Digital media group REV Asia Berhad today announced that it has agreed to acquire iMedia, a Malaysian digital media company focussing on content, technology, and social influencer marketing.

iMedia owns and represents digital properties in the country which the company claims to have a combined reach of over eight million Malaysians monthly.

iMedia is expected to make over US$723,000 in net profit after tax in 2021, which would see a total acquisition price of US$9.6 million, if achieved.

REV Asia noted that the founders of iMedia are taking the entire consideration in shares in REV Asia. As part of REV Asia, access to capital markets and liquidity is expected to allow the company to accelerate its acquisition and growth plans.

Nielsen Malaysia recently reported that digital advertising spent in Malaysia from January to May 2020 exceeded US$104 million, accounting for more than 22 per cent of total advertising spend in the country. This has placed iMedia to capitalise on the opportunity in digital advertising spend in Malaysia and other key Southeast Asian markets.

Also Read: Media Prima Digital set to buy Catcha Group’s REV Asia for US$24M, becomes largest Malaysian digital media company

Voon Tze Khay, CEO, and Co-founder of iMedia said, “There are hundreds of independent digital media and advertising businesses in Malaysia that would be better under one unified roof where they can share technology, data, content, sales teams, and clients. We aim to be that single digital home for Malaysian digital media properties. We are looking to invest in or acquire numerous companies in this exact space in both Malaysia and then across the region.”

iMedia’s social influencer marketing platforms were built in Malaysia, and they have powered influencer campaigns across the top 1,000 influencers in the country.

In 2016, REV Asia its group of companies announced that its 70 per cent-owned subsidiary, namely Rev Digital Sdn Bhd has entered into a Business Assets Sale and Purchase Agreement (SPA) with Netnion Technology Sdn Bhd for the proposed acquisition of popular Chinese social news and content websites, Viralcham and Rojaklah.

Shortly after, it followed with the acqusition of three popular Malay content portals called Siraplimau, Myresipi, and Kongsiresep.

In 2017, however, REV Asia was acquired by Media Prima Digital, a subsidiary of the Malaysian media giant Media Prima for US$24.2 million. The deal fully incorporated REV Asia into Media Prima’s digital platform, making the platform the largest Malaysian digital media company.

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Image Credit: REV Asia

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Blanja.com, an Indonesian e-commerce platform co-owned by US behemoth eBay and state-owned telco firm Telkom, has ceased operation per September 1, its official statement read.

Blanja.com was founded in September 2012 as a C2C marketplace. According to the article released by Tech In Asia, it was known for its gadgets offering that’s bundled with an internet data package from Telkomsel, Telkom’s wireless network unit. In its development, Blanja also offered items such as beauty products as well as food and beverage.

In 2016, both Telkom and eBay reportedly injected US$25 million into Blanja.com.

Blanja.com had had a hard time competing with unicorns such as Tokopedia and Bukalapak, as well as Shopee, in terms of customer acquisitions and retainments.

According to iPrice data, by Q1 2020, Blanja.com fell to 27th place, with just over 400,000 monthly web visits.

Also Read: How aCommerce, Blanja, and Pinjam maintain employee retention

In 2018, Aulia Marinto who was the company’s CEO, resigned from Blanja.com to return to Telkom Group.

So far, the company only left steps on its site for its customers to withdraw their e-commerce balance from Blanja.com’s e-wallet before the end of September.

This is the latest notable shutdown that has happened in the Indonesian e-commerce scene since the start of COVID-19 outbreak in the country. Previously, fashion e-commerce site Sorabel also announced its shutdown in July.

In our special report, Sorabel CEO Jeffrey Yuwono revealed that the company’s cash reserves were already depleted as the pandemic hit, even though it has managed to secure several investment offers. The pandemic had made the situation worsen as foreign investors were unable to travel to Indonesia to follow-up the deals.

In Indonesia, even unicorns such as Traveloka are struggling during the pandemic, despite their ability to continue on closing new funding rounds.

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Image Credit: Blanja.com

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PasarPolis, an Indonesia-based online insurance aggregator, announced today it has closed US$54 million in a “heavily oversubscribed” Series B round of financing.

Investors of this round include LeapFrog Investments, SBI Investment, AlphaJWC, Intudo Ventures and Xiaomi, in addition to its existing Series A investors, including Go-Ventures, the VC arm of gojek.

