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Immunefi secures US$24M Series A to offer bug bounty programme for Web3 whitehat hackers

Mitchell Amador, Founder and CEO of Immunefi

Immunefi, a bug bounty and security services platform for Web3, has secured US$24 million in a Series A funding round led by Framework Ventures.

Other participants include Electric Capital, Polygon Ventures, Samsung Next, P2P Capital, North Island Ventures, Third Prime Ventures, Lattice Capital, and Stratos DeFi.

Immunefi was established in Singapore in December 2012. It has a community of whitehat hackers who review projects’ blockchain and smart contract codes, find and responsibly disclose vulnerabilities and get paid for making crypto safer. They are rewarded based on the severity of the vulnerability they discover.

Since its inception, Immunefi has saved over US$25 billion in users’ funds and has paid out $60 million in total bounties. The platform now supports 301 projects across multiple crypto sectors and collectively offers US$136 million in bounties to whitehat (ethical) hackers.

The firm claims it guards over US$100 billion in users’ funds across projects like Synthetix, Chainlink, SushiSwap, PancakeSwap, Bancor, MakerDAO, Compound, Alchemix, and Nexus Mutual.

Also Read: Immunefi raises US$5.5M to build the “most elite” emergency response team in the industry

“Open code and directly monetisable exploits have made Web3 the most adversarial software development space in the world,” said Mitchell Amador, Founder and CEO of Immunefi. “By shifting incentives towards whitehats, Immunefi has already saved billions of users’ funds. Projects across crypto rapidly realise that it’s better to use Immunefi than publicly begging hackers to return funds or pay ransom. We’re using this raise to scale our team to meet this massive demand”.

Immunefi said it facilitated the largest bug bounty payments in software history, including US$10 million for a vulnerability discovered in Wormhole, a generic cross-chain messaging protocol, and US$6 million for a vulnerability discovered in Aurora, a bridge and a scaling solution for Ethereum.

For comparison, the largest conventional bug bounty offered is by Apple for US$2 million.

Last year, Immunefi announced a US$5.5 million funding round from Blueprint Forest, Electric Capital, and Framework Ventures, among others

Echelon 2022 aims to provide intimate and focused discussions on key topics and business matching services to facilitate business-driven connections during the two-day event. e27will curate and invite key stakeholders of startups, investors, corporates, and ecosystem enablers to drive towards fruitful business outcomes at Echelon.

The 2022 Echelon edition will be co-located with SWITCH at Resorts World Sentosa from 27 to 28 October 2022. Learn more here. 

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How eWTPA is bridging emergent new markets and Chinese expertise

Over the past decade, technological advancements have enabled new ways of communication, investment, e-commerce and fintech, etc., to revolutionise how we engage with each other. These trends are affecting the global economic dynamics, with the focus shifting towards emerging markets rather than the traditional American and European powerhouses.

The future growth trends for businesses and entrepreneurs are in connecting the needs and opportunities, and strengths of these new markets. eWTP Arabia Capital (eWTPA)’s wider vision of building a local digital ecosystem in the Middle East and North Africa (MENA) is being driven by partnering with market-leading Chinese businesses and providing a gateway to establish their presence in the region.

As China has been a driving force for the global economy over the past two decades or so, it has shifted from production to higher-end services. The lessons learned from this journey provide a good reference for new markets. Meanwhile, these new markets also offer opportunities for China and Southeast Asian enterprises to grow and expand overseas.

When we think about Middle East markets, oil-rich resources spring to mind. As such renewable energy sources would eventually deplete, they must develop new industries and transform the future, hence creating a gap which can be filled quickly by enterprises in China and SE Asia.

Rather than competition, these markets have the potential to supplement one another and create new bonds that are mutually beneficial, as they both understand the needs of emerging markets.

The MENA markets recognise the importance of the venture sector to achieve higher economic aims. Government-led initiatives have therefore been a key driver of growth in the venture sector in the region, evidenced by the development of startsup ecosystems.

Also Read: China’s mounting economic problems are a cautionary tale for western markets

To help effectively build a sustainable digital environment for MENA and facilitate the fast development of the digital economy in the Saudi Arabia region, echoing its Vision 2030 program that aims to achieve governmental operational excellence, improve economic enablers, and enhance living standards by accelerating the implementation of primary and digital infrastructure, and engaging stakeholders.

A stumbling block in the way of strategic alliances between MENA and Southeast Asia is the lack of a platform to match their needs and expectations. While MENA businesses is unfamiliar with the investment landscape in China, there is a lack of a trustworthy, direct bridge. Similarly, China and SE Asian countries may see the opportunities in MENA but cannot find a suitable landing platform.

