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AWS Activate power boosts startups through agile and efficient cloud infrastructure — and free credits

What does Airbnb, Lyft, Slack, Spotify, and Netflix have in common?

Apart from being some of the most recognisable names in global tech and startups, they are also built on AWS.

We’ve all heard of AWS. Amazon Web Services has interwoven itself into the history of today’s desirable tech companies, large corporations, and even notable organisations like NASA and some divisions of the United States and United Kingdom governments, by providing reliable, scalable, and inexpensive cloud computing services that have been foundational to these companies’ growth from their outset.

A case study on Games24x7, a games startup in India, showed that migrating their gaming system to the AWS cloud improved their ability to manage usage spikes by customers whilst retaining low latency, hence preserving user experience despite fluctuating data transmission. Another case study on Halodoc, an Indonesian medical technology startup, revealed that enhanced latency and customer experience owing to the AWS cloud resulted in better time-to-market by 30%.

Also read: ASEAN’s first smart shopping cart technology is transforming the offline shopping experience

As the world’s leading cloud computing service provider, AWS has the capacity and is positioned to provide startups not only with the infrastructure to build their business, but the resources to do it excellently.

“AWS has enabled us to achieve our goals, also reaching out to give advice when we are stuck. It’s been a fantastic collaboration so far,” said Abhilash Ramakrishna, Chief Technology Officer at Halodoc

Introducing AWS Activate — empowering the startups of today

AWS Activate is a free program designed to provide startups and entrepreneurs with the tools, resources, and guidance to help grow their business. 

Once startups become part of the AWS Activate program, they gain access to a wide gamut of AWS tools and resources to build, launch, and scale their business on the AWS Cloud, giving them a solid head start on their entrepreneurial journey.

The free program provides benefits in free AWS Activate credits, technical support and training, pre-built infrastructure templates that startups can utilise and experiment with, and access to exclusive offers.

Also read: AppWorks partners with e27 to help startups build investor network

In this partnership with e27, AWS offers startups of the e27 community who sign up for AWS Activate with:

  • US$5,000 AWS credits valid for two years, to help you get started on building your business in the cloud without worrying additional costs
  • One year AWS business support up to US$1,500
  • Access to exclusive members-only offers
  • Access to the Activate Console, which is full of tools and resources to help you quickly get started on AWS and grow your business

Get started on AWS today

Signing up for AWS Activate is free and easy. Simply create an AWS account (or log in to your AWS account if you already have one) and click here to apply for AWS Activate.

Select Activate Portfolio and make sure to enter 0rbhZ in the Organization ID field to authenticate your application and avail of the free credits.

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Photo by picjumbo.com from Pexels

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A quick look at the 6 new startups graduating from Entrepreneur First Singapore

Entrepreneur First Singapore has unveiled the six teams graduating from its accelerator programme on its demo day.

The six companies tackle pressing industry challenges across ESG investing, microbiome sequencing, warehouse inventory optimisation, e-commerce product recommendation, edutech and R&D manufacturing.

Additionally, Entrepreneur First has announced that it has moved to a quarterly Demo Day model to help founders better ready themselves for fundraising opportunities. The new model in Singapore encourages startups to prioritise fundraising readiness by giving them the option to pick out from an option of demo days rather than one at the end of six months with EF.

Past demo days in Singapore have typically been tied to cohort batches. Any founders, who were not ready by the designated date, would either participate but meet investors too early and miss out on investment or choose to exclude themselves from the group showcase but still get support from EF’s funding team.

Also Read: Differences between AI and Machine Learning, and why it matters

“We moved to a quarterly Demo Day cadence to ensure all of our founders have autonomy on how and when they meet the market. Given the different types of businesses we work with — from hardware to bio to software — each company has a different gestation period. Therefore, a different readiness to raise funding,” said Bernadette Cho, general manager, Entrepreneur First Singapore.

The six teams are:

ESGnie

An AI-powered investment analysis tool that makes custom ESG insights for funds.

OSbiome

A home lab-grade test that helps individuals suffering from chronic gut issues discover their specific preventable triggers via gut microbiome sequencing and analysis.

Powerhouse AI

An AI-powered image-based search engine that eliminates human error and reduces labour around warehouse inventory checks by 60 per cent.

Suggestr

A 30x better e-commerce product recommendation engine, processing 30,000 queries daily.

Quantum Boost

An analysis for real-time experimental data to accelerate R&D manufacturing through machine learning for targeted experiments.

Jackett

An edutech platform that helps teachers create, mark and analyse formative assessments and takes it down from three hours to five mins for any curriculum and in 20-plus languages.

Through its platform running in six cities across three continents, Entrepreneur First invests in high-potential individuals to help them meet their co-founders, develop their ideas and secure funding from leading investors in the shortest possible time. To date, EF has built over 500 companies from scratch, has over 3,000 alumni worldwide, and has a portfolio valued at over SU$5 billion.

