Leading biotechnology company MiRXES launched the first edition of the MiRXES Translator Program at the Singapore Week of Innovation and Technology (SWITCH).

MiRXES Translator Program is Southeast Asia’s first business and clinical advisory programme backed by science that bridges post-incubation ideation and post-accelerator growth. The program is a collaboration with global innovation platform Plug and Play.

The first of its kind, MiREXS Translator Program will support select high-growth potential companies to fast-track the commercialisation and adoption of preventive healthcare solutions, and translate that to revenue growth. The aim of doing so is to improve population health outcomes collectively.

Also read: How can startups automate processes to save time and money

“With our rich startup experience and extensive networks, MiRXES is excited to expand our role in the biotechnology and preventive healthcare sector by enabling multi-stakeholder partnerships and connecting companies with resources to increase the adoption of preventive healthcare solutions globally,” said Dr Lihan Zhou, Co-Founder and CEO of MiRXES.

MiRXES is a Singapore-headquartered biotech company that discovers and develops accurate and affordable preventive healthcare solutions and makes them accessible to all. They are focused on saving lives and improving health economics and outcomes through RNA-powered disease early detection and precision genomic tests.

MiRXES also launched and operates the Early Medical Centre, the region’s first healthcare innovation centre. The facility takes a unique, individualised approach to health, and is equipped with world-class facilities that serves as an aggregation hub for diagnostic solutions.

Co-generating business milestones

Through MiRXES Translator Program investor-partner partnership, MiRXES will actively co-generate measurable business milestones and results while sharing risks and rewards with companies enrolled in the programme, assisting them in growing and scaling their business efficiently and effectively.

MiRXES will enable the acceleration of their growth by contributing its research, manufacturing, and clinical diagnostic capabilities to validate products and provide cost advantage through economies of scale. Companies taking part in the program will also have access to the Early Medical Centre, where they will be able to validate their pricing and business viability.

“Besides investing capital through the MiRXES Translator Program, MiRXES is delighted to share our knowledge from operating some of the world’s most sophisticated laboratories where we pioneered clinical applications of cutting-edge research in RNA biomarkers and help these startups gain a footing in the industry,” said Zhou.

Also read: Bridging the gap between digital literacy and the financial services industry

Companies in the program will also receive support from MiRXES in regionalising their businesses through MiRXES’s infrastructures in Southeast Asia. Through their network, MiRXES will also facilitate partnerships between venture funds, medical partners, government, hospitals, and adopters,

MiRXES will be working with the shortlisted startups to run an extensive programme to develop and enhance their reach within the preventive healthcare sector. Depending on the startup’s maturity, the collaboration could span solution optimisation, pilot production, clinical advisory, and market validation.

Plug and Play, a highly successful investor and preferred innovation partner for major corporations, will assess applicants and curate suitable emerging preventive health-focused technology startups for the MiRXES Translator Program.

“Our goal is to provide a line-of-sight into the most innovative startups shaping the healthcare and biotechnology industry globally,” said Jupe Tan, Managing Partner of Plug and Play APAC.

“We are delighted to be working with MiRXES for their Translator Program. With more than 15 years of experience in early-stage investing and scaling corporate innovation, Plug and Play has a keen ability to identify, attract, and accelerate founders who want to solve industry challenges and scale new technologies,” Tan added.

Join the MiRXES Translator Program

Applications for the inaugural 2022-2023 MiRXES Translator Program will begin at the end of October 2022.

The program will be rolling out with six focus areas – diagnostic solutions, complementary health products, health management programmes, digital health solutions, healthcare financing solutions and healthcare supply chain.

Post-revenue startups across Asia-Pacific, Europe and North America, with innovations aimed at improving the quality and efficiency of preventive healthcare, are eligible to apply for this programme.