Filling the gap MENA market

An influential PE with strong connections in China as well as a proven track record in Saudi Arabia would serve to bridge the gap. eWTP Arabia Capital (eWTPA), a leading Saudi Arabia and China-based growth stage venture fund with offices in Beijing and Riyadh, its core investment strategy is to transfer the latest technology and proven business models from China and Asia more broadly to fill a clear gap in its target MENA market.

eWTPA focuses on the sectors of digital infrastructure, core technology and platform, and consumer and enterprise services. It is backed by industry gurus with close links to leading global technology companies in Asia, especially in China.

As the only Chinese fund firm established in Saudi Arabia, and with staff members on the ground to gain valuable insights, it is uniquely positioned to build bridges between China and Saudi Arabia, as well as other emerging markets such as the Middle East and North Africa. This also helps them solve issues in localizing the products and services.

Being a relatively young market player, it also provides plenty of flexibility of options in investment, from VC, and private equity to even joint venture, and provides investment strategies to help enterprises break new ground.

eWTPA launched its first fund (Fund I) in 2019, which is backed by PIF (sovereign wealth fund of Saudi Arabia, Public Investment Fund) and eWTP Capital (Alibaba Group and Ant Finance Group).

Also Read: Bridging the gap between Chinese farmers and consumers, with blockchain

Within a short period of time, this US$400-million-fund has already invested into 16 companies across digital infrastructure, core technology and platform, and consumer and enterprise services which span enterprise services, cloud services, cyber security, fintech, cross-border supply chain, retail and consumer, e-commerce, logistics and digital entertainment and others, which are to work together and build a unique digital ecosystem in the Middle East and North African (MENA) region.

13 of which already in operation, including co-investments with Ali Cloud and STC group to build a Saudi Cloud Computing Company (SCCC) and J&T Express.

In February 2022, eWTPA also co-invested in Y.O.U. beauty products, with over 40,000 outlets in Indonesia, Malaysia, the Philippines and Thailand. In seeking financing to enhance its capabilities to tap new markets, including MENA, Y.O.U. also leveraged eWTPA’s expertise in the supply chain, channel development and e-commerce to make progress in consolidating its position as an industry leader in Southeast Asia.

eWTPA is looking to forge strategic partnerships rather than simply seeking funds. As Singapore is the financial capital of SE Asia, the company is more than willing to make long-term plans and make available its expertise for enterprises in Singapore and surrounding countries.

Moving forward, eWTPA is also looking for partnerships in the wider APAC and Southeast Asia regions to facilitate the growth of the digital ecosystem in the MENA region. The company will also be launching a second fund too to cover more grounds and to allow for more partnerships to join in this unique force or change.

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

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Ecosystem Roundup: NIUM’s losses surge 120%; Layoffs at Tokocrypto; Oyo valuation down 20% to US$2.7B

SoftBank trims Oyo’s valuation by over 20%
It is now down to US$2.7B from US$3.4B earlier; The decision reportedly came despite the hospitality startup registering improved revenue in FY2022; The Indian company is eyeing a public market debut in 2023.

NIUM’s losses surge 120%, revenue doubles in 2021
The B2B unicorn, which provides payment and card issuance services, reported revenues of US$31M in the FY ended December 2021; Its total comprehensive loss jumped to US$37.8M, a dramatic spike from US$314K in FY2020.

Vietnam’s Be Group in talks to raise US$100M+ equity funding
Be is an integrated on-demand services platform across transportation, delivery, flight booking, insurance, etc. It recently secured a loan facility of US$60M from Deutsche Bank; Be currently has 7M users.

Malaysia’s StoreHub secures US$13.5M pre-Series B funding
The investors are 500 Global, Vertex Ventures SEA & India, and OSK Ventures; StoreHub provides an online platform that enables restaurants and retailers to automate their business; It serves over 15K retail and restaurant outlets.

HappyFresh resumes services in ID; ceases ops in MY, TH
The e-grocer said it has also received a “recent injection of fresh funds” to support operations in Indonesia – its only profitable market among the three it operates in.

Indonesian beauty platform Somethinc snags US$10M Series B
The investors include Sequoia India and Prosus Ventures; The startup makes and sells skincare and beauty products via online and offline channels; It has previously raised US$2M Series A from Sequoia.

Gobi closes US$10M fund, welcomes Allianz Malaysia as LP
Gobi SuperSeed II Fund will focus on startups that work in the segments of AI, big data, cloud, e-commerce, fintech, internet of things, and the Halal economy; It can invest in up to 25 portfolio companies.

