Indonesia-based social commerce platform Evermos today announced that it had raised US$39 million in its Series C funding round.

It was led by the International Finance Corporation (IFC) — a member of the World Bank group — and IFC Emerging Asia Fund, LP, managed by IFC Asset Management Company, with the participation of returning partners such as Jungle Ventures, Shunwei Capital, UOB Venture Management, and Telkomsel Mitra Inovasi.

This funding round also saw investment from new partners SWC Global, Endeavor Catalyst, and Uni-President Asset Holdings.

Evermos will channel this latest funding towards strengthening its reseller network by deepening penetration in Java and expanding to Sumatra.

The company will continue driving its efforts of empowering local brands to make a positive impact on the Indonesian economy, expanding services across the retail value chain to support their continued growth. In addition to growing its reseller network, Evermos will continue to spearhead upskilling efforts for resellers to expand their customer base beyond personal networks through digital advertising.

Also Read: Boosting e-commerce growth in Asia: The power of collaboration

Ghufron Mustaqim, Co-Founder and CEO of Evermos, said in a statement, “We have stayed true to our commitment to supporting local brands since day one. In the process of solving the logistical issues Indonesian brands face due to the country’s unique geographical and economic challenges, we have realised that brands face diverse challenges beyond distribution. We will thus continue to harness innovation to connect local brands and customers in lower-tier cities more efficiently.”

Evermos was founded in 2018 by Ghufron Mustaqim, Arip Tirta, Iqbal Muslimin, and Ilham Taufiq.

In a press statement, the company claimed to be Indonesia’s largest social commerce network with 160,000 monthly transacting resellers as of January 2023.

Since the pandemic, Evermos has shown 17x gross merchandise value (GMV) growth from Financial Year 2020 to Financial Year 2022.

The company saw 18x higher sales of resellers who leverage digital tools compared to those relying on personal networks only.  Further, the proceeds will fuel the development of Evermos’ array of AI-powered tools and solutions for resellers to understand consumers better through customer relationship management.

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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: Evermos

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ZUZU Hospitality, a revenue platform provider for independent hotels, today announced an oversubscribed US$9 million (SG$12 million) Series B funding round led by SoftBank Ventures Asia, with participation from Atinum Partners and existing investors Wooshin Venture Investment, Visor Ventures and JG Digital Equity Ventures.

The startup plans to double its hotel partner count across the region with a keen focus on India and reach an impressive milestone of 5,000 partners by the end of 2024. Furthermore, it also plans to make strategic investments in AI tools to improve pricing, automate guest management, and improve partner experience.

These advancements aim to enhance ZUZU Hospitality’s offerings and revolutionise how independent hotels operate in today’s competitive market.

The online travel market in Southeast Asia is projected to surge to an estimated worth of US$44 billion (SG$59 billion) by 2025, a significant increase since pre-COVID-19 times.

Over the past three years, amidst the pandemic, ZUZU Hospitality improved its products by focusing on simplifying and automating revenue management tools. According to the company, these improvements have proven instrumental in driving revenue growth for their hotel partners.

Also Read: How a hospitality career helped me jump into tech

It also introduced a new line of products specifically designed to enhance direct distribution capabilities. This includes creating a customised direct website and booking engine for each hotel partner, complete with localised payment platforms tailored to each market’s unique requirements.

Furthermore, recognising the challenges faced by independent hotels in managing payments, the company established a comprehensive payment platform enabling seamless payment management with all OTA partners and guests, mitigating the issue of payment discrepancies.

“We are thrilled to announce our Series B funding round,” said Founder and CEO Vikram Malhi in a statement. “The round’s oversubscription reflects the strong confidence our investors have in our vision and capabilities. This substantial financial boost will enable us to innovate our offerings further, accelerate our growth trajectory and support more independent hotels in increasing their revenue.”

“It’s a tough time to be raising funds but there is money sitting on the sideline ready to be deployed in capital-efficient businesses with strong unit economics. We are one such business that has managed to not only come out stronger post-pandemic, but also scaled with positive unit economics with a fraction of the relative capital,” shared Malhi.

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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: ZUZU Hospitality

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Southeast Asia witnessed many actions this week, from Grab Co-Founder’s stepping down from her active role, to LiveIn’s acquisition of KT Management, besides numerous funding announcements.

