KKday, an e-commerce platform for tours, experiences and activities, has secured an undisclosed sum in additional funding led by TGVest Capital to bring its total Series C round to US$95 million.

The first tranche of US$75 million came in September 2020, led by Cool Japan Fund and National Development Fund.

The new capital will be used to expand KKday’s team globally and deepen its domestic footprint, particularly in Japan, South Korea, and Taiwan.

A portion of the capital will be used for innovation to “meet the increasing demands” of online travel agencies (OTAs) and local activity and experience providers (local merchants).

Also Read: 3 learnings from KKday CEO and Founder on how his travel startup overcame the pandemic

“Hyperlocalisation and digitisation will be our north star for scaling and building our user and merchant base. Over the past year, we have laid the groundwork and seen our domestic travel business growing steadily in key markets like Taiwan, Japan, Hong Kong, Korea, and Southeast Asia. We plan to double down on our current initiatives, including partnering with our merchants and OTAs to digitise their businesses in anticipation of pent-up demand for tourism and travel,” said Ming Chen, CEO and Founder of KKday.

Founded in 2015, KKday is an online platform specialising in local in-destination tours and guides. Through a collection of curated experiences, it provides travellers with an avenue to find off-grid activities and book them through the platform.

KKday said it is rebounding swiftly due to growth in its domestic travel and new business verticals. It is rolling out its all-in-one SaaS solution rezio to manage bookings and inventory for merchants on multiple channels) to over 1,600 merchants worldwide, reaching 2.7 million travellers globally.

In June 2022, KKday’s GMV surpassed pre-COVID-19 levels. The firm also claimed that it lowered its user acquisition costs to one-third of its costs pre-pandemic.

During the pandemic, KKday’s domestic travel business has been the main driver of growth across key markets, including Japan, Hong Kong, Korea, Taiwan, and Southeast Asia. KKday also expects strong domestic business growth in Japan, particularly off the back of its acquisition of Activity Japan, a tours and activity OTA in Japan.

Business momentum is also expected to pick up in markets like Korea and Singapore, where international travel is returning.

With an influx of domestic and international travellers expecting to return, an increase of local activity providers have adopted rezio to help digitise and scale their businesses and get access to manage their bookings on multiple OTAs.

With the new funding, KKday also plans to scale and build new rezio features to automate and streamline solutions for merchants. rezio has also partnered with major OTAs such as Viator to deepen its merchants’ channels and footprint globally. The partnership allows rezio to integrate its API to enable merchants to manage their products on Viator and Tripadvisor on top of its existing sales channels.

Also Read: Taiwan’s KKday raises Series B+ from LINE Ventures, Alibaba to expand globally

KKday also plans to relaunch its in-demand owned and operated signature tours that provide travellers with curated quality local experiences as borders reopen.

“Traveller demand is rebounding at a fast pace as borders reopen. Ming and his team’s relentless focus on innovation and providing long-term value to its ecosystem of travel operators, activity providers, and users has proven paramount in weathering the COVID-19 wave,” said Claire Lai, Managing Director of TGVest Capital.

In November 2018, KKday had secured an undisclosed amount in Series B-plus, co-led by LINE Ventures and the Alibaba Entrepreneurs Fund. This round came close to six months after it raised investment from Alibaba Entrepreneurs Fund and launched a flagship store under Fliggy, Alibaba Group’s travel portal in China.

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Singapore-based insurtech startup Ancileo announced that it has raised US$3 million in seed funding from Fermion Group. In a press statement, the company said that the move is expected to help insurers improve and modernise their insurance distribution models, as well as forge the way towards a global insurance ecosystem in travel and banking.

With this strategic investment, Ancileo will gain access to some 230 banks and 150 insurers to offer digital transformation solutions in the area of embedded insurance. By extension, Fermion’s global footprint will expand to 26 markets, and the company will bring its proven insurance ecosystem solutions into the travel and lifestyle market.

“This seed investment is important as it will support our immediate growth needs but what we are really excited about is the prospect of pooling our respective assets together and building unique value propositions that help insurers grow their portfolio in the Travel and Banking ecosystem,” said Ancileo Founder Olivier Michel.

Ancileo’s software-as-a-service (SaaS) platform aims to power embedded travel insurance distribution for some of the most recognised travel brands in the world such as Etihad Airways, Scoot, One Vasco and 15 other partners that it described as “one of the top three global credit card scheme, one of the top three Chinese OTA, and one of the top five global hospitality group.”

