Shopee set for mass layoffs
The job cuts will primarily affect ShopeeFood and ShopeePay workers in several markets, sources told Tech In Asia; This comes only a couple of months after news broke of Shopee’s decision to shut down its India ops, laying off over 300 workers.

What lessons can crypto investors draw from the Luna, UST episode?
Crypto investors should ensure that if they’re planning to take a long position, they’ve also taken the necessary risk management measures; e27 spoke to several crypto experts for this feature.

Krungsri Finnovate looks to step into metaverse, Web3 with new US$52M fund
The Finnoverse fund will invest in fintech startups and blockchain, and enhance Krungsri’s capacity in DeFi via incubator programmes; Thailand is one of the leading countries in the adoption of digital assets.

UST, Luna crashes: Can regulation alone restore investors’ confidence in cryptocurrencies?
Some regulations may be necessary but they won’t be the primary driver of overall investment interest in crypto v/s potential financial gains.

Coinbase to pour money into SG digital asset exchange Zipmex
Earlier this year, Coinbase was looking to acquire Zipmex but signed a term sheet committing to an investment in March, instead; Zipmex has raised a total of US$52M in Series B, raking in US$41M in Sept. 2021 and US$11M in March 2022.

Three Arrows Capital joins US$20M round of crypto firm
Orderly Network’s on-chain order book exchange is a platform for modular decentralized applications that enables them to use financial instruments, such as spot trading, margin trading, perpetual swaps, lending, and borrowing.

Mighty Jaxx acquires statue digital collectible firms Kinetiquettes, PLAYe for “multi-million dollars”
Kinetiquettes is a statue collectible firm, whereas PLAYe is a specialised DTC platform of consoles, video games, collectibles, and action figures; The deals will allow all the three companies to collaboratively evolve, develop better technical expertise, and increase product offerings.

True Global joins US$42.5M round of French crypto firm Coinhouse
Coinhouse will use the funds to develop more crypto asset management products and accelerate its international expansion to tap external growth opportunities; Coinhouse provides retail and corporate crypto-asset investment services.

Huobi Global unveils investment arm for blockchain ecosystem
Ivy Blocks is an investment unit focused on DeFi and the Web3 blockchain ecosystem; While Huobi did not disclose the fund size of Ivy Blocks, it has a “multibillion-dollar war chest”.

Zilingo board approves US$40M loan repayment
This could further pressure the financial position of the startup, which is already struggling with cash burn and lack of fresh investments; In May, Zilingo fired its CEO, Ankiti Bose, on alleged charges of financial irregularities.

Rocket Internet-backed Flash Coffee raises US$32.8M Series B1
Investors include White Star Capital, Conny & Co, and DX Ventures; Flash Coffee allows users to order and pay for their coffee via the Flash Coffee app and pick up their orders from its stores or get it home-delivered.

Indonesian Shariah bank launches VC firm with US$21M fund
Called BTPN Syariah Ventura, it will focus on Indonesian startups in Series A to pre-Series B stages; It has made its first investment by leading the US$6.6M pre-series B round of social commerce firm Dagangan.

Vietnam’s proptech firm Propzy lays off over 50% of staff
This comes amidst the SoftBank Ventures Asia-backed company is scaling down due to the pandemic and preparing to shift the business model; The layoffs are understood to have taken place in September.

Indonesian logistics firm Biteship raises seed funding
Investors include East Ventures and Beenext; Biteship helps SMEs and large companies deliver products to their customers. It creates an API that can connect users to third-party logistics and warehouse providers.

Pakistani startup 24Seven raises US$1M from Betatron Venture Group
24Seven started out as a D2C grocery store; It developed its B2B channel amid the Covid-19 lockdowns; Betatron is an early-stage tech investor based in Hong Kong and Singapore; It typically invests US$500K-US$2M in seed to series A rounds.

—

Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today

The post Ecosystem Roundup: Mass layoffs at Shopee, Propzy; Krungsri Finnovate to form US$52M Web3 fund appeared first on e27.

Ministry of Helpers’ Dirk van Motman

Foreign domestic workers (FDWs) have been an integral part of Singapore’s socio-economic framework. In fact, in less than a decade, the number of FDWs in Singapore has spiked by about 27 per cent, from about 201,000 in 2010 to 255,800 as of June 2020.

According to a study, FDWs contributed more than US$8 billion in 2018 to the Singapore economy, this was 2.4 per cent of the country’s gross domestic product. In addition to their contribution to the economy, they also provide irreplaceable support to the local communities. A more recent report found that foreign workers will continue to contribute to job growth in 2022.

However, the industry is plagued with several challenges. Based on MOM statistics, two in three maids do not complete their two-year contracts, with 250 employers changing maids five or more times within a year in 2018. 

A TODAY article reported that while at first glance, the figures seemed to suggest that the employers here are too picky. But interviews with several employers who had changed maids several times within a short span present a different story- some maids were caught lying on sofas applying face masks while ignoring tasks and some were caught ignoring babies they were asked to babysit. 

