Following up on the launch of TokoLaunchpad Version 2.0 in 2021, Indonesia-based Tokocrypto collaborated with BRI Ventures –through its Sembrani Wira Akselerator initiative– to launch Tokocrypto Sembrani Blockchain Accelerator (TSBA). This programme is meant to empower blockchain and tokenisation projects in the country.

Tokocrypto CEO Pang Xue Kai named the collaboration a milestone for the company as it successfully gained the trust of a CVC under a leading state-owned bank in Indonesia. He hopes that this accelerator programme can help develop the ecosystem and create a positive impact on the Indonesian blockchain and startup ecosystem.

“We hope that this collaboration will accelerate the development of Web3 initiative and the growth of metaverse ecosystem, especially since we already have two growing venture capital funds: Sembrani Nusantara and Sembrani Kiqani which focuses on investments in non-fintech sectors,” BRI Ventures CEO Nicko Widjaja in an official statement.

The accelerator and its criteria

Through TSBA, the two companies intended to form an accelerator programme that provides an extensive module specially designed to launch blockchain projects and startups to the global stage. This programme includes the various aspects of developing the blockchain technology itself, the economic values or tokenomics, team culture formation, mentorship/guidance for listing and fundraising.

The programme requires participating startups to have secured at least an early stage funding. The company is also required to develop its own blockchain technology or have a working product or a white paper.

Also Read: Demystifying NFTs and DeFi

Markus Liman Rahardja, VP of Investment dan Business Development at BRI Ventures, who was also present during the MOU signing in Bali on January 20, highlighted the two aspects of fundraising that will be the focus of BRI Ventures: crypto and venture fundraising.

The VC firm itself has invested in more than 18 fintech and non-fintech startups and launched two venture funds that included the participation of Grab Ventures, Celebes Capital, Mahanusa Capital, Buana Investment, Pulau Intan, and several family offices.

The Sembrani Nusantara fund, which was launched in early 2021, had invested in several agritech startups such as Sayurbox, new retail sectors such as Haus!, Brodo, Yummy Corp, and logistics sector such as Andalin. The Sembrani Kiqani fund, which was launched in early 2022, is focussing on D2C and metaverse.

Providing a hub for crypto enthusiasts

In 2021, Tokocrypto launched several initiatives to develop the crypto asset ecosystem in Indonesia. Starting from launching its own token TKO in April, NFT marketplace TokoMall in August, to supporting the Bekind movement in developing various CSR programmes through TokoCare.

With the launch of TSBA, Tokocrypto officially introduced T-Hub in Batubelig, Bali, as an educational and social platform to develop the crypto ecosystem in Bali. The startup has previously launched a similar concept in Senayan, Jakarta.

As a legitimate crypto asset marketplace, Tokocrypto believed in its obligation to facilitate any activities that can potentially develop the crypto asset community. “One of the ways for blockchain and crypto assets to grow in the industry is through bridging connections. This is why Tokocrypto aims to facilitate the growth of crypto assets amidst the traditional finance system,” Kai said.

Also Read: We want to facilitate organisations’ Web3 transition from bits to atoms: Brinc CEO Manav Gupta

Outside of TSBA, there are already several startups or projects that are participating in TokoLaunchpad. Some of it included Play it Forward DAO, Avarik Saga and Nanovest. Kai also named more than 15 startups and projects that are currently in talks to join the initiative.

The registration for the TSBA accelerator will be closed on February 10 with shortlisted participants to be announced on February 14. The programme itself will kickstart on February 21.

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The article was written in Bahasa Indonesia by Kristin Siagian for DailySocial. English translation and editing by e27.

Image Credit: DailySocial

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Animoca Brands attracts US$360M to grow open metaverse, make strategic acquisitions and investments
Investors include Liberty City Ventures, 10T Holdings, C Ventures, Delta Fund, and Gemini Frontier Fund; Animoca’s products include games ranging from hyper-casual to hardcore and collectibles, utility tokens, and e-sports titles.

“We want to facilitate organisations’ Web3 transition from bits to atoms”: Brinc CEO Manav Gupta
Brinc CEO believes under all the hype, Web3 will be a secular shift in how people come together to create enterprises and solve problems; The Hong Kong-based accelerator recently raised US$130M led by Animoca Brands.

Quadria Capital injects US$90M into Con Cung to build super app for Vietnamese mothers
Con Cung’s offerings include over 2K SKUs of products such as milk powder, diapers, bottled nutrition and vitamins, equipment, and baby fashion; It operates 600 stores in 45 provinces and towns and plans to expand to 1,000 stores by the end of 2022.