With the funds, the insurtech firm will be able to advance its Artificial Intelligence technology and leverage Big Data to build tailor-made insurance products for the digital ecosystem.

Also Read: PasarPolis confirms Series A funding round by Indonesian unicorns Go-Jek, Tokopedia, Traveloka

The Jakarta-headquartered firm also aims to make deeper penetration into its existing markets, including Vietnam and Thailand where it forayed into in May last year.

“Through this funding, we will continue this mission in Indonesia, Thailand, and Vietnam. As we move forward into a more digital world, the presence of insurtech has become an essential aspect of the industry. The COVID-19 pandemic has increased awareness and demand of insurance, but consumers’ online purchasing lifestyle has resulted in insurtech becoming indispensable,” said Founder and CEO Cleosent Randing.

The LeapFrog partnership will accelerate its efforts in making insurance available for emerging consumers, whereas Xiaomi will help it create an easily accessible insurance through mobile-first technology.

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

Founded by Randing and Michael Saputra, PasarPolis aggregates insurance products from over 30 insurance companies in Southeast Asia, and has built a network of over 10,000 agents across Indonesia.

In 2019, PasarPolis said it issued more than 650 million policies to first-time insurance purchasing consumers, ride-hailing drivers, delivery couriers and online SMEs.

In February, PasarPolis announced a partnership with gojek to launch GoSure, a platform that offers insurance products to users.

“With 30 insurance companies, and 25 digital partners, together serving over 4,000,000 new customers in June 2020 alone, the opportunity for PasarPolis to expand its offering and geographic reach is extraordinary. There is huge potential for positive social impact,” said Fernanda Lima, Partner, LeapFrog.

“As part of our investment, LeapFrog will focus on helping PasarPolis improve its consumer insights and product innovation capabilities, and expansion in other markets,” he noted.

In 2018, the firm had confirmed a Series A fundraise from gojek, Tokopedia, and Traveloka.

Since then, the number of monthly policies issued by the firm grew more than 80x and the number of partners grew 4x, it said in a statement.

As per a study, the insurance penetration rate in ASEAN remains low at approximately 3.6 per cent.

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Image Credit: PasarPolis

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Mobio Interactive raises US$1.8M seed funding

The story: Singapore-based Mobio Interactive has raised US$1.8 million in seed funding, according to Mobihealthnews.

Investors: Verge HealthTech Fund, Atlas Asset Management, Creative Ventures and SOSV

More about the story: The startup will use the funding to improve its deep tech capabilities and clinical validations for its Am Mindfulness (Am) app.

Also Read:  Meet the first batch of e27 Pro Perks partners

About the company: Mobio Interactive builds software to prevent, measure and treat mental illness. Its Am app enables users to quantify stress through a machine learning tool without using a wearable device.

GoBear cuts off 11 per cent of its workforce

The story: Singaporean fintech startup GoBear has let go of 22 employees, (about 11 per cent of its workforce), according to Vulcan Post.

Out of the 22 employees, about 50 per cent are locals and the rest are permanent residents.

More about the story: This news comes weeks after the company raised US$17 million from Walvis Participaties and Aegon.

The reason: The company has said that the layoffs are due to the uncertainty caused by the pandemic and is a way to “future proof” the business.

“We have had to take measures to adapt our business to overcome challenges and future-proof it for what lies ahead, by focusing on our growth engines of digital lending and digital insurance brokerage,” Adrian Chng, CEO of GoBear said.

The company: Founded in 2015, GoBear was initially meant to be a metasearch engine before making a transition into financial services. It currently has over 100 commercial partners, including banks and insurance providers, and is used by over 55 million people.

Myanmar’s Zay Chin raises funding

The story: Online grocery store platform Zay Chin has raised an undisclosed amount of funding to enables customers to shop for groceries from wet markets in Myanmar.

Investor: Indonesia’s UMG Idealab

More about the story: The fresh funding will be used for regional expansion, operational upgrades, and technological enhancement to create a better shopping experience.

Also Read: PropertyGuru raises US$220M from TPG, KKR to accelerate growth in Malaysia, Vietnam

According to the company, traditional wet markets grocery products are high in demand among local housewives in the country.

