Indonesian ride-hailing giant gojek has acquired a majority stake in Vietnamese payments startup WePay, as per a DealStreetAsia report.

The size of the deal remain undisclosed.

Also Read: Going big? Then Go e27 Pro.

According to the report, the acquisition will help gojek in securing an e-wallet license to operate in the region.

When contacted by e27, a gojek spokesperson said: “We are always looking for opportunities to partner with innovative Vietnamese businesses as a means to enhance experience for users,”

As per the DealStreetAsia report, following the deal, WePay has switched its headquarters from Thanh Xuan district to Cau Giay district, where the gojek office is located.

Subsequently, gojek Vietnam’s Manager Phung Tuan Duc has been appointed as CEO of WePay.

WePay is an online payments services provider, which claims to have a partnership with 24 local banks, 1,000 merchants and four international card issuers.

After the launch of its subsidiary GoViet’s in 2018, gojek has established a substantial presence in the region across a range of verticals, including motorbike-hailing (GoBike), food delivery (GoFood), and general delivery (GoSend).

After its recent funding from Facebook and PayPal, gojek has been focusing on supporting the growth of the digital economy in Southeast Asia, particularly in payments and financial services.

Its recent acquisitions include Coins.ph, Moka, Kartuku, Pluang, Midtrans and PonselPay.

Also Read: Bloomberg: gojek raises US$1.2B to support competition against Grab

In Vietnam, although cash on delivery has been the most popular mode of purchase, the trend is shifting thanks to COVID-19. Since the onset of the pandemic, digital payments have been evolving rapidly and a culture of contactless payments is evolving.

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Image Credit: Unsplash

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Evo, a 5-month-old social commerce startup based in Singapore, announced today the closing of a “seven-digit” seed funding from Hong Kong-based investment holding company Bonjour Holdings, Taiwanese startup accelerator SparkLabs, and Singapore-based VC firm Farquhar Venture Capital.

Clement Chen (Chairman of Bonjour), David Lee (Board Member at Maybank Singapore and former President for Visa Asia Pacific), and Chew Kok Seng (Director at Visa Asia Pacific) also participated in the round.

Also Read: A look at the future of social commerce

The money will be primarily used to double down on product development and engineering, it said in a press release.

Evo was founded in April 2020 by three former employees of Grab — Roy Ang (CEO), Minghao Teoh (COO), and Amos Goh (Product Lead). The trio has extensive experience in building and launching merchant and payment solutions.

The startup has launched a beta version of its social commerce solution that will help influencers and live-streamers to optimise their back-office operations, allowing them to sell more products and scale more quickly.

For merchant and brands looking to engage influencers, the solution will act as a marketing and sales channel.

Currently, Evo is testing its product with marquee live-streamers such as artiste Marcus Chin, as well as Mdada.live, a community run by celebrity hairstylist Addy Lee with artistes Michelle Chia and Pornsak Prajakwit.

Also Read: E-commerce trends: What to expect in 2020

Evo has also onboarded Bonjour and Suki Group as its initial customers.

“We believe that social commerce is the natural evolution of e-commerce in Southeast Asia, where savvy customers are seeking social validation before purchasing,” said CEO Ang.

“The COVID-19 pandemic has also fundamentally changed how consumers make purchases. We saw how the social commerce boom rapidly gave rise to a multi-billion dollar market in China and we think we are headed in that direction. We have received good validation from our beta tests,” he added.

Ang further disclosed that Evo is raising its Series A round within the next six months to scale product development and operations, and expand to two other markets in the region.

“The (Evo) team has immense experience in building and launching merchant and payments solutions at scale within Southeast Asia. This strategic investment fits into our plans as Bonjour Holdings looks to expand into the region,” Chen of Bonjour said.

About the founding team

Prior to starting Evo, Ang worked as Head of Commercial and Operations at Grab Financial Group. As one of the first business development hires for GrabPay, he helped build Grab’s payment infrastructure for the transportation business and launched GrabPay operations in six Southeast Asian markets. He had also worked as General Manager at e27 from 2015-2016.

Also Read: The reality of influencer marketing in the age of digital content

Teoh was previously the Regional Business Development Lead at Grab Financial Group. Prior to that, he was the Head of Business Development for several teams in his seven-year stint at TechInAsia.

Goh helped launch several products at GrabPay, including online acceptance, merchant funded promotions, QR code adoption, among others. Previously, he had stints at several technology companies such as Seedly, Uber, and e27.

The VP of Technology, Leong Kui Lim, has built products and led engineering teams at prominent companies like SP Group, Grab, PayPal, and Yahoo over the past two decades.
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Image Credit: Evo

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Singapore-headquartered Beacon Fund has announced the launch of a new fund with an initial target of US$50 million, which aims to invest in female entrepreneurs based in Southeast Asia’s emerging markets, such as Vietnam.

The firm, founded recently by Shuyin Tang and Lee Fitzgerald (both Partners at Patamar Capital) has already raised approximately 25 per cent of the target.

Beacon’s initial focus will be on debt products, which, it says, tend to be a better fit for the moderate-growth, cash-flow positive businesses that the fund targets.

Also Read: Singapore becomes the base of female corporate executives angel network she1K

The investment sizes range from US$500,000 to US$2 million with the potential to go smaller if the businesses contribute to COVID-19 recovery efforts.

Beacon has developed a thesis around certain sectors which have a high concentration of businesses fitting its target profile — – for example agri-businesses, education, healthcare and services (marketing, design or HR).

