Day: June 24, 2020

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In brief: BCB Blockchain launches US$15M grants for Asia’s tech, blockchain startups

BCB Blockchain’s US$15M grant targets up to 1K projects in Asia

Singapore-based Building Cities Beyond (BCB) Blockchain has announced the launch of US$15 million worth of grants to the projects developing on its  protocol.

The BCB Innovation Grant aims to boost key development areas of the BCB ecosystem, and will target up to 1,000 projects within Asia.

The grant will cater to the tech startup ecosystem in the region, with grant participants also gaining access to BCB workshops and facilities to assist and bolster their development capabilities.

As part of its plans to attract developers to its platform, BCB will set aside US$2.8 million of its innovation grant to fund game development projects on its platform.

Also Read: PropertyGuru’s CPO shares the secret sauce of building a highly productive remote team

In doing so, the company hopes to use game development as a means to introduce and encourage developers to its blockchain protocol.

TranSwap appoints Surinder Singh as Country Head, Malaysia

Singapore-based cross-border payments platform TranSwap has announced the appointment of Surinder Singh as Country Head for Malaysia, ahead of its launch in the market.

This move is part of TranSwap’s strategic plans to continue providing small and medium-sized enterprises (SMEs) and e-commerce businesses with cross-border payments solutions.

In his new role, Singh will be responsible for driving TranSwap’s growth strategies and vision to provide “an efficient and cost-effective digital financial service” for Malaysian businesses to grow and scale internationally.

Furthermore, he will drive strategic partnerships with local and regional banks, and collaborative efforts with SME associations and other bodies as well as local fintech partners, to provide innovative solutions to SMEs

TranSwap currently operates in Singapore, Hong Kong and Indonesia.

The FinLab launches online platform for SMEs

The FinLab, United Overseas Bank’s (UOB) innovation accelerator, today launched The FinLab Online, a digital platform to help SMEs and startups across ASEAN implement digital solutions to transform their businesses.

SMEs will be able to tap the expertise of industry mentors through video tutorials and webinars, as well as sign up for FinLab Online Programme to conduct a free self-assessment of their technology needs based on FinLab’s proprietary business analysis tools.

They will then be guided on digitalisation strategies and solutions to address immediate business challenges and be matched with relevant technology solution providers.

Since its launch in 2015, The FinLab has received interest from more than 2,000 businesses in Singapore, Malaysia, and Thailand.

Indonesian mobile café chain Jago Coffee launches app

Jago Coffee, a Jakarta-based mobile café chain, today announced the official launch of its app that allows customers to order coffee and get it delivered at their doorsteps.

Also Read: Singapore’s Horizon Quantum raises US$3.2M to make quantum computing accessible to every developer

Founded in November 2019, Jago Coffee provides coffee beverages through its fleet of fully electric mobile coffee carts.

Jago offers both in-person grab-and-go and mobile orders, offering pickup and delivery services for fresh café-grade coffees directly to consumers.

The company’s grab-and-go model places carts in strategic locations such as office building lobbies and major community spaces so customers can pre-order and instantly pick up their coffee before heading up to work or while on the go.

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Image Credit: BCB Blockchain

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We revamped e27 Events and here are the new things you can do

e27 Events

From webinars, accelerator programs, demo days, and tech conferences among many others, you can navigate through various happenings both in and out of Southeast Asia through the e27 Events listing.

To give you a better, more emboldened experience, we have recently revamped our events listing and pages. Apart from its newly updated interface, giving the page a brand new face-lift, we also launched a number of improvements that would allow you to sift through different events more seamlessly.

Improved viewing

Along with the overall brand new look, we also developed an improved viewing experience for those who wish to check out events listed on the e27 website. Now, you can start accessing events under three simple categories: upcoming (events that have yet to happen), ongoing (events currently happening that span across multiple dates), and completed (events that have concluded).

Easier filtering

Events e27

With the new interface, filtering your searches is also easier and more accurate than ever. Now, you can check based on which events are close to you, and which events will happen during your available time. With the location and date-based search filter system, you will be able to narrow down their searches much more easily.

Improved design

e27 events

We know the importance of being able to home in on crucial information when sifting through our pages. This is why we cleaned up our design and better organised the content available in our events pages so that you don’t miss out on those important details. Moreover, we personally think that the new look is much cooler all around!

Exact scheduling

e27 events

Timezones can be tricky, especially with different webinars happening across the globe. This is why we have added timezones and timing features so you can see how the event fits in your specific schedule no matter where you are in the world.

