WeMaintain enters Singapore with a US$36M funding

The story: WeMaintain, a proptech company based in Paris and London, has announced the launch of its Asia-Pacific headquarters in Singapore. It has also won a public tender with the Singapore Housing & Development Board.

Funding: The launch follows a US$36 million Series B fundraise from Red River West, Eurazeo, BPIFrance Digital Venture (part of France’s sovereign wealth fund), and Swiss Immo Lab.

“This raise is a step towards our global expansion, with Singapore being a foundational component of our business development plans in Asia Pacific,” said Benoît Dupont, co-founder and CEO of WeMaintain.

“Through the IoT and our end-to-end approach, we will deliver smart solutions to buildings across the country, shaping the way people live and work. Many critical insights highlighting the market needs and disruptive potential for WeMaintain come from our prior experience managing lift and escalator businesses in APAC,” added Benoît.

Also Read: PropertyGuru acquires REA Group’s Malaysian, Thai proptech units

About WeMaintain: Founded in late 2017, WeMaintain offers building managers and owners a solution that combines the technical skills of engineers with the agility and predictability of its proprietary technology. It takes care of the invisible yet indispensable operations that are essential to a building.

The firm has recently expanded into fire safety following the acquisition of Shokly. WeMaintain supports a wide range of clients in both the residential and office markets and has won major contracts with clients such as Allianz Real Estate, WeWork, in the Paris region, and the DLR in London. Since its launch, the company has raised €38.8M from Eurazeo, Red River West and BPIFrance Digital Venture.

More expansion on paper: After Singapore, WeMaintain will aim to expand into other markets such as Hong Kong, Seoul, Sydney, Tokyo, and North America.

Korean AI-based learning app QANDA secures US$50M Series C

Investors: GGV Capital, Yellowdog, Goodwater Capital, KDB, SoftBank Ventures Asia, Legend Capital, Mirae Asset Venture Investment, and Smilegate Investment.

Plans: With its Series C investment, QANDA plans to strengthen its AI-based techniques of recommendation algorithms and develop localised business models for its regional offices in Indonesia and Thailand.

About QANDA: QANDA, operated by Seoul-based Mathresso, is a K-12 mobile learning app. In 2017, QANDA adopted an AI-based optical character recognition (OCR) scan that searches for answers in five seconds.

QANDA, which stands for ‘Q and A,’ is a mobile app that allows students of all levels to receive instant answers and customised learning content. QANDA recognises text and mathematical formulas in a photo with optical character recognition (OCR) technology.

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

Supported by over 2.4 billion solution data and a self-developed search engine, QANDA provides solutions to a student’s question with high accuracy. QANDA provides quality education for anyone at any time and anywhere, giving access to qualified tutors from the world’s top universities.

QANDA has over 9.8 million monthly active users in over 50 countries. The app currently offers 7 languages – Korean, English, Spanish, Japanese, Vietnamese, Indonesian, and Thai.

Adrian Cheng’s C Ventures invests in CASETiFY

The story: CASETiFY, a global direct-to-consumer technology accessories brand, has raised an eight-figure USD Series A investment from C Ventures, a VC firm founded by cultural entrepreneur Adrian Cheng.

This is the first external investment since CASETiFY was founded in 2011.

Plans: The capital will be used to accelerate sales growth, open more retail stores globally, and for potential acquisitions.

About CASETiFY: It is a global lifestyle brand and online platform for customised tech accessories. CASETiFY’s products turn your personal electronics into stylishly slim accessories. Every case is a rigorously inspected and drop-proof accessory. Known for tapping top artists and creatives for its Co-Lab programme, CASETiFY gives brands and individuals the opportunity to share their unique visions with the world.

CASETiFY opened its first CASETiFY Museum in Adrian Cheng’s K11 MUSEA in 2020, the start of this successful collaboration between the two groups.

About C Ventures: It was founded by Cheng bridging West and East, curating a global ecosystem targeting millennials and Generation Z, with a focus on disruptive businesses in technology and consumer.

