Singaporean businesses slow in embracing finance transformation: SAP survey; This results in companies losing US$340M annually to inefficiencies and manual processes; 33% of local employees say that they still submit expenses manually by filling out a form and enclosing physical receipts. Fintech News

PE-VC investors see steady valuations, improved exit environment in 2021, says DSA survey; PE firms have a higher appetite for new investments compared to VC firms both in 2020 and 2021; Vietnam ranks highest among markets where investors are most confident about placing bets in 2020. DealStreetAsia

Traveloka confirms US$250M fundraise, admits historic drop in biz activity due to COVID-19; Bloomberg recently reported the traveltech firm was in advanced talks with Siam Commercial Bank, FWD Group, GIC, East Ventures, etc. to raise the amount at ~US$2.75B valuation, roughly 17% less than its most recent fundraising. e27

‘It’s gonna be an economic apocalypse, but some industries are here to stay’: warns William Bao Bean of SOSV; Good businesses are still trading at a premium price; The fact that many investors continue to fund startups such as Ula, Tiin Tiin, and TurtleTree indicating that some companies are not cracking under uncertainty. e27

Could Sorabel have been saved? Co-founder Jeffrey Yuwono speaks out; COVID-19 struck the firm during the most vulnerable point in its funding strategy and devastated its core customer base; From a capital perspective, despite the uncertainty, the company procured several offers, including a term-sheet pulled at the last minute as uncertainty reached new levels in late March. e27

Digital wealth management startup StashAway raises US$16M Series C led by Square Peg; This takes he fintech firm’s total funding raised to date to US$36.4M; It claims its portfolios have generated annualised returns ranging from 11.1% for its highest risk portfolio and 4.3% for its lowest risk portfolio since its launch in July 2017. e27

Did the growing CAC in Indonesia lead to Sorabel shutdown? Experts speak; The strategy and operating cashflows control weren’t strong enough for the fashion e-commerce firm to convince investors; Thus, when the startup ran out of cash, there was simply not enough time for it to pivot the strategy towards a better profit margin. e27

Singapore’s financial services sector unlikely to contract ahead, says MAS; Fintech firms have raised US$336M in equity funding in H1, 2020, up 19% on-year, with US$137M of M&A; Tech has remained a key priority for the central bank, with recent investments in digital infrastructure having proved particularly effective amid the pandemic. DealStreetAsia

Building a global tech innovation brand with Taiwan’s vibrant tech ecosystem; Over the last decade, there has been a concerted effort across both the public and private sectors to encourage Taiwanese technopreneurs to not just innovate in their own market but also tap the 1.2B China consumer market, with an eye on global reach. e27

Entrepreneurship in a pandemic: Seeking success through economic turmoil; Building stronger relationships with employees, biz partners should take precedence over aggressive competitive behaviour; Creating unity through virtual social gatherings or checking in with one another when working from home can relieve the added pressures on the business. e27

Why corporate accelerators are dying and what they should do to thrive; Corporate accelerators that came into existence in 2010 surged to over 120 but dropped to 71 active programmes in 2017; Without alignment in objective and timeline, corporates are more likely to write off the potential and success of a startup after 1 run which eventually led to premature termination of the programme. e27

Oyo founder Ritesh Agarwal launches early-stage VC fund; Aroa Ventures aims to invest in consumer, technology, leisure infrastructure sectors; Aroa will look to invest in startups with annual revenues of US$500K-US$1M; It will have an average deal size between US$1M and US$10M. Mint

Without desks and a demo day, are accelerators worth it?; Before the pandemic, accelerators could advertise their value by lending desk space once used by Airbnb, Twilio and Brex’s co-founders, plus a glitzy demo day; Now, stripped of their in-person element, the actual value of an accelerator programme is being tested in new ways. TechCrunch

Taiwan’s TNL Media Group raises US$8M to build its publishing and data analytics businesses; It launched as a bilingual site to give millennial readers an alternative to traditional media outlets; It also has an office Hong Kong and a media vertical dedicated to covering SEA. TechCrunch

Why you need design thinking and proofs of concept to level up your biz; Design thinking is a development process that helps teams understand and empathise with their users’ needs, pains and intrinsic motivations. 70% of new startups flop; CB Insights finds that the number one reason for this is that there’s simply no market need for their product; TheNextWeb

Why streaming services need to adapt to survive in Asia; They’ll soon begin to lose their captive audience to the great outdoors, they need to be vigilant in these uncertain times and future-proof themselves for what lies ahead; Understanding the need to entice consumers to keep membership for the coming months will determine the future success of streaming platforms. e27

