Construction project management platform Proficient secures US$240K

Investors: Falnas Capital, a strategic investment firm backed by local entrepreneur, SM Faliq SM Nasimuddin.

Plans with the money: Proficient will utilise the seed funding to further expand its footprint into local and regional markets, while accelerating its platform’s expansion to offer more innovative functions and to boost its AI capabilities.

More about Proficient: Established in 2019, Proficient is an end-to-end construction project management solution. Its software system incorporates the entire construction project management workflow with an aim to enrich all project stakeholders through features and capabilities for effective risk management and improved efficiency, hence leading to higher productivity and transparency.

Also Read: Let’s talk about entrepreneurship stress and addiction with Karl Shallowhorn

Amidst the COVID-19 pandemic and a year after its launch, Proficient launched its base software in April 2020 as part of the company’s drive to transform Malaysia’s state of construction project management. Since then, Proficient has provided its construction management capabilities to some of the biggest Malaysian property developers, including Hap Seng Land and Naza TTDI.

TaniHub launches non-profit TaniFoundation

The story: Indonesia’s leading agritech group TaniHub has launched TaniFoundation with an aim to create a positive impact on society through improving the welfare of farmers and other interrelated parties in the agricultural ecosystem.

Through TaniFoundation, farmers can be trained to increase their capacity and expand their market access, supported by programmes in agritech and infrastructure, as well as financial inclusion and welfare.

Some concrete examples of the TaniFoundation programme are modern agricultural training, the application of precision farming technology, as well as financial literacy and entrepreneurship training, which can also be focused on women farmers.

Also Read: TaniHub lands US$65.5M Series B to empower Indonesia’s 40M small farmers through tech, financing

The background: TaniHub Group sees the need for long-term interventions to improve the welfare of 33.5 million more farmers in Indonesia. Although the agricultural sector is the third largest contributor to Indonesia’s Gross Domestic Product (GDP), farmers still experience problems in accessing various things needed to increase their capacity. A number of these obstacles are limited access to capital, information and production facilities, and the most crucial is marketing for crops.

The group believes TaniFoundation can provide education and development of skills (skills) to one million farmers in 2024. This nonprofit unit is also expected to connect farmers with a strong technological infrastructure and address climate change.

In addition, TaniFoundation is targeted to create a collaborative ecosystem with many partners, including micro, small and medium enterprises (MSMEs).

Collaboration: In order to ensure that as many elements of society as possible can be involved in these efforts, TaniFoundation is ready to collaborate with various organizations and institutions, be it government, private, or non-profit. Currently, TaniFoundation has interacted closely with various parties and produced two pilot programs which will be launched soon.

The first programme is “1,000 Farmers Steps”, a collaboration with TaniFund, Kitabisa.com, and Unilever, for 1,000 farmers in Banten, West Java, Central Java, and East Java. Under the programme, farmers will receive support for their work in the form of 1,000 pairs of rubber boots, financial literacy training, as well as health and hygiene education.

In the second programme entitled “Olah Biogas & Biosuri”, TaniFoundation collaborates with Rumah Energi and BenihBaik.com. The Rumah Energi Foundation is a non-profit organisation that seeks to provide access to clean energy and food security to improve the community’s economic standard, alleviate poverty, reduce disaster risk, and mitigate and adapt to the climate crisis.

Fave launches ‘buy now pay later’ in Singapore, Malaysia

The story: Fave, a Malaysia-based fintech platform providing QR payments and loyalty cashback to restaurant and retailers, has launched the BNPL service to provide over six million Fave users with instant access to interest-free credit to be used at over 40,000 stores as a pilot.

The service is available on the Fave app for iOS users today, followed by an Android release in July 2021.

Eligible Fave users will be able to split purchases over three equal, interest-free instalments. Repayments will be automatically drawn every month, with no fees charged for on-time payments.

