SEA’s F&B tech startups raised a record US$461M funding in 2021: Alpha JWC Ventures-DealStreetAsia report
It was US$250M over 36 deals in 2020; F&B startups have raised over US$900M of private capital funding over ten years from 2012 to 2021, with Indonesia dominating the funding size with at least US$644M raised.

Filipino neobank Tonik scores US$131M Series B investment, claims US$100M consumer deposits
Investors include Mizuho Bank, Prosus Ventures, Sixteenth Street Capital and Nuri Group; Tonik provides loans, deposits, payments, and card products to consumers and plans to roll out all-digital consumer lending products.

Grab’s move to challenge anti-competition fine faces setback
The federal court has allowed a request by the Malaysia Competition Commission to stay the hearing on Grab’s legal challenge to its proposed US$21 million fine; The hearing was sought by Grab and its local units to challenge the fine for abusing market dominance.

Altara Ventures hits the final close of inaugural fund oversubscribed at US$130M
Altara Ventures will invest in early-stage startups in the fintech, consumer, enterprise software, logistics, healthtech and edutech sectors; It has so far invested in Tonik, Stashfin, Sampingan, Clevai, PolicyStreet, Senseye and FreeAgent CRM.

Razorpay acquires Malaysian fintech Curlec
The deal will allow both companies to build and scale payments solutions for Malaysian businesses; Curlec operates tech solutions for companies of all sizes to collect recurring payments and take control of their cash flows.

Crypto exchange PDAX closes US$50M+ Series B round to engage Filipinos in metaverse apps
Investors include Tiger Global, Kingsway Capital, Jump Capital, Draper Dragon, Beenext Ventures and Cadenza Capital;
PDAX facilitates the exchange of crypto and fiat currencies and enables payments in and out of metaverse applications

Transitioning to new energy? Here’re 5 prominent solutions for your business
Energy-as-a-service and microgrids-as-a-service are gaining momentum, serving as effective financing schemes for companies to apply new energy without upfront investments.

Indonesian tech firm IndoSterling Technomedia secures US$42M from LDA Capital
IndoSterling has built a diverse portfolio that includes companies in Indonesia’s edutech, proptech, and digital publishing sectors; The platform focuses on B2B markets and is the digital tech arm of Jakarta-based IndoSterling Group.

Indonesian API provider Brick cements US$8.5M seed funding
Investors include Flourish Ventures and Antler; Brick builds APIs for tech companies, making it easier for them to offer payment, credit, investment, and insurance products to their consumers by connecting those platforms with hyperlocal data sources.

SG logistics firm GoComet banks US$7M in Series A money
Investors include Rider Global, Atlas Ventures, Jetty Ventures, Rebright Partners, and Leo Capital; GoComet uses deep-learning algorithms to automate end-to-end logistics operations for companies; It allows firms to reduce freight costs, track shipments in real-time, and optimise operations.

Recruitment SaaS platform Manatal raises US$5.1M from Surge, angels
The startup aims to transform how SMEs recruit by using an AI-powered applicant tracking system, allowing companies to hire faster, better and save costs.

majoo attracts US$5M more to offer end-to-end SaaS solution to Indonesian MSMEs
Investors are AC Ventures, Quona Capital, BRI Ventures and Xendit; Its SaaS solution involves employee management, POS, and inventory management; Since its launch, it claims to have acquired 25K+ active merchants.

Grab’s former Vietnam top exec nets US$3M for his quick commerce startup Rino
Investors include GFC, Sequoia India, Venturra Discovery, Saison Capital; Rino will use the funds to expedite its blueprint for 10-minute instant delivery by setting up hundreds of ‘dark stores’ in the country.

Blockchain-based roleplaying game Summoners Arena raises US$3M seed funding
Investors include Pantera Capital, Coinbase Ventures, Onechain Technology, GuildFi, and Coin98 Ventures; Summoners integrates traditional and blockchain gaming elements to provide a multi-layered experience for players to take part in immersive gameplay, experience true ownership over gaming assets while earning digital assets.

Vietnam’s social commerce platform Selly bags US$2.6M pre-Series A
Investors are CyberAgent Capital, Do Ventures, Genesia Ventures, JAFCO Asia, and Kvision; Selly has more than 300K resellers on its platform, most of whom are homemakers and people who have lost their jobs due to the pandemic.

