Shopavision has announced the launch of what it claims to be Singapore’s first live-streaming e-commerce platform, with a S$500,000 (US$374,000) in seed funding from an undisclosed angel investor.

As per a press note, the money will go towards growing its team, enhancing its platform, as well as to launch in Singapore.

The startup also announced that it is officially launching its mobile app to cater to the growing demand for live streaming amidst the holiday season.

Also Read: Is Southeast Asia ready to give birth to interactive e-commerce platforms like Pinduoduo?

Shopavision — started by Founder and CEO Rachel Pang, who was inspired by the widespread penetration of live streaming in China — aims to be the one-stop platform for live streaming shopping where both merchants and customers can enjoy the benefits of live stream commerce.

Users can choose to buy products instantly within the live stream or add to cart and make payment directly via payment modes — credit cards, PayNow or e-wallets GrabPay and RazerPay, without leaving the stream.

Its platform also offers interactive live streaming features, audience profiling and data analytics among others, helping merchants optimise and improve sales.

A professional suite of related services (such as live stream hosts, studios, production, campaign management, marketing and media for retailers to engage) are also available on the platform.

Also Read: Humanising customer experience is the best way to build loyalty in a post-COVID-19 world

Before the launch of the app, Shopavision claims to have generated more than S$60,000 (US$44,900) in sales and conducted more than 60 live stream shows on its Facebook page for its clients.

The firm has close to 30 live stream hosts and a variety of merchants on its platform. 

A recent study commissioned by Shopavision found that 90 per cent of people in China consume live streaming content as compared to 15 per cent in Singapore.

“Consumers are no longer just browsing through product descriptions, but they are now actively participating in the buying process. They can ask questions, get responses live and get entertained by live streamers, from the convenience of their homes. Live streaming is the future of online commerce,” said Pang.

“We want to build an ecosystem that supports the merchants and create opportunities for people to become live stream hosts, especially those whose income has been affected by the pandemic. This could become a second career for them,” she added.

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Image Credit: Shopavision

 

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Malaysian used car e-commerce firm Carsome raises US$30M Series D; Investors are Asia Partners (lead), Burda Principal, Ondine Capital; The company will use the funds to strengthen its C2B and B2C offerings; It claims currently it is transacting an annualised 70K cars totalling US$600M in transacted value across Indonesia, Thailand, S’pore, Malaysia. More here

Sea Group to raise about US$2B in stock offering; It plans to offer 11M ADS, with the option to sell another 1.65M; Sea, a games company that has expanded into e-commerce, has surged to a market valuation of US$100B with its shares rising more than 400% this year alone. More here

Will a Grab-gojek merger benefit consumers? Experts are divided; One expert says the merger is unlikely to create a monopoly as these two companies are based in different countries; Another says consumers will be disappointed as the merger means there will be no significant competition left and the prices are likely to go up. More here

A tale of two IPOs: How DoorDash’s IPO makes Uber and Airbnb’s look better; Airbnb and DoorDash may seem similar at first glance; Both are hot consumer tech companies valued at around US$30B, competing against larger companies valued at around US$85B; However, there’s a big difference between the two; DoorDash’s tremendous growth and market share gains don’t seem defensible in the long run. More here

Remember the under US$1,000 wind turbine? It has now become sleeker, quieter, more efficient; Avatar claims to have the world’s lowest startup speed for a 1kW Horizontal Axis Wind Turbine with just 1.4 m/s wind speed required; This is less than half of what was needed earlier and still applicable to most other wind turbines in the market. More here

Vietnam to have 12 ecosystems with revenue of US$100B, says McKinsey; The 12 large ecosystems will be established across retail and institutional services by 2025; Ecosystem growth will be essentially driven by a significant decrease in the cost of customer acquisitions. More here

BNPL services company Rely secures US$75M credit facility from Polaris; Its goal is to scale operations and forge partnerships with major retailers in Singapore, Malaysia, Korea; Rely currently partners with Qoo10 to offer BNPL services on its e-commerce platform. More here

Access Ventures secures US$30M for Fund II, aims to hit final close by Q3 2021; LPs are Korea Venture Investment, Octava, Line Ventures, Mahanusa Capital; Fund II has made 10+ investments across SEA, including Indonesia’s Akseleran and Vietnam’s Godee. More here

Thai proptech startup FazWaz raises funding; Investors include CAV Investment, 500 Tuk Tuks, Aries Capital; The startup has over 500K customers per month; FazWaz provides brokerage services to make the process of buying, selling, renting a property easy; It also has ops in Cambodia. More here

Livestream-focused shopping app Shopavision launches in Singapore with a USD$374K seed fund; Before the launch, the app claims to have generated more than SGD$45K in sales and conducted more than 60 livestream shows on the its Facebook page and for their clients; The app currently has close to 30 live stream hosts and a variety of merchants onboard. More here

