Day: November 27, 2020

AQWIRE, a Philippine proptech startup, announced it has raised US$2.1 million in a Series A financing round, led by Spiral Ventures.

Other notable investors in this round include Singapore-based Gentree, PropertyGuru’s original investor Vulpes, Hong Kong’s Betatron Venture, and Steve Melhuish, Co-founder of PropertyGuru.

The company is also expecting US$2 million in venture loans to be used for float and security deposits.

The fresh funds will go towards expanding their products and enter new markets within the region.

According to the firm, the round was oversubscribed by US$4 million, which the founders declined due to concerns on further dilution.

“We decided to raise less equity as the company has been profitable since 2019, generating US$1.7 million in revenue,” said Ray Refundo, CEO and Founder of AQWIRE.

Also Read: How proptech is set to empower the Southeast Asian property market

Refundo said that AQWIRE is on track to close out the year with a 50 per cent increase in annual revenue and expects it to triple in 2021.

The company claims it is projected to break US$1 billion in yearly gross volume by 2023.

Founded in 2018, AQWIRE enables local developers and brokers to access foreign property investors, including 12 million Filipinos overseas.

The platform partners with overseas listing sites to provide cross-border property listing and management, mortgage loans and payments processing.

“Unlike most proptech which focuses on listing, we are also focusing on mortgage loans and cross-border property management,” Refundo shared.

Some of AQWIRE’s clients include notable developers in Philippines such as Ayala Land, Megaworld and Vista Land.

 

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Image Credit: AQWIRE

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The fallout from COVID-19 has challenged preconceptions about which industries would be the most resilient during arguably one of the worst health crisis that we have faced in a generation.

According to the joint report by Cisco and Jungle Ventures, healthcare and tech sectors rank as being the winners of the shift caused by the pandemic along with media/entertainment, education, and supply chain/logistics.

Meanwhile, sectors such as travel/hospitality and consumer (retail) have struggled with business losses. Companies in the consumer sectors are also adapting to business models because of the need to adapt as a necessity for survival.

“It will be a very long time before we understand COVID-19’s full repercussions to the global economy and public health. Amidst this uncertainty, however, the way we respond to the pandemic will serve as a litmus test for the resiliency and adaptability of governments, citizens, and enterprises in the long run,” the report stated.

According to the International Monetary Fund (IMF), ASEAN went from a projected GDP growth rate of 5.3 per cent in 2020 pre-COVID-19 to a contraction of -0.2 per cent after the pandemic hit. However, by constantly keeping an eye on the current market response to COVID-19, opportunities can be created.

The report also highlights three drivers of mid to long-term momentum which can be significant for businesses to adapt with shifts and capture optimum value.

Also Read: How data can help the global fight against COVID-19

Here are the main takeaways:

Data is the new gold

“If a company has no real-time way of capturing data from users then the company will be left behind,” Naveen Menon, President, Cisco ASEAN said during the media roundtable.

In a world run by the internet, businesses are now seeing the importance of having real-time data to drive their overall strategy and outcomes. As companies adopt off-the-shelf solutions that offer data transparency and visibility, large organisations that have IT budgets are leveraging on the momentum.

From centralised to flexible environments

The boundaries between how people live, work and learn are all blurring creating complexities as well as opportunities for many companies. Therefore, a different way to deploy and use technology is now being required because of the changing working norms.

“Organisations will need to address the operational complexity of managing remote and physical teams at the same time, achieve similar levels of productivity and collaboration, and ensure security in complex and dispersed environments,” the report said.

Increased use of technology

Customers who were previously hesitant or sceptical about online services are now finding themselves to be propelled towards making use of tech.

Service providers can leverage this to grow from their early and niche adopter base to enjoying mass-market penetration.

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Indonesia’s instant credit financing platform Kredivo bags US$100M credit line from Victory Park Capital; It will accelerate business scalability and realise Kredivo’s target of serving up to 10M new users in the next few years; Kredivo is operated by Singapore-based FinAccel. e27

Applications open for Singapore’s US$37M fund to spur sustainability efforts; The government-backed fund will support ground-up projects that aim to build a more sustainable future; Applicants will be expected to co-fund their projects; They may receive funding of up to 80%, subject to a cap of US$747K. The Straits Times

