Startups often come under pressure to grow their teams quickly to scale their business. In an industry like tech with a male-dominated talent pool, the urgency to grow teams could put diversity in the backseat.  

The numbers are telling. Research from McKinsey & Company has shown that company profits and share performance can be as much as 50 per cent higher when women are well represented at the top.

I’d go as far as to say that a diverse and inclusive work environment is a critical building block for success. Fundamentally, most startups live by the ethos of building products and solutions that address existing gaps and challenges in their communities and society.

Thus, a startup team should be a microcosm of the communities it serves so it can better identify and solve crucial pain points. Teams without adequate female representation, for example, might not be able to empathise with and address the needs of half of their audience.

Not to mention, diversity of thought nurtures two key elements that fuel innovation, creativity and empathy.

Walking the talk: Where do we begin?

The business case is clear enough to see. But how exactly should aspiring founders and fresh startup teams build truly diverse and inclusive teams?

Firstly, recognise that diversity is a long-term investment. There are no shortcuts, only deliberate planning and nurturing to unleash the true potential of a diverse team. 

It starts during the hiring process. Consider having a diverse slate of candidates and practising inclusive hiring to find the best person for the job. This includes well-qualified individuals who might be apprehensive about applying. 

For instance, a survey by the Nanyang Technological University found that only 58 per cent of women who graduated with a STEM diploma or degree went on to work in a STEM field, compared to 70 per cent of men, despite expressing equal career interests around STEM jobs. 

Also Read: International Women’s Day – Breaking the bias

Look beyond your usual talent pool, and connect with individuals that might have different educational qualifications and work experiences. Many core competencies, like problem-solving and effective communication, are transferable across sectors and especially valued in tech.   

At Twilio, we have a dedicated Early in Career (EIC) team focused on recruiting talent from universities, colleges and non-traditional backgrounds. We expanded Hatch, our global apprenticeship programme, in India and sought to recruit first-generation STEM learners. 

Putting your startup’s commitment to DEI in black and white can help instil accountability and equitable access in how the team grows. These commitments should be embedded in company-wide policies for consistency. In addition, maintaining healthy pay parity and providing promotion opportunities for all employees should be a given, regardless of gender or race.

Equally important is thoughtful engagement across leadership and employees to ensure that DEI becomes part of the culture’s DNA. I believe in cultivating a learning culture that encourages everyone to think and act more inclusively.

This can be accomplished in many ways. Employee resource groups (ERGs) can support, promote, and celebrate the shared life experiences of typically underrepresented and marginalised communities.

Organisations can also establish safe spaces for employees to come together and have vulnerable conversations about what’s happening in and out of the workplace.

While company-led initiatives are in need, contributions at the individual level matter just as much. We should hold ourselves accountable by taking the initiative to learn and reflect on our own biases and how they might show up in our personal and professional lives.

Measuring success

In measuring DEI, companies commonly report representative data to show transparency into their internal makeup. Unfortunately, this data is often used to prove whether or not a company is doing well. 

Instead, startups should use data to examine how they can move these measures and improve. We call this our “move, not prove” philosophy at Twilio. We share our data for transparency, but as a team, we are more focused on how we can use this information to guide and refine our DEI programmes continuously. 

Startups should also look into the full employee lifecycle, including hiring rates, promotions, comparative attrition, and representation, to get a fuller picture of where they stand. 

Ultimately, founders need to recognise the value of building gender diverse teams as a matter of social obligation and as a mission-critical factor for business success. 

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Indonesia-based fintech startup Akulaku today announced US$10 million in post-Series D debt funding from Lend East, a digital lending platform that connects global institutional capital with alternate lenders in Southeast Asia and India.

This funding followed a US$100 million Series D funding round that the startup announced in January 2019.

In a press statement, Akulaku said that it plans to use the funds to continue building and enhancing its lending portfolio in its key operating markets in Indonesia, the Philippines, and Thailand.

“We are pleased to once again partner with Lend East to continue to enhance our lending portfolio. Akulaku has continued to see significant growth in the past year, and this additional funding will allow us to continue meeting the needs of the underbanked throughout Southeast Asia,” said Akulaku CEO William Li.

Founded in 2014, as one of the earliest consumer lending fintech startups in Indonesia, the startup aims to serve underbanked consumers in the markets it operates in with services that include digital banking, consumer credit, digital investment, and insurance brokerage.

Also Read: ‘Asia’s BNPL sector has great potential’, says Akulaku CEO William Li

In its home country Indonesia, Akulaku operates a buy-now-pay-later (BNPL) and consumer financing platform. It claimed to have disbursed over US$2.2 billion of credit in 2021 to over 10 million users.

Its wealth management, e-commerce, and digital banking platforms are said to have grown the company’s total revenue by 120 per cent to US$597 million.

Akulaku intended to seize the opportunity provided by the COVID-19 pandemic which saw changes in customer behaviours in various markets. According to Bain report, eight in ten consumers in Southeast Asia have turned to digital financial services to make purchases online.