NextBillion.ai crowned as champion of the SLINGSHOT 2020 deep tech startup competition; It builds hyperlocal solutions for emerging markets where language and geospatial infra can be more complex and unique;
UK-based Gyro Gear and Keyless Technologies are named runners-up; SLINGSHOT2020 was organised by Enterprise SG. More here

Singapore invests US$9M into programme to grow local blockchain ecosystem; The initiative will engage close to 75 companies to conceptualise 17 blockchain-related projects within the next 3 years in sectors starting with trade and logistics, and supply chain; It will also support blockchain interoperability. More here

Singapore-based C-suite raises six-figure seed funding; It is an O2O learning platform for current and aspiring executives; C-suite positions itself as an exclusive community hub, a social network, a news and views forum and a recommendation engine; The platform claims to have attracted nearly 200 high-profile members so far. More here

eKYC platform WISE AI secures pre-Series A from Sun SEA Capital; The startup uses AI to e-verify customers when onboarding them for financial services and beyond; The money will be used to bankroll its expansion across the region; Its clients include FIs, fintech firms, credit rating agencies and governments. More here

Nokia study confirms 5G as 90% more energy efficient than 4G; The rollout of 5G networks is set to increase traffic dramatically making it critical that the energy consumed does not rise at the same rate; 5G networks, however, requires further action to enhance energy efficiency and minimise CO2 emissions that will come with exponentially increased data traffic. More here

Antler, EF and 500 Startups join ESG’s Startup SG Founder programme; The Startup SG Founder programme provides mentorship and early capital to first-time entrepreneurs with innovative business ideas; In Aug, the government announced the setting aside of an additional US$112M to enhance the programme, along with a new 3-month venture building programme. More here

COVID-19 has little impact on hiring in fintech sector, says report; The imminent launch of digital banks is largely perceived to be a boon for the talent pipeline; More Singaporean fintech firms are focussing on hiring local talent; The survey was conducted jointly by the Singapore FinTech Association and PwC. More here

Why SEA’s VCs should shift their attention to niche sectors and supporting industries; The advantages of this are companies in the main sectors might be interested to acquire these businesses; There are opportunities to build partnerships with main sector leaders and leverage their financial resources so we don’t need to spend substantial money on convincing/ winning consumers. More here

Why the future of work in Singapore is remote; Remote workers are reportedly 35% more productive than their onsite colleagues; This is one obvious benefit from the time saved during the commute to the office; But other factors that explain the productivity boost include fewer workplace distractions and a more comfortable work environment at home. More here

This Singapore startup made a ‘passport’ for COVID-19 test results so you can travel seamlessly; Digital Health Passport enables healthcare providers to easily issue digital test results in a secure and tamper-proof way, which are then automatically made available to individuals on the mobile app. More here

Don’t break the bank: Enabling financial inclusion and equity through tech; One of the greatest factors causing financial exclusion is the distance between rural areas and bank branches; The advent of smartphones and digital financial apps have been a game-changer, making the need for physical proximity less relevant. More here

WASTE 20/20 winner Magorium shares how it intends to save SEA with its plastic recycling solution; Magorium aims to solve the converts plastic into polymers, which are then used to produce high-quality bitumen used for road construction; Its tech can recycle a wider range of plastic types and incorporate a higher percentage of it into the roads. More here

I Squared Capital acquires, merges two Singapore-based cloud services firms; The combined businesses are poised to become a leading cloud migration and managed services provider in SEA and India, providing capability across all major public cloud operators. More here

Where’s XR at today and what does it mean for your company?; The future of the industry relies on its ability to live up to the promises that XR can save companies time and money, accelerate processes, measure engagement, bring people together in unique and memorable ways, and create new revenue streams that don’t only justify costs but proportionally outweigh them. More here

Mastercard, Pine Labs plan to expand BNPL solution in SEA; This will offer consumers the flexibility of zero-interest instalments on purchases, expand business for merchants and connect banks, fintechs, payment gateways and device makers to a rapidly growing financing alternative. More here

Singapore and Thailand to link national payments infrastructure; Cross-border remittances between the two countries will become cheaper and faster with the linkage of Singapore’s PayNow and Thailand’s PayPrompt; The programme will start off with a small group of banks on both sides, and will scale up to include more banks and non-bank providers over time. More here

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Image Credit: Sea Group

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SolarHome, a Singapore-based company that brings pay-as-you-go solar solutions into off-grid households in Southeast Asia, announced today that it has raised US$2 million in a Series A extension round, led by existing investors TRIREC and Insitor Impact Asia Fund.

New investors such as Anthem Asia Myanmar SME Venture Fund and DPI Energy Ventures (renewables-focused investment funds in APAC), besides FORUM, also participated.

