Diversity isn’t a new topic, nor do we have experts in this field. But much progress is being made, and we, collectively as a society, are learning and trying each day to be more inclusive and remove bias, unconscious or deliberate, in our day to day workings.

The dialogues around diversity and inclusion have been most dominant in the U.S., Europe and Africa, off late. The Asia Pacific isn’t behind. DEI (diversity, equity, and inclusion) is gaining more awareness led traction.

For enterprises, their consumers and target audiences are learning simultaneously. They are no longer tight-lipped in their fight for diverse representation. Instead, they hold the brands answerable for their choices should they fall short of taking a position on critical social issues, such as discrimination, gender equality, and systemic racism.

In turn, this makes tuning the messaging and optics in line with DEI principles a critical mandate for us, marketers, to authentically connect with our audiences worldwide.

But it isn’t about throwing in a simple image in the mix anymore. It goes deeper into understanding the consumer’s psyche and building products that fulfil their needs.

Here are five representation-dimensions brands must consider towards being inclusive while planning a campaign:

Gender identity

“The soul has no gender” — Clarissa Pinkola Estes

Transgender, gender-fluid and non-binary representation matters. Period. As we collectively move towards breaking barriers and challenging dated norms, the media should mirror a gender agnostic landscape.

Real-world case study: Jeep’s campaign for its new car, the Renegade 2019. Location: Brazil. Campaign name: “Your Instinct is Jeep”.

The company used ad creative to feature both male and female protagonists to impact its audience positively.

Also Read: Why the ‘Downfall’ of Boeing is a big lesson on diversity for all of us

Not only was it very well received by the female audience, but the diversification of gender portrayal also drove positive business results, with at least a three-point increase in conversions among women who saw ads with a female lead.

Sexuality

“Love is never wrong.” — Melissa Etheridge

It has to be “loud and proud” all year long. Adding a rainbow icon to all ad assets during Pride Month won’t cut it.

Real-world case study: Early ’90s in the U.S., when IKEA aired a commercial showing two men as a couple, shopping for a dining table, on national television, it made news worldwide. It was not well received.

Fast forward over two decades: at the Sydney Gay and Lesbian Mardi Gras, so many companies, including banks CPG products like mouthwash and apparel brands, are using rainbows and other LGBTIQ+ symbols to market their products.

Race

“Our ability to reach unity in diversity will be the beauty and the test of our civilisation.” — Mahatma Gandhi.

Racism exists. Social movements like “Stop Asian hate” and Black Lives Matter” have made more media headings recently, entangling brands into the conversation, occasionally involuntarily.

Despite what corporations have done to address racial discrimination, there are significant gaps between expectation and performance in several metrics among all ethnic clusters.

Brand marketers can ensure inclusive campaign assets by bringing in a range of complexions, thus avoiding perpetuating colour biases.

Real-world case study: ThirdLove, an American lingerie company that aims to make items for all different body types, implemented this brand message through a show of real women (not photoshopped or high-fashioned models) of all shapes, sizes, ages, ethnicity, gender identity or sexual orientation in their marketing assets.

Disability

“I don’t need easy. I need possible.”— Bethany Hamilton

A wide range of people with disabilities needs their stories to empower and normalise their identities. Yet, most brands have not recognised this opportunity.

Real-world case study: ASOS, the British online fashion and cosmetic retailer, launched its wheelchair-friendly jumpsuit, before the pandemic, back in 2018.

The company teamed up with BBC sports reporter and British Paralympian Chloe Ball-Hopkins to fashion a stylish yet practical jumpsuit. The jumpsuit, of course, can be worn by anyone, irrespective of whether they are in a wheelchair or not.

Age

“It is the age of no age” – Madhura Moulik

Also Read: Building the rainbow bridge: How businesses can foster Diversity & Inclusion in the workplace

While everyone in marketing is obsessed with the millennials, the fact that humankind is undergoing one of the most remarkable demographic changes in history is getting colossally overlooked.

Boomers, millennials, Gen X, Z or A, the marketing collaterals needs to have representations across generations.

Real-world case study: In 2017, Dove launched its Real Beauty Pledge promising that its marketing would reflect all its customers, regardless of demography.

The talented Mario Testino photographed thirty-two real women and girls, aged 11 to 71, from over 15 countries to mark this launch. These portraits were on display in New York City as a showcase for Dove Real Beauty, celebrating the brand’s 60 years.

