NOICE, a multi-vertical audio platform for Indonesian listeners, has announced its latest strategic investment from RANS Entertainment, a leading content company founded by celebrity couple Raffi Ahmad and Nagita Slavina, who have over 100 million followers on multiple social media channels.

Beyond financial support, the investment will kick off the collaboration between the two parties. Accordingly, Ahmad, Slavina and their son Rafathar will produce various original podcast contents and programmes that will be available exclusively on NOICE.

Also read: The news wars: Will tech giants soon be coughing up big bucks for media content?

This will strengthen NOICE’s content library of over 20,000 podcast episodes and create a high-quality audio content ecosystem in Indonesia through cross-platform content consumption.

“Shortly, NOICE users can access a variety of content by RANS family, available exclusively on NOICE app. RANS will also help us to strengthen our content lineup and open more collaboration opportunities with talents from RANS Entertainment and RANS Music,” said NOICE CEO Rado Ardian.

RANS Entertainment is aggressively expanding its business into other lifestyle sectors, including RANS Music, RANS Sportainment, RANS FC, RANS Basket, RANS e-sports, and RANS Beauty, beyond content.

Launched in June 2018, NOICE streams local audio content, including radio, music, audiobooks and podcasts, to registered listeners across the archipelago. Its live feature presents a social networking experience in audio format with real-time interactions between creators and listeners.

NOICE claims it has more than 1.5 million users, over 300 content creators nationwide, 100+ original shows and a total streaming time of more than one billion minutes to date.

Based on eMarketer 2019 data on digital audio listenership and voice assistant usage, the digital audio listener base exceeds 300 million across countries, including Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam. As a result, the audio content market in the region has significantly picked up pace in recent years.

In Indonesia, according to a study conducted by Spotify in June 2020, the global streaming platform witnessed a 149 per cent surge in Indonesian users from June 2019 to June 2020, alongside a 220 per cent hike in music streaming across Southeast Asia.

“As Indonesians spend about seven hours and 59 minutes online daily, the screen fatigue is real with 56 per cent of Gen Zs and Millennials in Indonesia telling us that there is too much visual stimulation today and that audio is a nice escape from it,” Spotify noted in its research.

Also read: The 27 Indonesian startups that have taken the ecosystem to next level this year

NOICE differentiates itself from Spotify through its hyperlocal in-house content.

Last September, NOICE secured an undisclosed “7-figure USD” in pre-Series A round co-led by Alpha JWC Ventures and Go-Ventures.

Mahaka Media Group, created by Erick Thohir, Indonesia’s minister of state-owned enterprises, is also an investor in NOICE.

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Image Credit: NOICE

 

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Trust is one of the most important assets a business has. But gaining it isn’t always so easy. In a world of fake news, it can be hard to know what content can be trusted online, making user-generated content (UGC) so useful.

UGC is any content that has been made by fans, reviewers, customers or otherwise and shared across social media or online. Think try-on hauls, online reviews, images of customers using the products– essentially any content in which someone has shared their use of a product or service. 

The benefit of UGC content is its reality-based viewpoint. For customers, finding an unbiased review can help them decide whether or not to purchase a product or service. But it’s not only valid for customers. 

Understanding the unprovoked thoughts of audiences can give businesses valuable insights into what people think of your brand and how they use your offering. 

While finding and utilising UGC can be time-consuming, the rewards of gaining invaluable insights which can guide your future decisions are worth the effort. That’s why it is time for businesses to jump on board and invest in UGC. 

Searching for useful UGC

When gathering UGC, the internet (and social media specifically) is your friend. Community management — monitoring and responding on branded social media accounts— is the best way to find quality UGC.

Checking tagged mentions and direct messages across socials such as Facebook, Instagram, TikTok or Twitter (to name a few) can direct you towards finding the right reviews. 

It can also be helpful to track relevant campaign hashtags or search on third-party review sites to find useful insights. 

Also Read: User-generated content is king, and product reviews can bring your e-commerce business to the next level

While this can be a time consuming (and often manual) process, there are tools you can use to help minimise time spent combing through your preferred social feeds. And despite its timely nature, you can often find the best insights while building key customer relationships. 

Turning UGC from insights to solutions

There are many benefits to UGC. The first is that UGC can become a great asset to promote the ins and outs. Re-sharing user content can show your potential customers what real-life customers think of your brand and simultaneously support current customers. 

UGC could also be leveraged to become a very real campaign for your business. If you recognise that particular UGC is creating high levels of engagement or positive responses, it may be time to get in touch and see whether they would be interested in partnering with your brand! Moving a customer from a user and lover of your product to a brand ambassador is a great way to connect to your community and show support. 

Singapore brand PRISM+ has toyed with UGC on its Instagram account and is a great example of how it can build customer loyalty. Through its branded account, prismplusdisplays, the local tech brand often re-posts customers who have tagged the products in their gaming and tech set-ups (with permission and proper attribution).

While this may seem simple, re-sharing not only encourages other customers to post images of their products and tag the brand but shows customers they are paying attention to them, making them feel like VIPs. 

Knowing how your products and services are perceived is invaluable knowledge and should be treated as such. It is also a by-product of harnessing UGC. Measuring your reviews after campaigns can give you insights on how to better perform during your next campaign.

