Much has been said about how the pandemic has thrown a massive curveball to startups in the last two years. The recent global health crisis has undoubtedly made it difficult for many, even those that have raised hundreds of millions, to emerge unscathed.

Amidst all of this, our local startup ecosystem is brimming with tenacious founders who are agile enough to tackle whatever is thrown their way. This is why it’s particularly heartening to see these four startup founders from SMU Institute of Innovation and Entrepreneurship (IIE)’s Business Innovations Generator (BIG) incubation programme who not only turned the tide to close significant funding rounds over the last 12 months but also disrupted the way businesses are done.

Lin Fengru and Max Rye of TurtleTree Labs

Max and Fengru are well known locally for leading the way in cell-based technology for sustainable milk and for being the first in the world to produce cell-based human breast milk. What started out as a search for good quality clean milk became a startup now poised to disrupt the multibillion-dollar dairy industry and redefine dairy production.

TurtleTree Labs literally grew from an idea to laboratory and to market in just about three years. In December 2020, the duo announced that they had raised US$6.2 million in pre-series A funding. Subsequently, TurtleTree Scientific was launched in partnership with JSBiosciences to develop and produce food-grade growth factors earlier in January 2021. This will help expand TurtleTree Labs production capabilities to a scale that is commercially viable.

SMU School of Computing and Information Systems alumna Fengru enthused on her entrepreneurial journey with praises for the mentorship and support from the local food industry, government agencies, and the investors she met through the 4-month incubation programme at BIG.

Also read: Startup x Innovation Thailand Expo 2021: A virtual world of innovation

“The BIG team was a super connector. We are linked up regularly to potential investors, partners, and researchers. One of the most significant was an introduction made to A*STAR which assisted us in our R&D and helped pave our path to success,” Fengru complimented in an interview with Singapore’s Ministry of Trade & Industry in August 2020.

“The Startup SG Founder scheme and HSBC-SMU Sustainability Enterprise Initiative offered under the BIG programme have been instrumental in helping us not just from the monetary point of view but also in terms of access to support and resources that gave us the advantage over other competitors,” she added.

Chris Teo of Mednefits

The astronomical cost of healthcare in Singapore accompanied by the loss of his grandmother was the turning point for Chris Teo. Reluctant to be a victim and succumb to the ways of the world, Chris started Mednefits in 2014.

Mednefits simplifies corporate employee benefits by connecting companies and their employees to healthcare providers. What started out as an idea to reduce healthcare costs evolved to become an all-in-one employee medical benefits platform that makes it easier for companies to provide strong benefits programmes. Mednefits not only tracks and processes employees’ claims in real-time, it also allows companies to offer a better and wider range of healthcare benefits to their employees without having to manage these providers.

In November 2020, Mednefits closed a successful Series A round with S$8 million raised, bringing their total funding raised to S$12 million. Today, Mednefits has connected over 50,000 employees in Singapore and Malaysia to over 2,000 healthcare providers.

Teo explained, “Mednefits is not an overnight success. In fact, we spent a six-figure sum developing a product when we first started, only to find out that no one wanted to use it when we finally tested it. It was devastating. But we learnt from these precious lessons and adapted to make it work for people who are actually using it.”

To find out that your idea is not working can take a mental and emotional toll on many startup founders. Teo’s learnings as a founder became insights for market validation and lessons to rebound from failure at one of the many BIG Founders’ Sharing Sessions held regularly for those who have just set out on their entrepreneurship path.

Teo added, “The community at SMU was a strong sounding board for our new business model and offered us a space to share our ideas freely. As entrepreneurs themselves, they helped us define our customers’ pain points which still stand true to us today.”

Rahul Banerjee of BondEvalue

Established in 2016 by Dr Rahul Banerjee, BondEvalue is a FinTech start-up that changes the world of fixed income markets. BondEvalue creates transparency in the bond markets, provides market news and data, and makes bond investments more accessible to investors. BondEvalue was enrolled in the BIG incubation programme in that same year.

Unlike equities, the bonds market has been operating in a traditional environment and remained unchanged for decades. In Asia and Europe, bond trading functions almost exclusively for affluent individuals largely because of the high minimum denomination of US$200,000 in the secondary market. Even private banking clients are unable to access live prices easily, and trading is carried out over the counter or over the phone, making for an opaque process and pricing.

Also read: Harnessing sustainable technology to build a resilient future with IPI

Having identified the pain points in the industry, BondbloX Bond Exchange was added as part of BondEvalue’s offering in October 2020. BondbloX became the world’s first fractional bond exchange using proprietary technology and enterprise-grade blockchain that enables investors to buy and sell bonds in denominations of US$1,000 instead of the usual US$200,000.

BondbloX is regulated by the Monetary Authority of Singapore with Citibank and Northern Trust as its designated custodians. The exchange combines the power of distributed ledger technology that allows for enhanced transparency and liquidity and faster settlement, while making institutional-grade investment opportunities available to new classes of investors.

As recently as June 2021, the company raised US$6M Series A bringing the total funding raised to US$10 million. The company was named under the “Forbes Asia 100 to Watch” list. They also announced a joint venture in Mexico to form a Peso bond exchange as part of its expansion plans.

Disrupting a traditional industry requires grit and a deep commitment to move things forward. Despite his busy schedule and the demanding nature of being the CEO and founder, Dr Banerjee believes in giving back and sharing his knowledge with the community. He is currently a mentor at SMU IIE’s Global Innovation Immersion internship programme, eager to provide guidance to young talents who are keen on a career in innovation. He is also a trainer on Bond Investing at SMU Academy.

“SMU BIG has been integral in BondEvalue’s growth. I was a traditional banker and learned a lot about startups during the time of incubation. All our initial teammates joined us there. We may have grown up, but we can never grow out of SMU”, said Dr Banerjee.

James Chan of ION Mobility

“Electric motorbikes can cut smog and reduce PM2.5 and greenhouse gas emissions in the air. Imagine that being adopted across all the cities in Southeast Asia like Jakarta, Ho Chi Minh City, and Bangkok!” said James Chan, Founder and CEO of ION Mobility.

Inspired by Tesla and its vision to be Southeast Asia’s top technology company leading our region’s transition towards a low-carbon economy with electric and electric mobility products for consumers and businesses, Chan founded ION Mobility in late 2019. Southeast Asia is the world’s third-largest market for motorbikes after India and China, yet little progress has been made to introduce cleaner alternatives for these little dirty machines.

