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Ex-Traveloka, Grab execs’ one-year-old online fresh grocery startup Segari raises seed funding led by Beenext

In Indonesia, one of the major problems facing the agriculture industry is the existence of multiple layers between the farmer and the end consumer.

As a result, farmers fail to obtain the right price for their produce and are forced to sell them for a song, with the middlemen taking the bigger chunk.

Segari, a startup born in the middle of the COVID-19 pandemic, wants to address this problem using technology, and it has already caught the attention of the region’s top VCs.

The grocery startup has just announced that it has secured what claims to be one of the largest seed funding rounds in Indonesia. Led by Singapore’s early-stage VC firm Beenext, it also saw participation from AC Ventures, Saison Capital and a few undisclosed angel investors.

Slides: Indonesia’s agritech ecosystem report 2019

Segari will use the capital to build the infrastructure needed from upstream to downstream while maintaining the quality of the produce.

“Although 30 per cent of Indonesia’s workforce is engaged in agriculture in one way or the other, many inefficiencies still exist in the industry. The existence of multiple layers between the farmer and the end customers is one,” said Segari co-founder Yosua Setiawan.

“While commerce is being disrupted by Tokopedia and Shopee, and the transportation industry by gojek and Grab, the agriculture sector has seen very little innovation. Segari wants to change this,” he added.

The company was founded in 2020 by the trio of Setiawan (CEO), Farand Anugerah (COO) and Farandy Ramadhana (CTO). A silver medalist at the National Physics Olympics, Setiawan has previously worked at Boston Consulting Group and Traveloka.

Anugerah, a Harvard Business School alumnus, has in the past worked at Grab Indonesia & Philippines. Ramadhana is an alumnus of UC Berkeley and worked at Amazon, Google Ads team in Silicon Valley and Moka before co-founding Segari.

How Segari works

A consumer can place his orders on Segari’s website or mobile app before 5 pm. Segari’s team will then fulfil the orders with the farmers and suppliers, bring the items to the warehouse, check for the quality, and then package them. By 6 am the next day, the startup’s logistics team takes the items from the warehouse for delivery before 10 am.

The startup says it is working with thousands of farmers all around Java and several vegetable farmer communities in West Java. The company helps them make decisions about what to plant, how much and when to harvest.

It also has communities of fruit farmers in Central Java where it has contracted for specific grades of fruits at specific prices, which allows Segari to have consistent and sufficient supply.

“To give the best freshness, our operation team ensures that it only takes 15 hours from harvest to your home for green vegetables. This involves extreme operational complexity. Because we do not keep inventory, we need to generate tight forecasting of customer demand, and balance it with the harvesting schedule of our farmers,” said COO Anugerah.

The startup says it employs experienced teams for quality check and product handling. It boasts of four different temperature areas in its warehouse to maintain the freshness of the produce.

For example, it keeps bananas at 16-20 degree Celsius so that they can ripe optimally, while the grapes are kept at -5 degree Celsius.

Trust deficit

According to the startup, despite the COVID-19 crisis, Indonesian consumers today are still reluctant to shop fresh produce and grocery products online. Most individuals living in Jakarta still go to supermarkets and traditional markets to purchase grocery items.

Surveys find that consumers still do not fully trust transacting online for fresh produce, fearing that they may receive bad quality produce. Those who have attempted to shop fresh produce online share that the quality they receive is inconsistent.

“Getting to a high level of quality and consistency is hard. Not everyone can do it, but that’s why we make it our focus. While other players may focus on wide SKU variety, cheapest prices, or other areas, we build our infrastructure to focus on quality. This is what our customers love about us, and make many of them purchase from us every week,” said Setiawan.

Setiawan further shared that Segari leverages its micro-warehouses and network of thousands of agents all around Jakarta to help move tons of its fresh produce every day while maintaining its quality.

“Otherwise, you’ll end up with 15-30 per cent wastage, as seen in a typical supermarket. This is also partially the reason we can offer the highest quality produce at cheaper prices than most supermarkets,” said Anugerah.

Image Credit: Segari

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For e27 Luminaries, we are looking for companies that fulfill the following criteria


In the past month, we at e27 have been diligently looking through past coverages of the Southeast Asian tech startup ecosystem.

We were on the lookout for companies that, at the peak of the COVID-19 pandemic in the region, have managed to go beyond surviving the day. Not only that these companies keep their business running, but they also got to make notable achievements in 2020.

