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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As the issues the world is facing — and the innovation and technology required to address them — get more and more complex, the key may be in turning to tried and tested methods that drive, sustain, and accelerate innovation: research. Specifically, the process and power of scientific research that applies systematic methods to analyse and interpret data to come up with conclusions and solutions.

Solving complex problems often requires coming up with solutions made up of equally complex parts, research allows for us to take into account solutions coming from different sources and various disciplines. With this more holistic approach, we can cast our eye beyond the immediate future and see what the world would look like a century from now.

The Hyper Interdisciplinary Conference Singapore 2022 (HIC Singapore 2022) aims to address issues faced by Singapore and its neighbouring countries in Southeast Asia. It seeks to envision a future beyond achieving a mature economy, centred around the theme of “What will Home Sapiens be in 100 years.”

The world beyond mature economies

HIC Singapore 2022 looks into a future beyond achieving mature economies and aims to accelerate “knowledge manufacturing” across disciplines. to come up with project designs that could potentially solve deep issues in Southeast Asia and the world. The goal is to create new value and jumpstart innovation across various sectors through the power of scientific research.

The programme is premised on defining what that future will be by discussing three key topics: diving into growth beyond mature economies, designing the future of food, and exploring the merits of Singapore being a global testbed for healthtech development.

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

The first session on “the future of a mature economy” explores the challenges and issues of a mature economy and discusses what needs to be addressed to move forward. It features panellists from various sectors as they navigate their roles and capabilities in designing that future.

From global industry leader OMRON, we get a hint of how vision-driven companies can successfully grow and maintain businesses, backed by years of experienced global company growth. With research and innovation institute EcoLab, we explore how accelerating the implementation of deep tech as a service can bring effective solutions to society’s issues. And from Latheacond Technologies, we garner insights on how they are trying to innovate the business of one of the most massive, far-reaching, and oldest industries — supply chain with the help of scientific advancement.

Thriving for a century and more

When we talk about the future, we are talking about survival. And for humans, there are two major factors to survival: food and healthcare.

Food insecurity is a global problem and something that should be addressed if we want to move forward and survive as a species. The second session on defining the food culture will take a look at the current challenges we are facing in our food systems from production, distribution, and management.

Moreover, we will take a look at what food looks like in the future. What could potentially be the trends when it comes to nutrition? What are the expectations from various sectors when it comes to designing food and the systems that produce and distribute them?

The third session on healthcare specifically takes a look at Singapore as a global testbed for healthcare innovation. With a diverse population made up of a wide range of ages and races, Singapore also requires a wide range of healthcare technology that innovators can use as a springboard for their new healthcare technology.

Also read: Australian fintech takes global No. 6 spot

The session features a panel of experts from different sectors to discuss the various opportunities to collaborate on creating new businesses based on innovative new healthcare technologies not just in Singapore but beyond.

Apart from the panel, this session also includes TECH SPLASH, a fast-paced presentation from three startups/researchers to showcase the technologies they have developed, The aim of TECH SPLASH is to provide an avenue for research ideas and collaborations to happen between the presenters and viewers in an intensified atmosphere.

The fourth session will take a look at how the use of post-consumer recycled (PCR) plastics can be a sustainable solution for non-food packaging in Singapore. With a panel featuring leading experts on recycling and sustainability from multinational corporations and the government, this session will explore successful case studies and discuss the key role of responsible plastic use and recycling to create a circular economy.

Designing solutions for a better future

Interdisciplinary collaborations can be the key to solving many of the world’s complex issues. By gathering together stakeholders from academia, corporates, tech startup ecosystem, and government, the HIC Singapore 2022 is facilitating an environment that allows innovators from various disciplines to gain fresh ideas, begin collaborations, and come up with new solutions they otherwise would not have had they been siloed in their own sectors.

Also read: Meet the 26 innovators pitching on JETRO x Techstars pitch day

Through the panel sessions and startups showcases, discover how the world would look like 100 years from now, learn about solutions being developed to the challenges we are facing, and explore opportunities for interdisciplinary collaborations.

Join the virtual conference on 26 February 2022 and be part of a community designing solutions for a better future. The HIC Singapore 2022 is free to join for students, academia, and startups.

Sign up here.

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Image credit: alphaspirit

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This article is produced by the e27 team, sponsored by Leave a Nest

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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majoo, an integrated SaaS business solution platform for Indonesia’s MSMEs, has raised an additional US$5 million in its pre-Series A round.

AC Ventures and Quona Capital co-led this round, with BRI Ventures and Jakarta-based fintech unicorn Xendit participating.

This round brings the total funding raised in this round to approximately US$9 million. majoo will use the funds to ramp up its product development, which includes the integration of its instant online store and marketplace.

The startup will also strengthen its market penetration and expand the team. 