Headquartered in Singapore and an all-Singaporean management leading a team of 10 nationalities across its three offices in Singapore, Shenzhen, and Jakarta, ION Mobility is committed to creating great products and seamless user experiences by combining human-centred design with advanced software and hardware. Their goal is to entice the 200+ million motorbike users in Southeast Asia to switch from petrol to electric for a more sustainable future.

In October 2020, ION Mobility raised US$3.3 million in seed funding and more recently secured over S$800,000 in grants from Enterprise Singapore in March 2021, proving that the bleak economic situation from the pandemic had not dampened its ambitions, execution, and growth.

“It was an interesting time to start a company in the typically capital-intensive automotive sector (that does not exist in Singapore), and an even more interesting period to try and raise capital (where risk capital is typically in lesser supply for early-stage hardware startups),” Chan shared through his blog.

Also read: MaGIC graduate PABLO AIR — Leveraging drone technology for social impact

He likens their strategy to countries’ responses in flattening the curve to avoid overloading their healthcare capacity. With great risk comes great opportunities.

“We scaled back on the magnitude and velocity of our forecasts on travel, hiring roadmaps, rental, and renovations in order to stretch our Plan C further into next year and give ourselves options ahead of our Series A raise,” stated James.

“We joined SMU BIG right from the start before we secured our own office. I’ll always be grateful to them for their support from our very beginning, which made our startup journey feel much less lonely and difficult.”

“It was an especially challenging environment to operate in. But what did not kill us can only make us stronger,” Chan quipped.

The company is revving up to unveil its first smart EV motorbike for Indonesia before the end of 2021 and is set to expand its operations in Singapore and Indonesia. ION Mobility stands poised to continue developing its in-house design, research and development capabilities, build up its supply chain, and add to its in-house production capabilities and partnerships.

SMU IIE’s Business Innovations Generator

Keen to find out how SMU Institute of Innovation and Entrepreneurship (IIE) can help you to build your startup or business ideas further and faster? Learn more about SMU IIE’s Business Innovations Generator (BIG) equity-free and founders-centric incubation programme on its website, and its latest cohort of startups!

IIE is also one of the Accredited Mentor Partners (AMP) for the Startup SG Founder scheme that helps early-stage startups and entrepreneurs kick start their business ideas. Subscribe to its quarterly e-newsletter, The Greenhouse Effect, for more inspiring stories from the founders of today.

– –

This article is produced by the e27 team, sponsored by SMU IIE

We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us at e27.co/advertise to get started.

The post Meet these 4 founders who are raising millions and redefining the way businesses are done appeared first on e27.

Dezy, a Singapore-based decentralised finance (DeFi) startup, has bagged an undisclosed amount of funding from a clutch of local investors, including DeFiance Capital, HH VC Investments, Impiro, and angels such as Tranglo founder HY Sia.

With the new investment, Dezy aims to bolster the user and deposit growth, update the educational content, and launch new features, including smoother onboarding options, optimised KYC and underlying insurance on user funds deposited. 

A portion of the capital will also be used to expand its marketing, technical development, and business development teams. 

DeZy was launched in 2021 by four co-founders Eric Dadoun (CEO), Harald Lang (CTO ), Sharmini Ravindran (CMO ), and Simon Landsheer (strategic advisor). It aims to empower people to “achieve meaningful savings, income growth and wealth accumulation” by simplifying decentralised finance. People can borrow, save, trade, or invest without intermediaries like banks or brokerages.  

It automatically converts users’ deposits into Singapore dollar-backed stable coins and disperses them into a range of decentralised protocols. With this, the platform help users generate up to 5.25 per cent annual percentage yield.

Also read: Gwendolyn Regina to lead investments at Binance’s new US$100M DeFi fund

“The opportunity that DeZy aims to solve is certainly one that exists beyond Singapore, but before we look at international expansion, we want to make a meaningful impact domestically first,” CEO Eric Dadoun said.

He added that the company also looks to join the B2B markets and develop longer-term features to give users access to a broader range of savings services. 

As stated on the company’s website, Dezy commits to secure users’ access to decentralised finance with inclusivity, transparency, and no deposit lock-in. 

As per the ‘Singapore fintech landscape 2020 and beyond’ report, Singapore raised US$346 million in fintech investment in 2020, accounting for 6.2 per cent of all funds invested in Asia. 

Last year, the Monetary Authority of Singapore (MAS) launched a S$125 million (US$93 million) support package for the financial and fintech industries to help them deal with the immediate challenges caused by COVID-19 while also positioning themselves for future development and recovery.

—-

Image credit: Dezy

The post Dezy automatically converts users’ deposits into SGD-backed stable coins, attracts funding appeared first on e27.

Indonesia-based wealth tech startup Pluang today announced that it has raised an additional US$35 million, bringing its total funding raised this year to US$55 million.

Led by Square Peg, this funding round included the participation of SIG, UOB Venture Management and existing investors such as Go-Ventures and Openspace Ventures.

This update followed the US$20 million funding round the company announced earlier in March.

“We have been fortunate to double down on Pluang in every funding round making it one of our core portfolio holdings. We continue to be impressed by Pluang’s product innovation, best-in-class unit economics, and growth. We look forward to working with the team closely in the years to come,” said Aditya Kamath, partner of Go-Ventures.

In a press statement, Pluang said that the funding “will allow the company to accelerate proprietary products to market for its growing customer base and hire best-in-class talent to continue on its mission of helping everyone experience the thrill of investing wisely.”

Also Read: Peter Thiel’s Valar Ventures leads Singapore wealthtech startup Syfe’s US$30M Series B round

The company said that of all the existing wealth tech startups in Indonesia, it offers the broadest suite of asset classes for retail investors, enabling them to invest in gold, equity indices, mutual funds and cryptocurrencies.

It allows users to make micro-savings and micro-investing contributions from as low as ~US$0.50 across asset classes within one app.

The diversification that it enables is aimed to help first-time users reduce risk. It also puts emphasis on financial education on investing and long-wealth creation; it is especially relevant for a market with relatively low financial literacy such as Indonesia.

According to a report by The Jakarta Post, lifestyle and lack of tech adoption play a role in this problem.

Pluang’s services are available as mini-apps within larger ecosystems such as Gojek, Dana, and Bukalapak. The company is planning to be available on more platforms in the future.

Founded in 2019 by Claudia Kolonas and Richard Chua, the company said that it has amassed almost three million registered users while remaining incredibly capital efficient, with less than US$3 million of marketing spend to date.