In conclusion

There remains an evident mismatch between brand intent and consumer perception, truer when dealing with the narrative of historically underrepresented groups of people.

The good news being stronger intent across society is the ultimate enabler.

Hence, from celebrating one’s culture to portraying the myriad walks of life, given the significant role advertising plays in shaping society, marketers and brands have to sync up and play our part to move the needle and create inclusive messaging.

Join us!

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One of the biggest challenges among first-time founders is putting together their first priced fundraising round.

In markets like Taiwan and Southeast Asia, the venture ecosystem is still relatively young, leaving several misconceptions around deal-making among entrepreneurs and investors alike.

Some first-time founders, especially those from blue-chip backgrounds or elite pedigrees, may treat the deal process as a competition driven by game theory, where there must be a winner and a loser.

From my experience, however, treating discussions with investors as a win-lose proposition only leads to mutually-assured failure. Everyone should leave their egos at the door.

What’s at stake when a founder tries to over-optimise their self-interest?

Some investors may choose to walk, making the fundraising process that much tougher. Worse yet, you may end up bringing on angel investors who begrudgingly put some skin in the game, but not enough to help you out when push comes to shove.

Setting a good faith tone between founders and investors from the getgo will make it easier for both sides to agree.

While a startup’s first round of fundraising may seem like a standard process, it sets the long-term legal and financial foundation for the company’s relationship with investors, making it mission-critical for founders to understand exactly what they’re getting into.

Find a founder-mentor

The most valuable thing that a first-time founder should do, and maybe the first thing they should do when starting a company in general, is finding a founder-mentor, someone who has been there, done that, and knows the ropes of fundraising and term setting with early-stage investors.

Founder-mentors can be powerful advocates and filters for your company when sourcing customers or potential backers.

Also Read: 4 lessons for first-time founders embarking on their entrepreneurial journey

Remember, as investors run due diligence on you, it’s important that you also conduct due diligence on them as well. Not all investors are created equal, and you may sometimes find that their actions contradict their words only after the ink has dried.

That’s why first-time founders need to surround themselves with the right people. Mentors and angel investors play an indispensable role in guiding founders to understand the true nature of the founder-investor relationship.

By seeking out founder-mentors or angel investors who have experience working with venture capital firms or joining an accelerator programme that provides mentorship, first-time founders can better navigate the fundraising process with much greater ease.

Finding such advocates will help founders avoid bad actors, understand term sheet best practices, and put the startup on a solid footing for the journey ahead.

Mind your timing

Before any team looks to fundraise, the most important factor is timing. Timing is everything. Investors want to invest in attractive companies in an attractive space.

First-time founders should initiate fundraising efforts after gaining traction, signing on new customers, or proving their MVP.

The fewer founders have to show for the company, the worse the valuation and terms investors are likely to discount the uncertainty unless you already have some track record or successful exit behind you.

VCs tend to invest in underlying paradigm shifts on a more macro level, so always be prepared to answer: why now and why you?

Use a savvy lawyer

Another area that frequently trips up first-time founders is finding quality legal counsel. In developing markets, founders cannot rely solely on lawyers to negotiate in their best interest.

Venture capital is not a large or profitable enough vertical for legal specialisation outside of the Bay Area, so venture deals are often a low priority for emerging market lawyers.

When it comes to structuring a deal, lawyers play a fleeting role as the relationship may be strictly transactional. Their nature is based purely on winning something on paper for their clients, and once the deal is done, they move on to the next client.

For investors and founders, the first term sheet is just the beginning. Each round of investment adds another layer of complexity, requiring a solid foundation to build off, with the initial term sheet setting sustainable grounds for the company’s development.

Accepting a lousy term sheet is like building a house on poor soil, setting the structure up for collapse under adverse circumstances.

Understand the value of vesting

One of the most frequently misunderstood terms among first-time founders is vesting. Many founders ask me, why is vesting necessary? Or perhaps fear that the investors may try to drive out the founding team down the road for replacements.

Also Read: SEA tech founders playbook: A to Z of becoming a fundraising legend (Part 1)

Vesting is a prevalent industry practice, acting as a mechanism to create forward-looking incentivisation and alignment between founders and investors. Investors want founders to be in the deal for the long haul, rewarding their dedication to the company.