HH Investments VC Founder Maarten Hemmes on why the entrepreneurial journey is more important than the end result; He says the firm’s goal is to support 100 companies in the next 10 years; Distraction is the enemy of any thought leader as you will never be able to get to the bottom of a problem and simply end up with a lot of unrefined thoughts and little execution. e27

Enterprise investor Jason Green on SPAC hopefuls versus startups bound for traditional IPOs; “I would say in H1 of next year, I could easily see SPACs being the more likely go-to-market for a public company, then the latter half of next year, once the vaccines have kicked in and people feel like we’re returning to somewhat normal, I could see the traditional IPO coming back’. TechCrunch

The Elon Musk of Singapore looks to engineer the next deep tech unicorn; Peter Ho, CEO of engineering firm Hope Technik, is like the Elon Musk or Tony Stark of Singapore; The company’s products are diverse, ranging from robots to sensors to vehicles. TechInAsia

Investors pledge US$815M for Vietnamese startups through the next 5 years; Investors include CyberAgent Capital, AlphaJWC, Monk’s Hill, 500 Startups, Beenext, VinaCapital Ventures, Do Ventures; Vietnam has been identified as the next growth market for tech investment after Indonesia. TechInAsia

Why neobanks are better than digital banks; Fully-licensed digital banks undoubtedly have the opportunity to become strong challengers to traditional banks and deliver delightful service to customers; However, less publicised neobank business models could prove to be more nimble and innovative. e27

theAsianparent closes Series C round with an investment from SCB 10X; This deal follows an 8-figure fundraise in an oversubscribed Series C round in 2019, led by Fosun; The two firms will work together to provide curated financial info and analysis that will assist Thai parents to make informed decisions concerning household financial matters. e27

SEA will make US$205B each year if it builds sustainable agrifood system, says Bain & Co; The region lags other global regions in with regards to the development and implementation of ‘green’ initiatives; At current levels, SEA is expected to account for more than half of the world’s ‘mismanaged’ plastic waste by 2025; it also treats the least wastewater of any region, and suffers the highest deforestation rate in the tropics. AFN

Philippines’s New Wave joins hands with Emissary Capital to launch US$50M fund for ASEAN startups; The 2 firms will form a JV to serve as the new fund’s General Partners; The fund’s key focus market will be Malaysia and Philippine; New Wave will invest up to US$7.5M in the new fund as an LP. e27

MDI Ventures, Finch Capital join hands to launch new US$40M fund Arise to plug ASEAN’s pre-Series A gap; Arise seeks to invest in Indonesia-focused startups in SEA and the average ticket size will be US$250K-US$3M; A recent report shows local tech investing fell to US$5.6B in 2020, a 13% drop compared to the same period in 2019. e27

BRI Ventures’s Sembrani Nusantara fund hits first close at US$10M; Grab and Celebes Capital are among the investors; The fund, which targets US$21M in the final close, aims to build a pipeline for Indonesian startups to grow and find good exits; The fund aims to look beyond typical investment areas like fintech and focus on MSMEs. e27

Conversational AI and NLP startup Kata.ai raises Series B led by TPTF and MDI Ventures; It has also unveiled a social commerce platform QIOS, which allows SMEs to use and integrate AI in their sales process through chat-based apps such as WhatsApp, Instagram. e27

Filipino proptech platform AQWIRE raises US$2.1M Series A; Investors include Spiral Ventures (lead), Gentree, Vulpes, Steve Melhuish; It expects another US$2M in venture loans; AQWIRE helps developers and brokers access foreign property investors including the 12M overseas Filipinos; Its services include listing, mortgage loans, property management, payments processing. e27

The-Wolfpack debuts with US$5M fund targeting D2C startups in SEA; The ‘Wolfpack Pioneer VCC’ will look to invest in startups in the consumer goods, leisure and media sectors; The VC firm is now looking to raise a second fund targeted at more than US$15M. e27

Vietnam’s Lozi bags a bridge round to expand its B2B services; Investors include Vulpes Investment; Daal Ventures, Wealth Well; Lozi currently offers services such as food, grocery, medicine, package, flower, and B2B supply delivery, as well as ride-hailing and laundry services. TechInAsia

HR-tech startup Pulsifi bags US$1.8M to expand to Europe; Investors include Kairous Capital; Founder of KVC group; RedMart co-founder Rajesh Lingappa; Pulsifi’s platform unifies multiple hard skills and soft traits data on each candidate or employee, and accurately predicts each person’s work styles, role fit, culture fit and other outcomes. e27