—

Image Credit: Pluang

The post Pluang raises additional US$35M, bringing total funding this year to US$55M appeared first on e27.

Singapore-based Jungle Ventures said today it has hit the first close of its fourth fund at US$225 million.

The VC firm targets to raise US$350 million for this fund, which it claims is the largest early-stage fund to be launched in Southeast Asia this year.

As reported by Techcrunch, most of the existing limited partners, including Temasek, IFC, DEG, and some Asian and global family offices, invested. 

Upon the disbursement of Fund IV, Jungle Ventures plans to invest in 12 to 13 startups from seed to Series B. The ticket size will range from US$1million to US$15 million. 

Founding Partner Amit Anand told Techcrunch that Fund IV aligns with Jungle Ventures’s pace of raising a new fund every 2.5 to 3 years since its inception in 2012. He added that Jungle has shown a strong track record, with companies from its 2016 Fund II paying about 7x on the fund today.

Jungle counts FinAccel, B2B e-commerce unicorn Moglix, beauty e-commerce platform Sociolla, and Vietnam’s merchant platform for micro firms KiotViet, among its high-profile investees. 

Also read: KKR, Jungle Ventures join Vietnam’s merchant platform KiotViet’s US$45M Series B

Anand also emphasised his close interest in social commerce startups. This is demonstrated through Jungle’s follow-on investment in Indonesia-based social commerce startup Evermos‘s US$19.5 million Series B last month. 

Anand added that Jungle’s LPs have co-invested US$400 million co-investments in its portfolio companies so far. 

“We typically invest in a company when it has a little bit of a product-market fit in its home market, and then we can help regionalise the business,” Anan said. “We’re one of the oldest funds in the region and we haven’t seen as good a time as today to be in the tech ecosystem in Southeast Asia.”

Besides focusing primarily on Southeast Asia, the VC firm also invests in India. As stated by Anand, Southeast Asia and India have a strong cross-pollination of talent, ideas, learning, and capital.

In recent years, growing exit announcements from companies such as Indonesia’s Bukalapak and GoTo, Malaysia’s Carsome, Thailand’s Builk One Group, and Vietnam’s VNG and Loship, have set the tone for the hyper-interest of global investors in the region. 

—

Image credit: Jungle Ventures

The post Jungle Ventures makes US$225M first close of Fund IV, to invest in up to 13 startups appeared first on e27.

Fundiin, a Vietnamese buy-now, pay-later (BNPL) startup, announced today it has closed an oversubscribed seed round at US$1.8 million.

The round saw participation from a slew of new and existing investors, including Japan’s Genesia Ventures and JAFCO Asia, Singapore-based Trihill Capital and 1982 Ventures, and Vietnam-based Zone Startups Ventures.

Some former executives of global BNPL giant Affirm (Xffirmers) also backed Fundiin’s latest funding.

According to a press statement, Fundiin will utilise the capital to expand its operations, strengthen the executive team and press ahead with its upcoming Series A round.

Founded in 2018 by CEO Cuong Anh Nguyen and CTO Nam Hoang Vo, Fundiin started as a digital payment solution provider, targeting Vietnam’s population of 97 million and rising middle-class consumers. Later in mid-2020, the company started to offer a BNPL option to consumers at the point of sale, free of charge. This method helps customers pay in instalments with or without interest while paying providers a total amount upfront.

“Lending products have earned a bad reputation as money-draining traps that leave consumers stuck in a cycle of debt,” Fundiin CEO and co-founder Cuong Anh Nguyen, stated. “Vietnamese consumers are in urgent need of products like Fundiin that work for them and protect their interest.”

Also read: Why BNPL will change the payment landscape in Vietnam?

Fundiin claims to have collaborated with over 100 merchants, including some of the country’s well-known retailers such as Lug, Vua Nem, Mat Viet, Giant International. It boasts of increasing retailers’ sales by 30 per cent without utilising a credit card or an application.

In July, Fundiin also teamed up with Vietnamese B2B e-commerce company Sapo to provide the BNPL payment option at checkout for Sapo’s 100,000 merchant client base.

BNPL is gaining ground among other payment options such as credit cards, instalment loans and mobile wallets’ lending products as it is “faster, easier and free for consumers.” This solution has long been going places in the world but has only picked up pace in Southeast Asia in recent years with some success cases from PayLater in Indonesia, and Atome and Hoolah across Hongkong, Singapore and Malaysia.

Amid the pandemic, the method is ripe for an explosion as it is able to assist consumers in their shift to online shopping. According to JP Morgan, Vietnam’s e-commerce is forecast to increase 19 per cent per year to 2021, urging global players to take bets on the BNPL sector.

Last month, Singapore-based FinAccel, the parent company of Indonesia’s BNPL giant Kredivo, formed a joint venture with local investment firm Phoenix Holdings, signalling its intention to penetrate the Vietnamese market.

—

Image credit: Fundiin

The post BNPL giant ex-Affirm execs join Fundiin’s oversubscribed US$1.8M seed round appeared first on e27.

The COVID-19 pandemic has exacerbated the disparity in access to capital for female-led startups. However, there has been a global trend of investors betting on these “wonder women”. 

The funds pumped into women-led businesses reached US$46.3 billion in 2019. That’s more than twice the number a year before and more than 15 times that in 2010.

Several significant initiatives have also ridden on this tailwind. 

The “She Loves Tech” competition has enabled more than US$250 million in funding for roughly 5,000 female-focused startups across 40 countries. Australian Aid and Frontiers Lab Asia has also sponsored a training programme for angel investors to explore gender lens investing opportunities. 

If you are also scouting startups founded or co-founded by women in Southeast Asia, here is the list of 27 prominent startups established in the past three years.

1) Green Rebel 

Co-founded by Helga Angelina Tjahjadi in 2020, Green Rebel is an Indonesian foodtech startup that creates whole-cut plant-based meats with Southeast Asian flavours in mind. 

The startup promotes the use of locally derived foods and is working to establish a worldwide brand from one of the world’s most beautiful destinations. It aims to provide meat to customers without the health & environmental tax that comes with it.

Earlier this year, Green Rebel secured US$2 million in a seed round led by Teja Ventures and Unovis Asset Management, a worldwide alternative protein investor.

2) Ajaib 

Founded in 2019, Indonesia-based online brokerage Ajaib allows consumers to buy and sell stocks, ETFs, and mutual funds. Ajaib Group claims it opens the door to access to safe, trusted and affordable investment instruments. 

