by the global health pandemic.

Also Read: Singapore’s XA Network invests in Vertex Ventures’s US$305M Fund IV

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Image Credit: Eva Darron

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