The fund anticipates making its first investments before the end of the year.

Beacon will use an evergreen structure — rather than the ‘typical’ 10-year closed-ended fund — to better align with Beacon’s long-term vision and commitment to supporting female entrepreneurs.

Beacon has received support from many like-minded partners, including ‘Investing in Women’, an initiative of the Australian Government; and USAID INVEST, an initiative that mobilises private sector capital for better development results.

The firm identifies a significant opportunity among the “missing middle” of firms, which do not fit the traditional venture capital/private equity models.

“There is a vast underserved segment of businesses whose growth profile does not match with the expectations of VC/PE, but are creating considerable value for their customers and stakeholders. In fact, these SMEs are the backbone of the economy in Southeast Asia,” said Beacon Co-founder and CEO Shuyin Tang.

“Many of these businesses have grown organically and demonstrated solid cash flows over time. We saw this was a common growth trajectory for female entrepreneurs in particular. The Beacon Fund is focused on meeting the financing needs of these types of businesses, and beyond that, creating a community celebrating alternative models of entrepreneurial and investing success,” Tang added.

Also Read: Our female founders matter, says the economy

Much like the companies it invests in, Beacon aims to generate steady cash-flows and long-term capital appreciation.

As part of the launch, Beacon started a ‘Request for SMEs’ campaign, with the goal of sharing more transparently with entrepreneurs the type of companies the fund is looking for.

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Image Credit: Beacon Fund

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Economies and markets across the world were struck fast and hard by the COVID pandemic, and its effects continue to ripple out. According to McKinsey, the GDPs of developed economies are estimated to decline by between 8 and 13 per cent by mid-2020. With the onset of various lockdown policies by governments scrambling to contain the virus’ spread, job losses continue to soar as businesses cut their workforces down in a bid to stay afloat. The International Labour Organisation (ILO) reported in April this year that more than 436 million enterprises were at “high risk” of serious disruption.

But what comes after, once the pandemic fades, and societies adjust to a new normal?

The pandemic is fast-tracking what has long been a trend for companies that are going digital. Out of necessity, companies are turning to digital solutions in order to continue conducting businesses in a safe, often segregated manner. Restaurants are adopting online ordering models, while e-commerce players are using social media to reach their customers beyond the brick-and-mortar space.

The pandemic has kicked off a worldwide work-from-home experiment: businesses are leaning on internal communications and collaboration software in order to protect workforces from the spread of the virus as well as bottom lines from erosion. It’s safe to say that over the next year or so, businesses will be put through the wringer as we navigate a world impacted by the COVID-19 pandemic.

However, if you’re running a company, you also have a unique opportunity to reexamine how you conduct your business, strengthen any exposed weak spots, and position yourself for the recovery. Here are several strategies you can take to build resilience into your business.

1. Bolster your talent pool

Well before the pandemic hit, companies across all industries were facing labour shortages especially with regards to high-skilled workers who are in high demand. The pandemic added fuel to the fire, highlighting the stark disparities between the goals of companies and the reality of their workforces’ abilities. The shift into mostly digital platforms has created a need for workers who are digitally-fluent, adaptable, and equipped with a keen sense of the potential and limitations of the technology available to them.

As government regulations continue to change at a rapid pace, the workers of a post-pandemic world need to be able to quickly and effectively shift not just where they work but also how they work. There is no longer any certainty as to what framework will survive in the future, so it is paramount that you ensure that your teams can withstand any unexpected upheavals if you want to achieve sustainability and longevity for your company.

Also read: A closer look at Zendesk: fostering better customer relationships for startups everywhere

Businesses can support the development of a stronger, more resilient team through structured programmes that build employees’ communications and collaboration skills in increasingly digital environments. Upskilling will be absolutely key to ensuring workers can keep pace with the evolution of workplace frameworks, so companies should also explore new and innovative ways to support the continuous learning of employees.

However, businesses should ensure these programmes are built specifically with the employees’ needs in mind, with an active feedback loop, in order to ensure organisation-wide buy-in and long-term sustainability.

2. Changing needs, changing ideas

Adaptability will be key in the coming years, and nowhere is it more necessary to instil adaptability than in a company’s resources.

It’s important to remember that the shifting economic landscape spells changes not just for companies; customers are also experiencing dramatic shifts in their needs, resources, and goals. The pandemic has essentially changed the game for the in-store experience, but that doesn’t mean that brick-and-mortar businesses have no other way through.

Instead, the situation offers companies a great opportunity to experiment with models for replicating the in-store experience for consumers through a digital medium. You can adapt your existing models to fit what consumers want in a digital interface, and by extension, without compromising anyone’s health and safety.

Whether we’re looking at an app-mediated food delivery service, an online e-commerce platform, or even a blending of the two, many businesses are now putting premium in digital infrastructures. Two Bird Brewery, an Australian business, recognised that their B2B keg production model was no longer necessary in a world where eating out has plateaued. Rather than trying to struggle through the pandemic with their old model, the owners shifted their sights onto the consumer market. Leveraging off Oracle’s NetSuite software, Two Bird Brewery built a robust e-commerce business on the backs of interesting new initiatives such as “drive-thru” style bottle-shop and newly packaged offerings for the everyday consumer.

This is just one of the many ways you can restructure your business model that fits today’s unique demands.

3. Digital everything

The global health crisis has exposed the fault lines in our working environments, particularly all the ways in which we have taken in-person experiences for granted.