Conversational commerce platform Respond.io nets US$7M
The backers include Headline, AltaIR Capital, Smart Partnership Capital, Sterling Oak Group; Respond.io claims that over 10K companies in 86 countries use the platform and processes over 140M messages monthly.

SG logistics software firm Cargobase closes growth financing round
The investors include Trestle Partners and Lufthansa Innovation Hub; Cargobase offers spot-buy procurement, freight management, real-time shipment tracking, and freight data analytics services in 55 countries.

Tencent shuts down sell-off rumours, notes healthy cash flow
After Tencent shares dipped to their lowest value since 2018, The Wall Street Journal shared that the firm was looking to sell its stakes in Didi Global, Meituan, and KE Holdings.

Indonesian agri supply chain startup Koltiva bags funding
The investors include Silverstrand Capital, The Meloy Fund, Planet Rise, and Blue7; Koltiva creates traceability data and delivers agronomy advice to help smallholder farmers improve their agricultural practices and income.

TrueFoundry raises US$2.3M to help startups with ML model deployment
The investors include Sequoia India, Surge, Eniac Ventures; TrueFoundry enables startups to deploy and monitor machine learning models at the speed of big tech companies in hours instead of weeks.

Grab names Suthen Thomas Paradatheth new group CTO
He will helm the internet major’s tech initiatives across its delivery, mobility, and financial services businesses; Paradatheth served as Grab’s first technical lead when the firm was founded in 2012.

Web3 and Crypto News

Bug bounty platform for Web3 Immunefi secures US$24M Series A
The investors include Framework Ventures, Electric Capital, Polygon Ventures, and Samsung Next; The platform supports 301 projects across multiple crypto sectors and collectively offers US$136M in bounties to whitehat hackers.

TGV pumps US$21M into Animoca in its largest investment yet
This round followed an earlier US$17M infusion, with the Investments being made through TGV’s 4 Plus Fund and its Follow On Fund in the second and third quarters of 2022; TGV has been backing Animoca since early 2019.

Cross-border trade digitisation startup #dltledgers nets US$8.5M Series B
The investors are TATA group and Centrum; The capital will help blockchain-powered #dltledgers execute its plans for North American expansion while scaling its engineering and growth teams further.

Binance-backed Tokocrypto lays off 45 employees
It also spun off its community space T-Hub and TokoMall into independent companies and transferred some of its employees to those entities; The decision was made in anticipation of a continuous bearish trend in the crypto market.

HQ.xyz raises US$5M for its financial management tools for Web3 teams
The investors include Crypto.com Capital, Forge Ventures, MassMutual Ventures, Saison Capital, Coinhako, and Longhash Ventures; Headquarter provides a dashboard for Web3 teams to manage their financial operations and reporting.

Features

How TotallyAwesome helps brands engage kids, teens in a meaningful way
TotallyAwesome is a digital ads network that recently raised US$10M funding from US-based Partners For Growth and Singapore’s Yefira Group.

Why ClavystBio believes life science is a key driver of SG’s future economy
ClavystBio is set to invest in CoV Biotechnology which is developing booster vaccines against variants of SARS-2 beta coronavirus.

Playground to be a bridge for the next billion users into Web3 entertainment
Playground will be a natural attention conduit mediating ecosystems, entertainment projects, and end-users, says its Founder Clinton Teh.

Authored Articles

Data-driven financial services, a bigger imperative in a post-pandemic world
Becoming data-driven is imperative for any business of today and proves to be especially so for financial firms in the post-pandemic world.

A decentralised localisation, building a community of trust can lead to global success
In this discussion about localisation, we also discuss how to foster an owner’s mentality and create a community of trust.

Echelon 2022 aims to provide intimate and focused discussions on key topics and business matching services to facilitate business-driven connections during the two-day event. e27will curate and invite key stakeholders of startups, investors, corporates, and ecosystem enablers to drive towards fruitful business outcomes at Echelon.

The 2022 Echelon edition will be co-located with SWITCH at Resorts World Sentosa from 27 to 28 October 2022. Learn more here. 

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Apps UP 2022: A platform for today’s leading mobile apps to shine!

Mobile apps have significantly changed the way we live.

Consider a typical day in your life: Your day starts with your alarm from your mobile phone. You catch up on news via social media applications before heading out to work after successfully booking a trip on ride-hailing apps like Grab or Gojek.

In the evening, you browse different food delivery apps and have your dinner delivered straight to your doorstep or perhaps you head out for a run while tracking your progress with a fitness app. The weekend comes along and you can book tickets to events, pay your bills, make health appointments, and even purchase groceries — all from your mobile phone.

For app developers, this increasing and high utilisation of mobile apps present a huge opportunity for innovation.