Other recent investments by C Ventures include RTFKT Studios, well known for its NFT sneakers; FITURE, a leading household fitness equipment which offers customised fitness programmes based on real-time data; and Lalamove, China’s leading on-demand and same-day delivery platform.

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Image Credit: WeMaintain

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As companies navigate the post-COVID-19 business landscape, innovation will be pivotal to recovery and growth.

When management consulting firm McKinsey and Company surveyed over 200 organisations last year, more than 90 per cent said that they expect the pandemic to fundamentally change the way they do business, and almost as many believed that it will have a lasting impact on customers’ wants and needs.

By studying past crises, the firm also found that companies that invest in innovation during a crisis are likely to reap benefits in the difficult period and for years thereafter.

Those that did so in the 2007-2009 Great Recession outperformed peers in normalised market capitalisation by 10 per cent during the recession, and up to 30 per cent for several years afterwards.

To maximise their innovation capability, firms must look externally, to keep abreast of trends, identify useful emerging technologies and pinpoint opportunities for partnerships.

Taking the initiative in technology scouting

Many forward-looking companies have formed technology scouting teams to carry out these tasks. Some of the consumer goods giant Procter & Gamble’s most successful products have been based on external technologies, including its Olay Regenerist line of anti-ageing cream.

By keeping an eye on nascent technologies and assessing how these could be used to enhance existing products or create new ones, companies can ensure that they continue to innovate and rise above their competitors.

Technology scouts can attend trade conferences to track trends, technology shifts and start-ups that could revolutionise their industry. Technology pitching sessions organised by the public sector and firms are another avenue.

Many universities and research institutes have technology transfer offices to raise awareness of their research and inventions that could be useful for industry. For instance, Nanyang Technological University’s innovation and enterprise company called NTUitive manages the university’s intellectual property and facilitates the commercialisation of research.

Also Read: How automation and innovation will boost SME success in Singapore

IPI, an innovation catalyst that links Singapore-based firms to technology solution providers, also assists in technology searches and introductions to companies.

It has a global network of solution providers, a panel of vetted technical experts who can advise firms, an Innovation Advisors Programme that offers access to industry veterans, and technology and innovation managers who are well-versed in technology commercialisation.

Some businesses, especially larger corporations, may tap on technology scouting software that is available on the market to automate some of the work. Such software aggregates and sifts through data from online sources to highlight studies, patents and technologies that could be useful to the firm, thereby offering some level of efficiency.

However, the eventual assessment of the relevance of the technology and matching of the solver to the seeker of technology still requires a human to draw insights from the data collated as well as to facilitate and navigate the nuances and intricacies of technology commercialisation.

The importance of internal connections

It is not enough, however, to devote resources to search for useful ideas, technologies and partnerships outside of the firm. Companies must also ensure that technology scouts’ findings are disseminated within the firm, to both management and operation-level staff, so that all can participate in the innovation process.

Researchers have found that it takes significant time to develop fruitful external partnerships, so those doing the outreach may not have the capacity to analyse how new technologies and ideas could be used in unexpected and productive ways in the firm.

Pairing technology scouts with more internally-focused colleagues would enable the latter to widen the possibilities for application and drive their exploration.

Internal connections can also help to focus on external searches. At Kellogg’s, the packaged foods conglomerate, the marketing department prepares “opportunity briefs” for scouts who work in research and development.

These briefs outline problems that, if solved, could lead to lucrative commercial opportunities for the company.

Also Read: ‘Post-pandemic, SEA will see a sustainable leapfrog into the digital age’: Cathay Innovation report

The power of partnerships

On the other side of the equation, companies with innovative technologies can also rely on trade conferences, pitching sessions, technology intermediaries and other forums to identify potential adoptees.

TechInnovation, IPI’s annual flagship technology brokerage event, gathers Singapore and international technology seekers and providers to encourage business and technology collaborations.

Companies can also post write-ups of their technologies on IPI’s Innovation Marketplace to leverage its global network to find prospective partners. Tech Alert, IPI’s weekly e-newsletter which has over 24,000 subscribers, also features new technologies.

Many enterprises have found success through partnerships, in different ways.