However, the startup said that despite the growing digitally savvy middle class, half of the region’s population remain unbanked with no access to financial products. A further fifth (18 per cent) are underbanked and lack access to anything other than a bank account.

For Lend East, Akulaku was its first investment in the region back in 2019.

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Consumerism has been on the rise since the 1890s, where mail-order became popular amongst the richer classes. Capitalism plays a strong role in creating a world that embraces consumerism, and the need to obtain more stuff has evolved with the current expectations and demands of the world.

Shops shifted online to reach a broader audience, and as logistics improved across the globe, the reach of e-commerce expanded alongside it. Then, came Covid-19, the virus that swept the nation and shut the doors of retail for extended periods of time, causing consumers to turn online for everything from their daily essentials down to their desires.

The pandemic has ensured the survival and expansion of e-commerce, and in Australia, we’re seeing a surge in demand for both e-commerce and online entertainment and their spending power has surged alongside them. 

Australians are some of the biggest spenders per capita in digital shopping and online streaming, with the average Australian spending close to four hours every day on streaming and entertainment.

According to the Australia and Entertainment Outlook, total media consumption is set to surpass AUD$50.6 billion by 2024. Along with these growths in spending habits, Australia’s economy has also been primed for e-commerce growth.

In fact, international surveys have placed Australia as one of the top e-commerce performers, jumping up six ranks from 11th place to 5th, right behind Korea, America, and the U.K. Furthermore,  61 per cent of Australian consumers highlight that online shopping is their first choice whether they are buying food, groceries, or personal care items. 

The direction that e-commerce in Australia is headed

When we look at the general picture of retail and consumerism, there is a strong trend that simply cannot be ignored. Brand loyalty is slowly falling behind and Australian consumers are no different.

The new generation of conscious consumers are making informed decisions when it comes to their patronage. If a brand or company is linked with something that does not align with their values, such as animal testing, consumers are more than willing to drop that brand in search of another and pricetags matter less and less these days. 

At one point, it would seem that the cheaper and better value the product provides, the more popular it is. But as consumers have become more conscious about the manufacturing and even marketing process, they are making choices that directly reflect their own values and ethics. 

According to Dr. Andreas von der Gathen, the co-CEO of a renowned global strategy and pricing consultancy, “The relative importance of sustainability during the purchase process will continue to increase. Today, 50 per cent of consumers rank sustainability as a top-five value driver. As expectations around sustainability climb, companies will face significant pressure to prove their sustainability credentials and continue to make it a central part of their value proposition.”

Also Read: The long and winding road to e-commerce profitability

For companies to grow sustainably, they have to have sustainable practises. Eco-friendly is a new buzzword and everyone, Australians included, wants a slice of that. 

Personalisation will go to new heights

One thing that the pandemic has proven is that food will always be something that people are willing to splurge on. While it is a basic necessity, it isn’t enough for your average consumer to have sub-par meals.

They are more than willing, much like their choices for products, to go with restaurants that provide ethically sourced ingredients that are palatable and suit their dietary needs. 

The idea that everything should be custom-picked for consumers is where the general consensus is headed. In a recent survey, Australians mentioned that they expect that e-commerce sites will show them products and items that are tailored to their needs and desires, and more than 88 per cent of those respondents said that they have bought something that Amazon recommended them to buy. 

With this in mind, consumer personalisation is something that should be seriously considered.

Any company which is able to break into that field and really provide consumers with a bespoke service will win in the game of e-commerce, where everything is available (including information regarding the brand, service, or product) at the click of a mouse. 

If you want to get ahead, listen to your demographic

Products and consumers share something of a symbiotic relationship. The consumer demands, and the product supplies.

However, if the company that’s producing these products continues to stay deaf and blind to the growing voices of their consumers, they will lose them at the drop of a hat.

Bearing in mind that consumers are no longer the loyal customers of generations past, and are not afraid to try something new, especially if that something is endorsed by other people and flaunted on social media in an organic manner. 

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Earlier this week, Quest Ventures announced the promotion of two female investors in its team. Michelle Ng, with her promotion to Head of ESG and concurrently Director of Sustainable Impact Accelerator, was named in this announcement alongside Gwen Sim, who was promoted to Associate.

Ng is definitely not a new face in the firm –and in the startup ecosystem in recent years. Joining Quest Ventures in 2020, she has been driving their focus in Vietnam and Central Asia. She formerly headed the internationalisation focus at the Action Community for Entrepreneurship –the national trade association for startups in Singapore– and was with CNBC Asia prior to ACE. She also holds key office bearer positions in grassroots committees and non-profit organisations such as Social Impact Catalyst.

e27 readers may also be familiar with her writings through our Contributor Programme where she had published thought pieces on a wide range of topics from post-pandemic life to how the Russia-Ukraine war will impact ESG investing.

With this promotion, Ng is going to lead the firm’s focus on ESG –a vertical that is becoming understandably popular due to its urgency and ability to create a positive impact in the various aspects of the public’s life.