But with the millions of apps out there, how can developers get their apps in front of their intended users? What tools and platforms can they tap on to continuously improve and enhance their product and ensure it catches up to the needs of the times?

Join Apps UP 2022 to bring innovative apps to the global stage

China-based leading tech giant Huawei has launched the Huawei Global App Innovation Contest (“Apps UP”) to support app developers around the world to improve and scale up their products. It aims to help developers showcase innovative and unique applications and tap into the powerful network and tools empowered by the Huawei ecosystem.

Apps UP 2022 is the third edition of the competition following the successes of the previous editions of the competition. The competition is open to participants from all walks of life including students, professionals, budding startups, and established businesses in China, Asia Pacific, Europe, Latin America, and Middle East & Africa.

Also read: 2022 invite-only edition: Echelon is focussing on business matching and sustainable growth

In the Asia Pacific region alone, Apps UP 2022 presents a total cash prize pool of US$200,000, as well as other perks, including access to over 730 million Huawei global users and Huawei’s innovative technologies. It also opens up opportunities for developers to network and gain technical expertise and experience from leading mobile application experts.

Developers do not need to build an app from scratch to join Apps UP. If developers have existing apps, they can focus on enhancing them and improving features and functionalities by integrating their apps with Huawei Mobile Services (HMS) Core kits.

Huawei offers kits in seven technical domains such as app services, media, graphics, security, system, smart device, and Artificial Intelligence, allowing developers to deliver enhanced user experiences and pursue groundbreaking innovation in their apps. As of June 2022, Huawei has 5.75 million registered developers, and over 216,000 apps globally have been integrated with HMS Core.

Team Alpha, developers of “Land of Calm” and winner of the “HMS Core Innovation Award” in Apps UP 2021, shares their experiences as participants of the global contest. Their project is a mental wellness app that helps users track their sleep and mental well-being, with features such as audio playlists and stories to help users manage their anxiety.

“As absolute beginners in app development, joining Apps UP last year was a wonderful experience for us. Apps UP has equipped us with the latest know-how on app development, enabling us to make enhancements and improvements that we didn’t think were possible prior to joining the contest,” shared the developers, Supuni D. Jayasinghe and Krishalika Dilani.

“We believe this is a golden opportunity for app developers to make a breakthrough in their careers, as it did to us,” they added.

The Sri Lankan developers chose to integrate some of the most advanced HMS Core kits for their product such as the account kit for authorisation, HUAWEI cloud storage for data storage, and in-app messaging feature to offer a unique experience for app users. “The kit integration was easy with the provided documentation support, guidance from experts, as well as advice we received via HUAWEI Developer Forum.”

Also read: Get Privy for secure digital ID solutions

Another significant perk that Apps UP developers will appreciate is the opportunity for recognition on a global platform. Apps UP finalists stand a chance to elevate their product presence, gain global attention, and collaborate with Huawei in subsequent global marketing campaigns.

“Joining and winning the award from Apps Up 2021 truly paved the way for greater things for us. Apps UP has given us greater exposure and increased our presence, opening up opportunities and bolstering our careers. We were invited to share our experiences with other students, which solidified our authority as app developers and helped broaden our network. It is one of the most memorable experiences in our student life,” shared the “Bloodbank” app developers who won the “Tech’s Women’s Award” in Apps UP 2021.

The app sets out to improve accessibility to information and facilitate and transform the blood donation process.

To enter the contest and enjoy top-notch support from industry leaders as well as gain access to technological resources, app developers are invited to create their app with HMS Core integration and submit their entries by 9 October 2022, 6 pm (UTC +8). Join the ride and build a smart future together!

Register here for Apps UP 2022.

This article is produced by the e27 team, sponsored by Wavemaker.

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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Venturra Managing Partner Rudy Ramawy passes away

Rudy Ramawy

Rudy Ramawy, Managing Partner of Indonesia-based early-stage VC firm Venturra, passed away on Thursday.

He was 51.

The passing was so sudden, local media reported quoting Lippo Group’s Deputy Chairman Henry Riady. Lippo Group is the largest Limited Partner of Venturra.

“Our doctors have just declared Rudy Ramawy dead a few minutes ago after performing resuscitation for half an hour at the MRCCC hospital,” a message obtained by local media firm Merdek said.

Ramwy had over 20 years of experience in FMCG, media, marketing, and general management. A Chemical Engineer from the University of California, Berkeley, Ramawy held roles P&G, Sony Music Entertainment, Axis, and RCTI.

He founded Venturra in 2015, along with Lippo Group Director John Riady and former Rocket Internet Managing Partner Stefan Jung. Before founding Venturra, Ramawy was the founding Country Director of Google Indonesia. He also held the role of the deputy CEO at Lippo subsidiary Multipolar.