The MiRXES Translator Program supports startups in accelerating the commercialisation of their products through:

• Revenue contracts and/or benefits-in-kind of up to US$1,000,000 in value
• Scientific and clinical advisory
• Workflow optimisation and market positioning strategy
• Price and revenue channel discovery
• Expansion opportunities to target markets
• Access to a multi-stakeholder ecosystem of investors, policymakers, payors, solution providers and healthcare delivery providers, including MiRXES’s delivery arm

For more information about and to apply to the MiRXES Translator Program, visit their page here.

 

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Disclosure: This article is produced by e27 team, sponsored by Plug and Play.

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Singapore-headquartered cloud communications provider Toku has announced the completion of its US$5 million Series A extension round, bringing its total funding to US$10 million.

The new round was co-led by Delivery Hero Ventures and Malaysia’s OSK Ventures, with participation from Betatron Venture Group.

The startup will use the fresh money for APAC expansion and establish a local presence in Malaysia, Indonesia, Hong Kong, Vietnam, South Korea and the Philippines. It also aims to double its total headcount to 200 by 2024.

Toku creates bespoke cloud communications and customer engagement solutions. It combines local expertise, regional in-country infrastructure and global reach to help businesses overcome the complexity of digital transformation in APAC markets and enhance their CX with mission-critical cloud communications solutions.

Also Read: Shift4Good fund I makes US$98M first close to invest in sustainable mobility startups

The company works with leading regional brands, such as foodpanda, Gojek, Lenskart, Decathlon, and JCDecaux.

Toku claims it recorded a compound annual growth rate (CAGR) of 128 per cent over the past four years. The company is closing in on half a billion customer interactions processed annually across 17 markets in APAC.

Thomas Laboulle, Founder and CEO, Toku, said: “As the APAC digital economy continues to mature, customer experience has emerged as a key differentiator and a major driver of value for businesses.

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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. e27 will 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. 

The post Cloud communications firm Toku nets US$5M Series A+ for APAC expansion appeared first on e27.

Square Peg, a global investment firm with an office in Singapore, has announced the close of its fifth fund at US$550 million.

The investors include high-performing Australian superannuation funds (such as Hostplus and AustralianSuper), family offices, institutions and endowments. The Square Peg team is also a significant investor in its funds.

The fresh capital will be deployed across two strategies: its core venture fund will invest in companies from seed to Series B, and the Opportunities Fund will typically invest in later-stage rounds of its emerging portfolio companies.

The fifth fund has already made follow-on investments in Kula, Supabase, and Airwallex.

The VC firm will continue to invest in consumer internet, fintech, edutech, future of work, healthtech, and SaaS in Southeast Asia, Australia, and Israel.

Also Read: How iPrice Group navigates the seven SEAs

Since its launch, Square Peg has backed more than 60 companies across the three markets. Its portfolio companies also include SaaS firm LottieFiles, digital health platform Doctor Anywhere, and digital credit provider FinAccel (all in Southeast Asia); Canva and ROKT (in Australia); and Fiverr and AIDoc (Israel).

The company claims its fifth generation fund takes total capital commitments to over US$1.6 billion since its founding ten years ago. Over the past decade, it has returned substantial capital back to its investors of over US$580 million across 11 exits at an IRR of 42 per cent.

Square Peg has a permanent presence in Singapore, with two Partners Tushar Roy and Piruze Sabuncu, managing investments in the region.

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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. e27 will curate and invite key stakeholders of startups, investors, corporates, and ecosystem enablers to drive towards fruitful business outcomes at Echelon. 

Here’s the full list of the speakers for the 2022 edition, which will be co-located with SWITCH at Resorts World Sentosa from 27 to 28 October 2022. Learn more here. 

The post Square Peg closes new US$550M fund appeared first on e27.

Singapore-based KYAN Therapeutics, a biotech company with novel personalised medicine and drug-dose combination optimisation technology, has closed a US$5 million oversubscribed pre-Series A funding round.

Altara Ventures led the round and was joined by Enterprise Singapore (SEEDS Capital), K3 Ventures, and prominent angel investors.

KYAN will use the funds to advance clinical development, expand lab infrastructure and treat more patients globally.

