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Why it is time to reinvent The Agile Manifesto to answer challenges of a remote team

agile workplace

An article in the May 23 edition of Wall Street Journal, “Bosses still aren’t sure remote workers have ‘hustle’”, painted a bleak picture of resistance by some senior managers to remote work. This is not surprising since senior managers have, by and large, learned methods that work for them early in their careers, probably two decades ago or longer.

But things have changed.

A colleague of mine who left the workforce in 1993 to raise a family and returned to work in 2010 commented on how silent it had become: In 1993 she remembered phones ringing all the time and constant chatter in the office, but in 2010 all she could hear was the clicking of keyboards. Communication norms change along with new technology, pandemic or not.

And who has not noticed how Generation X communicates more through text than they do by phone?

Reed Hastings, the CEO and founder of Netflix, said that remote work is “a pure negative.” But when that comment was posted to the popular programmer forum Slashdot, the outpouring of negative responses was overwhelming.

One commenter wrote: “[Hastings is] an extrovert, he needs attention, he needs people to entertain him; people like that are definitely struggling with WFH for sure, but if this has taught us anything, based on polling of the general public, it turns out that those people are a minority, and so most people will do better from this new normal and productivity will be up even if a minority like yourself and Reed Hastings can’t cope with it.”

Also Read: The beginning of the decentralised office — are you ready for a remote working future?

We can’t know what the workplace will look like a year from now, but it is clear that working remotely will be far more common. It will have been normalised; rather than the occasional exception, a large percentage of office workers will work from home at least part of the time. There are several reasons for this:

  • Organisations have figured out how to do it: They have put the systems in place, and have learned how to use them.
  • The evidence is that productivity does not suffer.
  • People have reevaluated their lifestyle choices, and are less ready to commute long distances or leave their community for a job.
  • Many people have moved away, making it impossible for them to return in person.
  • The cost benefits to organisations are enormous: if one’s employees do not live in San Francisco, one does not need to pay them as if they do.
  • The availability of a global workforce makes a much larger pool of talent and range of skills available.

The last two reasons favour the employer, but they each have a flip side that benefits the employee: employees can live in less congested places that provide a healthier lifestyle and that also have a lower cost of living, and people now can potentially work for organisations anywhere in the world: that means that one could, for example, live in Malta and work for a company that is based in New York City.

But what about agility? And even if people are productive working remotely, what about innovation?

The Agile Manifesto was wrong about face-to-face collaboration

Organisations today have embraced agility as a strategic imperative. For many, the Agile Manifesto is one of the sources of guidance on how to achieve agility. Yet, the Agile philosophy strongly favours working with others in person. This manifests through the “Agile team room” and the preference for face-to-face communication.

But these preferences are not backed by any research or evidence: they are assumptions of those who crafted the original Agile ideas and the various practices that evolved from those ideas.

It turns out that collaboration in an Agile team room is actually less than in a more traditional setup.

Also Read: How businesses can use COVID-19 recovery phase as an opportunity to build agility

According to a pair of studies described in the Royal Society Journal: Contrary to common belief, the volume of face-to-face interaction decreased significantly (approx. 70 per cent) in both cases, with an associated increase in electronic interaction.

In short, rather than prompting increasingly vibrant face-to-face collaboration, open architecture appeared to trigger a natural human response to socially withdraw from officemates and interact instead over email and IM.

If such a core belief of Agile thought is wrong, then what else is wrong? It turns out, a lot.

The very core ideas have merit, but they have been interpreted in an extreme way, and beliefs and practices piled on top of the core ideas have largely been extremes that favour some personality types over others.

Agile 2 brings balance and maturity to core Agile ideas

The need to collaborate and the need to focus is one of the areas that needs balance. Instead of Agile’s rush to strongly promote collaboration, at the expense of all else, Agile 2 advocates providing space for people to think deeply without distraction—to get real work done—while also providing opportunities for them to collaborate in ways that work best for them.