Ex-Grab employee’s healthtech firm Medici bags pre-Series A money
Investors include Wavemaker Partners, Jungle Ventures, and Insignia Venture Partners; Medici aims to make healthcare and insurance more accessible and affordable in Vietnam; It has partnered with 50+ hospitals and clinics.

Franklin Templeton joins hands with F10 to launch fintech incubation programme in Singapore
Besides seed funding, selected startups will be granted two years of residency, individualised milestone-based programming and extensive mentoring by Franklin Templeton and F10.

NGC Ventures backs blockchain gaming incubator and launchpad Seedify
Interested participants are given the exclusive opportunity to participate in initial game offerings on Seedify and buy in-game tokens prior to launch.

NEXEA renews partnership with MaGIC
Their Entrepreneurs Programme continues to provide a platform for tech entrepreneurs to connect with peers and like-minded individuals to grow, gain knowledge, and develop; Since collaborating with NEXEA in March 2021, MaGIC has empowered 15 participants.

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In the post-pandemic era when more and more businesses are moving online, getting the most out of digital marketing channels is becoming highly competitive and complex.

The field of search engine optimisation is no exception. As Google harnesses the power of AI to understand search intent, search algorithms are evolving at a rapid pace. Traditional manual SEO techniques are simply not able to keep pace with constant and sophisticated changes in Google’s ranking factor. “Without an AI-led solution, the weakness of doing effective SEO is apparent,” explained NexMind AI founder and CEO, Francis Lui.

Lui said many SEO agencies do poor SEO because they refer to general guidelines from Google. In fact, he pointed out that “Google makes changes very often to make their ranking factor more complicated and difficult to decode for ranking factors.” This problem becomes even harder when it involves multiple languages and regions.

Malaysian startup NexMind AI is the creator of the world’s first multilingual AI-driven SEO platform. Founded in 2019, the company positions itself as a data intelligence search engine solution, powered by flexible AI-based NLP search architecture.

Also read: Designing the world a century into the future

The need for solutions to help companies rank on the first page of Google through the use of data-driven intelligent software that could operate in multiple languages became even more apparent to Lui after the COVID pandemic struck. “Because of the global pandemic, since 2020, many brick and mortar businesses have started to switch and sell their products and services online. The need to compete on the internet is getting bigger. SEO has become one of the most crucial elements for businesses to deal with online. The idea is simple, but the process is complicated,” remarked Lui.

Why is this process for competing for search engine rankings becoming harder and harder? Lui explains that when thinking about selling online, many consumer businesses can go into social media channels such as Facebook, Twitter, Instagram, and even TikTok to attract fast traffic and target niche market segments. “However, the B2B or professional market still remains competitive and dependent on websites enquiry for lead generation. Therefore, making their website appear on Google’s top search results is very crucial for getting more business deals.

“NexMind AI was established to help companies solve everyday problems, and business challenges using the best predictive models for data,” continued Lui. “Firstly, content is one of the most important factors for Google to rank a website. Only the website with the content that best fits the search intention will be displayed on top pages. The most significant part will be our uniqueness of combining AI with SEO and being able to work on multiple languages all over the world. When AI is integrated into SEO, it allows our users to easily get real-time content from top-ranking websites to find out the most relevant content for websites to rank on Google.”

NexODN: Multilingual AI-based SEO and Content Generation in one package

NexMind AI’s search engine software claims to be the world’s first and only platform with all AI-based SEO data, SEO metrics, and content generation technology, all rolled into one product. With an integrated system that offers users fast and scalable insights across 9 major languages of the world, the award-winning NexODN Expert System features an AI SEO system, AI Content Generation tool, and an in-depth AI Web Intelligence technology all in a single package. It employs machine learning and deep-learning algorithms to decode Google’s algorithm updates in real-time and for each geographical location.

“NexODN allows users to get the exact answer (keyword and content) they need to improve their SEO ranking. By using AI instead of human opinion to decide content strategy, AI SEO was able to identify the needs from Google’s perspective to make a website relevant to search intent. Therefore, our platform users benefit from the effectiveness of technology through not just cost and time-saving, but also proven with ranking results based on our client from the past,” said the founder.

