HK-based travel and leisure booking platform Klook raises US$200M; Investors include Aspex Management (lead), Sequoia China, Softbank Vision Fund 1; Post-pandemic, Klook is focused on two main areas — digitising the experiences booking sector and launching new verticals such as staycations and car rental. More here

Will Ovo complicate a gojek-Tokopedia merger?; A merger could put gojek’s payments platform GoPay front and centre in Tokopedia – a huge coup; For gojek, teaming up with Tokopedia could mean access to the platform’s millions of merchants —  potential clients for GoPay’s productive loans — or collaborations between the two companies’ respective PayLater products. More here

Malaysia’s fintech startup CapBay bags US$20M Series A; Investors include KK Fund and local angel investors; CapBay is a multi-bank supply chain finance and P2P financing platform; It uses existing trade data and relationships to facilitate inclusive business financing; It claims to have funded US$24.7M across 500 investment notes on its platform since launch in March ’20. More here

Kollective Ventures and Joseph Phua’s family office Turn Capital acquire taiwanese podcast startup SoundOn; SoundOn will continue to operate under its current brand; SoundOn produces its own content shows featuring Taiwan’s top influencers, besides connecting podcasters to advertisers; It claims to have 35M monthly podcast downloads. More here

Malaysian logistics and supply chain platform iStore iSend raises US$5.5M; Lead investors are Gobi Partners and EasyParcel; The startup has plans to expand to markets such as Philippines, Thailand and Vietnam; iStore iSend is an end-to-end fulfilment solution company providing clients with a complete omnichannel experience. More here

Singapore’s consumer credit management platform Lendela bags US$2M pre-Series A; Promise Future International and Luxembourg-based 2be.lu Investments led the round; Lendela connects borrowers to partner lenders through an online loan application form; In 2018, it raised US$942K seed led by Cocoon Capital and IMO Ventures. More here

‘Founders should be able to back up their ideas with sales’: Golden Gate’s newly-appointed Principal Jeffrey Chua; According to him, post-COVID, investments will get easier and things will move faster and smoother; Due to the pandemic, a lot of deals that were in the US$10M+ range were slowed down or stalled since people were not allowed to travel and visit these firms in person. More here

Thai online car rental marketplace Drivehub raises “seven-figure” Series A; Lead investors are Toyota Tsusho, CAC Capital, KK Fund; The money will be used to expand into new markets in Indonesia, Malaysia and Singapore; Drivehub claims it has grown by 50 per cent compared to the same period last year. More here

MC Payment poised to become Singapore’s first listed digital payments firm; Artivision shareholders approved the proposed reverse takeover of e- payments company MC Payment; With the expected completion of the acquisition on Feb 18, Artivision will be renamed MC Payment, and is set to be listed on the SGX-ST. More here

500 Startups promotes Ee Ling as Regional Director to spearhead innovation programmes in APAC; Ling will be heading its BD for corporate and startup innovation programmes in the region; She was previously the Singapore Country Lead (Innovation & Partnerships) for 500 Startups and has built and led innovation programmes for corporates and startups in the city-state and Malaysia. More here

Podcast Network Asia (PNA) raises US$750K to expand to Thailand, Indonesia, Malaysia; Investors include Foxmont Capital, Venturra Discovery, Kumu; PNA provides podcast creators with access to production support and monetisation opportunities; It claims to have grown its roster to 415 podcasts, with over 10M listeners. More here

Catcha Investment joins SPAC craze, files to raise US$250M in US IPO; While it may pursue an acquisition or a business combination target in any business, industry or geography, it intends to focus its search on a target with operations or prospective operations in the technology, digital media, fintech, or digital services sectors across APAC, in particular SEA and Australia. More here

Singapore faces talent crunch as tech giants scale up; The city-state is aiming to become a regional tech hub but faces a severe talent crunch as more firms move in; Tencent, Bytedance, Zoom, Grab and Sea are among companies expanding in Singapore, fuelling a war for tech talent in the city-state, where the jobless rate had reached a 16-year high due to a coronavirus-induced recession. More here

MDEC launches Alternative Funding Program 2021; It will partner with 11 crowdfunding operators to help Malaysian entrepreneurs tide the economic challenges brought on by COVID-19; This follows the successful launch of the same programme in 2020 which saw a total of 16 companies successfully listed on participating platforms with a total of US$5M raised.

