Klook, a Hong Kong-based travel and leisure booking platform, announced today it has raised US$200 million in its Series E funding round, led by local investment firm Aspex Management.

Existing investors Sequoia Capital China, Softbank Vision Fund 1, Matrix Partners China, and Boyu Capital, besides a few unnamed new investors, also participated.

As per a press note, the new capital will be used to bankroll the development and roll out Klook’s merchant SaaS solutions, which will enable merchants to build, manage and scale their business on the platform.

With the travel industry heavily impacted by COVID-19, the company has re-prioritised its core strategic strengths and is now focused on two main areas — digitising the experiences booking sector and launching new verticals such as staycations and car rental.

In key markets such as Singapore, Hong Kong and Taiwan where restrictions have eased, Klook claims to have witnessed increased spending on local experiences, with bookings reaching near pre-pandemic levels as locals start exploring domestically.

Also Read: Online travel is expected to bounce back to US$60B by 2025, says e-Conomy SEA Report

“We’ve observed over the past year that consumers have a pent-up desire to explore and enjoy themselves, despite international travel being paused. Instead, they are turning inwards exploring new and unique experiences right in their backyard,” shared Ethan Lin, CEO and Co-founder at Klook.

“The travel industry has undoubtedly been hit hard by the pandemic, but Klook has shown resilience and adaptability despite the market headwinds. We believe the transition toward digital bookings will only accelerate post-COVID-19, and Klook is well-positioned to capitalise on this trend,” said Hermes Li, CIO and Founder of Aspex Management.

Despite being in extended lockdowns, Klook remarked that it has seen merchants eager to digitise their business. At the height of the pandemic, Klook onboarded 150 per cent more activities compared to the same period in 2019.

The company has also entered into partnerships with the Hong Kong Tourism Board, Singapore Tourism Board, and the Tourism Authority of Thailand, among others, to help diversify offerings and to grow demand domestically.

In Singapore, Klook was appointed by the Singapore Tourism Board as an authorised booking partner for the SingapoRediscovers Vouchers to boost domestic demand and reinvigorate the industry.

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Image Credit: Klook

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When group-buying models emerged as a shopping strategy in China, it quickly became a game-changer.

One of the greatest success stories of a company who has seen as astronomical growth using this model is none other than Chinese e-commerce unicorn Pinduoduo. It quickly became the country’s most popular social e-commerce platform and managed to go public just after three years of its presence.

Besides ranking third in China’s e-commerce with nine per cent online retail market share, it also grew its GMV to 73 per cent more in 2020 as compared to 2019 –despite the ongoing COVID-19 pandemic.

Inspired by the success story of the tech giant, Vincent Xue, a serial entrepreneur who previously co-founded ezbuy, decides to launch WEBUY, a social e-commerce platform that runs on a group buying model.

Launched just a year ago, WEBUY aims to develop a people-centric technology that can provide quality F&B products through a community-centred enterprise.

WEBUY also recently announced the completion of its Series A investment round led by Wavemaker Partners, followed by Centauri Fund and Global Founders Capital (GFC).

How it works

The way it works is that several people can sign up on the platform and get connected to each other to approach a vendor of a specific item to collectively bargain for a lower rate.

People who live close to each other can purchase F&B products such as food and groceries as a group, collect them at designated locations and in the process, save money through bulk purchase and low delivery costs.

Also Read: Startup of the Month, April: Social commerce platform TokoTalk

This results in a win-win situation for both parties as shopper need to pay less for an item and vendors can benefit by selling more items to shoppers without worrying about logistics.

Growth

According to Xue, the app saw over 20,000 downloads within just two months of its launch and due to its quick growth, the platform has expanded into Malaysia and Indonesia.

“We believe that the market size for community group-buy models in Southeast Asia will reach over US$10 billion within 10 years. China’s overall community group buy model market size is estimated to expand to over CNY100 billion (US$15.4 billion) in 2021, which is estimated to account for around 20 per cent of total online grocery retail,” he says.

“In the Southeast Asian market, as the e-commerce penetration rate for product and service is still hovering low at about 10-15 per cent, while China’s is over 40 per cent, this will offer an opportunity for community group buy models to enter into segments other than grocery,” he further adds.

Backed by Rocket Internet, the startup claims to have grown five times and is currently supporting 3,000 group leaders, who collate and purchase orders for over 100,000 consumers across its three markets.

Future plans

The startup is planning to further grow its footprint in Southeast Asia by expanding to Vietnam and the Philippines this year.

“We plan to recruit a batch of global venture builders and send them to different countries to kick start the business. But aside from that, we are also planning to invest US$1 million into our tech team to create a better user experience for all our customers and group leaders,” he shares with e27.