The firm was co-founded by Yada Piyajomkwan, who was listed in Forbes’s 30 Under 30 Asia (Finance & Venture Capital) in 2020.

In March 2020, the firm closed its US$90 million Series A round with a US$65 million extension led by Ribbit Capital. 

3) Pluang

In 2020, Marcellina Claudia Kolonas, who has five years of experience as an investment advisor, co-founded the financial technology platform Pluang. It provides easy and affordable access to financial goods to the general population.

The Indonesia-based firm aims to enhance financial inclusion in Indonesia, where approximately two billion people are unbanked. As stated by Kolonas, users may open a savings account for as little as 50 cents. 

Openspace Ventures led its recent US$20 million pre-Series B funding round with participation from Go Ventures and other returning investors. The company will use the money to create customised financial products that will cover a broader range of asset classes, including government bonds.

4) Logisly 

Co-founded by CEO Roolin Njotosetiadi in 2020, Logisly is a B2B logistics digital platform that links shippers and trucks from its network of certified corporate carriers.

Its goal is to reduce Indonesia’s high logistics costs by boosting truck utilisation and giving more certainty in supply chain management, mainly through an extensive network of dependable transportation, order transparency, and automation.

Currently, the firm works with over 800 trucking companies (with over 40,000 fleets) and 300 shippers from various industries, including fast-moving consumer products, chemicals, construction, e-commerce, and more.

Last year, the Jakarta-based startup received a US$6 million Series A investment led by Monk’s Hill Ventures to assist Indonesia in streamlining its logistics.

5) Bonza 

Bonza, co-founded by Elsa Chandra, a former Traveloka execs, is an Indonesian Big Data analytics startup. Within Bonza’s user interface, organisations can integrate disparate data sources into a single source and build and deploy Machine Learning models.

Bonza’s no-code approach for data analytics and AI deployment helps technical and non-technical teams to build and deploy data-driven solutions at scale.

In May 2021, Bonza raised a US$2 million funding round led by returning investor East Venture. 

6) Pinhome

Established by Dayu Dara Permata in 2020, Pinhome leverages cutting-edge technology to make the property sale, buy, and rental transactions on its platform more simple, efficient, and transparent.

Its goal is to eliminate the obstacles of buyers and sellers while making real estate transactions by delivering the “greatest possible” user experience.

Since its inception, Pinhome’s headcount has grown to over 200 employees. In early 2021, it raised US$25 million in a Series A financing round from unknown investors.

7) Mindtera

Digital education platform Mindtera was established in 2021 by former Nielsen manager Tita A. The platform focuses on multiple intelligences and life coaching. It offers personal growth learning curriculums in critical areas of life such as family, love, and work, allowing people to navigate life in an organised manner better.

Serving both individual and corporate clients, the startup aims to address the gap between hard skills and emotional intelligence (EQ) by designing and developing curriculums and tools around its proprietary multiple-intelligence approach, including emotional, social and physical intelligence.

Last month, the firm bagged undisclosed funding led by East Ventures.

8) DishServe

Stefanie Irma co-built DishServe in 2020 as a kitchen network in Indonesia. The firm aids in the renovation of underused kitchens by standardising procedures and updating equipment. 

Besides, it allows food and beverage (F&B) companies to access a network of highly trained ghost kitchens and use them as last-mile distribution locations for serving their consumers.

Insignia Venture Partners invested an unspecified amount into DishServe’s pre-seed round in May.

Also read: Everything from soup to nuts: Meet the 27 ghost kitchen startups in Southeast Asia

9) Klar Smile

Last year, Ellen Pranata co-founded an Indonesian tech-based dental company Klar Smile. 

The company embraces a B2B2C business model. It provides cosmetic dental treatment by leveraging the expertise of orthodontists and advanced technology. Dentists and patients can communicate and monitor treatment progress remotely through its Smile mobile app.

In June 2021, the company raised an undisclosed seed round led by AC Ventures. 

10) Pasarnow

Indonesian e-grocer Pasarnow was co-launched by Cindy Ozzie in 2019. Its multi-channel platform attempts to streamline the country’s complex and layered fresh goods supply chain and offer quality food items to its clients.

The operational backend collects all orders and creates a demand forecasting system to assist the company’s 1,000+ farmers and suppliers in better planning and optimising harvesting and delivery schedules.

This September, East Ventures led a US$3.3 million funding in Pasarnow.

11) Durianpay

Launched in 2020 by three co-founders, including the two female leaders Antara Mathai and Natasha Ardiani, Durianpay is an Indonesia-focused payments solution startup that provides a range of payment methods and a no-code interface for businesses and developers to access. 

Durianpay claims that its solution works with various payment channels and suppliers, removing the need for complicated interfaces, manual reconciliation, and high expenses.

Recently, the startup received a US$2 million funding led by Sequoia India’s Surge with participation from AC Ventures, Kenangan Fund and other angel investors. 

12) VUIHOC

Co-founded by Minh Thu Do in 2019, VUIHOC is a Vietnamese online platform that provides courses for elementary, middle and high school students. Its teaching framework is developed every week and adheres to the textbook curriculum.

VUIHOC’s educators design learning materials based on a deep dive into the psychology of each age group, ensuring that every student will find matching content at their preference. The platform also provides live classes to augment teacher-student interaction.

Last month, Do Ventures, a Vietnam-based early-stage VC firm, revealed its investment in VUIHOC at an undisclosed amount.

13) Ganesh

Founded by Linh Chu in 2021, Ganesh is a runner-up in Fintech Nations Hackathon 2021 held by New York-based hackathon platform Devpost. 

Ganesh provides information about fraud prevention, including how to detect, prevent, and report scams and how to get assistance from local authorities.

Its flagship product includes a scam dictionary with an updated resource about definitions of different scams, prevention methodology, and protection guide. The company also provides news and statistics which leverage access to credible sources, showing the current regional scamming situation and sending early alerts to people.

14) Vinastraw

Grown from the 14-week C-Plastics Incubator 2021 programme organised by Spring Activator and KisStartup, Vinastraw is a Vietnam-based startup that provides low-cost but high-quality straws, meeting the needs of the most demanding coffee chains. 

The company, founded in 2021 by Thao Thi Huong Do, produces biodegradable straws made mainly from rice and other grains. Its product is said to be 100 per cent compostable, gluten-free and long-lasting.

15) EQUO

In 2020, Marina Tran Vu started EQUO in Vietnam, intending to deliver eco-friendly brands and manufacturers to the world. 