Physical distancing became a flashpoint solution for curtailing the spread of the virus, though the policy has created particular problems for office-bound businesses everywhere. We saw huge numbers of workers beginning a worldwide work-from-home experiment which has highlighted not only our lack of preparedness to the sudden change, but also the need for robust software solutions necessary for conducting online collaboration. Teams working across various localities will need a reliable system that will enable them to communicate and work seamlessly while also supporting functions that used to take place in face-to-face settings.

Also read: Superfanz: Growing visibility for creators in the wake of COVID-19

This will be key for companies even after the virus subsides; when economies fully reopen, large swathes of workforces will trickle back into their offices, but a significant number also will not. Some companies, such as the Bank of Montreal, are already suggesting that flexible work-from-home policies may persist in the future. Businesses are exploring the potential of digital solutions that can bolster these new “office” frameworks, and in some cases, are pushing the boundaries of existing software.

Take for instance Oracle’s NetSuite ERP framework, a business management software that was already supporting large and small enterprises across multiple industries long before the pandemic hit. Many companies, such as the Filipino chain restaurant, Jollibee, implemented the NetSuite framework when it began the difficult shift from its legacy system onto a digital platform. The solution allowed them to consolidate information and communication across fragmented systems, while simultaneously supporting their aspirations for international growth.

With COVID-19 accelerating the need for businesses to adopt segregated working arrangements as work-from-home setups are encouraged across the globe, there is also an increased need for solutions such as NetSuite’s Cloud ERP to help organisations become agile.

4. Castles in the cloud

Cloud-based software has more or less become the standard in the business world of today, and not just for its convenience but also its relevance to the unique business demands today.

Teams working remotely need to be able to access the same information they would otherwise be able to easily obtain when in an office setting. Cloud platforms can offer huge benefits in this scenario by bringing together information and data from all across the organisation into a single platform, thus enabling more effective remote working capabilities.

Cloud software has many benefits, but also financial ones. By relying on cloud and digital information formats, businesses can dramatically cut down on IT costs, as well as speed up employees’ productivity by making information readily and easily accessible.

NetSuite’s cloud-based ERP supports fast and effective information sharing from just about any device you can imagine. The system makes data readily accessible and highly visible for teams of all sizes working remotely.

Not all cloud-based software are made the same though. Before you jump into the deep end of the pool, take stock of what the needs and capabilities of your company are and strategise. What options are available to you? Asking yourself what you do not need is just as important as asking what you do need. Does your business need a small- or large-scale cloud-based software? What parts of your business rely heavily on the cloud versus the parts that do not?

Asking yourself these questions will become crucial as you assess the needs of your organisation and plan for the future.

5. Cash is still king

Businesses that intend to survive the pandemic need a firm foundation of cash. In most respects, cash is still very much king.

Planning is key at this moment: take stock of what resources you have available to you, then determine what options are open, as well as any “what-if” scenarios that may occur. Managing your financial risk and vulnerability could help you identify what your most immediate priorities are. NetSuite’s ERP has in-built financial planning and management software that makes obtaining visibility of your current position as simple as a click of a button.

Also read: gojek acquires WePay to expand its e-wallet business into Vietnam: Report

And it’s not just about being careful about where your money is going; it’s about leveraging off valuable information about your finances in order to chart your next move. Systems built around traditional accounting solutions can result in manual reporting and increased risk of errors, bottlenecks and erroneous business decisions. The right information could spell the difference between the critical and non-critical decisions you need to make in order to secure your business, especially at a time when businesses are focused on cost-cutting rather than growth opportunities.

There’s no doubt that the future holds many challenges and uncertainty, but there are also upsides that you can explore. Businesses can use this time to take a hard look at their systems and processes, learn how to effectively adapt to change and embrace strategies & innovative solutions that enable them to not only survive but thrive. Digital solutions can be the key to ensuring that companies can continue to operate during this turbulent time, and when used correctly, can also usher in a new era of productivity and innovation, long after we have found a new normal.

Need to know more about software solutions?

To learn more on how your business can navigate through the changes brought by this uncertain time and position for recovery, sign up here and we’ll get back to you on the next steps.

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This article is produced by the e27 team, sponsored by 
Oracle NetSuite.

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Singapore-based venture capital firm Quest Ventures officially announced a partnership with ScaleUp Malaysia to invest in and scale the growth of Malaysian startups. The deal brought in MYR4.1 million (US$1 million) in Foreign Direct Investment to develop Malaysian startups.

The programme welcomes startups that are operating on business models that “have the propensity to disrupt existing markets or have solutions that are able to navigate future challenges and take advantage of opportunities brought about by the current economic climate.”

In total, 24 companies shortlisted from the second cohort’s applications will start the programme in October, which is culminating in the presentation of their solutions in front of the Investment Committee.

As part of the partnership, the programme will invest at least US$60,250 in up to 12 of these companies.

ScaleUp Malaysia first launched its cohort in December 2019 with 20 companies. Ten of them received an investment of USD$48,283. ​

Also Read: ScaleUp Malaysia kickstarts 3-month programme with 20 companies in first cohort

Through their “Pegasus” model, the accelerator grooms startups in the growth and post-product-market fit stage, ready-to-scale up businesses with high revenue growth and increased profitability rates that attract follow-on investments.

