Facebook early investor leads Darwinbox’s US$72M funding at US$1B valuation
Investors include Technology Crossover Ventures, Salesforce Ventures, Sequoia, Lightspeed, and SCB 10X; Darwinbox says it’s powering digital HR for more than 1.5M employees from 650+ enterprises worldwide.

Square Peg co-leads US$40M round of edutech firm Cialfo
Cialfo connects high schoolers, counsellors, and colleges to ease the career exploration and college search process; It has partnered with over 1,000 colleges, including Imperial College London in the UK, and The University of Chicago in the US.

Aruna adds US$30M more to Series A round for Indonesia expansion
Investors are Vertex Ventures SEA & India, Prosus Ventures, AC Ventures, East Ventures (Growth Fund), Indogen Capital, SMDV and SIG Venture Capital; Currently operational in 27 provinces in the country, Aruna has developed 100 communities with over 26,000 registered fisherfolks.

SIRCLO acquires Warung Pintar to strengthen its omnichannel commerce strategy
It will offer a comprehensive omnichannel solution for principals or brands, distributors, business players, to end-consumers through its network of warungs (mom-and-pop stores).

Grab still tops SEA’s food delivery market in 2021: report
Grab contributes almost half of the region’s total GMV of US$15.5B, according to Momentum Works; Grab generated US$7.6B in GMV last year; It painted a similar story to 2020, when Grab contributed US$5.9B in GMVs to the region’s total of US$11.9B.

Edutech CoLearn raises US$17M more to close Series A round at US$27M
Investors include TNB Aura, KTB Network, BINUS Group, Alpha Wave Incubation, and AC Ventures; CoLearn gained traction amid the rise of mandatory online learning due to the pandemic and managed to amass over 4.8M users.

Retention in e-learning: Data analytics and crypto find their way into vogue
While personalised learning has started to make the mark in increasing the retention rate, using crypto to provide incentives in a “study-to-earn” mechanism is evincing interest among educators.

Logistics platform Inteluck closes US$15M Series B round for SEA expansion
Investors include Creo Capital, East Ventures, and Headline Asia; Inteluck provides a data-driven logistics platform that helps customers and supplier partners maximise logistics efficiency.

Ayoconnect scores US$15M in Tiger Global-led Series B
Other investors include PayU, Muir Capital, Ephesus United, and Watiga Trust; The fresh round comes 4 months after Ayoconnect raised US$10M in pre-Series B; The fintech firm connects bill providers with offline and online channel partners so consumers can pay their bills more seamlessly.

Singapore, Sri Lanka named as top Asian emerging ecosystems for cleantech startups
Cleantech companies have the highest age at transaction of any sub-sector, with the average company taking 3.8 years to reach Series A; One factor that Singapore and Sri Lanka have in common is the amount of government support and startup-friendly regulations that these two markets have.

Una Brands acquires ergonomic furniture brands ErgoTune and EverDesk+ for 8-figure USD
Una Brands will expand them into new regional and international markets, further their O2O offering with a showroom in Sydney, and launch onto additional e-commerce platforms; The brands have already been launched in Australia.

How Singaporean startup Xctuality helps creators, brands accelerate into metaverse
It offers 360° and immersive solutions in collaboration with the local arts, cultural and hospitality community; Xctuality has already raised over US$550K across two rounds of funding from investors, including Brain-Too-Free Ventures.

AirAsia’s logistics arm Teleport invests in trucking marketplace Kargo
The partnership also supports Teleport’s goal of making 24-hour deliveries possible through multimodal routes across Indonesia; Kargo enables shippers, transporters, and truckers to connect, transact, and track shipments through its marketplace; It has more than 75K trucks in its network.

Podcast platform SoundOn gets strategic investment from Taiwan Mobile
SoundOn provides consumers with a suite of audio products, including podcast originals, hosting services, social audio entertainment platform, podcast player and 360°audio advertising service; In January 2021, Kollective Ventures and Joseph Phua’s Turn Capital acquired SoundOn.

Meet the 5 Southeast Asian startups graduating from Sequoia Surge’s sixth cohort
For the first time, Surge also has onboarded startups from Malaysia, Thailand, and Taiwan; Of the total 20 startups announced by Surge, 17 have already received US$60M funding from Sequoia and other investors.