Entrepreneur First is backed by some of the world’s well-known tech founders and investors, including Reid Hoffman (LinkedIn), Greylock Partners, Founders Fund, Demis Hassabis (Google Deepmind) and Taavet Hinrikus (TransferWise).

Ready to meet new startups to invest in? We have more than hundreds of startups ready to connect with potential investors on our platform. Create or claim your Investor profile today and turn on e27 Connect to receive requests and fundraising information from them.

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Workers are switching jobs now more than ever. Why upskilling matters most post-pandemic

upskilling

The COVID-19 pandemic upended the global economy, causing a tremendous shift in workforces across the world. Uncertainties in the job market led to retrenchment, hiring freezes and the rise of remote work.

While some of these changes were expected, one unprecedented effect of the pandemic was that workers are now more open to leaving their current jobs.

In Kaspersky’s Securing the Future of Work report, it found that 35 per cent of employees are considering switching to a new career in the next 12 months.

A majority (49 per cent) of them stated that the reason for this decision was to achieve a higher salary, followed by wanting to create a better work-life balance (41 per cent).

Professionals are now viewing their careers in a different light as before, prioritising different things and demanding more from their employers.

Reskilling is a top priority for the digital workforce

It goes without saying that great employees drive great companies, and it is crucial for employers to attract and retain the best talent for business success. This is especially pertinent in a time where digitalisation is at an inflection point and advancing as quickly as three to four years ahead.

Also Read: How can tech help with COVID-19 control and our return to normalcy?

When the pandemic began, one thing was clear: adapt or get left behind. With the global lockdowns and social distancing measures, businesses had to embrace digital models almost overnight to sustain operations. However, companies were simply flying headfirst into their digital transformation journey without regard for having the right capability and infrastructure.

Needless to say, the transition to a largely digital workplace hasn’t been easy.

The e-Conomy SEA 2020 report by Google, Temasek and Bain also named the shortage of workers with the right skills as the top critical blocker in the digital economy.

The innovations in the tech space, paired with the acceleration of digital transformation, has resulted in an intensifying tech talent crunch in the region. Newer technologies meant that newer skills are required to operate and interact with these technologies.

Additionally, border restrictions were limiting the flow of foreign talent, leading to a higher reliance on local talent pools. It is now clear that the demand for digital skills far exceeds supply, signalling a golden opportunity for local talents to undergo reskilling to ride on the wave of digital transformation.

The critical skills in a post-pandemic world

The new dimensions of the workplace mean that talent has to evolve to serve the new definition of workforce needs. It isn’t just the tech professionals who are impacted by the digital shift, digital skills are now integrated into every role. Employees are now expected to take on cross-functional roles to reinvent themselves sustainably.

Also Read: Why there is no better time to upskill than this COVID-19 crisis

As industries manage the post-COVID recovery, it is worth taking a look at new ways to reskill professionals, as well as the critical skills needed in a post-pandemic world. Developing these skills requires more than just watching videos– they require interaction and engagement.

GnowbeLearn, the world’s first subscription-based microlearning platform, has seen an uptick in various microlearning course experiences, including, but not limited to: data science and analytics, entrepreneurship, digital marketing, customer service, personal branding, sales skills, and leadership management.

There is growing interest in the GnowbeLearn experience, which develops skills through reflection, participation, application and engagement, otherwise known as Know-Think-Apply-Share.

Soft skills are also growing in demand. For starters, communication has always been a crucial skill for one to thrive in the workplace. This is especially important during a time of dispersed teams and limited face-to-face interaction.

The lack of constant surveillance from managers also means that it is up to professionals themselves to hone their ability to communicate and collaborate.

Tech plays a key role in enabling teams to collaborate more effectively, which is why learning experience platforms like GnowbeLearn provide a human-centred design to consider the best way possible for professionals to structure communication.

Other skills, such as leadership, aren’t just valuable in the workplace. Especially in a time where professionals are taking charge of their own careers and reskilling initiatives, self-leadership allows workers to self-motivate and be accountable for their own personal development.

Gnowbe has also seen more interest in these topics via the platform as these skills aren’t just simply learnt through videos or academic papers – rather, they are developed through practical application and shared experiences with fellow professionals.

Also Read: How cloud kitchen startup COOKHOUSE, started amidst COVID-19, managed to win 35 F&B clients in Malaysia within a year

Despite the urgent need to be equipped with future-ready skills, most L&D programmes tend to follow traditional methods or rely on technologies that aren’t human-centric.

More often than not, many of these programmes do not cater to remote-working professionals and end up being an unfruitful experience. Surely there must be a better way to restructure professional development initiatives to better engage talents and retain new knowledge.

Lack of time and motivation are barriers to learning

With more professionals considering a career change along with an extended job scope, they are looking to embrace new opportunities, and are facing immense competition.