Behind every great company, in addition to its founders and investors, is an amazing individual whose ideas and leadership have contributed greatly to its success. These individuals are the e27 Luminaries — and our mission is to find and put the spotlight on them.

In the past week, we have started reaching out to these companies to inform them about their nomination to the initiative. Companies that have been chosen will get to pick the individual who will represent it in the e27 Luminaries list once it is published.

You might wonder if your company is the lucky one; you might also wonder about the factors that we are considering when selecting these companies. So, we are laying down the details:

In general, companies in the e27 Luminaries list are being divided into these five main categories:

Pivots

Companies that redirected their business during the pandemic and comes out stronger than before.

Funding and Acquisitions

Companies that continue to gain investors’ trust during the most challenging of times.

Also Read: Year of the e27 Luminaries: A celebration of the unsung heroes of the SEA startup ecosystem

Partnership

By teaming up with fellow industry players, these companies are moving the ecosystem forward.

Expansion

The pandemic did not stop these companies from exploring and foraying into new markets.

Breakthrough

The odds may not be in their favour, but these companies persevere and secure their places in the tech startup ecosystem.

For each category, we are listing down companies that have fulfilled the basic criteria of being based in Asia and having quality products or services in the market. They also need to have a good reputation in the media (No scandals, please!) and an updated profile in the e27 Startup Database.

They will also need to answer the following criteria satisfyingly:

– Have they raised significant external funding? Or if they are bootstrapping, do they have a healthy financial condition?
– Have they been covered by e27 or other reputable media?
– Do they have a strong social media presence?
– Are they available in other markets, or looking forward to?
– Last but not least, do they have a diverse team in terms of race, gender, nationality, ability, and sexuality?

Those are the elements that make up the e27 Luminaries.

As we near the end of March, we are getting closer to the celebration of unsung heroes of the Southeast Asian tech startup ecosystem.

Looking forward to seeing you there.

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Branding lessons from a first-time startup employee caught up in a pandemic

branding lessons

Like so many others in the months leading up to the pandemic, I had just joined a new company and was super excited to get started in my new role overseeing marketing and brand for a young ambitious start-up. I came from senior roles at the Financial Times, where I had been based in London and New York, as well as South China Morning Post, where I worked out of Hong Kong.

Now, I was joining a Singapore-headquartered company that had operations across Asia, primarily in Southeast Asia, but also in China and India. Entering the startup world was relatively novel to me, but I knew the company I was joining (Advance Intelligence Group) would offer entirely new challenges and growth opportunities.

Shortly after, having been in the new role for less than six months and starting to hit my stride, COVID-19 hit …

Now, over one year on, I can see the whole period with 20/20 hindsight and there are some takeaways for marketers and brand chiefs, but also startups in general, that I would like to share.

With the global pandemic forcing almost every economy into lockdown, operational resiliency and brand communications became paramount. This was true both internally (for employees and inventors) and externally (for partners, customers, and the wider market).

Brand-level responses to customers in a crisis

As we climb out of the pandemic and put the worst months behind us, it’s becoming even more important for brands to build a strong and lasting emotional connection with consumers – beyond just its product offerings. 

Let me give you an example of how we approached this last year, in what were arguably the darkest days of COVID-19 for many. At Atome, our buy now pay later (BNPL) consumer brand where I spend much of my time and energy, we spent not hours, days, or even weeks, but three months speaking with dozens of customers in in-depth interviews and focus groups.

Why? Because we saw the pressing need to deeply understand their changing needs and preferences as the world was changing around us. 

This turned out to be a key turning point for the Atome brand, and provided valuable insights in terms of how our customers thought about spending, money management, lifestyle, and much more. 

Also Read: Why Absolute Pricing Authority and Costco branding concept are good for emerging markets

From a brand and marketing perspective, the result was a new ‘Triple A’ brand pillar around Aspiration, Access, and Advice that we introduced at the core of the business.

In addition to this, we underwent a complete brand refresh at Atome when many other businesses were still trying to pull themselves above the waterline.

Of course, a large part of our business is B2B, serving enterprises rather than individual consumers.

As such, it was important to also think about branding and marketing lessons from a B2B perspective over the past 12 months. Arguably it’s even more important for B2B businesses to make an effort for their customers and clients to feel the people behind the product.

During the pandemic, we made great efforts in this part of our business to better communicate how we were serving our B2B customers amid all the challenges. As well as this, we spent a lot of time thinking about how we as an enterprise business actually shared many of the same concerns as our customers – and how we could therefore explore solutions to address those issues.