Indonesia bourse launches tech classification to lure investors; It seeks to attract more investment in technology and health care stocks as it looks to encourage trading amid the COVID-19 pandemic; The new IDX Industrial Classification consists of 12 sectors, 35 subsectors, 69 industries and 130 subindustries. More here

5 promising AI startups in the Philippines ready for investments; They are Expedock, Rumarocket, Aiah, PhilCare and FinScore; Local VC Kickstart Ventures is in pursuit of worthy AI startups in the region to invest US$200M in funding. More here

India explores a digital version of the rupee;It is one of the many ways that country’s central bank RBI is considering increasing the adoption of digital payment systems; For digital currencies, the Central Bank Digital Currencies will be legal tender and a central bank liability in the digital form. More here

SEA’s podcast market is ripe for adoption; we just need to educate the public, says Joseph Phua; He expects there to be a significant number of podcast ventures pop up soon in SEA, and is looking to make further investments/acquisitions in the general audio entertainment space. More here

IdeaSpace grants US$20K each to top 3 Philippine startups in virtual accelerator programme; The startups are Workbean, Humble and Agro-DigitalPH; Along with 20 other hopefuls, the three startups underwent IdeaSpace’s four-month acceleration programme. More here

Vietnam launches National Technology Innovation programme; It aims to facilitate and support enterprises to transfer, innovate, and perfect technologies as well as create high-quality products with high added value; Furthermore, it will promote the transfer of technologies for agricultural development in rural and mountainous areas and regions and train scientific and tech HR. More here

From under US$1: Ovo rolls out new investment product; The Indonesian e-wallet unicorn Ovo and mutual fund platform Bareksa have teamed up to launch a new investment product allowing small savers to buy funds for as low as US$0.71 from their app; The aim is to increase financial inclusion and encourage more Indonesians, especially the younger generation, to start investing. More here

VeMoBro e-commerce platform launches in Philippines; It offers a wide variety of products from food and grocery items, home essentials, tech gadgets and accessories, and automotive products; The platform connects MSMEs to potential customers; A business unit of Polaris Digital Platform Enterprise, VeMoBro has a logistics system with its experienced freight forwarding partner. More here

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Image Credit: Unsplash

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The Malaysia Digital Economy Corporation (MDEC) has launched Alternative Funding Program to help the country’s micro companies with cash-flow problems.

As part of this, it has partnered with 11 equity crowdfunding (ECF) and P2P platforms to provide MSMEs with financial help.

The partners include ATA Plus, CrowdPlus.asia, Eurecca, Leet Capital, pitchIN, B2B Finpal, CapBay, Funding Societies, microLEAP, MoneySave and QuicKash.

“With the continued disruption to businesses caused by the COVID-19 pandemic in 2020, it is crucial for startups in Malaysia to be able to explore multiple avenues for funding. While initiatives like the Dana Penjana Nasional have done much to address the funding gaps for startups in Malaysia, it is in the best interest of MDEC for them to have more options to ensure sustainable cash flow,” said Surina Shukri, CEO of MDEC.

Also Read: MDEC spearheads alternative funding to help Malaysian startups thrive during the COVID-19 pandemic

To be eligible for the programme, companies should be locally incorporated and have operations running for at least one year with a minimum annual turnover of RM300000 (~US$74,156).

This is MDEC’s second year running the same programme led by its Global Growth Acceleration Division (GGA).

Last year, 16 companies had participated and managed to raise a total of RM19.89 million (~US$5 million).

Among the startups that successfully raised funding through the programme include PolicyStreet (US$1.8 million), which is the largest funds raised to date from an ECF platform in Malaysia.

“MDEC has been promoting ECF and P2P funding platforms actively to startups and I believe that the concerted effort put in by MDEC has led to an increase in public awareness towards the benefits of ECF and P2P investment,” Wilson Beh, co-founder of PolicyStreet said.

Entrepreneurs who wish to participate in the programme can submit their applications now. The deadline is March 31, 2021.

MDEC is an agency under the Ministry of Communications and Multimedia Malaysia and is tasked with spearheading the development of the country’s digital economy.

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Image Credit: MDEC

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LottieFiles, an open source animation file format that is tiny, interactive and can be manipulated at runtime, has raised US$9 million in a Series A financing.

The round was led by M12, Microsoft’s Venture Fund, with participation from existing investor 500 Startups.

According to a press release, the new capital will be used to further its product roadmap, increase user base and expand its infrastructure.

Also Read: Joosk Studio raises fresh funding to make Myanmar’s first feature-length animation

Launched in 2018, LottieFiles is a community platform for designers and developers, who create motion graphics using the Lottie file format. A JSON-based animation file format, Lottie enables designers to ship animations on any platform as easily as shipping static assets. They are small files that work on any device and can scale up or down without pixelation.

A Lottie animation can play your animation on web or mobile devices while still maintaining “high quality”. It can also have smart settings that can allow for your animation to be interactive.

According to the company, the size of a Lottie file significantly increases download speed and reduces the amount of disk space utilised.