If anything, the past two years have been a wake-up call for professionals to upskill in order to thrive in the new digital world. Yet there’s a multitude of challenges that come with upskilling.

When it comes to upskilling and reskilling, employees only have about 24 minutes each week to dedicate to professional development. Given the hectic modern lifestyle and hybrid work arrangements,  it is no longer viable to sit in a physical classroom and go through courses that are a few hours long each week.

To keep up with the modern workforce needs, there must be ways to upskill effectively and at scale– such as through microlearning courses.

Since the onset of the pandemic, there has been an ongoing debate regarding the blurring of lines between professional and personal life. It is common to hear of employees experiencing prolonged fatigue and burnout.

It is therefore important that upskilling is being introduced to employees with minimal disruption to their daily lifestyle to reduce one’s inertia towards learning new skills and improve engagement.

Also Read: Vietnam’s supply chain amid worst COVID-19 outbreak: How tech startups are getting along

Learning models must also now take on more effective methods to bridge these gaps. For one thing, learning is always meant to be a shared experience, where adult learners retain knowledge better through social learning, such as through discussions or debates.

Upskilling courses should also cater to remote workers, who now carry the personal responsibility of finding ways to better hone their skills to meet the changing needs of the modern economy.

While it is up to professionals to grow their careers through a repertoire of digitally relevant skills, taking on the mantra of lifelong learning is sure to be worth it in the long term.

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: fizkes

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Ecosystem Roundup: TurtleTree raises US$30M, Vidio closer to becoming unicorn, Tiket to go public next year

TurtleTree raises US$30M in first tranche of Series A funding led by VERSO Capital
Having just launched its Sacramento R&D facility in September, the cell-based milk startup will now use the funds to continue expanding its portfolio of sustainable, better-for-you food items; TurtleTree will now use the funds to continue expanding its portfolio of sustainable, better-for-you food items.

Indonesian travel startup Tiket to go public next year
CEO George Hendrata said the OTA startup is considering going public through a US$2B merger with a SPAC; The startup is also exploring other options, such as a traditional IPO as well as a potential merger with a Southeast Asian super app.

Alibaba-backed BAce Capital joins US$5M round of Philippine cloud kitchen firm CloudEats
Other investors are Vulpes Investment, Gobi Partners, Intera Investments, and GMA Ventures; CloudEats will use the fresh funds to scale its proprietary smart kitchen tech, open new markets across Southeast Asia, and develop new brands like Burger Beast.

Emtek’s Vidio raises US$150M from Affinity Equity Partners
The deal boosts Vidio’s post-money valuation to US$900M, getting it closer to achieving unicorn status; Vidio offers more than 1M on-demand videos, including exclusive sports and entertainment content; As of last month, it had an average of 62 million monthly active users on average and 2 million paid subscribers.

Thai cabinet to regulate digital platform service businesses
Such businesses, both in and outside of Thailand, will need to notify the government before operating; The law will apply to various digital platform services, including online marketplaces, social commerce, food delivery, space sharing, ride/car sharing and online search engines.

IDX’s profile to change as Indonesia’s biggest tech startups plan IPOs
Along with the likes of Bukalapak, which was listed earlier this year, and GoTo, which is eyeing an IPO next year, the startups are expected to change the composition of the Indonesian stock exchange; The IDX is now dominated by traditional companies like banks and manufacturers.

Multiplier bags US$13.2M in a Sequoia-led Series A round to simplify international employment
Multiplier will use the new capital for global expansion and scaling its payroll and benefits solutions for businesses; It is a global employment platform that helps companies employ, onboard and pay their global talent compliantly.

Indonesian model Luna Maya’s D2C cosmetics brand NAMA Beauty attracts US$5M seed funding
Investors are AC Ventures, SiCepat Ekspres and DMMX; NAMA Beauty will use the capital for R&D development and launching a new second-line brand.

Meet the first batch of startups that received investment from Accelerating Asia’s US$20M Fund II
80% of Cohort 5 startups address at least one of the United Nations’s SDGs, such as gender equality, responsible consumption and production, and industry, innovation and infrastructure.

Indonesian edtech-focused VR platform Shinta bags pre-series A funding
The investor is TigaLapan Investama Group and Investa Syailendra Nuswantara; Shinta offers three models: a VR-based learning platform for K-12 called Millealab; an enterprise training platform known as SpaceCollab; and a virtual character platform that can be used to build a virtual YouTuber.

SG food-waste upcycling firm Crust Group bags funding to enter Japan
Investors include Glocalink Singapore, Ales Global, and Mitsui Sumitomo Insurance Venture Capital; Crust Group is fighting food waste by upcycling surplus ingredients into unique beverages for food service and retail partners.