Hugo Saavedra, Chairman and CEO of KYAN Therapeutics, said: “KYAN is on a mission to bridge the cancer care gap by advancing revolutionary technologies. This funding will help KYAN establish our commercial lab, fund additional clinical trials, and expand our team.”

Also Read: How iPrice Group navigates the seven SEAs

“We have ambitious goals to expand globally, and Singapore is the perfect place for us to set up our new global headquarters given the access to strategic investors, leading clinical collaborators and great talent,” he added.

KYAN Therapeutics tackles the complexity of cancer by combining small data AI and biological experiments. From drug development to personalised medicine, KYAN offers a solution to identify the optimal outcome for millions of possible drug-dose combinations.

This funding news comes on the heels of KYAN’s recent announcement of positive clinical study findings on its guided treatment platform for patients with relapsed and refractory lymphoma.

According to the company, the prospective and interventional study resulted in 59 per cent of treated patients with improved progression-free survival (PFS) compared to their last line of treatment.

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The post KYAN Therapeutics bags US$5M to bridge the cancer care gap using tech appeared first on e27.

An engaging, immersive initiative by Facebook to help community leaders advance their leadership skills and utilise Facebook tools and resources to deepen their community’s impact.

Facebook has launched its 2022 Community Accelerator Programme, and for the APAC region, startup ecosystem platform e27 is designated to be the implementation partner to help community leaders on Facebook advance their skills and utilise digital tools to deepen their impact.

This year, Facebook aims to create a better digital experience through content creation for digital communities. This programme is a game-changer for the carefully selected communities across the Asia Pacific.

Among thousands and thousands of applicants, we selected 20 communities from six different countries to join this year’s Asia Pacific cohort. The most diverse communities joining this year’s programme engage through content sharing on hobbies and leisure, support, education, parenting, sustainability and climate, health and well-being, and economic impact. 

Throughout the four-month programme, selected participants will receive training from experts and coaches through a customised curriculum to help them organise and strengthen their community while connecting with community leaders from around the globe.

Participants will also gain access to Meta tools and services to support them in their efforts to activate their members. Each participant will receive a grant of up to US$40,000 through grant management partner GlobalGiving to fund work that advances their community goals.

Over the last few years, the community leaders on Meta are looking for support and guidance in how to grow their communities’ impact stronger than ever. To support the communities, Meta took this holistic approach that enables the community leaders to learn and use the tools and educational resources they need for a better digital experience and make a greater impact in the world.

Let’s meet the communities of the 2022 APAC Cohort

This year among the selected, 20 communities from six different countries in the Asia Pacific region is joining this game-changing accelerator programme. Seven communities from the Philippines, six communities from Bangladesh, four communities from Indonesia, one community from Malaysia, one community from Singapore, and one community from Thailand were selected for the four-month-long accelerator programme. Without further ado, let’s take a look at the communities and their leaders.

Communities from the Philippines

Coffee Home Brewers 

Community Leader: Rosario Juan

Community: This community is for coffee enthusiasts who love to brew coffee at home with sheer excellence. This is a respective and collaborative community of coffee lovers and learners who engage and converse with each other on coffee recipes, favourite methods, and favourite beans. 

DadbudPH

Community Leader: Joey Ong

Community: A group for PinoyDads, all dads from all backgrounds, supporting each other and giving each other the virtual fist bump they’ve always needed.

Also Read: Facebook announces 2022 Community Accelerator participants

Philippine Native Tree Enthusiasts 

Community Leader: Ephraim Cercado

Community: The Philippine Native Tree Enthusiasts is an environmental, civic group passionate about environmental conservation through the propagation of native trees. They mostly emphasise native trees, and they encourage the members to share relevant information from seed sourcing and germination to propagation. 

Share Your Pulutan 

Community Leader: Arne Reodique

Community: Pulutan means “Food – best consumed with drinks” (like Tapas) which celebrates the Filipino culture of drinking and sharing food with good company. This community also encourages sharing of recipes, food videos, etc.

