Direct-to-consumer (DTC) businesses sell directly to customers online, bypassing the “middlemen” of wholesalers and retailers. This allows them to control the user experience, collect first-party shopper data and increase margins. With customers and manufacturers now keen on interacting, we are seeing massive growth in D2C channels.

In part, the growth in D2C is interlinked with the growth in e-commerce experienced during the pandemic. Recent data suggest retail e-commerce grew by more than 26 per cent in 2020 and more than 16 per cent in 2021.

However, 2022 unravelled a new story and raises questions on the sustainability of these businesses going forward. 

Brutally battered on the wall street

Tech stocks were down 35-40 per cent in 2022, and DTC stocks were down 85-90 per cent. As a rule of thumb, valuations mechanically go down when interest rates rise.

Tech stocks are down because tech is a bet on future profit and cash flow growth that is largely impacted by the rise in interest rate, inflation and macro environment that thwarts its future cash flows. Utility stocks, for example, are only down 13 per cent from peak because they are mostly predictably generating profit today.

DTC companies are battered more than tech because they do not make money at present. Figs and HelloFresh are the only companies to have been (barely) profitable in 2022. Most companies’ net income margins were -10 per cent to -90 per cent.

Here’s a rundown of the performance of some representative brands:

• All Birds: Net Income(NI) (2022):  -US$101Mn, Stock Price Down(⇣): ⇣ 96 per cent
• Blue Apron: NI (2022): -US$110mm, Stock Price: ⇣ 99 per cent
• Smile Direct:  NI (2022):  -US$86mm, Stock Price: ⇣ 98 per cent
• Warby Parker: NI (2022): -US$110mm, Stock Price: ⇣ 82 per cent
• Bark:  NI (2022):  NI (2022): -US$68mm, Stock Price: ⇣ 93 per cent
• Honest: NI (2022): -US$49mm, Stock Price: ⇣ 92 per cent
• FIGS: NI (2022): US$21mm, Stock Price: ⇣ 85 per cent
• Stitchfix: NI (2022):  -US$207mm, Stock Price: ⇣ 95 per cent
• Rent The Runway: NI (2022): -US$212mm, Stock Price:⇣ 95 per cent
•  HelloFresh: NI (2022): US$127mm, Stock Price: ⇣78 per cent
• Wayfair: NI (2022):  -US$1.3B, Stock Price: ⇣ 89 per cent

Also Read: Deciphering consumer sentiment: Understanding APAC consumers’ outlook for the year ahead

This also highlights the core issue that lay during the initial funding rounds of these companies. All of the above companies were venture-backed and rewarded for growth at all costs. With the rising interest rates when the markets flipped to rewarding profitability, these brands were caught flat-footed.

Selling a brand or a channel story

DTC companies are not businesses, they are a brand or a channel. They enjoyed a unique positioning as a brand, doing what brands always do, making consumers feel good. When companies can tell a real and affecting story about meaning and personal values, consumers are moved and that’s what they’re looking for now. It makes consumers buy, come back again, pay full price and tell their friends.

However, in recent times, creating a brand today is so much harder than ever before. The world now is noisier and more crowded with competitors. 

Secondly, DTC companies are a channel business, and as channels go, it’s a good channel, sometimes a great one, but the idea of DTC as a strategy was always a distraction. Companies that were successful in selling directly to consumers online are now pivoting to open stores and with good reason: that’s where the customers are.

Need to reinvent the narrative

When a DTC company is founded as a venture-backed business, profitability is rarely in the company’s DNA. Brands can’t pivot to profitability quickly or, in many cases, at all, because they never really had product market fit. This was hidden for years by a gusher of venture capital subsidies. The murky business positioning, and sacrificing profits for growth have led to an identity and growth crisis for these businesses. 

In essence, it was never about the brand or the channel, that was just a moment in time. It was always about the message, the product, the belonging and the values. And that’s where brands, DTC and otherwise, are going.

