Day: July 16, 2021

Singapore-based communication and commerce platform Tinvio has raised US$12 million in a Series A funding round led by AppWorks Ventures and MUFG (Mitsubishi UFJ Financial Group) Innovation Partners, bringing the company’s total raised to US$18.5 million.

Other investors include Sequoia Capital India’s Surge, Global Founders Capital, and Partech Partners.

The fresh funds will be used to accelerate product development on its financial technology stack, and fire up growth engines to scale the platform across new segments and markets. Tinvio has further expressed plans to expand to three new markets this year.

Launched in 2019, the startup aims to help small and mid-sized business owners keep track of their orders, accounts, and receivables through a chat-led interface.

In addition to that, the platform also localises payments solutions for its operating markets by building modularised integrations with regional payment gateways.

This allows the company to focus on user experience, and scale the payments stack beyond borders in a capital-light model.

Also Read: [Updated] Tinvio bags US$5.5M seed funding to make tedious business transactions easy for SMEs

As of now, the company claims to have grown 4 times more to over 5000 activated users on the platform since its seed round.

Another development in the making is that Tinvio is partnering with one of the largest banks in Japan, MUFG bank to pilot and offer new trade solutions (e.g. transaction financing, card issuing, invoice factoring), which would be backed by MUFG’s banks in the region.

“The first time I ventured into payments was at Loop, where I observed how a brilliant user experience built on Braintree’s payments stack created and dominated a new category in consumer commerce. As a banker, when I covered Mastercard and Visa, I quickly realized there was a shifting focus from consumer cards to B2B real-time payments,” said Ajay Gopal, founder at Tinvio.

“I remember being dialed into earnings calls, frantically jotting key points on this massive market opportunity being completely underpenetrated (despite being worth trillions of dollars globally), and questioning how I could make a solid impact in this category. Fast forward to Tinvio, we’re building a user experience that makes it incredibly easy for merchants and suppliers in Asia to transact,” he added.

“B2B trade digitisation is ridiculously challenging, but everything we build for these businesses, from our proprietary checkout to real-time fund flows to risk assessment, we’re breaking new ground in user experience and engineering,”. 

–

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

Image Credit: Tinvio

 

The post Tinvio raises US$12M Series A to help SMEs manage their trade accounts through chat appeared first on e27.

Carsome buys 19.9% stake in ASX-listed iCar Asia from Catcha Group; Together with Catcha, Carsome made a joint proposal to acquire the remaining 80.1% of iCar from its shareholders; The total transaction is estimated to be worth more than US$200M; With this deal, Carsome became the first unicorn startup in Malaysia.

Nium adds US$78M more into its kitty from Vertex Growth, others: report; This funding round comes close on the heels of its acquisition of the India unit from the scandal-hit German fintech giant Wirecard; To date, the company has raised over US$170 million across several rounds of financing.

Peter Thiel’s Valar Ventures leads Singapore wealthtech startup Syfe’s US$30M Series B; Other backers are Presight Capital and Unbound; This takes Syfe’s total capital raised to date to US$52.6M; The fresh funds will be used to expand into new markets in Asia, invest in top talent, and develop new products and services.

Bambu acquires Tradesocio to scale its B2B wealthtech offerings, in talks to raise Series C; Tradesocio’s presence across EMEA and India is set to grow Bambu’s reach in a rapidly expanding and evolving global digital wealth market; Bambu provides digital wealth technology for B2B businesses across the globe; It had previously raised US$20M Series A, led by Franklin Templeton Investments.

Next Gen adds US$20M more to its war chest to take its plant-based chicken brand TiNDLE to US; Investors include Temasek, K3 Ventures, GGV Capital, Bits x Bites, and Dele Alli; A portion of the capital will also be used for the continued international expansion in APAC and the Middle East; The roadmap for the next one to two years includes raising Series A funding, product diversification, and continued international expansion, notably into Europe.

Indies Capital makes first close of Fund II to target late-stage tech firms in SEA; Targeted at US$80M, Fund II received support from Indies’s existing investor base, with the first closing achieving commitments totalling more than 70% of the target fund size; It will invest into sector-leading technology companies that have an established growth trajectory and clear visibility of profitability or exit.