I have found that vesting-related issues most commonly arise among solo founders, with significant key-man risk. In contrast, teams with multiple co-founders tend to reinforce to buy into vesting terms.

If there is no founder vesting in place, co-founders who leave abruptly can just as easily take their shares with them.

I’ve seen cases where 40 per cent of the cap table is locked away due to a co-founder who decided to jump ship, leaving the other founders and investors with little recourse to salvage the company’s ownership outlook. For a more comprehensive explanation of founder vesting, you can reference this article.

Be wary of uncommon practices

As far as industry best practices go, some less common terms may put founders at a disadvantage if not understood properly.

For example, an investor can try to secure excessively generous veto rights, which could come into play if a company is looking to stay afloat by initiating a down round of financing. I’ve seen an investor veto the round in some cases as they thought the company could still raise at a markup. In the end, the company had to shut down.

To mitigate such an issue, it is important for founders to carefully design their cap table and avoid agreeing to unnecessarily strong minority veto rights unless you believe the situation truly calls for them.

There are even more stringent examples of uncommon terms. Some investors may force upon founder unfair guarantees, requiring founders to be personally liable for unforeseen tax consequences and subsequent reimbursements to the company.

This should be a major cause for consideration, as founders typically should not be responsible for these kinds of issues outside of integrity or fiduciary duty-related issues.

Nevertheless, unusual terms are put in place for unusual circumstances. Every deal is contextual, so be sure to understand the full scope of your situation and adjust the terms accordingly.

It is also worth noting that in emerging and frontier markets where venture capital tends to be more scarce, some investors, especially those from traditional backgrounds, may view and treat founders as employees on the cap table.

Also Read: SEA tech founders playbook: A to Z of becoming a fundraising legend (Part 2)

Now, there are certainly founders that do appreciate and require this level of involvement or guidance, but, for many, these types of investors may end up micromanaging every course of action, leaving little room for creative freedom, flexibility, or control. It’s imperative to understand which camp you prefer.

Playing the long game

Is there any difference in term sheets for emerging markets compared to mature markets like Silicon Valley? Not really.

There are global standard practises and terms that appear across markets that are consistent with the asset class; however, each market and sector have unique conditions that require investors and founders to adjust terms accordingly.

Local investors may better understand regulatory conditions or cultural sensitivities, which allow both sides to come to an agreement that may better suit the on-the-ground circumstances of the market and company.

Ultimately, a term sheet is just a framework for partnership. What’s more important is whether or not you can see yourself working with this investor for the next five to ten years and then setting the terms from there.

Over the past decade, financial literacy among first-time founders in Taiwan and Southeast Asia has improved dramatically. Investors have also adopted global best practices to help them win deals by removing once-common archaic harsh terms.

At AppWorks, we aspire to work with founders throughout the entrepreneurial life cycle, guiding first-time founders in term sheet discussions and ensuring that founders are equipped with the tools for long-term success. Term sheets should not be a win-lose proposition for investors and founders.

As the ecosystem matures, the market will naturally filter out bad terms, leading to better investor-founder dynamics that foster higher-quality investment and innovation.

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Singapore-based Locofy, which builds a low-code platform to convert a design to code, today announced a US$3 million pre-seed funding round.

Developer tools and SaaS investor Accel, January Capital, Golden-Gate Ventures, Boldcap and an array of angel investors and advisors (including founders of Ola, Wego, GajiGesa, Hasura, Holistics, 1bStories, and Ohmyhome, to name a few) have participated in the funding round.

In an email to e27, Locofy co-founder Honey Mittal said that part of the funding will be used to scale the engineering and data science teams to automate the grunt work of developers and designers further and build collaboration modules for teamwork.

“We will also be building more frameworks such as React Native, Flutter, Vue, and other design tools such as Sketch and Adobe,” he continued.

The Locofy platform was built to help solve the problem of the global tech talent shortage that was further amplified by the COVID-19 pandemic. The platform aims to solve the problem by converting designs to code and easing the grunt work of engineers. They aim to achieve it by automating 50 per cent or more of the current workflow and freeing their time to focus on the complex business logic instead.

Locofy is in beta for its Figma to React conversion platform, and open for early access registrations for React Native, Flutter, and other Web & App frameworks.

Also Read: 27 Singapore tech startups that have made us proud this year

Run by a team of 10, the company is fully remote with its founders and incorporation in Singapore.