It will be interesting to see how these DTC businesses pull themselves out of the murky waters of a brand or a channel story to a crystal clear business story with a strong product market fit positioned for healthier profits.

–

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 Are the glory days of direct to consumer brands over? appeared first on e27.

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!

The TOP100 program is an annual initiative organised by e27 to showcase and recognise the 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: Check out 10 more startups that are saving lives

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.

15 startups closer to competing at this year’s TOP100

Being a frontrunner refers to startups 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 15 frontrunners closer to competing at this year’s TOP100. Get to know them here!

Fraxtor

Fraxtor is a real estate tokenisation platform that provides bite-sized access to global real estate investment opportunities.

The Fraxtor digital platform bridges investors and real estate investment opportunities originated by private equity managers and small to mid-sized property developers. They promote financial inclusion by enabling investors’ easy access to investments with a digital platform and by lowering capital outlay.

Private equity funds and developers can similarly leverage Fraxtor’s digital platform as an alternative avenue to raise funds from a pool of accredited investors in an efficient manner. To date, Fraxtor has tokenised real estate assets worth more than US$250 million in Singapore, Australia, and the UK.

treasure

treatsure is a Singapore-based startup tackling the problem of food wastage through its innovative technological solutions. Its flagship product is a mobile platform connecting businesses such as hotels and grocers with surplus food to consumers to tackle food wastage. With treatsure, users can purchase a takeaway buffet-in-a-box from $10 or surplus groceries up to 80% off.

In 2018, it created Asia-Pacific’s first takeaway buffet-in-a-box concept in collaboration with global hotel brands. In 2019 and 2020, treatsure also ventured into surplus and sustainable groceries respectively. In 2021, it started an offline concept store. The company also offers educational experiences and collaborates with corporate and governmental partners to drive sustainability lifestyle awareness and adoption.

ALGOGENE FINANCIAL TECHNOLOGY COMPANY LIMITED

ALGOGENE is the next-generation investment platform that enables users to engage in algorithmic trading through a seamless process of learning, developing, testing, executing, and investing in automated trading bots. The platform is supported by patents, ensuring top-level security for users.

Through ALGOGENE’s patents-backed web platform, you can easily create any algo-strategies, and connect to multiple brokers/exchanges for live trading. ALGOGENE boasts a thriving trading community that users can leverage to expand their trading knowledge. Users can follow and learn from successful traders and even copy their winning strategies into their own portfolios. ALGOGENE thus provides a comprehensive and dynamic platform for users to develop their algorithmic trading skills and grow their investment portfolios.

NodeFlair – Tech Career SuperApp

NodeFlair is a Tech Career SuperApp. Specifically designed for Tech talents, it is one place for job discovery, job researching, job securing, career uplifting, and more. They provide a Career Transparency platform with verified career data such as salaries, culture, benefits, and more. Our mission is to help Tech Talents make better career decisions. For Companies: we help hire top-tier Tech Talents across APAC.

NodeFlair aims to create a world where developers can code where they love. They strive to provide valuable resources that help technology talents in Asia make smarter career decisions. By doing so, they hope to create a more informed and empowered workforce that can thrive in their chosen fields.

Furthermore, NodeFlair is not only beneficial for tech talents but also for companies seeking top-tier technology talents across the Asia-Pacific region. The platform helps connect companies with qualified candidates, making the hiring process more efficient and effective.

ACKTEC Technologies

ACKTEC’s vision is to provide an environment for all learners to nurture the spirit of learning and the spirit of excellence. The company’s mission is to develop in all its students the passion to learn and the confidence to become self-directed.

With the vision of automating knowledge through technology, ACKTEC aims to create a vibrant and innovative community that provides professional development for all educators, trainers, and teachers to ensure high-quality learning for all levels. The company has developed KiQs, an educational platform for early childhood.

The KIQS Learning App is now available on the Google Play Store.