This brings me to the next important brand decision we made: proactively listening to feedback and responding to requests and questions in a timely manner – day in day out through the pandemic.

As much as possible, but especially during a crisis, brands must reduce friction and hassle for customers while creating innovative features that improve their experience and delight. 

This leads to what I call the ‘brand promise’ – delivering on the product or service as marketed – being experienced by the end-user as consistent across touchpoints (mobile, desktop, online, offline, etc.).

A good brand takes care of its employees

I’d like to now move on from the past and look more to our future in terms of where we’re heading as a company and brand, going from a regional startup to a global operation.

As of the time of writing, Advance Intelligence Group (under which we have brands like Atome, e-commerce platform Genie, and enterprise AI company ADVANCE.AI) is looking at expanding into the UK and Europe.

Also Read: 5 marital lessons that apply to every startup

Having come out of the pandemic stronger than when we went in, it is now exciting for us to look ahead to new global challenges. But, of course, there are still areas we have to be diligent about and pay close attention to.

As with any start-up that is rapidly expanding, it’s so important to maintain a cohesive and positive company culture. While in much of the article I’ve talked about our customers and our brand from an outside-in perspective, I want to finish by really hitting home the importance of brand power to a company’s own internal stakeholders – namely its employees.

Exercises such as Town Halls, Feedback Days, and ‘In Conversation With’ sessions have helped us build effective top-down and bottom-up communications throughout the brand over the past year, and these are initiatives we will continue going forward.

In addition, we have implemented various morale-boosting activities to address the challenges and constraints of COVID-19, even as many of our people are working from home. 

For example, it was so rewarding for me to run a four-week campaign titled ‘For a Better Me’ to celebrate the company’s fourth Anniversary, as well as hosting New Year parties, which really brought all our employees closer together. 

These events, which resulted in a company culture that everyone felt part of (even as we operate across 10 markets), were participated in by almost 1,000 of our 2,000 employees across the company.

I passionately believe that without strong women in leadership roles, most companies would not have been as successful as a brand during and coming out of the pandemic. It’s my hope that other business leaders reading this will take note and make changes accordingly, if they haven’t already done so.

Diversity in workplace builds brand resilience

Throughout this pandemic, I’ve discovered that a moment of crisis actually provided an opportunity for me as a woman, and my female colleagues around me, to help the company’s brand shine through the chaos.

I’d like to highlight that, despite all the progress of the industry over recent years, there still remains a great need for more diversity in the tech space.

Also Read: Three lessons from building a fintech startup that is 80 per cent women

This absolutely includes the need for more women in senior leadership roles, including on the branding and marketing side. With more women in the workplace, tech companies can generate more innovation, growth, and revenue. 

Moreover, women are often able to leverage resiliency, empathy, and strong communication skills to improve collaboration and build a more positive corporate culture. These have proven to be key ingredients for survival during the global pandemic.

Like many women, in the early stages of my career, I was surrounded by a heavily male-dominated environment and workplace. Today, I like to think of my experience in both Asia and the West has taught me important lessons on how businesses stand to benefit from increasing the number of women in their talent pool and leadership teams.

Especially in Asia, where men still hold authority and power in most business contexts, we really need to be laser-focused on increasing women in tech over the coming decade. 

Female leaders help to improve not only the decision-making process but also make it more likely that a startup will be able to successfully overcome tough challenges while developing the business with a grand vision.

So what’s my advice to women aspiring to leadership roles at tech companies, but also in other industries (such as media, where I spent much of my career)?

My advice for aspiring female leaders

Be yourself

Don’t feel pressured into changing yourself to fit in the environment, especially if you are surrounded by mostly male peers in the workplace. There is no need to pretend to be tough and strong – you can show your vulnerability to build greater trust with others. 

I’ve learned that women’s strong sense of empathy and compassion can provide you with unique values during challenging times.

Be confident and fearless

Women have the tendency of avoiding conflict or being perceived as aggressive, and this can lead to us underestimating our own competency and potential. 

Stay true to your thoughts and be willing to express or even challenge others, which will help you build the confidence to influence others, make changes or take risks. 

Tied to this is being less self-critical and understanding that when we make mistakes it’s important to focus on the present and future, rather than dwelling on the past. 

Also Read: SATURDAYS closes seed funding from Alpha JWC, others to scale its eyewear brand in Indonesia

Lean in together and support other women

Throughout the years I have learned and benefited from many female managers, mentors, and coaches.