Vietnamese edutech eJOY snags seed funding
Investors are ThinkZone Ventures and BK Fund; eJOY has created a tech product that lets users actively learn English while watching videos on YouTube, Netflix, Coursera, and other platforms; The tool serves as a plug-in to web browsers and allows learners to look up, collect and understand the context of new words while consuming video (with subtitles) or article content on the go.

A quick look at the 6 new startups graduating from Entrepreneur First Singapore
Startups include ESGnie, OSbiome, Powerhouse AI, Suggestr, Quantum Boost, and Jackett; These startups tackle challenges across ESG investing, microbiome sequencing, edutech and R&D manufacturing, among others.

Understanding pre-money, post-money valuations; option pools and dilution
This article discusses the concepts around pre-money and post-money valuations, option pools and dilution, as they are all interrelated concepts that affect the dilution that you can expect when you raise money.

The realistic scenario of the startup market in Southeast Asia
The Southeast Asian market is giving importance to several startups varied across different services; Some of the significant ventures that have stood out from the competition are Grab, Tokopedia, Gojek, Momo, and PropertyGuru.

Image Credit: TurtleTree Labs

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Vidio raises its first external funding of US$150M from Affinity

Vidio, one of the leading Indonesian OTT platforms, today announced a US$150 million funding from Affinity Equity Partners, the leading private equity firm in Asia. Previously, Vidio was wholly owned by Emtek Group through its subsidiary Surya Citra Media (SCM). This funding round marks the company‘s first external funding round. It has a pre-money valuation of US$750 million as the funding round inched it closer to a unicorn status –or “soonicorn”.

According to Emtek’s latest financial report (Q3 2021), Vidio owns a total asset of IDR362 billion (US$25 million).

With this investment, Affinity is set to join Vidio’s board of directors and will team up with the company to accelerate its growth and expand market leadership in Indonesia. The company also aims to increase its original content offerings, enrich its content with more sports licensing, and invest in user experience.

“This marks a new milestone for Vidio as a leading OTT platform in Indonesia. We intend to keep on focussing on our users by offering the best streaming experience and premium exclusive content for them. We are proud to partner with Affinity; supported by our team of best talents, with this partnership we will take the great leap forward in providing quality and value to Vidio customers,” said Vidio CEO Sutanto Hartono.

Up until September, Vidio has secured 62 million subscribers. Several research firms have also placed them as the number one OTT platform in Indonesia. In August, Comscore placed Vidio as the number one app with the biggest number of unique visitors. In addition to that, MPA also placed them as an OTT with the highest number of daily active users in Q2 2021.

Also Read: Opportunities for the livestreaming industry in Asia

Vidio offers both live and on-demand streaming of original series, local and international feature films, and live shows. One of its leading propositions is its sports content, from UEFA Champions, La Liga, NBA, and F1.

“We are excited to partner with Emtek Group and Vidio to keep building the best OTT platforms for the future of the media industry in Indonesia. Emtek’s digital and media ecosystem, with Vidio and its strong leadership team in the forefront, are key factors to the success of Vidio in the highly dynamic OTT industry in Indonesia. Affinity will tap on its wide network in Asia to support Vidio’s growth initiative, especially in the matter of content provision and the use of gamification to enrich its live streaming offering,” said Benny Lim, Managing Director and Head of Affinity Southeast Asia.

The article was written by Randi Eka Yonida in Bahasa Indonesia for DailySocial. English translation and editing by e27.

Ready to meet new startups to invest in? We have more than hundreds of startups ready to connect with potential investors on our platform. Create or claim your Investor profile today and turn on e27 Connect to receive requests and fundraising information from them.

Image Credit: Vidio

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Mynt becomes Philippines’s first fintech unicorn after a US$300M financing round

A user uses the GCash’s service at a retail shop in the Philippines

Mynt, a leading digital financial solutions company in the Philippines and the owner of the mobile payments GCash, has scored over US$300 million in a funding round.

Global growth investor Warburg Pincus led the new round. Insight Partners, Itai Tsiddon, Amplo Ventures, Globe Telecom, and Ayala Corporation, besides existing investor Bow Wave Capital, joined.

The new round brings Mynt’s valuation to over US$2 billion to turn it into the first fintech unicorn of the Philippines (here’s Southeast Asia’s complete list of unicorns). This deal follows the announcement of over US$175 million funding from ASP Philippines early this year.

Also Read: GCash and Qwikwire partner to innovate real estate industry in Philippines

Mynt was founded in 2015 as a partnership between the archipelago’s telco giant Globe, locally listed conglomerate Ayala, and Ant Financial. It offers a full array of financial services, spanning credit, savings, insurance, loans, and investments.

GCash is Mynt’s flagship product. Through this app, customers can purchase prepaid airtime, pay bills at over 600 partner billers nationwide, send and receive money anywhere in the Philippines, purchase from over 3 million partner merchants and social sellers. Customers can also get access to savings, credit, insurance and invest money.