“In this second cohort, we want to empower solutions that tap into the buy-in of the digital economy and prime them through our syllabus designed to take local companies to the global stage,” said D​r V. Sivapalan, Senior Partner of ScaleUp Malaysia.

Earlier this year, ​Quest Ventures announced the first close of its venture capital fund named Asia Fund II after getting support from Singapore’s Pavilion Capital, ​which is a subsidiary of Singapore state investment firm Temasek Holdings Pte Ltd. QazTech Ventures, which is a subsidiary of Kazakhstan state investment institution Baiterek National Managing Holding JSC, also pitched in.

The fund will be used to further expand and strengthen its presence within Southeast and Emerging Asia.

Applications for cohort 2 officially opens on September 8. Participants must be registered as a Malaysian company and will be shortlisted based on four key criteria: Revenue generation, ability to demonstrate product-market fit, having the ​potential of highly scalable products or service, and the possibility of global expansion.

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Image Credit: ScaleUp Malaysia

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Accelerating Asia, an accelerator and venture fund which focuses on early-stage startups, has announced its third cohort of companies.

“We have expanded our geographical footprint into India and reaffirmed our presence in Indonesia via our recruitment efforts for the cohort, the talent of our startups are well placed to deliver returns for investors,” said Craig Dixon, co-founder of Accelerating Asia.

Based in Singapore, the programme boasts an acceptance rate of less than two per cent with only eight selected from 450 applications, where participating startups range from B2B, B2C and B2G verticals, including energy, transportation, healthcare and cleantech.

Each company in the programme will receive S$50,000 (US$36,556) while top performers will get S$150,000 (US$109,669).

Accelerating Asia is also approaching the final close of the fund and is continuing to sign partnerships with limited partners (LPs) for early and exclusive access to their startups, providing qualified deal-flow, pro-rata rights and a first-option for investment. According to the company statement, the startups have already started receiving more than S$1.2 million (US$800,000) in initial commitments from existing investors and angels who are Accelerating Asia’s limited partners.

With the pandemic, the programme has pivoted into a virtual programme.

Also Read: News Roundup: Accelerating Asia to invest up to US$141K each in third cohort startups

Here are the eight startups selected in the programme:

AskDr

The startup connects consumers to verified doctors via its health information platform.

Energy Lite

A platform which enables investors to finance small to medium solar projects.

KaryaKarsa

The startup that allows creatives to showcase their works and services through its direct-to-fans monetisation platform.

Kinexcs

A health and fitness platform that connects clinicians to patients.

MyBrand

An app-based platform for home-based culinary businesses and cloud kitchen brands to reach out to a larger mass.

Shuttle

The startup provides safe and affordable transportation for locals in Bangladesh

WeavAir

The startup helps operators save up to 30 per cent of operation and maintenance costs and 60 per cent of energy through its sensors and predictive analytics.

ProjectPro

A work automation platform that helps data scientists get their projects done faster

Since its launch in 2018, Accelerating Asia said that it has grown into a community of more than 48 founders from 28 startups, spread across Asia with 40 per cent female-led or co-founded ventures. They work alongside regional angel networks such as Angel Hub, ANGIN and Angel Central as well as leading institutional investors, including Cocoon Capital, Monks Hill Ventures, and Golden Gate Ventures.

Nineteen companies from their past two cohorts have raised a collective investment of over S$5 million (US$3.6 million) during the 100-day accelerator program.

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Image Credit:  Startaê Team

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When American investors think startups, they think Stanford and Silicon Valley. Google, Apple and Facebook share one area code with direct access to some of the brightest entrepreneurial minds right here in Mountain View.

It’s true that Silicon Valley has long been on the bleeding edge of tech startup innovation, but some investors erroneously see proximity to the valley as a shortcut to success, thinking they will outperform the market by mere virtue of setting up shop in the 650 area code.

On more than one occasion, a fellow VC has said to me point-blank: “If I can’t drive to where the company is based, then I won’t invest.”

This statement goes beyond laziness or hubris and becomes willful ignorance. Never mind the fact that other cities in the US (many on the East Coast) now have vibrant, up-and-coming tech ecosystems of their own.

Based on my research and findings over the last six years, as I seek to map the global startup and venture capital ecosystem, I’ve found that in many verticals, the best deals are not coming out of the US. This shouldn’t be a controversial thing to say, but many investors in the valley need to hear it.

Limiting oneself geographically, when nearly all tech investments are made on a global scalability basis, is foolish and bizarre. If US VCs want to stay at the top of their game and maximise returns amidst tougher competition, they need to broaden their competence and take a global view.

A variety of foreign markets are primed and ready

Post-World War II, large American multinationals expanded to Asia and South America to take advantage of cheaper manufacturing bases in developing economies. These giants weathered a hodge-podge of government regulations, cultural and language barriers, as well as basic infrastructure obstacles.

As pioneers of the industry, they paved the way for the second wave of investors in the ’80s and ’90s, as the manufacturing boom swelled. Regulations were in place, local workforces and SMEs were familiar with foreign investors, and key infrastructure had been set up.

Also Read: Why we are far from being the Silicon Valley of Asia

Today, we’re seeing this pattern play out again with American tech investors. Just 10 years ago, countries such as Indonesia barely saw venture investments beyond government-supported grant programmes. Since then, big guns such as KKR, 500 Startups, Tencent, SoftBank, and PayPal have set up local offices and participated in fundraising rounds passing the billion-dollar mark.