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Image Credit: GoBear

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In today’s fast-paced environment, a “do-it-alone” approach is not exactly the best strategy for growth. Companies that initially grew organically need to look for new ways to drive collaborative innovation that delivers on what their customers need today – and in the future.

This is especially true when your mission is to be an interconnected ecosystem for startups and tech entrepreneurs in Southeast Asia. Located in the hustle and bustle of Bangkok, True Digital Park (TDPK) is Southeast Asia’s largest startup campus, a digital innovation hub with leading tech giants, startups, government agencies, incubators, VCs, support services, and much more.

Not too long ago, TDPK unveiled the ‘Work Space’, with the tagline “One Roof, All Possibilities,” and with the overarching vision of becoming the next global innovation hub at the heart of Southeast Asia. 

Despite the challenges due to COVID-19, TDPK has certainly found all possibilities under one roof. In this year alone, the campus managed to welcome over 200,000 visitors. That’s more than double the amount of visitors they received in 2019. Currently, TDPK houses 110 companies and over 4,200 tenant employees. Dr. Tarit Nimmanwudipong, General Manager of True Digital Park, believes that this year’s success is in part accredited to all the partnerships that have made TDPK visible on a regional scale.

Also read: One roof, all possibilities at the heart of Bangkok

Visibility through the e27 ecosystem platform 

In a recent interview with e27, Dr. Nimmanwudipong mentioned that “True Digital Park couldn’t have made it without partners. Not just startups, VCs, government, or tech giants. We also need media partners.”

“And e27 has helped us shout out that Southeast Asia now has True Digital Park as the largest tech and startup hub.” he adds. 

Throughout 2018 and 2020, TDPK has leveraged e27’s coverage to build its brand awareness campaigns to elevate TDPK as the next global innovation hub. Dr. Nimmanwudipong further added that the campaign with e27 made it possible for “several organisations looking for partnerships and individuals looking to join our events or networks [to reach] out to us because they heard about us from international media, e27 included. These individual contacts that came from all over the world are a big part of what will strengthen our interconnected ecosystem.” 

TDPK has also been a sponsor for e27’s Echelon Asia Summit. This valuable partnership opened the opportunity for them to meet startup founders, key executives, and decision-makers from corporates, investors, and representatives from different government sectors across the region.

Building an interconnected ecosystem in a time of crisis and the future 

We find ourselves in extraordinary times. But despite upheaval from the global COVID-19 pandemic, TDPK’s mission to remain an interconnected ecosystem for startups and tech entrepreneurs in Southeast Asia remains unchanged. 

For starters, the pandemic has triggered a migration of all campus activities to online platforms. This has prompted TDPK to not only create virtual meeting activities, but also find a way to build business collaboration virtually. 

Dr. Nimmanwudipong pointed out that “The show must really go on because everyone needs to be ready from the day the sky is clear post-Covid. Building an interconnected community wherein each business knows they are not alone with the potential to build stronger businesses with partners locally and internationally is very critical.” 

To be Thailand’s largest startup destination, “TDPK must look beyond the sheer size of the campus and create a larger mass of new talents and businesses in Thailand and the region.” Dr. Nimmanwudipong adds.

Also read: True Digital Park’s “Togetherness of Possibilities” drives digital transformation in Thailand

One Region, All Possibilities

“Two heads are better than one.”

The famous saying tells us that there is no better approach to solving challenges than collaboration. Whether creating internal partnerships between colleagues or departments, to larger partnerships between businesses, harnessing the strengths and abilities of others from different corners of your ecosystem is one of the most strategic ways for businesses to scale innovation and solve complex challenges. 

The importance of building an interconnected ecosystem for startups and tech entrepreneurs in Southeast Asia goes beyond a physical space. As businesses are equipped with access to real-time information, the outcome is improved efficiency and better business decisions. 

TDPK’s collaboration with e27 proves that priorities are shifting to transform internal systems and external communications into a digital ecosystem, and that putting the word out to a wider and relevant audience can bolster their vision of creating an interconnected ecosystem in the region.

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True Digital Park worked with e27 for a series of campaigns to tap into e27’s network of startups and reach out to a wider targeted audience. We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us here to get started.