Its products, including straws, utensils, dishware, pencils or bags, are made to replace single-use plastics. The firm targets products “100 per cent” natural, non-toxic, chemical-free and biodegradable.

EQUO is one of ten female-led businesses finalists in the She Loves Tech Global Competition 2021.

16) BravoHR

Launched by Han N. in 2019, BravoHR is a Vietnam-based SaaS platform assisting SMEs in better managing, engaging, and rewarding their employees.

It offers employees access to a white-label mobile app connected to a system that allows HR to manage their workforce at scale. Besides, it also helps the companies provide innovative and relevant employee benefits and rewards programs.

BravoHR counts brands such as McDonald’s Vietnam, Philip Morris, 7-Eleven, PNJ Watch, On Point E-Commerce, trading business Idocean, Chubb Insurance, and Talentnet HR among its clients.

In 2020, the firm raised an undisclosed seed funding round from Zone Startups Vietnam and 1005 Ventures.

17) Phenikaa MaaS

In 2021, Bich Nguyen co-founded Phenikaa MaaS to provide “Made in Vietnam” solutions helping enterprises and organisations operate their transportation effectively. With general smart solutions comprising IoT, app, map, AI, and Big Data, the firm aims to accompany governments and companies to digitise the traffic management process.

Phenikaa MaaS is the developer of the previous public transit app BusMap. After raising a US$1.5 million seed funding from Pheenika Group in July this year, Bich Nguyen and her partner Yen Thanh Le renamed the company Phenkaa MaaS.

The startup was also the winner of “SK Startup Fellowship 2021” batch II held by South Korea’s SK Group.

18) Fonos

Co-founded by Xuan Nguyen in 2020, Fonos is a Vietnamese digital audio content startup. The platform creates short 10-15 minute book summaries, guided meditation, stories, news, and offline reading.

Fonos gained prominence in the local audiobook space with standardised in-house audio recordings made by professional narrators. 

Recently, the platform raised US$1.1 million over two rounds of seed funding led by Singapore-based AngelCentral Syndicate.

19) Docosan

Docosan is a healthtech startup based in Ho Chi Minh City. In 2020, co-founder Natalia Moreno Hendrickson built this platform to help patients compare healthcare providers across various specialities, make appointments online, and manage their health records.

Its users can sort providers by area and speciality and check price information with verified client reviews. The platform recently added online payment features and insurance integrations. 

In April this year, Appworks led Docosan’s US$1 million seed round to expand into new markets.

20) Float Foods

In 2020, Vinita Choolani set up Singaporean foodtech startup Float Foods. The platform is known for its innovative plant-based egg substitute OnlyEg, which includes two legume-based egg yolk and egg white alternatives.

The company develops its product with proprietary technology created by Float Foods’ in-house research and development team.

The firm raised US$1.7 million in seed funding co-led by Singapore-headquartered venture capital firms Insignia Ventures Partners and DSG Consumer Partners in June this year. The firm plans to optimise OnlyEg with nutritional improvements and a longer shelf life track for commercialisation in Singapore by 2022.

21) Shoplinks

Former CEO of cashback app Snapcart, Teresa Condicion, started Shoplinks to provide digital platforms to offline Consumer Packaged Goods (CPG) stores, allowing brands to deliver and customise discounts to customers.

Shoplinks enables one-to-one, offline marketing through its secure data sharing, data matching, POS integrations, and AI-enabled engagement for CPG and retail. Its platform optimises consumer value while minimising marketing and promotional spending. 

The Singapore-based firm counts Gillette, Gillette Venus, Oral-B, Pantene among its prominent clients.

22) Mohjo 

Founded in January 2021 by Juhi Dang, Mohjo targets to deliver 100 per cent clean foods and drinks made from plants and chemical-free components through its facilities.

The Singapore-based foodtech brand recently launched its first line of products — almond milk and almond milk-based beverages.

Last month, the firm raised an undisclosed seed round led by East Ventures with participation from iSeed Southeast Asia, K3 Ventures, and other angel investors.

23) Dedoco 

Co-launched in 2020 by Daphne Ng and her partner Dr Ernie Teo, Dedoco is a Singapore-based decentralised digital document and signing platform. 

The firm offers document authentication by ensuring real-time verification choices while maintaining transaction integrity with a blockchain audit trail. Its clients include government agencies, banks, professional services (HR, accountancy, and corporate services), and real estate firms.

Last July, the company netted US$2.45 million seed investment led by Vertex Ventures Southeast Asia.

24) MadEats

The all-female led cloud kitchen startup MadEats is a Philippines-based innovative online restaurant group that serves the delivery sector. 

Mikee Villareal, alongside her partners Keisha Lao and Andrea Cruz, built the platform in 2020 with three food brands: Yang Gang offering Korean fried chicken, Chow Time providing Chinese takeout, and Fried Nice serving Southeast Asian rice bowls.

The firm develops its culinary concepts, organises orders using backend technology, and fulfils orders with its fleet of riders.

Early last month, Y Combinator injected US$125,000 funding in MadEats. 

25) Epost

Epost is a Malaysian e-commerce logistics company providing cross-border delivery and e-commerce fulfilment services to brands and retailers. Co-founder Mandy Chan started the platform in 2019 to offer cloud-based integrated order, inventory, and warehouse management systems to ease logistics burdens for companies.

With 13 e-commerce fulfilment facilities strategically positioned around Southeast Asia, its services are now accessible in Malaysia, China, Singapore, Vietnam, the Philippines, and Brunei.

Last July, the firm attracted US$1.4 million from Warisan Quantum Management, a Malaysia-based private equity management firm.

26) Aye Solutions 

Aye Solutions is a Kuala Lumpur-based technology startup offering an autonomous retail solution at an affordable cost, covering software to hardware.

Yee Yun Lim set up the AI platform in 2020, helping retailers collect data to dictate the future product array and business model. This year, the company opened the first unmanned retail store in Malaysia. 

27) Ira Concept

Headquartered in Thailand, Ira Concept is a subscription-based, app-enabled line of organic and biodegradable feminine hygiene products that can be delivered to a customer’s door every month for an affordable price.

Varangtip Satchatippavarn started Ira in 2020 with plastic-free, chemical-free, and guilt-free products. The firm was awarded 3rd place in the “She Loves Tech” competition in 2020.

—

Image credit: 123rf, Pinhome, Float Foods

The post A woman among women: 27 female-led startups in SEA that are going places appeared first on e27.