Indonesia now has six unicorns, and one ‘decacorn’ in ridesharing-turned-super app GoJek. With valuations at home skyrocketing and competition among an array of corporate VC firms, independent VCs, PE and accelerator models saturating the local startup investment scheme, markets such as Indonesia are primed and ready for the second wave of American money to come in.

In 2019, Indonesia-based VCs raised US$582 million, a whopping 79 per cent up from US$325 million the year prior. These numbers show that there is much more room for growth compared to Singapore’s US$2 billion hauls.

In 2018, the Indonesian government announced income tax incentives for VCs that put money into local tech startups. The aim was to further boost the archipelago nation’s digital economy and e-commerce aspirations.

For a country that is home to 267 million people, of which at least 50 million are in the growing middle-class with rising discretionary incomes, the hunt for the next Indonesian unicorn is on. American VCs can bring their expertise and best practices to play. In Europe, Africa, South Asia, South America and Asia Pacific, Indonesia’s story is repeated, with slight variations.

Paving a specialist path

Of course, not every VC has the heft of Sequoia or Accel to carve out a major footprint in the Asia Pacific or South America. So rather than throwing a dart at a map, smart VCs are playing to their strengths and conserving their gunpowder for investments in certain sectors only.

The first wave of American VCs has affected how governments and markets respond to fundraising, and as a result, we are seeing certain regions and economies acting as sectoral hubs.

Take Europe, for example. Even prior to Brexit, economies such as Luxembourg and Germany were already viewed as bona fide financial hubs. Post-Brexit, countries such as Belgium and Lithuania are taking on monikers as fintech hubs in their own right, and choosing collaborative approaches to draw investors in.

While the European Union is virtually borderless for talent and travel, financial regulations are still very much the privy of individual countries’ central banks. Fintech firms thus have space to disrupt traditional banking while gaining access to highly-educated tech talent.

Also Read: Mulling over the future of investing with Paul Meyers and Jussi Salovaara

Even when entering countries where language or cultural barriers still exist, American VCs can lend their firepower to local VCs in fundraising rounds without reinventing the wheel of market research and KYC. With more US investments in European startups, Americans are increasingly willing to participate in earlier rounds.

Broadly, VCs taking the sectoral approach can take note of regional trends such as:

Sector	Hub	Why?
Fintech	Europe	Disrupt traditional banking, strong finance, and tech talent base.
Healthtech	China, North Asia	The aging population as a result of the one-child policy (China), cultural focus on health and elderly wellbeing.
Agritech	South Asia, South America	Building on agriculture backbone to improve farm efficiency and aid farmer financing. Rising middle-class with more conscientious food spending.
Cybersecurity	Israel	Many startup founders come from intelligence services or defense force backgrounds.
Logistics	South Asia, Southeast Asia	Archipelago nations and those with disparate geographic features have unique connectivity challenges that need to be solved.
Gaming	Asia Pacific	Diversity in offerings including mobile games, e-sports, game development studios, and gaming infrastructure.

Finding footing in a pandemic

Prior to the pandemic, a 2019 report projected that Asia would overtake North America as the global centre for VC funding by this year. Although COVID-19’s impact on Asia’s much younger population has been less devastating than it has been in the US, VCs are keeping their powder dry and staying risk-averse in the hopes that the virus will see its end soon.

However, smart VCs will take this opportunity to forge partnerships with overseas funds, start exploring foreign due diligence, and invest in startups that will either: thrive in this new normal (gaming, edutech, e-payments, etc) or come out of the other side stronger (moving startups toward profitability instead of growth at all costs).

The good news? Those who do invest globally will be facing less competition, as many VCs are now focusing on their existing portfolio of startups. Valuations (namely in Asia) that have been skyrocketing over the last four or five years are now starting to normalise — offering American VCs a very attractive entry point into companies that can scale regionally or even globally.

If there was ever a time for savvy American VCs to deploy their financial firepower abroad, it is now. Those who refuse to look beyond the valley in 2020 will soon be in serious trouble.

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The post Looking east: Why the future of VC investment is beyond the Silicon Valley appeared first on e27.

5 Singapore startups are on track to be a unicorn in 2021; They are PropertyGuru, Ninja Van, Carousel, Zilingo, Biofourmis; As of September 2020, there are more than 400 unicorns around the world; The most valuable startup in the world is TikTok’s parent Bytedance. Vulcan Post

How customers help drive Shopback’s product development journey; The e-commerce firm measures customer value and used customer feedback metrics to shape its product development journey amidst the pandemic; During the ongoing crisis, ShopBack Singapore saw a 4x surge in orders for product categories such as fitness and electronics, while the internet services category increased by around 70X from Q1-Q2. e27

Despite Limited 4G Penetration, emerging markets on par with rest of the world in 5G rollout; The pace of the rollout will be expedited by a combination of regulatory enablement, enabling technologies and the broader use cases that 5G brings forward, says an an industry analyst. ABI Research

ASEAN consumers ‘less than satisfied’ with their e-commerce experience; As per a research buyers expressed most frustration with the cost of delivery and services, reliability of product, fake online reviews; E-commerce players are likely to see mounting difficulties if they fail to focus on consumer satisfaction and raise their standards going forward. Inside Retail Asia

Fvndit raises US$30M debt financing for its Vietnamese P2P lending firm eLoan; Investors include Accial Capital, Variant Investments; eLoan allows investors to lend money directly to SMEs driven by a data-driven crediting rating and decision-making system. KrAsia