Also Read: Fave acquired by Pine Labs for US$45M, to expand its consumer payments app to India

More about the service: In addition, customers will earn up to 10 per cent cashback with every purchase. FavePay Later is available at all Fave merchants in Singapore and Malaysia today, including marquee brands in popular retail verticals such Pandora, Marks & Spencer, Best Denki, Puma, GNC and more.

The launch of FavePay Later comes at a time of pent-up demand among consumers after prolonged periods of lockdowns and social restrictions, with cash-strapped consumers seeking easier access to credit and merchants seeking innovative ways to revive ailing sales.

FavePay Later is hassle-free for merchants with no additional integrations nor platforms required. Merchants will benefit from higher conversion, revenue and customer loyalty without taking any additional risk; while enabling consumers to make a purchase and pay over three interest-free instalments.

In April, Fave was acquired by Indian merchant commerce giant Pine Labs in a deal valued at over US$45 million.

East Ventures appoints Italo Gani as its new Venture Partner

The new role: Italo Gani brings expertise in managing tech startups and a vast network to realize his ambition to build Indonesia’s startup ecosystem to the East Ventures team.

Who is Gani?: Gani is a startup veteran with more than 20 years of experience. He started his entrepreneurial career in 1998 and has developed many tech startups in Indonesia since then, such as ADSKOM, InboundID, and many more. He is also involved in advising Nodeflux, a deep learning tech startup from Jakarta. ADSKOM and Nodeflux were later invested by East Ventures.

In 2019, he initiated Impactto.io, a collective startup builders platform. He serves as the managing partner at Impactto.io and has helped around 40 tech startups.

Also Read: East Ventures appoints Roderick Purwana as Managing Partner as it takes charge of EV Growth

Despite extending his support in tech startups, Gani also has actively supported many government initiatives, including NextICorn (since 2017) and Startup Studio Indonesia (since 2020) by the Ministry of Communication and Information technology. Gani contributes in accelerating startup business scale by serving as the board of curators of Startup Studio Indonesia as well as founder and board member of NextICorn Foundation.

About East Ventures: Founded in 2009, East Ventures is a sector-agnostic VC firm in Indonesia. It’s the first investor of Indonesia’s unicorn companies, namely Tokopedia and Traveloka. Other notable companies in the portfolio include Ruangguru, Warung Pintar, Kudo (acquired by Grab), Loket (acquired by Gojek), Tech in Asia, Xendit, IDN Media, MokaPOS (acquired by Gojek), ShopBack, Koinworks, Waresix, and Sociolla.

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Image Credit: Proficient

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Family businesses are a dime a dozen but couple-run companies are rather uncommon, as most people do not encourage working with a spouse for fear of ruining the relationship. Yet, some have discovered that their life partners are the best co-workers they could possibly have.

My partner, Dason Goh and I are married for 13 years, and we are also co-founders of Detrack, a logistics tech startup that created Singapore’s leading delivery tracking Software-as-a-Service platform.

Dason and I founded the company when we discovered a lack of visibility in last-mile deliveries, could not find a suitable solution in the market, then decided to take it upon ourselves to create the technology from scratch.

Our journey to success has been anything but easy. As with any coworker or colleague within the same department, we faced numerous challenges and obstacles and did not always see eye to eye on all matters.

It was through open and honest communication that we built rapport with each other, nurturing and sustaining a healthy working and romantic relationship, allowing them to successfully scale their business into its present-day achievements.

How did we manage and balance our professional and personal lives? We would like to share five important tips on running a business together as a power couple.

Align expectations

Not all couples enter a business together on the same footing. Oftentimes, one individual may be more involved or committed to the mission than the other. Each person also has their own barometer of what the company means to them, how their careers might pan out, as well as how their respective roles and responsibilities could impact their lives in general.

Also Read: 5 pitfalls to avoid if you are starting a business for the first time

We highlighted potential tensions in a relationship that might surface in the early stages of a startup, including making considerable lifestyle changes and drastic measures taken to stay afloat.