DIFISOFT Viet Nam JSC

Difisoft Viet Nam JSC (Digital Finance Software) is a rapidly growing fintech company that was established in 2018. Their core focus is on creating cutting-edge financial solutions and content for major financial institutions in Vietnam. They have been successful in partnering with some of the leading financial institutions in the country, including VCSC, KIS Vietnam, KB Securities Vietnam, Mirae Asset Securities Vietnam, and KB Fina.

Difisoft’s expertise in the financial IT sector, coupled with its technological advancements, has enabled them to create innovative solutions that meet the unique needs of these institutions. As a result, they have established a reputation as a reliable and forward-thinking fintech company in the Vietnamese market. They are currently working on the development of a community-based investing platform that will enable more retail investors to access financial products and services.

Jagofon Pte Ltd

New smartphones are way too expensive in Indonesia — up to 6 times the local monthly salary and second-hand smartphones are not to be trusted: at least 20% are illegally imported, stolen, or counterfeited, more than 30% suffer from quality issues, and there is no warranty or guarantees.

Jagofon is Indonesia’s most trusted marketplace specialising in second-hand smartphones with stringent quality control. All of Jagofon’s smartphones are extensively tested, 100% functional, and guaranteed.

LEAN Social

As Asian students, we’ve long tolerated the traditional education experience. Rote learning, Disorientation, Societal Pressure, we have been through it all. Introducing: LEAN Social: a virtual study and workspace that helps GenZ feel less lonely and more motivated to be productive.

LEAN Social offers a study-streaming ecosystem with a practical incentive system that aims to promote self-directed learning. Utilising machine learning, the platform tracks and converts students’ learning time into tokens, which can be exchanged for gift vouchers (short-term incentives) or educational experiences like placement in Bootcamps or MOOCs (long-term incentives).

DashoContent

400 million small and medium businesses suffer from current options for content creation because they are expensive in time, resources, and energy. On the other hand, purely automated AI content is rarely on par with that of a human and ends up penalised by search engines.

DashoContent is an on-demand platform that helps you create consistent and quality content for businesses. Through a mediation platform with powerful AI-assistive tools, they combine the benefits of automation and handcrafted content through vetted expert content creators.

BGN

BGN is creating the next wave of community-owned Global Brands through DAOs. The company is helping blue-chip brands get up to speed with franchise readiness by improving access to the community, capital, and valuable supporting protocols that power franchises from operations, to talent management, to financing needs.

BGN operates on three philosophies. Shared Vision: Bonding brand owners, operators, staff and customers through a common vision. Equitable Governance: Making joint decisions on operational directives and optimising localisation efforts. Fair franchise pricing: Brand growth is market-driven, keeping expansion in tandem with market demand.

Qalboo

In Southeast Asia, conversations around mental health still carry a negative stigma. This is especially apparent in religious communities, as there’s a common belief that poor mental health equates to weak faith. For Muslims, the intersection goes much deeper. There are Islamic laws that aren’t aligned with modern techniques, making it harder for Muslims to seek help, let alone speak openly about it.

Qalboo is changing this narrative. The Islamic well-being app is faith-based — providing Muslims with evidence-based solutions that are integrated with Islamic values from the Quran and Sunnah, making the link between faith and well-being into actionable and easy-to-follow solutions.

EkkBaz

EkkBaz is an innovative and dynamic B2B marketplace that connects small businesses in the agriculture and food industries across developing countries in Asia, available in Bangladesh, Singapore, and expanding. The platform leverages cutting-edge technologies and data-driven financing solutions to help small businesses grow and thrive in an increasingly competitive global marketplace.

With a commitment to sustainability and environmental responsibility, EkkBaz is creating a supportive and collaborative ecosystem that empowers small businesses to reach their full potential. By facilitating connections between suppliers, buyers, and other service providers, EkkBaz streamlines the supply chain and makes it more efficient.

Kamilas4am Inc

Helping business owners scale their short-video content. Kamilas4am is connecting business owners and marketers who need short-video content with UGC creators — the next evolution of Influencer Marketing.