Sunday raises US$9M from Thai bank SCB’s VC arm, Vertex, others; The insurtech startup plans to grow its domestic business in Thailand and Indonesia; Sunday has developed risk prediction algorithms that power its premium pricing and recommendation engines for health and motor coverages. e27

Kim An raises Series A to connect Vietnam’s FIs with MSMEs via its fintech platform; Investors are Patamar Capital, Viet Capital Ventures, East Ventures; So far, 25K+ loans have been disbursed through Kim An; As per a recent study, Vietnam is one of the most attractive fintech hubs in SEA. e27

Singapore’s Aerospring raises US$730K pre-Series A led by Sirius Venture; The startup’s patented vertical-gardening system uses aeroponics; The automated system grows up to 27 edible plants at a time using 10 sqft feet of space; The plants grow twice as fast and use 90% less water than traditional methods of gardening using soil. Business Times

Filipino fintech JazzyPay raises US$500K from Cocoon Capital; The startup provides payments and invoicing solutions to consumers across SEA; The virus outbreak has prompted people to adopt cashless payment methods as a form of payment and, in turn, contributed to the rise of a new cashless society. e27

Fiat or crypto? Why the payment giants are warming up to digital assets; Deutsche Bank predicts digital assets would replace fiat by 2030; With cryptocurrencies gradually taking the spotlight, this phenomenon has become an opportunity for traditional payment service providers to look into the blockchain and explore how they can integrate such tech into their systems. e27

5-step strategy for agri e-commerce startups to engage customers; For the startups who are planning to venture into the agri e-commerce space, managing the food value chain to build customer’s confidence around the quality of produce, food safety, and best value is essential for customer engagement. e27

Resiliency, innovation are mirror-twins in the digital world; Innovation happens when workers or organisations stretch the boundaries of what they are doing and come up with ideas and systems that often involve a new way of doing things; Both innovation and resiliency require the ability to evolve with time and situation and come up with a new paradigm. GovInsider

How proptech impacts real estate; Building great tech products and systems will create a better experience and outcome for consumers in the long term; The future is where there is greater transparency between owners, tenants, trades, and property managers, along with a stronger reliance on apps and portals. e27

Banks should turn to using AI in eKYC in the digital arms race; AI represents significant cost reduction opportunities particularly within the KYC space where it is time-consuming and previously required humans to manually read through the documents, and verify pictures against identification documents like the NRIC. Fintech News

Valyou launches blockchain-based remittance services in Bangladesh; Through this service, the Bangladeshi diaspora in Malaysia can send wage remittance via Valyou to a beneficiary in Bangladesh who is a bKash wallet user; The service is powered by blockchain technology from Ant Group. Fintech News

US property management Onerent enters Singapore; It is now planning to work in Hong Kong, Malaysia, Indonesia, Philippines, Vietnam; Onerent offers a technology that promotes a contactless way of buying and selling properties. e27

500 Bruneians to participate first ‘Teens in AI’ hackathon SEA; It’s a developmental programme by UK’s Acorn Aspirations; The pilot hackathon, titled ‘AI For Good’, has begun with 53 school students aged 14-16 years; Participants will act as a pool of leaders/ambassadors for the next phase – a cross-school hackathon targeting 500 students to develop 100 solutions in Q1 2021. Biz Brunei

In Jakarta suburb, Mitsubishi and Temasek plan US$2B smart city; It will include homes, shopping centres and medical facilities, with the goal of housing 40K-60K permanent residents; Development is expected to take about 20 years. Nikkei Asian Review

hoolah Launches ‘Buy Now Pay Later’ solution for physical stores in Singapore; It is a fully digital, so installation is not required; According to Singapore’s Department of Statistics, retail sales in the country fell a record 52% in May, and analysts continue to foresee a slow recovery for the industry for the rest of 2020. Fintech New

Is Malaysia finally taking mental health in the workplace seriously?; The attitude towards mental health has changed quite tremendously; The stigma barriers are coming down; Corporate employers are now ready to launch employee mental health support programmes, and once launched, the employees are ready to participate. Tech Collective
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Photo by Juliana Maltaon Unsplash

The post Ecosystem Roundup: 5 S’pore startups on track to be unicorns in 2021; Fvndit, Sunday, Kim An raise funding appeared first on e27.

In order to help empower the APAC tech startup ecosystem, we recently launched Perks: a curated selection designed to give e27 Pro members an access to top-class products and services with over US$10,000 worth in savings. In order to do that, we have partnered with some of the most amazing solution providers in the region.

We spoke to Kristen Durham, Startups VP for Zendesk, to get a closer look at their products and services and to help the community understand better how Zendesk can help them yield desirable results.

Can you describe what your company does? What industry you are in, who your target market is?

Zendesk is a service-first CRM company that builds support, sales, and customer engagement software designed to foster better customer relationships. From large enterprises to startups, we believe that powerful, innovative customer experiences should be within reach for every company, no matter the size, industry, or ambition. Zendesk serves more than 160,000 customers across a multitude of industries in over 30 languages.

How does your product/service help companies? What gaps in the market do your products bridge?

Our support products and sales management tools help meet the needs of our customers by delivering fast time to value through customer experience solutions that are empowering businesses to communicate reliably, authentically and seamlessly across channels. We’re also further building out our messaging solutions at a time when connected customer conversations are critically important.