Social Media Marketing Philippines

Community Leader: Neil Dimapilis

Community: This group is built specifically for both Filipino freelancers and those aspiring to be one to learn and find resources on how to grow as a Freelancer. This community provides information and educational resources to those who wish to learn Social Media Marketing.

The Freelance Movement | Freelancing Community 

Community Leader: Avie Ellazar

Community: This group is built specifically for both Filipino freelancers and those aspiring to be one to learn and find resources on how to grow as a Freelancer.

The Succulent Club Philippines

Community Leader: Dorothy Mercado

Community: A community of succulents lovers that share tips and resources on how to care for succulents. Through this hobby, community members have also found connections and support from one another.

Communities from Bangladesh

Castaway on the Moon

Community Leader: Shah Alif

Community: Starting during the Coronavirus Pandemic, Castaway on the Moon helps young and creative artists from Bangladesh and abroad by helping them showcase their talent in the group. As a cultural organisation, its long-term goal is to make people collaborate with culture and art and make people aware that artists are important to brighten our world.

Foodbank

Community Leader: Sabit Hossein 

Community: Foodbank is Bangladesh’s premier place for restaurant recommendations and reviews from around the country, with over two million foodies from all over the country. The group sends foodie scouts to new restaurants suggested by the members to do official tastings and to highlight unsung food heroes off the beaten path around the country.

Oporajita

Community Leader: Zarin Oshin

Community: Oporajita is a plant lovers’ group encouraging people to create their own mini gardens through learning content and plant giveaways in the community. The long-term mission is to encourage more people to plant trees, create a mass movement to play a small part in climate change and be a little part of the ongoing SD$15 that is “Life on Land”.

Pencil

Community Leader: S.M.Niaz Mowla

Community: Pencil is encouraging future generations of Bengali speakers worldwide to practice Bengali culture and the Bengali language by engaging people of all ages who are involved in creative writing and cultural work. Authors of different ages publish their writing online in the Pencil group first, then continue to print books with Pencil and various publishers and coordinate authors with readers.

School of Engineers 

Community Leader: Hasan Mahmud

Community: School Of Engineers is the largest online educational platform for engineering students and professionals in Bangladesh. The group teaches more than 492,000 students and professionals every single day using our Meta page, group, and YouTube channels. Long-term, the group hopes to contribute to achieving SDG’s Goal for quality education by 2030 and start a  global chapter in 2025.

Women and e-commerce Trust

Community Leader: Nisha Nasima 

Community: More than 10 thousand female entrepreneurs are selling a wide range of products and services through meta-pages, but many of these entrepreneurs will not be able to sustain their businesses due to a lack of necessary knowledge and training. Women and e-commerce Forum (WE) addresses the needs of these female entrepreneurs. WE’s goal is to help female e-Commerce entrepreneurs to sustain their businesses and empower them via a selling and trading platform using meta groups.

Also Read: Meet Facebook Community Accelerator 2022’s additional funding recipients who are turning impactful ideas into action

Communities from Indonesia

Food Combining Indonesia 

Community Leader: Erikar Lebang

Community: A community to discuss healthy lifestyles through food-combining methods.

Ikatan Laundry Indonesia (ILI)

Community Leader: Reza Nevizond

Community: To create a community for professional laundry businesses that protect the interests of members, businesses, and customers with the support of its ecosystem to support and grow together so that it becomes a top 3 reputation reference choice on a national scale.

INFP Personality

Community Leader: Sarah Dee

Community: A safe space for INFPs as their second home where they can share their problems, get support from fellow INFPs, and better understand their cognitive functions. This group has become more of a support group covering mental health, drug addiction, toxic relationships, domestic violence, etc., that they can share, support, and learn to better themselves. Our mission is to provide more impactful programmes for free that can help overcome their dark sides and struggles.

Motherland (ada kisah disetiap kasih ibu)

Community Leader: Mami Ara (Nurul)

Community: A support group for mothers to share information and resources, creating a one-stop sharing platform around various topics from families, child development, financial training through the mompreneur training programme, etc.