There are many different approaches to ESG investing with each venture capital firm looking at it from different angles. In this email interview with Ng, we discover how Quest Ventures is viewing this vertical and how their approach sets them apart.

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

The centre of the problem –and the solution

Quest Ventures takes pride in being one of the earliest in the Southeast Asian (SEA) tech startup ecosystem to recognise the importance of ESG investing back in 2018. As time goes by and investment in the vertical becomes increasingly more important, the firm aims to double down its efforts.

With the announcement of her promotion, Ng states: “Total ESG assets in Asia have grown from a mere US$801 million in 2019 to US$7.9 billion in 2020, and global ESG assets are on track to exceed US$53 trillion by 2025. Investors have realised that people and social impact form the basis of ESG investing, and will no longer be considered in isolation from environmental and governance aspects.”

She continues, “Concerted efforts from the private and public sectors will hasten the integration of the social, technology and finance sectors in order to help socially-impactful enterprises scale further and faster.”

Ng further explains to e27 about the opportunities that the firm intends to pursue and why it requires some significant changes in its approach.

“ESG opportunities identified include the shift to Social (S) in ESG. The human-centricity of ESG investing will become more apparent and urgent,” she says.

She elaborated that with its focus on solutions addressing human-centred problems, the team will invest in and accelerate the growth of socially-impactful enterprises. To realise this mission, Quest Ventures has prepared several initiatives including the Sustainable Impact Accelerator, held in collaboration with raiSE (Singapore Centre For Social Enterprise).

Set to run from June to August this year, the initiative aims to support enterprises with a strong social impact angle and high potential to scale it up. These enterprises will receive funding and capability support to drive their next stage of growth, and gain exposure to investors across key cities in Asia as they work towards raising an institutional investment round in the next 12 months.

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

In measuring the social-environmental of a potential investment, Ng explains the points that the firm is looking for.

“Social-environmental impact can be measured by the number of people who have access to adequate livelihoods, sufficient nutritious food, clean air and water, and healthcare & well-being. The geographical spread of the impact can be measured, as well as the speed at which it scales,” she says.

“There is also a need to value qualitative data collected through due diligence interviews, which will add colour to findings regarding social-environmental impact. The measurement framework that we have adopted and adapted is discussed at length in Impact Investing Framework for Early Stage Venture Capital,” she continues.

Bringing ESG investment to SEA

When asked about whether strong social-environmental impact always equals strong profitability in ESG investment, or if there has got to be a sacrifice, Ng explains, “Strong social-environmental impact will eventually lead to sustained outsized profitability, rather than a scramble for strong short-term profitability that will fizzle out. ESG-oriented investors look to identify and mitigate ESG risks and capitalise on value creation opportunities to improve returns in the long term.”

But in order for sustainability startups in the region to realise their potential, there are still challenges that remain. For example, Ng points out that, for climate tech startups in SEA to scale, there is a need for large scale financing of US$2 trillion to help the region “go green and stay competitive.”

“Quest Ventures looks to drive investments and capital reallocation into ESG and sustainable impact startups in this region,” she says.

In order to encourage more investment in ESG the SEA startup ecosystem, Ng believes that it can be done through pricing in externalities and re-allocating more resources and capital to help these ESG companies grow and scale.

For Quest Ventures itself, its ESG focus will be a foundation for its investment in the region.

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Med247, a hybrid O2O startup in Vietnam that operates on the concept of a 24×7 family doctor, has completed its oversubscribed US$4.5 million Series A round, led by Altara Ventures, Pavilion Capital, and Singaporean biotech firm MiRXES.

East Ventures, Venturra Ventures, and unnamed angels also co-invested.

The fresh capital further ramps up the expansion of Med247’s flagship clinics and 7-Eleven-like convenience family clinics network in Vietnam, which has slowed down due to the pandemic-induced social distancing measures in the past two years. The capital will also boost its R&D efforts and enable it to set up a training academy for doctors and nurses.

Co-founder Tuan Truong told e27: “Med247 would actively contribute to implementing the country’s telehealth sandbox and other national and local programmes supporting health centres’ digitalisation.”

In 2019, the firm bagged an undisclosed seed funding joined by KK Fund and the former senior executive of Singapore’s Parkway Healthcare Group, Dr Goh Jin Hian.

Also read: Vietnamese healthcare startup Med247 gets seed funding from KK Fund, broadens users coverage 

Co-founded by Truong and Thao Nguyen in 2019, Med247 aims to become a one-stop-shop for primary and preventative care, pharmaceuticals, clinical services, and telemedicine. Regardless of the patient’s needs, it aims to provide patients with a comfortable family doctor-style treatment by connecting them quickly to trusted doctors of their choice.

Med247 employs remote photoplethysmography (rPPG) technology coupled with AI predictive analytics to screen patients’ vital signs through their smartphone cameras. It also collaborates with the Singapore-headquartered MiRXES to bring next-generation microRNA technology into the Vietnamese healthtech market.

MiRXES’s patented miRNA biomarker platform in the screening and diagnostics of disease early detection will empower Med247 to achieve their goals in providing primary and preventive care to and ensuring the well-being of their patients.”