Unlike influencers who are leveraging their following, UGC creators are leveraging their capacity to create studio-quality and ready-to-post video content from home. Business owners use these short videos in their everyday posting on social media (eg Tiktok, IG reels, Youtube shorts) and in their social media ads.

Kamilas4am’s mission is to make social media marketing so easy and accessible that even a grandma can build a successful online business today.

BioMark

Biomark is owned by Texas Pacific Group (TPG), one of the largest global private equity firms, with business presence/entities/subsidiaries in Singapore, Malaysia, Indonesia, the Philippines, Brunei, Australia, Vietnam, and Hong Kong. Their combined businesses result in seeing an annual flow of 10-11 million patients per year.

Regionally, BioMark is used across over 6,500 clinics and 63 hospitals, storing more than 24 million patient records. Their core business model is centred around being the conduit between laboratories, doctors, and patients. Broadly speaking, BioMark ingests blood and pathology reports and displays them to doctors and patients through their platforms. Clinics and healthcare providers (HCPs i.e. doctors and nurses) using their platform can effectively monitor their patients’ well-being, flag patients who need follow-up consultations (and follow-up tests), and order pathology tests and also medications. Patients using their platform are able to better make sense of their lab results, and monitor the progress of their health.

SECHA

Aiming to ease secondary home purchases, SECHA provides home improvement solutions to help buyers get qualified and move-in-ready houses at no extra cost for renovation. SECHA exists to help homeowners sell houses at market price without renovation cost cuts and agents to generate leads. Their platform helps close deals faster, enabling home buyers to get their dream homes hassle-free.

SECHA’s platform equips agents with the tools that have been proven to increase buyers’ intention to purchase by 35% through their platform consisting of a Shareable Digital Catalogue, Auto-Generated Digital Proposal, and House Unit 3D Viewing.

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: Why you should go to WeWork and MeetUp with us at Ho CHi Minh

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 15 frontrunners closer to competing in the 2023 TOP100 appeared first on e27.

Maybe in the future, customers in the travel industry will require a reliable resource to consult before deciding on a decision, as opposed to “drowning” in the sea of information as they do now when using Google.

Artificial Intelligence (AI) has had a major impact on the tourism industry. However, this tool still needs more improvement to be able to plan a complete trip.

According to The New York Times, many people expect AI to help them create travel plans through suggestions or requests made.

Mr Oded Battat, General Manager at Traveland, asked ChatGPT to create trips for tourists visiting Tuscany. As a result, he received a list of 14 activities, including tours of the winery and museum.

“I know all these places,” Mr Battat said. In addition, this director also affirmed that ChatGPT supports him quite well in sending emails to customers.

AI assistants meet 70-80 per cent of business owners’ expectations

The travel industry is constantly changing, especially with the advent of AI. Currently, travellers can “chat” with chatbot tools and share information about destinations, interests, and departure times. The system will send back a personalised travel itinerary with vivid descriptions.

Tourist offices can ask ChatGPT to write marketing content, send emails to customers, and create social media posts. Many airlines, hotels and car rental companies have applied this tool to chatbots on their websites.

Chad Burt, co-president of OutsideAgents, said some are worried that travel advisors will have to shut down as systems like ChatGPT improve.

However, Mr Chad Burt said that “every new technology is a tool that needs to be applied”. Recently, he also held a seminar to share how to take advantage of technology features in the work process.

Also Read: ChatGPT becomes the helper or killer to all occupations in Vietnam

Mr Burt used ChatGPT to create 100 travel itineraries. The results met 70-80 per cent of his expectations. However, companies need to re-examine and continue to improve further to come up with better end results.

Expedia, one of the world’s largest online travel agencies, is already using AI. The company has many years of experience in personalising itineraries and communicating with customers through virtual advisors, said Peter Kern, CEO of Expedia. However, ChatGPT is still an “important new step”.