During these situations when certain sacrifices have to be made, there may be some conditions where the other party might be unwilling to budge. These situations are unavoidable but can still be resolved by establishing and aligning expectations at the onset.

It is imperative to do so as being on the same page allows couples to have a common understanding of what each person values and what they find essential to their lives.

Not only is there give-and-take involved, having a common understanding and setting some ground rules before starting a business can help build a strong foundation for the relationship, as there will be plenty of tough times to endure throughout the business lifetime.

Make decisions together

Decision-making is part and parcel of running a startup and can range from the minute daily decisions to major choices that impact every single aspect of the business.

When it comes to making decisions, we believe in doing so together. We kickstart every decision-making process as a team, having open and detailed discussions, laying out all concerns and differing opinions on the table, then looking at the issue at hand in an objective manner.

Respecting each other’s viewpoints is of utmost importance and communication is key. In doing so, we are able to avoid potential pitfalls and conflict and come to an agreement on the topic of discussion. Once we have made a decision together, regardless of the outcome, we would choose to move forward and work together to make better and more well-informed decisions.

Every joint decision they make strengthens their teamwork and increases their mutual trust in each other, qualities that are extremely important in the workplace, especially in a startup environment that is more volatile and uncertain.

Also Read: What I learn about starting a business from my Generation Z sister

Have a support system

The journey of a startup owner is one fraught with challenges, and these difficult times can last over the course of several years. It is at this initial make-or-break phase where business owners need emotional support from the people around them.

When both parties are in the business, not only do they need to support one another, they would also need support from their families, friends and extended social circles.

This can be as simple as relatives lending a hand to watch over the children, freeing up valuable time for the parents to focus on their work, or even as personal as families understanding that the couple may not be able to contribute to monthly allowances or afford luxuries that they would enjoy with a more regular and substantial paycheck.

We were fortunate to have the unwavering support and encouragement from their families and close friends. This support system which we have unintentionally grown and built over time continues to push them – slowly but surely – as we soldier on in their entrepreneurial endeavour.

Seek mentorship

While we have had some prior experience with entrepreneurship during our schooling years, nothing could prepare us for the real world obstacles that would come our way.

As much as there will be opportunities to learn from each other, we highly recommend seeking professional mentorship or speaking to experienced entrepreneurs about their learnings on starting a business from scratch.

Conversations we had with accomplished veterans in the industry were extremely beneficial in understanding the startup world, as well as dodging potential roadblocks and pitfalls that new business owners may not see coming a mile away.

Be open to investments and funding

We may have founded a bootstrap startup but we would choose a less onerous path if we could. Financially, it was a huge strain on us during the initial phases of the business journey, and this could have been circumvented through the raising of funds and leveraging of government schemes.

Partnering with investors could also be a key driving factor of a company’s development and growth, especially during the early stages of building a startup.

While the team will have to take on additional pressures and responsibilities of external interests and expectations, investors not only provide capital but also offer valuable resources such as their expertise and knowledge that can help scale a business rapidly and more efficiently.

Also Read: 4 steps to starting a business as a college or university student

Ultimately, it is important for couples to explore different financing options and make mindful business decisions in the best interests of the company.

Running a startup together is not for every couple but there are still merits to being partners in both professional and personal settings.

Though the business might seem to be the main priority for some of these couples, we continue to encourage them to nurture the relationship, communicate frequently and be open with each other, as ultimately the relationship between the two needs to flourish for the business to succeed.

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Vietnamese investment app Infina announced today that it has received US$2 million in an oversubscribed seed round of financing from a slew of investors.

The list includes Saison Capital, Venturra Discovery, 1982 Ventures, 500 Startups, and Nextrans, besides unnamed executives at Google and Netflix, and other angel investors. 

With the new funding, Infina aims to fuel its growth and expand its product offerings.