On the other side of the table, studies have found that the three most common issues for FDWs are being overworked, suffering verbal abuse, and salary disputes. Indeed there have been an unsettling number of cases recently of employers abusing.

MOH: Bridging the gap between employers and helpers

Clearly, there is a gap somewhere. In an effort to address some of these challenges, the Singapore-based Ministry of Helpers (MOH) has emerged with an innovative and comprehensive solution that aims to make the process easier and more efficient for the parties involved.

Launched earlier this year, the Ministry of Helpers is a dynamic, inclusive, one-stop e-platform developed to better serve the needs of both employers and foreign domestic helpers. Having found that close to 50 per cent of helper/employer matches did not survive past one year, the founders behind the Ministry of Helpers realised the need to overhaul the sector and its processes to weed out the inefficiencies and non-transparency.

Also Read: How the global growth of fintech defies age and gender

I had the chance to speak with MOH’s Dirk van Motman to understand the technology behind the platform, its goals and future plans.

Leveraging the latest technologies for a holistic solution

MOH describes itself as a Home Management Solution which combines fintech, HR tech, and service tech to provide an entry point for domestic workers and allow household owners to resolve pain points. 

Explaining the three aspects of technology and how they are leveraging these solutions to bring the platform together, Motman explains “The fintech aspect of our platform enables us to provide financial services, such as insurance, managing household expenditure and helper debit cards, enabling convenience, choice and freedom.”

“We act as an HRtech platform as we not just prive matching services but enable the whole hiring process with chat/video interview functions, contract engine, management of documents and connecting it with things like salary payments (debit cards), scheduling of Medical ERTC, etc. Furthermore, training with close to 150 videos that include quizzes to be taken afterwards through our partner StepUp is another form of HR Tech,” he adds.

And, finally, the platform’s service tech aspect enables users to leverage the household/task scheduler which integrates with their calendars and grocery lists.

Not an agency, much more than that

MOH is not just another maid agency. They are much more than that. Motman explains that MOH is not focused on just placing people but on making connections that work because they believe ‘Better Connections make Better Homes’. 

“We, therefore, don’t operate as an agency and don’t charge fees accordingly, but rather a subscription that allows access to the total suite of services,” he says.

In fact, MOH has an elaborate training programme for helpers, for which they have partnered with StepUp which has built an extensive library through their years of doing this. “On our site, we are featuring a selection of ten programmes that shows the cross-section of available materials. We will be continuing to work on the topics based upon feedback from our members for instance the blog that we also run on our site and consultation with other related industry partners,” shares Motman.

Quickly emerging as one of the top startups helping domestic workers in Singapore, MOH had seen over two thousand sign-ups as of April (soft launch period) despite having done minimal or almost no marketing efforts. “We expect to see an acceleration as we are starting our campaigns now. We have been very focused on the launch and are continuously improving the experience, adds Motman.

Also Read: 6 fintech startups you should keep an eye out for

Amidst the pandemic, there was a lot of pressure on both employers and helpers. Both sides had limited flexibility to be mobile and choiceful. It was especially challenging for helpers who were cut off from being able to see their families and for employers, the struggle was the limited opportunity to bring in new helpers.

However, MOH doesn’t believe in setting course to going back to pre-pandemic days. Instead, they believe in providing progress for all and that would entail more transparency, equality, empowerment, and choice, considering that our homes have become more than ever a multi-functional hub where you live, work, play, and learn.

It would be interesting to see how MOH is able to change the FDW landscape and address crucial pain points in the post-pandemic future.

–

Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

Join our e27 Telegram group, FB community, or like the e27 Facebook page

Image credit: Ministry of Helpers

The post How this startup is leveraging fintech, HR tech and service tech for changing the FDW industry appeared first on e27.

(L-R) The Scale Factory Co-Founders Pierre Maartensson and Lars Bjoerge

The Scale Factory, a Singapore-based startup that supports B2B tech companies to achieve accelerated scale throughout Asia Pacific, has announced an oversubscribed US$775,000 fundraise.

The capital came from several serial entrepreneurs and investors, including Antler’s Founder and CEO Magnus Grimeland.

The Scale Factory will use the funds to expand its regional geographical footprint.

“Despite a challenging macro environment, we have experienced high demand amongst investors leading to rapid and oversubscribed fundraising. We believe it was due to our unique business model combined with the rapid and profitable growth we have demonstrated over the past two and half years,” said Co-Founder and Managing Partner Pierre Maartensson.

Grimeland added: “The services provided by The Scale Factory are highly sought-after and necessary within the APAC startup ecosystem. Our region has grown fast in terms of funding startups. Now, there is a whole range of scale-ups out there that need to take the next step and accelerate their growth. I’ve seen that The Scale Factory has built the necessary playbooks and capabilities to support scale-ups.”

Also Read: 6 things you can do to keep your remote team engaged and happy

Founded in 2019 by two serial entrepreneurs, The Scale Factory supports B2B tech companies to scale their business in the region through a system of sales and marketing initiatives powered by tech and network orchestration. Once its clients achieve accelerated commercialisation, The Scale Factory invests back their fees into equity to further strengthen the partnership.