Med247 also operates wholly-owned flagship clinics in major cities with links to a network of satellite clinic partners in cities, provinces, and districts. Each clinic provides multi-speciality healthcare and expert and technology support for eight to ten satellite clinics in residential areas.

Besides, Med247 enables hybrid care services, including remote telehealth consultation, no-wait health clinic appointments booking, electronic health record (HER) requests, home prescription delivery, online payments, and home medical tests. It also allows local general practitioners who directly conduct initial examinations for patients at satellite clinics to run joint consultation sessions remotely with specialist doctors from flagship polyclinics.

After establishing four clinics, the firm plans to expand its network to more than 70 clinics by the end of 2022, with 80 per cent being satellite clinics residing across the country.

Reinventing the fragmented Vietnamese healthcare system

According to Statista data in 2019, Vietnam had around 8.8 doctors per 10 thousand inhabitants in Vietnam, compared to the OECD average of 36 physicians per 10 thousand population.

“Moreover, Vietnamese people are not familiar with a family physician or primary family care. They often go straight to national hospitals when contracting common illnesses, resulting in significant overload in large hospitals,” added Truong.

Meanwhile, Vietnamese spent around US$17 billion on healthcare in 2019, equivalent to 6.6 per cent of the country’s GDP, with per-capita healthcare spending doubling over the last decade. The expenditure is expected to grow at a CAGR of 10.7 per cent to US$23 billion in 2022, according to Fitch Solutions. This is mainly attributed to the growing concern over health issues of the country’s fast-growing middle-class and ageing population.

The mounting demand creates a fertile ground for the private healthcare sector, which makes up 32.2 per cent of total outpatient services and 6.3 per cent of inpatient services. However, Truong and his team recognised a significant quality gap between high-calibre hospitals and clinics privately held by physicians.

“Initially, we intended to build an app for clinic management,” Truong said, “but the pain point is not about technology but processes and standards for healthcare provision, especially in the private medical sector.”

This is concerning given that there were about 35,000 private clinics across the country in 2018, nearly triple the number of commune health stations and regional polyclinics within the public sector, as per a World Bank report.

Fortunately, the situation is improving, thanks to the emergence of the digital transformation accelerated by the COVID-19 outbreak. Medical centres are urged to adopt digital tools and technologies such as telemedicine and virtual care for patient treatment.

Riding on this tailwind, Med247 digitises clinic management and diagnostic processes. It synchronises them for the whole chain, giving its medical team oversight to ensure proper care and quality control at each step of the patient experience. It also facilitates ERH of patients on its platform, allowing two to three physicians to collectively diagnose and supervise a patient and prescribe suitable treatment and medicine.

Also Read: BuyMed nets US$8.8M to develop a healthtech e-commerce platform, expand beyond Vietnam

“Regular virtual joint consultation sessions through the Med247 platform will help iron out the quality discrepancy between flagship clinics’ specialist doctors and satellite clinics’ practitioners, who often lack experience, expertise, or associated soft skills,” Truong emphasised.

“Med247 system also releases daily reports to give appropriate guidance and alerts to support practitioners inpatient follow-up treatments.”

During the pandemic, Med247 claims it delivered nearly 400 consultations sessions per day to more than 11,000 patients from 21 provinces and cities in Vietnam. The consultation covered not only COVID-related treatments but also other healthcare needs, especially mental health and chronic disease management. The firm boasts of having registered a 500 per cent revenue growth and a 700 per cent growth in pharmacy orders within the last 18 months.

So far, through its mobile app and clinics chain, Med247 has served around 50,000 users, with an average of 2.47 visits per unique patient every three months, noted the firm.

Thao describes a typical customer journey as when a patient calls or books an appointment with a doctor via app right when they receive initial symptoms. This will significantly reduce screening time, increase treatment efficiency, and ease costs and burdens for patients. Doctors will then consult patients to visit a clinic for tests and examinations and follow up with them regularly via digital channels.

“Leveraging telemedicine’s ability to deliver timely care, our vision is to improve active healthcare monitoring and management for Vietnamese families, consisting of three generations: children, parents, and grandparents,” Thao added. “Med247’s model aims to provide everyone with quality, accessible and affordable healthcare products and services. This is to help reinvent the traditional healthcare experience from a single clinic visit to annual care packages that go beyond sick care to primary care, preventative care, and well-being for Vietnamese families.”

Bain’s 2019 Asia-Pacific Front Line of Healthcare survey found out that 50 per cent of patients expected to use digital health tools in the next five years and 91 per cent of consumers would be willing to use digital health services if the costs were covered by an employer or insurance provider.

“Thanks to Vietnam’s high smartphone penetration rate, we have the potential to bring this simple, intuitive, and holistic healthcare solution into nearly any household in the country,” said Thao.

In the future, Med247 aims to capitalise on smart devices to improve electronic health data through real-time tracking and monitoring of healthcare indices, allowing doctors to give timely and personalised diagnoses for patients.