Also read: 10 digital disruptors from the Asia Pacific compete in “Fast Forward with HPE”!

The key tools provided by the system are as follows:

• AI SEO Analyzer, powered by NexMind AI’s patented technology that provides powerful AI recommendations for content to rank higher in search engines
• Competitor Analyzer that outlines the exact ingredients needed to outperform competitor rankings and the AI contents generator
• NexWriter, which uses advanced deep learning technology to generate optimised search engine ranking content

“This solution can help any business that wants to rank ahead in search engines and generate leads,” believes Lui, adding that it helps clients deploy the required changes within a much shorter turnaround compared to human teams. Adding to its appeal, the NexMind AI platform can currently operate in 9 languages: English, Chinese, Japanese, Bahasa Malaysia, Bahasa Indonesia, Spanish, German, French, and Italian.

Award-winning product delivers impressive results

Since launching its product in 2019, Nexmind has worked with a variety of B2B companies in Malaysia and Singapore to deliver impressive results. Companies like StarCRM, Berjaya Sompo Insurance, Colorful Cubicle, and Sintrum office furniture have reported a 2x-4x increase in quality leads generated, and over 100-200% increase in overall website traffic within months of deploying NexMind AI’s solutions. The number of keywords ranking on Google also increased by at least 20-30% for these clients. 

Having weathered a challenging 2021, with expansion into international markets including Germany, USA, Mexico, Japan, Taiwan, and Australia, among others, NexMind AI is looking towards the Middle Eastern market this year, incorporating Arabic into its platform. It is also introducing the NexMind AI SEO Digital Partners Programme which will see the collaboration of industry stakeholders and experts from around the world.

NexMind AI track record and innovative solutions have led to recognition at the APAC level, further cementing its position as an exciting player in the big data analytics and software industry with its win at the 20th APICTA awards. Asia Pacific ICT Alliance (APICTA) is an international collaboration that aims to promote technology and ICT awareness and encourage digital innovation and solutions in the region. 

The annual awards provide winners with the springboard to network and mentor with global industry leaders. NexMind AI’s win in the Digital Marketing and Consumer Technology category is another major achievement for the company which has grown by leaps and bounds since its founding in 2019. “We have achieved multiple local awards, especially in 2021, but this is the first at the Asia Pacific level and it is not only a win for us but a big win for Malaysia as well,” remarked Lui.

Last December 2021, NexMind AI also won first place for the Alibaba Cloud Demo Day (Group B). Having edged out a wealth management DeFi Robo-Advice app and a regional edtech company that came in second and third, NexMind AI’s products and services have proven to be some of the most innovative in the region. The Alibaba Cloud Demo Day Malaysia aims to seek out and empower high-potential budding startups in Asia that have dreams of becoming the next breakout story.

Also read: Australian fintech takes global No. 6 spot

No doubt, the startup has created a distinct advantage with software that crosses language barriers. Positioned at the heart of an industry that is poised for phenomenal global growth with the globalisation of business and the pervasiveness of internet usage, this award validates its reputation as a solutions provider that is responsive to market needs. No wonder the company has seen a 60-fold revenue increase in two years, and today can proudly boast of over 350 active users of its solution.

“Our key services are to educate businesses with websites to improve their content for ranking higher on Google,” reiterated Lui regarding the mission of the company. “Even for non-technology businesses, Automation technology changes the rules of the game, giving everyone easy access to global information.” As the company sets its sights on aggressive growth, the CEO plans to continue product innovation and add new capabilities such as: “One click to get your expected result in multiple languages. Not only in SEO, but in new Web3 technologies including blockchain and metaverse. Imagine everyone can communicate with no language barrier.”

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This article is produced by the e27 team in partnership with NexMind AI

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Malaysia-headquartered integrated car e-commerce unicorn Carsome Group has completed the purchase of automotive platform iCar Asia’s remaining 80.1 per cent stake from the Catcha Group and other shareholders.

The deal value has not been disclosed. However, the total transaction is estimated to be worth more than US$200 million, as noted in a previous statement when Carsome bought 19.9 per cent of Australian Securities Exchange-listed iCar Asia in July 2021. 

With this, Carsome and iCar Asia will expand a suite of digital products and services that enable an end-to-end, super-app experience for more used car dealers and consumers.