Your customers can also inspire the next big idea and let you know exactly what product will most benefit your customers and resonate with your audience. 

Building suggestions into your brand also helps build community. If your customers see user-generated initiatives, the mutual respect is clear and can help them turn from simply first-time buyers into repeat customers. 

Building your community with UGC

By investing time and energy into UGC, you can gain invaluable insight into the most important element of any business – your customers. 

UGC can help build trust, loyalty and the overall authenticity of your brand, ultimately strengthening your business. In acknowledging your customers and making their input into your business, you show mutual respect and support, facilitating long-lasting relationships for a long-lasting business.

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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: jilapong

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With decentralisation fast becoming the catchword, Web3 is drawing significant attention worldwide. However, the concept is also drawing some criticism from several quarters, including visionary founders like Jack Dorsey, who feel Web3 is too ‘idealistic’ and that its promise of broad ownership is too good to be true.

Nevertheless, by and large, the tech industry is bullish about Web3. Most industry experts and investors, whom e27 spoke to for this feature, agreed that it offers tremendous opportunities.

For the uninitiated, Web3 is the latest version of the internet that focuses on decentralisation and user ownership. Whereas in the current Web2 phase, centralised entities own platforms and apps, in Web3, users will develop, own, and maintain the platforms and apps. But the Dorseys and Musks are not convinced.

Is Web3 a fad?

According to Kenrick Drijkoningen, Web3 is real and will impact almost every industry. He compared the criticism of Web3 to the pessimistic views received by bitcoin in its early days of emergence. 

“People have been claiming bitcoin is fad when it was valued just US$1, but it is now among the top 20 global currencies. True, Web3 is still in the early development days, something like the internet in the mid-1990s. But it’s real. The hallmark of disruptive technology is that it’s dismissed by incumbents in the early days, something we are seeing again today. To understand Web3, you have to dive in, understand the technology and use it. This is daunting for many, so they prefer to dismiss it altogether,” said Drijkoningen, General Partner of Singapore-based Play Ventures, which recently launched a new US$75-million fund to support metaverse entrepreneurs

Yat Siu couldn’t agree more. In his view, although Web3 is highly speculative, it is simply the result of its early stage, not a judgment of the value of the opportunity in any way.

“We’ve already been through this sort of fundamental technological change at least twice since the 1990s,” said Siu, Co-Founder and Chairman of Animoca Brands, an active investor in the Web3 sector. The first time was the rise of the web and technology companies that came to dominate our online lives and the entire global economy.

Also Read: ‘Absolute decentralisation is unlikely to be the panacea for everything’: Chris Sirise of Saison Capital

“I remember trying to explain the value of the web to investors in the 1990s. It wasn’t easy. Even well into the 2000s, people had trouble understanding and dismissed tech companies as a temporary fad that they could safely ignore while investing in “fundamentals” like finance or energy instead. And yet, today, technology companies are by far the most successful, valuable, and dominant companies on the planet,” he pointed out.

The second time was the rise of smartphones and specifically mobile gaming in the late 2000s and early 2010s. “We were a gaming company when Apple and Android smartphones began to demonstrate sophisticated gaming capability, and we were quick to adopt and develop products for this new technology. But so many people rejected it as just a fad, saying that mobile gaming would never amount to anything or that serious gamers would never consider playing on mobile devices,” continued Siu. “And yet, today mobile gaming is by far the largest segment of the global games market.”

“In both cases, a lack of vision caused naysayers to lose out on billion-dollar opportunities. Investors, aware of how these major technology shifts happen (they start small and have to endure much cynical commentary), however, understand why early adoption is crucial,” he emphasised.

Endless possibilities

The possibilities of Web3 are endless. From identity verification without private information sharing to holding assets digitally without the need for a custodian, Web3 opens up significant opportunities. For instance, many artists have already started selling their artwork as NFTs. Metaverse, a concrete form of the future network based on the Web3 concept, has also caught the imagination of P2E gaming enthusiasts. 

“Web3 provides a blue ocean opportunity for smart entrepreneurs and individuals alike,” said Drijkoningen. “It will be more impactful than the internet itself as, for the first time, we’re able to exchange assets peer to peer without the need for centralised trusted parties. This will impact every industry we know today, starting with finance and gaming.

In his view, Web3 is a particularly fantastic opportunity in Southeast Asia, where large groups are unbanked, and they now have access to permissionless financial services with just a smartphone. 

Saison Capital Partner Chris Sirise agreed. “Southeast Asia is one of the best markets for Web3 to take off. Here, consumers and businesses with higher trade financing infrastructure challenges can be more open to fintech innovation. In our region, tokens have made it possible for companies to build solid and authentic communities around their products and brands. It won’t be surprising to increasingly see founders utilising these communities as a resource for growing their companies and brands.”

The implications could mean significant changes in the dynamics built into the tech ecosystem as we know it, Sirise further said. “It will no longer just include founders, VCs and operators but anyone who is involved in one of these communities through token ownership and is active in the community engagement. Founders will have more resources at their hands, and it will be increasingly easier to build a product to solve a problem.”