Exploring trends reshaping Thailand’s e-commerce scene; The COVID has spurred the growth of e-commerce, which is worth over US$4.32B; An evolving trend is the increasing engagement with brands and established stores; Engaging customers through games, competitions, and entertainment helps to build brand loyalty and connections. Tech Collective

Smart launching commercial 5G service on July 30 in Philippines; The PLDT-owned telco has poured nearly US$5.3B in overall capex spend over the past 5 years; PLDT also has partnered with Cisco and Huawei, to transform its IP fiber transport infrastructure into a fully automated, software-defined 5G-ready network. NewsBytes

MDEC partnering with more tech players to produce digital tech experts; Premier Digital Tech Institutions and Data Partner Universities will work closely with more tech partners to extend the Digital Tech Faculty Expert Programme; This will allow the tech partners to contribute to the growth of industry-ready skills required in the workforce. Bernama

3 mistakes early-stage startups in Singapore make in product development; Often, founders, especially first-timers, spend too much time perfecting their products; Develop only essential functions, release to the market as soon as possible to test the market, and iterate according to actual user behaviours. e27

Why it is important for tech companies to expand outside metro cities in Philippines; Expanding outside the metro cities enables businesses in general to experience low attrition, as well as help their employees save on commute time since traffic occurs seldom in provinces. e27

Starting a digital biz? Here’re common pitfalls to avoid; Bad marketing campaigns increase CAC, which is a crucial metric for a digital venture; You need to truly understand the target audience in order to optimise ads. Startup Thailand

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Diversity and inclusion have always been a big theme in the tech startup ecosystem, even in places such as Silicon Valley. Often, not for a good reason.

In 2017, following a sexual harassment allegation made by a former Uber engineer, NBC News reported that bullying against LGBTQ individuals in tech companies “are driving them out” of the industry.

Citing a study by Kapor Center for Social Impact and Harris Poll, the report wrote, “LGBTQ employees were the most likely to be bullied (20 per cent) and experience public humiliation or embarrassment (24 per cent), both at significantly higher rates than non-LGBTQ employees (13 per cent).”

While there have been actions taken to ensure a more welcoming ecosystem for minorities, reports of incidents like this inevitably led us to raise the bigger question: What about us in Southeast Asia?

In the past few years, women in the tech industry have spoken up about their challenges and tribulation in an open forum, particularly at the height of the #MeToo movement. If you have been to tech conferences in the SEA region, you might notice that they would have at least one session that specifically touches women in tech themes.

Women in tech issues have been widely discussed in the region –something that e27 applauds and supports. However, we find that there are many elements of diversity that we do not often touch in the ecosystem.

Also Read: Riding the irony: Can Indonesian GO-JEK afford supporting LGBTQ rights in a country that condemns it?

Recently, at the height of the #BlackLivesMatter movement, we aim to look at racial diversity in SEA tech startup ecosystem. We only managed to scratch the surface, but we aim to encourage further discussion. And eventually, action.

This time, we want to look at LGBTQ issues in the SEA startup ecosystem.

LGBTQ in Southeast Asia

If you ask an LGBTQ individual in SEA about how they are being treated by society, the answer will vary depending on where they reside.

While countries such as Thailand are perceived as more accepting, being the first in the region to approve a draft bill for the legalisation of same-sex marriage, other countries leave a lot to be desired. Homosexuality remains illegal in Malaysia and Singapore; apart from experiencing abuse and discrimination, their existence is often unrecognised by society.

In the tech industry particularly, one incident stood out.

In 2018, Indonesian tech giant gojek made headlines when the #UninstallGojek hashtag become a trending topic on social media. The hashtag was triggered by a statement by a gojek executive in his personal social media account, praising the company’s LGBTQ-friendly policies.

Also Read: Top 5 Chinese LGBT apps in 2017

As reported by The Jakarta Post, “Many Twitter users have posted screenshots of them uninstalling the gojek app from their phones in protest of what they perceived as Gojek’s approval of homosexuality.”

The executive was then sanctioned over his statement.

The way we see this incident is that as a leading tech company in SEA, gojek actually supports diversity and inclusion in their operations. But being a company that operates in Indonesia, where homosexuality is not illegal but frowned upon, it could not help but to adhere to society’s expectation, no matter how discriminatory it is.