Lummo (formerly Bukukas) raises US$80M, to foray into other SEA markets
Investors include Tiger Global, Sequoia India, and CapitalG; Lummo was started as a bookkeeping app for MSMEs; While it currently operates in the social commerce space, it is eyeing more markets such as Vietnam, Thailand and the Philippines.

BurdaPrincipal leads Filipino BNPL platform BillEase’s US$11M Series B round
Other backers are Centauri, 33 Capital, and Tamaz Georgadze; BillEase app also offers personal loans, e-wallet top-ups and popular wallets like GCash, PayMaya, Coins.ph, GrabPay, and ShopeePay.

Vietnam’s games publisher Funtap launches US$10M blockchain fund
Funverse Capital will back startups working on blockchain-enabled apps in GameFi, DeFi (decentralised finance) and other potential projects; It will write a cheque of up to US$1M while also providing mentorship and accelerator programmes.

Mio banks US$8M Series A to empower Vietnamese women via its social commerce platform for fresh produce
Investors include Jungle Ventures, Patamar Capital, GGV Capital, Venturra, and Hustle Fund; Mio fulfils 10K daily orders to tens of thousands of households via its agent network and delivers directly from the farm to the table in less than 16 hours.

B2B e-commerce startup Dropee scores US$7M Series A
Investors include Vynn Capital, HCL Capital, Resolution Ventures, and LKF Capital; Dropee connects suppliers with SMEs in real-time; It leverages AI and predictive analysis to forecast which products will be on demand at local retailers.

Infinity Force scores US$5.5M seed funding led by Animoca to provide infra for global P2E communities
Other investors include JUMP Capital, Sky Vision Capital, OKex Blockdream Ventures, and MEXC; Infinity Force provides end-to-end SaaS encompassing guild creation, NFT asset lending, player recruitment and training, performance management, payment automation, and data analytics.

HERE Technologies leads UNL’s US$4.5M funding to ‘pixelise’ the physical world
UNL offers a library of plug-and-play geospatial solutions that help businesses in e-commerce to last-mile and smart city space; HERE is a location platform for navigation and mapping owned by the consortium of German carmakers Audi, BMW and Daimler.

Sky Mavis co-founder backs Ancient8’s US$4M seed round to democratise access to metaverse
Co-investors include Dragonfly Capital, Pantera Capital, Hashed, Animoca Brands, and Sipher; Ancient8 is building a DAO that develops a community and software platform to enable everyone to play and build the metaverse while earning rewards.

Funding roundup: StaffAny raises US$3.4M in Series A, MyRobin.ID closes pre-series A
StaffAny is a workforce management solution that connects HR and operations within organisations, whereas MyRobin provides on-demand, pre-screened, blue-collar workers in Indonesia.

BRI Ventures, Tokocrypto launch first blockchain accelerator
The Tokocrypto Sembrani Blockchain Accelerator targets post-seed startups working on blockchain and tokenisation technology; Potential participants should be involved in fields like centralised or decentralised finance, impact projects, P2E systems, or NFTs.

True Global Ventures pours US$3M into IDO launchpad Enjinstarter
Enjinstarter is a blockchain gaming, metaverse, and entertainment-focused launchpad for IDOs and initial NFT offerings; It supports creators and game developers by enabling them to build and develop their blockchain and digital asset strategies.

Vietnam’s EV startup Selex Motors banks US$2.1M to ramp up in-house vehicle production
Investors include Touchstone Partners, ADB Ventures, and Nextrans. Selex Motors owns patented technologies to develop and manufacture smart electric motorcycles, battery packs and battery swapping systems.

East Ventures leads seed round of Indonesian mental health app Riliv
Benson Capital, Sankalpa Ventures, and Teja Ventures also participated; Riliv has developed an app that offers online counseling and meditation services for people dealing with mental health issues.

Malaysia’s content aggregator Newswav scores US$1.43M led by OSK Ventures
Newswav provides content in three different languages (English, Malay, Chinese) and three different formats (articles, videos, podcasts); The portal aggregates about 200 publications and content creators, including The Sun Daily, SCMP, and Malay Mail.

Oxford, Cambridge graduates’ startup GuruLab raises US$1M to pair qualified tutors with learning analytics
Singapore-based Wright Partners and other VCs invested; GuruLab aims to give each student the tailored help to improve their grades through a data-driven approach.