Over the last two and half years, The Scale Factory has supported the growth of 18 companies. The names HireQuotient (HR talent assessment), Cavai (conversational marketing), Pickatale (English language learning platform), Zyllem ( logistics management), Skuad (HR platform for remote teams), and Flow (campaign site creation).

“While Singapore will remain our home base, we believe that our clients will benefit greatly from a local presence in Australia and Indonesia. So we decided to raise a small round to expand our geo footprint into these markets and continue our profitable growth journey,” said The Scale Factory Co-Founder and Managing Partner Lars Bjoerge.

—

Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

The post Antler CEO Magnus Grimeland invests in The Scale Factory’s US$775K funding round appeared first on e27.

As companies call their employees back to the office, we slowly put an end to many routines at home that have become so familiar over the past two years. But not everything will be going away.

Remote and part-time work has become widely accepted and is still a popular option in many firms. Gig workers continue to be the backbone behind many essential goods and services.

Zoom calls are here to stay too, just like many forms of digital entertainment that boomed during the pandemic, such as gaming and e-sports. We recently saw the rise of Web3, the metaverse, NFTs and decentralised autonomous organisations (DAOs), the “companies of the future” governed by transparent computer code on the blockchain.

The younger cohorts, predominantly millennials and Gen Zs, are reimagining the future, especially their own job future. The “great resignation” saw employees quitting nine to six positions in the search for a better work-life balance.

Self-employment and the gig economy offer a certain degree of freedom, with side jobs as a yoga instructor or café owner, for example, that provide additional income. The basic need for health or income protection, meanwhile, hasn’t gone away.

Different needs in the new workplace

New, innovative financial products are required. The need to balance out multiple and mostly irregular revenue streams of gig workers already produced services such as SteadyPay and Trezeo, which was recently absorbed by fintech firm Monese. Most people still prefer to have a predictable income they can plan with, and these tools help smoothen the extremes of good and bad months.

Employee benefits have to change too so that they no longer discriminate against certain types of workers. Whether they are on full-time or part-time contracts, or whether they are just project-based independent contractors, everyone should be entitled to their health benefits.

In this context, employers also need to pay attention to potential mental health issues that have been on the rise during the pandemic and offer appropriate help.

Many companies are becoming more flexible with regard to benefits and letting their workers use them as a form of credit. Everyone’s situation is unique. People might want to shift spending from dental to eye care or from maternity-related benefits to wellness.

A novel concept of work

With an uncommon attitude towards their careers, the younger population is boosting the gaming and (competitive) e-sports industry, with the latter alone expected to grow into a US$1.6 billion market in the next two years, according to Statista.

Also Read: How and why you should embrace neurodiversity at the workplace

It has created many jobs for game developers and event organisers, while also providing monthly five-figure incomes for several hundreds of professional players, as stated by Esports Earnings.

Blockchain-based “play-to-earn” games such as Axie Infinity, developed by the Vietnamese studio Sky Mavis, have become a mass phenomenon in this region, allowing participants in the Philippines to make more than the country’s average salary for a short time. Players organise themselves in gaming guilds that loan you the tools (NFTs) required to join the games.

But here as well, a need for better healthcare has emerged. Physicians are discussing new forms of “workplace” injuries such as the “gamer’s thumb,” carpal tunnel syndrome, or other overuse injuries that develop when playing video games in a full-time capacity.

More than 90 per cent of e-sports athletes experience some kind of fatigue or headache, according to a study conducted with players in China, prompting some to retire early.

Traditional insurance is changing

Private sector innovation is essential in closing shortfalls in terms of protection and financial access. New insurtech players can step in and provide right-sized offerings specifically tailored to the needs of the changing workforce, including medical benefits and paid outpatient coverage at the right price.

New blockchain applications allow for more trust and transparency. Hong Kong has been using distributed ledger technologies to tackle motor insurance fraud. In the agricultural sector, parametric insurance can be triggered on climate conditions and payouts can be done by automated smart contacts to farmer’s e-wallets.

The industry will continue to benefit from the continued growth in data collection and data accessibility that’s driven by digitalisation. Giving insurers access to basic information, for example via the Singpass, will make underwriting a more seamless experience. Insights generated by digital commerce platforms and marketplaces can further improve pricing and understanding of risk.

The concept of work is blurring these days. Hence the definition of “at work” used in insurance policies will have to change too. It may seem like a minor issue, but it’s just the tip of the iceberg as we herald in the new normal.

–

Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

Join our e27 Telegram group, FB community, or like the e27 Facebook page

Image credit: Canva Pro

The post Our workplaces have changed a lot recently: Now here is the problem appeared first on e27.

The term sheet is the most important document a founder may sign to raise capital that’s required by the business to achieve its future potential. When it finally arrives, it does build excitement, however, there are always finer details that require attention before one signs up on the dotted lines.

There can be catches that can make you lose control in several future scenarios or clauses that may not be favourable in the long term. Here are my three suggestions on how a founder can successfully negotiate with investors for a term sheet that’s a win-win for both parties.

The post Term sheet negotiation: 3 ways you can win investors appeared first on e27.