Here’s a brief of each news article we published this week:

Startup Studio Indonesia alumni raise US$65.8M

Startup Studio Indonesia (SSI), a startup accelerator backed by the Ministry of Communication and Informatics of Indonesia (Kominfo), announced on Friday that its alums have collectively secured funding worth US$65.8 million (Rp977,6 billion) since its launch.

The programme has opened registration for its seventh batch, which looks to admit 18 early-stage startups, bringing the total number to 115. One business analyst assigned to guide the startup will assist each participant.

Startup Studio Indonesia will continue supporting the development of early-stage startups by improving their product iterations and business models and enhancing user retention before entering the market expansion phase.

ZUZU Hospitality bags US$9M Series B

ZUZU Hospitality, a revenue platform provider for independent hotels, on Friday announced an oversubscribed US$9 million Series B funding round led by SoftBank Ventures Asia, with participation from Atinum Partners and existing investors Wooshin Venture Investment, Visor Ventures and JG Digital Equity Ventures.

The startup plans to double its hotel partner count across the region with a keen focus on India and reach an impressive milestone of 5,000 partners by the end of 2024. Furthermore, it plans to invest strategically in AI tools to improve pricing, automate guest management, and improve partner experience.

These advancements aim to enhance ZUZU Hospitality’s offerings and revolutionise how independent hotels operate in today’s competitive market.

Evermos nets US$39M Series C

Indonesia-based social commerce platform Evermos on Friday announced that it raised US$39 million in its Series C funding round.

It was led by the International Finance Corporation (IFC) and IFC Emerging Asia Fund, with the participation of returning partners such as Jungle Ventures, Shunwei Capital, UOB Venture Management, and Telkomsel Mitra Inovasi.

This funding round also saw investment from new partners SWC Global, Endeavor Catalyst, and Uni-President Asset Holdings.

Evermos will channel this latest funding towards strengthening its reseller network by deepening penetration in Java and expanding to Sumatra.

Insider scores US$105M funding

Insider, an online platform for building individualised, cross-channel experiences, on Friday, announced an up to US$105 million investment from existing investors Qatar Investment Authority (QIA) and Esas Private Equity.

The latest investment takes the Sequoia Capital-backed Insider’s total funding to US$274 million.

Insider CEO and Co-Founder Hande Cilingir said: “These funds will be used exclusively for the purpose of acquiring exceptional product companies in APAC, including Singapore, to complement our technology further and create product synergies.”

“The response from the market, and our customers, following Insider’s acquisition of MindBehind, earlier this year, has increased our appetite to explore further opportunities to acquire unique organisations with industry-first technologies to better serve our customers, drive more value, and source innovative solutions to marketers’ biggest frustrations and challenges,” he added.

Co-Founder Tan Hooi Ling to step down from her active role at Grab

Southeast Asian super app giant Grab on Thursday announced that its Co-Founder Tan Hooi Ling has decided to relinquish her active role in the company, including her directorship, effective 2023-end.

Ling will transition into an advisory role in the company.

The Nominating Committee of the Board will review potential candidates to supplement the Board later this year. Grab will make a further announcement upon the changes to its Board of Directors taking effect.

“People who know me well know that I am an adventurer at heart, and there are many other personal passions that I have put aside to build Grab with Anthony. With the strong leadership bench we currently have, I believe now is the right time for me to pass on the baton to our next generation of leaders and to pursue these other passions,” Ling said in a statement.

Bossjob rakes in US$5M in venture funding

Bossjob, an online job search platform in the Philippines, on Thursday, announced that it secured US$5 million in funding from an undisclosed venture fund.

The startup will use the investment to enhance its platform, refine the user experience, and expand the team.

The deal comes as the company expands into Singapore, Indonesia, and Hong Kong.

Bossjob was founded in 2018 by Anthony Garcia and Kiat How Quak. The co-founders met at a networking event in the Philippines. As they discussed their challenges as aspirating entrepreneurs, they discovered a common challenge: finding suitable candidates in the country. They wanted to develop a tech solution to address this challenge. This led them to start Bossjob.

GoodGang Labs gets US$2M seed funding

Singapore-based avatar communications company GoodGang Labs announced on Thursday that it successfully raised US$2 million in seed funding from Kakao Investment, a subsidiary of the prominent South Korean tech giant.

The funding will be strategically allocated towards the growth and development of GoodGang Labs’ flagship product kiki town.

kiki town is a global platform for avatar-based communication that provides individuals with a virtual environment where they can freely express themselves and connect with others regardless of appearance or physical location.