After IPI matched health and wellness firm OSIM International with NeuroSky, an American biometric business, the two organisations co-developed a stress-sensing feature that is now part of the uDream, OSIM’s pioneering massage chair that measures users’ stress and fatigue levels to deliver customised massages.

When IPI connected ERS Industries, which manufactures electronic equipment racks for use in data centres, with a thermal management expert from Singapore’s Nanyang Technological University, on the other hand, the latter not only upgraded the racks’ design to boost cooling but also improved the firm’s in-house engineering capabilities and put in place processes to guide it in managing and protecting its intellectual property.

For LeanCost International, a startup that had developed a manufacturing data analytics algorithm to empower firms to accurately report product costs and pinpoint inefficiencies in processes, allying with another firm was essential.

For the algorithm to be commercially viable, it needed to be combined with an enterprise resource planning system, which integrates corporate operations such as sales and processes on a single platform, or a manufacturing execution system (MES), which provides information on how to optimise production output.

With IPI’s assistance, LeanCost International found SMT Technology, a precision engineering solutions provider. By integrating LeanCost International’s algorithm into SMT Technology’s Smartline software, which has MES functions, the two firms created SmartCost, a first-of-its-kind system for real-time monitoring of costs in manufacturing processes.

These examples are just a fraction of the range of possibilities for firms. By looking externally and finding opportunities for innovative collaboration and co-creation efforts with an open mindset, companies can grow beyond their boundaries, and stand themselves in better stead for the future.

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IPO markets are experiencing a global IPO boom at a scale that hasn’t been seen since the days of the dotcom boom at the turn of the 21st Century.

Naturally, Asian initial public offerings have followed these wider trends around the world, with the market accelerating at a rapid pace following on from an economic recovery in late 2020. 

As a result, Asian companies have recorded their best quarter for listings of all time, owing to greater levels of liquidity during the COVID-19 pandemic, as well as lower interest rates and rallying stock markets.

Firms raised US$49.3 billion through IPO share sales both domestically and overseas. 

As the data shows, the amount Asian companies have raised through new listings in Q1 of 2021 has been consistently double the level of revenue generated for at least a decade. 

Such a significant acceleration has inevitably led to questions as to how long such an unprecedented boom can last across Asian markets and beyond. Can IPOs sustain the public listing gold rush throughout 2021? Or will we see the market run out of steam sooner rather than later? 

Also Read: From our community: About EVs, hemp burgers, IPO hacks, Agile manifesto and more

One day pops shows hype is still in full swing

Although COVID-19 has severely affected much of Southeast Asia’s businesses and their respective governments, the adverse impact of the pandemic is less clear within the region’s IPO landscape. 

Speaking to CNBC in June, Dealogic’s Ken Fong said: “From our data, I do not really see that Southeast Asia is too weak. We look at the aftermarket performance and actually, most of the countries have a very high one-day pop.”

Fong offered examples behind this thesis in the form of PTT Oil and Retail Business achieving a 62.5 per cent pop on its first day of trading in February 2021 and Ngern Tid Lor, which climbed around 25 per cent from its initial IPO price upon its debut. 

Both companies were among three listed in Southeast Asia that have been valued at over US$1 billion each. At a time when unicorns are achieving levels of prosperity across the continent, it’s clearly led to other companies hoping to follow in the footsteps of their predecessors in achieving unicorn status. 

Asian companies driving interest overseas

Many Asian companies have also spent much of 2021 spreading their wings and generating more interest in IPOs on the continent through listing elsewhere. 

As we can see in the table above, for Chinese companies, we can see a significant level of listings and deal volume emerging from US-based exchanges like the New York Stock Exchange and Nasdaq. 

Thanks to an influx of post-pandemic global stimulus packages, it’s become more popular than ever for retail investors to invest their spare income in growing companies around the world. 

Also Read: A tale of two IPOs: How DoorDash’s IPO makes Uber and Airbnb’s look better

For Chinese companies listing in the US, investors have clear exposure to one of the world’s fastest-growing markets. International backers of tech companies also prefer offshore listings in order to realise gains on their pre-IPO investments. 