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

Generally, group-buying models are popular with price-conscious consumers who are but not limited to lower-medium income groups.

Taking that into consideration, while Singapore may not be that big of a market for WEBUY, countries such as Vietnam and Indonesia can create a greater possibility because of its population size and community-focussed demographic.

But will it create that big of an impact that Pinduoduo created in China within only a few years? Only time will tell.

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Image Credit: WEBUY

 

 

 

 

 

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Over the last couple of weeks, we’ve been working on verifying the investors on the e27 platform.

Being a verified investor means that there are people managing the investor profile in an official capacity. More than just reassurance that these are legitimate investor profiles, it also means that e27 Pro members can directly engage with these investors via the Connect feature.

Check out these ten verified investors that you can connect with for advice, mentorship, and fundraising opportunities”

Swiss Founders Fund
Stages: Seed, Series A
Verticals: All
Investment Range: Not Specified
Straight from Swiss Founders Fund:
Swiss Founders Fund is a is a seed and early-stage investment fund based in St.Gallen, Switzerland. Unlike traditional VCs, SFF focuses on incubating own ventures with a long-term perspective and invests and builds companies globally.
Connect with them

Yangon Capital Partners
Stages: Angel / Pre Seed, Seed, Pre-Series A / Bridge, Series A
Verticals: Not Specified
Investment Range: Not Specified
Straight from Yangon Capital Partners: Yangon Capital Partners (YCP) is the venture capital arm of Trust Venture Partners Co., Ltd.(TVP), a Yangon-based advisory group. YCP supports founders of startups and SMEs with early-stage capital.
Connect with them

Halma Plc
Stages: Series B, Series C & Above
Verticals: Artificial Intelligence, Big Data, Cleantech, Cybersecurity, Hardware, Healthtech, Internet of Things, Manufacturing, Medtech, Robotics, Smart Cities
Investment Range: Not Specified
Straight from Halma Plc: Our strategy is powered by our purpose. It is focused on acquiring and growing businesses in global niche markets, in our chosen areas of safety, health and the environment. Our Core strategy is to grow our companies both organically and through M&A, and will continue to be our major focus. Our Convergence and Edge strategies recognise that the increasing rate of technological change, including data and connectivity, is opening up new ways of growing our business and leveraging our collaborative culture.
Connect with them

Cornerstone Ventures Co., Ltd.
Stages: Seed, Pre-Series A / Bridge, Series A, Series B
Verticals: All
Investment Range: USD 200K – USD 1M
Straight from Cornerstone Ventures: Cornerstone Ventures mainly invest in digital startup teams, and we prefer startups that utilise new technologies such as AI to improve business more effectively. We look for startups that have links to Taiwan, including Taiwanese entrepreneurs abroad, international startups who are thinking about expanding to Taiwan, or startups who are already operating in Taiwan.
Connect with them

Alto Partners Multi-Family Office
Stages: Pre-Series A / Bridge, Series A
Verticals: Consumer, Education, Finance, Insurtech
Investment Range: Not Specified
Straight from Alto Partners Multi-Family Office: In 2019 we launched the Alto Partners Venture Capital Fund (APVC), an exclusive vehicle for our family office partners to participate in several exciting early-stage technology investments, sourced directly through our network. APVC targets pre- Series A and Series A investments, where we can lead or co-invest alongside prominent partners.
Connect with them

Moonshot Venture Capital
Stages: Series A
Verticals: Artificial Intelligence, Internet of Things, Logistics/Supply Chain, Manufacturing
Investment Range: USD 1M – USD 3M
Straight from Moonshot Venture Capital: Founded in 2018, Moonshot is a venture capital firm collaboration among leading corporates in various sectors including manufacturing, energy, and logistics. Our investment will follow the company policies which focus on Industrial and Deep Technology.
Connect with them

Das Capital SG
Stages: Seed, Pre-Series A / Bridge, Series A, Series B, Private Equity, Venture Debt
Verticals: Artificial Intelligence, Blockchain, Finance, Internet of Things, Sharing Economy, Software as a Service, Transportation
Investment Range: USD 100K – USD 10M
Straight from Das Capital SG: Das Capital is an investment fund operated by Japanese serial entrepreneur/investor Shinji Kimura. Das Capital is an umbrella fund to various investment strategies. At its core Das Capital focuses on venture capital investment, mostly early stage. At later stage there is Gunosy Capital. It also has HarbourFront Capital which mostly invests in asset-backed finances.
Connect with them