This might lead to confusion on where the company actually stands in the matter of diversity, and how far it will actually go to defend it within its operations.

e27 has reached out to gojek to understand more about their stance on diversity and inclusion, but they have not responded by the time of publication.

Outside of the tech industry, as a comparison, a similar case happened to FMCG giant Unilever in Indonesia this year. The public threatened to boycott its products when the company announced its support for the LGBTQ community; the announcement was made on its global Instagram account.

CNBC reported that the incident had led to a 2.17 per cent drop of Unilever Indonesia’s shares in the stock exchange.

Also Read: 5 startups with LGBT pride

The voice of the people

But how is it like being an LGBTQ individual in the region’s tech ecosystem?

While the experience of several individuals can never represent the stories of many, e27 speaks to two sources to understand their perspective.

We speak to Ika Belerma, Quality Analyst at ThoughtWorks, and Faustine Tan, Sales Director at ZUZU Hospitality, who are open to sharing their experiences.

In general, both claimed to never experience any form of discrimination while working in the industry, apart from occasional misgender for Tan.

Belerma defines discrimination in the workplace as special treatment or preference over a candidate, based on their non-professional background, that might prevent a minority from moving ahead in his career.

“But I had definitely experienced micro-aggressions in the previous companies … in the form of slurs or seemingly innocent jokes,” he explains. “When that happens, I just tried to speak up and tell them it’s not acceptable.”

For Tan, in her experience, people in the tech industry already has a great awareness of diversity. She believes that education level has a lot to do with it.

“Luckily, all of us in startups industry are exposed to the right network and communities with the majority of people having a proper education, [which is] a university degree,” she says. “Education level has a contribution in shaping people and helping them understand … not to label [a person].”

Also Read: World’s largest dating app for gays sets up shop in Taiwan

Beyond the individual level, some companies are also giving LGBTQ employees room to express themselves through various initiatives during the Pride Month celebration every June. Belerma took the opportunity to educate his peers by sharing educational content through the email blast, chat groups, and even a TikTok challenge.

When asked about whether the activities aim to move beyond ad hoc events to focus more on advocacy, Belerma believes it is a good idea. But more commitment is needed.

Does he think tech can be a safe haven for LGBTQ individuals, the way fashion and beauty industries do?

“I certainly hope it’s true, but I think this is also something that depends on the geographical context. It’s also a complex question because there is still patriarchy here, with men dominating the area. But I do see some companies trying to provide a safe space. And I think that’s where we are going to go,” he answers.

Regarding what companies can do to ensure diversity in the workplace, Tan points out the practice of putting gender and racial preferences in job vacancies which remains prevalent in some Southeast Asian countries.

“Putting gender in job vacancies is so outdated,” she stresses.

When being asked about the importance of having a role model of successful LGBTQ individuals in tech (figures such as Tim Cook or Peter Thiel), Tan and Belerma have different opinions.

Also Read: Startup Impact Summit 2020 lends insight to break into Hong Kong startup industry in 2-day virtual conference

Belerma thinks it is quite important as it can show aspiring tech industry players what they can achieve. Meanwhile, Tan believes that a role model should only be judged based on their achievements, value, and impact.

“Most of my role models are male [and] they come from the closest circle: My own boss, mentors, and some investors,” she says.

For LGBTQ individuals aiming to make it in the industry, Tan has some last words to say.

“Accept who you are, be patient with the process of understanding yourself, define your self values, then live with it!” she closes. “So the company or community will see those values coming out from within you.”

Conclusion

When it comes to diversity and inclusion, tech companies in Southeast Asia might find themselves being pulled into different directions. They might want to implement  LGBTQ-friendly policy in their operations and to communicate this to the general public. But it can be challenging in an environment where showing support to the LGBTQ community might taint companies’ public image and lose their customers.

Ideally, we want tech companies to be the change needed in society, the way they are disrupting transportation or grocery shopping. But we are also aware that changes do not happen overnight.

What we can suggest is to start by looking within. Create a policy that supports a safe workplace where every individual, regardless of their background, can thrive. Use gender-neutral language whenever possible, hire people solely based on their capabilities. Never take aggressions lightly, however trivial. Expand benefits to non-traditional partners. Give support whenever it is needed. Educate yourself and practice what you have learned.

If companies are not able to speak about their initiative publicly, then at the very least, their employees would know that they are being seen and supported. If their society cannot give them the safe space they need, then let them find it in their employers.