Some people communicate best through talking, but others communicate best through writing. People are neurodiverse. Also, collaboration is not a point-in-time event: collaboration about complex issues is a process that occurs over time, and generally involves reading, writing, speaking, listening, and deep thought.

These all occur at different times. The Agile community has put extreme emphasis on speaking and listening, but has all but dismissed the importance of reading, writing, and deep thought. Agile 2 restores the balance among these things, and many others.

Also Read: foodpanda CTO: Why autonomy is important for developing agile tech teams

There is no basis for assuming that people working remotely will collaborate less than when they are together in person. In fact, a study by Microsoft has shown the reverse.

According to the study: Human connection matters a lot, and people find a way to get it…We’ve seen groups respond to recent behavioural shifts by normalising manager one-on-ones to help employees gain clarity and connection, combat the isolation of remote work, and reduce burnout.

Whether people collaborate well and are effective remotely depends partly on the work they do. For example, if one requires laboratory equipment to work, then working from home will not be effective; but if one’s job entails generating and absorbing information, then working remotely might actually increase one’s effectiveness, due to the increased control that one has over their personal work environment.

How does remote work impact innovation?

We have a modern preconception of what innovation looks like: that it is a group of people animatedly conversing, coming up with ideas together. But studies have shown that group brainstorming is not how the best ideas originate.

In her book Quiet: The Power of Introverts in a World That Can’t Stop Talking, author Susan Cain goes into this in detail:

There’s only one problem with Osborn’s breakthrough idea: group brainstorming doesn’t actually work … The results were unambiguous. The men in twenty-three of the twenty-four groups produced more ideas when they worked on their own than when they worked as a group …”

Studies have shown that performance gets worse as group size increases: groups of nine generate fewer and poorer ideas compared to groups of six, which do worse than groups of four.

Surely there are benefits to collaborating as a group. In a group, you get to hear what others are thinking, and that spurs ideas of your own. When in a group, there is an energy level that some people will not attain when thinking on their own. But not everyone is like that.

Some people’s thought process is stunted when there is a lot of activity going on. Using the terminology of Princeton psychologist and professor emeritus Daniel Kahneman, in a group discussion, your mind is forced into “System 1” mode, which is basically shallow thinking; but when alone, your mind can operate in “System 2” mode, which is much deeper thought.

Indeed, if we consider famous breakthrough ideas in extremely complex fields such as the sciences, they often were conceived when in isolation. Scientists collaborated a great deal with their colleagues, but often in writing, and only after long periods of isolated deep thought.

Also Read: Workplace should be agile; STORM Tech People Operations Head on managing employees

Innovation does not tend to happen during in-person collaboration. In-person collaboration is an important element, but the deep ideas needed for breakthrough innovation occur during deep thought when one is alone.

And that happens just fine when working from home. Collaboration is a necessary ingredient for innovation, but—for knowledge work—collaboration need not be in person, and it is not the central element: the central element is deep thought.

Conclusion

Preconceived notions about how people need to work need to be let go of. We need to open ourselves to new possibilities. We also need to have a more sophisticated view of agility: the simplistic views expounded by the Agile movement need to give way to the more mature and nuanced models expressed by Agile 2, particularly concerning how people collaborate best.

Remote work has challenges, but rather than reducing creativity and innovation, it might unleash it. Productivity does not suffer – as long as one’s job does not require physical assets that need to be in close proximity.

And there are enormous potential benefits from remote work, including cost benefits to lifestyle benefits. We need to let go of the past and embrace the future.

Editor’s note: e27 aims to foster thought leadership by publishing contributions from the community. This season we are seeking op-eds, analysis and articles on food tech and sustainability. Share your opinion and earn a byline by submitting a post.

Join our e27 Telegram group, FB community or like the e27 Facebook page

Image credit: Eden Constantino on Unsplash

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How New Zealand-based Sustainable Foods is harnessing the power of hemp to produce meat products

 

This article is published as a part of a partnership with Future Food Asia. Aqua Development is one of the 10 finalists of the US$100,000 Future Food Asia (FFA) 2021 Award to be hosted from June 6-11.