E-commerce enabler Etaily banks US$4.3M in seed extension
Investors include JG Digital Equity Ventures, Century Pacific Group, Landmark Department Store, Gobi-Core PH Fund; The fresh funds will go toward its regional expansion efforts and the development of solutions such as O2O cloud software for sales integration.

Sequoia’s Spark-backed edutech firm Ascend Now books US$2.1M in seed funding
Investors include Karen Yung of Dulwich College, Peter Galante of Innovate Language Learning, and Rishav Kajaria of Hastings Jute Mill; Ascend Now offers personalised online coaching and mentoring for K-12 students on both academic and beyond academic topics.

Ex-Tokopedia employee’s HRtech startup Gajiku nets US$1.1 M seed funding
Investors include AC Ventures, Agung Ventures, Monk’s Hill Ventures, and Sampoerna; Gajiku offers workers earned wage access and other financial services while assisting employers in digitising their human resources and accounting operations.

M&A roundup: Saleswhale sold to 6sense, PriceSpider acquires Hatch
Saleswhale is an AI-driven email marketing platform backed by Monk’s Hill, whereas Hatch is an omnichannel commerce solutions startup; Saleswhale is a company backed by Monk’s Hill Ventures and is also the first Y Combinator-backed company in Singapore to be acquired.

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Teleport, the logistics unit of Malaysia’s budget airline operator AirAsia, has invested an undisclosed sum in Indonesia’s B2B trucking marketplace Kargo Technologies. 

The deal connects Kargo’s trucking network with Teleport’s infrastructure, broadening the latter’s mid-mile capabilities beyond air cargo to 24-hour deliveries using the multi-modal routes across the archipelago.

As per an announcement, the financing was made in the form of convertible notes, using Teleport’s internally generated sources.

Through the partnership with Kargo, Teleport can open up the possibility of combining air connection with ground transportation capabilities, employing advanced technologies and expanding the network in the Southeast Asian logistics market. 

For Kargo, it intends to expand its end-to-end freight coverage across the country through the support of Teleport’s regional presence, extensive network, and rich data.

“The strategic partnership with Teleport will help us become multi-modal, expanding in the value chain horizontally,” said Tiger Fang, Co-Founder and CEO of Kargo. “We expect the partnership to mutually benefit both parties by growing each other’s presence in Southeast Asia in 2022 as we look to solve the evergreen logistics issue in the region.”

Teleport has a presence in Malaysia, Thailand, Indonesia, the Philippines, India, Singapore and China.

Also read: How the logistics partner can make or break the online shopping experience

Founded in 2018 by former Uber employee Tiger Fang and technology veteran Yodi Aditya, Kargo (dubbed itself “Uber for logistics”) allows shippers, carriers, and truckers to connect, trade, and track goods via its marketplace of more than 75,000 vehicles.

The firm offers product suites that can integrate with businesses and empower supply chains to work with more transparency and efficiency. Its workflow tools also allow freight to be priced, tracked and billed with technology.

In 2020, the startup closed its US$31 million Series A round led by Silicon Valley-based Canva-backer Tenaya Capital. Coca Cola’s VC arm Amatil X is also a strategic investor of Kargo.

Over the past year, Kargo claims to have grown 15-fold its volume and attracted big clients such as Unilever, Coca Cola, Shopee, Maersk, among others.

According to Mordor Intelligence, the Indonesian freight and logistics market was valued at US$81.30 billion in 2020, and it is predicted to expand to US$138.04 billion by 2026, representing a 9.22 per cent annual growth rate.

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The Monetary Authority of Singapore (MAS) has recently taken steps to discourage the advertising of digital payment tokens (DPT) trading in public areas, citing the “highly risky” nature of such activities. So how can crypto companies communicate about DPT trading in a responsible manner? 

On January 17, MAS issued a set of guidelines discouraging the promotion of cryptocurrency trading in public areas such as public transport, venues, broadcast media, third-party websites, social media platforms, events, and roadshows. Joint activities with social media influencers and third-party websites to solicit new customers are also discouraged. 

Crypto platforms and companies are, however, permitted to promote their services on their own corporate websites, mobile applications, and official social media accounts.