Jakarta, Singapore named as top global fintech ecosystems in a new report; Europe and North America no longer dominate the top 20 global fintech ecosystems as Asia Pacific continues to contribute emerging global hubs; Jakarta’s entry to the list was pushed by the number of exits and funding round that the city has experienced. e27

TNG Fintech Group founder and CEO Alex Kong shares how to grow your human capital; There are a lot of things that you need to build a successful team, but one thing that has always stuck his my mind is people that are part of the solution; ‘When they come to me with a problem, I want them to think about solutions. You don’t come to me with just a problem’. e27

Why only regulation can solve cryptocurrency’s perception problem; Cryptocurrency has the potential to be an evolved form of money; It has features that existing forms of money do not have; Access to global liquidity, transparent and detailed tracking, and asset tokenisation are to name but a few. e27

Fintech Thailand Startup Map 2020 showcases growing industry; The map showcases the domestic fintech startup ecosystem which includes startups operating in payments sector (20), blockchain (20), financial comparison (10), insurtech (9), retail investment (9), P2P lending (8), personal finance (6); As of July 2020, the Thailand SEC had so far approved 13 crypto businesses the license to operate which includes cryptocurrency exchanges, brokers and dealers. Fintech News

Meet the 15 Asian startups that will advance to Seedstars World Competition 2020; Startups from Maldives, Pakistan, Sri Lanka and Bhutan have made to the list; These firms stand to win the Global Winner prize of US$500K in equity investment in the Grand Finale. e27

Exploring Singapore’s thriving e-sports startups scene; With the rise of online gaming in the region, eSports startups in Singapore are establishing themselves as key players in the industry; Research from Newzoo found that Singapore is going to see a considerable surge in investors and players; The region is now the fastest-growing in the world for e-sports. Tech Collective

Meet the 4 SEA startups that have made it to Sequoia Surge’s new batch; They are Tazapay, Aampe, Otoklix, Epsilo; In total, 17 early-stage startups have been selected selected; The batch-4 startups have collectively raised US$45.35M in funding from both Surge and other investors. e27

How data can help the global fight against COVID-19; A singular platform and marketplace solution to load, store, integrate, and securely share any amount or type of data is needed to prevent future outbreaks of COVID-19 as communities around the world relax social distancing policies. e27

Five startups win Grab Ventures Ignite accelerator in Vietnam; Winners are bePOS, Stringee, GoDee, Papaya, Vbee; Grab Ventures Ignite helps Grab realise its aim to accelerate tech entrepreneurship and grow a thriving tech startup ecosystem in Vietnam. Vietnam News

Making Malaysia an attractive investment destination; After a sharp contraction in the second quarter of 2020 due to the Covid-19 containment measures, private investments in Malaysia have shown signs of gradual recovery; However, while business sentiment has begun to pick up steam, domestic investment remains below pre-pandemic levels. The Star
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As many as 37 venture capital firms spanning South Korea, Japan, Singapore, Indonesia and Vietnam have pledged over US$800 million to support Vietnam’s startup ecosystem over the next three to five years.

The pledge-signing ceremony was held at the Vietnam Venture Summit 2020, organised as part of The Vietnam Tech and Startup Week, in Hanoi.

The VC firms who pledged investments include VinaCapital Ventures, Do Ventures, Nextrans, ThinkZone, NextTech, VietCapital Ventures, CyberAgent Ventures, Smilegate Investment, FEBE Ventures, Genesia Ventures, Monk’s Hill Ventures, Vertex Holdings, 500 Startups, and Quest Ventures, among others.

Also Read: Vietnam’s mobile commerce is set to open up avenues for startups

As per a press statement, the commitment marks the return of uptake in investments within the Vietnamese startup ecosystem.

According to an industry report by Do Ventures, US$861 million was invested in 123 deals within Vietnam, more than double the number in 2018. However, the pandemic put an end to this increase.

Investment proceeds in the first half of 2020 decreased by 22 per cent, from US$284 million in the same period last year to US$222 million, due to travel restrictions and uncertainties in global financial markets.

Therefore, the US$800 million pledged should result in resumption in increased investments into Vietnam.

This summit comes on the heels of the US-China trade war as Vietnam sees a shift of manufacturing and Foreign Direct Investment (FDI) into the country.

With US$100 billion in electronic goods exported yearly and an annual GDP growth rate of seven per cent for the past decade, Vietnam is poised to take advantage of manufacturing firms moving south.