Vietnam has been seeing a surge in the retail investing space since the pandemic. According to the Vietnam Securities Depository, 500,000 trading accounts were opened in the first five months of 2021, leading to a 20 per cent increase since 2020.  

While the majority of Vietnamese previously let their money sit in risk-free checking accounts or in long-term real estate, millennial investors are now shifting toward higher-yield asset categories with smaller required investments.

“To address that demand Infina is building the ‘Robinhood of Vietnam’ to make investment accessible, easy, and engaging for the country’s middle and lower classes,” Infina co-founder James Vuong said.

Also Read: Relationship managers go robo as wealth management embraces digitalisation

Launched early this year, Infina is owned by RealStake that helps people invest in real estate, stocks, and mutual funds starting from as low as US$25.

Infina current financial partners include Dragon Capital Vietnam, ACB Capital, Mirae Asset Fund Management, and Viet Capital Asset Management.  

“Retail investing in Vietnam is at an inflection point and we have seen multiple other emerging markets reach this break-out point. With an experienced team that is passionate about financial literacy and education, Infina is well-positioned to ride this wave of growth,” said Chris Sirise, Partner of Saison Capital.

“Vietnam is the most promising market in Southeast Asia for the next wave of retail investing. Infina is at the forefront of the retail investing revolution in Vietnam and has quickly become the most trusted brand with millennial investors. Their commitment and experience building online communities is the key differentiator that makes Infina special,” added Herston Powers, Managing Partner of 1982 Ventures.

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Image Credit:Infina

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Voyager Innovations, the digital services arm of Philippine telco giant PLDT, announced today it has raised US$167 million in a new funding round for its fintech unit PayMaya.

Besides PLDT, its other existing shareholders such as KKR (from its Asia private equity fund) and Tencent also joined the round, along with new investor IFC Financial Institutions Growth Fund.

This investment includes US$121 million in fresh funding and US$46 million from previously committed funds.

The tech giant will use the fresh capital to expand PayMaya’s services, including mobile wallet, payments processing, and digital remittance businesses.

Also Read: PLDT’s digital services arm Voyager Innovations raises US$215M from Tencent, IFC, KKR

In 2018, Voyager had secured US$215 million in fresh funding from a host of international investors.

According to a press statement, PayMaya is also looking to enable more unbanked and underserved individuals and MSMEs with products such as credit, insurance, savings, and investments, through a soon-to-be-established digital bank. Towards this end, it has applied for a digital bank license with the Philippines’s central bank BSP.

Once granted a digital bank license by the BSP, the new entity will provide mobile-first, low-cost, round-the-clock, frictionless, branchless, ubiquitous, paperless, secure, and smart neo-banking services on the back of PayMaya’s proven technology platforms.

Orlando B. Vea, CEO and founder of Voyager and PayMaya said: “We have seen a quantum leap for digital payments adoption in the Philippines over the past year, and PayMaya has served as the nexus connecting consumers and enterprises with enriching digital finance experiences. This investment supports the unique value we bring and gives us a natural head start with the target market for the digital banking service.”

Shailesh Baidwan, Voyager and PayMaya President, said: “As we did with payments and remittances, we will enable the large masses of Filipinos to leapfrog into a new stage of financial inclusion through integrated digital financial services. Our goal is to continue making lives better for millions of underserved people and small businesses, with cutting edge solutions that are affordable and relevant.”

According to the company, PayMaya witnessed strong consumer adoption for its mobile wallet and remittance services amid the COVID-19 crisis. Total registered users for these consumer platforms doubled in just 18 months as of June 2021 to 38 million, or more than half of the adult population in the Philippines.

The firm has also set up more than 250,000 digital-finance access touchpoints, which it claims is 7x the number of the ATMs and bank branches in the Philippines. This expanded access is significant for an archipelagic nation where 33 per cent of cities and municipalities do not have any banking presence.

Additionally, PayMaya connects over 350 enabled merchants to retail consumers through its PayMaya Mall, an in-app feature.