My hope is to see more women encourage other women to become leaders and support each other, especially in terms of helping younger colleagues to grow. When women celebrate each other’s accompaniment we’re all lifted up.

Editor’s note: e27 aims to foster thought leadership by publishing contributions from the community. Become a thought leader in the community and share your opinions or ideas and earn a byline by submitting a post.

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

Image credit: Slidebean on Unsplash

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Zilliqa launches US$5M fund to back startups building on its blockchain platform

ZILHive 2019

Singaporean blockchain company Zilliqa has announced a strategic annual investment fund to invest up to US$5 million in 15 companies building on the its platform.

It will invest between US$50,000 and US$500,000 into promising companies in exchange for equity, tokens or a combination of both.

This investment will be funneled through ZILHive, the ecosystem growth arm of Zilliqa, through its ZILHive Incubator and ZILHive Ventures initiatives.

ZILHive Incubator is a 14-week programme that is targeted towards matching entrepreneurs with developers with industry experts to build blockchain solutions on the Zilliqa protocol.

Additionally, to make the programme more inclusive, the incubator will accommodate participants from both technical and non-technical participants who have little-to-no prior experience with blockchain.

Selected participants will develop their projects through mentorship sessions, masterclasses and workshops, out of which some teams will get the opportunity to showcase their projects to potential investors and industry partners at Zilliqa’s annual town hall event next year.

On the other hand, ZILHive Ventures will focus on investing in more mature projects that are built using the Zilliqa protocol.

Also Read: Zilliqa Capital debuts with the goal to invest in decentralised and fintech solutions in SEA, India

The fund aims to invest in companies annually from around the world. The best projects hoping to further scale and seeking growth capital for expansion will be referred to Zilliqa Capital, the recently-launched central business and investment hub aimed at investing in decentralised and fintech solutions to grow Southeast Asia’s fintech and emerging tech ecosystem.

According to the company, ZILHive participants will be assisted from start to finish, from idea generation and business matching, technical and non-technical education, mentorship, capital support, to counsel on taking-to-market strategies, partnerships, and business development.

“ZILHive has always had big ambitions: to drive more open and inclusive finance and commerce gateways for communities and companies worldwide, and power the Web 3.0 era. We have now doubled our investment into high-potential startups and initiatives in service this goal: guiding entrepreneurs from right from the drawing board, seeding and nurturing them to become not merely a blockchain success story, but provide truly useful applications for people,” said Han Wen Chua, SVP (Ecosystem Development) at Zilliqa.

Image Credit: ZILHive

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How GIVE.asia created a brand that thinks beyond the problem

Every tech startup follows a similar trajectory; they come up with a niche, they gather a small, yet effective, team, and they build their product to take to market. For us, the concept of charity fundraising was super simple, yet pretty much unheard of in Asia.

We noticed that the giving culture just wasn’t a part of everyday life in Asia like it was in Europe and the US. We didn’t have friends reaching out to us asking us to donate to their marathons, we didn’t add a recurring charity donation into our monthly personal budgets, and we didn’t feel CSR efforts running through the core of the brands that we worked with.

Therefore, we decided to build a platform that allowed people to help, or be helped, through online fundraising. Over ten years on, and with S$75 million (US$55 million) raised, we truly believe that for tech startups to stand out from the crowd and stand the test of time, they need to think beyond the problem they are trying to solve.

Positive experiences that create habits

Getting creative with your product offering is key, and it’s important to walk the steps of your customers’ journey to assess every pathway that can add more success or value. For example, at GIVE.asia, the basic concept is that people, brands, and charities can either ask for or donate money.
We challenged our team to make this concept less transactional, with the aim of providing a more enriching and fulfilling experience to our communities.

We found that adding simple elements to the product, like a personal “kindness level” and a “social impact” graph, gave donors instant gratification which encouraged them to come back again and again.

The best things in life are the easiest

It has been reported that the ground-breaking “one-click” was patented for US$2.4 billion and worked to challenge a 70 per cent cart abandonment. This tells us something very important about the mindset of the customer; they want the quickest and easiest solution possible.

Also Read: Malaysia-based Ethis Ventures launched charity crowdfunding platform GlobalSadaqah

Even adding an extra 30 seconds onto a transaction could have a significant impact on a brand, with users spending an average of 15 seconds on a website before deciding whether their attention has been grabbed.

Ask yourself how you can make your product as easy to use as possible. This is a long game, and our team works daily on how to optimise our site for this reason. Hacks have included offering multiple giving options, pre-filled forms, and simple and secure payment partners.