Also read: The 27 Indonesian startups that have taken the ecosystem to next level in 2021

majoo was established in 2019 by former LinkAja commercial head Adi Wahyu Rahadi, former PT Sentra Inti Nusa Energi director Audia Rizal Harahap, and its current VP Engineering Bayu Indriarko.

Started as a Point of Sales (POS) solution for MSMEs, the company later expanded to provide an end-to-end SaaS solution involving employee management, POS, and inventory management throughout the Indonesian microentrepreneurs selling process.

The Jakarta-headquartered company has a tech team in Malang, supporting teams in 60 cities and sales representatives in more than 100 cities.

Since its launch, majoo claims to have acquired over 25,000 active merchants with 12-month retention and 250 per cent growth during this pandemic.

So far, majoo stated that it has processed over 100 million transactions worth US$600 million for MSMEs in more than 600 cities in Indonesia across a diverse range of businesses from F&B to laundromats and convenience stores. 

Last October, majoo secured US$4 million in pre-Series A funding led by AC Ventures with participation from BRI Ventures and Xendit.

As per Indonesian Ministry of Cooperatives & SMEs data, Indonesia has over 63 million MSMEs, accounting for around 99 per cent of all businesses in the archipelago. Meanwhile, the rate of digitalisation for the country’s MSMEs was only 13 per cent in 2019, with internet connectivity remaining an issue, as stated in UOB ASEAN Transformation Study.

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Manatal raises US$5.1M from Sequoia Surge, angels

Thailand-based end-to-end recruitment and onboarding SaaS platform Manatal today announced the closing of its US$5.1 million seed funding round from Sequoia Surge and angel investors.

The startup will use the fresh funds to enhance its product offering and AI recommendation engine in the coming months.

Manatal was founded in January 2019 by Jeremy Fichet (French) and Yassine Bel Mamoun (Moroccan) in Bangkok. It helps recruiters leverage the latest technologies to streamline the entire recruitment flow from the sourcing to the onboarding.

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

The firm also supports companies in improving internal and external communication,enrichg their recruitment data sets, track KPIs, and provideg AI-powered recommendations. With Manatal, SMEs around the globe can combat challenges around talent recruitment and reach their hiring goals in a more affordable way than offered by the various enterprise recruitment solutions in the market.

Thousands of SMEs, tech companies and startups have joined Manatal. It has now expanded its customer base to 130 countries without a sales team, helping companies hire close to 100,000 candidates.

Medici raises pre-Series A led by Wavemaker, Jungle Ventures

Medici, a one-stop healthcare and insurance platform in Vietnam, has raised an undisclosed amount in pre-Series A round co-led by Wavemaker Partners and Jungle Ventures.

Existing investor Insignia Ventures Partners also co-invested.

The company will use the fresh funds to scale up its insurtech footprint, expand its healthcare offering, and hire across different roles in the organisation.

Founded in 2019, Medici builds a digital-first, holistic healthcare ecosystem enabling affordable access for the Vietnamese masses to best-in-class doctors, healthcare products, and insurance. Its ecosystem includes telemedicine services connecting users to their curated network of in-house and partner doctors, clinics, and hospitals, an online marketplace for supplements powered by partnerships with pharmaceutical companies, and a network of leading companies in Vietnam distributing their services to their employees.

Also Read: Medici gets seed funding to foray into insurance in Vietnam

In 2021, Medici ventured into the insurance space after acquiring an insurance broker license from the Ministry of Finance. This has enabled the firm to offer affordable policies based on the health data from its ecosystem, which has millions of users across more than 30 provinces in Vietnam.

Vu Ba Tuyen, ex-Deputy CEO of Hanwha Life, with more than 20 years of experience in the insurance industry, has been appointed as the Deputy CEO of Medici in charge of Medici’s insurance business.

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The post Funding roundup: Thailand’s Manatal nets US$5.1M, Vietnam’s Medici raises pre-Series A appeared first on e27.

Picking up where we left off in part 1, while the upskilling and infrastructure building in a short time to leverage innovative technology or trend are important, it is also true that a few of them would be hype and therefore burst like a bubble.

Hence it is equally important to monitor and figure out the trends and bet on the technologies that have future potential.