Also Read: The power of insurtech: Reshaping the insurance industry in 2022

It delivers customised digital solutions that aim to bypass existing insurer legacy systems and empower them to partner with any distribution ecosystem creating entirely new growth opportunities.

Fermion Group provides end-to-end digital engagement powered by data and an ecosystem. It serves any entity that has insurance in its roadmap for growth, and for others, helping them understand how to leverage the opportunity.

From its headquarter in Singapore, it operates from locations across Southeast Asia, Hong Kong, Japan and the UAE. Working with over 150 insurers, Fermion builds primary ecosystems, which include health and wellness, property and casualty, long-term savings and protection as well as travel and lifestyle.

Peter Miller, CEO of Fermion Group commented on the investment, “Ancileo’s entrepreneurial spirit and mindset, as well as their technologies complement and enhance our own business proposition. Our combined strengths will enable us to serve banks and insurers everywhere such as to become more adaptive, creative, and resilient at establishing new distribution ecosystems.”

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Image Credit: Fermion Group

 

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It’s crypto winter. While holders warm their hands at the bonfire of flaming digital asset prices, established projects move back to building from schilling. Many infant projects deferred their mint, intending to hibernate through the bear market.

Despite the FUD, some projects braved no man’s land, trying a different approach in the face of uncertainty: the free mint.

Web3 is trimming the fat, and mints must do the same if they want a fighting chance. The trend is not to promise anymore. Projects like Moonrunners, WZRDS, and Goblintown, are jumping straight to delivery, skipping steps and challenging conventional wisdom, committing to less of a product than ever before.

They’re sticking to their story with no plan on hand. It takes hubris to launch in a bear market, especially with a loose strategy, but the bear is biting.

Their communities live on Twitter. They’ve bypassed the mess of management that Discord demands. They’ve foregone whitepapers and roadmaps, letting their lore do the talking. One project mocks the concept of utility altogether. They’ve embraced the degen, uniting flippers and collectors alike as a wave.

The free mint experience revitalises the NFT space with a welcome sardonic enthusiasm. Despite a dip in trading, they all hold more than enough value to make their free mint worth it. Free mints are a breath of fresh air, if not a glimmer of hope for everyone collecting precious jpegs in these dark times.

The value of sacrifice: “Protect the Moonrunners at all costs.”

Moonrunners feature majestic 16-bit Web3 wolves vying for survival. The crises that beset their dwindling population mirror IRL FUD in a hopeful way. Holders make real sacrifices to serve the pack, and noble martyrdom reaps rewards from the rich community narrative.

The Moonrunners project encourages participation in the history of Primordia in a meaningful way. Primordia just recently emerged from a great war, resulting in the loss (and very real burning) of many Moonrunners.

The free mint nature of the project eases loss. The team has memorialised many lost Moonrunners and rewarded their holders with airdrops of loot and tools to weather future catastrophes.

Also Read: How Southeast Asia is embracing the Web3 era

The emerging story has holders at the edge of their seats, awaiting the next vote or decision that shapes their shared universe. The cost to participate grows even without a clear promise of things to come, but that doesn’t matter much to Moonrunners’ earliest holders and free minters. They all wait patiently for the next chapter, proudly participating in an evolving chronicle, while their token floor value holds.

WZRDS, razing stakes: “CoWZRDs will be burned.”

WZRDs encapsulates the comical tragedy of mages failing badly at pursuing happiness. Despite each vibrant expression of dishevelled discontent, there’s no telling what will happen in the world of WZRDs without lurking on Twitter.  Cryptic and ominous announcements thrill holders at the prospects of power and consequence in and around the city of Tyrol.

Holders stake their wizards to commit their choices on the blockchain. The project is fomenting conflict between staked WZRDs and unstaked CoWZRDS. Multiple alt Twitter accounts paint a picture in stark contrast as one side digs at the other while stating its case.

The developing plot is entertaining. Holders’ decisions will have lasting effects on their digital assets, and they’ll have to pick sides and they may have to put their WZRDs on the line.

Each WZRD is valued well over the gas holders spent on their free mint, but the lore is sustaining both the interest and the floor price of this promising project. The whole market is anticipating the fates of these disgruntled WZRDs.

Gobluminati

Aping into a project is risky, but you can usually count on the better judgement of the holders you’re aping. Degen is what most NFT traders will blame for their most costly mistakes.

That unique mix of FOMO and Monster Energy Drink has left many holding the bag. Goblintown is a celebration of the bag, the Degen, the FOMO, the Monster, and all the piss that comes after.