A picture speaks a thousand words, a story speaks a million

They say that storytelling is the new marketing, with consumers feeling that they need to understand how they are positively (or negatively) impacting the world through using a product. A recent study shows just how much CSR impacts the decisions of a consumer, for example, 88 per cent will be more loyal to a brand that supports social or environmental issues.

The question is: how does a brand successfully demonstrate the way it is involved with CSR initiatives and the impact that that involvement has? At GIVE.asia, it has become obvious for us that the most successful campaigns have more than just pictures. They have words, stories, updates, and videos to show the situation.

We have noticed that campaigns that include a video or full story write up are ten times more likely to do well. Equally, campaign owners who provide regular updates to their donors are four times more likely to experience repeat donors.

As the years go on, the significance of thinking beyond the problem is becoming more evident. Although at the time, it may be difficult to see the direct impact in numbers, or the ROI, gradually, this will change and the pay-off will be huge.

Editor’s note: e27 aims to foster thought leadership by publishing contributions from the community. Become a thought leader in the community and share your opinions or ideas and earn a byline by submitting a post.

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

Photo by Joel Muniz on Unsplash

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Identify and fix problems in your business with Michelle Diamond

Sometimes we can be blind to the problems plaguing our business, and if you’re not careful, they can destroy your business.

We sit down to talk with Michelle Diamond about how to prevent that from happening!

We talk about:

  • How to identify problems in your business
  • How to align strategy with growth
  • How to create a strong foundation to monitor internal and external changes in anticipation of problems arising
  • How to escape the rat race of developing features and functions to stand out from your competition
  • The most important thing you should do for yourself as a founder
  • Why being authentic is the only way to succeed
  • And much more!

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

Acast

Apple

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Stitcher

If you enjoy the podcast, would you please consider leaving a short review on Apple Podcasts/iTunes? It takes less than 60 seconds, and it really makes a difference in helping to convince hard-to-get guests. I also love reading the reviews!

For show notes and past guests, please visit our site.

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This article was first published on We Live To Build.

Image Credit: Michal Czyz on Unsplash

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How fintech is Asia is enabling and making education affordable for everyone

education fintech apac

As Southeast Asia sees an influx of economic and technological growth, the need for human capital development is becoming increasingly critical. Schools across the region are racing to address this training gap— attempting to innovate their curricula, to expand their classroom capacity, and to scale their reach.

But enabling education for everyone is difficult. Schools need help. Adding instructional capacity and improving facilities require significant investment. Enrolling new students is even more daunting, as many families do not have savings sufficient to pay for years of school.

The problem is a mismatch of cash flow timing. Schools need the money now to reinvest and expand. Students and their families only receive income after graduation. The solution requires affordable credit.

Financing has always been the key barrier for enrolment and retention and is a top-of-mind issue for schools. Otherwise, students, who need education the most are left without options, and the seats in the physical (and virtual) classrooms are left empty. 

Fintech platforms are the ideal partners to help schools address this issue. Through collaboration, fintech platforms can help schools drive their three main goals: expansion, efficiency, and equity. 

Expansion and scale to reach more students

As schools scale their operations, the biggest limiting factor is their ability to redeploy their cash flows. Capacity planning is challenging when enrolment numbers are unpredictable, due to a significant portion of students deferring payments or dropping out.

Schools are in a predicament. Operating costs cannot be deferred, and investing in teachers, classrooms, and campuses is costly. Fintech can address this timing mismatch. 

By providing affordable lending solutions to students, fintech provide schools with the predictability needed to expand. They no longer worry about students dropping out due to affordability issues because the balances for the semester have already been paid.

Also Read: HarukaEdu offers affordable, accessible and social online education

As more students remain enrolled, schools become better positioned to invest for long-term growth and for improvement of instructional capacity. 

Efficiency and focus on core educational services

The early version of education financing in Southeast Asia was run in-house by schools. These schools provided deferred instalment plans, and was a shared function across the schools’ finance, student recruitment, and scholarship functions. 

Given the increasing financial challenges of many students, however, schools have seen these internal financing plans take up a large portion of their balance sheets. The complexity magnifies as the number of students adds up: collections, financial risk management, and asset-liability management are all cumbersome for a school to run in-house. 

Fintech platforms are the perfect partners to address this issue. Schools, no matter their size, are better off focusing on core education services rather than operating as financial institution. By offering the expertise of tech-enabled underwriting, loan management, and collections, fintech can run this process more effectively and efficiently.

