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Greywing attracts US$2.5M seed funding to tackle maritime industry’s carbon impact

Greywing, a Singapore-based startup providing operating systems for the maritime industry, has raked in US$2.5 million in seed funding.

Investors include Flexport, Transmedia Capital, Signal Ventures, Motion Ventures, Rebel Ventures, Entrepreneur First, and Y Combinator (YC).

Greywing was part of YC’s winter 2021 batch.

The new capital will support the launch of Greywing’s real-time carbon scoring solution. This tool will enable shipping companies to make decisions to minimise the carbon footprint of crew changes regarding shore-based operations, flight bookings, deviation of voyage routes, among others.

The solution comes as a part of Greywing’s new tool, Crew Change, which provides vessel operators visibility on the factors impacting seafarers’ management — especially when the COVID-19 requirements and restrictions complicate operations at each port.

“The factors impacting a maritime voyage have grown in complexity with climate change and COVID-19 being thrown into the mix, and Greywing’s traction is accelerating to match the pace of these evolving challenges,” said Greywing CEO Nick Clarke.

Also read: Maritime tech founders are more likely to find opportunities working with corporates: Dr Mark Lim of PIER71

Founded in 2019, Greywing builds solutions to support and automate ship operators’ decision-making through actionable intelligence, better data and communication.

Its four product lines are route intelligence tool CRY4, vessel monitoring system Flotilla, port-agent communications tool Semaphore, and crew management and analysis system Landfall.

With its web-first and user-centred operating system catering to the maritime industry, Greywing addresses various issues occurring during the entire voyage, such as crew changes, piracy incidents, and vessel risk. The company claims that more than 1,400 crew changes have been assessed via the system.

“The maritime industry has entered a new era where data and analytics supercharge actionable digital solutions,” said Nikolas Pyrgiotis, VP of Technology Ventures for Signal Group. “Greywing integrates data trapped in commercial, technical and crewing siloes to enable more efficient and sustainable operations for shipping companies.”

CTO Hrishi Olickel added that Greywing aims to improve efficiency across carbon, threat and cost verticals by improving decisions even before its clients’ crewing operations take action.

As per the third IMO GHG study, maritime transport accounts for about 2.5 per cent of global greenhouse gas emissions, with around 940 million tonnes of CO2 released annually. This will undermine the objectives of the Paris Agreement if actions are not put in place soon enough.

According to Greywing’s statement, 35 per cent of maritime emissions are linked to untracked flights and other down-the-line costs in the operating supply chain. Besides, the carbon impact mitigated by Greywing’s new carbon footprint tracking tool for a single vessel is equivalent to taking 274 cars off the road every year.

Image Credit: Greywing

 

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Ecosystem Roundup: Ajaib, Axie Infinity bag US$150M+ each; Grab buys 90% of OVO; Society Pass files for US$27M IPO

Ajaib co-founders

Grab buys stake from OVO’s early investors to up its stake in the e-wallet to 90 per cent
OVO is now one of Indonesia’s leading e-wallet with about US$2.9B in valuation and nearly 100M downloads; Grab’s acquisition of a majority stake in OVO will likely face some bumps ahead as the Singaporean firm will have to find a local entity to transfer this stake.

Ajaib, the ‘Robinhood of Indonesia’, adds US$153M to its kitty to become a unicorn
Investors are DST Global (lead), Alpha JWC Ventures, Ribbit Capital, Horizons Ventures, Insignia Ventures, and SoftBank Ventures Asia; Ajaib claims to have attracted over 1M stock investors in Indonesia, a country with a total of around 2.69M retail equity investors.

a16z leads Axie Infinity parent Sky Mavis’s US$152M Series B round
Co-investors are Accel Partners and Paradigm; Sky Mavis invented the play-to-earn concept for people to play, live, work and earn within virtual worlds; Its first game is Axie Infinity, where players breed, battle, and trade digital pets called Axie.

Jeff Bezos’s investment firm, Tencent back B2B e-commerce startup Ula’s US$87M Series B round
Lead investors are Prosus Ventures, Tencent and B Capital; Ula will use the funds to expand in SEA, add new categories, scale its BNPL offering, and build a new local supply chain and logistics infrastructure.