In addition to GCash, Mynt also operates Fuse, a lending platform for Filipinos to get micro and business loans. Its other products are GInsure (microinsurance), GCredit, and GLoans.

The fintech currently serves 48 million users, nearly half of the country’s population, and is on track to reach PHP3 trillion of the gross transaction value.

Also Read: Top 5 fintech predictions that will take over the world in 2021

“…we have been able to continuously expand by introducing game-changing innovations while improving our profitability profile,” said Martha Sazon, president and CEO of Mynt.

While GCredit disburses over P1 billion worth of loans each month, GLoan allows qualified users to borrow as much as P25,000, with repayment spread over 12 months.

It is also looking to launch “buy now, pay later” products within the year.

 

Ready to meet new startups to invest in? We have more than hundreds of startups ready to connect with potential investors on our platform. Create or claim your Investor profile today and turn on e27 Connect to receive requests and fundraising information from them.

Image Credit: Mynt

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ShopBack acquires hoolah to strengthen ‘buy now, pay later’ offerings in Asia Pacific

Shopback

Singapore’s leading cashback company Shopback has acquired local ‘buy now pay later’ (BNPL) player hoolah for an undisclosed amount.

With this deal, shop and hoolah aim to build “the world’s most rewarding commerce enablement platform”.

Upon the closing of the transaction, hoolah will expedite its growth by extending its BNPL offering to ShopBack’s over 8,000 merchants and 30 million shoppers across nine markets in Asia Pacific. Meanwhile, ShopBack will further strengthen its shopping tools and rewards suite by providing shoppers with a convenient and flexible payment option at checkout.

“We see significant synergies between ShopBack’s and hoolah’s product lines. Together, we unlock value by providing a broader platform of new capabilities and services for shoppers and merchants alike,” said Henry Chan, co-founder and CEO of ShopBack.

The acquisition comes close on the heel of ShopBack’s US$40 million Series E led by Temasek. According to a DealStreetAsia report, Indies Capital, East Ventures, Chunghwa PChome Fund, Dynasty Kingdom and January Capital also co-invested in the round.

Last month, hoolah CEO and co-founder Stuart Thornton announced the resignation from the startup in a LinkedIn post, citing “personal reasons”.

Also read: Why the Buy Now Pay Later concept makes sense for the Southeast Asian market

Launched in 2014, ShopBack provides cashback to users across fashion, beauty, F&B, electronics, travel and food delivery. Currently, it operates in Malaysia, Indonesia, the Philippines, Taiwan, Thailand, and Australia, besides Singapore. The company boasts of supporting over US$3.5 billion in annual sales for more than 8,000 online and in-store merchant partners, including Taobao, Expedia and Shopee.

Last year, ShopBack acquired South Korea’s largest online cashback platform Ebates Jorea from Japanese e-commerce giant Rakuten, a backer of ShopBack’s US$45M funding round in 2019.

Started in Singapore in 2018 by Thornton and Arvin Singh, hoolah offers shoppers an option to pay for purchases in three interest-free instalments. Last year, the startup received US$6.67 million in its Series A round led by venture capital firm Allectus .To date, hoolah has worked with over 2,000 online and in-store merchants in Singapore, Malaysia and Hong Kong, including Charles & Keith, Secretlab, Zalora, and Zenyum.

BNPL is gaining momentum 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 globally 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. 

As the COVID-19 pandemic emerged, the BNPL industry witnessed a boom thanks to a surge in e-commerce activities. The value of ASEAN’s e‑commerce has surged almost six times, from US$9.5 billion in 2016 to US$54.2 billion in 2020. It is slated to grow at an annualised rate of 22 per cent by 2025.

In August, hoolah and Jumper.ai, Singapore’s omnichannel conversational commerce startup, teamed up to offer BNPL through conversational commerce in Asia. Thornton was also known as an advisor for Jumper.ai back then.

Later in October, New Jersey-headquartered global cloud communications company Vonage announced its acquisition of Jumper.ai.

Ready to meet new startups to invest in? We have more than hundreds of startups ready to connect with potential investors on our platform. Create or claim your Investor profile today and turn on e27 Connect to receive requests and fundraising information from them.

Image Credit: ShopBack

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Thai e-commerce fulfilment firm MyCloudFulfillment raises US$7.4M Series B to expand to Vietnam, Philippines

Thai e-commerce fulfilment company MyCloudFulfillment has completed its US$7.4M Series B round of financing from JWD Group (a logistics and supply chain services across ASEAN) and SCB 10X (a holding company of Siam Commercial Bank).

The Bangkok-headquartered startup will use the new capital to improve its warehouse and service capability, expand the management and software development team, and expand its service to neighbouring countries.