“We adapt to the current design tools and tech stack so that designers and developers do not have to switch from their beloved tools and programming language,” Mittal wrote. “… and we seamlessly convert their designs to front-end code using a combination of plugins, extensions, our own proprietary tech (Locofy Builder and AI) to provide pixel-perfect production ready frontend code and a live prototype that runs on code, so that the developers can focus on writing their business logic, other complex problems solving instead!”

Founded in 2021, Locofy co-founders Mittal (former Chief Product Officer at Homage, Finaccel, and Wego) and Sohaib Muhammad (former engineering head/lead at Homage, Wego, Gumi and featured at Google IO) have worked together for at least eight years.

“The idea came from our own needs, with the never-ending pressure to build world-class products and launch them fast with lean teams. For close to a decade, we just weren’t happy with the status quo and knew our frustrations were shared by other engineers and builders,” said Mittal.

“The shortage of good engineers and rising costs were also an important factor in us deciding that we wanted to solve this global problem our own way, focusing on our strengths. After building two Google Play Editor’s Choice Apps & one of the world’s first and fastest travel mobile websites together, we decided to build a platform to allow lean teams to build high performance and scalable products, keeping quality of code at the centre of everything.”

The co-founder also said that Locofy went from raising an angel funding round to registering the company over the span of one weekend in 2021, followed by the launch of its v1.0 and the closing of the pre-seed funding round.

Also Read: How Warung Pintar builds tech solutions to help warung owners embrace the future

It plans to launch its mobile solution (React Native, Flutter), introduce Drag Drop of components from popular libraries and custom design systems, and build AI-based solutions such as auto-tag and auto-layout.

“We would like to come out of beta for both web and mobile platforms this year and grow the community globally! We want to automate more than 20 million lines of code this year,” Mittal closes.

Low-code platforms have been growing in popularity with their ability to ease the workload for engineers, making the process of product development more seamless. Forbes noted its advantages that include agility and cost structure.

It is forecasted that by 2025, nearly 60 per cent of all part-time developers and roughly one-third of full-time developers will be low-code developers.

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Image Credit: Locofy

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In May 2021, The Jakarta Post published a coverage about the prospect of electric vehicles (EV) in Indonesia, as the largest market in Southeast Asia. While the market for EVs remains in its infancy with about 15,000 EVs –mainly bikes– being sold in Indonesia in 2019, representing less than 0.2 per cent of annual vehicle sales, the prospect is still promising.

“When we studied a number of scenarios for the sector’s growth, our ‘reference scenario’ found demand for passenger cars reaching 250,000 units per year by 2030 – or 16 per cent of all new passenger car sales. Demand for electric two-wheelers could reach 1.9 million units per year in that time frame, or 30 per cent of new two-wheeler sales,” the article writes.

There are three factors that can support the growth of EVs in Indonesia –one of them being the technology used behind these vehicles.

This is the part where Indonesia-based startup SWAP Energy intends to play. The West Jakarta-based startup builds battery swapping infrastructure in the country with more than 400 swap stations already available in Greater Jakarta Area and Bali.

Its IoT technology connects batteries, swap stations, and e-motorcycles, enabling riders to see the status of their motorcycles, easily top-up mileage, and even turn off the motorcycles remotely via the SWAP application for security purposes.

The company aims to have a total of 1,500 swap stations placed in big cities in Indonesia by end of 2022. To support this goal, it recently secured an undisclosed, oversubscribed Pre-Series A funding round led by Kejora-SBI Orbit. The funding round also included participation from Baramulti Group, Living Lab Ventures (an affiliate of Sinar Mas Group), New Energy Nexus Indonesia, Yifang, Raksasa Capital as well as a number of strategic corporate investors and high-net-worth individuals.

“Upon closing this oversubscribed Pre-Series A funding round, we will expedite our plans to accelerate the battery swapping reach and the adoption of electric motorcycles in our beloved cities,” said Irwan Tjahaja, SWAP Energy co-founder and CEO in a press statement. “In order to cater for the growing demands and trends of electric vehicles, we believe that strong infrastructure, enjoyable driving experience, and best after-sales services should be our highest priority.”

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

Swapping for the better

As an EV battery swapping platform, the advantages that SWAP Energy offers include improving the use of electric motorcycles, helping users to use them for a longer time with a convenient method.