Seamless event management

e27 events

With our new event submission and management model, you can create your event page in under five minutes. You can also easily edit your event details and upload a link to view your events once they’re completed.

Through e27 Events, we continue creating and supporting spaces where founders and tech entrepreneurs can share and learn from each other.

Check out our sexy new Events page here!

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Meet the 3 Indonesian startups graduated from gojek Xcelerate’s 4th batch

gojek’s startup accelerator programme Xcelerate has announced the 11 startups graduated from its fourth batch.

Themed ‘direct-to-consumer’, the programme focussed on strategies to connect to consumers in response to how they have changed and adapted during the COVID-19 pandemic.

According to Tarun Agarwal, Head of Groceries at gojek, the theme is relevant to the current situation as it is the most effective business model for startups with more and more customers adapting to online activities.

To minimise the failure in developing products and services, the selected startups were trained to apply minimum viable product (MVP) technique.

The 11 startups also received a growth hacking and impactful data science method from gojek, as well as business development strategy from Google Founder’s Lab, valuation principle from UBS bank, and mentorship session with McKinsey.

The fourth batch was powered by Digitaray, which focusses on nurturing ready-to-acess brands, ranging from fashion, sportswear, cosmetics, to healthy lifestyle providers with locally prominent names like Rollover Reaction and Pura Kitchen.

Also Read: gojek Xcelerate introduces 10 women-founded startups to its second batch

All the brands are mostly operated digitally with their online stores, of which three are tech startups.

They are:

Elio: A digital health clinic for men which has launched a dedicated page for COVID-19’s self-assessment

GetGo: An AI-powered visual-based search for e-commerce to help to find items online

Jejak.in: A census system to manage trees and plants using a map-based system that can be used on desktop or mobile, online, or offline with access to real-time data and analytics.

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Picture Credit: gojek

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Singapore’s options trading platform Sparrow raises US$3.5M Series A led by BitMEX owner

Sparrow, an options trading platform based in Singapore, has secured US$3.5 million in Series A funding, led by the HDR Group, owner and operator of crypto exchange BitMEX.

Also participated in the round were Signum Capital, Du Capital, FinLab EOS VC.

Kenneth Yeo, CEO of Sparrow, said: “Since launching in June 2019, we have seen unprecedented growth with over US$150 million in options trading volume. Volumes have tripled since the start of the year. We look forward to introducing more innovative products to the crypto derivatives market.”

Headquartered in Singapore, Sparrow offers BTC and ETH options that are settled by smart contracts. Its proprietary platform is accessible through an interface, advanced order book, or trading APIs.

Also Read: PropertyGuru’s CPO shares the secret sauce of building a highly productive remote team

Signum Capital is an investment firm based out of Singapore. Signum’s portfolio comprises both equity and digital assets in the blockchain space, with a diverse investment approach ranging from exchanges, infrastructure projects to mining farms.

Du Capital is a Singapore-based multi-stage investment firm backing companies and entrepreneurs that venture in innovative technologies such as the distributed ledger technologies (DLT).

FinLab is a fintech and blockchain investor in Europe. FinLab focuses on providing venture capital to startups.

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gojek to let go of 430 employees as it shutters GoLife, GoFood Festivals

Southeast Asia’s on-demand multi-series giant gojek said in an internal email communication today that it will let go of 430 people (about nine per cent of the workforce).

Additionally, the firm will close two of its products — GoLife, which offers at-home services of massage and cleaning, and GoFood Festivals, its physical food locations.

Many of the employees affected by this retrenchment decision are from GoLife and GoFood Festivals units.

According to the firm, these businesses are dependent on close human interaction and have seen a significant downturn over the past few months as the COVID-19 pandemic has affected consumer habits.

GoLife will close on July 27.

gojek said these measures will provide it with the resources to focus on the business areas where it has the most impact, primarily encompassing its three core services, but also the services that have shown promise as a result of the pandemic such as logistics, which has grown by 80 per cent since the pandemic began, or groceries, which has more than doubled.

Gojek HQ employees, who are negatively affected by this, will be provided with benefits, including enhanced severance payments, health insurance scheme extension, outplacement support and being allowed to keep their laptops to help with their future job search.

This comes amidst the reports that the tech giant is finalising an investment round of more than US$3 billion at US$10 billion valuation. As per a Bloomberg report of May, gojek has already raised this funding.

gojek recently revealed that Facebook and PayPal had invested in this round.