Community from Malaysia

MRSM Confessions 

Community Leader: Azil Loko

Community: This is a social group for alumni of all 55 MRSM (schools) in MY since 1972.

Community from Singapore

Hawkers United (Dabao 2020)

Community Leader: Melvin Chew

Community: Created in April 2020 to help support hawkers and F&B outlets that are suffering during the pandemic, especially during the lockdown period in Singapore. The group helps connect F&B establishments and customers to support each other.

Community from Thailand

Designers

Community Leader: Uli Kruse

Community: This group is for designers, contractors, homeowners, and architects to share resources on renovating their homes. It also seeks to raise the competency of contractors & owners on building techniques and materials.

If you are an organisation working on similar projects that align with our communities, reach out and engage with the community leaders for an exciting collaboration! Please leave your details via this link.

For more information about other cohort participants, feel free to see the 2022 Accelerator participant cohort or visit the Facebook Community Accelerator Programme official page.

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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 Facebook unveils the 2022 APAC cohort for Community Accelerator Program appeared first on e27.

When it comes to success stories, we think we’ve heard it all. In the fast-paced and cutthroat world of startup tech, it’s not easy to imagine oneself becoming the CEO of a unicorn valued at 3 billion US dollars. Despite this highly competitive ecosystem, it seems nothing is impossible for Oskari Saarenmaa, CEO and co-founder of Aiven, an open-source data technology cloud platform.

Headquartered in Helsinki and with offices in Berlin, Boston, Toronto, Singapore and Sydney, Aiven allows developers to create applications while they manage cloud data infrastructures. They enable customers to drive business results from open source that trigger true transformations.

Also read: How can we create new urgency for a green recovery?

Under his leadership, the company has scaled to more than 500 people globally over the span of six years, secured more than $400 million of funding, and is now serving more than 1000 customers on every continent.

Echelon 2022: a fireside chat on Oskari Saarenmaa’s road to the top

To give the Southeast Asian tech startup ecosystem a closer look at the highs, lows, and the challenges he faced in going from a developer to a CEO, Echelon Asia Summit 2022 will feature a fireside chat moderated by Mohan Belani of e27. Entitled “Journey to the top: From developer to CEO” the fireside chat will feature Oskari Saarenmaa where he will talk about his rich experiences as the CEO and co-founder of a leader cloud-based company. He will also be sharing market trends, tips, and insights on how to run a unicorn.

Also read: How startups should approach ESG opportunities

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Echelon Asia Summit 2022 (October 27-28) returns after a three-year hiatus. It aims to gather the most influential decision-makers and industry leaders from the Southeast Asia tech and startup ecosystem.

Register for Echelon Asia Summit 2022 now!

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Photo by Aiven

The post Journey to the top: From developer to CEO appeared first on e27.

With decentralisation expected to define the future world, Web3 is catching the imagination of the tech world. From startups to MNCs, businesses are looking for ways to integrate Web3 into their existing products or migrate from Web2 to Web3 to build a community, thus keeping pace with the fast-changing world.

World-renowned tech brands such as Disney, Nike, and Starbucks have already moved or are seriously considering moving into Web3 either by funding the next generation of crypto startups, releasing products into the Metaverse, or introducing a community for its loyal members.

While many smaller enterprises also want to make the most of this emerging technology, they often lack the in-depth knowledge to make the transition. For them, Web3 continues to be uncharted territory. They need a helping hand to delve into the world of Web3.

Also Read: For Web3 to take off, we need to fix the rigidity problem of smart contracts

e27 is organising an exclusive Pro Members roundtable on “Moving into Web3.0: why now is the right time”.  It will discuss the following:

• What does Web3 mean for you, and should you care?
• Why is the right time to embrace Web3?
• What does the migration to Web3 mean for your existing users/customers/community?
• What if the migration fails?
• What are the financial implications of moving to Web3?
• Are there any precedents or examples of successful migrations?