Backlog restrictions to the travel industry

However, AI chatbot tools also have limitations. With ChatGPT, the information base of this technology is limited to 2021. Therefore, this tool will be unable to update data that changes over time such as airline schedules and weather condition details.

Besides, this software is also unstable in determining the reliability of the source. As a result, some AI chatbot responses may result in misleading content.

OpenAI, the company that developed ChatGPT, also warns that its software can sometimes produce “false content”.

Mr Jeff Low, CEO of Stash Hotels Rewards, worries about the impact of AI on the accommodation industry. Hotels are likely to cut jobs more with the help of artificial intelligence.

In addition, according to Mr Low, unethical companies can use software like ChatGPT to devalue customer reviews on travel websites. This comes from the fact that AI tools can automatically write out positive or negative review posts.

ChatGPT does not satisfy travellers

ChatGPT is useful for the tourism industry, but it falls short of travellers’ expectations.

Marissa’s family (six members), after using the schedule provided by ChatGPT to travel to Thailand, evaluated the destinations suggested by ChatGPT simply for them to visit the city, not to go into the experience, culture, the goals they set in the first place. Therefore, ChatGPT is not connected with people.

Also Read: Planning a trip: Is the future of sustainable travel in the metaverse?

Meanwhile, the hotel staff is different. Marissa appreciated this person’s enthusiasm and understanding. “He has kids so he understands that sightseeing isn’t always fun for the kids. He knows they won’t sit idly by and that guests can be exhausted from the heat.”

“He knew where we should go to eat, what attractions to visit, and which hawkers we should visit for a taste of Malaysia. He showed us the best banana leaf restaurant in the world in Kuala Lumpur and advised us to avoid rush hour traffic jams.”

Marissa sees ChatGPT as not a “magnanimous generous” tool. ChatGPT’s AI can quickly suggest travel itineraries, but it’s a bland experience and lacks depth. “Unless you’re the type of person who likes to ‘check-in’ all the places, we need personalised experiences to bring people closer together.”

In Vietnam, many people have tried using ChatGPT to suggest travel schedules and received unexpected results. A guest from Hanoi said that he tried to use ChatGPT to create a schedule for Dalat for three days and two nights and the result was not reasonable.

Chat GPT only searches for famous places in Da Lat and put them together, not caring about the distance between those places or sharing the same route for convenient transportation. ChatGPT’s AI also does not update emerging places, even suggesting tourists go to the waterfall at five pm.

ChatGPT’s AI is not fully “mature” at the moment

GPT is still a new application anyway, and travel information is endless with changes happening almost daily. So if you use it instead to find out, and give some suggestions for reference, you should not put too much hope on the results or need to check with Google again with the suggested results.

Wait until the AI has full knowledge and experience (loaded with more data), and more intelligence (edited code, algorithms), then surely the returned results will be better than now.

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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 Navigating the relationship between ChatGPT and the travel industry appeared first on e27.

A partnership is a critical aspect of any successful endeavour, and the upcoming Echelon Asia Summit 2023 is no exception. With the Asia Pacific tech conference happening in Singapore EXPO on June 14-15, 2023, sponsors are playing a crucial role in ensuring its success.

Also read: 15 frontrunners closer to competing in the 2023 TOP100

Echelon Asia Summit 2023 is one of the premier events for technology professionals, bringing together experts from around the world to share knowledge and discuss the latest trends and innovations in the Southeast Asian tech startup ecosystem. This year’s conference will feature keynote speeches, panel discussions, and workshops on a wide range of topics, including artificial intelligence, blockchain, digital healthcare, and other emerging digital trends.

How these partners are helping us give you the best Echelon experience ever

Sponsors play a critical role in ensuring the success of the Echelon Asia Summit 2023 in several ways. Firstly, they provide various forms of support and coverage for the various activities and features that make the summit such an exciting and meaningful experience for attendees.