“MyCloudFulfillment is already in a partnership with ITL (major logistics company in Vietnam), so Vietnam (Ho Chi Minch) is the first country we will be focusing on. JWD and ITL have a strong presence in Cambodia and the Philippines too, so that may be the next area that we will be looking to expand to,” a company spokesperson told e27.

The new round comes a year after it closed its US$2 million Series A round from ECG-Research, Gobi Partners, Bangkok-based NVest Venture, and SCB 10X.

MyCloudFulfillment provides storage, packing and shipping services with sales channel integration and data analytics for e-commerce firms. Its order management analytics helps customers manage orders from multiple channels and make the best decision on promotion campaigns and sales channel optimisation.

In addition, its inventory management analytics can help suggest to customers what stock-keeping units (SKUs) to stock more or less and at what level. This allows customers to save a lot of opportunity costs from over-stocking or under-stocking their products.

Its fulfilment management analytics helps customers keep up with fulfilment movement, which means they can see statistics throughout the process — from receiving the order to shipping out the products.

JWD is a major logistics company in the Thailand stock market, and SCB is very proactive in transforming its service for e-commerce.

Also Read: These 7 homegrown e-commerces are on track to put Thailand on global map

“MyCloudFulfillment will take responsibility in warehouse management systems, order management systems and operation, while JWD will take charge of CAPEX investment and infrastructure. JWD strength and expertise in traditional logistics will help us speed up our new warehouse setup and expansion,” he added.

“In contrast, we help JWD services with full-scale order fulfilment to its clients and turn around its warehouses right away. Moreover, we can combine SCB 10X financial tools with our order management system to help our clients manage their shops and payments easier than it has ever been,” he elaborated.

SCB 10X chief venture and investment officer Mukaya (Tai) Panich said: ” Due to COVID-19, we are seeing accelerated adoption of digital lifestyle by consumers and digital transformation by corporates. We have seen the rapid rise of social commerce and e-commerce in Southeast Asia in the past two years as more people go online. Startups that enable social commerce and e-commerce like fulfilment and logistics firms will continue to benefit significantly. MyCloudFulfillment is the key critical enabler of today’s social commerce and e-commerce trends.”

During the first half of 2021, MyCloudFulfillment recorded an avarge of 300,000 orders per month. The company also added a new warehouse in Min Buri with more than 6,500 square meters of space. It is set to fulfil up to 30,000 orders at a maximum per day.

The firm already has two warehouses in Ladkrabang and Rangsit, with 10,000 square meters of space in total.

“We see room for growth in the e-commerce market. It keeps growing as we move. Asia’s current e-commerce market is valued at US$45 trillion, which is bigger than the e-commerce values of other regions combined. More importantly, Southeast Asia shows the highest growth rate in the region at 44.2 per cent,” shared Satchatippavarn.

For Thailand, the market value in 2020 was recorded at 228,000 million Baht (42 per cent increase from 2019) and is expected to soar to 280,000 million Baht in 2021, or 22 per cent higher.

Also Read: Why e-commerce startups will revolutionise the supply chain in Southeast Asia

“The COVID-19 pandemic may improve, and people are returning to their daily life, but online shopping will still keep growing. It is predicted to grow even bigger. What is interesting is that a Thai spends 7,290 Baht per year on online shopping. This places us on the second-highest only after Indonesia, for average consumption per user in Southeast Asia. With all these factors, I am certainly confident that there are many opportunities for Thai e-commerce. Our economic recovery may be slower than other countries, but our e-commerce is thriving, and the future of commerce here is looking bright,” he concluded.

Image Credit: MyCloudFulfillment

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How behavioural science is transforming corporate learning

corporate training

For many years, adult learning has been considered one of the most conservative and slow-changing sectors. The way teaching has been delivered to millions of people globally has stayed the same for the last 20 years, producing a low rate of knowledge retention and a low incentive to use that knowledge in both higher education and corporate learning.

It is only recently that research on behavioural science opened doors to the understanding of the role of the brain on the adoption of cognition and on designing change on human behaviour, which are ultimately the outcomes expected out of learning, more specifically in corporate training.

It is no secret that organisations that can continuously adapt to change are winning the market. Hence, the way people learn and how learning is delivered should also change. The suggested framework aims to support the transitions that are inevitable for organisations developing future talent.

According to KPMG’s Global CEO Outlook (2020), during the COVID-19 crisis, CEO’s have recognised that the lack of appropriate talent is the most significant risk for the future of their organisation.

The immediate actions have focused on resources (often with less budget) and reprioritisation of learning content. The priority was on skills to address the challenges due to the crisis, agility, and motivation for team members.

These types of skills and behaviour building need to have a different learning framework as it is reliant on using human mental power to unlearn previous practices, creating processes for psychological resources, and reducing the natural resistance of our brain for a change.

Also Read: The power of psychology in business with Jenny Gustafson

Using brain science for adult learning

Corporations strive to convert knowledge into sustainable behaviours; knowledge retention is not enough to make people want to use what is stored in their brains.