It sets itself apart by exclusively transmitting voice and avatar motion data, resulting in a significantly lighter and more efficient platform. Additionally, unlike 2D-based interfaces, kiki town offers a 3D environment that aims to empower users with dynamic viewing angles through multiple virtual cameras.

SkorLife banks US$4M

SkorLife, a fintech company allowing users to access their credit scores and reports instantly from Indonesia’s credit bureaus, announced on Thursday that it secured US$4 million in a seed funding round led by global tech investor Hummingbird Ventures with participation from QED Investors.

Existing investors AC Ventures and Saison Capital also joined.

SkorLife will use the fresh funds to develop products, build brand awareness, expand the team, and accelerate growth. “With the funds we’ve raised, SkorLife is poised to accelerate its mission of promoting responsible borrowing and fair credit practices in Indonesia. We are dedicated to driving financial literacy amongst individuals and communities,” said Karan Khetan, Co-Founder and President.

BandLab receives US$25M financing

Singapore-based social music creation platform BandLab announced on Thursday that it raised US$25 million in a Series B1 financing round at US$425 million post-money valuation.

Existing investor Cercano Management (formerly Vulcan Capital, founded by Microsoft Co-Founder Paul Allen) led the round that also saw participation from Prosus Ventures.

BandLab will use this new funding to grow its workforce and double down on emerging creator campaigns. It will also channel additional resources towards supporting services, such as its music education platform BandLab for Education and other similar initiatives.

Builder.ai secures US$250M Series D

Builder.ai, an AI-powered composable software platform, announced on Thursday that it secured US$250 million in a Series D funding round led by Qatar Investment Authority (QIA), the sovereign wealth fund of the State of Qatar.

Existing and new investors, including Iconiq Capital, Jungle Ventures, and Insight Partners, joined.

This round takes Builder.AI’s total fund raised so far to US$450 million.

The latest round of capital will allow the UK-based firm to invest in talent, partnerships, and technology.

Vietnamese cleantech startup Stride bags US$2M

Stride, a cleantech company in Vietnam, announced on Wednesday that it secured US$2 million in seed funding from local VC firm Touchstone Partners and Singapore-based Clime Capital.

The startup will use the money to accelerate its capacity to provide low-cost, clean energy solutions for Vietnam’s residential and small business consumers.

Andrew Fairthorne, CEO at Stride, said, “The investment enables Stride to accelerate its deployment of clean energy solutions to more households and small businesses across Vietnam, thus reducing their energy expenses and assisting Vietnam in achieving its net zero targets.”

Stride aims to accelerate Vietnam’s low-carbon transition by providing households and small businesses with eco-friendly home improvement projects, smart home technology, energy-efficient products and access to solar energy.

LiveIn acquires KT Management in Malaysia

LiveIn, which provides “affordable” long-stay rental solutions in Malaysia and Thailand, announced on Monday it acquired KT Management, a student accommodation and long-term rental solutions provider in Malaysia’s northern region.

The details of the transaction haven’t been disclosed.

According to a press release, this merger aims to provide LiveIn’s flexible community living solutions and a better online-to-offline (O2O) experience for KT Management’s thousands of tenants. This means that after students graduate, they will be able to have access to any accommodation within LiveIn.

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Use our special promo code: GO for 75% off your Echelon tickets!

The 2023 Echelon Asia Summit is happening at the Singapore EXPO on 14-15 June 2023. Are you a startup founder, investor, corporate, or tech enthusiast? Don’t miss out on one of the most anticipated tech conferences in the region! For more information, visit the official Echelon page.

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: Echelon: Achieving a sustainable model according to Kumu

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 perks. By leveraging their networks and marketing channels, sponsors also help bridge the event to wider audiences, enabling access to valuable insights for different demographics.

Also read: Six ecosystem innovators to watch out for at Echelon 2023

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, founders can 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 Wallex as one of its sponsors for the 2023 edition of the Echelon Asia Summit!

Meet Wallex at Echelon Asia Summit 2023!

Wallex is the leading B2B Foreign Exchange (FX) and payments specialist in Asia. Wallex is all about helping companies regain control of their FX and payment processes through their secure online platform. With Wallex, you can pay and convert in 46 currencies to over 180 countries, collect payments via virtual accounts, and hold funds in a wallet using their Wallex Global Business Account.

The company is simplifying cross-border business with same-day settlements in top and Asian currencies, round-the-clock concierge-level support, and customised exchange rates with zero hidden fees. Wallex prides itself on offering companies double the value at half the cost.