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

Manav Gupta, Founder of Animoca-backed Brinc, also subscribes to these views. In his opinion, Web3 would be a secular shift in how people come together to create enterprises and solve problems. “Web3 provides new organisational, governance, community building and incentivisation mechanisms, allowing more people to have skin in the game and a seat at the table. We believe these new operating principles will empower the next generation of entrepreneurs, especially in emerging markets, to solve problems that reflect a global citizenry’s priorities rather than those occupying corner offices on Sand Hill Road.”

Other experts also hold a similar view as they believe Web3 gives a chance for the startup ecosystem to take a completely fresh re-look at how to build better for an even better world. “The concept will get more and more attention since the touted principles are appealing and more democratic,” noted Antony, who has been dabbling in Web3 for long years. “The challenge, however, is in seeing how much of it can be converted into solutions with real-world impact,” said Arun Antony, Founder of India-based YE Stack Venture Studio.

He was, however, quick to add that while perfectly distributed ownership might not be easy to achieve, broad basing ownership could be a direction worth pursuing. “It might take a while before the concept gains more momentum, but the focus is going to stay, for sure.”

Why Web3 is drawing attention

Globally, Web3 has attracted substantial capital of late. From Axie Infinity (a play-to-earn gaming unicorn) to Yield Guild Games, tens of startups have raised multi-million dollars in venture capital in Southeast Asia. Animoca Brands, based out of Hong Kong, has been actively backing Web3 startups. Many new Web3 investors like DeFiance Capital have emerged of late.

But why is Web3 attracting eyeballs? 

“Web3 is getting widespread attention for a few reasons, some legitimate or benign and some artificial or temporary,” said Eddie Thai, General Partner of Ascend Vietnam Ventures, an investor in Axie Infinity.

These reasons include — but are not limited to:

1. An increasing mistrust of or dissatisfaction with institutions (governments, corporations, etc.),
2. Real cases as proof points (for instance, NFT gaming),
3. Loose monetary policy increasing liquidity, but traditional investment opportunities not keeping up (example: accredited investor rules) and spending opportunities temporarily COVID-19-constrained (example: travel). Web3 provided an outlet for some,
4. Speculators and fad-chasers jumping in.

Thai is how curious to see what will happen when governments increasingly assert their authority, retail consumers discover the downsides of operating in an unregulated space (i.e. fall victim to rug pulls and other manipulations), and when many projects fail.

Also Read: a16z leads Axie Infinity parent Sky Mavis’s US$152M Series B round

“I suspect we’ll be entering a trough of disillusionment soon (if we haven’t started entering one already). And I am sceptical that Web3 will entirely displace because I don’t think the constructs of Web3 can be applied successfully to every use case. However, I think Web3 is here to stay in the long run. Time will tell,” Thai voiced out.

But not everyone is very bullish

Although most experts rally behind Web3 and are optimistic about its long-term benefits, not everyone is convinced. Elvin Zhang, Executive Director of Startech Global Ventures (part of Sinarmas Group), is one. In his opinion, Web3 is a fad.

“From a technical perspective, running an entire application of immutable ownership of a certain asset requires moving a massive amount of real physical resources to reach a network-wide consensus that the particular asset has exchanged hands/stayed where it is,” he said. “I’m not talking about proof of work vs proof of stake, but the actual computing power, which requires cold hard energy to power a computer to send electrical signals at the speed of light around read/write machines worldwide.”

“This troublesome underlying infrastructure that powers all digital activity precisely leads to the centralisation of computing/electrical/utility-like infrastructure in the first place. Until we get some fundamental breakthroughs beyond just consensus mechanisms, such as quantum computing and the drastic improvement in edge computing efficiencies, these are genuine problems that hinder Web3 applications from becoming ubiquitous,” shared Zhang.

Zhang also feels that while Southeast Asia is growing fast like other developed markets, the region lacks disposable income and has historically stumbled into middle-income traps. 

A key ‘cost’ to Web3 implementation over web2 is the cost of implementation layered on top of various decentralised infrastructure levels. There needs to be enough general affluence or government budget to support moves towards true Web3 implementation. 

“Of course, this refers to a “GDP-equivalent” growth that is more fundamental (e.g. decentralised credit score, decentralised energy management systems, DAOs/tokens replacing centralised share issuance). Simply put, Web3 costs more than centralised infrastructure from a profit and loss (P&L) cost perspective because more resources are required for cross node read+write communication,” he said.

Zhang, however, added that punting of Web3 assets in a ‘casino-like’ way can count Southeast Asia as a hotbed since regulations have always been sporadic in most parts of the region. Additionally, the risk-reward matrix (having lower disposable income = nothing much to lose) might be more alluring to users in this region. 

“Like any new tech, there are going to be supporters as well as detractors. Both come from the perspectives people support due to the inherent biases with which each individual operates,” commented Antony YE Stack. “What is key, though, is to see if there is value beyond just false narratives. Crypto is a word used in all contexts and has come to carry some negativity due to multiple dimensions. But to call Web3 something that is created to cover up the negatives of crypto might be taking it to the other extreme and may not be conveying a correct picture.”

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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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Indonesia-based quick commerce startup Bananas announced that it has secured US$1.5 million in a seed funding round led by East Ventures.