Singapore sits at the helm of Southeast Asia’s vibrant tech ecosystem with an internet penetration rate of 88.9% in 2019, the highest in the region. With the recent global health crisis accelerating digitalisation across the globe, the country has undoubtedly grown into becoming a centre for fintech innovation, pushing the adoption of fintech by traditional financial institutions as they seek ways to innovate and transform.

Tapping on the growth of fintech in Singapore, the Australian Trade and Investment Commission (Austrade), through its accelerator programme Landing Pad, has been active in bringing technology scaleups to ASEAN as a way to help meet the gaps in the fintech ecosystem in the region. An example of how they do this is through their strategic partnership with Firemark Accelerate, Insurance Australia Group’s (IAG) leading insurtech accelerator in APAC. Across two 12-week Seasons per annum, both Austrade and the Firemark Accelerate team support scaling Australian startups into the region. Scaleups are recruited based on their ability to bring cutting edge technology from four key focus technology themes: climate risk, disruptive technology, cyber risk, and computer vision.

Also read: Startup x Innovation Thailand Expo 2021: A virtual world of innovation

“Firemark Accelerate and Austrade are an excellent partnership to launch Australian technology scaleups into Singapore and the wider APAC market. This co-delivery partnership brings together Firemark’s expertise in technology and innovation, and Austrade’s knowledge on navigating overseas markets and connecting Australian businesses to the world. Following the success of the first season, we have now expanded our partnership to support the market expansion activities of another six scaleups across deep tech, cybersecurity and digital services,” said Austrade’s Senior Trade and Investment Commissioner, Stephen Skulley.

Australia’s insurance industry is currently at the ideal size and scale to help insurtechs test, learn, and grow. According to KPMG, between the financial years of 2018 to 2020, Australia has experienced a 53 per cent increase in the number of insurtech companies in the country. These developments, both in terms of industry growth and consumer behaviour, makes Australia a hotbed for innovation and diversity. As such, promising scaleups from the country are in the best position to broaden their reach and go global.

Why these Australian scaleups chose to land in Singapore

With both economies sharing similar growth paths in their vibrant tech ecosystems, these six Australian scaleups saw a great opportunity for growth.

“Singapore is well known for being the technology and innovation hub of Asia. ActivePipe is excited to be able to leverage this to mature its data capabilities and build a world-class data strategy with Firemark Accelerate,” said ActivePipe, one of the six Australian companies from the Firemark Accelerate Season 2. Founded in 2014 by co-founders Ash Farrugia and Gavan Stewart, ActivePipe builds, sells, and services lead nurturing and sales enablement software for Real Estate brokerages, agents, and mortgage brokers.

ProofTec, an automated AI damage detection solutions provider for vehicles echoed these sentiments. “Singapore is the logical stepping stone for our AI solution given the mature stakeholder ecosystem and the gateway for our business to springboard into other regions across ASEAN. According to Cisco’s annual Digital Readiness Index, Singapore is the world’s top nation in terms of digital adoption which makes it an ideal market entry point for high tech companies like ProofTec,” said the company’s Founder, Danny Cohen.

ProofTec’s vehicle damage detection platform has been designed specifically for the mobility sector and provides many tangible benefits to the car rental industry. Some of these material benefits include reduced risk, transparency, excess recovery, staff efficiencies, and asset management.

Also read: Harnessing sustainable technology to build a resilient future with IPI

Gruntify, a scaleup that helps digitise manual or disparate business processes, is also looking to scale globally, with its sights set first on Singapore. Founder Igor Stjepanovic, shared “Singapore’s strategic location in Asia paired with their business-friendly environment makes it, in our opinion, a perfect choice as a ‘springboard to broader Asian market’ which we are looking for!”

Gruntify helps clients save time and money as well as lower the risks involved in the implementation and operational aspects of digitalisation. Their technology helped aid the Queensland government’s response to the state’s largest natural disaster, cyclone Debbie, that occurred in 2017.

Other scaleups that saw value in a Singapore expansion are SHEQSY, Truuth, and ValAi. 

SHEQSY, a cloud-based lone worker safety solution, CEO and Founder, Hays Bailey, explained that they chose Singapore because of its “incredibly developed economy and strong regulatory frameworks. As the Asian headquarters for many international firms, Singapore is the perfect launchpad and the gateway to Asia.” he went on to share “SHEQSY aims to improve the safety of employees and contractors working alone in developed and developing regions in Asia.”

On the other hand, Truuth, whose mission is to mitigate the risk of identity fraud by delivering the world’s most secure, accurate, and user-friendly digital identity services shared that they are building Truuth as a global platform with Singapore and the broader APAC region being one of their primary target markets. CEO and Co-Founder Mike Simpson said, “We all know that Singapore embraces new technologies and business models, so we see this as a great fit for Truuth, as our technology is world-leading and our business model is disruptive. As we plan for our Series A funding round, Singapore is a key market for Truuth to have a presence in.”

Also read: Harnessing sustainable technology to build a resilient future with IPI

Lastly, ValAi, a scaleup that builds tools anchored on sustainability specifically targeting the finance and insurance sectors, said that “Singapore is well known for its ‘Humility to succeed’. One characteristic we admire is the humility to learn and openness to new ideas. Innovation, creativity, sustainability and resilience are all demonstrated in Singapore’s business culture.”

Greenhouse, their core product, is a knowledge platform and marketplace where bank and insurance customers can determine the sustainability rating of their homes and how they can improve their ratings, whilst providing data insights to the insurers and lenders so that they can green tag their portfolio and create incentives for their customers with lower premiums or interest rates.

Creating success in Singapore

Coming from Season 1 of Firemark Accelerate, Detexian has seen early successes ever since the programme, especially after partnering with three fintech SMEs in Singapore. Detexian is an Australian scaleup that offers an automated risk management solution for businesses powered by SaaS applications. Some of the deals they’ve landed include Lab Group Services Pty Ltd (Lab Group).

Tan Huynh, CEO of Detexian, shared “Staying on top of multiple SaaS apps without automation is an impossible endeavour. We help Singapore modern workplaces continuously track their SaaS use at ease, minimising risks and cost wastages.”

Connect with Austrade today

For more information, scaleups that are interested in expanding to Singapore can connect with Austrade Landing Pad via the official website. For more information on IAG Firemark Accelerate, you can check out their official page here.