“Before [the existence of] SWAP, the electric motorcycle was almost impossible to be used for long-range activities. The problem lies with limited space for batteries. If the battery size is too big, the cost would be too high,” Tjahaja explains in an email to e27.

“SWAP answers to those problems. You can extend your journey by swapping the battery; nine seconds is all you need,” he adds.

This is especially beneficial for users who are using electric motorcycles for business purposes. For example, in Indonesia, the national postal service recently implemented the use of electric motorcycles for its postal service workers. The existence of battery swapping platforms enables them to cut down on downtime caused by hours of battery charging.

The founding of SWAP Energy itself was based on the prospect of EVs in Indonesia. However, Tjahaja believes that in order for this potential to be realised, there has to be an infrastructure that supports the use of EVs for the general public –which includes battery-swapping facilities.

“I was very much interested in battery solutions. I believe that Indonesia has big potential for EV if we can provide a good infrastructure for it,” he says.

The CEO points out that there are currently 130 million motorcycles in the Indonesian market, and the company believes that they can make a significant impact if they can replace them with electric ones.

To promote the use of EVs, in addition to providing a technology that supports its use, SWAP Energy educates potential customers through the use of social media, events, and e-commerce platforms.

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

It also teamed up with SMOOT, the e-motorcycle brand that PT Pos Indonesia uses for its postal service workers. It also works together with other companies such as Lazada Logistics, Alfamart, and Circle K.

In the future, SWAP Energy aims to secure more partnerships with more brands, particularly ride-hailing and logistics companies.

“We continuously improve SWAP ecosystem and its assets; from the battery, the swapping station, and its application to provide a seamless experience and more accessible for other e-motorcycle brands to adopt and use our infrastructure. We are currently having ongoing discussions with other e-motorcycle brands to use our battery ecosystem,” Tjahaja said.

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Singapore-based The Parent Inc. (formerly Tickled Media), the owner of theAsianparent, one of Southeast Asia’s leading community and content platforms for mums and parents, has received an undisclosed investment from LINE Southeast Asia Corp.

The two companies aim to disrupt the fast-growing mother and baby-care market category through this deal. They will also explore synergies in the APAC digital advertising market, which is poised to grow 13 per cent annually from 2021 to 2031, amassing a total addressable market of US$2.8 trillion.

“We are thrilled to add LINE to our illustrious list of strategic partners. In 2019 we were privileged to add strategic investors JD.com (Jingdong) and SCB 10X (holding company of Siam Commercial Bank), which catapulted our leadership in our commerce line in Indonesia and Thailand. We will continue the strategy and raise it to a new level with LINE,” said Founder and CEO Roshni Mahtani.

Also Read: How theAsianparent aims to help reduce stillbirth rates in Southeast Asia

The startup began as a parenting blog. It has since evolved into a multinational tech company and digital publishing house that focuses on content and community platforms for Asian women. The firm aims to help parents have healthy pregnancies and raise healthy children and families.

The Parent Inc. owns and operates several media platforms, including Mama’s Choice, a direct to consumer brand that manufactures and retails safe, natural, Halal, and FDA-approved pregnancy, nursing, baby care, and household products for families in Asia. Its other publications are Asian Money Guide (a personal finance and career portal for women), HerStyleAsia (delivering cutting-edge content on the Asian entertainment, style, and culture scenes), and Nonilo (a food, home, and DIY lifestyle hub).

theAsianparent is available in 11 languages in 13 countries, including Thailand, the Philippines, Malaysia, Indonesia, Vietnam, Hong Kong, Sri Lanka, India, Taiwan, Japan and Nigeria.

Today, the firm claims to reach over 35 million users monthly. According to Mahtani, the company’s revenue grew 100 per cent in 2021 y-o-y.

Also Read: theAsianparent closes Series C round with an investment from SCB 10X

In May 2018, The Parent secured US$6.7 million in a funding round, led by local leisure and travel services company Global Grand Leisure. Singapore-based VC firm Mountain Pine Capital and existing investors also contributed to this round. This came three years after it raised a ‘multi-million dollar investment’ from Vertex Venture Holdings.

The Parent’s other investors are Fosun International and Mirae Asset-Naver New Growth Fund.

The Asia Pacific baby care products market is expected to grow at a compound annual growth rate of around 8 per cent from 2021 to 2026 to reach a market size of US$48 billion in 2026, from US$28 billion in 2019.