Below is the internal email sent to the company from gojek Co-CEOs Andre Soelistyo and Kevin Aluwi:

Hello all,

After what was an emotionally tough day for everyone, we wanted to extend a heartfelt thanks to you all for listening, participating and understanding. The reason we held a townhall for each division within the company, instead of a company-wide one, was because we wanted to be present on a more personal level as we delivered the news, and to give you the chance to understand what this means for each of you on a departmental basis.

You heard from both of us how COVID-19 has affected our business and presented us with multiple challenges that we must all work to solve. The biggest challenge is the level of uncertainty ahead and the hard fact that this will forever change how some of our business and products need to operate.

We must respond to the external environment and increase our focus on building a stronger, more efficient business that will stand the test of time and stay relevant. Focusing on our core services, shutting down verticals that are no longer viable during this period, and making bold bets on changing customer needs will ensure that we continue making a positive impact on the lives of millions of people while securing future growth. But we’re sorry that the reality of implementing this has to be so painful.

The journey gets more difficult from here as we begin the process of separating from the 430 employees many of us have grown close to, while also closing down GoLife and GoFood Festivals – businesses that have played important and prominent roles in Gojek’s history.

With that in mind, we both wanted to share some individual thoughts.

From Kevin:

“Five years ago, we had a moment when Gojek almost ran out of funds; payroll was due in a few days and without more money, we would not be able to pay everyone that month. I was calling people left, right and centre for emergency funding (in fact, at the time Andre sat on our board and he was one of the people I reached out to) on the stairs of our previous office, which overlooked the 150 or so people who were depending on us to find a solution.”

At that moment, I had a deep appreciation of the fact that our employees had put their hopes, dreams and ambitions into this small startup, and if the company did not survive, we would be failing every single one of these people. Thankfully, we managed to secure funding and the rest is history.

One of my biggest fears as a leader is failing all of you, hence that was by far the hardest moment I had at Gojek, until today. Today, in each townhall, I felt like I’d failed so many of our colleagues. I’d like to personally apologise for what we unfortunately had to do. For those of you who we’ve had to let go, please know that this was something that both Andre and I fully recognise as our fault, not yours. We are sorry that this time we have failed you. We are truly grateful that you have contributed meaningfully to Gojek’s success over the years and are a valued part of our story; any company would benefit greatly to have you on their team and we will do everything possible to help you make the next step in your career. Please feel free to reach out to me directly if you’d like to talk.”

From Andre:

“When we started out as Co-CEOs, I told everyone that I wanted to be a steady hand through whatever situation Gojek encountered. I hope that promise gives some reassurance that it was only after a huge amount of thought and soul searching that we came to this conclusion. This has been the most difficult decision that I have had to make at Gojek. I wish we had built a company that could carry all of us to the next chapter. But in the end, given all of the uncertainties in front of us, it has to be about the mission that we all undertook and making sure that this mission continues to grow and live on long after all of us are gone.

We had previously optimised the company for growth and impact and we imagined, naively, that the rate of growth would always accelerate. We didn’t plan enough for the inevitable downturn and we are paying for that now. But do I regret that? No I don’t, because at the very least, it meant that we got to work together with so many special individuals on a collective mission together. Even if only for a short time.

To those that are leaving, I know that this series of events may have left you with some sadness, anger and disappointment. If you will allow me to ask one thing of you, I ask that you never lose your love of Gojek. I hope that whenever you are on the road, and you see our Gojek driver partners proudly wearing the green jacket and helmet, you will always be reminded and feel proud, that you played a pivotal role in making all of this happen.”

Started in 2010 with a mission to improve the livelihoods of local ojeks (motorcycle taxis), gojek has now grown to become a super app that offered multiple on-demand services, including food ordering, commuting, digital payments, shopping, and hyper-local delivery.

As of 2018, gojek claims to have processed more than US$9 billion annualised gross transaction value across all markets where it operates — Singapore, Thailand and Vietnam.

During its 11 years of existence, gojek has secured about US$4.5 billion across 10 funding rounds from the likes of Google, Tencent, Facebook, PayPal, and Mitsubishi. Over these years, it has also acquired a dozen companies, including Moka, Coins.ph, and AirCTO.

Recently, Ajay Gore, Group Chief Technology Officer of gojek, announced his departure after serving the tech giant for about six years.

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Image Credit: gojek

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