Meat analogues are not new to Asia Pacific. Use of them can be traced to back to centuries ago, influenced by the restricted diets of Chinese Buddhism. Traditionally, wheat-gluten or soy-based products were common ingredients found in meat analogues.

One example is tempeh in Indonesia, a traditional fermented soy-based food originating from Java. Another example is soy milk in Japan, a conventional ingredient used to make yuba (curdled soymilk) which is usually eaten alone or thinly sliced and prepared with vegetables.

Over the years, with advancement in extrusion and flavouring technologies, plant-based meats have become more meat-like in appearance and texture. Soy-based meat analogues have garnered the largest market share in Asia.

Meanwhile, other proteins like pea, mycoproteins, and lab-grown cultured meat are also showing growth in this region. To appeal to mainstream meat-eaters, plant-based meat products were developed to mimic favourite foods in familiar formats like burger patties and sausages.

However, as most of them remain processed packaged foods – questions are being raised on their nutritional value.

Harnessing hemp

One company in New Zealand, uses not only soy and pea but also hemp. The crop is rich in complex protein delivery and considered one of the most nutritionally complete food sources in the world.

Though Auckland-based Sustainable Foods is among the first to adopt it in the alternative meat industry.

About three years ago, Justin Lemmens along with his old colleague and now cofounder Kyran Rei decided to challenge themselves. “We wanted to see if we could develop delicious plant-based food as a tasty alternate that more people would choose to eat while ensuring these products were produced sustainably,” says Justin Lemmens, CEO of Sustainable Foods.

Today they have burgers, mince, sausages along with several different plant-based chick*n products. Hemp has been their hero on this journey. Hemp is a unique ingredient in this world-first product.

Also Read: SGProtein to launch large-scale production facility to accelerate Singapore’s alternative protein market

It brings great flavour, texture, is locally grown and is considered one and of the most nutritionally complete food sources in the world. Working with strategic partners in NZ we have co-developed an IP and taste that surprises and delights all who try.

The sharing table

New Zealand is well respected globally as a food innovator and producer of natural, healthy foods that taste great. While there are many NZ agencies and groups that support entrepreneurs in their journey to innovate the international market is growing at such exponential rates that NZ small business may not be able to scale in time to take an appropriate slice of the market.

This is especially true when we consider the investment and support countries like Singapore has established in the last 12-18months alone.

Sustainable Foods have plans to create space, in our new facilities launching later this year, for plant-based excellence that supports companies with their journey from sustainable food innovation through to manufacturing based in the lower North Island.

The concept is based around a shared value creation model and seeks collaboration with local farmers, investors, government and development agencies and entrepreneurs.

Made in New Zealand, for the world

Despite the chaos caused by the pandemic Sustainable Foods launched their white plant-based chicken six months ahead of schedule and is now available in various restaurants across the country. But product innovation continues to be a key focus.

They are exploring new novel proteins like duckweed, mamaku and seaweed to constantly evolve the nutritional value of our product. In addition, they are looking to increase the accessibility of plant-based protein products to ASEAN countries at more relevant price points.

“We are constantly looking to close losing the gap between our team’s ambitious plans and securing partners and investors to achieve them. We are at a critical inflexion point where we need collaborators and capital to fuel our growth in local and international markets.

“Being on the Future Food Asia stage is a unique opportunity we greatly value, it provides us insights into some of the latest industry thinking and the much-needed platform to share our story,” says Lemmens.

Sustainable Foods has adopted a “field-to-plate” approach, which has led to the framing of one of their product principles of– having crops with New Zealand provenance as their key ingredients. The team is confident of these nutritious and delicious products being enjoyed not only locally but globally.

Unlike many other food brands, the company’s primary target for expansion is Asia –rather than the US and Europe. The region has a large and rapidly growing plant-based meat market, and they believe their plant-based chick*n, is perfectly suited for the Asian customer taste preferences.