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As COVID-19 has forced the world to slow down, it has pushed the fashion industry into a new and confronting reality. With retail shops forced to close, cancelled orders up to and down the supply chain and a decreased consumer appetite for shopping, the fashion industry has had to take stock.

Its ethical and sustainability issues have been more exposed than ever alongside a consumer awakening that the traditional linear model of “take-make-waste” is no longer feasible. 

The need for fashion to become more circular has never been more apparent. According to the Global Fashion Agenda and Boston Consulting Group,  an estimated 92 million tons of textile waste is created annually from the fashion industry and is estimated to increase by about 60 per cent between 2015 and 2030.

By 2030, the anticipated total fashion waste is 148 million tons, that’s equivalent to 17.5kg of fashion waste for each person globally.

The emergence of resale platforms has greatly improved the lifespan of products and helped to derive considerably more value from produced goods, however, for true circularity to be achieved it needs to start with the design phase. 

Over 70 per cent of environmental impact occurs at the design stage of a product meaning waste and pollution are the results of design flaws. Choosing and sourcing the right materials for production is the first step when designing for sustainability.

The rise of fast fashion has led to the increased adoption of synthetic materials as they are cheap to produce and durable. However, these materials are produced from fossil fuels and are currently unrecyclable.

Worse still when these fabrics are blended with another fibre making it incredibly hard to separate again into recyclable materials although extensive research and practice by the Hong Kong Research Institute for Textile & Apparel are easing this process.

Also Read: How consumers are prioritising sustainability beyond the single lens of eco-friendly products

A common misconception about recycled polyester is that it comes from preloved polyester clothing, however, it is made from plastic bottles and can in fact be detrimental to the circular economy as it impedes the ability for old plastic bottles to be recycled into new ones. 

Design with end in mind

Product designers need to research and select the best natural fibres for their products. Its carbon output and recyclability need to be as important as its form and function. Determining the carbon output of each material can be difficult as, for example, cotton is grown differently across the world due to different conditions and climates.

However, there are a number of platforms, such as the Higg Index which was created by the Sustainable Apparel Coalition, that is trying to improve transparency and credibility to carbon emission figures. A longer-term sustainable solution needs to be found to replace fashion’s dependency on these cheap to produce fibres.

Innovative companies, such as Pangaia, have developed brand new fabrics with the same qualities of synthetic fibres but made out of natural ingredients such as eucalyptus and seaweed. These promising developments however have yet to scale.

Product designers also need to design with their end of life in mind. How can the product’s lifespan be maximized? After its first owners, can it be reused? Or perhaps recycled or upcycled? Encouragingly we have seen a huge rise in afterlife repair services.

Luxury brands, such as Hermes and Brunello Cucinelli, have been going back to their traditional values and offering customers repair and restoration services. Patagonia, a leader in sustainable fashion, has the largest repair facility in North America completing 50,000 repairs a year, and actively encourages customers to avoid buying new when they can just be fixed. 

Digitalisation and resale

Advancements in technology and blockchain are another key component to building a circular fashion ecosystem. Blockchain allows brands to assign a unique code to products at the start of production.

This code is time-stamped, secure, and trackable allowing for the whole product’s supply chain to be recorded from the sourcing, the materials and dyes used, the fabrics, right up to when the product hits the shelf, and then beyond.

Also Read: COVID-19, the environment, and the tech ecosystem: what opportunity is available out there for us?

Such transparency and traceability will force brands to take greater accountability over their design and production.

Once a product sells, the technology doesn’t stop there. Digital authentication platforms will drive resale onto an even greater scale. A product’s unique code will guarantee authentication as consumers will be able to track its production from the start. It will also propel circularity as a product’s ownership will be able to be tracked as it is passed on from one owner to the next.

Pricing will be made more efficient as its original RRP and history will be recorded and resale platforms will generally be able to benefit from improved database management and customer engagement. So revolutionary is this technology that rival fashion houses LVMH, Prada Group, and Richemont decided to come together and launch the Aura Blockchain Consortium.

The single blockchain solution allows consumers to trace and verify a product’s historical data, proof of ownership, warranty, and maintenance service record leaving them with an exclusive product certificate.

Resale is a crucial part of facilitating the extension of a product’s lifespan and dramatically reducing carbon emissions. If everyone bought 1 used item instead of a new one, we would save nearly six billion lbs of CO2e4.