The deal? Crypto companies must not trivialise the risks of trading in DPT in a manner that is inconsistent with or contradicts the risk disclosures required under the Payment Services Act.

While all this sure sounds like a mouthful, the aim of these guidelines is to protect the retail investor who could be swept off their feet by content around how seemingly easy it is to make money by trading crypto. One only has to log into TikTok to see videos of “investors” showing off huge profits buying certain tokens or sharing hacks on how to time the market in order to make a windfall.

Given the nature of a TikTok video, these numbers are rarely substantiated and you won’t really know if the creator has indeed put money into the tokens they’re promoting. 

“Markets around the world, both at the institutional and retail level, have indicated strong interest in the crypto market over the past year. Thus it’s not surprising that regulations have been enacted to encourage a prudent approach to the crypto market,” says Yusho Liu, CEO of Coinhako, a cryptocurrency exchange that’s received in-principle approval from the MAS to provide DPT services under the Payment Services Act as a major payment institution. 

Also Read: Demystifying NFTs and DeFi

Not suitable for the general public

Underlying the motivation for this initiative is the regulator’s view that DPT trading is not suitable for the general public. So, what is it that makes it so “highly risky”?

Edward Cooper, Head of Crypto at Revolut in London, says that while cryptocurrency can be a volatile asset class, the volatility is not what makes it riskier than, for instance, investing in stocks. This, he points out, is evidenced by the recent 20 per cent drop in Netflix’s share price in after-hours trading and the incredible 1,600 per cent rise, and subsequent fall, of GameStop’s share price in January 2021.

“The main risk is that, due to the lack of regulation in the space, there are many scams and schemes which hurt consumers that are promoted pretty aggressively, including pump-and-dump schemes on some tokens that don’t have real utility or a solid technical team behind them, but have just been created to quickly make money for their creators before being abandoned.”

In fact, Singapore isn’t the only market to clamp down on crypto advertising. Around the same time, the MAS made its announcement, the UK government shared its plans to bring cryptocurrency ads under tighter scrutiny and crackdown on “misleading” claims that may cause investors to lose money.

“At Revolut, we check every token before offering it to customers. Meaning that only high-quality tokens are listed, but many other players in the space don’t currently follow this practice. These steps by the Singapore and UK regulators will help protect investors, add legitimacy to the space, and allow consumers to more easily choose reputable crypto services and projects and tokens,” Cooper concludes.

Revolut Singapore is in the process of applying for a licence to provide DPT services under the Payment Services Act.

Communicating about crypto in a responsible manner

The first thing to know is that not all forms of publicity are disallowed. Companies are still permitted to talk about their services on their own websites, apps, and official social media accounts.

This means unless someone proactively searches for the content, he or she is unlikely to encounter any publicity by a crypto company when going about their everyday business.

Joel Lah, Account Director of Redhill, a communications agency that counts Hg Exchange and Mongol NFT amongst their clients, believes that education should become the focus of engagement by crypto companies to support their audiences in making the right choices.

Deepak Khanna, Head of Wealth and Trading at Revolut Singapore, agrees. “Financial services providers have a duty of care towards investors. Business growth is always contingent on building trust with investors. These new guidelines help set common standards and improved quality of customer communications, all of which is good for investors and the industry in the long run.”

Also Read: NFTs provide new ways to handle IP management, empower content creators: Inmagine CEO Warren Leow

What does it mean then to talk about crypto in a responsible way? Lah opines that it isn’t about who has the “biggest advertising budget” but rather who can demonstrate the most credibility. “Failure to build trust will most certainly have a negative impact.” He shares three principles crypto companies should take on board for their communications strategy: 

Focus on long-term credibility

Crypto firms should be wary of targeting a quick profit as the main goal. They should instead focus on creating a long-standing, credible company. Credibility is built over time whether through thought-leadership or education. Be consistent with your communications and avoid making incendiary comments to create short-lived hype.

Honesty is the best policy

Companies should remain honest in their communications. Consumers are becoming increasingly discerning — exaggerating certain benefits will be met with resistance. Companies should be transparent and truthful about their strengths, weaknesses, and future plans, and cut down on hubris.