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My name is Mike Sim from Singapore. After six years in the financial industry, I started my “ouch” Fund Management Company in 2017.

Why did I start my fund management company?

I got bored working in a bank. Many are selling flavour of the month, ranging from insurance, unit trust, new structured products launch, bonds that require to be sold off.

Especially for bonds, sometimes, I don’t even know if the specialists are trying to get rid of the investment products for another investor or want to make his commission or both.

Don’t get me wrong, I came from the banking industry, and I respect them for that. I got nothing against them. I only market financial products that my investors need and earn the commission.

Just that I do not like to sell flavour of the month in exchange for some “incentive” vouchers or some Quarter sales target incentive trip just by selling a particular financial product.

It doesn’t make sense that everyone’s financial needs are the same for that same period for that single product.

With that, from my banking days, I had a clear goal, a vision, a mission that I want to set up my own fund management company and help my investors manage their funds and make them good money.

Also Read: Finance your startup: 10 types of investors you should know

With profits made above a certain percentage, that is where I will start to receive my bonus, therefore creating a win-win with my investors.

Are you having this urge and feel inside you roaring for you to start your own fund company?

Why is it so hard to find an aligned partner?

My first director was an ex-colleague from the bank. He was a simple man, well at least he looks and gives me the feeling he is simple. He is not a top producer, nor was he at the bottom of the food chain; he was just okay.

My observation was that he did not sell his clients on products. He looks like a banker that is not a product pusher. Therefore, I discussed with him and got him into my firm, but things soon turned south.

He had other plans, and he went into cryptocurrency, and eventually, we part our ways, and he is involved in scams.

Finding an aligned partner is tough; finding one with integrity, trust and transparency are even harder. It took me two years to unwind this successfully, but it caused a big learning experience. This, for anyone who wants to start their funds, can be avoided.

What are services providers?

You come from a banking background, and you want to come out and start your funds. You think you can take over the world, and your fund is so great that it reaches US$1 billion or US$100 million in assets under management.

It is possible, but there is much work to be done. You require a strong team and a vital service providers team, including custody, fund admin, auditors, legal, bank, corp sec, prime, etc.

Also Read: Investing with gender lens: Proven strategy to achieve 2x+ in returns

The setting up time and cost is substantial enough to kill you, and if it doesn’t and you manage to pull through, you will be lucky to get it up in six-nine months and that your investors still stay invested with you.

I have been through the above, and it is not easy. The hardest part is every service providers claim they are the best. It is only when you get involved with them that you realise if they are good or bad, or worst.

I went through unwinding from some of my service providers, and this unwinding process took me one year to complete. It is a truly terrible experience. Imagine you can avoid all these right from the start! Wouldn’t you like to avoid all these?

I have been there, suffered and done that, kick-started with Cayman Islands Investment Funds, come back to Singapore and continued in a Singapore Variable Capital Company Fund. Feel free to connect with me on LinkedIn.

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Regeneration-as-a-service startup Handprint raises US$2.2M from Thunes, others

Handprint, a Singaporean startup building sustainability infrastructure for the digital world, has raised US$2.2 million in seed funding, led by leading payments network Thunes, with participation from unnamed angels.

The funding will be used to build Handprint’s technology further and expand its network of impact partners. The startup aims to advance its mission to transform the extractive economy into a regenerative economy — making it simple, easy and impactful for companies of all sizes to protect and regenerate the planet.

Also Read: Climate tech is in a chicken-and-egg situation in Southeast Asia

The strategic investment will also combine the Thunes global payment network with Handprint’s technology, allowing funds to reach unbanked and hard-to-reach communities worldwide and cutting the cost of intermediaries.

Launched in Singapore in 2020, Handprint allows companies to select from verified impact projects, embed impact into their business functions (like payments processes and e-commerce tools), track how their positive impact grows over time, and create opportunities for customers engagement.

Its clients include Lazada, the healthy food chain SaladStop, and global media platform Teads for its Asia operations.

Do Ventures backs South Korean edutech startup Ringle

Early-stage VC firm Do Ventures has invested in South Korea’s edutech startup Ringle, a premium online English tutoring service that connects learners with tutors from leading universities in the US and the UK.

The edutech startup will use the funding to expand in the Vietnam market. The capital will also be used to enhance its AI-based platform.

Also Read: Edutech in a post-pandemic world: Where do we go from here?