It is a key manufacturer for some of the greatest phone producers, such as Google, Samsung and LG.

Also Read: How to bridge the tech talent gap in a post-pandemic world

Recently, Chinese acoustics manufacturer Goertek, announced that its production of Apple’s Airpods wireless headphones will move to Vietnam, as a result of the trade war.

Ed Grefenstette, CIO at Dietrich Foundation, said: “We look towards past experiences in China to draw parallels and access opportunities in Southeast Asia. While talent used to be a bottleneck in Vietnam, we are seeing extraordinary best practices being adopted from around the world here.”

Vietnam, with its strong pipeline of tech talent, fostered by years of education and retraining by the government, is ready for the shift for talent demand. 

Among the delegates at the event were leaders from global tech firms such as PayPal and Google, industry veterans from Vietnamese startups such as VNG and Tiki and investors from VCs such as Softbank Ventures and Sequoia Capital.

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Image Credit: Vietnam Venture Summit

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MadEats, a cloud kitchen startup headquartered in Manila, the Philippines, has received an undisclosed sum in pre-seed investment, led by Tinder co-founder Justin Mateen, with participation from Paymongo co-founder Luis Sia.

This marks Mateen’s third deal in the Philippines after his investments in PayMongo in September 2019 and Avion School in July 2020.

“Our pre-seed money will go into operations and marketing. We want to launch a handful of internet food brands by the end of 2020,” MadEats’s Co-founder Mikee Villareal told e27.

MadEats is an online restaurant group that creates brands specifically engineered for delivery.

Also Read: Yummy Corp bags US$12M Series B to grow its cloud kitchen brand in Indonesia

The company was set up amid the COVID-19 crisis by an all female founding team of Villareal (CEO), Andie Cruz (CMO) and Keisha Lao (CPO) — who have been working in the F&B industry throughout their career.

“During the pandemic, we witnessed the struggles of brick-and-mortar restaurants in pivoting their businesses to delivery-friendly formats,” Villareal said. “At the same time, we also saw a huge demand for on-demand food delivery, especially in the cloud kitchen space.”

The trio sniffed an opportunity and discussed creating online-only food brands. According to Villareal, MadEats wants to innovate brands engineered for delivery that customers can keep coming back to, through thoughtful user experiences. What this means is that everything — from the ordering platform and packaging to the food — has been created with the customer in mind.

“With the rise of on-demand food delivery and the increased habit of eating at home, we believe that the future of F&B is online, and delivery is here to stay,” Villareal said.

First brand 

Villareal believes that cloud kitchens enable one to launch food brands quicker, and is an opportunity for founders to scale faster.

The startup has rolled out its maiden brand, Yang Gang, which she claims is a “painfully addictive Korean Fried Chicken brand”. Launched a week ago, Yang Gang aims to bring the Korean street food experience to customers — all packed into a box and delivered to the customer’s convenience.

Before the year-end, MadEats aims to launch two more brands — Lucky Chow, a fast casual Chinese concept; and Fried Nice, a progressive fried rice brand focused on inventive takes on the comfort food staple.

While there are a handful of cloud kitchens such as CloudEats and GrabKitchen in the archipelago, Villareal differentiates itself by being a product- and consumer-centric internet restaurant group that is agnostic towards any digital platform.

The market size

The on-demand food delivery of Southeast Asia is expected to grow 4x by 2025, from US$4 billion to US$8 billion, according to a research from Dataspring. During the pandemic-induced lockdown, there was a huge spike of new users for online food delivery.

Also Read: Dhaka’s first full-stack digital food court Kludio shines despite COVID-19

“The Philippines has one of the fastest growing internet economies in the region with its internet economy standing resilient at US$7.5B. It has 73 million active social media users, who spend an hour more than the average social media user in its neighbouring countries,” she remarked.

With the Philippines having one of the strictest and longest lockdowns in the world, there was an obvious exponential growth for the food delivery market.

However, challenges are aplenty, admits Villareal. “With the rise of more and more food concepts, the market can be quite saturated. Aside from this, there are so many things to consider in operations, especially with the nature of our business being delivery-heavy.”

“You also have to consider traffic, the weather and internet access — all of which can harm the dining delivery experience of a customer, in spite of these things sometimes being out of our control. But we also know how to take a step back and look at the things that we can change in the experience,” she concluded.

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Image Credit: MadEats

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