The roundtable will be held from 11 am to 12:30 pm at Taurus Room, Resorts World Convention Centre, on Day 2 (October 28) of Echelon.

The programme is hosted by Enjinstarter, an IDO & INO launchpad for gaming, Metaverse and P2E projects. Enjinstarter brings together gamers, guilds, publishers, gaming studios, etc., to build a sustainable metaverse gaming and entertainment ecosystem.
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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. e27 will curate and invite key stakeholders of startups, investors, corporates, and ecosystem enablers to drive towards fruitful business outcomes at Echelon. 

This year’s edition will be co-located with SWITCH at Resorts World Sentosa from 27 to 28 October 2022. Learn more here. 

The post Echelon 2022: Moving into Web3, why now is the right time? appeared first on e27.

Enjinstarter, Singapore’s leading incubator for early-stage Web3 projects, announced that it would be the Web3 ecosystem partner for the Echelon 2022 conference at Resorts World Sentosa, Singapore, on October 27 and 28.

Enjinstarter will curate Web3 aspects of the conference as part of the partnership, including panels on investment and the transition from Web2 to Web3.

The announcement comes on the heels of Enjinstarter’s successful sponsorship of the Web3 track at All That Matters: Web3 Matters.

From established names and recent unicorns —such as Carro, Ninjavan and Fazz— to emerging innovators and seasoned investors, Echelon brings together a diverse range of international talent and innovation. For this year’s edition, the conference will focus on ensuring a high level of representation from decision-makers across the startup, investor, corporate and business sectors. Adding a powerful Web3 layer via Enjinstarter will increase opportunities for cross-pollination between startups from different ecosystems.

Also Read: Echelon 2022: Moving into Web3, why now is the right time?

“This is really our bread and butter: showcasing the real potential of what Web3 can do and how it can transform and enhance existing businesses,” said Prakash Somosundram, co-founder and CEO of Enjintarter.

“Echelon is a ‘can’t-miss’ event on Singapore’s calendar, and we are thrilled to add even more value for the hundreds of startups and founders in attendance.”

Beyond simply providing a platform for discussion, Echelon leverages the data offered by its parent company e27 to provide curated business-matching services to participating startups to match them with established businesses who might use their solutions or with investors.

This year, the matching service will include connecting Web3 startups with potential partners in the Web2 space.

“We have learned over the past few years that Web3 and Web2 are not in competition with each other. On the contrary, they are very much complementary technologies,” said Mohan Belani, CEO of e27, Echelon’s principal sponsor.

“The overwhelming majority of the startups attending Echelon may be Web2-focused. But blockchain, the metaverse, NFTs, and decentralised finance can help them expand the range of services and solutions they offer.”

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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. e27 will curate and invite key stakeholders of startups, investors, corporates, and ecosystem enablers to drive towards fruitful business outcomes at Echelon. 

This year’s edition will be co-located with SWITCH at Resorts World Sentosa from 27 to 28 October 2022. Learn more here. 

The post Enjinstarter partners e27 to educate and support SEA’s push towards a Web3 future appeared first on e27.

With the emergence of blockchain as a key enabling technology, decentralisation has become the buzzword. Many popular big brands have now realised the importance of decentralisation and are gradually transitioning to Web3, the decentralised version of the Internet.

Big Techs, such as Meta (Facebook’s parent), announced its intention to transition into Web3 long back, and many other non-tech brands are also jumping on the bandwagon.

The Southeast Asian startup sector, however, has broadly adopted a ‘wait-and-watch approach’ and is double-minded when it comes to the Web3 transition.

Should they really migrate into Web3?

We posed this question to several experts and Web3 enthusiasts.

Also Read: Echelon 2022: Moving into Web3, why now is the right time? | e27

“It is definitely not a simple question to answer, especially in light of the bear market and macroeconomic headwinds today,” said Shaun Heng, Head of Spartan Labs at The Spartan Group, which advises, invests, and builds with entrepreneurs in Web3.