Founded in 2015, Ringle claims it helps learners achieve a high level of English proficiency. During the lessons, tutors use Ringle Docs, a tool developed by Ringle that enables tutors to correct the users’ English in real-time. The corrections are available both throughout and after the lessons, helping the users with initial comprehension and post-class review.

After each lesson, Ringle generates a script of the conversation using speech-to-text technology and provides a recording of the conversation to help students review.

The company also leverages AI to analyse students’ speech pace, vocabulary range, and frequently-used words and phrases, assisting with diagnosis and maximising learning efficiency.

Most of Ringle’s current users are professionals seeking career advancement and aspiring high school students looking to study abroad.

The platform has over 1,300 active tutors, 950 lesson materials, and an extensive video and snackable content library. Ringle has earned over 100,000 users worldwide since its launch.

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Making a living was no easy task for Bu Sumini. The single mother of two suffered a work accident that set her back two months in the hospital and left her in debt.

To make ends meet, she started selling sembako or daily necessities, only to end up getting scammed for IDR100 million (US$ 7,000) by a fake supplier.

The sad reality is that Sumini is not alone in this circumstance. Despite making up some 43 per cent of Indonesia’s entrepreneurial force, many women in the country still face numerous hurdles on their path to success.

Closed doors and sticky floors

Women-owned businesses are a critical component of Indonesia’s growth journey, even with so many factors working against them. For starters, simply entering the workforce is a daunting task as they struggle to balance family responsibilities and navigate a host of cultural factors that set them back.

Marriage and childcare responsibilities, for instance, push back the age at which many women start working, sometimes to as late as 45 years old.

Then there’s the gender wage gap, colloquially referred to as “sticky floors”, which is another major challenge, especially in lower-earning jobs where women reportedly earn 63 per cent less than their male counterparts.

Also Read: From a woman to women: Celebrating empowerment in tech

All of this has contributed to a startling disparity in Indonesia’s labour force participation, with only 56 per cent of women being able to work, compared to 84 per cent of men. With the odds stacked against them in the corporate world, it is not surprising that many women in Indonesia are turning to entrepreneurship to change their fates.

Investing in women entrepreneurs in Indonesia

Investing in women entrepreneurs not only addresses financial inclusion, social justice and gender equality, but a growing body now points to its business case.

The local government is already taking steps to enable better digital and financial inclusion. But businesses also have a role in empowering and transforming women-owned enterprises into powerhouses for collective growth.

Of course, shifting more capital towards women is one way to do this, but equally, it is about developing the right products and solutions for female entrepreneurs.

At Ula,  we recently launched Teman Ula,  a unique new solution that allows micro-entrepreneurs to start or expand their business by aggregating orders and selling within their community.

Solutions like this have helped thousands of women, including Bu Sumini, get back on their feet and grow businesses.

In fact, 63 per cent of all Ula users are women, including proud owners of neighbourhood provision shops, home retailers and more.

Teman Ula has been especially successful in helping more women earn up to five-six times additional income, which is especially meaningful for those with children or elderly family members to take care of.

We’re so proud and humbled to be able to put power back in the hands of these resilient women and help them emerge stronger from their circumstances.

Also Read: A woman among women: 27 female-led startups in SEA that are going places

It takes a village to raise a nation

According to a study in collaboration with the Australia Indonesia Partnership for Economic Governance (AIPEG), if the proportion of women in Indonesia’s workforce were to be increased by just ten percentage points, it may potentially raise the country’s GDP by one percentage point to a total of US$432 per person.

Ula strongly believes in this, and we have made conscious hiring decisions to ensure that over 39 per cent of our team are women, and this number continues to grow.

As caretakers of their families and a key force in the local neighbourhood, women around us have the power to drive transformation at the grassroots level.

Women using Teman Ula aggregate orders from their neighbourhood to bulk-buy provisions and daily necessities at a cheaper price. Not only does the entire community benefit from the price discounts, but these women can also maintain a steady income and earn a small margin while reselling the supplies.

For the 27.55 million people in Indonesia who live below the poverty line, products like Teman Ula are enabling a new generation of micro-entrepreneurs, led fiercely by women, growing businesses, sustaining families, and gaining greater financial independence.

Bu Sumini’s story is just one of many examples that stand testament to this.

