The start of 2023 has been interesting and dynamic, with most conversations revolving around volatile markets. Now, companies are turning to the next pressing topic of the year: how to protect their revenues. The challenging part about recessions is that they are out of our control, and the best way to navigate them is to manage our own businesses effectively.

This article will dive into how startups and SMEs can assess their current situation, reduce expenses and expand their reach to stabilise or increase revenue while traditional funding methods are slowly drying up.

Reducing expenses and streamlining the business

Reducing expenses is a key strategy to consider when navigating a recession. Companies should cut back on unnecessary expenses, streamline business development spending, and, in the worst case, trim headcount. Reflecting on the successes, failures, and strategies implemented from the previous year is key to identifying what worked, what didn’t, and what needs improvement.

Companies can use these findings to streamline their operations using technology solutions and identify areas that can be expanded to increase revenue. With the rise of ChatGPT and other AI solutions, companies can experiment with these tools to speed up and automate manual processes within their team. This enables them to focus on tasks that drive impact and revenue.

Also Read: A tech worker should be all about improving customer experience: Kim Nguyen of Recruitery

Exploring expanding revenue streams

After refining spending and streamlining business processes, companies should consider their next steps. One key strategy we see businesses using to navigate a recession is exploring new markets. Although not immediately obvious to many startups and SMEs, expanding a business’s reach can improve its chances of surviving a recession. It allows companies to tap into new revenue streams and access more potential clients.

Startups and SMEs interested in exploring new markets should first evaluate whether they are truly ready for such a step, and identify any potential red flags they need to address beforehand. If they identify an opportunity, the next step would be to refine which markets to target and how to adapt their messaging to accommodate different communities and countries.

Companies with an English foundation can usually find their initial stepping stones in other English-speaking markets (Explore the Rainmaking Expand: United Kingdom programme). However, those looking to expand closer to home can explore how to translate and adapt their product to a new language and culture.

Identifying potential in new markets

When a company is ready to expand, it is important to dive into the potential capability and opportunities available in the new market. By utilising expansion frameworks such as the PESTLE Framework and Capability Mapping Framework, companies can identify how viable the new market is for them, as well as identify where they need to invest to make a new market a success further.

By leveraging these frameworks, founders can identify gaps in their own capabilities, focus on the improvements or refines that need to be made and make informed decisions on how they are to invest in the new market and set themselves up for success.

Also Read: A tech worker’s 2023 recession game plan

At Rainmaking Expand, we have also recognised an increasing trend for startups and SMEs to improve and protect their revenues by collaborating with other companies in new markets. This has helped them to accelerate their market entry and reduce the risk.

As a venture development firm, we are able to provide hands-on support from the idea stage to scale, helping companies manage their growth in a smart way and making limited resources go as far as possible.

By understanding the needs of different communities and countries and leveraging our network to secure and leverage potential commercial partnerships, we are able to help startups identify and capitalise on emerging trends in order to achieve success in the new economy.

In order to stay ahead of the competition and remain relevant, startups should be willing to take risks, embrace change, and think outside the box. By utilising the right combination of people, resources, and technology, startups can gain a competitive advantage and increase their chances of success in the new economy. With the right strategies in place, startups can continue to grow, despite the current economic challenges and position themselves for long-term success.

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Betterhalf, a Bengaluru-based AI-powered matchmaking platform targetting urban Indians, has secured US$8.5 million in a Series A funding round.

FinSight Ventures (which has previously invested in dating app Bumble), besides marquee investors, such as Instagram Co-Founder Mike Krieger and Dropbox Co-Founder Arash Ferdowsi, participated.

Rebel Fund, Nurture Ventures, Leonis Investissement, Derek Callow (ex-CMO of Bumble), Scott Belsky (Founder of Behance), Brendan O’Driscoll (ex-Product Head of Spotify), Manik Gupta (ex-CPO of Uber), Punit Soni (ex-CPO of Flipkart), and Ravish Naresh (Co-Founder & CEO of Khatabook) also joined the investor list.