Editor’s note: e27 aims to foster thought leadership by publishing contributions from the community. This season we are seeking op-eds, analysis and articles on food tech and sustainability. Share your opinion and earn a byline by submitting a post.

Join our e27 Telegram group, FB community or like the e27 Facebook page

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Prixa raises US$3M to further expand its reach in the Indonesian healthcare market

Prixa, an Indonesia-based health tech startup that provides telemedicine and healthcare payment management service, announced a US$3 million funding round led by MDI Ventures and Trans-Pacific Technology Fund.

The funding round also includes the participation of existing investor Siloam Hospitals Group.

e27 has reached out to the company to find out more details about their previous funding rounds.

In a press statement, Prixa said that they will use the funding round to further expand the reach of its platform in the Indonesian market. It also aims to support its B2B user base while increasing access to healthcare and digital transformation in the country.

Founded in 2019 by James Roring, MD, the startup builds an Artificial Intelligence (AI)-based healthcare management platform that includes basic medical services such as telemedicine. It also includes features to support healthcare services payers, both individuals and corporates.

Prixa claimed to have secured 10 million users.

Also Read: WhiteCoat banks US$8M for its on-demand telemedicine services platform

According to Roring, there is a dichotomy in the current healthcare sector where the constant innovation in patients treatment does not go hand-in-hand with the increase of access to these healthcare services.

“Prixa was built to ease access to healthcare services through the use of technology which we use to help decrease healthcare expenses,” he said.

The pandemic and increased safety measures that are being implemented in many markets have opened plenty of opportunities for startups providing telemedicine services. In Indonesia, these startups include HaloDoc (which has announced a US$80 million Series C funding round in April) and Alodokter (which announced its Series C+ funding round in November 2020).

The World Health Organization (WHO) itself has noted that the COVID-19 pandemic has “significantly” impacted health services for noncommunicable diseases such as cancer and diabetes.

“It’s vital that countries find innovative ways to ensure that essential services for NCDs continue, even as they fight COVID-19,” said Dr Tedros Adhanom Ghebreyesus, Director-General of the World Health Organization, in a statement.

Image Credit: Prixa

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Beryllium secures US$3M to introduce trading systems to fantasy sports

Beryllium founder Amay Makhija

Beryllium, a Singapore-based startup that aims to engage and educate the younger generation on how trading works through fantasy sports, today announced that it has secured US$3 million in pre-Series A round of investment, led by US-based Bullpen Capital.

Other investors include local VC firm Genting Ventures and existing investor UK-based Velo Partners.

The latest deal follows a US$600,000 seed round in November 2019.

Beryllium will use the fresh funding to expand its team and engineering resources. It will also explore and facilitate more product avenues, game formats, and features.

The startup also aims to expand its product globally, while further developing Singapore tech headquarters.

Founded in 2019 by Amay Makhija, Beryllium is an online platform that introduces trading systems to fantasy sports, so that users can buy and sell fantasy stocks in athletes.

Also Read: Fixing food waste problem means less hungry people and a great economy

With the vision to ensure trading engages the younger generation and the firm belief that trading should be expanded beyond traditional markets, Beryllium aims to ensure that users across all sectors and industries are able to trade in a digitally native, experience-driven manner.

Makhija said: “As a passionate believer in bringing trading mechanisms to game design, our trading engine for fantasy sports has really set us apart from regular fantasy leagues.”

“We aim to engage and empower the younger generation with knowledge on how trading works and hope to add value to this space by creating a platform that guarantees a seamless user experience,” he added.

Fantasy sports is one of the fastest growing markets around the world. According to Allied Market Research, the fantasy sports market was valued at US$18.9 billion in 2019, and is expected to reach a valuation of US$46.7 billion in 2027, globally.

In India alone, the number of fantasy sports users has seen exponential growth, from two million users in 2016 to more than 100 million in 2020.