The newly-raised capital will be used to scale SolarHome’s solution, as it pushes towards the next stages of growth of offering its product to a much larger customer base.

“The new capital has enabled us to bring operations closer to EBITDA breakeven since the beginning of this year despite a very challenging environment,” said Geert Jan Ten Hoonte, CEO of SolarHome.

Also Read: Solar energy startup SolarHome secures additional US$1M from Trirec

Founded by FORUM, a Singapore-based fintech venture builder, SolarHome offers off-grid households a solar lighting system at a low-cost 24-month subscription plan, with an initial US$10 down payment, followed by daily, weekly, or monthly repayments through scratch cards or mobile money.

The technology built into the system ensures that it won’t function if a payment is not made, giving lenders the confidence that they will be able to recover their investment.

The company estimates that it eliminates 140kg of carbon dioxide emissions per year and 1.45kg of black carbon, which are crucial in battling greenhouse effects that is crucial for global warming.

Since its founding in 2017, SolarHome has bagged several investment rounds from notable investors. These included a US$10 million in debt funding from a consortium of international investors, including Crowdcredit and Trine in 2018.

This was followed by a US$1 million for equity funding from TRIREC in 2019. Previously,  it has also raised three rounds of fundings.

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Image Credit: SolarHome

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With everything that has happened in 2020, it is easy to be discouraged by the future prospect of the MICE industries in the Southeast Asian (SEA) region and beyond.

In his opinion piece as published by Channel News Asia, Dr Prem Shamdasani, an Associate Professor of Marketing and Academic Director of the Executive MBA at NUS Business School, even noted that both the supply and demand side of this industry have “literally evaporated.”

Despite the outlook, Dr Shamdasani pointed out that some major global events have resisted the idea of converting into online platforms –a trend that has gained momentum during the pandemic. One of such events is the World Economic Forum’s Davos conference.

In December, as if his predictions have come true, we received two updates that had helped to improve the mood for the holiday season: That major global events are moving its venue to SEA countries next year.

The first one of such event was RISE which was dubbed by various media platforms as the largest tech gathering in Asia. For the past five years, the event has been held in Hong Kong. But Co-Founder and CEO Paddy Cosgrave announced in a press statement that the organisation has agreed to a three-year partnership with Malaysia Digital Economy Corporation (MDEC) to host RISE in Kuala Lumpur, starting from March 2022.

“This is not a goodbye to Hong Kong. We hope to return to the city in future with a brand new event,” Cosgrave stresses.

Shortly after that, beyond the tech startup community, the World Economic Forum announced that it is moving its annual forum from Davos, Switzerland, to Singapore in May 2021. This move was strongly related to the ongoing pandemic as it would be “challenging to host the event safely in Europe.”

As detailed in this CNBC report, this is only the second time the event was held outside of its original venue and the first that it happens in Asia.

Also Read: The future of events with Mind The Product CEO James Mayes

So what does this mean for us?

If anything, this indicates that SEA remains a powerful and promising market.

Throughout the pandemic, there has been various discussion on the future travel industry –particularly when and how we are going to bring it back, if ever. Travel tech giant Booking.com stated that even if COVID-19 vaccines are being distributed widely, it will take years, instead of quarters for the travel industry to recover to pre-pandemic 2019 level, as quoted by South China Morning Post.

While it is impossible to deny the impact that the pandemic has on this region, that businesses across different industries are struggling to survive even now, there are also businesses that manage to do well in this challenging time. And this includes companies in the MICE industries.

Mummys Market, the organiser behind the leading baby products fairs in Southeast Asia, explains to e27 on how a pivot to digital platforms had managed to not only save their business but also helped it grow.

“To adapt to this [situation], we decided to accelerate our seven-year plan to be implemented within one year, quickly shifting to a digital model to continue meeting the needs of our customers. Although this was a big change, we chose to reskill our existing staff to fit them into their new roles instead of displacing them,” founder William Chin writes in an email.

“With the efforts of our rigorous and tenacious team, we successfully launched Singapore’s biggest online baby fair in May 2020. What we have achieved in terms of personal and professional growth from our learning experiences across this year is what we would have taken years to learn under normal circumstances,” he continues.

Chin also states that the company’s revenue has increased “dramatically” following the transformation. But it does not mean that Mummys Market will be a fully online platform in the future. In addition to launching its first-ever retail outlet in November at Suntec City, it also plans to bring back its customer events, once the situation permits.

“Naturally, these will be held according to the safe management measures from the authorities, and we will ensure that we have implemented density and incident management processes that are in compliance with the government guidelines,” Chin concludes.

Also Read: The future is hybrid: What will events look like post-COVID-19?

Beyond individual businesses, the fact a major global event is going to be held in Singapore as early as May next year indicates that perhaps things can recover a little sooner. That this event will become a trigger to bring back the travel and tourism industries. That we can have hopes and see it manifests.