Launched in 2019, Betterhalf describes itself as a new-age matrimony platform aiming to provide full-stack tech-enabled wedding planning services in India.

The startup recently launched the astrology service AstroZodiac.

Also Read: AI has the potential to perpetuate harmful biases, says Inmagine CEO

Betterhalf claims it recorded a 17 per cent m-o-m growth, recording US$2.5 million annualised revenue. The growth is further fuelled by a ~3x surge in users in nine months.

The company further said it has achieved over one million monthly active users. In addition, Betterhalf also announced its 2nd ESOP buyback. Its first ESOP buyback was done 15 months ago, in December 2021.

Pawan Gupta, Co-Founder and CEO of Betterhalf, said: “Our razor focus on becoming the super app of matrimony and full stack tech-enabled wedding services will drive our next set of growth.”

“Betterhalf represents a breakthrough technology in matrimony space. The platform knows how to leverage technology to break the large problem and build robust solutions for scale, especially full-stack tech-enabled wedding services makes us immensely confident,” said Alexey Garyunov, General Partner, FinSight Ventures.

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Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.

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Registration for TOP100 is now open and we are looking forward to seeing your startup on the list!

TOP100 Program gives you the one golden chance to connect with hundreds of investors, showcase your startup at Echelon, pitch on the TOP100 stage, and access special programs. Find out what’s new in TOP100 and join here: https://bit.ly/TOP100_2023
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Now that Echelon Asia Summit is coming back in full swing, e27 is determined to make one of its key features, the TOP100, one of the best yet!

TOP100 program is an annual initiative organised by e27 to showcase and recognise the top most promising startups in the Asia-Pacific region.

The program is open to exciting new startups from the Asia-Pacific region with innovative ideas that break barriers across different industries. The selection of the TOP100 involves a rigorous screening process, including an evaluation of the startup’s product or service, team, market potential, and traction.

Also read: Get to know the first two sponsors who will be at Echelon 2023

The selected startups are given the opportunity to pitch their business ideas at the Echelon Asia Summit this June 14-15, 2023, at the Singapore Expo. The program also provides exposure to investors, mentors, and potential partners, enabling growth among participating startups and helping them expand their networks across the larger global tech ecosystem.

The TOP100 program has become one of the most prestigious startup competitions in the region, attracting thousands of applicants each year and providing valuable visibility and support to the most promising startups in the region.

The first 10 frontrunners for this year’s TOP100

Being a frontrunner refers to startups who are close to making it to this year’s TOP100 program.

With all the amazing startups sprouting across the Asia-Pacific region’s vibrant tech startup ecosystem, we now present you with the first batch of frontrunners. Get to know the 10 startups that are one step closer to competing in this year’s prestigious program!

24 Solution Group (Thailand)

24 FIX is an end-to-end maintenance service platform that combines expertise in construction with a computerised maintenance management system to deliver solutions for all types and sizes of users.

24 FIX is an investor-backed one-stop maintenance service platform based in Bangkok. Especially for business accounts, their service extends to areas such as material marketplace, inventory management, and predictive and preventive maintenance with the integration of their computerised maintenance management system.

Filmplace

Filmplace is a marketplace that helps connect brands with creatives where brands can hire locations, cast, talent, crew, equipment, props, and others — all at Filmplace.

The company is the first full-fledged content creator marketplace. They are headquartered in Singapore with branch offices and teams in South Korea and India. Their platform is solving problems commonly faced throughout the entire industry worldwide, which ranges from securing a film location to hiring talents within the shortest time while lowering their cost and reducing resources.

myFirst

myFirst is the safe and suitable kids’ tech ecosystem with fun devices, safe apps, connected services, and the world’s first kids’ social circle, myFirst Circle, for kids and families to stay connected!

myFirst Circle is the world’s first kids’ social circle with a slew of features including safe calls, messaging, location, and a social sharing ecosystem specially designed for kids, their friends and family to stay connected. All the good from staying connected, with no ads, no strangers, only real connections.