Venturra is a Southeast Asia-focused VC firm investing in early-stage, high-growth businesses. Its portfolio companies are ShopBack, Grab, Sociolla, and Carro, among others

Echelon 2022 aims to provide intimate and focused discussions on key topics and business matching services to facilitate business-driven connections during the two-day event. e27will curate and invite key stakeholders of startups, investors, corporates, and ecosystem enablers to drive towards fruitful business outcomes at Echelon.

The 2022 Echelon edition will be co-located with SWITCH at Resorts World Sentosa from 27 to 28 October 2022. Learn more here. 

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Headquarters raises US$5M to provide tools for Web3 teams to fully control their internal finances

The Headquarters team

Headquarters (HQ.xyz), a Singaporean startup providing a dashboard for Web3 teams to manage their financial operations and reporting, has secured US$5M in a pre-seed investment round. 

Crypto.com Capital, Forge Ventures and MassMutual Ventures co-led the strategic round, with participation from Saison Capital, Coinhako, Longhash Ventures, Ocular, Sky9 Capital and DWF Labs. 

Angel investors, such as Gnosis Safe’s Co-Founder Lukas Schor, Spenmo Co-Founder Mohandass Kalaichelvan, Fazz’s Co-Founder Liu Tianwei, and Web3 industry veterans, including Nansen’s CEO Alex Svanevik, Race Capital’s Chris McCann and Etherscan’s Founder Matthew Tan, also co-invested.

Also Read: Playground wants to be a bridge for the next billion users into Web3 entertainment

Headquarters will use the capital to accelerate its finance dashboard, called HQ teams. This includes bridging wallets with traditional FinOps tools spanning from accounting, invoicing, payroll, spend management and fiat ramps.

The rapid growth of Web3 companies and DAOs (decentralised autonomous organisations) are challenging the status quo of business operations, yet existing FinOps tools have not adapted.

FinOps in Web3 has specific hurdles, such as fragmented working capital, as teams commonly have finances spread across wallets that are both custodial and non-custodial. This makes Web3 bookkeeping subject to human error as managing payables and receivables typically involves spreadsheets and a highly manual process of copying and pasting transactions.

Headquarters aims to solve this problem. It replaces the arduous task of manually transferring tokens and making payments by giving Web3 teams the tools needed for better visibility and control over their internal finances. 

Its solution draws Web3 funds and insider angels who see an industry need for companies to better manage their working capital from custodial and non-custodial crypto wallets.

“Web3 teams are building industry-defining solutions but lack the same rigour when it comes to keeping their financial operations and reporting in order. We built HQ Teams to make finance best practices less exhausting by taking out the tedious manual work. Getting this right means teams can finally expect the same operational excellence for their internal financial workflows as they do with everything else in the sector,” said Sharon Paul, Headquarters Co-Founder and CEO.

Also Read: ‘Democratising ownership models is the most significant opportunity in Web3’: Infinity Ventures Crypto’s Brian Lu

HQ Teams has three critical features tailored for Web3 business FinOps:

  1. Balance management tool for visibility across custodial and non-custodial wallets holding operational funds.
  2. Executing payables and receivables to manage standard FinOps like payroll, invoicing and spend management.
  3. Labelling and filtering crypto transactions to ensure records from custodial and non-custodial wallets are accounting-ready (i.e. traditional bookkeeping categorisations).

In addition to directly onboarding Web3 projects, Headquarters is also teaming up with Web3 corporate secretaries, accountants and incubators to utilise HQ Teams as the tool for their clients and portfolio companies. 

Headquarters’s Co-Founders are repeat founders with successful exits. Its CEO Sharon Paul was most recently the Head of Payments at Fazz.com and was part of StraitsX’s founding team. The CTO and Co-Founder Sunny Singh has spent nearly a decade leading engineering teams, including Traveloka, Grasshopper, a high-frequency trading firm, and most recently, building out teams for fintech firms under a consultancy Mission.Plus.

Echelon 2022 aims to provide intimate and focused discussions on key topics and business matching services to facilitate business-driven connections during the two-day event. e27will curate and invite key stakeholders of startups, investors, corporates, and ecosystem enablers to drive towards fruitful business outcomes at Echelon.

The 2022 Echelon edition will be co-located with SWITCH at Resorts World Sentosa from 27 to 28 October 2022. Learn more here. 

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Silverstrand, The Meloy Fund back Indonesian agri supply chain startup Koltiva

The key people of Koltiva

Koltiva, an Indonesia-based tech startup focused on agriculture supply chain, has raised an undisclosed investment from impact investor Silverstrand Capital, with participation from existing investor The Meloy Fund.