Singapore Fintech Festival 2021

Keep a lookout for our Australian e-booth at the upcoming Singapore Fintech Festival 2021, where we will be showcasing Australia’s innovative fintech ecosystem. More details to come for your opportunity to connect directly with Australian fintech businesses and associations. #AustraliaSFF2021

– –

Photo by Patrick McLachlan from Pexels

– –

This article is produced by the e27 team, sponsored by

We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us at e27.co/advertise to get started.

The post How Australian scaleups are contributing to Singapore’s tech ecosystem appeared first on e27.

The latest report from the Intergovernmental Panel on Climate Change (IPCC) presents a not-so-bright future for our planet. We are likely to reach or exceed 1.5 degrees C of warming, the ambitious limit set during the 2015 Paris Agreement. In fact, the current atmospheric concentration of carbon dioxide is 417 parts per million (ppm), almost double that of pre-industrial levels. 

There is little doubt that climate change is threatening city infrastructure, food production, and health. Unpredictable weather patterns, decreased harvests, and supply chain disruptions will drastically affect food security. Furthermore, higher temperatures increase the risk of illness and affect other aspects of health like air, water, and shelter.

But we can take steps to alleviate these harmful effects for ourselves and future generations, such as by harnessing the power of sustainable technology. Transformational changes are needed to make cities sustainable and resilient in the face of these challenges.

One such technology which has helped mitigate the negative effects of climate change is solar power, a much more environmentally friendly form of electricity compared to traditional sources like fossil fuels. In July, Singapore-based Sunseap Group announced a US$2 billion project to build the world’s largest floating solar farm and energy storage system in Indonesia. Other technologies like electric transport and sustainable buildings can also help upend some of the consequences of climate change.

TechInnovation, a premier technology-to-industry matching event, is back for the 10th edition

To help industries fully leverage sustainable technologies, Singapore-based innovation catalyst IPI is holding its tenth edition of TechInnovation, its yearly technology brokerage event, from 28 to 30 September 2021. In light of emerging climate change-related challenges, this year’s theme is ‘A Sustainable and Resilient Future’.

This theme was selected because of the new and emerging challenges that the world is facing, said Wong Lup Wai, chief executive officer at IPI.

“Climate change has created challenges on cities’ infrastructure, carbon footprint, food production, and health,” said Wong. 

TechInnovation is IPI’s flagship technology brokerage event. It will bring global technology providers and enterprises together to foster open collaboration and facilitate the commercialisation of emerging sustainable technologies.

During the event, attendees can hear from a variety of speakers and thought leaders, such as executive director of Energy Research Institute Prof Subodh Mhaisalkar and AgFunder’s Asia director John Friedman.

Also read: MaGIC graduate PABLO AIR — Leveraging drone technology for social impact

Attendees can also use TechInnovation to explore partnership collaborations with corporates crowdsourcing for new ideas and solutions, and discover technologies for commercialisation. The event is also a conducive platform for connecting with collaborators and mentors, allowing for one-to-one meetings through chat and video.

“What differentiates TechInnovation is that the organiser, IPI, actively matches the technology showcase providers with industry and participants that have indicated their needs to forge collaboration,” shared Wong. 

IPI’s role as a catalyst allows TechInnovation to serve as a springboard for enterprises to accelerate innovation, providing them access to the tools and insights necessary for ultimate business growth.

Key focus on sustainability, nutrition, and health

In this year’s edition, TechInnovation will focus on showcasing innovative technologies to achieve sustainability in the areas of resource consumption, food production, and healthcare provision. The topics are:

1. Green & Sustainable Future — Day 1 (28 September)
2. Sustainable Food & Nutrition — Day 2 (29 September)
3. Health & Wellness —  Day 3 (30 September)

On Day 1, sessions will revolve around the theme of ‘Green & Sustainable Future’. The event will start off with two keynote sessions, ‘Powering a Green and Sustainable Future’ and ‘Designing a Sustainable Future for Our Planet’, before diving deeper into three thematic sessions. In chronological order, these are ‘Crowdsourcing — Open Innovation Challenge’, ‘Smart and Sustainable Built Environment’, and ‘Sustainable Solutions in Recycling and Waste-To-Worth’. 

Moving on, Day 2 will look at sustainability in food and nutrition. The day will begin with two keynote sessions on the future of food, ‘What Will Be the Future of Food’ and ‘Digging Deep to Meet Our Future Food Needs’. After that, attendees can look forward to sessions like ‘Design Think Tank’, ‘Trash to Treasure — Upcycling Food Side Streams’, and ‘Innovations in Sustainable and Intensive Urban Farming’.

Also read: Want to strengthen your communities? Facebook and e27 are here to help

A key highlight for the second day is IPHatch 2021, a programme challenge that matches technologies from MNCs with startups to give them a boost to accelerate their business. IPHatch empowers startups with deep tech in IoT, sustainable food production and agritech to bring about the social and economic impact in this sector.

Finally, Day 3 features a host of events surrounding the theme of healthcare, which is more important than ever with Covid-19. Like previous days, it will begin with two keynote sessions, ‘Healthcare Innovations in the New Norm’ and ‘Reimagining Health & Wellness Solutions Post-Pandemic’. The event will close off with two thematic sessions, ‘Non-invasive Diagnostics in Healthcare’ and ‘Evidence-based Traditional Herbal Medicine’.

IPI’s key partners will also be showcasing their technologies during TechInnovation 2021. These include organisations such as German Entrepreneurship Asia, Innovate UK, Japan Science and Technology Agency, and many more.

Creating opportunities, catalysing innovation

IPI is a subsidiary of Enterprise Singapore, a government agency geared at helping businesses develop and transform. Established in 2011, IPI provides companies with access to its global innovation ecosystem and has been bringing TechInnovation to the world for 10 years. 

Companies can tap on IPI’s multidisciplinary expertise and international network. On top of industry events like TechInnovation, IPI also facilitates companies’ innovation processes, such as by advising and supporting their commercialisation and go-to-market strategies. This accelerated innovation benefits enterprises, technology partners, and government agencies alike.

This year marks IPI’s tenth anniversary. Since its launch, IPI has engaged with enterprises via a variety of initiatives such as Open Innovation Services, Innovation Advisors Programme, Innovation Marketplace, and many more, helping them embark on their business transformation journeys.

Also read: 32 startups raise US$108M in 9Unicorns-VCats maiden Global Demo Day

For example, food commodities supplier Par International Holdings, for example, decided to participate in the Innovation Advisors Programme in order to tap into new expertise and technologies, like alternative proteins, and expand their business portfolio.