“Beryllium sits at the intersection of day trading, social gaming and sports-tech,” said Paul Martino, General Partner at Bullpen Capital. “We see massive opportunity in a fantasy-sports-meets-traditional-day-trading-type play, and we learned early on with FanDuel how big of an impact fantasy sports technology can have in the right hands.”

Beryllium has recently launched its first brand, Sixer, revolving around the concept of fantasy cricket in India. It is fantasy game where you can buy and sell fantasy stocks in cricket players. The better the player plays on the pitch, the price goes up and vice versa. Your role is to predict the future performance of the players and build a portfolio accordingly.

You can buy fantasy stocks at the quoted buy price, track how the price changes as games go on, and sell your fantasy stocks at the quoted sell price.

Founded since 1965, Genting Ventures is the corporate venture arm of Genting Group, a Malaysia-based conglomerate with diversified businesses across leisure & hospitality, gaming, entertainment, plantations, property development, biotech, and energy. Genting has operations spanning across Singapore, Indonesia, India, China, the US, as well as the UK.

Bullpen Capital is challenging the traditional model of venture capital as the pioneer in “post-seed funding”. Its model relies heavily on leveraging data and seeks out the startups who are “off by one”; those that have achieved product-market fit in nontraditional locations and markets ranging from gaming to the Internet of Things and the sharing economy.

Since 2010, Bullpen has invested in hundreds of companies across five funds that have generated billions in revenue. The portfolio features name-brand companies like FanDuel, WAG, SpotHero and Grove Collaborative.

Image Credit: Beryllium

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Blockchain and Bitcoin for business 101 with Justin Renken

As an entrepreneur, you might have some question about blockchain and Bitcoin that you are too shy to ask. In this episode of the We Live To Build podcast, we are going to break them down for your listening convenience:

– What is Blockchain?
– What are the pros and cons of Blockchain for business owners?
– What are cryptocurrencies?
– What are the pros and cons of cryptocurrencies for business?
– And more!

If you don’t see the player above, click on the link below to listen directly!

Acast

Apple

Spotify

Stitcher

This article was first published on We Live To Build.

Image Credit: Michal Czyz on Unsplash

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goKampus raises Pre-Series A funding round to strengthen product offerings, double team size

Left to right: goKampus co-founders Nathanael Santoso and Jeganathan Sethu

goKampus, an Indonesia-based edutech startup that provides a digital college ecosystem and enabler, announced that it has raised a Pre-Series A funding round co-led by Sovereign’s Capital and SALT Ventures. The funding round also included the participation of Azure Ventures and other regional angel investors.

The funding round was undisclosed, but the startup stated that it was “oversubscribed.”

With the funding round, goKampus aims to support its growth in three key areas: strengthening the tech products by utilizing AI and machine learning to enhance the learning experience, doubling its team size, and ramping up the student and university partnership acquisition efforts.

goKampus aims to provide greater access to higher education for Indonesians as according to a World Bank data, less than nine per cent of the country’s population over the age of 25 have attained a bachelor’s degree in 2016. This number places Indonesia in the lowest among all member states in Southeast Asia.

In a press statement, goKampus co-founder and CEO Nathanael Santoso gives details on how the startup is going to work together with its investors.

Also Read: Edutech in SEA is ripe for acceleration. This is why they can help build a more inclusive society

“Sovereign’s Capital provides connections and facilitates accelerated growth in Indonesia, as well as in the US; whereas SALT Ventures’ strong media presence in Indonesia provides a great advantage for student acquisitions. Together, we will enable millions of Indonesian students to access high-quality tertiary education,” he said.

As an edutech platform, goKampus provides all-in-one access to college services in one app. This process includes enrolling on college programmes, taking courses virtually, to securing scholarships, loans as well as internships and jobs opportunities in its marketplace.

Through goKampus, students can apply to universities by simply taking a photo of their transcripts and receive instant approvals to goKampus’ partner universities.

In January, the startup launched its Cloud University programme, which it claimed to be the first Indonesian digital university to offer a bachelor’s degree with an on-demand curriculum in digital business management.

goKampus said that has more than 250,000 active student users, along with 400 university partners from countries such as Australia, Singapore, the UK, the US, and Indonesia.