SMDV, ARISE, MDI Ventures, and unnamed angels also co-invested.

Silicon Valley-based accelerator Y Combinator also invested US$500,000 in Bananas’s seed round as the company got accepted to its Winter 2022 batch.

Banana will use the funds to hire people to support its operations in product development, inventory, customer services, and dark stores (micro-hubs located near high-density residential neighbourhoods to deliver ordered groceries close to being instant).

Bananas aims to reach at least 50 dark stores in Jakarta and other tier-1 cities in Indonesia shortly.

Also read: Looking abroad: Capturing the e-commerce opportunity in SEA

Bananas was founded in late 2021 by CTO Kristian Sinaulan and CEO Mario Gaw, who both served as Lazada Indonesia’s early employees. Gaw also has extensive experience in the e-commerce sector with his C-level positions at companies such as instant rewards mobile app platform Cashbac and online travel company Tiket.com, to name a few.

The startup focuses on Indonesia’s untapped grocery market by providing items such as fresh fruits and vegetables in minutes and at retail prices.

Thanks to Bananas’s tech-enabled micro-hubs, customers can shop for the desired grocery item, pay, and expect the delivery to be completed within 10 minutes on average through the Bananas mobile application, the startup claims.

“Bananas was established during the pandemic era when we realised the needs of customers of top quality grocery items, speed, and convenience during these difficult times,” said Gaw. “[The funding] will accelerate our mission to revolutionise the grocery shopping experience in the market.”

According to consulting company Redseer, online shoppers in Indonesia surged from 75 million pre-Covid-19 to 85 million people during the pandemic.

With a population of 270 million, Indonesia has one of the biggest grocery markets in Asia, together with China, India, and Japan. The archipelago’s grocery market value is expected to reach US$169.4 billion in 2022, up from US$140.2 billion in 2019, according to a report by the Institute of Grocery Distribution.

A few days ago, Astro, an on-demand quick e-commerce platform for groceries and other daily essentials in Indonesia, also secured US$27 million in Series A financing led by Accel Partners and Sequoia Capital India.

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Image Credit: Bananas

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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Insurtech platform Igloo is delivering new and innovative insurance products that make use of data and machine learning technology to build the future of insurance in Asia. Founded by former Grab CTO Wei Zhu as “Axinan” in 2016, the company has gone from strength to strength. This year, it has expanded operations, extending its regional footprint (Indonesia, Thailand, The Philippines, and Singapore) to include Vietnam and Malaysia. The company also has its tech hub in Chengdu and boasts customer service operations across all markets.

Having crossed over 120 employees in 2021, the regional insurtech startup has processed over 150 million policies to date, through key partnerships with e-commerce, banking, and logistics companies, including online e-commerce giants, Shopee, Bukalapak, and food delivery pioneer, foodpanda. This year, it has also made forays into new industries through partnerships with e-wallet providers GCash in the Philippines, Dana in Indonesia, and healthtech platform HD in Thailand.

As the first full-stack insurtech startup out of Singapore, it creates and delivers digital insurance products to the Southeast Asian market by leveraging Big Data, Machine Learning, and AI to give people the “insurance they deserve”.

How Igloo Insure helps improve the state of insurance in the region

The insurance gap in Asia is estimated to be around US$134 billion. With Asia being home to one of the highest number of uninsured populations in the world, healthcare, savings, and protection gaps are only further magnified by the COVID-19 pandemic.

At the same time, state-enforced lockdowns and movement restrictions have motivated further shifts in consumer demand from offline to online.

With many transactions concentrated in digital sales platforms, consumers now deal with a slew of new risk exposures in e-commerce, goods in transit, and online payments. This is one of the ways Igloo delivers on its promise, offering evolved customer-centric insurance propositions that cover cybersecurity threats, online fraud; transit or delivery protection.

Beyond this, Igloo understands the need to serve people across the whole value chain on an end-to-end basis. From discovery and purchase, users get to enjoy an optimised experience for discovering and selecting insurance products. Coverage and details are also introduced to users in a direct and simple manner, without the barrier of complex jargon and terminologies that can lengthen and dissuade user interest, making way for direct communication and, ultimately, for easy and convenient payment methods.

Also read: Japanese aerial-tech startup Aerosense bullish on opportunities in Southeast Asia

Igloo also offers a seamless policy activation and management experience through its sophisticated technology stack which powers a self-serve platform for frictionless policy activation and management. Their platform is also equipped with authenticated access to ensure the security of both personal and policy information, coupled with an automated payment renewal that can be switched on and off based on preferences.

Lastly, Igloo has powered their claims management capabilities with an online claim submission mechanism for expedited processing and reimbursements through its quick and immediate claim and reimbursement notification system that provides status updates, and a multi-channel customer support available for assistance to make sure that users are able to engage with Igloo Insure’s system intuitively and without hassle.

This is a big deal for a highly developed region populated by people who tend to veer away from insurance services that are either too costly or are difficult to understand. Through this seamless end-to-end experience that helps users and potential users discover, use, and continue enjoying a variety of insurance products, Igloo Insure is leading the charge in the insurtech sector in Asia.

Claimbot: the future of Insurance claims?