Influencing behaviours has been a significant contribution from BJ Fogg– a Stanford University professor and behavioural scientist.

The Fogg behaviour model is built on the theory that three elements should converge to either create new behaviour or restrict or refine an existing behaviour: Motivation, ability, and prompt.

In the context of adult learning, these principles can be adapted to nudge people to activate a positive attitude towards change and start producing actions or behaviours towards a specific intention.

Motivation

Motivation is a volatile element for humans as it may be temporary and often when we have a goal or intention. People may realise that these things take effort, and motivation could vanish.

The human brain has underlying drivers to motivate us:

Sensation principle: Seek pleasure and avoid pain, which can be enhanced by:

  • Recognition: We tend to engage in behaviours in which achievements are recognised
  • Closure: The anticipation of celebrating the completion of an action is a driver towards the completion
  • Challenge: Using levels to communicate progress and next expectations is a way to engage learners in the optimum flow where actions are kept in control: still within their capabilities but challenging enough. Both boredom (because the challenge is too easy) or anxiety (if too difficult) lead to disengagement.

Anticipation principle: Our intrinsic hopes and fears influence our emotions. It translates to

  • Autonomy: When we have control of our destiny, it reinforces our engagement– deciding on how to act towards a challenge in a risk-free environment enhances engagement in the learning. This is boosted by letting learners set their own learning goals.
  • Storytelling: The way a facilitator creates a narrative that is personalised, genuine and relatable helps learners engage in different perspectives than their own
  • Curiosity: When the content contains cues or teasers of exciting information, people tend to crave more

Also Read: How to use the psychology of gamification to grow e-commerce sales

Ability

Learners must be able to execute the desired learning actions or challenges. If the step is too difficult, the brain will activate ‘fear of change’ signals that will create friction; learners should be provided knowledge and practice where they are maintained in the Flow Channel as described by Csikszentmihalyi (1990).

The actions should be made simple during the training by minimising efforts such as time to accomplish, money, physical or cognitive resources.

There is a significant positive persuasion to learn and practice by simplifying behaviours such as shorter duration of training (micro-learnings) that will limit the physical and cognitive effort.

Learners do not need to maintain attention for an entire day: our brain bandwidth to focus and process information is limited within a period of time.

Improvements in ability are observed in designed behaviours that have the following characteristics:

  • Relevancy: the behaviour should be done in the context of their work and be tailor-made to the learner’s specific aspiration.
  • Simplification: learners should be able to perform short and effortless actions—for example, two minutes of planning for the three most important tasks of the day.
  • Consistency: repetition of micro-habits allows us to create rituals that become automated without cognitive efforts. If doing a target behaviour causes overthinking, then we do not see the behaviour as simple, which harms the brain processing fluency.
  • Feedback: Prompt feedbacks as learners interact to make it easier for them to adjust their behaviours and maintain their engagement

Prompts

Despite the fact we may want to achieve specific actions, we can forget to do the action. A learning programme should contain a recognisable context or situation that will remind the learner to trigger the practice of the new action.

The use of technology for notifications is not always the best way to convert a prompt into behaviour. It becomes distracting and inefficient in a world of high cognitive load.

The future of behavioural science in corporate training

Catering to today’s need for updated knowledge requires a model based on “learning how to learn” rather than simply transferring knowledge. Technology makes it scalable and measurable, but learning must also be relatable with a human touch, frictionless in the face of volatile human motivation.

The priorities within corporate learning have shifted: The World Economic Forum reported the top 10 skills required for the future, which included critical thinking, self-management, resilience, creativity, leadership, and emotional intelligence, amongst others.

Also Read: Use these psychology-based marketing principles to attract, convince, and convert more people

A few of these skills, such as self-management and resilience, were not on previous lists, giving us a clear picture of what organisations require to maintain their competitive edge.

In the Middle East, behavioural science in corporate learning has been pioneered by the edutech startup Bessern, with measurable results in organisations performance, wellbeing and employee engagement.

Learning these new priorities requires a shift in learning methodology, where crafting new behaviours is the only proof of success. People can only acquire these behaviours by consistent practice, personalisation, continuous feedback, and measurement of progress.

This is where the behavioural model framework has its most significant impact and potential to change individual learning and corporate cultures.

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Ecosystem Roundup: Mynt, Bitkub become unicorns; ShopBack acquires hoolah; Sociolla, Carsome in talks for big funding

Bitkub becomes unicorn after SCBx’s acquisition of its majority stake for US$536M
Bitkub’s services include cryptocurrency and digital assets exchange, blockchain solution and ICO advisory service, education, and venture capital investment; SCB intends to work closely with Bitkub as a business partner, develop digital asset businesses through new business models to create long-term added value.