Showcase collaboration

It is crucial for crypto companies to showcase their openness by working with regulators and other industry players because this shows they want to play a part in creating a more mature crypto industry. In order for the industry to grow, it is essential for all players to collaborate, share insights and develop the space together. 

Watch out for the hype

For content specialist, Tan Lili, her unwillingness to invest in cryptocurrencies arises directly from how people make earning a quick buck look so easy. “I’ve been seeing so many crypto ads featuring celebrities and influencers on social media. To be honest, seeing such content puts me off crypto trading even more, especially on platforms like TikTok which has a younger audience. To me, this is just irresponsible marketing,” she says.

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

This sentiment is backed by Lah. “Social media has given everyone a voice, which is great for freedom of speech but can be dangerous when unqualified financial advice is being dished out so freely.”

He cites the recent example of the Squid Coin (SQUID), a token inspired by the popular Netflix series Squid Game. 

“It became the most hyped cryptocurrency across social media platforms, its valuation even shot up to US$2,861 per coin overnight, with influencers creating posts about its massive surge and potential price predictions. However, just a few weeks later, SQUID plummeted to $0 as a result of a rug pull— an event triggered when the creators of the token cashed out their coins for real money. This left many investors with nothing.” 

Most people with a healthy level of commonsense will regard the overly-enthusiastic promotion of any money-making method with scepticism.

Those who are taken in by content promising huge returns on any investments are likely swayed by the absence of jargon and the use of dazzling visuals. It is this group of investors that needs to be protected. 

As the crypto industry matures and sheds its image as a collection of novelty investments, companies will have to arm their customers with the power to make the best decisions for their money through education and thought-leadership and find ways to make such content engaging across generations. 

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The age of automation has descended upon us. The advent of artificial intelligence (AI) and internet-of-things (IoT) has completely altered the way we manufacture things. This transformation has been so revolutionary that it is dubbed the fourth industrial revolution or Industry 4.0.

When computers were introduced during Industry 3.0, they disrupted and changed how we did everything. Industry 4.0 builds upon Industry 3.0 but takes it another step further. Computers can communicate and interact with the physical world in ways never seen before, allowing them to make decisions with or without human involvement.

Cyber-physical systems exploit the improved capabilities of computers to create new ways of production and value creation. An example of such a solution would be robotic arms equipped with computer vision capabilities to streamline and increase effectiveness across manufacturing lines today. This forms the basis of Industry 4.0 and enables the transformation of traditional manufacturing firms into smart factories.

Taking a closer look at ASEAN

Sources: ASEANStats; BCG analysis

Based on a McKinsey report, ASEAN is predicted to capture productivity gains of up to US$627 billion. Industry 4.0 represents a golden opportunity for ASEAN nations to grow their industries and boost productivity.

Also Read: How Shopee uses AI, data to build a marketing strategy that suits changes in user behaviour

With a strong manufacturing foundation alongside a growing and dynamic domestic market, the ASEAN region is well-poised to take advantage of Industry 4.0.

Business leaders in the manufacturing space are also very hopeful about the future of Industry 4.0. Over 90 per cent of business leaders expect that new technologies brought about by Industry 4.0 will bring about improved performance and boost revenues. Governments are also on-board and have shown great excitement about the potential of Industry 4.0.

Countries are hoping that Industry 4.0 can pave the way to either revitalise or boost the growth of their manufacturing sector. By implementing new manufacturing technologies, countries are looking to boost national productivity and provide more jobs for their people.

To harness the full potential of the fourth industrial revolution, most of the ASEAN countries have issued national strategy plans targeted explicitly at Industry 4.0. To supply the demand for innovation, startups become an indispensable part of that equation.

These plans vary greatly between the different countries due to socio-economic factors and the development of existing infrastructure. They range from more broad-based strategies like Singapore’s Industry Transformation Map that targets more than 20 industries to more targeted strategies like Indonesia 4.0 which only targets five industries.

Despite the diversity, every country prioritises infrastructure building, attracting new investors, and driving innovation as key initiatives to cash in on Industry 4.0.

Among the diverse strategies, Singapore’s strategy stands out as one of the most proactive and ambitious. Innovation has always been the key to Singapore’s success, with Singapore being ranked third in the Bloomberg Innovation Index. This innovation streak has also made its way into the manufacturing space.