Singapore fintech Incomlend nets US$60M from Europe’s Fasanara Capital
The company plans to launch an ESG-focused SME financing programme called Incomlend ESG Invoice Financing Programme; It will give qualifying SMEs access to Incomlend’s invoice financing solutions. The program also aims to help investors connect with ESG-focused SMEs.

Society Pass files for US$27M Nasdaq IPO
The e-commerce enabler will offer nearly 2.9M shares; The money will be used to expand the platform through acquisitions of regional e-commerce firms and applications; Society Pass recently acquired the Vietnamese online marketplace Leflair.

OR partners with 500 TukTuks to establish US$50M ORZON Ventures
It will invest in the most promising startups in Thailand and SEA, seeking opportunities to create new S-Curve businesses; Focusing on both OR-related technologies and new businesses under the theme of mobility and lifestyle to further enhance business strength and create long-term growth.

SME digital financing platform Funding Societies raises US$18M debt funding
Investors are Helicap Investments, Social Impact Debt Fund, and a Japanese financial services group; The firm is on track to raise US$120M in institutional debt for funding the growth needs of MSMEs in SEA; Funding Societies enables access to finance by using alternative data points, including but not limited to the MSME’s cash flow to underwrite these loans.

Co-working major JustCo loses lawsuit to Dathena Science over late handover of leased space
JustCo had failed to hand over units on four floors of the OCBC Centre East building in Raffles Place on time in violation of an agreement made between the two firms in January 2020; The high court ruled in favour of Dathena’s claim of US$210K which comprised its security deposit and an advance monthly membership fee.

Qapita nets US$15M Series A to facilitate liquidity solutions via a digital marketplace
Investors include East Ventures, Vulcan Capital, NYCA, MassMutual Ventures and Endiya Partners; Qapita a fintech startup focused on ESOPs and cap table management; It plans to add new products to its platform to provide solutions for private companies, startups, investors, shareholders and employees.

Singapore logistics startup Qxpress acquires Hong Kong firm KorChina Logistics
Korchina’s network spans 17 countries and covers major markets in Asia including China, Thailand, Korea, Japan, and Singapore; Qxpress is mulling an IPO in the US as soon as 2022; The potential listing could bump the Crescendo Equity Partners-backed firm’s valuation between US$500M and US$1B.

VFlowTech lands US$3M to scale low-cost, long-duration energy storage solutions beyond Singapore
Investors are Wavemaker Partners, SEEDS Capital, Sing Fuels and angels; VFlowTech claims that its batteries can store renewable energy for an expected life span of 25 years; The firm’s vision is to achieve diesel-free status in remote and rural areas by providing communities there with low-cost, reliable cleantech solutions.

SaaS accounting startup Bizzi banks US$3M pre-Series A
Investors are Money Forward, Do Ventures, and Qualgro; Bizzi is an invoice processing automation solution powered by AI and robotic process automation; Bizzi connects vendors and customers to automate financial processes namely bills payments, receipt scanning, compliance, and bookkeeping.

Greywing raises US$2.5M seed round
Investors are Flexport, Transmedia Capital, Signal Ventures, Motion Ventures, Rebel Ventures, Y-Combinator, and Entrepreneur First; Greywing is building solutions for ship operators to automate their business, through actionable intelligence, better data and communication.

Indonesian online lender UangTeman sued for US$1M
The lawsuit was filed by a Japanese company called Real Capital for defaulting on its loan obligations; But UangTeman CEO Aidil Zulkifli says that his company did not have any legal or contractual relationships with Real Kapital.

Innoven Capital backs millennial mothers-focused Philippine e-commerce startup edamama
edamama will use the capital to accelerate its logistics and fulfilment capabilities in advance of a Series A funding round early next year; In July, edamama bagged US$5M Gentree Fund, Robinsons Retail Holdings, Kickstart Ventures, and Foxmont Capital.

21 Southeast Asian startups that help banks gain ground in fintech competition
These fintech startups are blazing a path in innovating and supporting traditional banks’ digital transformation and expansion on all fronts.