Its cross-platform capabilities also save designers and developers time by freeing them from having to code motion graphics for different platforms individually.

“By listening to the Lottie community, we have created a unique set of editing, workflow and collaboration tools that seamlessly integrate with popular design software and developer environments such as Adobe After Effects, Figma, VS Code and others,” Nattu Adnan, co-founder of LottieFiles, said.

“To make things easier for non-motion designers, users can take advantage of tons of free content available on our platform to get started,” he added.

On average, a new Lottie file is uploaded to the platform every 15 seconds, the company claimed. These assets range from simple animated icons to animated product onboarding and walkthroughs, system animations on smartwatches, interactive infographics for online publications, and many other use cases across devices.

With offices in San Francisco and Malaysia, the startup claims to have surpassed one million users from over 65,000 companies globally, including Google, TikTok, Disney, Uber, Airbnb, and Netflix.

While the company is growing at a significant rate, the co-founders have not monetised the platform yet but plan to do so later this year.

Also Read: Ecosystem Roundup: Will Ovo complicate a gojek-Tokopedia merger?; Singapore faces talent crunch as tech giants scale up

In a world dominated by Reels and TikTok, animated video content is slowly growing more popular than it was ever before.

Cisco said in a report that by 2020, online videos will make up for over 80 per cent of all consumer internet traffic.

As more and more content creators hop on the TikTok trend, this gives LottieFiles a huge market to offer its services to.

Abhi Kumar, Partner at M12, said that LottieFiles empowers an entirely new set of users by unlocking new opportunities to use motion graphics for their video content.

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Image Credit: LottieFiles

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Ula, an Indonesia based micro-retail e-commerce platform, announced today it has raised a US$20 million Series A funding round, co-led by Quona Capital and B Capital Group.

Existing investors Lightspeed India and Sequoia India also participated.

This follows a US$10.5 million seed funding in June 2020.

As per a press note, the fresh investment allows Ula to grow its geographical footprint, expand its suite of products and services and move into new retail categories.

Since launching in January 2020 with teams in Indonesia, India and Singapore, Ula provides micro retailers with the necessary tools and technologies that assist in digitalising their supply chain, inventory and working capital management. It claims to have grown to serve over 20,000 stores, primarily in East Java.

“Small stores are deeply integrated into the economic and cultural fabric of Indonesia. They are micro-entrepreneurs with highly cost-efficient operations compared to their modern retail counterparts,” said Nipun Mehra, Co-founder and CEO of Ula.

Also Read: Everybody is helping MSMEs go digital today, but Indonesia-based Titipku aims to do it differently

“However, their small scale, limited upstream product availability, high prices, poor service and limited working capital makes them the most vulnerable segment of the retail value chain. These problems aren’t restricted to one category — FMCG and other consumables, apparel, electronics, etc. all encounter common problems,” he added.

In many emerging markets, traditional in-store retail accounts for nearly 80 per cent of the total retail market. Within Indonesia, the market size is estimated to be upwards of US$200 billion, growing at over US$15 billion annually.

These small retailers operate with an up to 10 per cent cost advantage over modern retailers often employ family members and operate out of their homes. They also have insights into local consumer behaviours which could be leveraged to their advantage.

However, inefficient product sourcing, limited access to affordable technology solutions, and a high cost of available working capital hurt their ability to compete and grow.

Also Read: Leveraging new tech to propel SME trade in ASEAN

Ula seeks to solve these issues by assisting in procurement and providing logistics solutions for micro retailers, thereby allowing them to carry less inventory and freeing up capital.

“Ula is transforming the entire retail value chain with its retailer-first approach, empowering the small retailer by offering them a wide range of products, competitive prices and doorstep delivery,” said Ganesh Rengaswamy, Managing Partner at Quona Capital.

“Indonesia’s retail spend is expected to surpass US$0.5 trillion over the next four years, driven by millions of small retail stores. Ula is at the forefront of transforming Indonesia’s SME supply chain by democratizing access to merchandise and driving financial inclusion through technology,” said Kabir Narang, Founding General Partner at B Capital Group.

Ula is currently setting up tech teams in Indonesia, India and Singapore and also hiring across key roles in category management, analytics, credit as well as city P&L leaders in Indonesia.

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Image Credit: Ula

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In our increasingly digital world, it is more important than ever to protect our assets with a strong line of defence. Even before the pandemic which has catalysed faster digital adoption for many economies, the world has long been on a journey towards a stronger and a more reliable digital future. This means that as our digital transformation becomes more and more complex, cyber-attacks and other forms of cyber threats are also hot on our heels trying to catch up.