Founded in 2015 by CEO Eric Cheng and Teoh Jiun Ee, Carsome aims to enhance the car buying and selling experience through end-to-end solutions — from car inspection, ownership transfer, financing, insurance to after-sales services.

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

Since its inception, Carsome has made inroads into Indonesia, Thailand and Singapore, besides Malaysia. 

The Southeast Asia automobiles trading value reached an estimated US$55 billion annually, according to Momentum Works Southeast Asia Used Cars Report 2020.

Last year, Carsome acquired an all-equity stake in Universal Collection, a Jakarta-based car and motorcycle auction service.

In January, Carsome secured US$290 million in a Series E financing round, bringing its valuation to approximately US$1.7 billion. Reuters hinted that Carsome’s profitability on an operational level is set to be realised in 2022. 

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Image Credit: Carsome

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In an organisation, culture typically begins at the top and permeates throughout, creating a shared system where everyone is engaged. It is integrated into everything from talent selection and professional development to stakeholder interaction and organisational behaviour.

Then, it is communicated and reinforced through action, thus shaping employee perceptions, behaviours and understanding and empowering them to deliver on its mission.

­Given that an organisation’s culture consists of shared beliefs and values established by its leaders, it should be no surprise that leaders have, by far, the most significant and direct impact on culture.

Shaping a culture can be an exciting venture pursued only by the boldest and most steadfast leaders.

That being said, if you are a leader, you will have to decide if you have what it takes to see it through.

The importance of good organisational culture

We see good culture as a cornerstone of great organisations because it is highly influential upon employee well-being, directly impacting how employees perform and engage at work, and can be a source of durable competitive advantage, agility, and adaptability.

Many of our portfolio company founders have cited their company’s culture as a key success factor and have prioritised its development as their businesses grow.

True top-down cultural transformation involves both behavioural and mindset shifts throughout an organisation. This requires a clear vision to unify the team, and leaders must then lead by example to create and reinforce the organisational culture.

A good example is Jeffrey Tiong, the CEO of PatSnap– an enterprise SaaS unicorn and a leading provider of innovation intelligence for IP and R&D.

He had his ideal company culture in mind since the company’s founding, and as the company grew to over 1,000 people globally, one of the first things he did was sit down with his management team to create their six company values.

The next step was to incorporate these values throughout the business and ensure that all employees were aligned.

Also Read: A beginner’s guide to thought leadership

“Culture is what connects companies, especially global ones. I wanted to create a company where culture was more than just a word. It was a feeling. I’m extremely proud of the culture we’ve created. You can feel people’s commitment, excitement and resilience in every meeting, product release, email and office,” says Tiong.

How personal character reflects leadership style

Outstanding leaders establish high ethical and performance standards, and their work behaviour and communication and management styles play a significant role in shaping a company’s culture.

True leaders guide, encourage, mentor, empower and inspire others. As such, a founder’s character and values can significantly influence our decision as venture capitalists to invest (or otherwise).

We look for key leadership qualities, including integrity, domain expertise, care, and drive. These factors are critical when leading change.

In 2013, we met one of the founders of a little-known Malaysian ride-hailing startup. We observed his calm, empathetic interactions with others – including his mother – and decided to invest in the company. That co-founder was Grab’s CEO, Anthony Tan.

Over the years, Grab’s workplace culture has evolved around the 4Hs of heart, honour, humility and hunger– a reflection of the values of both Anthony and his Grab co-founder, Tan Hooi Ling. Today, Grab is Southeast Asia’s first decacorn and a leading regional super app, and it continues to exemplify these values first embodied by its founders in its culture.

Earning the mandate to lead through mutual trust and communication

Successful leaders earn trust and the mandate to lead by setting the example. They trust their team members, treat them with due respect and work hard to create a meritocratic, familial environment that recognises all contributions yet leaves no one behind.

Leadership also inspires confidence. It can influence how employees perceive mistakes – whether these are deemed learning opportunities or simply abject failures.

People who are passionate about their work want the opportunity to demonstrate their capabilities, and true leaders care deeply about the professional growth of their team – individually and collectively.

One of the first things leaders must consider is if the right team is in place to carry out their mission. Poor habits are difficult to change, and highly negative individuals can be a challenge to transform.