The transition also depends on the motives behind the move. “Moving from Web2 to Web3 should improve the user experience in one way or another. There are things that Web2 can do better than Web3, and there is no need to push everything into Web3. As long as the user experience benefits from the move, Web2 startups should consider looking to Web3 solutions if it fits their needs,” he added.

Undoubtedly, Web3 is set to transform industries and unlock new capabilities for value creation. While Web2 has never been designed to facilitate transactions, Web3 is changing the game by adding a transaction layer to the Internet. This will allow us to transact value and assets in a trust-less and secure manner, opening the doors to various new services and value models.

Apart from this, Web3 also offers a unique ownership model, allowing users or consumers to own part of the business via tokens or NFTs. This can engage the community in ways that would not be possible in the Web2 context. This also enables and empowers consumers to guide the business’s direction, creating a truly one-of-a-kind connection for diehard fans of specific brands.

“NFTs have brought about strong communities and brands that have grown from nothing to well-known brands in the space. NFT communities such as BAYC and Azuki have shown how much can truly be achieved with NFTs within just over a year,” Heng continued. “Beyond that, Web3 also lowers the barrier to entry for fundraising for startups. Whether fundraising via ICOs or NFTs, Web3 provides avenues to funding that was much harder to access in the traditional Web2 space.”

That being said, some industry watchers warn that before making Web3 transition, Southeast Asian startups should first deepen their understanding of this technology and how the transition would impact their business models and technology.

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

“Startups shouldn’t limit themselves by looking at cryptocurrency alone, as this is just a single limited use case powered by blockchain. Instead, they should look into applications like smart contracts as ways to optimise and automate their business processes and operations,” opined Xander van der Heijden, CEO of UNL, a provider of next-gen micro-location and mapping technology.

Rishi Randhawa, Head of Web3 Innovation at Enjinstarter (an IDO & INO launchpad for gaming, metaverse and P2E projects) also waxed eloquent about the benefits of Web3 transition. In his view, providing community members with ownership elements can help brands and businesses find new audiences, deepen connections with existing users, further segment fans into super fans, and, more importantly, grow and scale the brand much faster.

“Web3 is a total reshuffle of the traditional business model. From product to the community, we are now working the other way around where we build a community around a shared vision, empower the community to be involved in building the product and turn the community into ardent fans and backers from day one,” he added.

“Web3 is just the beginning of a journey of empowerment for communities and for people in general where their efforts and participation are rewarded through the things that they love,” Randhawa elaborated.

Qin En Looi, Principal at Saison Capital, has, however, sounded cautious, saying Southeast Asia’s startups should adopt a measured approach before leaping beyond Web2. “Web3 brings about several advantages, including community-driven growth, decentralisation to mitigate single points of failure and innovative ways of capital raising (e.g. via token or NFT sales). However, startups will be well served to start with the problems they are solving, then figure out the right tools from Web2 or Web3 for their solution.”

Rachael De Foe, a Web3 enthusiast and Founder and MD of PR agency Redefy, is more interested in unpacking the potential impact of a Web3 migration. “We don’t yet know the implications of moving entire digital populations to interact and transact ‘on the blockchain’. But with the right thought leaders leading the industry conversation, we can help startups make a more informed decision about whether the technology is a good fit for their use case,” she shares.

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Shaun Heng, Qin En Looi, Rishi Randhawa, and Rachael De Foe, along with Eddie Thai (Ascend Vietnam), will discuss ‘How Web2 Founders can leverage Web3 technologies and business models and Embrace the New Internet’ at Echelon 2022. 

This year’s edition will be co-located with SWITCH at Resorts World Sentosa from 27 to 28 October 2022. Learn more here. 

Copyright: sasha85ru</a>

The post Should Southeast Asian startups look to transition from Web2 to Web3? appeared first on e27.

GoTo in talks to sell investor stakes worth US$1B to avoid stock crash
The group is in negotiations with its major investors, including Alibaba and SoftBank; The move is part of a plan to avoid a potential drop in GoTo stock prices once the IPO lock-up period ends on November 30.