One particular industry that’s becoming increasingly smarter is automotive. Thanks to the technological revolution, we can easily get traffic information, play our favourite music, and be alarmed when a car hit happens. According to SAS, by 2025, there would be 2 billion connected cars — cars with new features and aftermarket devices. However, as vehicles are getting “smarter” with these internet-connected devices, the risk of getting a cyber attack is more possible than ever.

With digitalisation taking on an increasingly prominent role in how we work, how we live, and how we move, what technologies out there can we turn to for better cybersecurity?

Threats to anticipate in the V2X market

Key players in the automotive industry are aiming to achieve fully automatous driving. That means cars will become progressively reliant on connected devices and their communication lines. In a V2X model where cars are connected to everything, they are also more susceptible to a variety of threats.

Driver assistance system, blind-spot system, or even entertainment system on cars are easy targets for hackers. Cars are vulnerable to risks in terms of breaking into these systems, risks that include WiFi / Bluetooth attack, remote vehicle hijacking, man-in-the-Middle attack, and GPS Spoofing, among others. In a worst-case scenario, disruptions caused by third-party interference and malicious interceptions to the system can lead to serious accidents.

Moreover, in the instance of an accident that’s caused by cyber-attacks, it is also harder to track the actual cause. We may get record from the car black box when the car activity happens in the physical environment. However, there’s no specific way to keep a record for the car activity in cyberspace. It’ll be hard for people to understand the real cause of a car accident — is it a physical hit or a cyber attack?

These are only some of the potential threats that car users can face in the V2X model. This can only mean that with increased digitalisation, we must equip ourselves with smarter, more efficient, and more reliable solutions to protect ourselves.

Modern solutions for modern problems

Thankfully, there have also been many developments in the cybersecurity sector that are designed specifically to combat these complex threats. ArcRAN, a Taiwan-based company, has made massive strides in this area and is proving to be one of the best solutions out there.

With their V2X security detector and security solution design technology, users will be able to predict, prevent, and diagnose cyber attacks.

Their V2X / IoV Joint Cyber Security Defense iSecV Detector operates as an isolated add-on box, used to detect DSRC / C-V2X signals, and to analyse un-approved signal sources using the whitelisting mechanism.

In addition, it is able to detect abnormal behaviours such as tampering of data in (MitM), jamming (DoS) of communication channels, jamming (DoS) of signals, spoofing of signals, and spoofing of GPS messages among others, all with the use of machine learning methods. iSecV will be placed inside buses and roadside units (RSUs) and communicate with the Traffic Center through an independent 4G Channel.

Their technology offers three strategies to deal with cybersecurity problems for automotive industry players. Firstly, all code should be developed by following the idea of Secure Software Development Life Cycle (SSDLC). Therefore, the cost of system maintenance and the chance to be hacked can be lower.

Secondly, vehicles embedded with the secured system may still be attacked by evolving hacking technics or newly-discovered vulnerabilities. In such an instance, the vehicle shall add extra protection in its perimeter. ArcRAN provides V2X site cybersecurity solution iSecV which monitors wireless signals. By detecting abnormal behaviour in V2X environment, iSecV sends alerts to smart city/transportation project parties to take action and protect the physical site.

Lastly, to transfer the risk of business operation, ArcRAN suggests next-generation vehicle insurance to the enterprise which owns track fleet or develops autonomous vehicles. Combing with digital evidence collection, the next-generation vehicle insurance can extend its coverage from the physical world to cyberspace.

With this technology, users are able to better protect themselves before, during, and after such attacks occur.

Trustworthy technology from a trustworthy company

ArcRAN is a cybersecurity company focusing on Internet of Things & Vehicles. Their core technology is designed for wireless signal detection including but not limited to WiFi, Bluetooth, Zigbee, and C-V2X. ArcRan concentrates on developing comprehensive cybersecurity solutions for smart city applications. They propose advanced cybersecurity solutions based on machine learning algorithms to help governments and enterprises quickly respond to various cybersecurity threats and attacks through automatic cybersecurity analysis, attack simulation, and risk evaluation.

With more than 18 years of experience in the cybersecurity industry, their solution well protects clients’ physical sites. Their solution is also recognised by several awards, including 1st place in Young Award (which honoured top IT companies in Taiwan), as well as being selected as the Taiwan representative for APICTA Awards (which is the top award for Asia Pacific ICT companies).

Helping ArcRAN flourish as a tech company is Rainmaking Innovation, an international digital consulting company and accelerator dedicated to boosting the potential of entrepreneurs worldwide and fostering a stronger and more competitive startup ecosystem. “We work with our clients to build a clear view of fast-evolving markets so that we can identify the opportunities they’re best positioned to own,” said Ken Chuang, the Managing Director of Rainmaking Innovation Taiwan.