This is also a way for companies to prevent performative allyship. Because we know that action and consistency are what matter –beyond displaying a rainbow flag on your Twitter handle just because it is Pride Month.

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Image Credit: Andrew Leu on Unsplash

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Against the backdrop of canceled international conferences and lost opportunities for startups due to the pandemic, COMEUP 2020 promises to be a silver lining. To this end, startups are invited to use this opportunity to connect with leading investors, companies, and government agencies from South Korea and other countries. They’re also encouraged to use this platform to grow their business in South Korea, Asia’s fourth largest economy and a global leader in ICT, and home to tech majors like Samsung, LG, Kakao, and others.

COMEUP was launched in 2019 to promote the Korean startup ecosystem at home and abroad. The event, which was developed in the same vein as other similar global events, saw over 21,000 attendees from 60 countries in 2019. Also in attendance were more than 4,900 startups and 650 VCs. COMEUP is hosted by the Ministry of SMEs and Startups, the Korea Institute of Startup and Entrepreneurship Development (KISED), and the private startup ecosystem, at the Dongdaemun Design Plaza (DDP) in Seoul.

This year’s event will be held from November 19 to 21, 2020, and will be live-streamed to tens of thousands of viewers globally. Carrying the objective of supporting startups to expand globally, the annual event has started accepting applications from startups for the opportunity to virtually present their pitches. 

Online Pitching opportunity for startups from all over the world

This year, the event will hold online pitching sessions for global startups to get an opportunity to showcase their startup to investors and other stakeholders. More than 700 investor firms are expected to attend.

Promising startups can sign up for the virtual startup pitch from July 24, 2020 to August 23, 2020 (GMT+9). The virtual startup pitch consists of a total of 120 teams divided in 2 leagues:

• The Rookie league (36 teams) will accept applications from startups that are less than 3 years old and have raised less than 410K USD investment
• The Rocket league (84 teams) will accept applications from growth-stage startups.

All 120 startups selected will receive support in creating their pitching videos, which will be showcased during the event as well as streamed online. Additionally, they’ll meet with investors and media representatives. There will also be an award ceremony based on public votes.

Also read: Disaster Tech innovation is key to mitigating the impact of natural disasters

Meet the Future – Post Pandemic, Led by Startups 

COMEUP 2020 will carry the theme ’Meet the Future – Post Pandemic, Led by Startups’ and will consist of 12 sessions based on three focus areas: Social System, Work and Life. Check out the sub-topics for each focus area:

• Social system – COVID-19, Politics, Digital healthcare, and environment
• Work – open innovation, Robotics & AI, remote work, and manufacturing
• Life – commerce, education, entertainment, and offline retail 

Some of the featured speakers this year are Chris Lee, CEO of SM Entertainment; Emmanuel LaLagarrigue, Chief Innovation Officer, Schneider Electric; Sophie Kim, CEO, Market Kurly; Saeju Jeong, CEO, Noom; and Henry Chesbrough, Professor at UC Berkeley. Investors like Sequoia Capital, Vickers, BAM Ventures, Collaborative Fund, and Grab Ventures are expected to attend as investor mentors. 

HyunWook James Jung, COMEUP Secretary-General, stated, “Our expert-led Organizing Committee consists of functional teams like program planning, operations and PR. We are doing our best to prepare an online global conference so that practical assistance can be provided to the startups participating.”  

For more information about COMEUP 2020, visit their website here, where the conference will be live-streamed.

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Cyber Security Agency of Singapore invests in Group-IB

The story: Singapore-based threat hunting and intelligence company, Group-IB, has received a grant under the Cyber Security Agency of Singapore’s Cybersecurity Industry Call for Innovation, powered by TNB Ventures.

The plans: To complete the development of its AI-driven cyber investigation solution uncovering hidden connections to dismantle cybercriminal underworld.

What is Group-IB?

Its solution addresses critical cybersecurity challenges in detecting and predicting cyber threats from a myriad of sources, including discussions in the DarkWeb, correlating them with threat actors to establish their alleged identities.

It is intended to help law enforcement (LE) officers, police cybercrime investigators, threat intelligence and DFIR specialists as well as SOC analysts.

The solution will speed up cybercrime investigation process, shorten the time for assessing the severity of cyber threats, and will allow the prevention at early stages.

Japan’s giftee invests in AdEasy

The story: AdEasy, an online marketplace for buying offline advertisement space, has received funding from Giftee Malaysia, a subsidiary of Japan’s eGift service provider giftee.

