Even before the COVID-19 pandemic prevented us from travelling and exploring opportunities in a new market, the ability to expand has always been the mark of a promising tech startup. Now that we are limited by restrictive measures implemented in many Southeast Asian (SEA) countries, startups that have managed to execute this certainly deserve their own credits.
This is why we introduced the Expansion category in e27 Luminaries, our latest initiative to celebrate the unsung heroes of the startup ecosystem.
We discovered these companies by looking at the coverage on the SEA startup ecosystem in 2020 –exactly at the height of the pandemic. Despite challenges, there were startups that have successfully expanded their businesses regionally, a milestone that often followed their most recent funding rounds.
In this article, we will have a look at e27 Luminaries companies that have successfully expanded their business in 2020 –and the people that have played a crucial role in their success during the year.
Here are some of those high-achieving companies:
Meeting the neighbour
For many SEA-based startups, their expansion often begins with entry to their neighbouring countries. There are plenty of benefits to taking this approach, including cultural similarities between the different markets.
In this category, we have Erudifi, a startup that provides access to affordable education financing in Southeast Asia. Based in Singapore, the startup already has a presence in Indonesia and the Philippines.
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The company nominated Jon Robert Emlano, Philippines Country Manager, for leading the company’s growth in the country despite pandemic challenges.
Habitap, a Singapore-based startup that provides smart home systems, has also made its entry into the Indonesian market. For e27 Luminaries, they nominated Senior Project Manager Joh Kia Boon. Throughout the difficult year that was 2020, he had led efforts to re-organise and prepare a new, more resilient team structure.
Lendela, a Singapore-based consumer credit management platform, has already had a presence in Singapore and Hong Kong by the time the pandemic hit the region. But when the company secured a US$2 million pre-Series A funding round, they became even more prepared to expand within these markets.
For e27 Luminaries, the company named Country Manager Adiba Naoshin as an appreciation for her work in leading the team in its growth and tackling the challenges of the pandemic.
Indonesia-based Sociolla, the company behind the popular beauty e-commerce platform Sociolla secured US$40 million in Series D round in September 2019. In November 2020, the company debuted its platform in Vietnam.
As an appreciation for her work in expanding the company into the market, Sociolla nominated Chief Business Officer Ngoc Phungbich for e27 Luminaries.
Xendit, a Jakarta-based digital payment infrastructure company, already has operations in the Philippines as well. But with a US$64.6 million Series B funding round led by Accel, the company plans to further expand its business.
The company named Sujinun Jutakorn, VP of Sales, for e27 Luminaries due to her work in leading the team in securing sales during the pandemic.
Also Read: Meet the Singapore-based tech professionals of e27 Luminaries
Beyond SEA
But for some of these startups, the region is no longer enough to contain their ambition. Of all the companies in the Expansion category, StashAway and The Nurturing Co are those who are expanding their presence to markets outside of SEA.
In April, StashAway announced a US$25 million Series D funding round led by Sequoia Capital India. Before that, in November 2020, the company announced its expansion to the UAE. This move makes StashAway the first digital wealth manager to get an asset management license from the Dubai Financial Services Authority (DFSA) with retail endorsement.
COO Nandini Joshi represented the company for the e27 Luminaries initiative. She was credited for her effort in ensuring internal coordination and compliance during COVID-19, enabling the company to continue its operations safely and smoothly.
From the cleantech vertical, there is The Nurturing Co, the company behind the sustainable plastic-free home goods brand Bambooloo. In December 2020, together with the announcement of a US$250,000 funding raised through equity crowdfunding, it announced a plan to expand to the UK.
Its products are also available in Singapore, Malaysia, and New Zealand.
For e27 Luminaries, the company nominated Aleksandra Hessel, Head of Business Development, for leading the team through the challenges of COVID-19.
Work from home
Interestingly, for some startups in larger markets such as Indonesia, expanding within their own market possesses its own unique challenges. Even tech unicorns such as Tokopedia has mentioned expansion to the Eastern region of the country as part of their mission, following an investment by Alibaba many years ago.
Last year, Indonesian agritech startup TaniHub Group has managed to grow its business by opening a processing and packing centre in Malang, East Java. Set to be followed by other centres across Indonesia, these centres are part of the company’s effort to get closer to the farmers and their potential market as well as to maintain product quality.
Last week, the company announced what is said to be the largest funding round ever closed by an Indonesian agritech company.
For e27 Luminaries, TaniHub Group nominated Astri Purnamasari, VP of Corporate Services, who had helped established its business as one of its earliest hires.
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The e27 Luminaries is an initiative by e27 to celebrate the unsung heroes of the SEA startup ecosystem. Discover these notable companies and individuals here.
Image Credit: Eva Darron on Unsplash
The post Despite the pandemic, these e27 Luminaries successfully spread their wings into new markets appeared first on e27.