Moreover, ArcRAN has been selected to be part of this year’s Consumer Electronics Show (CES) Taiwan. This year, the Taiwan Tech Arena at CES will be showcased on a virtual reality (VR) platform that will allow visitors to witness various products that are currently being developed.

Sorted into four key categories that address the demands of various areas of life, CES Taiwan 2021 will be focusing on Smart Living & Healthcare, Cybersecurity and Cloud Solutions, Mobility Tech, and Tech for Good. With over 100 Taiwanese companies that will be showcasing their new technologies to the world, ArcRAN is poised to be one of the standout companies whose tech solution is bound to impact the world meaningfully.

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Lendela, a Singapore-based consumer credit management platform, announced today it has raised US$2 million in pre-Series A financing round led by existing investors Promise Future International and Luxembourg-based early-stage VC fund 2be.lu Investments.

The startup shared the fresh funds will be used to support its growth plans across Singapore and Hong Kong, with plans to hire new talent in tech development, business development and marketing.

Launched in 2018, Lendela connects borrowers to partner lenders through an online loan application form. The platform shared applicants would be presented with multiple offers and can sign their loan documents within 24 hours of applying.

In the same year, it announced a US$942,000 seed funding round led by Cocoon Capital and IMO Ventures.

Since its launch, Lendela remarked it has expanded its network to 40 strategic partners, including banks such as Standard Chartered Bank and HSBC.

Also Read: Matching-making for loans: Why online lending platform Lendela has set its eyes on Asia

Having claimed it achieved seven times growth in 2020, Lendela now serves over 50,000 borrowers in Singapore and Hong Kong.

The platform said plans to develop its product to further reduce friction for customers, providing customer identification services, alternative credit scoring, as well as continuing to speed up the loan application process.

“With COVID-19, the shift towards digitalisation has accelerated across Southeast Asia. Lendela’s digital lending process is even more valuable in a pandemic with restrictions on social interaction,” said Nima Karimi, CEO and Founder of Lendela.

“There is an incredible opportunity for growth and improvement in the region’s digital lending space and Lendela is well-placed to capitalise on it,” added Pierre Lorinet, who recently joined Lendela’s board of directors.

According to a study conducted by Google, Temasek and Bain & Company, digital lending in Southeast Asia is on track to grow 33 per cent annually to reach US$18 billion by 2025.

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Image Credit: Lendela

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The start of a new year is a great time to make a list of new year’s resolutions to help you accomplish your personal and business goals. The usual answers are to sweat a lot more, lose 10 kilos, spend more time with your loved ones, catch up with your old friends, reduce debts or even read more books. They are all fantastic resolutions and great goals.

But if you’re an entrepreneur or a startup founder, you would have missed out if you don’t look at the following new year’s resolutions for your business.

Incorporate your legal entity and follow the legal formalities

Stop exposing yourself to legal risks and personal liability. Form the correct legal structure to operate your business (usually, your business should be formed as a private limited company in your jurisdiction) to ensure that you separate your personal assets against business assets. In other words, no commingling of assets.

If you run a business with more than two people, get it formalised in a founders agreement

What happens if one of the cofounders has a disagreement or has a different change of priority or focus after six months or twelve months after you’ve started a business together? What if a cofounder got into a nasty divorce or even sudden death? What happens if there is a deadlock, say if there is a disagreement between co-founders over a new business development manager? How will such a ‘sticky’ issue get resolved?

These agreements are usually referred to as the founders’ agreement, operating agreement, shareholders agreement, and partnership agreement. Whatever the agreement’s name, entrepreneurs should ensure that they have this agreement to help ensure that the business transition can be smooth and the business can continue as usual.

Assess your business plan

I know with exceptions to corporate planning or venture capital funds, young entrepreneurs or founders may not see the value of having a business plan (especially when you’ve got an ongoing pandemic out there). But a good business plan still plays a considerable role to make sure that you remain in line with your business goals for the immediate future or even long term. Make time to review, evaluate and update your business plan.

Also Read: Three startup resolutions I made that did not work out the way I expected

Put your verbal promises of ownership to employees

If you’ve agreed to give out equity to your employee or anyone that has contributed in your business, get it done in writing. A formal sweat equity agreement or a simple offer letter can set out the promised ownership, including the necessary vesting schedules or other ownership restrictions. Again, if you’ve promised to issue shares to somebody, get it done now. Yes, do it today, not tomorrow or next week.

Protect your intellectual property assets

Do a full audit of your company’s business and assess what your intellectual property assets are. Run through the checklist on protecting your intellectual property assets and take the necessary steps to file and protect your trademarks, trade names, copyrights (i.e. contents, software) trade secrets and other relevant intellectual property assets.