Singapore’s travel-tech startup Vouch bags US$1.1M led by Forge Ventures
The startup will use the funds to innovate its new product line of guest experience platforms and expand its business into global markets, including Hong Kong, Macau, South Korea and the UK; Vouch’s AI and chat-bot tech allows guests to scan a QR code on their mobile phones to check-in, make room requests, order F&Bs and receive instant answers to FAQs.

Komunidad nets US$1M funding to help businesses adapt to the consequences of climate change
Investors are Wavemaker Partners (lead) and ADB Ventures; Komunidad provides environmental intelligence services for clients in utilities, agriculture, mining, education, BPO, and local government sectors in SEA and India.

Hometaste raises US$576K via ECF platform pitchIN to scale cloud kitchen business
Hometaste enables customers to order food from home chefs in their neighbourhood, currently concentrated in Klang Valley; It provides support for home chefs by giving them a platform to expand their F&B business.

Next-gen fleet management platform TransTRACK.ID raises US$550K
Investors include Cocoon Capital (lead), Indonesian Women Empowerment Fund; TransTRACK.ID offers an all-in-one, fleet telematics solution to help the logistics industry optimise fleet operations; The platform collects and analyses real-time telemetry data such as geolocation, fuel level, mileage, and maintenance alerts for each vehicle.

ShopeeFood gears up for Thailand launch
This comes after Foodpanda’s business in the country lost a number of users and merchants on its platform after a social media fiasco in July; Foodpanda Thailand was blasted online after it said it would fire a rider who took part in a pro-democracy movement.

Image Credit: Ajaib

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Funding Societies lands US$18M debt fund, on track to raise US$120M

(L-R) Funding Societies co-founder and group CEO Kelvin Teo and Helicap co-founder and CEO David Z. Wang

Funding Societies (also known as Modalku in Indonesia), an online lending platform for small and medium enterprises (SMEs) in Southeast Asia, has secured US$18 million in debt funding.

Lead investors in the round are Helicap Investments, Social Impact Debt Fund, and an unnamed Japanese financial services group.

Also Read: Samsung backs Funding Societies to drive its vision of financial inclusion for SMEs in SEA

Together with funding received from European impact investors such as Triodos Investment Management for Indonesian business loans, Funding Societies is on track to raise US$120 million in institutional debt.

Funding Societies will use the new funds for lending to deserving MSMEs, propelling its mission of enabling financial inclusion in the region.

Established in 2015, Funding Societies provides MSMEs with business financing. It harnesses the power of technology to give underserved yet creditworthy MSMEs financial access through its digital platform.

In Southeast Asia, MSMEs contribute to more than 50 per cent of each ASEAN Member State’s GDP. Still, because many lack a strong credit track record or collateral, they are often rejected for business loans by traditional financial institutions.

Funding Societies enables access to finance by using alternative data points, including but not limited to the MSME’s cash flow — its ability to repay the loan — to underwrite these loans.

Licensed in Singapore, Indonesia, Malaysia and Thailand, Funding Societies claims to have helped finance over 4.8 million business loans with over US$1.5 billion in funding in the last six years.

Also Read: SME lending during the pandemic: Is it sensible or unwise?

In December 2020, the lending startup received an undisclosed amount of investment from Samsung Venture Investment Corporation (SVIC). A few months earlier, it secured US$40 million in April.

Its other backers are Sequoia India and Softbank Ventures Asia.

Helicap is a Singapore-based alternative lending firm that provides private debt investments to accredited investors, including family offices, HNIs, impact funds, and institutional investors.

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SpeakIn founder on the value of lifelong learning for entrepreneurs

SpeakIn

Perched on the benches of various academic institutions across the globe, with an eagerness to learn and grateful for the opportunities that came with the lessons, I have often wondered how independent ‘leading’ and ‘learning’ were from one another.

Whenever time and experience allowed me the discretion to, I also caught myself pondering about how different learning could be under the right kind of leadership and how I could contribute to that equation.