It takes years of work to build a consistent team with shared values that deeply believe in the organisation’s vision and mission. The burden of command often includes deciding who and what to retain in preserving or changing an organisation’s culture.

Open communication within the company is key to a healthy organisational culture, and teams will take their cues from their heads. Leaders can encourage employees to speak up for what they need, adopt an open-door policy and be receptive to feedback.

This helps them ensure that work policies meet employee needs and nip issues in the bud early, preserving a transparent and supportive environment.

Also Read: 5 productivity tools for busy startup founders to stay focused in 2022

Prajit Nanu, Co-Founder and CEO of fintech unicorn Nium, realised that not all employees communicated the same way, so he made himself accessible and proactively reached out to them to glean a more nuanced view of employee satisfaction.

“These are the guys who will drive the truck with you, so they should know what you’re building and feel connected to you. Keep them as close as possible – there is no more important thing for you to do,” Nanu says.

Culture as a competitive advantage

Leaders don’t just lead – they also serve. A leader’s responsibility is to ensure that their teams are thriving in the workplace, which requires them to lay the foundations by building a good organisational culture.

This is a perennial and non-trivial undertaking. Striking that fine balance of work and play, discipline and dynamism, is a fine art that leaders must master in this ever-changing world.

Trust, respect and open communication are critical for this endeavour to succeed. If done well, a positive organisational culture could be the competitive advantage and north star that will guide the business in good and challenging times, positioning it for enduring success.

This could well be their leap from good to great for some companies.

This article first appeared on Vertex Holdings’ Newsroom.

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Indonesian API provider Brick bags US$8.5M seed funding

Indonesia-based fintech API provider Brick has secured US$8.5 million in a seed round of investment.

Lead investors are Flourish Ventures and Antler. Co-investors include Trihill Capital, Better Tomorrow Ventures, and Rally Cap Ventures.

Brick will use the money to achieve its mission of powering the next generation of fintech companies with easy-to-implement, cost-effective, and inclusive fintech infrastructure. It will also look to hire senior talents.

Established in 2020 by Gavin Tan, Brick builds APIs for tech companies, making it easier for them to offer payment, credit, investment, and insurance products to their consumers by connecting those platforms with hyperlocal data sources.

It has around 50 paying clients, including Sinarmas Group and Astra Financial.

Singaporean logistics firm GoComet banks US$7M Series A

Singapore-based logistics firm GoComet has bagged US$7 million in a Series A round of financing.

Lead investors are Rider Global and Atlas Ventures. Co-investors are Jetty Ventures, Rebright Partners, Leo Capital, and Krishna Capital.

The startup will use the fresh funds to develop its platform and grow its business in Europe and the US.

Also Read: Logistics SaaS platform GoComet secures US$2.2M Series A funding

This deal takes its total funding raised to date to US$9.5 million.

Founded in 2018, GoComet uses deep-learning algorithms to automate end-to-end logistics operations for companies. The firm allows firms to reduce freight costs, track shipments in real-time, and optimise operations.

Its clients include Sun Pharma, Sapmer, Glenmark, Polyplex, Alliance Tires, Lupin, and ACG.

Razorpay acquires Malaysian fintech firm Curlec

India-based payment gateway company Razorpay has announced its international expansion with the acquisition of a majority stake in Malaysian fintech firm Curlec.

Curlec is a Kuala Lumpur-based company building solutions for recurring payments for businesses of all sizes.

Razorpay said in a statement that it sees great potential in the Southeast Asian market. While e-commerce is already booming in Malaysia with estimated market size of US$21 billion in 2021, an industry report says it is estimated to grow further to over US$35 billion by 2025. Malaysian shoppers are also more open to cross-border purchases, which account for 40 per cent of all transactions.

“With the entry of new e-commerce consumers, we believe that a broader range of payment services will be required to cater to their needs. We are confident that our partnership with Curlec will open up newer channels for global business expansion for online businesses in India and Malaysia,” said the statement.

Curlec works with hundreds of businesses across Malaysia, including AXA, Funding Societies, and Axiata Digital. The company builds new-age technology solutions on top of existing payments infrastructure to make it easier for businesses to collect recurring payments.

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