AngelCentral
Stages: Seed, Series A
Verticals: All
Investment Range: Not Specified
Straight from AngelCentral: AngelCentral is one of the fastest-growing community of angel investors in Southeast Asia. We organise regular curated pitch sessions, angel education workshops and provide syndication services.
Connect with them

InnoStart Capital
Stages: Seed, Series A, Private Equity
Verticals: All
Investment Range: USD 10K – USD 500K
Straight from InnoStart Capital: InnoStart Capital is a family office that invests in small to medium-sized businesses. We are a financial investor with a partnership approach to building constructive and supportive relationships with owners and management teams.
Connect with them

StarFab
Stages: Series A, Private Equity
Verticals: Agritech, Big Data, Hardware, Internet of Things, Manufacturing, Robotics, Smart Cities
Investment Range: Not Specified
Straight from StarFab was founded in 2016 with the realization that a startup requires more than just an innovative product and funding to successfully establish its position in today’s competitive and fast-paced market. We see ourselves as partners of innovation, helping entrepreneurs gain a footing with large enterprises and enterprises to collaborate with startups to provide added-value for their customers.
Connect with them

Watch out for more announcements of new verified investors (yes, there is more!). If you’re an investor and looking to get verified, find out how here.

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Photo by fauxels from Pexels

The post Meet these 10 verified investors that are ready to connect with you appeared first on e27.

iStore iSend, a Malaysian logistics and supply chain company, has secured US$5.5 million in a Series B round, co-led by Gobi Partners and logistics company EasyParcel.

The Selangor-headquartered startup will use the fresh capital to expand its services outside of Malaysia to more faster-developing markets such as the Philippines, Thailand and Vietnam.

A portion of the funds will also be used for the acquisition of online-to-offline (O2O) clients in existing markets.

iStore iSend is an end-to-end fulfilment solution company providing clients with a complete omnichannel experience, from warehouse management to shipping.

Also Read: Afternoon News Roundup: Indonesia’s logistics-tech firm Kargo snags US$31M Series A

The company has developed new functions and capabilities around helping offline companies go online by offering e-enabler services for brands and retailers, including online store setup, besides brand onboarding solutions for online e-marketplaces, official online store management, and growth and marketing campaigns management.

“The full-stack services that iStore iSend offers its clients as well as the full integration of its system into the most popular e-commerce sites is a real opportunity for investors that should not be overlooked,” Thomas G. Tsao, Chairman and Founding Partner of Gobi, said.

“With the spike in online shopping brought about by last year’s pandemic, more e-commerce players will want to grow their market by enhancing the efficiency and movement of their SKUs (stock keeping unit). iStore iSend is in a strong position to help with those efforts,” he added.

While there have been a surge in the number of online buyers over the past few years in Southeast Asia, there has also been neck-to-neck competition in the sector in the region. Among the leaders in the logistics and supply chain sector are Kargo, Moovaz, Waresix, and Ninja Van.

Also Read: In October, logistics tech startups continued to gain investors’ attention as the world struggled through a pandemic

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Image Credit: iStore iSend

The post iStore iSend raises US$5.5M to grow its logistics and supply chain biz beyond Malaysia appeared first on e27.

As institutions built on public service and the promotion of common good, governments should be some of the first to step up when it comes to innovation and disruptive solutions. This way, they become not only end-users of advanced technology but proponents and catalysts that pave the way for the co-creation of such innovations.

With the power of digitalisation, governments can streamline their efforts, help provide services faster and more efficiently, and be able to help out even the most remote communities. All these things are necessary if we are to address the evolving challenges of the future. Moreover, as problems become increasingly complex, we have to develop solutions that cater to issues of the past, present, and future. As such, the Ministry of Science, Technology, and Innovation (MOSTI) in Malaysia is always on the lookout for new and innovative ideas, solutions, platforms, and scientific discovery that will benefit Malaysians.

Last year, the ministry doubled down on its efforts to promote technology and digitalisation as a bedrock for innovative solutions with the launch of MYHackathon 2020. Through Cradle Fund Sdn Bhd (Cradle), MOSTI organised a nationwide series of hackathons in the past year, each one driven by a specific theme and its own set of problem statements. One of the best features of the MYHackathon 2020 is that they were designed specifically as a hybrid of online and offline events, allowing more participants to join, all while accommodating everyone’s safety and security during these precarious times.

As a culmination of this project, the MYHackathon Finale and Showcase 2020 is going live today, January 26, on their official page.