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Even before the COVID-19 pandemic hits the global market and forced everyone to rethink how things are being run, digital transformation and its risks have already stolen the attention of many business players, as reported in this Wall Street Journal article.

But with the pandemic restricting movement in various countries, the Southeast Asian (SEA) startup ecosystem saw a surge in popularity of platforms that enable digital transformation for conventional businesses among investors. In August, e27 covered at least four of such funding rounds.

Each of these companies is covering the different aspect of digital transformation. Wahyoo and BukuKas are working with medium- and small-sized enterprises (MSMEs) in Indonesia while Intrepid Group’s reach also includes major consumer-facing brands.

In fact, from the VC side, MDI Ventures had announced a new US$500 million fund that aims to help the digitalisation of Indonesian state-owned firms.

Another trend that has been widely discussed among investors, including Paul Meyers and Jussi Salovaara in an e27 Webinar episode, is the rise of M&A and strategic acquisitions. In August, we saw the acquisition of TradeGecko by global SaaS giant Intuit, which proved that the SEA market remains a promising destination for global companies. In addition to them, there were also the acquisitions of EmpatKali by AfterPay and iMoney by JurisTech.

Also Read: OKR is a startup lifesaver. Here is how to craft them

Popular sectors

As with the previous months, there are sectors that continue to be popular among investors in SEA such as fintech (Clik raised US$3.7 million in seed funding while Incomlend raised US$20 million in Series A) as well as e-commerce and logistics (Anchanto raised US$12 million, KitaBeli raised an undisclosed seed, and SIRCLO raised US$6 million in Series B).

We also saw investments in edutech (Doyobi), gaming (Potato Play), and alternative protein (Lever VC’s first fund).

In the agritech sector, particularly in Indonesia, fishery became the centre of attention as eFishery and Aruna announced their funding rounds.

In Singapore particularly, the deep tech sector continued to see funding trickled in as Gero.ai, TADA, and See-Mode secured their funding rounds, both raising more than US$2 million.

For the unicorns, Grab was reported to be in the process of raising US$200 million from a South Korean private equity firm. The company has declined to comment on the report.

What this means for the ecosystem

August was the month where we saw most of the predictions about the SEA startup ecosystem coming true. In addition to the M&A activities and the popularity of platforms that enable digital transformation, we also continue to see investor favourite during the pandemic flourishing –from e-commerce to medtech to logistics.

Also Read: Why e27 Pro member Incubate Fund remains optimistic about the startup ecosystem in Japan

We predict that this trend will continue in September –perhaps even all the way to the end of 2020. As the dominating theme of the year, the pandemic will continue to affect investors’ appetite and setting up trends in the ecosystem.

What can startups do to seize this opportunity? There are many approaches to explore. While a startup should always be ready to make adjustment through a pivot, they can start by trying out new strategies such as collaboration with external parties or adjusting your financial prjections.

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Image Credit: Charles Deluvio on Unsplash

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VC firm OBOR Management to accelerate investment in Cambodia with newly-approved license

The story: Venture capital firm and fund manager OBOR Management has been issued a Fund Management License by the Securities Exchange Commission of Cambodia (SECC).

The background: The Fund Management License is one of several licenses the SECC began issuing since mid-2018 that allow private individuals or entities to act as fund managers in Collective Investment Schemes (CISs). Only those with licenses can raise funds and invest them on behalf of individuals.

The plan: With the new license, OBOR Management is now able to offer small and medium-sized enterprises (SMEs) and startups alternate sources of regulated funding while giving local and international investors the opportunity to invest in fast-growing Cambodian businesses.

OBOR Management Chairperson Christophe Forsinetti, said: “The license will help expand financing strategies for SMEs and startups beyond bank and Microfinance Institutions (MFIs) loans while allowing local investors to diversify investments into new asset classes previously limited to real estate purchases and bank deposits.”

What is OBOR Management: OBOR Management is a Phnom Penh-based venture capital firm and fund manager investing in SMEs and startups led by visionary entrepreneurs building market-leading brands. The firm supports SMEs and startups through CISs, access to resources and networks, and hands-on mentorship and guidance.

Also Read: The rise of the subscription economy in Southeast Asia

Malaysian product, service subscription marketplace PopWonders officially kick off operation

The story: PopWonders, a Malaysia-based e-commerce marketplace specialising in product and service subscription with an aim to help all small and medium business owners to start an online business via the subscription model, announced its official launch. The company’s website will officially launch in the third quarter of 2020.