Voyager further claimed that PayMaya’s enterprise business saw a four-fold increase in merchant acceptance points equipped with innovative payment solutions that accept credit, debit, and prepaid cards, as well as e-wallets, for both face-to-face and online transactions.

Aside from enabling the payment acceptance for the largest e-commerce, food, retail, and gas merchants in the Philippines, PayMaya equips over 70 national and social services agencies and local government units with digital payments and disbursement services.

Also Read: Voyager Innovations acquires SG-based e-commerce startup Paywhere

In January this year, PayMaya began expanding its digital financial services offerings with “sachet” loans for MSMEs through its lending arm, PayMaya Lending Corp., and health and device protection products with insurance partners.

PayMaya introduced its first lending product called Negosyo Advance last January among its 40,000-strong Smart Padala agent network, an extensive network for domestic remittance and adjacent financial services in the country. Smart Padala agents are typically microentrepreneurs in communities who need short-term working capital loans for their day-to-day businesses.

With insurance partners, PayMaya offers PayMaya Protect for health coverage, starting with COVID-19 and personal accidents. It also offers protection for mobile devices, with premiums that can cost less than Php1 (US$0.02) daily for cracked screens, water damage, and other incidents.

In the Philippines, only one in three Filipino adults has a formal bank account and has loans. Of those who have loans, only 3 per cent have borrowed from banks, and more than 77 per cent and 75 per cent of the population do not have insurance and investments, respectively.

The country’s central bank aims to digitalise 50 per cent of the total volume of retail payments and expand the financially included to 70 per cent of Filipino adults by 2023.

According to a Gulf News report, Philippines saw a 5,000 per cent spike in digital payments in the time of COVID-19.

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Image Credit: PayMaya

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Are you someone who is afraid of taking a leap into a more healthy lifestyle because of the apprehensions that it is going to take too many sacrifices? Or, are you someone who believes in global warming but is yet to muster the courage to make lifestyle changes?

Probably, an emerging breed of foodtech startups that intend to champion a healthy and ethical lifestyle could come to your ‘rescue’.

Globally, the plant-based foodtech industry is gaining momentum, especially after the onset of the COVID-19 pandemic. It has prompted many people to opt for vegetarianism/veganism to keep themselves away from possible zoonotic virus infections.

In Southeast Asia, Singapore is leading the plant-based food trend, followed by Thailand and the Philippines.

Countries such as Malaysia and Indonesia are a bit slower because the meat prices in these countries are very low and plant-based meats are still not competitively priced. It will take more time for industry players in these economies to consider switching to plant-based meats.

It is not just the meat industry that is undergoing a sea change but the dairy sector, too. Nowadays, plant-based/seed-based dairy products are the talk of the town.

Here we bring you a list of the seven notable foodtech startups championing innovation in vegan dairy in Southeast Asia. The information for this article was collected from e27‘s own database and other platforms, including Tracxn, Pitchbook, GreenQueen, Crunchbase, and LinkedIn.

Growthwell Group

A manufacturer of plant-based meat and seafood alternatives, Growthwell also produces alternatives to ice cream and milk using chickpeas. The technology it uses was developed by Israeli foodtech startup ChickP, in which it holds a significant stake.

Also Read: The spotlight on foodtech: Why we believe that what we put on our plate will determine the future

Ultimately, Growthwell aspires to expand the distribution of ChickP protein products across Asia.

Country of Origin: Singapore

Total funding: US$8 million

Investors: Temasek, DSG Partners, Insignia Ventures, Genesis Ventures, Brandify, Koh Boon Hwee (angel investor)

Kebbio

Kebbio is an organic cashew milk company that claims to use no preservatives, emulsifiers, and additives for its manufacturing.

The company believes that cashews make a good source of zinc (for immunity), vitamin E (skin and hair), heart-healthy fatty acids, protein, copper, magnesium (good for muscle repair and relaxation), and more, making its product extremely healthy.