“We believe that this is the good timing for Med247 to scale up as the pandemic has sharply increased customers’ willingness to use telehealth, accelerated service providers’ adoption of telemedicine, and bolstered regulatory changes in support of greater access and reimbursement for digital healthcare,” stated Truong. “However, considering that the Vietnamese market still needs more time to adopt this concept, Med247 will carry on the strategy of not only connecting practitioners with patients through a digital platform but also supporting clinics’ standardised O2O operations with advanced technologies and solutions.”

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Indonesia-based one-stop platform for content creators TipTip today announced that it has raised US$10 million in a seed funding round led by East Ventures.

This funding round included the participation of Vertex Ventures, EMTEK, SMDV, and prominent family offices.

In a press statement, TipTip said that it will use the funding to accelerate its entry into the content creator economy in the Southeast Asian (SEA) region which also included talent and user acquisition.

The company is currently preparing its upcoming invitation exclusive launch in April 2022, followed by a public launch in Indonesia “shortly after.”

TipTip was founded by Albert Lucius who was known for being the co-founder of Kudo, the O2O e-commerce platform that was later acquired by tech giant Grab in 2017 and rebranded to GrabKios.

The company operates in Indonesia and Singapore and is run by a team of more than 70 employees.

Also Read: Ilham Habibie on what it takes to bring the Indonesian startup ecosystem to the next level

TipTip enables content creators to monetise through personalised video sessions, the sale of premium digital contents, and direct interaction opportunities with their followers. The platform also aims to serve as the solution to fill the massive features gap faced by content creators across emerging economies throughout Southeast Asia, such as lack of monetisation opportunities, limited local payments and KYC integrations, as well as challenges related to content creation and distribution over mobile devices.

In SEA, content platform continues to remain relevant with notable investments in the vertical included the undisclosed Series C funding round raised by Philippine-based Kumu in October 2021. This funding round puts its total raised funding to more than US$100 million.

Commenting on the investment, Willson Cuaca, Co-Founder and Managing Partner of East Ventures said, “We believe in the potential of the content creator economy in the region, especially in how it has been accelerated during the COVID-19 pandemic. It is obvious to us that some of the consumer behaviour that formed during the pandemic will stay beyond the pandemic, TipTip is well-positioned to capture that. This is a product for the post-pandemic world, that was designed during the pandemic.”

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As nations across the globe continue to sanction Russia in condemnation of their invasion of Ukraine, companies have now joined the movement to exclude the Russian government, and sometimes Russians, from their list of clients.

Some of these companies have decided to ban them as a recommendation to the international sanction provisions from The Office of Foreign Assets Control (OFAC).

Others have taken this decision as a show of solidarity with the Ukrainian people. However, not all fintech companies are placing blanket boycotts on Russian citizens.

The most notable holdouts are Binance and Kraken, who cite the argument that banning “innocent Russians” goes against the philosophy behind cryptocurrencies.

So, let’s go through the reactions of fintech companies to the Russian invasion and explore how they affect the socio-economic climate in Russia and the rest of the world.

VISA

According to Statista, VISA owns 12 per cent of all credit payment cards in the world (335 million credit cards), accounting for about 50 per cent of the overall market shares.

The company reacted to the Russian invasion by halting all its operations within Russia and banning Russian VISA cardholders from processing transactions.

According to VISA’s official statement, the company is “taking prompt action to ensure compliance with applicable sanctions and is prepared to comply with additional sanctions that may be implemented.”

The VISA Foundation has also donated a US$2 million grant to the US Fund for UNICEF to provide the Ukrainian people with humanitarian aid.

Mastercard

Mastercard has maintained the same ironclad stance as VISA on the Russian invasion. The credit card company has reportedly forfeited about four per cent of potential revenue by excluding Russians from its services.

Mastercard CEO Michael Miebach released a statement saying that the company has ceased operations in Russia, as well as banned certain Russian banks from the payment network.

Miebach also affirms that the company has sent a US$2 million humanitarian fund to the Red Cross, Save the Children, and employee assistance.

Amex

American Express has also joined the ranks of Visa and Mastercard in suspending all operations in Russia and Belarus.

According to the memo from American Express CEO Stephen J. Squeri, the cards issued on the Russian territory will no longer work in Russia or outside the country.

As part of Amex’s “Do What is Right” code, the company has pledged US$1 million to humanitarian organisations to provide relief to people in Ukraine affected by this horrendous war.

PayPal

Despite being under no obligations to react, PayPal has taken the initiative to join other world-renowned payment services in halting all operations in Russia until further notice.

Dan Schulman, PayPal CEO, released a statement saying:

“PayPal supports the Ukrainian people and stands with the international community in condemning Russia’s violent military aggression in Ukraine. The tragedy taking place in Ukraine is devastating for all of us, wherever we are in the world.”

Also Read: How is the Russia-Ukraine war changing the talk in ESG investing?

He goes on to add that despite banning Russians from using PayPal’s services, the company will still provide support for Russian citizens within its workforce.