Last but not least, perhaps this is a sign that the world as we know it has not completely disappeared. There were times when we thought going to conferences, speaking on stages and building connections had become a thing of the past. But perhaps, in the next one to two years, we will be able to meet old friends and acquaintances again at these events.

There will certainly be adjustments, but I believe it is safe to keep our hopes up.

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Image Credit: Stephen McCarthy/RISE

 

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Palexy, a Vietnamese startup that provides actionable data to help improve the performance of brick-and-mortar retailers, has bagged US$1 million in a funding round led by Access Ventures, with participation from Do Ventures.

The startup will use the money to grow its team, fine-tune products, and expand the business across the region.

“We will expand our business to Southeast Asia, Asia and the Middle East in 2021,” Founder and Chairman Thong Do told e27.

Palexy was started mid this year by Thong Do, Minh Truong (co-founder and CTO), and Duc Nguyen (co-founder and Chief Data Engineer).

Also Read: Access Ventures secures US$30M for Fund II, aims to hit final close by Q3 2021

The trio started the venture to bring two missions together: to put the technological potential of Southeast Asia to use, and shake up the retail market.

“When I talked to many frustrated business owners in the region, I got the feeling that they still wanted to grow and improve but they have simply exhausted all available options. I wanted to show them that with the help of technology, there is still a lot of room for progress,” he said as he described his startup journey.

If you look at e-commerce, the industry is thriving because it makes use of online user data to incessantly optimise its processes. “We, at Palexy, could help retailers achieve that level of success with real-time data generated from consumers. With our solutions in place, our clients could break ceilings they were not even aware of,” Do said.

In a nutshell, Palexy aims to empower retailers to optimise their customer in-store experience and operational efficiency using Artificial Intelligence and Computer Vision technologies.

“If you are the owner of an e-commerce company, you can log in to see all the data points such as the number of visitors (per day, week, month or year), the timing and duration of their visits, and the keywords used to lead them to your site, etc.,” he said.

“But if you run an offline store (for example, a clothes retail shop), all you will see at the end of the week is nothing but the point of sale (POS) data,” he elaborated.

Also Read: How your shopping habits are shaping the future of retail in Singapore

This is where Palexy comes in handy as it brings in e-commerce-like actionable data to help offline retailers perform better.

Digitalising everything

“Data analytics is where offline retail is substantially falling behind and losing the battle. What offline retailers need is a full package technology solution that allows them to see the big picture as well as their online competitors,” he said.

“We crack this problem with our AI-powered SaaS tools that digitalise everything: every customer touchpoint, every interaction and every in-store process. We take into account all available data sources (such as surveillance camera feeds, POS data, promotion calendar and even weather data) and convert them all into actionable analytics dashboards,” he elucidated.

Palexy mainly offers three SaaS products:

Store Optimiser, which analyses the in-store sales funnel to help retailers improve their operations;

Store Wizard, a virtual shopping assistant which automatically identifies return customers as soon as they walk into the store, their shopping history and preferences. This helps the sales assistants a lot with providing excellent services, especially in high-end stores;

Store Supervisor, which acts as a dedicated security guard, monitoring the store 24×7, detecting abnormal behaviours or frauds and then alerting the staff in real-time.

Palexy’s products are currently used by more than 30 retailer clients in Vietnam and Japan, including brands such as PNJ (jewellery retailer), Guardian (a leading company in beauty and personal care), Viet Thai International, and Aldo Shoes & Accessories Franchisee, Hakuhodo & Square.

Future plans

According to Do, digitising physical stores to optimise their operation is just the first step of Palexy’s product vision. Ultimately, he added, its AI tools would help connect the physical world with the online world, enabling true omnichannel retail.

“The thing is that while shoppers still prefer brick-and-mortar stores in general, the majority of them like brands that have both an online and offline presence. That allows them more options and flexibility,” he said.

“The shopper analysis tools we offer are especially useful for retailers that fit that description. Data taken from the online channel could benefit the offline stores’ operations and vice versa, empowering the retailers tremendously,” he further shared.

Also Read: Top 5 skills needed to carve a niche in big data

For example, when a brand runs a digital marketing campaign, Palexy’s technology can help measure the effectiveness of that campaign in the stores, both quantitatively and accurately.

In yet another use case, by using Palexy’s tools to analyse the demographics of in-store purchasers, the client can identify the demographics of the buyer group that has the highest conversion rate.

“Using these insights, the client can design a promotion campaign that is specifically tailored for that customer group, driving higher conversion for the e-commerce channel,” he said.

A serial entrepreneur, Do previously built Arimo, a Big Data company based in California, which offers Data Science as a Service for global enterprises. The venture managed to raise over US$13 million from VCs such as Andreessen Horowitz before being acquired by Panasonic in October 2017.

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Image Credit: Palexy

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