You may not know you’re sitting on a valuable IP asset that can be monetised for revenue for your company if you license it to a customer. Anyone who contributes to the company, including the staff and independent contracts must sign an intellectual property assignment and the confidentiality agreements.

Do a cybersecurity audit

Cloud services are no longer popular or default option among startups or technology companies. Even brick and mortar companies are moving into the cloud and using online platforms to sell their products or services. Your employees may also be working from home and sending emails or confidential documents using cloud services.

Ensure that you take the necessary steps to avoid potential cybersecurity breach and implement plans and strategies to address a security breach if phishing or even social engineering attack.

Put your verbal agreements to writing

The founding father of the United States,  Benjamin Franklin says its best, “Creditors have better memories than debtors.”

Every important business deals and terms and conditions and agreed discussions need to be in writing. People forget stuff. Memories can fade. Your customers or people in charge of your vendors change. Confusion and disagreements can happen. Avoid disputes and get a peace of mind when you put things in writing.

Have a record-keeping policy

Everyone in the company should keep track of documents in some form of a document management system. It could be Google Drive, Dropbox, OneDrive etc. but do have a standardised rule that everyone can follow easily.

Also,  confidential documents involving customers personal data, transactions, payment details (i.e. credit/ debit card details), customer service logs are accessible by the only relevant person in a company on a ‘need to know’ basis. A simple example will be to encrypt personal data like users’ password instead of merely storing them in just plain text.

Also Read: 2020 drained all my energy. Here’s what helped turn things around

Also, founders and entrepreneurs should copy their latest statutory records and filings made by their company secretary to the companies’ registrar. Having a copy of these filings also helps keep things handy when doing a corporate exercise like a fundraising round or an audit to have things ready.

Understand contracts and the terms

Every entrepreneur or founder should not sign a contract that they do not understand. You may not agree with every provision, but you should know the consequences and legal implications when signing a contract. Refuse to be bound by a term that you don’t think is acceptable or understood.

Review and improve your contracts for important agreements

All agreements that you use again and again in your business should get a review. You should contact your legal counsel to review your usual agreements annually or when there is a change of business model by your legal counsel. Get your lawyer to vet and craft the terms to reduce exposure and limit your business’s potential legal liability.

Tackle issues directly (and put them in writing)

Conflicts can arise for many reasons with another party. If there’s a problem, review the relevant contract and determine the appropriate actions based on the agreed terms. Put things in writing. In my experience, ignoring issues or concerns will not make them go away. Things can worsen as it may result in unintentionally waiving rights or consent to a new scenario that may deviate from the originally agreed terms.

Deal with employees matters methodically and carefully

Do not mischaracterise employees as independent contractors or freelance workers because you cannot afford to pay their regular salaries.

The pandemic will be challenging for entrepreneurs struggling with cashflows. Do not change existing employment terms unilaterally, including reducing employees’ salary without their express consent. If you need to do a pay cut or layoff, do not ignore applicable employment laws.

Or worse neglect your statutory obligations like contributing and deducting your employees’ monthly provident funds, social security payments, and monthly income tax deductions on behalf of your employees.

Formalise agreements with employees to protect the business

In addition to the existing employment or services agreements, when necessary, enter into a non-competition, non-solicitation, confidentiality agreements with key employees.

Pay taxes

The issue of taxation was mentioned in the Bible about the Roman dictator Julius Caesar during the Roman period. Here’s a reference to Mark 12:17:

“Jesus said to them, ‘Render to Caesar the things that are Caesar’s, and to God the things that are God’s.”

Unfortunately, we cannot ‘choose’ if we can pay or not pay taxes, so we have to pay them if we are eligible taxpayers. Do not delay in paying your taxes as a way to “managing cash flow”. Failing to declare income or under-reporting sales in your annual tax reporting, and deducting applicable monthly tax deductions against your employees will result in fines, penalties, and even personal liability.

Get the relevant insurance coverage for your business

Assess your current insurance policies and coverage with your usual trusted insurance agent and ensure that your business is adequately insured. If you do not have an insurance policy in place, get an insurance agent to assess your business if you should get certain aspects of the company covered like personal accident, theft, general liability, etc. Make sure you understand the fine prints, and you are not paying an unnecessary premium.

Also Read: Lockdown learnings: How I became a half-decent product manager in 2020

Get the best team of professional advisers

Ask around and engage competent company secretary, legal counsels, tax adviser, and accountants with relevant industry experience. Find an adviser or a professional who is willing to work with you as a ‘team member’.

Don’t work with someone who looks at his time all the time (i.e. ‘by the hour’ mercenaries or hired guns). If you are a startup, ask for a  ‘startup-friendly’ package. And know when to engage a lawyer to protect yourself for unnecessary legal hassles.