Fully licensed and regulated by the Monetary Authority of Singapore (MAS), Bank Indonesia (BI) and Hong Kong Customs and Excise Department (HKCED), Wallex maintains the highest security standards to protect customers’ data and funds. 

Also read: Echelon: Strategies for growth equity according to industry experts

Wallex’s mission is to help companies of all sizes do business across borders with greater simplicity and efficiency by providing an alternative to banks that charge high processing fees and FX margins while providing little to no support when issues emerge.

“By participating in Echelon, Wallex aims to establish connections with young startups and venture capitalists (VCs) in order to gain a deeper understanding of the obstacles they face in international transactions. By doing so, Wallex aims to provide assistance and support to these entities, enabling them to enter the global marketplace with increased assurance and confidence,“ shared Vidhi Shah, Head of Marketing of Wallex.

She added, “we are keen to connect with budding entrepreneurs and young startups, providing insights on topics such as fundraising, streamlining internal processes, developing a nurturing workplace culture and more.”

At the Echelon Asia Summit 2023, Wallex hopes to serve as an inspiration to young companies and entrepreneurs and support them in achieving growth and pursuing their goals. 

Join Echelon Asia Summit 2023

Get to know Wallex 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 Wallex: Get to know this B2B payments expert at Echelon 2023 appeared first on e27.

Use our special promo code: GO for 75% off your Echelon tickets!

The 2023 Echelon Asia Summit is happening at the Singapore EXPO on 14-15 June 2023. Are you a startup founder, investor, corporate, or tech enthusiast? Don’t miss out on one of the most anticipated tech conferences in the region! For more information, visit the official Echelon page.

The TOP100 program is an annual project spearheaded by e27 with the goal of recognising the most promising and innovative startups in the Southeast Asian region and beyond. The program is a highly anticipated event that provides a platform for exciting new startups to showcase their ideas, gain exposure to investors and potential partners, and receive valuable feedback from industry experts.

Through the TOP100 program, startups have the opportunity to pitch their ideas to a panel of judges comprised of investors, corporates, and industry giants. The judges evaluate each startup based on various criteria, including innovation, market potential, team strength, and overall execution.

Also read: Wallex: Get to know this B2B payments expert at Echelon 2023

Winning the TOP100 program can have a significant impact on a startup’s growth trajectory. The program has helped many startups secure funding, gain media attention, and expand their customer base in the regional market.

With its rigorous selection process, 100 startups get to pitch their products and services at the Echelon Asia Summit slated on June 14-15 at the Singapore EXPO. Top contenders will proceed to the finals where winners will be selected.

Without further ado, here is the fourth batch of startups that will be competing at this year’s TOP100!

10 more semifinalists for the 2023 TOP100

ExtraBread

ExtraBread is a decentralised lending protocol that lets users lend or borrow funds with collateral. The platform enables a more cost-effective and fully transparent model using a ready-to-go liquidity pool infrastructure by connecting investors and borrowers to democratise access to capital and finance opportunities.

Real-world assets can be tokenised into fractional digital ownerships and participants can turn these tokenised digital assets into multiple financial instruments. Depositors can provide liquidity funds to earn a passive income, while asset owners are able to borrow or raise funds by collateralising their assets.

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 first marketplace specialising in second-hand smartphones. Their mission is to rebuild trust in the second-hand smartphone market, with top-quality yet affordable phones.

All Jagofon smartphones are extensively tested, 100% functional, and guaranteed. They follow a meticulous selection and testing methodology to bring customers the very best, and by buying from them, you are giving a second life to a device, thus helping to reduce electronic waste and protect the environment.

Quest – Hire a Hero

Quest connects Small-Medium Enterprises in Southeast Asia to a “cult-like” community of Gen Z gig workers within 5 minutes. With increased pressures to reduce cost and full-time headcount, startups and SMEs in Southeast Asia are struggling to execute their ideas.

On the other hand, 80% of Gen Zs are capable and hungry for alternate income sources. At Quest, they give businesses everything they need to find, hire, and manage top gig talents for a fraction of the cost of agencies and freelance platforms. Quest is on a mission to provide the next million jobs through flexible opportunities.

Longan Group

Longan Group is an ethical and inclusive debt management company supporting consumers and financial institutions to manage their finances more efficiently, on a mission to solve consumer indebtedness and promote financial health among the 2bn population across Asia, a $60bn market. 