How Singapore is riding the wave

Being one of the world’s leading financial hubs, you might assume that Singapore might not have a future in the manufacturing space. This is far from the truth.

On the contrary, Singapore has quietly risen to become one of the top global exporters of high-tech products, and its journey to consolidate its position as the world’s leading industrial hub does not seem to be stopping anytime soon.

Also Read: Why industrial automation is the next big opportunity for startups

Today, Singapore has established itself as a key player in the aerospace, electronics, biomedical sciences, and precision engineering. This has attracted industry giants like Micron and Shell to invest and partner with Singapore to research and develop the latest technologies.

According to the World Economic Forum’s Readiness for the Future of Production Report 2018, Singapore was ranked second in the world in being best positioned to benefit from the changing nature of production. With the advent of Industry 4.0, Singapore has doubled down on its efforts and fully embraced the new movement. Singapore aims to grow its manufacturing sector by 50 per cent over the next 10 years and continues to position itself as one of the most attractive prospects for startups. Let’s go from a macro to micro perspective on why you might want to consider Singapore:

Strong government support

Singapore stands out from its peers regarding the sheer amount of funding and support for the Industry 4.0 movement. In most countries that are leading forces in Industry 4.0, government support is an imperative component in the early stages of adoption.

Sources: EDB

Heeding this advice, Singapore has invested heavily in not only R&D but also the wider Industry 4.0 ecosystem. Singapore has invested S$3.2 billion in Advanced Manufacturing and Engineering domains between 2016 and 2020.

This investment is targeted towards bolstering the innovation capacity of companies embracing Industry 4.0. Looking forward to 2025, Singapore has laid out strategic plans to continue its transformation into a global digital manufacturing hub.

This provides companies with the flexibility and the capability to explore the burgeoning startup ecosystem for tailor-made solutions to their problems. This initiative creates a collaborative environment for startups and corporations to research and test-bed solutions before deploying them.

Innovative startup ecosystem

Since 2014, Singapore has achieved the top rank in the Asia Pacific region on the Global Innovation Index. Singapore has an exceptionally dynamic innovation ecosystem with both private and public supporting organisations.

Organisations such as EDB and Enterprise SG provide schemes and grants to major corporations and startups alike to boost their innovation capability. Well-established global companies like Softbank and Intel have also chosen to populate the innovation ecosystem with their corporate venture capitals.

Also Read: How voice AI is revolutionising the fintech scene

This amalgamation of private and public organisations creates an environment ripe for startups to innovate and develop. This allowed Singapore to be ranked amongst the top 5 ecosystems for startups in Asia, according to the Global Startup Ecosystem Report (GSER) 2021. Over 36,000 startups have chosen to locate themselves in Singapore, and that number has been steadily growing as the scene becomes more and more established.

The thriving startup ecosystem alongside the well-established manufacturing sector has led to a rise of startups focusing on developing Industry 4.0 solutions. One of such notable startups is Structo, a 3D printing solution provider focused on dentistry, which raised over S$3 million.

It is my firm belief that with continued support from the government, the number of successful startups focusing on making Industry 4.0 a reality will continue to increase.

A strong culture of corporate-startup partnerships

Across the ASEAN landscape, many manufacturing corporations are struggling with Industry 4.0 adoption. One of the key strategies to deal with this challenge is to partner up with innovative startups and accelerate the entire process. Manufacturers are looking towards startups to co-innovate and develop tailor-made solutions.

Strong government support and a growing startup scene positions Singapore as one of the key providers of this solution. Many leading manufacturers have begun exploring Singapore’s startup and SME ecosystem for such solutions.

For instance, when German semiconductor manufacturer giant Infineon was looking for a solution for transporting materials across its production floor, it discovered Hope Technik, a Singaporean SME. The partnership was highly successful and was named the “Most Disruptive Collaboration between an SME and a Multinational Company” at the 2017 Singapore International Chamber of Commerce Awards.

Regional Innovation Hub

To further support the Industry 4.0 ecosystem in Singapore, the Jurong Innovation District was planned and developed. It functions as a home to many players along the entire industrial value chain.

One of the key centrepieces of the district and this movement is the Advanced Remanufacturing and Technology Centre (ARTC).