Finally, a professional may come highly recommended or an expert in a particular area. But before hiring someone do ask yourself, “Do I like him or her as a  person?”

Assess and evaluate financing options

Assess your current funding sources. If you’ve taken money from a venture fund or an angel, look at your current funding terms so that you can anticipate any financial challenges or funding needs. If you are raising money, make sure you know how much money you need, including the proposed terms.

Draw up a succession plan

Technically, a legal entity exists in perpetuity, and the business owners can change. Every business owner needs to come up with a succession plan in place. Some business owner may want to plant their exit by selling the company to another more significant player or a strategic investor.

Even so, you may not get to maximise your full business value if you rely too heavily on certain vital people or critical relationships. In practice, it can be hard to assign a person a formal agreement with a crucial hire. A good talent may leave you if he is unhappy with how you’ve treated him when he sees that his boss is making a big bonus from selling the company.

Starting this year with completing even a couple of these resolutions can ensure that this year could be a healthy, happy and exciting one for your business. Of course, getting these resolutions done while keeping up with a healthy lifestyle and spending quality time with family and friends will make this new year a good one.

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Global VC firm 500 Startups has announced that it has promoted Ee Ling as Regional Director for APAC.

In this role, Ling will be heading 500 Startups’s business development for corporate and startup innovation programmes in the region.

She will also be responsible for forging partnerships and strengthening relationships with corporates, governments, enterprises, foundations and other stakeholders involved in developing startup ecosystems across the globe.

Ling has over 13 years of experience in investment banking, consumer, retail, technology and edutech. She was previously the Singapore Country Lead (Innovation & Partnerships) for 500 Startups and has built and led innovation programmes for corporates and startups in Singapore and Malaysia. They include the Global Launch market access accelerator programmes, the PETRONAS FutureTech accelerator programme, and The Future of X UnConference.

Ling also spent nearly a decade in investment banking institutions such as Bank of America Merrill Lynch and CIMB, where she advised corporations in Southeast Asia on growth and fundraising.

As a co-founder of edutech company Smarter Me, which addresses the gap in relevant 21st-century skills and what children are learning in school, Ling is actively involved in the region’s startup ecosystem.

Since 2018, she has organised, hosted and mentored for Young Founders Summit, a leading startup competition and entrepreneurship programme for middle school and high school founders in Asia.

Also Read: 500 Startups launches Angkor 500 to accelerate the development of Cambodian startups

Ling said: “We have seen exponential growth in Southeast Asia’s startup ecosystem over the past few years, thanks to a combination of strong economic progress, the rise of a digital-savvy population and close collaboration between stakeholders in the startup ecosystem.  However, there is still ample room to grow and innovate, and that is what makes it exciting for 500 Startups.”

500 Startups is one of the most active global early-stage VC firms which has invested in over 2,500 companies across 78 countries. Its fund in Southeast Asia called 500 Durians, which has backed over 200 companies across multiple verticals.

Among its portfolio companies are tech giants like Grab, Bukalapak, Carousell and Alodokter.

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Image Credit: 500 startups

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SoundOn, a one-year-old podcasts platform in Taiwan, has just been jointly acquired by Singapore-based Kollective Ventures (KV) and Turn Capital (TC), a family office launched last year by Joseph Phua, co-founder and non-Executive Chairman of M17.

With this strategic deal, the two VC firms have big ambitions and they want SoundOn to grow beyond the home market into Southeast Asia. According to Phua, while the region’s podcasts market is still in the nascent stages, it offers massive growth potential.

In this interview, Phua shares the rationale behind the acquisition and how this deal allows them to further invest and develop the podcast ecosystem.

Edited excerpts:

Kollective Ventures and Turn Capital have jointly acquired SoundOn. How does this joint acquisition work? How does this deal benefit each other as well as SoundOn. What is the synergy?

The joint acquisition creates a Special Purpose Vehicle (SPV) in which both parties inject capital into this SPV and it then acquires SoundOn. Given my background, I will provide operational expertise as well as advice as a shareholder. This joint acquisition will then become a rocket ship – powered by capital injection, operational expertise as well as network – for SoundOn to accelerate its growth trajectory.

The podcasts industry is still in the early stages and hasn’t gotten much traction in Asia yet. Despite this, why did KV and TC make a bet on SoundOn, which is just over a year old?

The industry has taken off in a significant way, as can be seen by the number of podcast downloads that SoundOn has achieved just after slightly a year into the business, with over 35 million downloads a month, and fast growing to 500m this year.

Also Read: Kollective Ventures and Joseph Phua’s family office acquire SoundOn, a Taiwanese startup with 35M monthly podcast downloads

We strongly believe in the business of audio entertainment/podcast industry in Asia. Already, we see global giants like Spotify and Apple making huge forays into the space. We expect this trend to continue into Asia sooner rather than later.