Tinvio raises US$12M Series A to help SMEs manage their trade accounts through chat; Investors include AppWorks Ventures and MUFG Innovation Partners; The startup aims to help small and mid-sized business owners keep track of their orders, accounts, and receivables through a chat-led interface; As of now, the company claims to have grown 4x more to 5,000 activated users on the platform since its launch.

Indonesian SaaS tax compliance solutions firm OnlinePajak bags US$12M; Investors include Tencent, Altos Ventures, and Warburg Pincus; It brings the company’s valuation to nearly US$170M; OnlinePajak had raised US$25M Series B in Oct 2018; The startup claims that its corporate customers can cut down time spent on administration from an avg. of 208 hours down to only 5 hours.

Nas Academy raises US$11M to help creators make a sustainable living; Investors include Lightspeed (lead), TechAviv Founder Partners, and 500 Startups; Unlike other edutech platforms, Nas Academy supports creators with curriculum development, marketing, and community management; In just over a year, Nas Academy claims to have helped creators generate millions of revenue and teach students from 110 countries.

edamama, an e-commerce platform for moms in Philippines, raises US$5M; Investors are Gentree Fund, Robinsons Retail, Globe Telecom’s subsidiary Kickstart Ventures and Foxmont Capital Partners; edamama aims to address the issue of quality and other challenges such as channel fragmentation, non-established brand trust, the lack of a discovery-led buying experience, and poor customer service.

Vara secures US$4.8M to provide easy workforce management solutions for SMEs; Investors include Go Ventures, RTP Global, Alpha JWC Ventures, Sequoia Capital India’s Surge, FEBE Ventures, and Taurus Ventures; Vara’s product, Bukugaji, is geared towards the Indonesian market and claims to have serviced the staff management needs of over 100K small firms.

V-Flow’s recyclable energy solution with an expected lifespan of 25 yrs seeks to replace Li Ion batteries; V-Flow’s VRF batteries are ideal for micro-grid applications, grid balancing applications, and EV charging, claims CEO Dr Avishek Kumar; He says existing battery technologies like lead-acid and lithium-ion are not suitable for long-duration energy storage as they suffer from performance degradation and thermal run-away.

Taiwan’s Hive Ventures looks to invest more in SEA after second fund launch next year; Within SEA, the VC firm is currently researching the Singapore, Thailand, Indonesia, and Malaysia markets; Hive will join other Taiwanese VC firms such as AppWorks and Ace Capital that already target SEA.

Professional employment organisation platform Multiplier raises US$4M; Investors are Sequoia India Surge (lead), Golden Gate Ventures, MS&AD Ventures, Picus Capital and angels; Multiplier provides integrated solutions that allow companies to hire talent from anywhere in the world, efficiently, with all compliance taken care of.

Malaysian VC Vynn Capital invests in HK-based trade finance company Velotrade; With this partnership, Velotrade plans to scale its technological infrastructure and expand into new geographies in SEA; Vynn Capital Carsome from Malaysia and Travelio from Indonesia; Velotrade operates a digital platform that matches corporates in need of working capital with institutional investors willing to advance funds.

Malaysia’s Speedhome attracts US$1.7M Series A to expand its zero-deposit property rental platform into Bangkok; Investors are Gobi Partners and Allianz Malaysia; A zero-deposit automated platform, Speedhome connects landlords directly to quality tenants providing rental protection services; It claims its mobile app has over 575K app downloads and a database of more than 128K property listings in Malaysia.

Edukasyon investor Foxmont joins Philippine proptech startup AHG’s US$1.1M seed round; Real estate mogul David Leechiu, entrepreneur Melissa Limcaoco, and Magsaysay family also joined; AHG focuses on rolling out asset-light accommodation brands, organising and structuring integrated services for renting and buying, and developing proptech apps.

Vietnam to pilot virtual currency as crypto thrives in grey zone; In Vietnam, using crypto to make purchases is illegal; The move comes amid a wide-ranging crackdown on private cryptocurrencies elsewhere, from a China clampdown that sent bitcoin prices plummeting last month, to a ban on the Binance platform by the UK.

Philippines’ biggest bank seeks slice of mobile payment boom; BDO Unibank early this year launched BDO Pay, a mobile wallet for bills, merchant payments and money transfers; Its venture into the mobile wallet business highlights how traditional lenders are pushing further into digital services amid a growing threat from fintech challengers.

—

Image Credit: Carsome

The post Ecosystem Roundup: Carsome becomes Malaysia’s first unicorn appeared first on e27.