Planet Rise, Development Finance Asia and Blue7 also participated in the round.

The funding will allow Koltiva to develop its technology that creates traceability data and delivers agronomy advice to help smallholder farmers improve their agricultural practices and income. It generates traceability data through a marriage of technology with in-person engagement through its agronomist network. Koltiva’s agronomists provide capacity building and technical assistance to smallholder farmers.

Koltiva’s new technology modules will be commercialised using the funds.

The first module, KoltiPay, is a fintech platform that provides cashless payment transactions for small-scale farmers and offers them crop insurance and loans.

Also Read: Can agritech solve the world’s growing food security problem?

KoltiTrade, the second module, will enable farmers to purchase affordable agricultural inputs and provide direct access to premium markets for their crops, helping them improve their incomes.

Both will integrate into Koltiva’s end-to-end technology ecosystem, which includes its traceability and farm management software (KoltiTrace) and the training services arm (KoltiSkills).

“Sustainability and ethically-produced goods have become critical decision-making factors for consumers worldwide,” said Manfred Borer, CEO of Koltiva. “Agribusinesses and multinational companies that want to produce goods to meet that demand to understand where ingredients come from and the transparency and trustworthiness of the data. That is what we do. This new round of funding will help us accelerate our five-year goal of supporting five million farmers while ensuring goods are responsibly produced and free of deforestation, conversion, exploitation, human rights abuses, and child labour.”

Koltiva began its operations in Indonesia in cocoa production but has since expanded to 30 commodities, including coffee, palm oil, rubber, and speciality crops. The company recently moved into climate solutions and the ‘blue economy’, including seaweed and shrimp farming.

Koltiva now operates in 27 countries with a US$20 billion and growing addressable market opportunity.

“Koltiva supports more than 700,000 smallholder farmers globally, helping them increase average yields by 70 per cent and average prices by 48 per cent. We believe that the commercial launch of the new modules will significantly improve the company’s ability to increase farmers’ income while accelerating and diversifying Koltiva’s revenue growth,” said Peter Kennedy, Chief Investment Officer at The Meloy Fund.

Echelon 2022 aims to provide intimate and focused discussions on key topics and business matching services to facilitate business-driven connections during the two-day event. e27will curate and invite key stakeholders of startups, investors, corporates, and ecosystem enablers to drive towards fruitful business outcomes at Echelon.

The 2022 Echelon edition will be co-located with SWITCH at Resorts World Sentosa from 27 to 28 October 2022. Learn more here. 

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A Founder’s journey from sewing machines to blockchain gaming

When Playfix Founder and CEO Tobias Abdon was around nine years old, he was surprised when his dad came home with a box that had a picture of a sewing machine on it. Little did he know that this moment would have a major impact on his life.

“He gave the box to my brothers and me and asked us to open it,” Abdon said. “Inside was the first Nintendo console! We wouldn’t be learning to sew after all.”

That Nintendo Entertainment System (known as the Family Computer or Famicom in Japan) would introduce Abdon to the magic of video games.

“Having eight siblings, it was hard to get time on that console. And we probably ended up breaking it pretty fast as we did with most things. But I definitely remember playing Mario and Duck Hunt,” he said.

These days, Abdon is very much a part of the gaming industry, helping game developers embrace blockchain gaming.

Making blockchain gaming mainstream

What is the Playfix vision for blockchain gaming?

“We see a future where blockchain features in games are no longer a novel concept. Rather, they are expected. To get there, Playfix will work hard to greatly expand the number of Web3 developers and games. We aim to make it super simple for every developer to build and launch Web3 games,” Abdon said.

Also Read: Exploring the creator economy in gaming

Abdon’s background in the technology industry, particularly in cloud computing, is proving valuable in helping realise the Playfix vision of becoming an all-in-one solution for developers to easily build, launch, and grow Web3 games and non-fungible tokens (NFTs).

“I started off my career working in dark and dingy data centres in the Pacific Northwest. Then graduated from there to be one of the first salespeople at Amazon Web Services in 2008,” he said.

Abdon then spent more than a decade helping innovative cloud computing companies scale on the global stage.

“I got into crypto just in time for my first bear market experience this year,” he quipped.

From play-to-earn to Playfix

How did Abdon end up founding a blockchain startup like Playfix?

“I came up with the main idea around June or July of 2021. Axie Infinity was growing super fast and was all over the news,” Abdon said, referring to the blockchain game that helped popularise play-to-earn.

“I started to research how they built the game. Not only did they have to build the game, but they had to build a sidechain (Ronin), write smart contracts, and so on. I knew that most game studios wouldn’t be able to do all that work. And I also truly believed in the potential of blockchain gaming. I started daydreaming about an application programming interface (API) platform that would make building blockchain games much easier,” he said.