ARTC is Asia’s first manufacturing innovation centre to embrace and push the idea of the public-private partnership model to its full potential and drive innovation in the manufacturing space. ARTC has strong partnerships with over 60 consortium member companies, including members like Rolls-Royce.

This creates endless opportunities for industrial collaboration. Since its establishment in 2012, it has completed over 50 industry projects.

Also Read: What makes Singapore the marketing hub of Southeast Asia

ARTC collaborations do not only stop at leading players in the industrial space, but it also represents an avenue for startups to get into the fray. One of its key initiatives is the A*STAR Advanced Manufacturing Startup Challenge. The crowdsourcing of ideas from startups can provide an access point for startups to collaborate with well-established industrial partners while solving key industry pain points. This win-win initiative functions as a key opening for startups to break into the Industry 4.0 market and establish themselves as key players in this space.

With the Southeast Asia Manufacturing Alliance (SMA), Singapore will become an avenue for startups to break into the entire Industry 4.0 ecosystem in the SEA region. The SMA creates a playing field for Singapore companies to engage global partners and gain a foothold in the region. This provides a unique value proposition where startups can be nurtured in the Singapore ecosystem while having the opportunity to explore the entire SEA landscape once they have developed.

The next manufacturing frontier

As the movement of Industry 4.0 continues to evolve and gain traction, it can revolutionise and revitalise ASEAN manufacturing. With ASEAN’s five largest manufacturing industries poised to gain huge benefits from Industry 4.0 technologies, it becomes a question of not if but when ASEAN becomes one of the key manufacturing hubs of the world.

Amongst the various countries that make up the ASEAN region, it is my firm belief that Singapore has positioned itself to be one of the best avenues to join the Industry 4.0 movement.

With a dynamic innovation ecosystem built upon strong government support and diverse industry partners, Singapore has created an unparalleled platform for startups to transform new and innovative ideas into products used on the factory floor.

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Vietnamese acceleration-cum–venture capital firm VIISA has made an undisclosed investment in SHub, a startup providing classroom management solutions for e-learning. 

SHub will utilise the proceeds to enhance the quantity and quality of its online classes. It will also look to rope in top teachers.

Founded in 2019 by CEO An Dang Nguyen, SHub aims to make online learning a basic life necessity and make online teaching a high-income career for Vietnamese teachers. 

Besides providing online classes that are close to the traditional training environment, Shub has also integrated features such as assigning, correcting, grading assignments and creating online examinations via the platform. This helps learners and teachers optimise their time on a learning platform, reducing unnecessary and time-consuming operations.

Also read: Retention in e-learning: Data analytics and crypto find their way into vogue

The startup targets students in secondary and high schools and claims to have onboarded over three million users. It has also formed partnerships with over 200 schools and 100.000 teachers.

“With this investment, I hope that SHub can help the online education market in Vietnam achieve two goals in the short term,” said VIISA Co-Founder and CFO Hieu Vo. “The first goal is to speed up digital transformation in small and medium-sized teaching and exam preparation centres. The second one is to reduce the total time required to interact among the sub-objects involved in the classroom such as schools, centres and parents.”

VIISA was formed in 2016 in a partnership between Dragon Capital, Hanwha and Vietnamese ICT giant FPT Corporation.

As per a Bain & Company analysis, Vietnamese parents view education as the primary means towards a successful career. The average Vietnamese family spends approximately ~20 per cent of disposable income on education, compared to 6-15 per cent in other Southeast Asian peers.

As the pandemic forces students to stay at home and schools to adopt online learning massively, many Vietnamese edutech startups have raised capital in 2021. They include educational services provider Equest (US$100 million investment from KKR), AI-powered language app Elsa (US$15 million Series B led by Vietnam Investments Group), Educa Corporation (US$2 million Series A from Alibaba-backed eWTP), Marathon Education (US$1.5 million in seed funding), CoderSchool (US$2.6 million pre-Series A led by Monk’s Hill Ventures), and Clevai (US$2.1 million in a pre-Series A led by Altara Ventures).

By the end of 2023, the Vietnamese e-learning market is expected to be worth over US$3 billion, according to a Ken Research report, with the increase in the number of foreign players entering the market.

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Image Credit: SHub

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