They provide debt solutions for banks, fintechs, and other financial institutions looking to improve their cash flows and manage their balance sheets. Longan is headquartered in Singapore with core operations in Vietnam and Indonesia. They are actively working on further expansion.

South and South-East Asia have experienced rapid growth in lending, both consumer and corporate, over the last 15 years. Home to some of the largest financial institutions in the world, there is an obvious void in place of professional receivable management companies. Longan Group is here to fix this problem.

BC Labs

BC Labs is a company that operates Coinvestor, a global digital asset investment platform. Coinvestor provides unparalleled profit-making opportunities, while also prioritising seamless and secure services.

On Coinvestor, crypto-market players can enjoy a differentiated experience by accessing insights, sharing strategies, and monetising expertise. Coinvestor aims to become the world’s most engaging investment platform for digital assets by providing a hub for active communication between investors and traders.

 

Also read: Six ecosystem innovators to watch out for at Echelon 2023

CESeL Primus

CESeL Primus supplies vertical farming cultivation devices, facilities, and environmental control solutions through the development of automated harvesting technology, big data, and AI-based technologies. They offer services for constructing large-scale vertical farms.

CESeL Primus also offers indoor vertical farming solutions in urban shopping centres and community spaces that provide fresh fruits, leafy greens, and herbs to be harvested and supplied on the same day.

They are operating “CESeL Alpha Farm Gwanggyo”, which is the world’s first urban indoor vertical strawberry farm built with their proprietary patented technology and design capabilities.

CakepLabs

CakepLabs is a South Korean- based company focused on Financial Technology (Fintech) and Artificial Intelligence (AI) development. CakepLabs gives you the best solution for your fintech and banking problems. They offer the easiest, fastest, simplest, safest, and highest quality for your Fintech.

Chaca Market is one of the products built by CakepLabs. It’s an app that provides local service around your neighbours, giving users benefit with less work while improving the quality of the neighbourhoods — all of which are free.

Wizher

Wizher is a digital laundry management platform that offers a comprehensive suite of features designed to streamline operations and enhance the laundry experience for shop owners and their customers.

Recognising the challenges faced by laundry shop owners, such as unauthorised machine usage, manual sales audits, and limited customer accessibility, Wizher has developed a platform that addresses these pain points. Their machine control feature ensures secure operations by preventing theft, while automated sales tracking eliminates the need for manual audits and saves valuable time. They also prioritise customer convenience by offering a seamless way for them to check their laundry status without having to visit the shop physically.

TradeMonday

TradeMonday is the AIaaS Low-code Platform enabling the product, tenant, and shopper recommendations for retailers, brand owners, and shopping malls. The proprietary modularised AI engine turns the consumer data such as product demand, feedback, transactions, and footfall traffic into actionable insight and empowers businesses in simulating top-line growth strategy.

TradeMonday’s smart recommendation engine analyses rich fragmental data sources and converts them into product, tenant and shopper recommendations helping businesses to shorten the development of a customer-centric digital solution and business insight and presented in an easy-to-use interface, API or integration that fits into the client’s needs.

COCOTEL

COCOTEL is a chain of 1-3-star hotels, resorts, and beachfront properties that provides quality rooms at a fraction of the cost. From overnight stays to long weekends, come and enjoy the scent of salty sea air, and the comforts of a cool, clean beach haven.

Whether it’s a group of friends planning a small reunion by the seaside, a family vacationing by the shore, or a lone backpacker seeking relaxation in a tropical paradise — COCOTEL has rooms for everyone for a great holiday. Customers can get cosy inside their tranquil tropic-designed, nature-inspired interiors, or a boudoir for a romantic honeymoon. Go for COCOTEL now.

 

Also read: Echelon: Achieving a sustainable model according to Kumu

To be battled out at the 2023 Echelon Asia Summit

Watch out for these exciting startups as they battle it out on the TOP100 pitching stage at the 2023 Echelon Asia Summit happening on June 14-15 at Singapore EXPO.

The Echelon Asia Summit is a leading technology conference that brings together experts from around the world to discuss the latest trends and innovations in the industry, share expert knowledge, and provide opportunities to network with peers. The event is a must-attend for anyone in the tech industry looking to stay ahead of the curve.

Catch these startups and more at this year’s TOP100 stage! To learn more about Echelon Asia Summit 2023 and to sign up for the event, visit the official page here.

The post 10 more exciting startups to compete at this year’s TOP100 appeared first on e27.