Mynt becomes Philippines’s first fintech unicorn after a US$300M financing round
Investors include Warburg Pincus, Insight Partners, Globe Telecom, and Ayala, Bow Wave Capital; This round brings Mynt’s valuation to over US$2B and it looks to launch “buy now, pay later” products within the year.

Carsome eyeing US$200M raise before US listing in 2022
The startup is reportedly currently working with an adviser and plans to complete the raise in the coming weeks; The company also faces fierce competition from Singapore’s Carro, which also went past the US$1B valuation mark after raising US$360M in June; In September, Carsome raised US$170M in a round that boosted its valuation to US$1.3B.

Vidio raises its first external funding of US$150M from Affinity Equity Partners
This round marks the company‘s first external funding round; It has a pre-money valuation of US$750M as the funding round inched it closer to a unicorn status; Up until September, Vidio has secured 62 million subscribers.

Sociolla in talks to raise up to US$150M at unicorn valuation
The company has already roped in three new global investors — a PE firm, a sovereign wealth fund and a growth fund; Its existing backers L Catterton, Temasek, EV Growth and Jungle Ventures are participating, says a DealStreetAsia report.

ShopBack acquires hoolah to strengthen ‘buy now, pay later’ offerings in Asia Pacific
hoolah will expedite its growth by extending its BNPL offering to ShopBack’s over 8K merchants and 30M shoppers across 9 markets in Asia Pacific. Meanwhile, ShopBack will further strengthen its shopping tools and rewards suite by providing shoppers with a convenient and flexible payment option at checkout.

Co-founders inject US$48M into Lightnet to grow its blockchain-powered global remittance solutions
Lightnet leverages smart contract and DLT to tap into “a trillion US dollar” global remittance market, connecting existing financial systems with its network of cash agents and wallets.

Una Brands nets US$15M Series A to acquire new e-commerce brands in Asia
Lead investors are White Star Capital and Alpha JWC; Ninja Van co-founder Alvin Teo also co-invested; Una Brands, which focuses on e-commerce brands with a revenue of US$1-50M each, has acquired 15+ brands since its inception in 2020.

True Global Ventures (TGV) injects US$10M into NFT metaverse game The Sandbox
TGV is a DLT equity fund that targets blockchain startups operating in entertainment, infrastructure, financial services, data analytics, and AI, focusing on late-stage Series B and C companies; TGV will invest in 10-20 companies with cheque sizes of US$3-10M.

Quest Ventures and ShipFocus launch maritime fund
The fund will issue cheques between SGD250K and SGD1M in seed and Series A companies; The fund will back startups that are creating solutions for the entire shipping supply chain such as digital operating systems, products and services that reduce shipping emissions autonomous vehicles and drones; It has already invested in underwater robot startup BeeX.

MyCloudFulfillment raises US$7.4M Series B to expand to neighbouring countries
Investors are JWD Group and SCB 10X; In H1 2021, the e-commerce fulfilment company recorded an average of 300K orders a month and also added a new warehouse in Min Buri with more than 6.5K square meters of space.

Cloud kitchen startup CloudEats raises US$5M in Series A
Investors include Vulpes Investment, Gobi Partners, BAce Capital, Intera Investments Limited, and GMA Ventures; CloudEats is set to launch its presence in Vietnam in November this year; It also aims to develop new F&B brands to follow its own Burger Beast.

Ex-Tokopedia AVP’s Astro attracts US$4.5M to expand ’15-min e-commerce delivery’ service in Jakarta
Investors are Global Founders Capital, AC Ventures, Lightspeed Venture Partners, and Goodwater Capital; Astro offers more than 1,000 products ranging from daily necessities (snacks, fresh fruit, and vegetables) to emergency OTC medicines.

Nanofilm founder pours US$1.5M into SG logistics firm uParcel
uParcel runs a delivery service that maps out optimal routes for riders to deliver several packages; It offers one-hour, three-hour, six-hour, and next-day delivery options for its users in Singapore, as well as Johor Bahru and Klang Valley in Malaysia.

BeeX scores 7-figure USD seed financing to develop autonomous underwater inspection robots
Investors are Cap Vista, Quest Ventures-Maritime Fund, IMC Ventures, SEEDS Capital, and the NUS; BeeX claims its robot enables better data and insights into critical large scale infrastructure like offshore wind, floating solar and aquaculture farms.

Meet the first batch of startups that received investment from Accelerating Asia’s US$20M Fund II
The startups are Chat Genie, Dana Fintech, Ellegra, Giftpack.ai, Mayani, Sohopathi, Supply Line, VIFO, and Z-Waka; Fund II aims to bridge the gap between seed and pre-Series A investments for startups with untapped potential.

The post Ecosystem Roundup: Mynt, Bitkub become unicorns; ShopBack acquires hoolah; Sociolla, Carsome in talks for big funding appeared first on e27.