Devices include smartwatches, cameras, headphones, smart sketch boards, 3D pens, and more to enable kids to do whatever grown-ups do with technology, but with safety and suitability for them.

Kitcod

Kitcod is a suite of APIs powering communication and social engagement through — Newsfeeds, groups, profiles, chat, voice, and video within any app. They are a social-as-a-service platform that enables an in-app social community for consumer apps across industries globally.

They make high-quality social features integration easy so developers can focus on building their core product with a few lines of code. A fully managed Social infrastructure, API, with a fully customisable UI-Kit to build deep and meaningful consumer experiences for their brand. Even a junior developer can effortlessly add all the most loved social features to your app or website in hours.

startup oi

startup oi was founded with the aim of building a professional and social tech community around the world by redefining the future of work.

Startup oi, a global Singapore-based social media and talent matching platform built for engineers, was built to connect engineers around the world through the first global work-and-play network for engineers. Startup oi is focusing on connecting engineers and companies for the future of remote work. There is an emergence of pure-play code repositories or general social networking sites, but until startup oi, no platform has emerged with a focus on building a global engineering community.

Also read: Fundraising? Here are 3 reasons why should join the 2023 TOP100

Soft Solvers Solutions

Agiliux is on a mission to digitalise and transform Insurance distribution, by offering software solutions to Insurance companies, brokers, agencies and banks to improve distribution efficiencies.

While still at their earlier startup, they worked with a former Insurtech for over six years and developed multiple applications to support their operations in 5 Southeast Asian countries, namely Malaysia, Indonesia, Philippines, Vietnam and India.

Howuku

Howuku is an all-in-one behaviour analytics platform with a powerful and user-friendly tool to help SMBs improve user experience and drive conversion rates.

The company provides a full-package suite that is intuitive and easy to use so you can make informed UX improvements, and in turn, help you increase your business revenue and create lasting relationships with customers for life.

Boost Capital

Boost is an award-winning B2B2C SAAS platform that allows Financial Institutions to onboard loan and savings account applicants digitally in 5-10 minutes without any app download.

Boost transforms financial institutions, expanding their client reach through smartphone-delivered financial services. Boost adds a digital application channel that complements their partners’ current operations — clients apply through Facebook Messenger, Telegram, and Whatsapp. Real-time applications and credit checks are 100x faster than traditional processes. Financial Institutions can launch with Boost in only a few weeks because their integrations are simple and enable immediate access to a larger client base that can apply 24×7 from anywhere.

GuruInovatif.id

GuruInovatif.id presents as a Learning Management System that becomes a source of information in the world of education. They provide information on teaching and learning that can serve as a source of data sharing for schools, local government, and central government for continuous development. GuruInovatif.id is also connected to various schools throughout Indonesia to provide the best experience in teaching and learning. They always work to improve literacy and numeracy scores as learning outcomes, provide motivation and encouragement in teaching, and build structured relationships and communication with all education stakeholders.

HeyHi Pte Ltd

HeyHi is a K-12 AI-enabled assessment & personalised learning system, in a collaborative learning space.

HeyHi offers a unique AI-enabled assessment and personalised learning system that empowers educators to teach and personalise education efficiently and seamlessly in a highly collaborative learning environment. With teaching versatility for both live and self-paced instructions in a flexible learning environment — online, on-site, and hybrid, HeyHi magnifies learners’ opportunities and enhances their borderless learning journey.

A step closer to the 2023 TOP100

After a rigorous screening process, these startups are a step closer to qualifying for this year’s TOP100.

If you are one of the founders of the startups above, a representative from e27 will be reaching out to you soon to discuss with you the next step in your application process. Feel free to get in touch with us for any inquiries.

Also read: We know fundraising sucks, so e27 Connect is here to help you

If you have an exciting startup with innovative ideas that can eclipse the best and the brightest in the region, join the 2023 TOP100 and stand a chance to pitch your ideas to some of the top investors in the Asia-Pacific at this year’s Echelon Asia Summit. Register for TOP100 here.