According to Ivy Wong, head of Baker McKenzie’s Asia-Pacific capital markets practice, Chinese companies in particular “see having a global focus as one of the best options to achieve stability and consistent revenue. Listing in the US market can provide them with that access to new markets and customers, not to mention the usual benefits such as the broad investor base.”

These strategic listings can help to drive more global confidence in Asian IPO markets, which may pave the way for greater levels of external investment in fresh listings. However, not all market commentators are buoyant about the sustainability of the initial public offering boom. 

Running out of steam

In April, Bloomberg predicted that the demand for IPOs across Asia is likely to fall away as demand comes back down to earth over the course of the coming months.

The financial news giants underlined its expectation that a global rotation out of tech and healthcare-oriented stocks that had previously dominated market activity, along with falling enthusiasm for SPACs in the US, will cloud the outlook for new deals as the year progresses. 

The IPO landscape across Asia also faces the challenge of crackdowns on the dominance of Chinese tech firms that have dominated fundraising across the continent. Tensions between the US and China have been ramping up of late, too. Earlier in 2021, the US pushed through a law that has the power to potentially kick non-compliant Chinese firms off of American exchanges. 

It appears that warning signs are already making their way onto the market, with Chinese fintech firms like Bairong Inc. experiencing a disastrous debut, falling 16 per cent despite raising US$507 million prior to its debut. 

Chinese listings in the US like Baidu Inc. and Bilibili Inc. raised US$5.7 billion collectively through secondary listings in Hong Kong towards the end of Q1 in 2021 but ultimately experienced weak debuts. 

However, there’s still cause for some optimism in Kuaishou’s US$6.2 billion Hong Kong IPO, the biggest global listing at the time of its arrival, and Korean company Coupang’s US$4.6 billion flotation. 

The coming months will be the most important for the Asian IPO market since the beginning of the initial public offering boom in late 2020.

Although there are certainly some warning signs that the market is starting to run out of steam, some notable success stories may have the ability to keep optimism among investors alive.

The longevity of the ongoing IPO frenzy may ultimately come down to the global recovery from the COVID-19 pandemic. If investor optimism can be retained, we may well see IPOs continue to thrive for some months yet.

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The business models of restaurants in Taiwan have changed drastically over the years. In the past, restaurants could narrow their focus to just dine-in or take-away customers.

However, it all changed when Foodpanda entered the market in 2012, followed by Uber Eats in 2016, which brought a gradual but steady growth in food delivery. Then COVID-19 hit, and hugely accelerated this development in the F&B industry.

According to the latest stats by the Department of Statistics, Ministry of Economic Affairs (MOEA), as of February 2020, 54 per cent of all F&B outlets in Taiwan started offering delivery (compared to 40 per cent in 2018 and 47 per cent in 2019).

When COVID-19 hit, the F&B industry was forced to find creative ways to increase sales. Restaurants began seeking delivery arrangements that did not involve delivery providers or third party platforms.

Hence, the need for restaurants to streamline their in-house ordering website and manage multiple platforms more efficiently emerged.

According to statistics from MOEA and iChef’s internal data, overall revenue of Taiwan’s F&B industry stabilised from its previous decline in Q3 2020, but only saw minimal YoY growth in Q4. Furthermore, based on figures from the National Credit Card Center of R.O.C., the number of F&B e-commerce transactions dropped from 367 per cent YoY in Q4 2019 to 44 per cent YoY in Q4 2020.

iChef’s internal data also revealed that the percentage of delivery in overall orders has been fairly stable. Both sets of data suggest that delivery has entered a phase of maturity and is less likely to grow at the same exponential rate.

With delivery becoming more mainstream, restaurants can no longer assume orders will come flying in just by onboarding to a new platform. To differentiate themselves in the “post-delivery era”, restaurant owners need to invest more in advertising on delivery platforms and managing their own channel.

Also Read: Can the first unicorn of Thailand be a food-tech startup? These 11 food tech startups are making their cases

So the idea of a “platform of platforms” should emerge in the near future, a platform that partners with different providers and streamlines the holistic delivery process, from order placement, delivery to finance.