One of the most problematic areas in insurance is the claims process. On top of being a very lengthy and often bureaucratic experience, potential insurance customers are dissuaded by the amount of documents that need to be compiled in order to make a claim which is why Igloo Insure is trying to alleviate manual processes in the claims management space – via its AI-powered claims assessment and processing solution. Upon starting this endeavour, Igloo Insure understood that there is a ripe opportunity to build a claims processor that reduces human error and manual inefficiencies.

With manual processing, customers who submit an emergency claim in the middle of the night can only prompt the operations team to process their claims during the following working day. Such incidents traditionally take time. With machines working 24/7, customers are able to get responses much faster and around the clock.

Such is the case for transit insurance that typically yields a high volume of low-value claims wherein manually assessing claims is clearly not an efficient method. This has created market opportunities for insurers to instead process claims in an automated manner and without lag.

Also read: Innovation and collaboration will lead Malaysia’s digital health scene into the future

Automated claims are also much more consistent in terms of decision-making. Unlike purely human systems, automated claims processing system work round the clock and do not tire after processing thousands of claims.

The average human error rate is 5% for a standard task and increases as the task becomes more complex, requiring a larger variety of data to make correct and informed decisions. As such, improvements in accuracy will have a more significant impact the more complex the claim becomes. This is why Igloo Insure is focused on building smarter AI solutions that overcome these challenges.

As Igloo Insure continues building up more logic modules, it also becomes increasingly easier to scale across new products as they decide which assortment of modules would best fit the needs of a product, further extending the capabilities of the claimbot technology.

Big Data powers dynamic pricing and leads to fairer insurance premiums

 Igloo’s use of big data also enables it to offer personalised, and ultimately fairer premiums based on behavioural data. AI-assisted mechanisms enable premium pricing to be dynamic, as opposed to fixed premiums typically offered in other insurance products.

In motor insurance, Igloo’s Usage-Based insurance (UBI) product collects data to measure driver behaviour. This data is collected, aggregated, and assessed through a plug-and-play IoT device installed in your car that analyses your driving on five crucial factors, namely distance, speed, journey duration, time of day, and areas driven – ultimately rewarding safer drivers with lower premiums.

The insurance product transforms the experience by completely digitising the consumer’s journey as everything can be done exclusively through a mobile application — from purchasing the product, monitoring the vehicle usage, calculating premiums, to making claims.

A similar holistic approach is applied in Igloo’s other products. For insurance covering e-commerce products such as product liability insurance, “less risky” merchants may be allowed lower premiums based on several key factors such as assessment-based claims history as well as a product category.

Also read: What opportunities await global startups that are expanding to Japan

On the other hand, for scenarios related to e-commerce, charging all online sellers for product liability insurance at the same rates is not a fair model. The nature of e-commerce is not consistent across all sellers and this certainly affects the rate at which they make claims. Some products are less likely to be damaged but the sellers are losing out as they are paying a higher rate for no fault of theirs.

That’s where Igloo Insure’s AI-based dynamic pricing kicks in, emboldened by a technology that can estimate risk profile and give better rates. The whole objective is to give sellers a more competitive rate that is more aligned with their risk profile.

Features such as dynamic pricing and claim automation are just two examples of how Igloo is using technology and data to generate product innovations. With all of this and more, Igloo is committed to making insurance products better using data and technology and at the same time, embedding these products in places and platforms that benefit consumers most.

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This article is produced by the e27 team, sponsored by Igloo Insure

We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us at e27.co/advertise to get started.

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Our mission at e27 has always been to empower entrepreneurs with the tools to build and grow their companies. Over the years, we fulfil this by providing the opportunity to bridge the tech and startup ecosystem stakeholders with each other – giving startups the opportunity to be visible in large investor networks and providing leaders, technology catalysts, and investment firms access to startups across the region regardless of stage, location, and industry.

Since the launch of Investor Connect — which allows startups to connect directly with investors — e27 has facilitated almost 10,000 startup – investor connections, with two startups being able to bag multi-million dollar funding. 

Also read: How iStore iSend builds a relationship with potential investors in this pandemic

While we see the need for opportunities like these for startups, we also hear the demand of industry leaders, technology catalysts,  investment firms, and even fellow startups to access and reach out to e27’s over 34,000 startups on the platform. 

That’s why we are thrilled to announce the launch of Startup Connect.

Access 34,000+ opportunities

Startup Connect is a new feature on the e27 platform that allows you to connect with over 34,000 startups. This means that everyone on the platform – as long as you have an account and a company or investor profile – have access to over 34,000 potential partnerships, collaborations, knowledge sharing, and investment opportunities.

Startup founders, for example, can directly reach out to other founders for partnerships and collaborations, sharing of insights, or simply to expand your network and engage with the community. 

Also read: Innovation and collaboration will lead Malaysia’s digital health scene into the future

Think of it as a digital and borderless networking event (remember those?), wherein you show up and start speaking with other attendees. But with Startup Connect, you get the chance to pre-select who to speak with using the various filters like industry or location.

Investors now also have the capability to proactively connect with startups. Alongside Investor Connect, this new feature gives you more tools to directly reach startups for potential investment opportunities.