Moreover, sponsors bring their expertise and experience to the table, providing attendees with unique insights into the world of tech. By leveraging their networks and marketing channels, sponsors also help bridge audiences to the broader ecosystem, enabling access to valuable insights for different demographics.

Also read: Six exhibitors to wow you at the 2023 Echelon Asia Summit

One of the key roles of sponsors is also their presence at the actual Echelon Asia Summit. This provides attendees with the opportunity to network with them and get to know their products and services, which is an essential aspect of Echelon’s purpose as an ecosystem enabler that connects all stakeholders together. By supporting the Echelon Asia Summit 2023, sponsors can help founders connect with other professionals, investors, and startups in the tech industry, forging new partnerships and collaborations that can drive business growth and success.

As such, e27 is proud to announce CleverTap as one of its sponsors for the 2023 edition of the Echelon Asia Summit!

Meet CleverTap at Echelon Asia Summit 2023!

CleverTap helps app-first brands personalise and optimise all consumer touch points to improve user engagement, retention, and lifetime value. It is the only solution built to address the needs of retention and growth teams, with audience analytics, deep segmentation, multi-channel engagement, product recommendations, and automation in one unified product.

The CleverTap platform lets you do app analytics at incredible speeds, provides ready answers, and engages with your users via push notifications, in-app messages, emails or web notifications. It helps you figure out what users are doing in your app and website and helps you engage with them.

CleverTap’s technology is built for today and it scales as you grow — whether you have millions of app users, or are a small startup.

Today, thousands of marketers, agencies, and developers worldwide use CleverTap to get deep user insights to personalise app experiences and improve user loyalty. The CleverTap team is spread across Sunnyvale, Los Angeles and New York in the US, and Mumbai in India.

Also read: Corporate-startup collaborations signal a boost in the startup ecosystem

“We’re keen to meet tech founders and growth leaders at Echelon from the Southeast Asia region, exploring new collaboration opportunities to help brands build meaningful relationships and drive relevant engagements with their users,” shared CleverTap, emphasising their commitment to emboldening the ecosystem. “We are looking to grow the tech ecosystem in partnership with e27 with our Echelon participation,” they added.

Join Echelon Asia Summit 2023

Get to know CleverTap and more at this year’s Echelon!

Echelon Asia Summit 2023 is happening on 14-15 June, at the Singapore Expo. Featuring a slew of speakers, exhibitors, business matching sessions, pitching stages, and more, the event enables participants to connect, network, and engage with the larger tech startup ecosystem.

To learn more about Echelon Asia Summit 2023 and sign up for the event, visit the official page here.

The post CleverTap: Industry leader in customer retention will be at Echelon! appeared first on e27.

Southeast Asia witnessed a number of major developments in the past week, including a couple of M&As and many funding deals.

Below is a snapshot of all the major happenings in the region’s startup ecosystem.

The Edgeof acquires SoftBank unit

The Edgeof, a newly formed ecosystem builder and VC firm, has agreed to acquire SoftBank Ventures Asia Corp., a wholly-owned subsidiary of SoftBank Group. The strategic initiative aims to enhance support, development, and expansion of startups poised to transform the world, spanning from Singapore to the greater pan-Asian market.

The transaction details remain undisclosed.

NusaTrip acquires VLeisure

NusaTrip, a Jakarta-based online travel agency and a unit of Nasdaq-listed Society Pass Inc. (SoPa), acquired the Vietnamese online B2B hotel platform VLeisure. With this, NusaTrip gains an operational foothold to expand its B2C and B2B businesses in Vietnam. At the same time, VLeisure will leverage SoPa’s capital and NusaTrip’s technology to market its hotel management SaaS products to small-to-medium-sized hotels initially in Vietnam and then to the rest of Southeast Asia.