Edutech, as a vertical, has become increasingly popular in Indonesia with several leading names raising significant funding rounds in recent years. For example, Ruangguru recently raises US$55 million to grow its learning management system in Indonesia, Vietnam, Thailand.

Image Credit: goKampus

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Vietnam’s HANET bags Series A from G-Group to take its AI camera to global market

HANET founder and CEO Vo Duc Tho

HANET, a startup offering Artificial Intelligence-powered surveillance cameras in Vietnam, has received an undisclosed amount of investment from G-Group Technology Corporation at US$5 million valuation.

The startup will use the funds to take its business into global markets, said a press statement.

“We have worked hard for a long time, going through many difficulties to build HANET AI camera. We want to make it the leading AI camera product in Vietnam as well as in the global market,” said Vo Duc Tho, CEO and founder of HANET.

In developed countries, AI cameras are installed everywhere for analysing traffic and controlling crimes. However, in Vietnam, there are very few AI cameras on the streets, which use old technologies and lack the ability to analyse and calculate.

What is unique about HANET is that its products have an AI chip integrated into the camera. This helps in minimising investment costs and makes deployment easier.

Also Read: Protecting people, enterprises and society: Facial recognition tech in SEA

The camera boasts of high-speed facial recognition feature that could detect people even when they are on a face mask. It claims that device can be used to detect traffic offences and prevent child abduction and robberies.

The AI camera is available in three variants: homes (to protect family, children, anti-theft), offices (for access control and automatic timekeeping), and shops (for automatic customer counting, business analysis and anti-theft).

“We value HANET because they are an enthusiastic and highly qualified team in AI camera technology and products, all with the same goal of proving that Vietnamese people can make great tech products for the global market. A distinguishing feature is that the two parties share a joint mission to contribute to a safer and better society through technology. G-Group will not only invest with capital but will also commit to support other synergistic values and help HANET realise its vision,” said Phung Anh Tu, CEO of G-Group.

G-Group is a leading technology corporations in Vietnam, focusing on investments in three sectors: fintech, media-tech and cybersecurity.

Its ecosystem currently includes 11 member companies. It serves 30 million users across financial service, fintech, payments, e-wallet, social network, online games, digital media, and cybersecurity.

Image Credit: HANET

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Connect with 3 investors active on e27 Connect today

In today’s edition of “Active Investors of the week”, we have Quest Ventures, Investible, Velocity Ventures as our top three most active investors in our e27 Connect Program. The following are some details on who these investors are and what are their investment criterias:

Quest Ventures
Based in: Singapore

Straight from Quest Ventures: Quest Ventures is a top venture capital fund in Asia. Its portfolio of 90+ venture-backed companies operate in more than 150 cities across Asia, creating employment and advancement opportunities for more than 4,400 employees, while its Enterprise and ESG efforts directly impact thousands more.

Investment range: USD 50K – USD 2M

Stages: Angel / Pre Seed, Seed, Pre-Series A / Bridge, Series A

Latest Investments:
Populix (Indonesia), Venture Round, $1.2M, Apr 2021
IN-VR (Kazakhstan), Pre-Seed, $50K, Apr 2021
Logizi (Kazakhstan), Pre-Seed, $50K, Apr 2021

Verticals: Artificial Intelligence, E-commerce, Marketplaces, Entertainment

e27 Admin / Investment Partner: Michelle Ng is Senior Associate at Quest Ventures, a leading venture fund for technology companies that have scalability and replicability in large internet communities. She is responsible for key markets in Southeast Asia and emerging Asia.

Prior to this, Michelle was at the Action Community for Entrepreneurship – Singapore’s national entrepreneurship ecosystem builder, where she built a connected ecosystem with 20 cities. Michelle is also an Executive Member at Social Impact Catalyst.