Most importantly, our solutions are quick to implement, easy to use, and can scale to fit business needs. With Zendesk, it takes hours — not weeks — to get up and running, affording companies of varying sizes the flexibility and adaptability to quickly scale and meet fast-changing customer needs.

Can you give an example of how your product is being used by your customers? Any customer success stories you’d like to share?

The pandemic has put increased pressure on ticket volumes, and we’re serving clients in key industries such as airlines, retail, ridesharing, and travel and hospitality, aiding them through increased support, flexible payment terms and other means. Because the crisis has unfolded at varying paces and severity across APAC and the world, companies have also been impacted in different ways. Thus, our local teams continue to provide individualized support to our customers so they can better navigate these shifts. A few examples of how companies in APAC and around the world are using Zendesk include:

Supported by Zendesk, Singapore-based robo-advisory StashAway adopted the use of WhatsApp, which is now used for 60% of all incoming customer inquiries. Because of its easy accessibility and capability to reduce the first response time by half, messaging quickly became the preferred engagement channel for their customers. Today, despite challenges imposed by the pandemic, StashAway continues to give their customers peace of mind that they are always accessible by ensuring that they can meet customers where they are.

Also read: Kim An raises Series A to connect Vietnam’s financial institutions with MSMEs via its fintech platform

One of Thailand’s top cryptocurrency exchanges, Bitkub uses Zendesk’s complete support package to attract and retain a strong customer base by supporting and educating their customers. The market leader with 95% market share boasts over 500 useful articles on Guide, 3,000 ticket volume per month, and a 90% CSAT score. For the rapidly expanding Bitkub, scalable software like Zendesk is essential to supporting business growth.

When Mailchimp started using Zendesk, they realised the difference using intuitive tools and data visibility can make when building a customer-centric approach. Using Zendesk Chat, Explore and Support to empower 200 agents, Mailchimp saw a 200% increase in CSAT survey response. The team uses customer insight and data to refine their products, automations to increase support efficiency, and relies on triggers and more than 1,000 macros to help keep customer response times short. With Zendesk tools at their fingertips, Mailchimp saved a whopping 48,000 agent replies in a single year, and has a full resolution time of 24 hours on average for email and just over 26 minutes for live chats.

Are there any recent accomplishments of your company that you want to share with the e27 Community?

This year has tested us all, but as we work to keep our business moving forward, we are proud that we are able to continue to prioritize the wellbeing of our customers, our employees and our communities.

We have maintained steady momentum in APAC with 25 per cent revenue growth in the region in the second quarter of 2020. We welcomed new regional leadership with Wendy Johnstone joining as regional chief operating officer, Gari Johnson joining as SVP of sales for APAC, and Chad Pearce joining as vice president of marketing for APAC.

Also read: In Brief: Descartes Underwriting raises US$18.5M to expand to Singapore, Manny Pacquiao launches PacPay

Through the global pandemic and economic uncertainties, we’re helping our customers adapt so they can compete at this moment. Specifically, leveraging Zendesk’s flexibility as a competitive advantage, helping businesses quickly spin up help centres, add new service channels and tame spiking tickets with tools such as Answer Bot, our self-service chatbot. We are also equipping our customers with the resources they need to reimagine their CX strategies, such as COVID-19 Benchmark data showing how brands are adapting their customer service. Through our virtual events, including the virtual Zendesk Showcase APAC and CX Moments series, we’re connecting our customers with other like-minded businesses to come up with creative solutions to the challenges we’re all facing.

At the same time, we are working hard to keep our employees engaged so we can maintain productivity and satisfaction. We recently introduced a global caregiver leave benefit through the end of 2020, along with additional resources for caregivers, so employees can be there for those who matter most to them. We are prioritizing diversity, equity, and inclusion (DEI) with our commitment to five core actions, which include training managers, investing in employee DEI education, and formalizing a Global Equity policy. And we have also expanded our mental health benefits and added flexible time off through the end of Q3.

Also read: Grab in talks with Prudential, AIA to raise up to US$500M: Report

Last but not least, we continue to make investments to help meet the needs of the many communities we call home, in APAC and around the world. These include supporting the development of crucial COVID-19 resources through the Tech for Good program, which has provided 67 Zendesk instances to organizations globally. We also connect employees with virtual volunteering, skill-sharing, and community engagement opportunities in their local communities. Since mid-March, Zendesk employees have logged nearly 4,500 hours of virtual service. Finally, we’re also donating directly to organizations that can help advance DEI in our communities, amounting to over a million dollars given to 10 organizations including The Asia Foundation.

e27 Perks

To find out more about all the Perks that come with your e27 Pro membership, check out our list of offerings here.

If you want to enjoy these exclusive perks available only with Pro, be a part of the Pro community and sign up for an e27 Pro membership today! You may visit here for more details.

Stay tuned to find out what other Perks we have in store!

The post A closer look at Zendesk: fostering better customer relationships for startups everywhere appeared first on e27.

COVID-19 proved to the world the importance of being adaptable, and ready to react quickly to change. For businesses, this meant pivoting quickly to new business models, new ways of working, and new channels through which to engage their customers.

In Singapore, small- and medium-sized enterprises (SMEs) are expected to be the biggest casualties, despite job support schemes rolled out by the government to tide over this teething transition. However, there is a silver lining. While small businesses lack the deep pockets of their enterprise competitors, they are also often more nimble, more agile, and more able to quickly shift business priorities.

Businesses are now waking up in a digitally transformed world awash with new unknowns – and opportunities. Here are four key ways businesses can rewrite their go-to-market strategies to ride this wave of change.