Determined to unravel the equation of adequate coaching techniques for budding professionals and entrepreneurs, I began to observe various professional leaders and realised that there was a common theme – successful leaders never stopped working on themselves to become qualified for their jobs and were always upskilling themselves, thus, reinforcing my decision to create a holistic platform – SpeakIn –  for professionals to easily access global thought leaders.

Equipped with the gumption to close the prevalent gap between leadership and learning, and to democratise opportunities for the keen professionals, SpeakIn was born. Created with the vision to revolutionise professional development, SpeakIn is the brainchild of a keen learner who aspires for professionals to be able to tap on the experience of thought leaders worldwide.

Now, more than ever before, is it important for professionals regardless of their experience or industry, to embrace professional development. On a micro level, SpeakIn strives to appeal to individuals’ growing importance of wanting to do more and better.

On a macro level, SpeakIn has the potential to be the catalyst for a tectonic shift in different workplaces, completely independent from varying business models.

I have always believed that nothing comes out of nothing, and being a leader is not merely restricted to what I, as an individual, can do but also transcends into how I can facilitate others through synergising ideas and thoughts. The biggest lesson that I have learnt on this journey of empowering other like-minded professionals, is that leadership isn’t at all mutually exclusive from learning.

Also Read: Edutech is surging, but here are the 3 issues it is facing

Amongst others, and perhaps equally as important, are the pursuit of a bigger purpose and embracing agility in all forms.

Through this article, I’d like to share the key lessons I have learnt in my lifetime of leadership and how these help me with achieving my goals through continued learning.

Pursuing a greater cause

An element of vital importance is one’s ability to understand what their purpose is, and to be able to comprehensively justify that purpose. On your professional journey, generic statements about hypotheticals are just not going to cut it. You have to envision the impact that you will create on the world, and embrace it wholeheartedly.

While pragmatism often loses out to idealism, making it virtually impossible for any of us to completely live into our purpose all day, careful planning and hard work make it easier to achieve our goals consciously and effectively.

In the earlier stages of my career, traditional development plans often led me to think I could not have outside interests and commitments in the name of staying focused on a ‘traditional’ career path.

However, over the years, I have understood that taking a holistic view of professional opportunities, coupled with meaningful and purposeful-led learning, has helped me become a stronger leader.

Once the greater cause is understood, it is much easier to work backwards from there to set smaller, specific goals. With the help of learning tools that can be incorporated into your professional career regime, continued learning and skill set accomplishments are no longer a thing of the past.

Using my own purpose as an example, with SpeakIn, we hope to take one step forward to equip different individuals with personalised opportunities to learn from top thought leaders in various industries and revolutionise learning and leadership, with the use of technology.

It is of paramount importance to us that we assimilate learning and innovation through our platform and make continuous learning happen without the effects of geographical barriers.

The purpose is not a list of the education, the background you come from or even the skills that one has accumulated over the years. The purpose is also not a professional title, limited to your current job or organisation. Confusing your career with your purpose-led ideations makes effective leadership difficult to accomplish.

The purpose is also not some feel-good mantra like ‘empowering our clients to achieve stellar results, while fulfilling our commitment to the professionals of society’.

The purpose is not virtuous and not what you think society expects of you. The purpose is natural. It is the willingness to provide without the need for remuneration or incentive.

Purpose is what makes you intrinsically and exclusively you, an understanding of which makes achieving your goals that much more impactful.

Also Read: Edutech is opening up opportunities, but we need to get it right

Articulating a clear vision

While your leadership purpose is who you are and what makes you distinctive, it is also important to have a vision. Regardless of the professional stage, you are in, it is equally crucial to identify how you do your job and why— the direction you want to achieve as a leader should also be aligned to a greater vision that is shared by the organisation you represent.

Over the course of my career, I have come to realise that many leaders from various industries and professions have a poor sense of individual direction. This makes it extremely difficult to distil their purpose into a concrete statement that can be shared with colleagues and team members.

They may be able to clearly articulate their organisation’s motto to appease stakeholders, but falling back on nebulous statements makes it problematic when it comes to translating your vision and purpose into action.