How PopWonders works: PopWonders helps merchants to launch their own subscription-based businesses by streamlining the processes for them.

PopWonders allows merchants or retailers to list their products and use the backend system for free. The platform then automates subscription processing and transactions for online merchants and charges a minimal fee to the customers for each transaction.

PopWonders also provides services such as inventory management/shipping tools, brand-building assistance via influencer marketing, hybrid AI chatbot, and in-depth data analytics.

The goal: PopWonders aspires to prop up the retail fad in Malaysia by helping small and medium business owners expand their business online through this e-commerce platform. Instead of focussing on the closing ‘the deal’, an individual sale with a big profit margin, PopWonders wants merchants to secure recurring revenues by continuously building good relationships with their clientele and offering a unique and delightful online shopping experience.

PopWonders will launch ‘Subscription Academy’ soon to guide merchants on how to start a subscription-based business.

Also Read: Budget hotel startup ZEN Rooms’s Co-founder Kiren Tanna steps down after Yanolja’s acquisition

South Korean leisure tech group Yanolja partners Malaysian Bnetworks to expand hotel tech solutions to Southeast Asia

The story: Yanolja, a South Korea-operated unicorn leisure platform has expanded its hotel tech solutions to Southeast Asia via a partnership with Malaysian accommodation platform Bnetworks. According to an article by Digital News Asia, Bnetworks is an incubatee of Technology Park Malaysia (TPM) Corp.

The deal: Further report noted that both companies will “combine its respective technologies and hardware to roll-out IoT & AI-driven automated room management systems (RMS)”. They will focus on countries such as Malaysia, the Philippines, and Singapore.

What is Yanolja: Yanolja is a South Korean unicorn startup focusses on providing all services for travel including accommodation, leisure, and transportation. In the offline sector, it is one of the largest franchise operators in Southeast Asia, managing more than 10,000 rooms.

It has integrated entire hotel operations, covering from front office to back office including housekeeping and maintenance. Yanolja connects the B2B2C value chain of the travel industry with a one-stop network and integrates it into a single platform.

What is Bnetworks: Bnetworks is a member of MDEC’s GAIN programme that is designed to catalyse the expansion of Malaysian tech companies to reach the global stage. The company provides a smart living through innovative automation and digitalisation solutions for private and commercial dwellings through its bWave IoT platform.

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Image Credit: Vouchlim Ton on Unsplash

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Mobile Only Accelerator (MOX), an SOSV accelerator for mobile-first markets in Southeast Asia and South Asia, has announced the seven graduates of its ninth cohort. This six-month-long intensive accelerator programme receives about 150 applications per month.

Selected startups receive US$100,000 to US$120,000 in funding from SOSV and MOX, along with valuable mentorships and partnerships.

Some of the programme’s partners include smartphone brands, mobile telcos, ad networks, media companies, financial institutions, and mobile content providers in Southeast Asia, India and beyond.

“The monopoly-like position and expansion into every industry in the market by internet leaders has driven increased interest from banks, telcos, retail chains and even smartphone brands in promoting MOX mobile services in return for long term revenue share,” William Bao Bean, Managing Director and founder of MOX, said in a press statement.

“We are seeing an amazing inflexion point with monthly active users of MOX apps, growing five times to almost 80 million over the past year with zero spent on marketing.”

Also Read: It’s going to be an economic apocalypse, William Bao Bean warns. But some industries are here to stay

While all of MOX’s accelerators have always been held in person, due to COVID-19, the current programme is held entirely virtual.

Here are the seven startups graduating from MOX’s ninth cohort:

Deliverfuel (India): A startup which provides a fully licensed on-demand fuel delivery service.

MobiGarage (India): A platform for mobile and laptop care solutions.

MyRobin (Indonesia): Provides on-demand, pre-screened and flexible workforce to businesses within 24 hours.

PriceOye (Pakistan): An e-commerce platform for smartphones and electronics.

Superpro.ai (India): Helps working professionals bring offline consultations online with AI.

Tokn (India): Helps local retailers obtain new customers via cross-promotion.

Vani (India): Provides voice assistance for different local languages.

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Image Credit: MOX

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