Singaporean alternative asset manager Indies Capital Partners has announced the first close of its second fund, Indies Strategic Technology Fund II (ISTF II).

Targeted at US$80 million, ISTF II has raised commitments totalling more than 70 per cent of the target fund size.

The new fund aims to invest in top tech companies in Southeast Asia with an established growth trajectory and valuation of US$500 million and above.

Just as its first fund portfolio featured three decacorns, five unicorns, and five centaurs, ISTF II will continue the momentum by targeting mid-to-late-stage technology companies across all verticals in the region.

“Southeast Asia is one of the world’s fastest-growing internet markets, underpinned by favourable demographics and strong economic fundamentals. Increasing digitisation, rising consumption, and rapid development of the region’s tech ecosystem represent an exciting investment opportunity. With the exit market for the ecosystem’s first wave of unicorns actively taking shape, this is an optimal time for entry,” said Pandu Sjahrir, Managing Partner of Indies.

Also Read: Southeast Asia to become the fastest growing mobile wallet region in the world: report

“Despite the leaps in the development of the ecosystem in the past few years, secondary share sales in Southeast Asia remain hugely disorganised. Given our investment lineage in special situations and growth equity, we identified a latent opportunity and started deploying into this strategy five years ago to address the unmet needs for intermediate liquidity in Southeast Asia. The region has seen unprecedented growth in early-to-mid stage funding in the last few years, and we think this will pave the way for the formation of a robust supply of investable companies for ISTF II,” added Harold Ong, Partner of Indies.

Southeast Asia has long been a breeding ground of opportunities for many tech companies.

In particular, new startups catering to digital adoption, including education, health, and financial technology have gone on to become success stories.

In total, the region’s tech upstarts have gone on to raise a total of US$8.2 billion, according to a report by Bloomberg.

The post Indies Capital makes first close of US$80M Fund II, targets mid-to-late-stage tech firms in SEA appeared first on e27.

Singapore- and Malaysia-based Artificial Intelligence-powered foodtech startup, Easy Eat AI announced today it has secured US$5 million in a fresh round of financing.

Investors include Aroa Ventures (the family office of Oyo founder Ritesh Agarwal, Reddy Futures Family Office, Prophetic Ventures, Maninder Gulati (Global chief strategy officer of Oyo), Cem Garih (Managing Partner at Alarko Ventures), Fethi Sabancı Kamışlı (founder and Managing Partner of Esas Ventures, and a few Silicon Valley-based VCs and angels.

The company will utilise the capital for team expansion, founder and CEO Mohd Wassem told e27. Over the past three months, the team has grown from 10 to 40 people.

Also Read: (Exclusive) AI foodtech startup Easy Eat rakes in funding from ex-Uber CPO, Silicon Valley veterans to ramp up Malaysia ops

The latest deal is sealed just over a month after Easy Eat secured an undisclosed amount of funding from a clutch of investors such as Silicon Valley veteran and former Uber chief product officer Manik Gupta. Previously, East Eat bagged pre-Series A round from investors such as Bala Chandra, Managing Partner of Vernalis Capital, and his family office, besides five other unnamed angels.

Easy Eat was founded in early 2020 by friends Mohd Wassem, Rhythm Gupta, Abdul Khalid and Akshay Chauhan.

The foodtech startup digitises all customer-facing interactions in restaurants — from browsing menu, ordering and tracking to payments. It also personalises and rewards users’ dining experience. At the heart of its technology is an operating system with integrated QR-based table ordering, loyalty programmes, payment solutions, social media integration, inventory and integrated delivery services.

Once the restaurant adopts Easy Eat AI’s technology, the entire operations move online. Just like any other technology company, restaurants can capture each and every data point in the value chain which leads to a better understanding of customer choices, higher revenue and reduced cost.

Easy Eat claims it has been able to increase the revenue of restaurants by 30 per cent and reduce the operational cost by 15 per cent.

In Malaysia, Easy Eat AI is already serving hundreds of merchants, including brands like Richiamo Coffee, Mr. Fish Fishhead Noodles, WTF Group, and Hailam Toast.

“The current pandemic scenario has accelerated the digital transformation of the restaurant industry, with more and more restaurants and customers increasingly wanting contactless services. Easy Eat AI partner restaurants have been able to withstand the impact of COVID-19 better than other restaurants. Even during the worst of the lockdown period, our merchants were generating 50 per cent of the usual revenue,” said Wassem said.