Truth Labs, the founders of two previously successful NFT projects (Illuminati and the 187), touched a nerve with Goblintown and its unconventional marketing.

Only around NFT NYC did Goblintown founders finally dox themselves, letting speculation on their identities drive interest. Truth Labs and their Illuminati community pulled off the stealthiest of viral mints with the drop of Goblintown.

Also Read: Web3 marketing: Building a cult-like community

The self-deprecating humour of Goblintown tastes precisely like the burning boot at the bottom of the crash. With their introduction and launch, the NFT community is laughing again, roleplaying the spirit of Degen at Goblintown’s infamous Twitter spaces.

It takes the load off all the losses and helps investors and founders make light of a dire market. Everyone is eager to participate: Goblintowns floor price can only skyrocket. If that wasn’t enough, they just served free McGoblin Burgers to holders that might be taking interviews at McDonald’s.

Goblintown is only the first of the 187 universes up Truth Labs’ sleeve. It started with Nagunda Gobberbun and escalated into mayhem we won’t soon forget. There’s some stellar talent at Truth Labs, and we’re eager for what’s next.

Final thoughts

These projects are a product of the market they are serving. In a downturn, everyone is looking for uncorrelated or negatively correlated gains. By selling stories without a promise, these projects might have a place in a bear market portfolio.

But it’s not just economics. Each project tells a story of perseverance, optimism, and levity. These might be the intangibles that get through hard times.

As project best practices fall to the wayside, time will tell if there’s more to these projects than bravery and comic relief. Their cumulative royalties should offer enough rope for these teams to macrame something magical, or they could just take the money and run. They never really promised anything.

One thing is for sure: Creators will create.

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Nellie Akalp is the Founder/CEO of NetCorp, which helps people start companies and manage legal issues. She started a business with her husband, grew it for nine years, sold it to a publicly listed company, and then started NetCorp with him a few years later. They still run it together after 11 years, and we talk about how to work together well with your spouse.

In this episode, you will learn:
– When did you know you wanted to work with your spouse?
– How did you decide what kind of company to start?
– Were there any boundaries or splitting of roles from day one to help?
– Did that line ever blur?
– Was it possible to prevent the blurring of work and romance?
– Why you should seek a couple’s therapist?
– Why you should set boundaries?
– Why saying no is okay.
– What did you do to not get on each other’s nerves by spending so much time together?
– What did you learn from this experience?

Also Read: Partner in business and in life: Advice on running a company with your spouse

Talk with other entrepreneurs on our Discord server.

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The content was first published by We Live To Build.

Image Credit: cc0collection on 123rf.com

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As simple as it may sound in theory, expanding business in any new market is not an easy feat. It is crucial to understand which market to choose and why. It is also important to have a clear picture of business and fundraising opportunities in the new market, have solid strategies on how to quickly and effectively scale, and have an understanding of the main challenges and considerations in doing business in the new market.

Owing to a host of factors including tax benefits, ease of doing business, free market, and favourable policies such as visa-free entry policy for overseas investors from 170 countries as well as eligibility for 100% ownership rights of a company for foreigners, Hong Kong serves as a competitive destination in the Asia Pacific region for many entrepreneurs, VCs, and startup founders. 

In partnership with Globalization Partners, we explored why Hong Kong is an ideal destination to expand your business in a webinar titled ‘Why and How Should You Expand Your Business To Hong Kong’. This webinar is a part of the Market Access Series where we highlight different markets in the APAC region and get in-depth insights from experts on the benefits, challenges, and considerations of bringing your business there.

The Hong Kong Market Access Series webinar featured Arshad Chowdhury, Managing Partner at Betatron Venture Group; Jayne KC Chan, Head of StartmeupHK at InvestHK; and Charles Ferguson, General Manager – Asia Pacific at Globalization Partners; in a panel moderated by Dennis Poh, Founder and CEO of Legatcy.

First things first: Why Hong Kong?

Jayne from StartmeupHK at InvestHK opens the answer to this question with a simple but extremely significant point: sales opportunity. “Any company looking to expand to any new market needs one fundamental thing — the opportunity and scope to sell their business,” she said. “Plus, if you are a startup looking to raise capital, there is no dearth of VCs and other funding avenues [in Hong Kong],” she added. Jayne further emphasised that Hong Kong has a relatively small but sophisticated and tech-savvy audience and thus, the country can serve as an excellent destination to test out products and services before launching full-throttle across the region.