Since our founding in 2016, Retykle has recirculated more than 150,000 items of clothing to date, saving 407,100 lb of carbon and 313 million litres of water!

Brands have a huge opportunity to incorporate resale into their customer offering. By partnering with resale platforms, it provides them with greater control over how their goods are represented on the secondhand market and can also improve customer loyalty and desirability. 

The last part of sustainable design is end-of-life reinvention. Rather than ending up in landfills, can products be broken down into their individual materials and reconstructed with other recycled waste into something brand new again?

Regeneration is a key component to refuelling our nature’s ecosystem and not continually draining resources.

If all our waste can be repurposed then demand for virgin materials will be greatly reduced. Designing with the end in mind is the way forward for an industry in peril. 

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Malaysia-based B2B wholesale e-commerce startup Dropee has completed a US$7 million Series A round in equity and debt financing.

The round was led by Vynn Capital, which invested US$341,000 in Dropee in a seed round three years ago and later joined the startup’s US$1.3 million Y Combinator-led round in 2020.

Returning backer Brama One Ventures also joined, alongside new investors including HCL Capital, Resolution Ventures (a VC that focuses on fintech companies in Southeast Asia), and LKF Capital (corporate VC arm of Lan Kwai Fong Group), among others.

The proceeds will be used to expedite Dropee’s financing product offerings for wholesalers and retailers over the next 12 months by working with strategic partners, including regional banks and non-banking financial institutions.

“We’re doubling down on helping micro and small local businesses to adopt digital solutions. This way, they can bring down their operating costs, have more access to financing support and increase their business longevity,” said Lennise Ng, Co-Founder and CEO of Dropee.

Also read: 25 notable startups in Malaysia that have taken off in 2021 

Founded in 2016 by Lennise Ng and Aizat Rahim, Dropee offers brand owners and wholesalers a one-stop solution, including O2O B2B order management, automated payment collection from customers, and hassle-free paperwork processes.

It also has tools to compare suppliers, prices, and products easily, all on one platform, simplifying the decision-making process through greater transparency. Other features revolved around procurement and supply chain ecosystem management.

On top of its SaaS and marketplace businesses, Dropee has also expanded its product line to support loan and financing deployment.

So far, Dropee has made inroads into Singapore and Indonesia, besides Malaysia. It claims to have supported over 80,000 SME businesses to procure wholesale inventories in its marketplace, annually totalling more than US$100 million in transaction value.

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Image Credit: Dropee

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KILDE nets US$350K to introduce new alternative investment products

KILDE, an investment platform regulated by the Monetary Authority of Singapore (MAS), has closed a US$350,000 bridge round.

The financing was joined by serial angel investors, including Murat Abdrakhmanov, Adil Nurgozhin (Co-Founder of UMAY Angels Network), and Olzhas Zhiyenkulov (Founder of Tesla Capital and CEO of Paladigm Capital).

KILDE will use the proceeds to pursue the strategy of becoming a private tech-enabled supermarket for alternative investments — any investments outside of traditional asset classes such as stocks, bonds, or cash.

KILDE will also focus on introducing new investment products that provide hands-off regular income to customers in Southeast Asia and beyond.

Also read: SEA tech founders playbook: A to Z of becoming a fundraising legend (Part 2)

Credit funds, family offices, and high net-worth individuals often use KILDE to discover and invest in high-yield income-generating assets, including private equity, venture capital, hedge funds, private debt, real estate, infrastructure or natural resources. 

Certain alternative assets better target environmental and sustainability goals by enabling access to credit and supporting specific green and socially inclusive projects.

KILDE claims to have recorded a rapid 10x growth in the last quarter of 2021. 

Riliv closes seed funding to expand mental health services in Indonesia

East Ventures has announced a seed investment in Riliv, a mental health service startup based in Indonesia.  

The co-investors are Benson Capital, Sankalpa Ventures, Teja Ventures, Telkom Indonesia (through the Indigo Acceleration programme), and Angel Investor Shweta Shrivastava. 

This investment will be used to expand Riliv’s mental health services to a broader range of sectors, such as the general public who need integrated health services and industries specific to providing access to mental health personnel for employees. 

Also read: How to tackle employee mental health to build a resilient workforce

Founded in 2015 by brothers Audrey Maximillian Herli (CEO) and Audy Christopher Herli, Riliv provides integrated mindfulness content and online counselling services through an application.

The startup claims its user base has grown by up to 400 per cent during the pandemic, both from workers and general users such as students and housewives.

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