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Finch Asia and IndoGen Capital are joining hands to create Cydonia Fund, which seeks to invest in pre-seed to Series B startups in the web3 domain in Southeast Asia.

Cydonia Fund has onboarded notable personalities in blockchain, including top Tokocrypto (Indonesia-based crypto exchange) executives Teguh Kurniawan Harmanda, Chung Ying Lai, and Nanda Ivens.

“Cydonia Fund will focus on growing the web3 ecosystem here and beyond, supporting the likes of TokoLabs by Tokocrypto portfolio (the exchange’s startup empowerment programmatic arm),” said Ying Lai, an advisor to the fund.

Also Read: Web3 has created the metaverse, but how do we navigate it?

As part of the agreement, IndoGen will bring in its whole ecosystem participation to support its growth, including Jababeka, Mahaka Media Group, and the Japanese Trade Organization (JETRO). IndoGen runs two funds with over 25 portfolio companies, including unicorns (Carsome, Shipper, Aruna, Evos, and Travelio). “We are confident that this collaboration will take Cydonia Fund to the world stage. The size of the fund is significant; imagine around 40-50 portfolios of diverse stages,” said Chandra Firmanto, Managing Partner of IndoGen.

Finch Asia is an international VC firm with close to US$400 million assets under management. An active fund, it has made notable investments in Grab, AyoConnect, Tada, Cermati, and Jojonomics.

Tokocrypto is a leading crypto exchange. Under the wings of Harmanda, Ivens, Lai, the exchange claims to have amassed over 2.5 million registered users since its establishment in September 2018. In November 2019, it became Indonesia’s first-ever regulated crypto-asset exchange. “Like many other ventures, we began as a startup until we could finally stand firm and secure our position in the rapidly developing web3 sector. We’re excited to see more players appearing in the blockchain scene in the region and provide all the support we can give as experts in the field,” said Lai.

“By collaborating with Tokocrypto execs, Cydonia Fund seeks to participate in discovering the latest web3 adoption, and in doing so, leveraging Tokocrypto Execs’ first-hand experience and expertise as key figures in the development of the web3 landscape in Indonesia. We saw similar collaborations happening on the other side of the world, such as the one initiated by FTX, Solana Ventures, and Lightspeed Venture Partners in the US in 2021. Very few VCs have built a strategic relationship with the leading crypto exchange as the domain expert,” said Hans de Back, Managing Partner of Finch Asia.

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Indonesia’s leading B2C and B2B e-grocery startup Sayurbox has raised US$ 120+ million in an oversubscribed Series C round of financing, led by Northstar and Alpha JWC Ventures.

Participating investors are International Finance Corporation, Astra, Syngenta Group Ventures, Global Brain, and unnamed angels.

The company will use the funds to expand in new and existing cities and extend its end-to-end supply chain nationwide.

Founded in 2017, Sayurbox is an e-commerce grocery platform that aims to make fresh produce accessible and affordable to end consumers. It offers more than 5,000 SKUs, ranging from fresh produce, meat and poultry, snacks, and ready-to-eat dishes.

Sayurbox claims it currently serves around one million customers in Java and Bali and works with more than 10,000 farmers nationwide.

Also Read: Sayurbox secures Series B to grow its e-grocery marketplace in Indonesia

The new funding round comes less than a year after it raised US$15 million in Series B funding led by Astra. Since then, Sayurbox has increased its range of products, expanding from the Greater Jakarta area to Surabaya (East Java) and Bali and building a network of micro-fulfilment hubs to service Sayurbox’s quick commerce service, SayurKilat.

Eko Kurniadi, Partner at Alpha JWC Ventures, said: “Growing in this vertical is difficult as there are huge execution risks especially given the fragmented logistics and different consumer behaviour in cities across Indonesia. However, Sayurbox has figured out the playbook to tackle these challenges by building a proprietary supply chain comparable to global e-grocery leaders.”

Groceries is one of Indonesia’s most prominent consumer segments at more than US$120 billion in retail value. However, food supply chains remain highly fragmented and inefficient. Direct from farm e-grocery businesses help shorten the supply, reducing food wastage and logistics costs while providing better margins for farmers and lower prices for consumers.

According to the e-Conomy SEA 2021 report by Google, Temasek and Bain, the recent pandemic has driven higher e-Grocery adoption among consumers in SEA, with 1 in 4 grocery dollars expected to be spent online by 2030.

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