Lowering the barrier to entry

Abdon emphasised that the Playfix platform offers an end-to-end solution, citing three main ways the company makes it easier for developers to make the leap to blockchain gaming.

“First, we greatly lower the barrier to entry for developers. If you know how to use a REST (Representational State Transfer) API, then you can get started building web3 games with Playfix.

“Second, we have all the APIs you’ll need to build your game, from tokens to NFTs, to wallets. You won’t need to piece together multiple services.

Also Read: What does blockchain gaming need to succeed in the long haul?

“Third, we have a team who will work with developers to succeed. There are a lot of important decisions to make, from which blockchain to use to designing how the game interacts with the blockchain elements. We are here to provide that expertise,” he said.

3 pillars of blockchain gaming

According to Abdon, Playfix was founded on believing that the intersection of blockchain technology and gaming will elevate both industries to new heights.

“We like to think about the ‘pillars of blockchain gaming’. The first pillar is digital asset ownership. Players and others involved in the gaming ecosystem will be more involved in the creation and transformation of digital assets that get used in games.

“The second pillar is economic inclusion. Right now, game developers reap most of the rewards of their games. However, players contribute a lot of value to games and should be included in the rewards. This opens up some really exciting opportunities for both game developers and players.

“The third pillar is innovation. Blockchain gaming is just getting started. We need creative teams to think of new concepts to build,” Abdon said.

Blockchain gaming is here to stay. With the help of Playfix, more game developers can get ready for the future and have what it takes to win.

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 groupFB community, or like the e27 Facebook page

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How a decentralised localisation and building a community of trust can lead to global success

In this episode, we are excited to welcome Joanna Harries, Senior Vice President of Global Expansion at Endeavor, the world’s leading organisation working with high-impact entrepreneurs. Prior, Harries held other growth executive roles at the organisation and was a brand manager at Unilever.

In our conversation, Harries offers great insights about taking a decentralised approach to localising for new markets but having the playbooks and structures, how to foster an owner’s mentality and create a community of trust, and how to develop local-to-local knowledge sharing (not always requiring HQ) and building a global mindset within your family.

Also Read: Venturing into China: The challenges and key success factors of localisation

Get your copy of our #2 Wall Street Journal Bestselling book, Global Class, a playbook on how to build a successful global business here.

This episode is sponsored by our partner, ZEDRA. Learn more about how the ZEDRA team can support you in expanding to new markets here.

The content was first published by Global Class.

Image Credit: Global Class

The post How a decentralised localisation and building a community of trust can lead to global success appeared first on e27.

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How TotallyAwesome helps brands engage kids and teens in a meaningful way

TotallyAwesome CEO Will Anstee (extreme right) with the investors

Studies reveal that internet usage among the under-aged (below 18) accounts for 40 per cent of daily traffic globally.

They use the internet for education, entertainment and socialisation. However, the dangers lurking behind this growing number are worrisome, with a Zoomer’s Insights study finding that parents across Asia Pacific are most concerned about content safety for their children. Inappropriate content in gaming is one of the top worries.

While many firms are already tapping into this segment, brand safety and compliance have made it daunting to connect with the young audience, especially if the brands are not equipped with the right expertise and technology.

“We understand the importance and dangers of this,” says Will Anstee, Co-Founder and CEO of TotallyAwesome. “So we create brand-funded games that help children’s confidence, help their socialisation, help educate a child in a fun way through STEM-based modules. This way, we keep youths safe on the internet.”

Headquartered in Singapore, TotallyAwesome is an advanced digital advertising network for kids, teens, and families. It is a purpose-built media and content business, with one foot in media and engagement and the other in cyber safety.

“From a media perspective, we ensure brands engage kids and teens responsibly, acting like a youth safety insurance policy for brands,” Anstee tells e27. “We counsel brands on how to move beyond an advertising play to one of utility and meaning. Our role is to help marketers plan and execute the most successful campaigns possible for their brands, offering an experience of positivity for the end user and additional utility for the brand.”

Also Read: Preparing kids for the future of work by asking founders the skills they hire for

According to a UN study of 2018, 175,000 kids come online for the first time every day. There is a need for proprietary and contextual data-graph to which the advertising industry can reply. “Under-18s increasingly look to digital platforms via mobile phones for entertainment, playing games, hanging out and discovering new brands,” says Anstee. “Advertisers need to target audience at the right time, in the right environment and with a compelling/creative message. However, they often deprioritise marketing to U18s due to a lack of clear profiling information and regulation.”