Payoneer

Payoneer’s reaction to the Russian aggression was to stop all issuance of cards to customers with postal or residential addresses within the Russian Federation.

According to the company’s updated FAQs, Russian citizens with Payoneer cards issued outside Russia can still conduct transactions without restrictions.

Upwork

In an open letter to freelancers, Upwork CEO Hayden Brown reiterated the company’s mission to help improve people’s lives, highlighting how “Vladimir Putin’s war on Ukraine” hampers that goal.

As a result, with over four per cent of registered freelancers from Russia and Belarus, Upwork has suspended operations and has shut down support for new business generation in both countries.

To this end, the changes will take full effect on May 1, 2022, leaving freelancers and clients in Russia and Belarus unable to create new accounts, initiate new contracts, and appear in searches.

The platform also donated US$1 million to Direct Relief International to support Ukrainian citizens caught up in the war.

Revolut

As a company with a Ukrainian co-founder Vlad Yatsenko, Revolut has provided unwavering support for the Ukrainians suffering from the war.

The current CEO Nikolay Storonsky, born in Russia to a Ukrainian father, released an open letter, categorically condemning the war, saying that “this war is wrong and totally abhorrent” and that “…not one more person should die in this needless conflict.”

In a statement titled “The War on Ukraine: Our Response,” Revolut has affirmed its dedication to uphold and impose sanctions placed on Russia.

As part of its support to Ukraine, Revolut has removed transfer fees for every transaction going into the country. The company has also pledged to match every donation made to the Red Cross Ukraine appeal.

Paysera

Paysera has released a comprehensive list of financial restrictions on Russia and its allies involved in the Ukrainian invasion.

Here is a list of the actions taken to impose these sanctions:

• Russian citizens will no longer be able to use Paysera (this restriction does not apply to Russian citizens with residency or work permits in other supported countries).
• All current accounts belonging to Russians will be closed.
• Russian and Belarusian companies are banned from using their Paysera accounts.
• All current business accounts belonging to Russian and Belarusian entities will be closed.
• Transactions to Russian and Belarusian banks between private individuals will continue but must go through rigorous verification procedures.
• Paysera will roll back all money transfers from Russian and Belarusian banks received on Monday (February 23 and later).
• Paysera users can no longer exchange to Russian Roubles (RUB).

This list is only one part of the extensive regulation changes for Russian citizens and banks.

Western Union

On March 10, 2022, Western Union issued a press release announcing that all the company’s operations in Russia and Belarus will be suspended with immediate effect.

For the people of Ukraine, Western Union has created a donation portal to address the humanitarian and refugee crisis, according to Elizabeth Executive Director of the Western Union Foundation.

Also Read: Financial literacy is a basic life skill. And this fintech startup is aiding millennials with it

The money transfer company has pledged US$500,000 to provide humanitarian aid to the Ukrainian people. To donate to the Western Union Foundation, visit their official website.

Wise

Before the 2022 Russian-Ukrainian war, Wise (formerly TransferWiser) had already placed a US$200 limit for Russian account owners.

With the current swathe of sanctions, the remittance and payments company has doubled down on its restriction for individuals and businesses within the Russian Federation and its (illegally) occupied territories.

Find a detailed breakdown of the restrictions according to the company’s Help Centre below:

Here you’ll find answers to the most common questions about Russian Rouble (RUB) transfers.

• You can only send RUB to private bank accounts or cards in Russia.
• You cannot send RUB to government agencies in Russia.
• You cannot send RUB to Crimea or Sevastopol.
• You cannot send USD or EUR to accounts in Russia.

These conditions may change as the conflict develops.

Remitly

Remitly is a P2P service that allows immigrants to send money across borders. Since the company’s core demographics (immigrants) are closely aligned to the plight of Ukrainian refugees, it is no surprise that they’ve also banned Russia.

Remitly, through a spokesperson, has communicated its dedication to upholding this ban according to the EU and US sanctions.

Zepz

Zepz (formerly WorldRemit), has released a list of countries on its banned list, including Russia and Belarus.

The company also released an updated list of transaction conditions, showing that Russia is on the blocklist until further notice.

The bottom line

The Russia-Ukrainian war has plunged the entire financial sector into a new reality. We are witnessing an unprecedented situation.

Numerous companies that aren’t obliged by law or sanctions, take the initiative to leave the Russian market. These decisions cost each of them a significant part of revenue, yet they demonstrate the willingness to pay this price in order to help stop the atrocious war.

United in an effort to protect democracy, they have put human values above their economic interests.

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Insitor Partner today announced that it has completed a US$42 million first close of its Insitor Impact Asia Fund II (IIAF II), with a target to reach US$70 million by the end of 2022.

This funding round includes the Dutch Good Growth Fund (DGGF) as well as two core investors from the firm’s previous fund: the UK government’s British International Investment (formally CDC Group) and Insitor’s founding family offices.

With the closing of this fund, Insitor also announced that they have signed a Memorandum of Understanding (MoU) with CDC Capital Group recognising their IIAF II fund as the first 2X Pioneer Flagship Fund in Asia.