Zi.Care attracts US$2M funding

Singapore-based early-stage VC firm Oriza Greenwillow Technology Fund committed to investing US$2 million in Indonesian startup Zi.Care, which digitises medical records for hospitals. The Jakarta-headquartered electronic medical records (EMR) startup is eyeing a total of US$3 million in this Series A round. Several other regional VCs will also be invited to participate. The startup will use funds to strengthen its focus on increasing digitalisation in the health sector.

Amanotes invests in Swedish startup

Vietnam’s music games publisher Amanotes invested in the pre-Series A funding round of Swedish startup Reactional Music. Other investors in the round are Butterfly Ventures and angels, including Kelly Sumner, a former chairman of Mediatonic, CEO of Red Octane, and CEO of Take 2 Interactive. This round follows a number of seed rounds at the Stockholm headquartered Reactional.

SC Ventures invests in BetterTradeOff

Singapore-based fintech startup BetterTradeOff, which aims to make financial planning accessible to everyone, secured an undisclosed sum investment from SC Ventures, the VC arm of Standard Chartered Bank.BetterTradeOff will use the capital for technological enhancements and geographical expansion.

TablePointer raises US$2.3M

TablePointer, an energy-efficiency-as-a-service (EEaaS) startup in Singapore, received over US$2.3 million in an oversubscribed seed funding round led by Wavemaker Partners, AgFunder, and ENGIE. The funding will be used to add new features and product modules and enter fast-growing markets in Southeast Asia.

Legit Group nets US$13.7M

Legit Group, a multi-brand cloud kitchen operator, secured a total of US$13.7 million in a Series A round of financing. MDI Ventures, the VC arm of Telkom Indonesia, led the round, with participation from SMDV, East Ventures, and Winter Capital. The firm will use the capital to expand in 2023 by targeting Jabodetabek and other cities with large delivery markets; currently, 95 per cent of Legit’s outlets are only still within the Jakarta area.

Also Read: The week that was: A sneak-peek into the top news stories published in April first week

MindX nets US$15M Series B

MindX, an online coding school in Vietnam, raised US$15M in a Series B financing round, led by Kaizenvest. Aksorn, Mynavi Corporation, and Wavemaker Partners also joined the round. The edutech startup will use the money to grow its platform, expand its reach into smaller cities and rural areas, as well as to create more educational content.

Fit Hub secures US$6.5M

Indonesian tech-enabled fitness startup Fit Hub bagged US$ 6.5 million in a new financing round. The investors include Global Founders Capital, Trihill Capital, Goodwater, Wavemaker Partners, East Ventures, Gentree, and BAce Capital. The capital raise will help Fit Hub expand its offline and online presence, offering free workout content and e-commerce for healthy foods, apparel, workout equipment, and supplements. The startup also plans to open 100 clubs by year-end.

Travelio nets Series C

Indonesian property rental startup Travelio secured an undisclosed sum in a Series C extension round led by an unnamed Korean financial group. Korea’s DAOL Ventures (former KTB), Orzon Ventures (powered by Thailand Conglomerate PTTOR and 500 Global), and Appworks from Taiwan also participated, along with the existing backer Pavilion Capital. The startup will use the funds to expand into new cities in Indonesia and launch a new vertical in the rent-to-own sector.

SmartRyde secures US$3.4M Series A+

SmartRyde, a pre-booked airport transfer marketplace in Japan, has announced a JPY 450 (US$3.4) million fundraise through the third-party allocation of shares led by NVC No.1 Limited Liability Partnership (a fund jointly managed by NVenture Capital Limited and NEC Capital Solutions Limited). SMBC Venture Capital, Yamaguchi Capital, Hiroshima Venture Capital, Shigagin Regional Revitalization SD Fund, and Iyogin Capital. The round also comprises a subordinated loan from Japan Finance Corporation.The startup will invest the capital in expanding corporate functions and building strengths of business teams and in product development.

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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 connecting with investors, visibility through the platform, and other prizes. Join TOP100 here.

Copyright: Elnur

The post The week that was: A snapshot of the top news stories published in April 2nd week appeared first on e27.