Also read: Meet these 10 verified investors that are ready to connect with you

Attended by Science, Technology and Innovation Minister YB Khairy Jamaluddin, this dynamic virtual event features keynote sessions, experts panel discussions, and short interviews as well as access to MYHackathon 2020 ecosystem including the winners, coaches, partners, and judges. As a bonus, there is an exclusive engagement session set up for the winners with YB Khairy for them to get first-hand information and updates on the technopreneurs and technology industry. Winners also have the opportunity to pitch their ideas to a group of investors curated for the event.

The goal of MYHackathon 2020 is to bring together innovators, software engineers, subject matter experts, and concerned Malaysians, to co-create digital solutions that will help improve the government’s services as well as the delivery of those services. With this mission in mind, the project was able to co-create over 400 solutions, under the guidance of over 150 mentors and coaches, as judged by over 120 judges, yielding a total of 36 winners.

MYHackathon 2020 themes and challenges

The project started in October 2020 and was held virtually available nationwide in six different key locations around Malaysia, and provided six unique themes for the participants to help hack.

The first theme is called Prihatin Rakyat — a challenge that focuses on developing digital solutions that can provide immediate assistance to the needy, the challenged, the urban poor, and senior citizens. Rakyat Sihat Sejahtera, the second theme, focused on developing digital solutions that can enhance the service level of the public healthcare sector and to promote a culture of wellness. The third theme, Ilmu Pelita Hidup, centred on enhancing the education system and quality via digital medium/channels and enhancing capacity building and welfare for educators.

Also read: XNode to launch cross-border acceleration programme in Shenzhen

Meanwhile, the other three themes, namely Bina Negara, Inovasi Asas Pembangunan, and Rakyat Produktif, each focused on developing digital solutions that seek to enhance infrastructure development programmes, driving economic growth, and improving national productivity respectively.

Each theme focuses on key sectors that collectively encompass various interest points of the larger Malaysian population. Solutions developed concerning these particular areas are expected to help improve the overall quality of life among Malaysians in the long-term.

Diverse solutions for diverse problems

Winners of the MYHackathon 2020 offer a range of solutions to different pressing problems faced by the community. The project was able to yield 36 winners spanning across multiple verticals and areas of digital innovation.

The winners of the KL roster include FortNynja, a company that provides a cradle-to-grave solution designed to accelerate the implementation of a nation-wide government identity platform, allowing different access levels for users accessing government digital citizen services. Meanwhile, winners from the other different Hackathon legs include BukuPINK from Deux Alpha Tech Sdn Bdh, the ultimate solution for antenatal and paediatric record tracking, CINTA (“Continuous Improvement in Teaching” App) from Pandai Education, an app that engages teachers with micro-lessons called capsules that provide daily CPD, and HAVVA, whose focus is on solving food security and food safety issues via urban farming using their technology.

These are only some of the brilliant co-created solutions that were yielded by the programme’s participating teams.

Witness the MYHackathon 2020 Finale & Showcase

Given all these amazing and innovative solutions, the team behind the project would like to open its doors to the public. With the MYHackthon 2020 Finale & Showcase going live today, January 26, audiences from around the world can tune in and witness some of the most exciting new technologies that are poised to serve as a springboard for Malaysia’s digital future.

With MOSTI and Cradle at the forefront of this project, the MYHackathon 2020 Finale & Showcase will feature the winners along with keynotes and panel talks on future technology and insights. Through this, audiences will be able to learn from some of the best and the brightest as they share key trends and insights on some of the most important topics of today.

Also read: Singaporean entrepreneur: bringing the Asian internet business model to Central America

Some of the experts and industry leaders who are poised to share their thoughts and experiences on different matters include Dato Dr Siti Hamisah Tapsir, KSU — Ministry of Science, Technology, & Innovation, Puan Rafiza Ghazali, Group CEO at Cradle Fund, Ashran Ghazi, CEO at Dattel, and Dr Roslan Bakri Zakaria, Co-founder and CEO of Random Collectives.

These are only a few of the topnotch speakers who will be gracing the stage to discuss key topics and trends concerning innovation and technology.

About Cradle

Cradle is Malaysia’s early stage start-up influencer, incorporated under the Ministry of Finance Malaysia (MOF) in 2003 with the mandate to fund potential and high-calibre tech start-ups through its Cradle Investment Programme (CIP).

Cradle is presently administered by the Ministry of Science, Technology, and Innovation (MOSTI). Cradle also runs the Coach & Grow Programme (CGP), a market-driven coaching programme that trains entrepreneurs and administers the Angel Tax Incentive programme which is designed to stimulate and encourage angel investments in support of the tech startup sector.

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This article is produced by the e27 team, sponsored by 
Cradle

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The post Witness Malaysia’s newest digital solutions at the MYHackathon 2020 Finale & Showcase appeared first on e27.