A survey done by the World Economic Forum (WEF) lists the following jobs as likely to see a growing demand:

• Data analysts, scientists, big data specialists
• AI, ML, IoT specialists
• Digital marketing and strategy, digital transformation specialists
• Process automation specialists
• Business development professionals
• Information security and forensic analysts
• Mechatronics and new product development specialists
• Software and applications developers
• Project managers
• Database and network professionals
• Robotics engineers
• Strategic advisors and risk management specialists
• Management and organisation analysts
• Fintech engineers
• Mechanics and machinery repairers

Meanwhile, the demand for the following skillsets is going to decrease:

• Data entry clerks
• Administrative and executive secretaries
• Accounting and bookkeeping clerks
• Accountants and auditors
• Assembly and factory workers
• Client information and customer service workers
• Material recording and stock keeping clerks
• Financial analysts
• Sale representatives, wholesale and manufacturing, technology and scientific products
• Relationship managers
• Bank tellers and postal services clerks
• Door-to-door sales, news and street vendors
• Electronics and telecoms installers and repairers
• Construction labourers

The new skill sets and related jobs would not be confined to large organisations but will be required across industries including farming. The farming industry is undergoing major transformations with the deployment of IoT and other technologies.

Also Read: Why cross-skilling is critical for jobs of the future – Part 1

The above should give an idea of what skills individuals need to pursue. It is equally imperative for the skill development agencies, for instance, to get ready for more courses around developing data analysts rather than data entry operators.

In a sense, the evolving situation and availability of manpower skilled for innovation-economy will also compel the SMEs to accelerate their digitalisation drive, thus climbing up the value chain and overall improving the industrial competitiveness of the country.

According to some of the surveys, contract jobs are going to be on the rise, as organisations will increasingly operate on project mode and would rather outsource specialised and specific tasks or jobs instead of creating or retaining a large pool of employees.

The uncertainty caused by the pandemic as well as the work-personal life balance, life experiences and the freedom demanded by today’s millennials to live their dreams, is set to accelerate this trend.

Whether you are a contractor or an individual entrepreneur, you need to do the prospecting for work that matches your skill, manage your workload, undertake monthly billing, manage your own finances and taxes, manage relationships with your client, reskill yourself, and more.

This would bring in a renewed focus on the individuals to hone their soft and hard skills continuously and transform themselves into an enterprise by themselves.

Summary

To address the challenges faced by the industry and job market today, societies are pursuing a holistic approach, creating active linkages and coordination between education providers, requisite skills, workers, and employers; ensuring effective collaboration between employment agencies, as well as involving regional and federal governments in helping their citizens.

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

The importance of skill training institutions cannot be emphasised more. The skill trainers have to be at the avant-garde, looking for the trends, skilling themselves and offering upskilling and cross-skilling courses in the most convenient and cost-effective manner. The speed of adoption and the quality are going to dictate how societies are going to thrive in the future.

Algorithms and machines will be primarily focused on the information and data processing and retrieval tasks, administrative tasks and some aspects of traditional repetitive manual labour. The tasks where humans are expected to retain their comparative advantage include managing, advising, decision-making, reasoning, communicating, and interacting.

Per different surveys carried out recently, data analytics, IoT, high performance and cloud computing, process automation, robotics, Fintech, cybersecurity, mobile and software apps, large machinery, cyber-physical systems, mergers & acquisitions (M&A), networking, 3D/4D printing and the likes are set to boom.

Curiosity, understanding the inherent strengths, soft skills, technical skills, adaptability would be desirable qualities in an individual.

Entrepreneurship and contract jobs are going to be encouraged, leading to humans being an enterprise by themselves.

Learning is a lifelong process.  Individuals need to be adaptable to change and the early movers are going to reap more benefits compared to laggards.

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The post Why cross-skilling is critical for jobs of the future (Part 2) appeared first on e27.

Singapore-headquartered early-stage VC firm Altara Ventures today announced the final close of its first fund oversubscribed at US$130 million.

The initial target was US$100 million.

Investors include institutional funds, sovereign wealth funds, financial services institutions, publicly listed corporations and prominent family offices.

Altara Ventures is focused on early-stage investments in high-growth tech startups, including fintech, consumer, enterprise software, logistics, healthtech and edutech. The VC firm is led by five General Partners, namely Koh Boon Hwee, Tan Chow Boon, Seow Kiat Wang, Gavin Teo and Dave Ng.

Altara has made seven investments to date, including Tonik (the Philippines), Stashfin (Singapore), Sampingan (Indonesia), Clevai (Vietnam), PolicyStreet (Malaysia), and Senseye and FreeAgent CRM (both in the US). On Wednesday, Tonik announced the completion of its US$131 million Series B equity funding round.

Also Read: Koh Boon Hwee-backed US$100M+ VC fund Altara Ventures to invest in 20-25 firms in SEA

It will continue to actively deploy capital into Series A- and B-stage investments in fintech, consumer, enterprise software, logistics, healthcare and education technology.

The firm expects 2022 to be an exciting year ahead; it is already in the process of leading and closing another three new investments in Q1.

Altara Ventures was launched in September 2020. On the sidelines of the launch, General Partner Dave Ng told e27 said that it planned to support a total of 20-25 companies operating primarily in the Singapore, Indonesia, Vietnam, Malaysia, Thailand and Philippines markets.

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