Malaysia’s Super App to list in US via US$1.1B SPAC deal
Before the deal with Technology & Telecommunications Acquisition Corporation closes, the payments tech firm will buy 60% of fintech firm MobilityOne’s stake in OneShop Retail.

Grab to close cloud kitchen ops in Indonesia, lays off employees
In a statement, the company said GrabKitchen saw inconsistent growth during its four years of operations, which included a shift to an asset-light business model.

Carousell hit by data breach in Singapore
According to an email sent to its users, the classifieds marketplace said that registered email addresses and mobile phone numbers of users had been exposed during the breach, which occurred on October 14.

SALT Ventures to launch US$150M Fund III
The Indonesian early-stage VC will invest US$5-10 million while allowing for bigger ticket sizes for mature companies; The target sectors include healthcare, consumer goods, and lifestyle.

Korean VC Nextrans to launch US$50M Vietnam-focused fund soon
It will look at writing cheque sizes of up to US$3M; It will look for high-growth tech firms that drive Vietnam’s key sectors, such as consumer, healthcare, finance, healthcare, and agri.

ADB leads US$135M financing for EV development in Vietnam
The package consists of a US$20M loan from ADB, parallel loans of US$87M, and concessional financing of up to US$28M; ADB will finance VinFast to manufacture fully-electric public transport bus fleet and first EV charging network.

Gojek-backed Bank Jago doubles revenue to US$24M for Q3
However, the digital bank’s interest expense widened by 2.2x y-o-y to US$2.4M; This played a part in the company logging US$750K in net profit for the quarter, an 18% drop compared to a year ago.

Unilever Ventures leads US$6M round of Indonesian vitamin brand
Youvit’s offerings are available in 20K+ retail stores and major e-commerce platforms and its own direct-to-consumer website; Its products target Southeast Asia’s urban millennials.

Jurnal co-founder’s F&B management firm Runchise raises funding
The investors include East Ventures, Arise, and Init 6; Runchise helps restaurant and franchise owners manage their stores; Its services are used for table arrangement, supply chain management, and PoS processes.

SG-based PoS startup Waffle eyes US$1.5M raise
Waffle’s plans come after it breached hundred of locations across Singapore; Waffle provides point-of-sale and integrated loyalty programme solutions for local businesses.

East Ventures pours pre-seed funding into Indonesia’s FitHappy
The health-tech firm connects individuals with coaches that can help them improve their eating, physical exercise, mindfulness, and productivity habits; It also operates a marketplace for healthy F&B.

Ex-Luckin execs launch first location for new coffee venture
Luckin Coffee Charles Lu and Jenny Qian’s venture Cotti Coffee will serve coffee, Italian biscuits, and other food during the morning; It will also offer meals at noon, wine in the evening, and snacks in between.

SG commodities intelligence startup bags US$380K seed round
Investors are Stellar James Management and Palmm; Navigate Commodities’s platform digitalises end-to-end supply chain monitoring, providing more accurate real-time information using AI.

Hodlnaut accuses EY staff of dishonesty; EY fires back
The crypto lender, which lost US$193M in the UST collapse in May, signed an application asking S’pore’s High Court to replace EY as its its interim judicial manager, claiming it’s been unfairly prejudicial.

How small businesses can boost brand visibility via videos and messaging
With Meta platforms and products such as video and messaging, small businesses around the world are becoming more visible in their communities.

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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. e27 will curate and invite key stakeholders of startups, investors, corporates, and ecosystem enablers to drive towards fruitful business outcomes at Echelon. 

Here’s the full list of the speakers for the 2022 edition, which will be co-located with SWITCH at Resorts World Sentosa from 27 to 28 October 2022. Learn more here. 

The post Ecosystem Roundup: GoTo in talks to sell investor stakes worth US$1B, Carousell hit by data breach, MY fintech firm to list in US via US$1.1B SPAC deal appeared first on e27.