This round of funding is on top of the over US$455,000 raised in two previous rounds of crowdfunding, and angel investment.

Plans: To enhance the AdEasy platform, and continue the implementation of advanced campaign tracking and measurement for advertisers.

The mutual benefits: AdEasy’s network of advertisers and technology solutions provide a platform for giftee’s expansion into the region.

The e-gift system fits well within the AdEasy platform and provides businesses with more opportunities to engage and acquire new customers through eGifts.

Wellcure secures seed funding

The story: India-based Nearbuy.com founder Sumeet Kapur’s new venture Wellcure has raised US$200,000 from Inflection Point Ventures.

What is Wellcure?

Wellcure is a health-tech platform aiming to democratise natural healing. It caters to all health and wellness needs — physical and mental

It claims to have a user base of close to 100,000 and aspires to reach one million by the next year.

It has the ability to specifically cater to the needs of the customers by offering curated content along with the practical feasibility of offering recipes, e-books, online guided programmes, and live events.

Aqilliz, MyRepublic create blockchain-based loyalty programme

The story: Aqilliz, a technology company that specialises in blockchain-powered solutions for digital marketing, has launched a loyalty programme, in partnership Singapore telco MyRepublic.

Titles MyRewards, the programme application was developed as part of the IMDA Blockchain Challenge which looks to explore the applications of blockchain to drive greater operational efficiency and business model innovation in the telecommunications sector.

The benefits:

As part of the pilot programme, post-paid MyRepublic subscribers received an invitation to download the MyRewards mobile app. From February to April 2020, MyRepublic customers could earn points based on their monthly bill which could be redeemed at any of the company’s 19 retail outlets islandwide through an in-app QR code system.

In addition, MyRepublic users also had the option of earning points by connecting to over 20,000 Wireless@SG hotspots islandwide at locations including shopping centres, libraries, community centres, and other public venues. MyRewards points could then be spent on in-app purchases for retail vouchers and other branded offers, rewarding consumers for their participation.

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Building a travel-tech business in the midst of the COVID-19 outbreak. Sounds crazy?

Hugh Batley is just doing that, and this entrepreneur is confident that his startup will weather the ongoing crisis.

Based out of Singapore, TruTrip was started at the end of 2019 by Batley, who is originally from the UK, along with Pinky Tham.

Batley previously worked in the digital marketing industry across Asia, Europe and the Middle East, whereas Pinky was Facebook Southeast Asia’s Partner Manager.

The duo planned to officially launch the product in April this year but the virus onslaught shattered the plans and it forced them to postpone it to August this year.

“For sure, COVID-19 has changed our plans,” he tells e27. “But we were lucky as we were able to move very quickly. We were already moving into a remote style of working to help with collaboration across our teams.”

“On top of that, our team volunteered to temporarily reduce their pay. Plus, the Singapore government did a great job in getting support for the sector. With these changes done so early (80 per cent in February), we were able to significantly lengthen the runway,” he adds.

Business travel post-COVID-19

The virus outbreak has no doubt disrupted the world and put the global travel to a halt. For months, businesses were forced to make drastic changes to the way they operate and dig deep into their cash reserve to cope with the pandemic.

With the number of cases declining, countries are re-opening their travel corridors by stage in most major cities. As travel restrictions across the globe are beginning to ease, green shoots of optimism are sprouting in the industry, with corporate travel being among the first to get back on track.

Also Read: Being geek and gay in Southeast Asia: What startup ecosystem can do to foster diversity and inclusion

A survey by the Global Business Travel Association (GBTA) shows that more than half of its members are considering travelling for business in the near future.

TruTrip aims to tap into this opportunity. A business travel management tool, TruTrip provides companies with an online tool to book, manage and approve their business travels — all in one place.

Its features include enabling customers to automate and customise their travel policy to their business needs, besides offering an “extensive inventory” of hotels and flights, from full-service airlines to local low-cost carriers.

Its basic free-to-use offering comes with everything a business needs for basic travel management, including inventory, policy setting and implementation, approval flows, an online booking tool and a few other tools and information.

“Moving away from the entry offering, companies can customise their travel solution with tools and data to have the right solution for them. They include features like risk management, insurances, and finance integrations,” Batley explains.

For several companies on its builder programme, TruTrip is working on the first tranche of customisations (apps), which will be launched in mid-August.