Get started with Startup Connect

We know 34,000+ is a lot to go through, so we thought to help you out. Throughout the quarter, we will be featuring a recommended list of startups with which you can connect with: every Tuesday on our Daily Digest (make sure you’re subscribed), articles, and widgets on our Startups page. 

The list will be curated based on what’s relevant in the ecosystem today, and diversified to give fair opportunities to everyone on the platform. For startups who want to get featured on this list, we encourage you to update your profile and use e27 regularly. 

To kick it off, we’re starting with the up-and-coming Web3 startups in Southeast Asia. If you want to see opportunities in the Web3 space, here are 10 Web3 startups you can connect with today. 

1. Blockee
2. Tokenizer
3. Sparrow Exchange
4. Blockchain Worx
5. Loominate
6. Aegis Custody
7. BitMEX
8. SelfKey Foundation
9. Media.app
10. Bitazza

Connect with more Web3 startups here. Of course, you can always connect with other startups outside this list. Just head to our startups database and filter based on your interests. 

 

For a comprehensive guide on Startup Connect, you may visit this knowledge base article. For step by step guides on updating your profile please refer to these guides: How do I edit my personal profile?,  Guide to updating startup profile, and  How do I edit/update my company investor profile?.

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For all the hype surrounding NFTs, its current concept in practice has acquired a bad rep. It’s not hard to see why, when the space is well known for one-percenters throwing hundreds of thousands of dollars into cartoon monkeys and memes.

It leaves us ordinary folk wondering, what are NFTs good for anyway? Isn’t it all but speculative value– a growing bubble waiting to burst? 

The sceptic in me always believed that NFTs sold nothing but empty hype, or maybe the elusive idea of ownership at best. As a social scientist, I think NFTs perpetuate existing inequalities and elitism.

NFTs seemed to be a concept reserved only for the rich who could afford the most exclusive digital assets and the educated and tech-enabled who had the resources to create them. 

Yet, I was always open to understanding the potential of NFT technology and what it could one day offer to the world. NFT stands for a non-fungible token and can be understood as a unique, non-interchangeable unit of data stored on a blockchain.

The holder of an NFT thus has indisputable proof of ownership over the digital asset, and this has the potential to unlock a myriad of undiscovered ways in which we can interact with technology, institutions, and each other. One startup is working to explore this potential and completely transform how we can engage with NFTs forever. 

So-col, short for social collectibles, is a Singapore-based startup on a mission to make NFTs useful for everyone by harnessing its technology to transform the creator economy. It aims to build an all-in-one decentralised alternative to platforms like Twitch, Patreon, and Discord, powered by blockchain and NFT technology behind the scenes.

Also Read: Demystifying NFTs and DeFi

This means creators get to truly own their content with drastically lowered platform fees (one of the perks of blockchain’s decentralisation– cutting out the middleman), and they don’t even need to be tech-savvy or well versed in NFTs to use the platform. The technology serves as a silent enabler in the background. 

Everyday users of the platform can support their favourite content creators by purchasing their digital creations quickly with cash or credit card. More experienced crypto users can also purchase items with their crypto wallets.

Those who have tried using blockchain apps before will know how complicated it is: setting up a new identity in the form of a crypto wallet, buying cryptocurrencies to pay for transaction fees, installing crypto wallet extensions, and the list goes on.

So-Col leverages cutting edge technology within the blockchain space to remove all of these barriers for first time users, allowing them to bridge their existing social accounts from platforms like Instagram and TikTok over to the blockchain.

Currently, only people with resources for both tech and design can create NFTs. So-CoL hopes to make NFTs accessible to all by allowing content creators to mint NFTs for close to $0 (current NFT minting on the Ethereum blockchain usually costs over US$100/mint), as well as fans and users, to purchase basic social collectibles for as low as $10.

These basic collectibles serve as passes that allow users and fans to engage directly with the content creator, based on guidelines set by creators themselves. 

Apart from basic social collectibles, it will also enable content creators to create a range of premium collectibles similar to the much-hyped IreneDAO. Contrary to popular belief and the slew of fake news, the creators of IreneDAO and Irene herself did not personally earn from the millions of dollars the passes have raked in in barely a week.

The passes are part of a DAO, a decentralised autonomous organisation. A DAO can be understood as an entity represented by rules encoded in a computer programme that is transparent and fully controlled by the DAO members rather than any central management.

When people purchase NFTs that are part of a DAO, the DAO receives all the money to be managed by the passholders as a whole. Think of it as an organisation holding a collective pool of money that can only be spent based on the community’s majority vote. 

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

The content creator often influences how communities vote. For example, Irene expressed her interest in supporting women’s charities and women-led projects, and the community is currently working on proposals to spend the money as such. 

 The creators of IreneDAO did not make any money from the sales as they gave the passes out for free as part of their proof of concept and value.

However, content creators will earn from the primary sale of their premium collectibles on the SO-COL platform.

All royalties from secondary sales go directly to the DAO, managed by members who own the pass. 

Amidst the sea of technical terms, So-Col attempts to bring the lofty, elusive concept of NFTs back down to earth. The startup does so by harnessing its technology to make sense to the everyday consumer of digital content on the internet, as well as providing a steady source of income for content creators who know nothing about blockchain.