And under-18s going online are typically highly problematic, as the internet brings a dark side. Big tech firms such as Instagram and TikTok were recently fined for mishandling and failing to protect children’s data. Some others, such as Microsoft, have complex terms and conditions that can take a trained lawyer up to an hour to read!

“What chance do under-18s have in these situations, then?” asks Anstee. “This is why TotallyAwesome was born. We allow brands to engage with their target audiences across various media formats (apps & sites, YouTube, creators) to achieve improved utility and a positive outcome.”

Backed by science but human by design

TotallyAwesome is science-backed but human by design, says Anstee, who refers to himself as the ‘anti-CEO’, leading a people-first hearts-based business. The startup curates multiple content and inventory through the lens of an under18. This is achieved through the deployment of bespoke technology explicitly designed to offer youths contextual and customised content through age-appropriate engagement.

“We have technological advances in semantic and contextual targeting, which lets a brand’s value resonate in the most appropriate emotional context, driving hyper-relevancy and meaning. TotallyAwesome also relies on an army of people to apply a ‘human value judgement’ to all content, ensuring a brand is laser-focused and never compromised,” he explains.

Anstee, who co-founded TotallyAwesome with Marcus Herrmann and Daniel Nguyen, says all its placements are enriched with proprietary data and a standardised structure, ensuring a compliant outcome for brands. Its philosophy and investment in contextual targeting combine machine and people best practices. This provides brands with a unique, safe and scalable channel to their high-value audiences, driving superior media return on investment (ROI).

The firm provides brands with products with purpose across a range of media formats —

  • Apps & sites: video/animated video, display, rich media;
  • YouTube: TrueView/animated video/360, 15s non-skippable, 6s bumper;
  • Creators: YouTube Video, Facebook, Instagram video/post, TikTok video;
  • TotallyPlay: In-game ads, custom integrations, e-sports sponsorships.

TotallyAwesome undertakes a three-step process to guarantee a brand’s media effectiveness and efficiency:

Audience first:

a) A bespoke inventory ‘discovery’ process capturing a high-quality audience marketplace where brands can engage an audience with confidence and accuracy via leveraging,

b) Analytics of behavioural patterns and paths to purchase across content, interests and mindsets,

c) Real-time consumer insights on media habits and content consumption
Resident psychologist providing behavioural insights at each life stage by market,

d) AI-driven algorithms matching similar content.

Curation (to ensure a brand is shown on content that is safe for the audience and the brand):

a) Moderation by a specialists team, by market, of kids, teens and family experts,

b) Over 2 million hours of combined kids, teens and family expertise in working with brands and content owners

c) Audience safe content only – KidSAFE Certification logo

Enrichment (human by design):

a) Consistent categorisation by humans who understand content, language, age, gender and life stage – not algorithms,

b) Content is categorised by psychologists and family/educational experts,

c) Safety is guaranteed by humans, not an ever-changing algorithm.

The AI startup has teenage moderators (all 18+) on teenage content. They moderates every piece of its diverse marketing channels/marketplace and categorises it in its proprietary curation and moderation platform.

Besides, it has a resident practising psychologist advising on what is age-appropriate, consequently helping shape its products and develop bespoke research solutions. This science-backed approach is combined with local language human moderators to ensure brand safety and emphasise human interpretation over AI-based solutions.

Also Read: Unlikely mentors: What kids can teach you about entrepreneurship

“Our bespoke approach has discovered, curated and moderated over 7,000 ‘KidSafe/TeenSafe’ apps, websites, games and YouTube channels across Asia Pacific, enabling us to reach over 500 million monthly active users,” shares Anstee. “Our products are 100 per cent COPPA (The Children’s Online Privacy Protection Act- and Children’s Data and Parental Consent (GDPR-k)-compliant.”

TotallyAwesome, which operates in Southeast Asia, Australia, New Zealand, and APAC, recently raised US$10 million (debt and equity) seed funding from San Francisco-based Partners For Growth and Singapore-based Yefira Group. “We will invest in product development to evolve our enterprise advertising platform, ramp up hiring across its sales, data science and machine learning teams and explore strategic M&As,” he notes. 

“We will use the money to solidify our position in the market while expanding our footprint across key strategic markets such as Indonesia, the Philippines, Japan and Australia,” Anstee concludes.

Echelon 2022 aims to provide intimate and focused discussions on key topics and business matching services to facilitate business-driven connections during the two-day event. e27will curate and invite key stakeholders of startups, investors, corporates, and ecosystem enablers to drive towards fruitful business outcomes at Echelon.

The 2022 Echelon edition will be co-located with SWITCH at Resorts World Sentosa from 27 to 28 October 2022. Learn more here. 

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