How is the podcasts industry growing in Taiwan vis-à-vis Singapore/Southeast Asia. What are the key characteristics of the Taiwanese market and consumers?

There’s a burgeoning number of podcasters in Taiwan. For SoundOn, we work with more than 7,000 active podcast programmes/podcasters and we have over 70 per cent of the market share. In fact, the pace of growth is in line with the growth of YouTube during its initial popularity in Taiwan.

Likewise, we expect the same trend to occur in Southeast Asia. After all, podcasts are another medium for the transfer of information and the sharing of content which is much like videos on YouTube and other significant content distribution platforms.

As per a press note, KV and Turn Capital will look to continue to accelerate the growth of the company and the industry in the near future. How do you plan to achieve these two objectives?

The responsibility of educating the general public of any industry that is in its early stages of growth usually falls on the leaders. Thus, it’s not any different in this case with the podcast industry.

Also Read: ‘Companies shut down not because of crises but only when founders give up’: Joseph Phua of M17

We expect that we will be investing resources, from time to capital, into SoundOn and the podcast industry at large, to assist SoundOn on its path to become the dominant podcast platform in the region.

Do KV and TC have plans to bring SoundOn to Southeast Asian markets like Singapore? Do you see massive growth potential for SoundOn in the region?

Yes, SoundOn has near term regional ambitions because of the massive growth potential.

Where is Southeast Asia’s podcasts industry headed for? What is the growth rate? Do you expect new ventures to pop up in the podcast industry?

It’s super early, and so rate of growth will be very high. We expect there to be significant number of similar ventures pop up soon, and are looking to make further investments/acquisitions in the general audio entertainment space.

What is lacking in Southeast Asia when it comes to the adoption of podcasts platforms? What is hindering the growth? Do podcasts companies struggle to generate revenues unlike SoundOn, which relies on ads? What kind of business/revenue model will suit Southeast Asia?

Certainly, podcasts are ripe for adoption in Southeast Asia. What we need to do to facilitate its adoption is to educate the public, in terms of consumers and content producers.

Using SoundOn as an example, they have been profitable relatively early on given its market leadership and strength in advertising sales. There are multiple monetisation models available that SoundOn can tap into and this goes beyond relying on advertising as we see in other global comparables.

Also Read: Kollective Ventures acquires Paktor Group from M17 Entertainment

Hence, we expect SoundOn to experience exponential growth in its revenue and profitability in the next 24 months.

Last May, KV acquired Paktor. Does KV have plans to integrate SoundOn into Paktor?

Under the Paktor Group umbrella, there is an audio social entertainment application called Goodnight, which provides live entertainment and audio dating services. We believe there to be synergies between the platforms and will actively explore bringing them together.

We believe that the future of audio entertainment is just beginning and this acquisition marks a step towards establishing an Asian beachhead on this front.

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Image Credit: Turn Capital

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Catcha Investment, a blank cheque company — aka special purpose acquisition company (SPACE) — formed by Malaysia’s Catcha Group, has filed to raise up to US$250 million in an initial public offering.

The news was first published by Renaissance Capital’s on its website.

The Kuala Lumpur-based SPAC plans to raise the proposed capital by offering 25 million units at US$10. Each unit will consist of one share of common stock and one-half of a warrant, exercisable at US$11.50.

Also Read: David Gowdey of Jungle Ventures: Why we will see an IPO from SEA in the next 12-18 months

At the proposed deal size, Catcha Investment would command a market value of US$313 million, according to this article.

Catch Investment is led by CEO and Chairman Patrick Grove and President and Director Luke Elliott, co-founders of Southeast Asian internet investment firm Catcha Group.

Catcha Investment intends to focus on a target with operations or prospective operations in the technology, digital media, financial technology, or digital services sectors (new economy sectors) across Asia Pacific, particularly Southeast Asia and Australia.

While the concept of SPAC has been around in the market for many years and is used as a mechanism to bring companies public in the US, it has been relatively new to Asia, where companies are yet to jump on the bandwagon.

Also Read: Traveloka considers SPAC option as it plans to go public

However, the recent past saw several SPACs pop up. Early this month, Poema Global Holdings, a SPAC focusing on tech firms in Asia and Europe, announced it has raised US$300 million in its IPO on the NASDAQ stock exchange.

Earlier, Bridgetown 2 Holdings, a SPAC targeting internet economy companies in Southeast Asia and backed by billionaires Peter Thiel and Richard Li, announced last month that it was seeking to raise US$200 million in an IPO in the US.

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Image Credit:

 

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