Schools can go one level deeper to address these affordability barriers. Through tighter fintech partnerships, they can commit part of their balance sheet (whether in the form of interest-free or subsidised loans), while letting their fintech partner manage the operational aspects of lending.  This arrangement allows schools to provide affordable, quality education to more students.

Equity and access to those who need education the most

Students in the lowest income households are those who can benefit from education the most. This segment is where willingness to enrol is the highest, but the capacity to pay is low. They often do not have access to traditional credit, and savings are limited. Especially not enough for four years of schooling.

This phenomenon is why only a third of youths in Southeast Asia manage to enrol in higher education, and less than half of them graduate on time (if at all). Schools do want to help because providing access to these students bolsters enrollment count, drives up tuition revenues and supports their mission of educating future generations. But they have no capacity or expertise to finance the two-thirds of un-enrolled youths in Southeast Asia, at least not alone.

Here’s how fintech platforms can help. The payoff of education is back-ended, but has tremendous lifelong value. Fintech platforms can provide that bridge to get students through their multi-year journey. Affordable lending can correct the timing mismatch of the tuition cost and eventual employment. By bridging the timing gap, these partnerships can improve equity and access in the education system.

Also Read: Brick bags seed funding from Antler, 1982 Ventures to expand its fintech API platform

Fintech will make ‘education for everyone’ a reality

The future of education in Southeast Asia will be powered by fintech. Developing human capital to support the region’s evolving economy requires educating everyone. We need to find ways to broaden educational access for over 60 million new students—those who traditionally cannot afford to go to school. 

The case for affordable education financing is clear: schools can expand and reach more students, and every student can receive access to quality education.

Editor’s note: e27 aims to foster thought leadership by publishing contributions from the community. Become a thought leader in the community and share your opinions or ideas and earn a byline by submitting a post.

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

Image credit: Capturing the human heart. on Unsplash

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Jungle Ventures leads US$17M Series B in Leap Finance, an Indian edutech firm focused on overseas education

Leap

Leap Finance, an Indian edutech platform focused on overseas education, has raised US$17 million in Series B funding, led by Jungle Ventures.

Sequoia Capital India and Owl Ventures also participated in the round.

As per a press note, the fresh funds will go towards expanding its product offerings and strengthen technology and business teams to aid geographical expansion.

Leap Finance will also look to establish global offices in undisclosed locations for partnerships with overseas educational institutions.

Initially launched in 2019 as an education loan platform for students pursuing further education in the US, Leap Finance has since expanded to provide assistance on the complex admission processes for overseas education and now covers Canada, the UK and Australia.

Essentially, it creates modern financial products and services that help Indian students pursue a global career by helping Indian students in choosing the right university and the best financing option as well as lining up job interviews and introductions.

“We are a one-stop solution for all the needs of prospective international students. India has the largest group of English-language graduates and STEM education, and millions of graduates from that group want degrees from international campuses as well as global careers,” said Arnav Kumar, Co-founder of Leap Finance.

Also Read: Pintek closes US$21M from debt investor Accial to accelerate educational financing in Indonesia

He further explained these admission processes require accurate information and guidance from experts. “Our online community helps students evaluate career options, network with seniors and select the best courses. We then use this data to offer personalised exam preparation, professional counselling services, visa guides and financial products.”

Leap Finance claims it has over 500,000 members and alumni with 200,000 monthly active users exchanging 9 million chat messages last month.

“Leap Finance marks our first investment in edutech. India is the second-largest market globally for overseas education. In the past decade, the number of applicants for higher education studies abroad from India has increased annually by more than 300 per cent,” noted Amit Anand, Founding Partner of Jungle Ventures.

“2020 was the most difficult year for international education due to travel restrictions related to COVID-19. We are impressed by the resilience of the Leap team over the past year, as they have not only served hundreds of students with their financing solutions but have also innovated with the Leap Scholar service which provides counselling to thousands of Indian students who wish to study abroad,” opined Ashish Agrawal, Principal of Sequoia India.

The company has previously raised US$5.5 million in a Series A funding round led by Sequoia Capital India.

Image Credit: Leap

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Dial an expert: How Sealed Network introduced SEA to the concept of expert networks

Sealed

Sealed Network co-founders Benjamin Lee (L) and Leo Wen Ge

An investor looking to conduct due diligence on a company in the Indonesian mining industry?