2X Flagship Funds are an initiative under the 2X Collaborative, the global industry body for gender lens investing that was created after the launch of the 2X Challenge at the G7 in 2021. Its objective is to mobilise US$15 billion to support projects that aim to empower women.

Insitor plans to make 12 to 15 investments in high growth and scalable ventures across its core investment themes: Better Health, Sustainable Living, and Economic Growth.

Also Read: Why family offices can be another facet of venture capital, and how they can impact startup investments in Asia

It plans to invest at the Pre-Series A to Series A stage, and provide follow-on funding as portfolio companies scale. The new fund is also expected to collaborate with Limited Partners to co-invest in larger deals.

“With the 2X Flagship Fund status, Insitor is committed to investing with an explicit gender lens to ensure at least 30 per cent of its portfolio meets the 2X criteria. Insitor further commits to ​promoting and maintaining gender balance as a fund manager. Insitor is female-founded and led, with 50 per cent female employees in both senior management roles and across the overall employee base,” the firm stated.

Since the first closing, Insitor has made three investments in the following companies:

Trellis (Pakistan)
A housing finance provider that uses a fully-digital origination platform to accelerate deployment of housing finance;

MedKart (India)
A low-cost, high-high quality generic drug B2C distributor in India, which allows patients with chronic illness to save an average of 85 per cent on their drug treatments.

Taleem (Pakistan)
The first financial institution that serves the education system in Pakistan, providing affordable funding options to schools, teachers and households. The company aims to grow its active customer base by 25x using Insitor’s funding.

Also Read: How Gunung Capital CEO puts sustainability agenda at the forefront of an age-old industry

Launched in 2009, Insitor described itself as the first impact fund manager with a local presence in Cambodia and Myanmar, and an early player in India and Pakistan.

The company said it has so far made 27 investments across the region, creating 14,000 jobs, and transforming the lives of more than 40 million low-income consumers served by its portfolio companies.

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Image Credit: Insitor

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Singapore-based online platform for designer toys and collectibles company Mighty Jaxx has announced the final close of its oversubscribed Series A extension round.

iDreamSky Technology and an undisclosed technology company “with rich intellectual property resource” invested in the new tranche.

This deal comes days after Mighty Jaxx announced the first close of a US$20 million Series A extension led by East Ventures (Growth Fund) with participation from Mirana Ventures. Other backers in the round are Easternwind International, Pan Solar Ventures, and Teja Ventures, besides existing investors KB Investment and Korea Investment Partners.

To date, Mighty Jaxx has raised over US$40 million from a global network of investors that also includes Greycroft, SGInnovate and Finewill Capital.

“We have observed a qualitative leap in the growth of the Chinese collectible market over the past few years, led by the rise of Chinese brands and new players. In this US$100 billion market, phygital collectibles will emerge as a key focus point in the drive for digital convergence and for the rise of the metaverse and the creator economy,” said Jackson Aw, Founder and CEO of Mighty Jaxx.

Also Read: Mighty Jaxx raised US$10M in a Tencent-led round to grow its designer toys and collectibles biz

As per a Morgan Stanley study, China’s total addressable market accounts for about US$8 trillion.

The new investments will allow Mighty Jaxx to deepen the expertise of its proprietary platform for tech-enabled collectibles in China, strengthening its ability to develop immersive and interactive phygital collectibles and content. It will also leverage the support of its new Chinese investors to focus on developing its extended reality and Web3 capabilities to bridge phygital collectibles with online, digital experiences.

In addition, the startup will look to deepen its capabilities in IP development to create stories and phygital products.

Founded in 2012 by Aw, Mighty Jaxx is an urban culture company that designs and manufactures collectibles and lifestyle products in partnership with global talents and brands such as Warner Brothers, DC Comics, Looney Tunes, Sesame Street, and Casio G-Shock.

It is building an integrated platform to empower future pop-culture brands with the end-to-end supply chain of collectibles, including artist development and incubation, proprietary IP operation, and providing global consumer access with new retail.

The company claims so far, it has shipped millions of products to over 60 countries with diverse offerings in collectibles, gaming, lifestyle, and fashion.

Last March, Mighty Jaxx launched Nubbies: Sesame Street, a hyper-casual game title, in association with the new collectible series of the same name.

Valued at more than US$100 billion, the creator economy is undergoing staggering growth as it forms the focal point into which e-commerce, social media, and online communities converge. As the concept of a decentralised economy takes root alongside developments and the inevitable adoption of Web3, independent creators will undoubtedly rise in number and influence.

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Navigating the dynamics in the corporate world can be challenging. This is especially true for women. From the wage gap to the social expectations gearing women for a domestic life rather than a career-driven one, it can be an uphill battle to succeed in the boardroom. In the fields of venture capital and private equity (PE/VC) in the Southeast Asian region and across the continent, this is reflected in four key areas: culture, recruitment, advancement, and leadership.