TruTrip has a dedicated team connecting and building out new inventory partnerships and relationships all the time, says Batley. “For flights, we will be offering inventory from TravelFusion, Sabre, direct airlines, and SkyScanner. This part of travel is largely commoditised. Travellers do not appear sensitive to the purchase mechanism/channel as long as they can get competitive pricing and the experience is smooth.”

In his view, too many travel management companies (both digital and traditional) have spent a lot of time focusing on the transactional side of travel, sometimes at the expense of the traveller. 

The ongoing crisis has accelerated the glaring need to think more about travellers’ health, care and well-being, as well as how well your travel solutions fit into your business.

“This re-focus onto the management side of travel is where we bring value — for both the traveller and the business,” he says.

The startup’s primary market is Singapore and it has already bagged several clients but Batley doesn’t disclose the number.

At present, TruTrip has around 25 full-time employees. With its core teams based in Singapore, Kuala Lumpur and Jakarta, it also has people working in the US, the UK, India, China, Thailand and Taiwan.

Despite the ongoing crisis affecting his business, Batley is cautiously optimistic about the future.

“Communities are feeling the pain from COVID-19 at so many levels but, at the same time, we also know there is a need to re-establish services and the economy. We are starting to see the green shoots of recovery in the sector. The right type of travel (not just any travel) has shown to bring significant value to businesses, and it undoubtedly will again. We are in a great position to help businesses restart, in a supportive and managed way, their travel,” he remarks.

Right now, the company has its operations only in Singapore but plans to expand to Malaysia by late September. “We will be working to get these two markets right and successful before expanding further,” he shares.

Multiple partnerships

TruTrip has partnered with Riskline, a travel risk intelligence company, to equip business travellers with fully integrated and thorough-country briefings of COVID-19 risk level information, travel disruptions, latest entry and exit requirements as well as real-time travel alerts of every country.

This is a pre-trip step for travellers to have a clearer idea on the extent of the outbreak, safety measures and recovery rate as it might differ from your home country.

It also provides a Trip Companion feature to not only provides you with booking information but also with the latest risk alerts from Riskline and Real-Time Flight Data through its partnership with Cirium.

The Real-Time Flight Data will let travellers know about any flight disruptions as well as gate and terminal information, providing the information they need.

In the event of significant flight disruption, TruTrip’s support team is available to help its customers.

“Last-minute cancellation of flights will be one of the unavoidable scenarios too, as most governments will execute travel restrictions depending on the volatile recovery rate. We have worked with FWD Insurance to bring you flexibility without the airline premium; with our TruFlex offering we make all bookings refundable up to 90 per cent of the original price paid, up to 24hours before the flight,” he boasts.

Besides, the travel-tech startup has also partnered with Dr Anywhere to provide travellers with convenient and accessible health & wellbeing services. A traveller can even speak to them whilst he/she is abroad.

Opportunities

Batley feels that with platforms like Agoda, SkyScanner and Traveloka, the transactional aspect has hit that lowest sustainable bottom — the only savings left to have are eroding profit margins or investments in the user acquisition.

“There has been no run-away success, especially in this region, when looking at corporate travel management. We believe this tells us the problem is not being solved,” he says.

“There are many solutions to existing problems in the market but they are overly complex. If we can simplify that path then we see an ecosystem benefit,” he said.

According to Batley, although his team is cautious about the recovery of the sector, they do not need a full recovery for the business to make sense, unlike larger businesses currently in the space.

“For TruTrip, we look forward and have three core truths. People will still travel for work and travel will return as a norm to many roles in the mid-term (perhaps not the same norm, but a norm). Travel was on track to be an over US$125 billion in Southeast Asia by 2025 — perhaps that now looks like US$70-100 billion, but that is still a very interesting market to be a part of,” he shares.

Also Read: This is the era of virtual accelerators. Are you ready?

Travel Management has been changing for a long time and the experiences in the early days of COVID-19 exposed how underprepared many businesses were. The change that already started is now accelerating and businesses are requiring more than a great online booking tool with competitive pricing.

“Outside of major travel spenders (US$5 million/year), there are very few travel management solutions that offer an integrated and accessible approach to delivering what we see as true travel management,” he said.

The startup has raised some small funding, but fundamentally it is a bootstrapped business. “Funding appears to be more exciting to many entrepreneurs but for us, a business with the right fundamentals is more rewarding. Once we have proven a hit with our user base, there may be a case for investment to expand or indeed if the recovery is slower than expected. But we will look at that towards the end of the year,” Batley concluded.

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Image Credit: TruTrip

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