Hence, IPI linked them up with innovation advisor Dr Rebecca Lian, who advised Par International Holdings on how to upcycle spent grains into high-protein and high-fibre products. With Dr Lian’s expertise, the company has already conducted initial trials for the repurposing of spent grains with their food manufacturing partner. 

“This year, IPI celebrates a decade of impact, catalysing innovation for enterprises and partners across a wide spectrum of industries and covering different technical domains since its setup in 2011,” said Wong.

The tenth-year mark of IPI’s presence is crucial, as it signals the importance of constant innovation. By providing end-to-end support for enterprises and helping them grow beyond their boundaries, IPI’s role in helping enterprises innovate and boosting the industry ecosystem is an undeniably significant one.

For more information on TechInnovation and IPI’s other projects, visit https://www.ipi-singapore.org/.

– –

This article is produced by the e27 team, sponsored by IPI.

We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us at e27.co/advertise to get started.

The post Harnessing sustainable technology to build a resilient future with IPI appeared first on e27.

Zipmex, a Singapore-headquartered digital assets exchange, has secured a US$41 million Series B round from a clutch of corporate investors and VCs.

Bank of Ayudhya’s corporate VC arm Krungsri Finnovate, leading Thai media giants Plan B Media and Master Ad (MACO), besides new and existing VCs, including MindWorks Capital and Jump Capital, participated.

With this, Zipmex’s total funding raised to date has touched US$52 million.

This deal marks Bank of Ayudhya’s — part of the Mitsubishi UFJ Financial Group — maiden investment in a digital asset platform in Southeast Asia.

Zipmex will use the new capital for product offerings and scaling its technology team to roll out new digital assets products in lending, payments and securities. 

The digital assets exchange will also deploy a new marketing campaign throughout the out-of-home media network of Plan B Media and MACO. This aims to foster the possibilities of access for all to the power of digital payments.

Also read: Pintu adds US$35M to its Series A kitty, aims to build Indonesia’s largest crypto exchange

As per a press statement, the company also plans to launch Zipmex Card, a Visa-backed payment card, and ZLaunch, a platform that gives users early access to new investment tokens.

Founded in 2018 by Marcus Lim and Akalarp Yimwilai, Zipmex offers educational features for new investors and serves high-net-worth individuals through two earning accounts (one flexible and one fixed-term), underpinned by its native ZMT token.

The company also provides digital asset payment solutions to businesses and claims to have facilitated several regional-firsts in luxury vehicles, art, and property transactions.

Recently, Zipmex announced a partnership with Major Cineplex Group, the largest operator of movie theatres in Thailand, and digital payment startup RapidZ, to allow some moviegoers to buy tickets with cryptocurrencies like Bitcoin.

Zipmex CEO Marcus Lim said: “A marriage of digital assets and traditional banking can provide new innovative use cases for money, which we have demonstrated through ZipWorld. Further, the use cases of Zlaunch and ZipNFT are just the starting point of where we can evolve to be banking forward, lifestyle-focused.”

Zipmex claims to have bagged one million clients and processed more than US$4 billion in gross transaction volume to date.

The global exchange is also slated to be licensed in Thailand while operating under regulatory supervision in Indonesia and Australia. 

In Singapore, Zipmex, through its subsidiary, is currently in the advanced stages of applying for a Major Payment Institution licence application with the Monetary Authority of Singapore (MAS) for digital payment token services.

 

—

Image credit: Zipmex

The post Digital assets platform Zipmex rakes in US$41M Series B, plans to launch in Thailand appeared first on e27.

Intudo Ventures, an “Indonesia-only” VC firm, today announced the final close of its oversubscribed US$115-million third fund.

Intudo Ventures Fund III will invest in homegrown companies capitalising on the rapid growth of private consumption and rising middle-class.

The fund attracted commitments from institutions, funds, and family offices, spanning the US, Europe, and Asia. Notable Limited Partners include Black Kite Capital, the family office of Koh Boon Hwee; Wasson Enterprises, the family office of former Walgreens CEO Gregory Wasson; PIDC, the investment arm of Taiwanese international F&B and retail conglomerate Uni-President Enterprises.

In addition, over 20 leading global funds and managing partners, including seven international Midas List investors, over ten tech unicorn founders, and 30 of the most prolific families and their associated conglomerates in the archipelago, also invested.

Also Read: Yummy Corp secures US$ 7.75M in Series A from SMDV, Intudo, others

Intudo is investing in industries poised to define the future of Indonesia, driven by the dual economic engines of private consumption and digitisation.

The oversubscribed fund brings Intudo’s total assets under management to approximately US$200 million.

The firm will commit initial check sizes ranging from US$1 million to US$10 million.

The third fund will seek opportunities in agriculture, B2B & enterprise, education, finance & insurance, healthcare, logistics, and new retail & entertainment, constructing a concentrated portfolio of 12-14 homegrown companies.

Launched in June 2017, Intudo works both hyper-locally and globally with a physical presence in Indonesia and Silicon Valley. It works closely with global investors through its Indonesia Beachhead Strategy as an in-country partner for Indonesia exposure, providing access, risk mitigation, and 24/7 on-call first responder support.

Also Read: Intudo Ventures closes US$50M “Indonesia-only” second fund

The firm is active in the US through Intudo’s Pulkam S.E.A. Turtle Fellowship, closely mentoring aspiring Indonesian founders, sponsoring and hosting major university and industry events. The events include the annual Harvard Asia Business Conference, MIT Asia Business Conference, Southeast Asia MBA Weekend, weekly discussions with Indonesian professional and student associations, and visits with Indonesians at top tech companies in Silicon Valley.

“What was once a ‘nice-to-have in-country investors have become essential for Indonesian companies to thrive, providing hyper-local support and deliverables. Acting as an in-country shepherd, Intudo supports our founders through a blend of hyper-local and global best practices, allowing us to create more favourable outcomes for our founders consistently,” said Patrick Yip, Founding Partner at Intudo Ventures. “Witnessing the resilience and growth of our founders, we are more bullish on Indonesia than ever before and are excited to work with the next generation of Indonesian entrepreneurs.”

In February 2019, Intudo closed a US$50 million fund, following its debut fund of US$20 million announced a year earlier. So far, it has backed a number of startups. Prominent among them are  Xendit, Halodoc, TaniHub Group, Pintu, Kargo, PasarPolis, BeliMobilGue, and Yummy Corp.

—

The post Indonesia-only Intudo Ventures hits final close of Fund III at US$115M, to back 12-14 firms appeared first on e27.