The dichotomy between staying at home and caring for one’s family versus excelling in their chosen profession is primarily what forces women to choose between one or the other, making them settle for background roles or leave their careers behind completely. Difficulty in securing maternity leaves and the lack of flexible work hours further aggravate the challenges women face — and this is true for most sectors, not only in the corporate world. 

However, Southeast Asia has been shifting towards shrinking the gender gap in recent years, and many are taking advantage of the positive change. Despite the expected slow turnaround of complete gender parity, women are taking the region by storm, especially in the tech industry. Of course, none of these welcome changes is happening by mere coincidence. There are real hardworking people actively trying to change the status quo and ultimately build a better, fairer future for women.

Overcoming barriers when it comes to opportunities for women

Erika Dianasari Go, value creation partner at Alpha JWC is one of the women turning the gender gap on its head in the region. Go’s role in the venture capital firm is to grow firm capacity, as well as advise startups on how to scale up their capabilities. In an interview with e27, Go shares that getting to where she is now was no easy feat. Growing up in a home environment that didn’t encourage women empowerment, Go pursued higher education to land a job in a firm that valued women’s voices.

Also read: oVice, a virtual office platform, uses innovative technology to redefine remote work

“I joined a private equity operating firm company which is a very male-dominated industry,” Go explained. From there, she secured another position in the automotive industry, which was more male-dominated than her last job. However, instead of deterring her, Go used the experience to gain new insights and perspectives on her position as a woman in the corporate world. In fact, she was able to maximise her unique viewpoints as a woman to help improve company culture. “I realised, being a female role in a very male-dominated environment is good because it helps provide a different overview and influence when the firm is willing to listen and learn,” Go shared.

In 2015, Go began to take notice of the growing startup industry in Indonesia and found her passion in helping grow these up-and-coming companies. It was also around this time that an opportunity to join Alpha JWC came. She believed that the firm’s values of guiding entrepreneurs towards upscaling their businesses aligned with her own vision — improving businesses and helping empower people. The rest is history.

Empowering women to lead

Despite the challenging road ahead for women from entry-level to the C-suite, Go understands the potential for the industry to foster inclusivity and minimise the gender gap. A quick overview of the corporate blueprint of a majority of startups across Southeast Asia would show that the entrepreneurial landscape is still largely dominated by men. Go believes this is due to the challenges women face in the workplace, particularly in terms of balancing home life and work — especially in the case of working mothers. In order to solve this, Go believes that women are more empowered to take on larger roles when workplace cultures and environments become more conducive for women, and therefore, for working mothers.

Go understands these nuances as a mother herself. Coming from a place of understanding women’s experiences through her own life story, she is able to help uplift other women within her industry and outside it. The rest of the Alpha JWC executives hold similar values as family-oriented leaders, as seen in the strong pro-family culture within the company.

Also read: Game on with MongoDB: Challenges and insights on the future of gaming

However, despite corporate prospects for women, there are fewer women at the forefront of the industry. In addition, although women don’t feel the pay gap in startups and VCs compared to other workplaces, there is still a need to have more women lead teams in different fields. At Alpha JWC, women aren’t just given flexibility, they’re also given the chance to lead. The company achieves this by fostering both male and female employees’ abilities to match their skills with the position they’re best suited for.

Such a move is necessary not just at the firm level, but also on a systematic scale. Similar to her own experiences, Go pointed out that women need to be more actively involved in their own empowerment by providing a platform or community that allows them to build meaningful connections with each other. It is in this show of solidarity that women can draw the strength to empower themselves, and more importantly, empower other women.

Male counterparts can also help amplify women’s voices in the VC industry and beyond by being supportive of the needs of their women colleagues, such as the desire for genuine work-life balance, as well as being understanding of the specific and complex experiences that shape how they work.

Alpha JWC and filling in the gender gap

Go also mentioned that in Alpha JWC, the company fosters a culture of empowerment for all, providing co-equal team support — both for men and women on the team. Banking on the concept of “WE culture,” the firm levels off everyone on common goals and objectives to enable them to reach their full potential, as well as maximise the team’s capacity. In addition, the company fosters a communicative environment where everyone’s input is heard and given equal importance. 

On their end, the senior management of the company doesn’t put any pressure on staff to work past office hours, ensuring the work-life balance that many women look for to thrive in their careers without sacrificing their home life. New mothers are also encouraged and supported should they want to take extended maternity leave, and they can do so without feeling as though their careers will be impacted as the partners regularly have 1-on-1 catchups with everyone to chart and discuss their professional and personal development.

Also read: Seeding ideas, nurturing explorations with Leave a Nest Grant

Alpha JWC provides support to startups, both financially and in terms of portfolio management, taking on several approaches including finding the most suitable talents, brand building, and addressing strategic issues. Despite its progress, Alpha JWC believes in continuously improving its role in promoting gender parity in the industry and in the region, and is currently taking the steps to empower its employees to do the same. The company believes that while we as a society have made tremendous strides in creating a more inclusive corporate landscape, so much more can be done.

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This article is produced by the e27 team, sponsored by Alpha JWC

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The post Breaking barriers and bias: How this VC empowers women to take the lead appeared first on e27.