Portfolio News: Also happening in June, Quest Ventures’ Vietnam Global Innovation will be accelerating the 3rd batch of startups into Vietnam’s top cities. Vietnam companies interested in co-innovate and partner with the most innovative tech startups from Singapore are welcome to connect at vgi@questventures.com.

In July, Quest Ventures is rolling out a Venture Capital Accelerated course. Venture Capital Accelerated is a fast-track part-time program to introduce the fundamentals of venture capital for aspiring entrepreneurs and investors. Don’t miss this!

Investible
Based in: Australia

Straight from Investible: Investible is an early-stage investment group that provides high-potential founders with the financial, human and intellectual capital needed to scale. With offices in Sydney and Singapore, and an established club network of active investors (“Club Investible”) around the world, Investible is one of the most prolific seed investors in the region.

Investment range: USD 200K – USD 1M

Stages: Pre-Seed, Seed, Pre-Series A

Verticals: Industry-agnostic (ex biotech)

Latest Investments:
Jigspace – Apr 2021: Undisclosed
Sundose – Feb 2021: $6m USD
Mastt – Dec 2020: $1.7m USD
Mosaic Solutions (Philippines), Seed, $1.5M, Sep 2020

e27 Admin / Investment Partner: Vice President of Investor Relations for Investible is Reena Sharma, based in Singapore. She works across the firm’s capital raising efforts, deal origination in Southeast Asia, and engages the Club Investible network around the globe for co-investment in the next generation of game-changing startups. Reena is also responsible for developing ecosystem partnerships, playing a key role for the Australia-based business in Southeast Asia.

Velocity Ventures
Based in: Singapore
Straight from Velocity Ventures: At Velocity Ventures, we invest in visionary entrepreneurs who are reshaping the Travel & Hospitality sector in Southeast Asia. We focus on Seed to Series A stage growth companies across the Transportation, Travel Retail, Accommodation, Food & Beverage, and Shopping & Entertainment sub-sectors.

Investment range: Not specified

Stages: Seed, Pre-Series A / Bridge, Series A, Series B

Verticals: Digital solutions, AI

e27 Admin / Investment Partner: Founder and Chairman of Velocity Ventures Singapore is A. Patrick Imbardelli, an internationally respected business leader with more than 30 years’ experience in the hotel industry. He has received many honors and accolades for his corporate achievements and involvement in the community. Patrick now runs a private investment company from Singapore and Sydney, as well as serving as an advisor for organizations in the US and Asia.

Portfolio News: Velocity Ventures announces first close of its USD20 million Hospitality and Travel Fund. Velocity Ventures is the first Hospitality & Travel sector-focused venture capital based in Singapore, focusing on investing in Seed to Series A tech-enabled companies in the Southeast Asia Hospitality & Travel technology industry, across the verticals of Travel Services, Transportation, Accommodation, Food & Beverage and Retail & Experiences.

We wish you all the best in your fundraising journey and hope our e27 Connect Program will assist you to secure quality conversations with the top investors in Southeast Asia in the quest to attain your fundraising goals. Find out more about how it works here. If you are a startup looking to fundraise, sign up here now for a free trial to get connected with the abovementioned investors. If you are an investor looking to get listed on our platform, here is how you can join our Connect Program!

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Photo by Oleg Magni from Pexels

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Genesis Alternative Ventures partners Aozora Bank to support Japanese startups expanding into SEA

Genesis team

Genesis team

Singapore-headquartered Genesis Alternative Ventures (GAV), a private lender to venture- and growth-stage companies in Southeast Asia, has signed an MoU with Japan’s Aozora Bank.

As part of the deal, the two parties will provide support for Japanese venture-backed companies looking to expand into Southeast Asia.

This follows Genesis’s announcement in April of the final close of its US$80 million venture debt fund, with Sassoon Family being the anchor investor

Dr Jeremy Loh, co-founder and partner of GAV, said: “We look forward to partnering Aozora to introduce venture debt to startups in Southeast Asia and Japan. We believe that venture debt is ideal for young companies with strong growth trajectory as it will allow them to expand without diluting founders’ equity.”