Unless you possess an existing rolodex of contacts, it’s difficult for one to get directly connected to an individual with adequate knowledge of it.

That is where expert networks come in. Reportedly experiencing double-digit growth annually, expert networks primarily support investment managers and strategy consultants with their due diligence and research process by linking them up with experts for insights.

They provide what is perhaps the most valuable commodity in business — connections.

While global giants such as Gerson Lehrman Group (GLG) and AlphaSights pride themselves on having a multinational presence, Singapore-based Sealed Network is focused on the world’s fastest-growing region — Southeast Asia.

Launched by Benjamin Lee and Leo Wen Ge, a former investment professional at Temasek-backed VC firm Wavemaker Partners, Sealed is on a mission to connect the region’s top minds with organisations from across the world.

However, in a region as diverse as Southeast Asia, connecting people to it is easier said than done. “When we started, we realised that many experts in Southeast Asia are either not on English language platforms or have a minimal online presence,” Lee shared with e27 in an interview.

In true entrepreneurial spirit, Lee — who previously worked at unicorns Grab and Sequoia China-backed Huobi — managed to turn the hurdle into a competitive advantage for Sealed. “This has quickly turned into a source of strength for us as we have been able to gain traction amongst local experts in almost every country in the region.”

Increasing awareness

Another challenge Lee noted was the difficulty in hiring due to the nascent knowledge of expert networks in the region. Many job seekers struggled to adequately comprehend the services offered by Sealed and the value proposition it offered.

“We eventually managed to find the right hires from meeting with many people and getting a pool of credible investors and advisors to support us,” Lee said.

Despite the lack of awareness of the expert network industry among the general public, its value was well understood by those who needed it. Besides investors and consultants utilising it to gain in-depth insights into a particular industry, expert networks are also utilised by professional services firms and startups for a variety of purposes, ranging from scoping market entry needs to strategic advice.

Also Read: Crossing the finish line: Industry experts give key advice on nailing the due diligence process

Stressing that Sealed services are sector-agnostic in nature, Lee also noticed requests have picked up for experts based in Indonesia and Vietnam, which he believes is part of increased economic interest within the region.

“We are also seeing strong demand for expert engagements in sectors, including fintech, e-commerce and last-mile logistics,” he added.

How it works

Sharing on the typical process of an expert request, Lee noted clients usually send in a project brief to explain how they wish to engage experts. With screening questions and target companies among the required fields, the project brief serves to enable Sealed to identify relevant experts within short notice, which Lee stresses is paramount for the time-sensitive needs of clients.

After scanning through its internal database of over 20,000 experts, the company shortlists on average 10 to answer the screening questions. Thereafter, their profiles and answers are shared with clients, who will make the final pick.

Once selected, engagements occur through a call ranging from 30 minutes to an hour, with Sealed taking a cut of the paid fee.

“We get our customers entirely through warm referrals and word of mouth. Our investors and advisors either previously or currently occupy senior roles at strategy consulting firms and investment funds. They have helped us tremendously in acquiring our customers,” Lee shared when probed on how Sealed acquires its clients.

Also Read: The business of helping other businesses: Visenze reveals their approach to B2B customer acquisition

Sealed has notable names such as Far East Ventures (the VC arm of Far East Organization) on its cap table. To date, it has raised US$1 million. It also counts among its backers prominent angel investors such as Koh Boon Hwee (GIC Investment Board Director, former Chairman of DBS and Singtel) and Steve Melhuish (Co-founder of PropertyGuru).

Future plans

With over 40 corporate clients on its books and its experts boasting a net promoter score (NPS) of 8.7, Lee shared Sealed has its sights set on regional expansion.

“With the goal of becoming Southeast Asia’s leading expert domain, we aim to have a local office in every Southeast Asian capital. We also intend to onboard more strategic and well-connected investors across the region,” he added.

The CEO also shared the company is looking to expand its product offerings past its current consultation calls to include opinion polls for executives and short to mid-term consulting engagements.

Lee believes that enabling different ways for clients to engage experts will allow them to tap into adjacent industries such as strategy consulting, B2B information services, and market research, collectively estimated to be worth over US$330 billion globally.

He also plans to grow the engineering team to enhance the expert-client matching process using a recommendation algorithm. To achieve that, Lee is looking to raise north of US$2 million either by the end of the year or early 2022.

With Southeast Asia shaping to become the next economic darling of the world, it would be tough to bet against his vision.