“The most affected restaurants are those with no clear digital strategy that will continue to struggle even post- COVID-19 with limited revenue-generating opportunities, escalating cost of operations and they would continue to rely on third-party platforms for deliveries paying 30-35 per cent commission,” said Wassem.

“The team is customer-obsessed and understands the pain problems of the industry. Their innovative software platform will be disruptive to the entire F&B ecosystem and how customers engage through the F&B lifecycle in the online-to-offline world,” said Keshav Reddy, Managing Partner, Reddy Futures Family Office.

Also Read: AI startup Easy Eat aims to transform restaurants into tech firms and make dining more interactive

Southeast Asia’s F&B industry is estimated to be around US$100 billion in size, where the majority prefer eating out. In some countries, more than 90 per cent of people consume at least one meal outside a day. Plus, the region has a high female working population. All this bodes well for Easy Eat.

Wassem has previously built and exited Bobble Keyboard, for which he raised multiple rounds of funding from SAIF Partners, Sachin Bansal and Binny Bansal (co-founders of Flipkart), Deep Kalra (founder of MakeMyTrip), Amit Ranjan (co-founder of Slideshare) and Prashant Malik (co-creator of Cassandra).

—

Image Credit: Easy Eat AI

The post Easy Eat AI attracts US$5M from Ritesh Agarwal’s family office, others appeared first on e27.

Malaysian VC firm Vynn Capital invests in Hong Kong-based trade finance Velotrade

Plans with the capital: With the new financing and partnership with Vynn Capital, Velotrade plans to scale its technological infrastructure and expand into new geographies in Southeast Asia.

What is Velotrade: It operates a digital platform that matches corporates in need of working capital with institutional investors willing to advance funds. Launched in 2017, it has since granted short-term financing of outstanding invoices to thousands of corporates, including Fortune 500 companies and SMEs.

Through the partnership with Vynn Capital, Velotrade will further scale its operations and expand into Malaysia and other markets of Southeast Asia. In addition to financing, Vynn Capital will actively contribute company-building expertise and provide access to an extensive network of resources in Southeast Asia to Velotrade.

Singapore launches global challenge to encourage AI adoption in fintech

The story: The Monetary Authority of Singapore (MAS) has launched the Global Veritas Challenge to promote the adoption of artificial intelligence (AI) solutions in the financial sector.

Also Read: Easy Eat AI attracts US$5M from Ritesh Agarwal’s family office, others

More about the challenge: It aims to accelerate the development of AI and data analytics solutions that adhere to the Veritas framework’s fairness, ethics, accountability, and transparency (FEAT) principles. The FEAT principles were developed in 2018 by MAS and the financial industry to strengthen internal governance around the use of AI and data management and use.

The challenge, supported by a leading global professional services company, invites fintech companies, solution providers, and financial institutions from around the world to submit solutions for problem statements aimed at validating the fairness of AI solutions. Banks identified these statements in product marketing, risk, compliance, and fraud monitoring, loan origination and know-your-customer, and credit scoring and profiling.

Babydash raises US$300K bridge via ECF, positioned for regional expansion

The story: Malaysia’s digital baby store Babydash has raised US$300,000 (RM1.27 million) via equity crowdfunding (ECF) platform pitchIN. This raise also saw the participation of the Malaysian Government via the Malaysia Co-Investment Fund (MYCIF) further strengthening government support for the digitalisation of the economy.

Plans: To drive up revenue per transaction while expanding its footprint in ASEAN leading towards the goal of doubling the size of the company in the next 12-18 months.

About Babydash: Founded 10 years ago, Babydash has evolved into a one-stop online shopping destination that provides the largest range of genuine, curated, high-quality mum and baby products at the best prices. With customers increasingly relying on e-commerce solutions during this pandemic, Babydash has provided parents with an invaluable helping hand to meet their needs.

Over the last few months, Babydash has been investing in new technology which enhances customer experience as well as its data analytics capabilities, delivering on its primary goal of serving customers better. Investment proceeds from this campaign will drive Babydash into the next phase, boosting their lead and market presence in Malaysia and growing the Singapore market as they expand their roots across the region.

—

Image Credit: Babydash

The post In brief: Vynn Capital invests in Velotrade; Babydash raises US$300K crowdfunding appeared first on e27.