Also Read: Genesis Alternative Ventures on debunking venture debt myths and finding winners in SEA

Founded in 2019 by Ben J Benjamin, Dr Jeremy Loh and Mr Martin Tang, Genesis is a private lender backed by tier-one VCs. The firm has backed a number of startups in the region, such as TaniHub, Hmlet, Horangi Cybersecurity, and Deliveree.

Aozora Bank is a full-service Tokyo-based bank with assets of more than ¥5 trillion (US$45 million). Last year, it launched a venture debt fund for Japanese technology companies.

Venture debt, generally deployed by way of senior, secured non-convertible debenture accompanied by equity options, is appropriate for emerging, high growth businesses that need to extend their cash runway to get to the next stage of growth.

These companies may lack the track record to meet traditional criteria for bank loans or their founders may wish to minimise equity dilution.

Image Credit: Genesis Alternative Ventures

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Amartha raises US$7.5M to widen access to capital for female entrepreneurs

Amartha

Indonesian P2P lending startup Amartha announced that it has raised US$7.5 million funding from Norfund, a Norwegian government investment fund for developing nations. The funding will be channelled in the form of capital to empower more women small business owners in rural Indonesia to encourage an environmentally sustainable business.

This collaboration was marked by an agreement signing ceremony attended by Norway Ambassador Vegard Kaale and Amartha CEO & Founder Andi Taufan Garuda Putra at the Norwegian Embassy in Jakarta on Friday, June 4.

Norfund Investment Director & Head of Asia Regional Office Fay Chetnakarnkul said that Norfund works together with financial institutions to support them in their work in providing capital access and financial services for micro-businesses and the unbankable segment. “We appreciate this partnership with Amartha and the work that they have been doing to empower women micro-business owners in Indonesia.”

Norwegian Ambassador Vegard Kaale added that despite its robust economic growth, financial inclusion remains an issue among some segment of the society, particularly women micro-business owners.

“Norfund is a crucial platform for the Norwegian Government to empower private institutions in developing nations as well as to decrease poverty rate. This investment is the first for Norfund in a financial institution in Indonesia; my hope is that it will play a great role in supporting the growth and success of Amartha.”

Chetnakarnkul shared an opinion with Kaale that the partnership will be a good start for Norfund’s long term commitment in Indonesia.

Also Read: Amartha secures US$28M to empower rural Indonesian women with working capital

Amartha CEO & Founder Putra stated that Norfund’s support marks the institution’s trust in Amartha to recover in this difficult time. “Under the guidance of Norway as a leading market in renewable energy, Amartha is looking forward to learning from the best.”

Norfund’s participation as an investor in Amartha is in line with the company’s effort to actively takes part in environmentally sustainable activities since 2018, which includes the publication of an annual environmental impact and sustainability report. In 2019, the company scored the Global Impact Investing Rating System (GIIRS) award from B-Corp with a Platinum grade.

Last year, the company also initiated the Plastic Waste Womenpreneur (PWW) programme by investing in women micro-business owners who play a crucial role in minimising plastic waste in rural areas.

By today Amartha has channelled more than IDR3.7 trillion (US$258,677) to 678,502 women in 18,900 villages in Java, Sumatra, and Celebes.

As a tech startup, Amartha channels financial services and innovative products such as savings, micro insurance, and bulk shopping that is tailored to the needs of the informal economy. With this approach, Amartha wants to be at the forefront in the list of digital financial platforms for the rural segment.

In April, Amartha also announced a US$28 million led by Women’s World Banking (WWB) through WWB Capital Partners II and MDI Ventures with existing investors Mandiri Capital Indonesia (MCI) and YOB Venture Management.

The article Amartha Kantongi Pendanaan 107 Miliar Rupiah, Perdalam Akses Permodalan untuk Pengusaha Perempuan was written in Bahasa Indonesia by Marsya Nabila for DailySocial. English translation and editing by e27.

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