Consequently, professionals and to a large extent, even organisations, limit their aspirations and often fall short of achieving their most ambitious professional goals. As a business leader myself, I have always found it extremely useful to speak with other C -suite individuals, who would give me a fresh perspective on certain business scenarios.

When you are able to provide insights into your vision, you increase the probability of finding someone who is in pursuit of the same goals. After all, no man is an island and we can all learn from one another through effective communication.

SpeakIn was also set up with the vision of giving global thought leaders from various industries a platform to share their experience and mentor other like-minded professionals, who can articulate their vision to help other professionals develop themselves.

By going online and eliminating geographical barriers that otherwise made cross-border mentorship and education impossible, we hope that this vision is emulated in different territories, and we can increase the pool of global thought leaders from whom many professionals can benefit.

Had I not been able to articulate my vision of reconstructing experiential learning, I would have done myself and may others a disservice, as I would not have been able to effectively aligned with my team, who have together made it possible to create an easily accessible and versatile platform that SpeakIn is today.

Today, organisations and professionals can learn seamlessly via our platform with supporting content such as videos, blogs, podcasts and even 1-1 personal learning sessions.

Knowing that people are the key to success

Lastly, it is incredibly important to know the value of the people you work with. I have always believed that an efficient way to effectively create waves within an organisation, is to focus on leadership development and continuous upskilling.

There is almost no limit to the potential of an organisation that recruits people whose core beliefs are aligned with yours, and who are willing to engage in constant upskilling practices, for the betterment of the organisation.

Whether we like it or not, we all come from different upbringings, have different values and have been educated through different institutions. If organisations could acknowledge the differences and optimise the effects of our differences, then the outcome can be significantly positive.

Working with several other organisations and over 18,000 thought leaders since starting SpeakIn, we’ve helped more than 350 clients through the upskilling process. It is also humbling to see when we track and review their progress over the past years.

With the use of SpeakIn, professionals have seen two-step promotions and sustained improvement in business results. Professionals are now more than ever, innately equipped with the ability to develop more capabilities to thrive in even the most challenging times.

Also Read: 3 lessons from a founder who scaled his startup to 13 markets in five years

With the leadership idea of continued learning and upskilling, organisations can look forward to a multi-skilled, driven and high achieving workforce that will remain a key asset to the success of the company.

Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

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Image Credit: designer491

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Thai oil firm OR, 500 TukTuks launch US$50M mobility and lifestyle fund ORZON Ventures

The ORZON team

SGHoldCo, a wholly-owned subsidiary of Thai oil company OR, and early-stage investor 500 TukTuks (now 500 Global), have jointly launched a US$50-million fund to invest in startups in Thailand and Southeast Asia.

ORZON Ventures will focus on both OR-related technologies and new businesses in the Series A-B stages under the theme of mobility and lifestyle.

In other words, the fund will invest in startups that meet the needs of future mobility solutions or those that respond to the new changing needs of the modern lifestyle, such as F&B startups, travel, health, wellness, and other digital lifestyles solutions.

The setting up of ORZON Ventures will enable OR to gain greater access to startups in the early stages in Thailand and Southeast Asia. With this, the oil company aims to strengthen and expand its businesses.

SGHoldCo will make an initial investment of US$25 million into ORZON with the option to increase the size to US$50 million in the future.

Also Read: Flash Express secures US$200M Series D to expand its e-commerce logistics service in SEA

According to OR’s president and CEO Jiraphon Kawswat, one of its growth strategies is to seek new business opportunities to develop beyond the horizons of the oil business amid a fast-changing environment. OR looks for cooperation with large companies as well as smaller and more nimble organisations. The partnerships can be in the form of business alliances of investment in SMEs or startups that OR believes have the strength and advantage in technology, speed, and agility to adapt to changes.

However, smaller businesses are facing many challenges, such as lack of human resources, funds, access to customer and ecosystem support. ‘OR’ believes that it can help fulfil and support startups by investing, providing access to customers/OR’s large ecosystem, and other fundamental business support from relevant experts.

Recently, OR recently led the US$200 million Series D round of Flash Express, the first unicorn in Thailand.

Image Credit: ORZON Ventures

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