Reaching outsiders through inside selling

Inside selling is not new. Most businesses are likely supported by some form of inside sales, whether they’ve termed it this way or not. Simply put, inside selling refers to the remote sales of products and services via remote channels, as opposed to outside selling, which hinges on meeting prospects physically.

With face to face meetings off the table, the pandemic has turned outside sales teams into inside sales teams overnight. To successfully support an inside sales model, SMEs can leverage user-friendly customer relationship management (CRM) software that helps their salespeople to get started quickly, while providing them with a centralised view of customer data.

This way, different team members have the same understanding of what the customer needs, without having to put their prospects through repeated questioning processes. This also enables them to deliver a personalised experience to prospects, across every part of the customer journey.

This transition could actually swing in the favour of SMEs who can strategically redistribute their resources to better attend to their customers:

• Optimising human resources: 85 per cent of consumers now conduct online research before making a purchase decision. This means salespeople’s time is better spent building relationships and providing prospects with helpful information online rather than focusing on running in-person demos. For resource-scarce SMEs, the shift to inside selling represents tremendous cost and time saving as customer relations and sales are now managed online. 
• Amplifying reach and boosting engagement: Tools like live chat, 1:1 asynchronous video, and sequences — which allow sellers to schedule personalised follow-up emails to prospects – enable salespeople to adapt how they sell to the way prospects want to buy and allow them to increase their productivity without losing the personal connection. In fact, inside sales teams make 43 per cent more phone calls, leave 10 per cent more voicemails, and send nine per cent more emails than organisations predominantly made up of outside sales people.

From offline to online

As many offline channels have gone quiet during the pandemic, the online engagement between consumers and companies has reached record heights. According to HubSpot data, website site traffic in Singapore increased by 17 per cent from Q1 to Q2, and marketing email open rates were 14 per cent above pre-COVID-19 levels by the beginning of Q3.

Also Read: Surviving COVID-19: How to adapt your digital marketing strategy amidst a global crisis

This underscores the importance of establishing a strong online presence, supported by a fully online marketing strategy. SMEs can track online performance metrics – such as webpage traffic, email open rates, social media engagement, and even digital ad ROI –  to gain deep insights on the most effective customer engagement channels.

This helps them to optimise budget spend and finetune their strategies to keep pace with rapid shifts in consumer behaviour in a matter of hours. This agility is critical for SMEs so they can quickly redeploy resources, adjust the tone of their messaging to reflect the times and communicate important information to their audiences in a timely manner.

Of course, ‘going online’ is not just about maintaining a website and as many social channels as you can. There is an extremely wide array of tools that perform different functions online, from chatbots to social scheduling tools to CRM software, but building a positive online customer journey isn’t just about utilising as many tools as you can. In fact, it is quite often the opposite.

It entails envisioning the online experience from start to finish, then picking out the solutions you need in-house to build that vision. Where the online journey is concerned, less can often be more.

Self-service is sometimes the best customer service

When businesses empower customers to self-serve, everyone wins – especially SMEs that are already running a tight ship. In fact, it can be an effective differentiator. HubSpot’s recent State of Service report found that 91 per cent of service agents acknowledged the importance of a great knowledge base optimised for search, yet only 40 per cent of companies currently have one.

There’s an immediate way for companies to set themselves apart from the competition here, just by providing information about their own products and services in a helpful manner.

On the other hand, tools like automated chat help free up customer service staff to work on more complex customer issues while customers find quicker solutions to their problems compared to emailing or calling a helpline. In fact, the volume of customer-initiated chat interactions has increased by 31 per cent during the pandemic, and self-service options like this will go from being a “nice to have” to a “must-have” in the digitally transformed world.

Furthermore, a chatbot isn’t just an interactive FAQ for your website. When integrated with other systems, it can help businesses manage the increased volume of queries, route leads to the right sales teams, and automates meeting bookings. All of this allows your sales and service teams to do more at the same time while providing greater customer satisfaction.

Less is more with your toolkit

As SMEs accelerate their digital transformation, many are rapidly adopting a vast array of new technologies and powerful online tools. However, there are potential downsides to consider. They could run the risk of taking on a host of disparate tools that don’t work well together, leaving them with a bloated tech stack that creates data silos, increases administrative work, and makes it difficult for teams to stay aligned.

Also Read: Customer is not always the king, says Tokopedia’s customer engagement expert

These processes and cost inefficiencies could critically deplete an SME’s resource which could be used to improve customer experience.

SMEs can shed their tech debt by constructing a lean suite of tools that suits their unique needs while enabling them to move agilely in the post-pandemic era. They should select a system that gives all internal teams access to a single source of truth on customer data.

Without this, customer-facing staff will be working off different information, making it monumentally difficult to deliver the type of seamless, contextual experience that customers now expect. Additionally, they should also factor the ease of integrating additional tools with their platform of choice.

Rewriting the memory of 2020

The go-to-market playbook for this era will be one made up of inside selling, online marketing, and self-service options for customers, powered by a lean tech stack that enables them to keep pace with customer expectations. SMEs that embrace these new strategies are the ones most likely to navigate these times with success and thrive in the post-pandemic world.

This way, 2020 will be remembered not for the economic stagnation that took hold, but rather for the rapid progress that took flight.

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The post 4 go-to-market strategy shifts to help startups navigate the post-pandemic economy appeared first on e27.