The platform will allow creators to enforce a subscription-based model on their members, completely controlling all fees. In terms of monetisation, the startup earns 2.5 per cent from each transaction made on the platform. 

Such startups are creating a use case for NFTs beyond its current purpose as a hype piece, a speculative investment, a status symbol. Its platform will provide a tangible way for creators and users at all tech levels to come together like never before to inspire movements and build community. T

heir work offers a glimpse of what the future of NFTs and the creator economy could look like and presents the first-ever use case for NFTs that I have been convinced by– one where the rest of us 99 per cent will not get left behind.

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Astro, an on-demand quick e-commerce platform for groceries and other daily essentials in Indonesia, has secured US$27 million in Series A financing led by Accel Partners and Sequoia Capital India.

Existing investors AC Ventures, Global Founders Capital, Lightspeed Venture Partners, and Goodwater Capital joined. Founders and senior executives from Traveloka, Ajaib, Meesho, OYO, Swiggy, Udaan also participated in the round.

The startup will use the funds to expand its reach, serve more customers across Indonesia, and scale the team size by 3x in 2022.

In Indonesia, while groceries is one of the biggest retail sectors, the digital penetration is one of the lowest (~0.4 per cent) compared to the 10 per cent penetration of e-commerce. With the pandemic driving digital adoption, the opportunity is large with e-grocery in Indonesia and is poised to become a ~US$6 billion opportunity by 20251.

Also Read: Ex-Tokopedia AVP’s Astro attracts US$4.5M to expand ’15-min e-commerce delivery’ service in Jakarta

Recognising this and the opportunity to create value for millions of Indonesians, Vincent Tjendra, former Associate VP at Tokopedia, founded Astro in September 2021 to deliver groceries and essentials such as snacks, drinks, milk and bread to customers within 15 minutes of placing the order. The firm offers 1,500-plus SKUs at competitive prices available 24×7 on its app.

Since the launch, Astro has established over 15 hubs across Jakarta and aims to expand this network to cater to millions of Indonesians.

“There are some irrefutable truths in e-commerce, and one of them is that consumers will always want faster delivery, better selection and value pricing. The quick commerce model sits at the pinnacle of such consumer demand. With growing affluence, the Indonesian market is reaching an inflexion point in e-grocery and other consumer categories, opening up a large market opportunity,” Aakash Kapoor, VP, Sequoia India.

The company previously raised US$4.5 million in seed funding from GFC, AC Ventures, Lightspeed, and Goodwater Capital.

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An off-white sneaker, Burberry trench coat, ripped Diesel denim, day-date green dial Rolex, on a virtual body with four per cent fat– this is what my digital avatar will look like in the Metaverse.

NFT and crypto loaded … and vain!

Yeah, well, we will see.

Before my smugness ruins the read, let me switch mode in this Web2 world, and tell you, true to my profession as a marketer, I have successfully integrated all the keywords in the first paragraph for this piece.

Welcome to the grand start of a better (debatable) verse. It will be meta and decentralised. Sustainable … umm, not from the start, but we will get there eventually!

Catch Focus 22: Web3 and Metaverse

In 2020, we all witnessed unknown hysteria. 2021, sobered up with hopeful contemplation, and I anticipate 2022 will be about brands taking that blazing leap headlong into digital.

But what is the difference between the previous generation i.e Web2 vs Web3?

Also Read: Demystifying NFTs and DeFi

Driven by three core layers of innovation: mobile, social and cloud, Web2 is the internet version as we know. An internet dominated by companies such as Facebook (now Meta), Google, Airbnb, Uber, Amazon, among others, that provide services as a swap for your personal data.

Web3 on the other hand leaps forward to be a decentralised and democratised network, that runs on the blockchain. It will allow anyone to participate without monetising personal data, on the technology pillars of edge computing, decentralised data networks and artificial intelligence.

Practical examples:

• Social media giants can redact or permanently suspend any account in the current world, but Web3’s decentralised control won’t allow it.
• Unlike now, payment apps in Web3 won’t require any personal data and can’t prevent payments.
• If down, creator or gig-economy applications affect the worker’s compensation. In the Web3 world, a decentralised, secure network of thousands of computers in the backend won’t fail to halt the system.

And Metaverse?

Metaverse (“meta” — means “beyond’) is a digital extension of our current existence within this universe. Within the Metaverse, we will live, socialise, and work – albeit virtually – going beyond the limits of our physical world.

So like the casual Friday wind-down Zoom meetings?

More than that!

During the pandemic, remote collaboration became the contingent. After almost 24 months, although we are getting better at it, it still isn’t as immersive and engaging.

Now picture this, being in a virtual – office space, gaming parlour, auditorium or a lecture hall, navigating through colleagues, friends and fellow students in a 360-degree fashion, interacting with life-like avatars of each individual?

You can do this all and more in the Metaverse powered by blockchain applications such as cryptocurrencies, content tokenization, NFTs, decentralised finance (DeFi) et.al.

So Metaverse experience in Web3 using blockchain is the future! Sounds fab, but there are challenges, right? What is the catch?

Also Read: Metaverse is around the corner and you should play a role in it

There are several challenges for this to be real and reach its full potential.