What makes it unique is that it allows customers to trace back the origin of its products to where it came from, down to the name of the farmer who grew the particular produce. It sources its products from Isan, one of the poorest regions of Thailand.

Country of Origin: Thailand

Total funding: Undisclosed

Investors: Undisclosed

Snappea

Founded just last year, Snappea claims to have developed plant-based milk that is tastier than traditional milk.

According to the company, most plant-based milk are bland, watery, lack protein, and don’t have enough nutrients.

However, Snappea uses peas to create milk that is healthy, natural, and nutritious. Peas are one of the most sustainable food sources in the world that also emit 500 times less greenhouse gas emissions than beef.

The products are currently available in Malaysia, Singapore, and Brunei, and are sold in Jaya Grocer, Lazada, and Shopee.

Country of Origin: Malaysia

Total funding: Undisclosed

Investors: Undisclosed

Sesamilk

Sesamilk is an alternative to dairy milk and is extracted from premium-grade Thai sesame seeds, a rich source of fat. Unlike other plant-based milk, Sesamilk is extracted from natural seeds — no dairy, soy, or nuts.

Sesame seeds are a common ingredient in Asia and are often used in the form of sprinkles on buns and cooking oil. However, its nutrients are not absorbed by the human body in their entirety when used as oil or sprinkles.

Also Read: Why Sesamilk thinks plant-based milk is healthier than cow milk and has a bright future

“But when turned into a drink, sesame’s full nutrients can be absorbed by the human body. What is more remarkable is that sesame is believed to contain the cure for cancer,” says Sesamilk co-founder Siripen Suntornmonkongsri.

As of now, the product is available in 500 stores (online and offline) across Thailand and is also exported to countries like Japan, Macau, Hongkong, and Vietnam.

Country of Origin: Thailand

Total funding: Undisclosed

Investors: Undisclosed

Sophie’s Bionutrients

Here’s a company that challenges all the other plant-based food alternative companies.

Sophie’s Bionutrients utilises microalgae to make yogurt, cheese, and milk. This way, it has an added advantage over other plant-based dairy companies that use soy, almonds, and peas. It also claims to have no allergenicity and is suitable for people who are allergic to nuts and soy.

During its research process, the founders went over thousands of different strains of microalgae and finally found four strains of microalgae that could grow in dark fermentation tanks and were favorable to create dairy alternatives. It currently has patents for the technology behind its products.

Country of Origin: Singapore

Total funding: US$1 million +

Investors: Undisclosed

TurtleTree Labs

Co-founded in 2019 by Fengru Lin, Rabail Toor, and Max Rye, the startup claims to be the “world’s first cell-based milk company that utilises biotechnology to manufacture milk products without any animal needed.”

The founders also said that they “have been able to replicate the exact full composition of dairy milk”, which erases the concerns of sticking to dairy products due to their high protein content.

In addition to milk and milk-based products, the company plans to apply its methods into recreating human breast milk, targeting to disrupt the infant milk formula industry that is currently valued at nearly US$45 billion.

Country of Origin: Singapore

Total funding: US$9.4 million

Investors: KBW Ventures, Lever VC, K2 Global

WhatIF Foods

A sustainable food brand, launched by NamZ, WhatIF Foods has developed a plant-based milk line that was launched early this year.

The milk is made from Bambara groundnut, a climate-resilient crop that can grow in harsh environments while also regenerating the land it is planted in. The other reason for using Bambara is due to its micronutrient-dense nature which can match the protein content of a dairy.

Also Read: Conscious consumption is driving the trend in foodtech: Study

The company told GreenQueen that it will deliver a “more dairy, nuttier, or greener” and an “extremely creamy” taste that rivals conventional dairy products.

Country of Origin: Singapore

Total funding: US$9.4 million

Investors: KBW Ventures, Lever VC, K2 Global

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