In fact, as per research by Statista, in 2020, around 90 per cent of Hong Kong’s population were using the internet and the penetration rate is set to increase to over 94.5 per cent by the year 2026.

Also read: Here’s why startups should consider South Korea for business expansion

Another unique advantage of Hong Kong is the Guangdong-Hong Kong-Macao Greater Bay Area (GBA) which comprises the two Special Administrative Regions of Hong Kong and Macao, and the nine municipalities of Guangzhou, Shenzhen, Zhuhai, Foshan, Huizhou, Dongguan, Zhongshan, Jiangmen and Zhaoqing in Guangdong Province. This adds to a market of 86 million people, just 14 minutes away, housing a cluster of tech giants and an extremely tech-savvy audience. A 2019 KPMG survey also found that the majority of Greater Bay Area consumers identify as ‘tech-savvy’.

Furthermore, while talent continues to be a challenge faced by Hong Kong, as with the rest of the world, the quality of talent available is still far better, owing to the fact that Hong Kong is home to 5 of the world’s top universities.

A technology-enabled labour force with a market ripe for digital disruptions

As per a PwC report, the talent pool in Hong Kong is keen on upskilling and learning technological abilities. In a survey, 61 per cent said they are confident about learning new skills or even completely retraining to adapt to technology.

Ferguson from Globalization Partners added that Hong Kong has access to excellent R&D talent. “The government of Hong Kong has been increasingly focused on STEM education for the last four years with STEM internship schemes, launching technology-enabled talent pipelines. This has raised the local labour force’s level of technology enablement,” he explained. Ferguson argued that strategically, Hong Kong is phenomenal as it sits in the centre of the region.

Also read: Looking to expand your business? Head down to the Philippines!

Betatron Venture Group is a Hong-Kong based VC firm focused on early-stage B2B tech companies across Asia, excluding Mainland China. Climate change is one of the main factors that Betatron focuses on. Arshad from Betatron said, “In our portfolio, we have seen successes in B2B companies that are operating across a wide range of industries. Hong Kong is ripe for finding customers across various industries — from corporate services to logistics to hiring and training platforms owing to the nature of the community; Despite digitalisation and innovation, many family-run traditional businesses are looking to modernise. There is a lot of scope for SaaS startups and SMEs,” he said.

From seed to IPO: A bustling fundraising scene

Hong Kong is home to six unicorns including some of the biggest in the world. With such a promising startup scene, the country has a rich and diverse fundraising ecosystem. 

In early 2019, there were more than 400 VCs in the country according to the Hong Kong Venture Capital and Private Equity Association. By late 2019, the entire combination of assets managed by VCs in Hong Kong was at USD 1.5 trillion. The landscape is a mix of formal as well as informal processes. Many established VC funds, including Betatron, are open to cold emails and remote transactions, however, for Angels, most businesses have to be here to close deals. 

Arshad suggested that while there is a lot of money here, the business has to match the appetite of investors. Arshad explained that culturally, Hong Kong is a lot like New York. “Investors here are focused on the business model. They ask questions like ‘what’s your burn rate? Does the economic model make sense?’ and so on,” he explained. 

Overcoming challenges and taking the next big step

Finding the right product-market fit and understanding the market are some of the common concerns that startup founders have when looking to expand into a new market. Amidst the pandemic, one of the blessings in disguise has been the emergence of virtual events and this enables people from all over the world to attend top-notch events and get a clear and better understanding of niche industries. 

The panel emphasised the importance of networking. Jayne said, “you have to leverage your network and communicate with as many peers as possible to get a first-hand understanding of the market and industry trends.”

Also read: Challenges and opportunities for startups expanding to Thailand

Ferguson also explained the importance of having local talent on the ground. “Locals have the know-how of the market, the culture, and the capacity to help build better relationships with existing customers as well as help expand the market by reaching new clientele. In addition, a local team helps businesses build a high-quality global workforce that can help contribute to the company’s global growth goals.

Hong Kong is open for business with its free trade policies, tax benefits, and a tech-savvy population ripe for embracing everything modern that digital transformation can bring. Suppose you are planning to scale and look at an ideal next stop. In that case, Hong Kong has a lot to offer: great sales opportunities, fundraising avenues, and most importantly, a warm hospitable attitude towards foreign business. So, don’t wait, go!

To learn more, view the webinar here.

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This article is produced by the e27 team, sponsored by Globalization Partners

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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