As a result of such “platform of platforms”, restaurants can minimise clutter, economise manpower and enhance efficiency. In addition, restaurants should expand their in-house ordering capabilities so customers can order on any preferred platform.

When customers search for restaurants, Google My Business (GMB) has become one of the go-tos, be it checking out the menu or placing an order. Now, restaurant details are just one Google search away.

Integration with delivery services allows restaurants to modify their menu directly in the system without having to manually do it on every platform. More so, even with more ordering platforms, restaurants are not burdened with more devices as the entire ordering process can be consolidated into one POS.

With one device, one screen and one menu, restaurants can offer a seamless omnichannel experience to the customers as well as enjoy a truly end-to-end omnichannel experience themselves, from taking orders to CRM.

Besides saving time and cost and increasing revenue, they can also adopt new technologies more quickly and in turn expand services in the region rapidly.

With such enterprise-class technology, restaurants can scale quickly and grow beyond just 10 to 20 stores. Also, with transactional data, they can devise actionable insights and undergo data-driven marketing.

In the post-pandemic world, restaurants must transform their business to keep up with the changing consumer needs and demands.

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Mintable, a Singapore-based next-generation non-fungible token (NFT) minting platform and marketplace, announced today the closing of its oversubscribed Series A funding round at US$13 million.

The round saw participation from notable names, including Ripple (provides XRP Ledger developer tools, programmes and services, and enterprise blockchain solutions); Animoca Brands (mobile and blockchain gaming developer); Metapurse (NFT investment fund backed by Metakovan); Doug Band (American businessman and former advisor to Bill Clinton), and Jon Oringer (founder and executive chairman of Shutterstock).

Other co-investors are John Kim (Expedia Group), Double Peak, 7 O’Clock Capital, 640 Oxford Ventures, Digital Finance Group, Spark Digital Capital, Reimagined Ventures, and 840 Venture Partners.

Also Read: Tokens 101: How they work and where they provide value

The proceeds of the investment will be used to spearhead user acquisition and growth initiatives for Mintable’s individual users and brand clients.

Mintable will continue to develop and launch new products to deliver on its mission of making the buying and trading experience of NFTs as easy and accessible as possible for the mass market.

Mintable founder and CEO Zach Burks said: “Throughout 2021, NFTs have reached mass appeal and have touched almost every sector spanning entertainment, fine arts, sports, and many more. As the technology continues to mature and the space rapidly evolves, this is a critical company milestone for Mintable.”

Started in 2018, Mintable is a minting platform built on the blockchain. Its “gas-free minting feature” allows users to create their NFTs, enabling content creators to fully benefit from what NFTs have to offer without being burdened by prohibitive transaction fees.

Since its inception, Mintable said it has established a growing catalogue of unique items, spanning digital art, music, collectibles, game items, and domains for sale on its platform.

To date, Mintable has worked with brands, celebrities, and artists looking to kickstart their NFT journey. Most recently, the startup worked with NFL Jacksonville Jaguars quarterback Trevor Lawrence, whose NFT collection sold on the platform for over US$400,000; leading streetwear fashion brand BAPE; and American business broadcaster CNBC, which recently raised US$100,000 for charity via a Mintable NFT auction.

Also Read: HashMix raises US$3M funding to roll out its mining power NFT in June

To date, approximately 700,000 items have been minted on its platform.

The company’s existing investors include renowned American venture capitalist and television personality Mark Cuban; Guy Oseary and Ashton Kutcher’s Sound Ventures; Marc Benioff’s TIME Ventures; Crypto.com; and LongHash Ventures.

HashMix is another Singaporean startup that aims to further democratise and activate the mining economy by introducing a decentralised universal marketplace for various mining capacities using the NFT technology. In May this year, it raised US$3 million from HashKey Capital, Kenetic Capital, GBV Capital, FBG Capital, LongHash Ventures, Continue Capital, SevenX Ventures, and Fenbushi Capital.

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Image Credit: Mintable

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