• Accessibility of advanced digital technologies: There are several technologies and standards/protocols that are commercially available to implementers, but the lack of integration in modern web browsers makes Web3 less accessible to most users. Also, being graphically intensive, both Web3 and Metaverse are heavily dependent on reliable data transmission speed, which isn’t accessible to a number of people around the world yet.
• It ain’t cheap: To bring all the required technologies to the masses, it would need heavy infrastructure investments and solid commitment from all quarters. Currently, most successful Dapps host very small portions of the code on the blockchain. This is mainly to keep the expenses low.
• Then comes education and experience: With all the novel and sophisticated technology to create an app, sure comes with a steep learning curve. Although we all know change is the essence of life, admit it – it takes a lot to alter minor life routines. Thus the upskilling part will surely be a hurdle to adoption, giving first movers a considerable advantage.
• Scalability limitations: Decentralised is great, but not as fast as we would want it to be yet. Slower propagation throughout the network obviously leads to slower adoption.
• Perception vs reality: Well, potentially, I can represent myself however I want in the Metaverse, but it may not be accurate. In this world where we struggle with online identity, body positivity and gender biases, we have to be careful around representations, especially for the sake of the young and impressionable generation. The incumbents of web2.0 warn this may lead to eroding human relationships and the society at large as we know it.
• The baggage of existing privacy and security issues: In the recent past the cumulative concerns on privacy and security by the search and social media platforms will have long-lasting doubts on future iterations of this advanced tech. Thus spilling over the controversies and criticisms on Web3 applications and the metaverse. Of course, until the new can of worms is opened as a natural side-effect of such evolution!

It is more positive than you think. Some markets—like finance, gaming, art and software—are already seeing the impacts. Others may take a few years.

As my imagination runs wild, I suppose the following should or already have made its first cut in the B2B space:

Virtual products and services

Nike, Adidas, Ralph Lauren, Balenciaga have already leapt into the world of crypto collectibles. From acquiring businesses like studio RTFKT (pronounced ‘Artifact’) have the advanced tech to enable the brand to lift their game, to launching special collections on Roblox, these fashion first movers are affirming the tech trends.

Products are obvious, but services?

Sure!

How about SLA smart contracts? No more empty promises eh! now you can back your ‘100 per cent up-time’ promise with the trust of blockchain.

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

Events galore

Heard of Decentraland? It is a Decentralised Autonomous Organisation (DAO), powered by the Ethereum blockchain. It is a community-developed, 3D virtual reality platform that lets users create virtual buildings such as art galleries, casinos, even concert halls. Host events, meetings, use your virtual property/venue as you would in the real world!

Never know, your may meet your next boss chilling at a Decentraland theme park, seated next to you and yelling at that almost 180-degree drop of the insanity rollercoaster!

Awards, loyalty and advocacy

Creator coins (explore Rally.io) are more flexible than air miles, and definitely more valuable and easily tradable than loyalty points.

Word-of-mouth is your thing? Check out – Attrace. It uses tokens to incentivize product referees and logs each transaction on the blockchain, so every click is tracked.

Charity and awareness

Plenty uses cases in this segment, especially cause these heavy techs consume resources and are not best optimized for the environment yet. What is the best way to reverse effect (other than not executing it) – charity and diverting all proceeds towards a good cause – raise awareness.

A lot of Web3 and Meta plays are very much in the novelty zone with plenty of opportunities to harvest the crazy bounties.

Warm-up to this fast-moving and exciting evolution of new immersive experiences for your audience. There is no doubt in my mind that your industry and your discipline will be re-engineered by blockchain and Web3 – the two tech visions for this decade – 2030.

Are you ready?

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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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Indonesia-based social commerce platform Grupin today announced a US$3 million in funding led by Sequoia India’s Surge.

Skystar Capital and East Ventures also joined.

Started in January 2021 by Kevin Sandjaja and Ricky Christie, Grupin offers an interactive, community-based shopping experience to consumers, along with the benefit of discounts on bulk consumer products. The platform helps consumers find, discover and band together to get great deals consistently while allowing them to share their experiences socially.

Through Grupin, groups of people can combine their purchases to get significant discounts at scale. Consumers also get access to different deals that are constantly adjusted based on their location, browsing behaviour, buying preference and purchasing power.

Also Read: Meet the 5 Southeast Asian startups graduating from Sequoia Surge’s sixth cohort

Grupin proactively offers new deals on new brands, produce and locally made products, creating a different discovery experience than search-based e-commerce sites.

Additionally, customers can share the best deals and products with their friends and family within the app.

To date, Grupin has sold hundreds of SKUs from packaged foods, fresh produce, baby products, kitchen utensils to electronics.

“With the proliferation of e-commerce, especially since the start of the COVID-19 pandemic, consumers want a robust shopping experience that not only brings value but also provides engagement. At Grupin, we offer a social experience when shopping, which has been especially engaging for customers in Indonesia, as we see ingrained cultural behaviours like ‘gotong royong’, where friends come together to shop and play,” said Kevin Sandjaja, Co-Founder of Grupin.

Grupin is part of Surge’s sixth cohort of 20 companies.

E-commerce in Indonesia is rapidly growing, accounting for 20 per cent of retail sales in 2020, up from just 6 per cent in 2019, and is expected to reach US$60 billion by 2025.
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