The post The first 10 frontrunners closer to competing in the 2023 TOP100 appeared first on e27.

Global multi-stage investment firm B Capital has closed its inaugural healthcare fund.

In conjunction with the VC firm’s third fund, B Capital Healthcare Fund I allocates over US$500 million to opportunities across the healthcare sector, from digital health to biotech.

The fund will target category-defining companies building breakthrough products and solutions and shaping the future of healthcare.

Also Read: B Capital launches US$415M fund; to expand investment activity in India, Indonesia

“We are witnessing unprecedented innovation across the healthcare landscape,” said Robert Mittendorff, MD, General Partner and Head of Healthcare at B Capital. “Technological advancements in biology, AI, and automation are transforming the industry, with business models seeing the convergence of traditional players in novel ways. This moment presents a unique opportunity for the fund to leverage our dedicated healthcare capital and active investment strategy to find and support companies advancing the healthcare sector.”

The current B Capital global healthcare portfolio includes over 20 companies in the US, Asia and Europe, spanning early venture to late growth venture across healthtech, digital health, biotech, and medtech.

In January 2023, the VC firm announced the close of Growth Fund III and affiliated funds with aggregate capital commitments of approximately US$2.1 billion. With these closes, B Capital’s total assets under management are approximately US$6.3 billion.

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Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.

The post B Capital closes inaugural US$500M healthcare fund appeared first on e27.

A recent report on Singapore venture funding landscape by DealStreetAsia and Enterprise SG declared that Singapore continued to dominate equity funding in Southeast Asia (SEA) throughout 2022, despite the slowdown caused by back-to-back global crises.

In 2022, equity funding deal volume and value by Singapore-headquartered firms peaked in Q2 at US$3.19 billion and 176 deals. As a comparison, the peak number in 2021 was US$4.12 billion and 120 deals. Compared with 2020 numbers, the deal and volume in 2022 was still relatively higher at US$10.9 billion with 651 deals, though it did not match the level that the ecosystem reached in 2021 at US$11.1 billion with 730 deals.

However, amidst this slowdown, Singapore continued to dominate the share of equity funding in SEA with 56.3 per cent of deal volume, followed by Indonesia at 22.4 per cent and Vietnam at seven per cent.

Of these numbers, early-stage funding in Singapore maintains its upward trajectory at 568 deals in 2022.

“Seed and Series A deals see median value rise across the region,” the report highlighted. “Seed rounds get bigger as investor appetite grows for early stage deals.”

Navigating a recession: How founders can protect revenue as funding dries up

Of the top 20 equity funding deals in SEA in 2022, the top spot was secured by Lazada Group’s US$1.6 billion corporate funding round by Alibaba Group, followed by Coda Payments’s US$690 million Series C funding round.

Smart nation, digital economy dominate

The report divided the categories of investment in Singapore into four categories: Smart Nation and Digital Economy, Human Health and Potential, Urban Solutions and Sustainability, and Manufacturing, Trade, and Connectivity.

Despite peaking in 2020-2021, investment into Human Health and Potential dropped to 45 deals in 2022. Investments into Urban Solutions and Sustainability also dropped from 60 deals in 2020 to 53 deals in 2021, until it finally reached 21 deals in 2022.

The segment that enjoyed an increase in 2022 was Smart Nation and Digital Economy which reached 524 deals, only slightly decreasing from the 2021 number of 532. In SEA in general, Singapore also outraced this category with US$9 billion raised in total.

Under the Urban Solutions and Sustainability category, we saw an increase in the Greentech segment with 10 deals in 2022.

Despite the promises that the year 2022 brought, the report notes reasons to be cautious in 2023.

“Singapore venture capital market will face testing times in 2023 as a global recession seems likely. High prices are set to hit consumption and, in turn, impact business growth, while investors are likely to tighten their purse things as they prioritise robust unit economics and profitability,” the report writes.

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Echelon Asia Summit 2023 is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups get the chance to pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.

Image Credit: S O C I A L . C U T on Unsplash

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