Image Credit: Sealed Network

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How Signal Ventures aims to sail towards new opportunities in global maritime tech scene

Starting in 2020, e27 noticed that more and more investors in the Southeast Asia tech startup ecosystem were investing in the regional maritime tech scene. The latest of such investment was a US$800,000 funding for maritime-focussed cybersecurity startup OceanShield; there was also the launch of a maritime tech fund by Rainmaking. These developments indicated a fresh opportunity for industry players to seize.

Signal Ventures is one example of such players that are actively seizing investment opportunities in maritime tech.

In February, the firm announced that it is seeking startups in the sector to join its portfolio. As an investment arm of Signal Group, it is founded by Greek entrepreneur Ioannis Martinos, a prominent figure in the Greek shipping community and CEO of the group.

Outside of the maritime tech sector, Signal Ventures has invested in autonomous vehicle startup Nutonomy and SaaS platform Omnition.

“The maritime tech space has grown significantly over the past three years, but 2021 will see more opportunities than ever before,” says Martinos in a press statement.

With a focus on B2B SaaS, advanced analytics, optimisation and artificial intelligence technologies for the maritime and trade sectors, Signal Ventures offers startups access to unique data processing capabilities, vessel port calls, emissions, port and weather information, venture capital, mentoring and hands-on team-building support.

It also drives incorporation, accounting, legal and HR activities, enabling founders to focus on product development.

Also Read: Maritime tech startups to get US$36M investment from SEEDS Capital

The firm has named Nikolas Pyrgiotis, formerly of McKinsey, as its VP of Technology Ventures. In an email interview, Pyrgiotis explains to e27 their investment philosophy and strategy.

Setting the sail

Pyrgiotis begins by explaining that the firm does not have a “strict mandate” on how it is going to deploy its funds. It favours investments where it can add value and have the flexibility to accelerate or decelerate the deployment.

“High-level, we are targeting at least four deals annually with other startups and initiate one or two more incubation projects over the next 18 months along with the two ongoing ones. Maritime technology startups are spread in shipping, logistics and financial hubs around the world, so following that trend we are investing globally,” he says.

So far, the firm has incubated companies such as UK oil analytics company OilX; invested in and collaborated with Bunker Metric, a bunker procurement optimisation startup; and Swedish weather data provider Storm Glass. They also have two entrepreneurs-in-residence working in a venture studio to develop and take new products to market.

“We’re looking for people and teams whose ideas can be accelerated by our resources, network and investment. The startups we’ve invested in so far have been able to leverage off each other and benefited from access to our unique data processing capabilities, data including vessel port calls, emissions, port and weather information,” Pyrgiotis elaborates.

“But most importantly, we focus on driven and resilient founders, experts in their field, with a long term vision of how their ideas can enhance the maritime markets,” he continues.

When asked about their investment philosophy, Pyrgiotis describes it as “simple”: They invest in what they understand and where they can add value.

Also Read: These are the top three startups chosen by PIER71, offering latest maritime tech solution

“We understand the international maritime, commodity and logistics markets; we understand the synergies in data and technology: we’ve built our own AI platform, the Signal Ocean Platform, which fuses multiple complex data sources and is used in the ship chartering market. We understand how to get the best from entrepreneurs and programmers: we have a growing ecosystem of maritime-related businesses which collaborate together to build new products,” he explains.

Considering its status as a tech and maritime hub, Southeast Asia is certainly a lucrative target for Signal Ventures.

“We see lots of interesting opportunities in Southeast Asia, with companies such as PortCast, GreyWing and Quantship, as well as several serious efforts to promote the maritime tech ecosystem there: Pier71, Innoport, the Techstars/EPS accelerator, Rainmaking, Captain’s Table and Betatron just to name a few,” Pyrgiotis details.

Nikolaos Pyrgiotis, Vice President of Technology Ventures. Image Credit: Signal Ventures

“We see ourselves as a springboard for entrepreneurs in the region to reach the global shipping market and expect several of our portfolio companies in the near future to come from there,” he stresses.

Next destination

According to data by Inmarsat, in 2019, the overall maritime tech sector was estimated to be worth US$106 billion and it is expected to rise to US$278 billion by 2030.

This highlights the potential that investors such as Signal Ventures can pursue, and the firm believes that the potential will continue to grow.

“We see 2021 as a year in which digitisation in the shipping industry continues to accelerate. We want to grow our ecosystem of businesses and focus on our venture studio to successfully bring new, transformative solutions to the market,” Pyrgiotis closes.

Image Credit: Rinson Chory on Unsplash

 

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