Dear Pro member,

Akseleran, a P2P lending startup, has joined the list of Indonesian startups to resort to employee layoffs due to a funding crunch. The company’s CEO, Ivan Nikolas Tambunan, explains that this restructuring is necessary to position Akseleran for optimal operation and sustained growth, ensuring its long-term financial health. The decision aims to navigate the challenges posed by the funding shortage and create a more stable foundation for the company’s future.

Despite the setback, Akseleran remains ambitious and sets its sights on going public with an IPO in June 2024. The company’s leadership appears determined to use the current restructuring as an opportunity to streamline operations and improve overall efficiency, thereby increasing its attractiveness to potential investors during the IPO process.

By undertaking these measures and carefully managing its resources, Akseleran hopes to emerge from the funding crunch stronger and well-prepared to achieve its long-term business objectives. The success of its IPO venture will largely depend on the effectiveness of the restructuring efforts and the ability to demonstrate sustainable growth and financial stability to the market.

This is the top story of today’s Ecosystem Roundup.

Have a look at all the major recent happenings in Southeast Asia’s startup scene.

Sainul,
Editor.

—

Indonesia’s Akseleran lays off 60 employees after postponing IPO
The P2P lender says this restructuring will ensure the company is in an “optimal condition” to operate, as well as drive long-term growth and maintain financial health. In other words, it is “not a shortcut”.

Carousell records 67% revenue growth in FY22 as expenses climb 57%
Revenue for the period was US$82.5M; Revenue from classifieds advertising, which includes subscription fees and business analytics tools, continued to be a major contributor.

Singaporean VC firm Resolution Ventures hits final close of fintech fund I
Resolution Ventures Fintech Fund I seeks to back pre-seed and seed-stage firms with a ticket size ranging from US$250K to US$750K.

Mirxes lands US$50M to take its cancer early detection solutions to new markets
The investors include EDBI, Mitsui & Co., and NHH Venture Fund; The startup will use the capital to scale the adoption and penetration of its stomach cancer blood test, GASTROClear, in major APAC markets.

Sea Group injects US$172.5M into its Singapore digibank
MariBank, which was rolled out in March this year on an invite-only basis, offers personal savings accounts, business accounts, and business loan products.

Jirnexu founders launch crypto fund manager Halogen Capital
The new company aims to make crypto investing mainstream in Malaysia; Halogen Capital also has a Shariah-compliant fund for Bitcoin and plans to roll out a similar fund for Ethereum.

HK biotech firm Immuno Cure gears up for IPO with US$12M funding
AEF Greater Bay Area Fund is the lead investor; Immuno Cure specialises in immunotherapies for cancers as well as inflammatory and infectious diseases.

HashKey, Animoca back Aethir’s pre-series A at US$150M valuation
The Singapore-based decentralised cloud infrastructure company Aethir plans to use the fresh capital to fast-track its expansion in key markets like SEA, LatAm, and North America.

Ex-Gojek VP’s modern financial analytics platform Bunker secures US$5M
The investors include January Capital, Alpha JWC, GFC, and Patamar Capital; Bunker gives executives “deep financial visibility” by turning the thousands of overlooked rows in the general ledger into actionable insights.

Plant-based meat firm GoodMorning Global secures US$4.4M via crowdfunding
GoodMorning Global aims to launch its first flagship product WonderMeat, a dry-mix complete nutrition plant-based meat.

Traveloka to shut down bill payment, top-up services in October
Some services, such as payments for housing taxes and other property-related bills, will be phased out starting August 11, according to a notification on the app.

Sunrate nets fresh funding to grow its cross-border B2B payment biz in SEA, India
The investor is Peak XV Partners; Singapore-headquartered Sunrate enables businesses to make payments to more than 150 countries and transact in 100+ currencies.

Peeba debuts in SEA to help small retailers stay competitive
Peeba says that it allows retail stores across Indonesia to buy products from thousands of curated global and local brands on consignment.

Peak XV names Rohit Agarwal as MD for Singapore
The VC firm said Agarwal will focus on the region’s early- and growth-stage investments; The exec’s expertise is in fintech, SaaS, consumer goods, and e-commerce investments.

‘Second and third-time founders tend to raise too much too early’: Ringkas’s Ilya Kravtsov
He also advises that entrepreneurs should see things from an investor angle, not purely from the founders’ perspective.

Demystifying the financial impacts of climate change with Intensel
Intensel leverages AI, big data, and its team’s combined expertise in climate science and finance to create its analytics platform.

AI tools enhance efficiency but can never replace human creativity: Gia Ngo of Give.Asia
AI has made remarkable strides, but what’s catalysing its impact is the recent move to make AI technologies more accessible to the public, says Ngo.

How to boost your pitch deck engagement with investors in 2023
To increase your investor outreach success rate and land meetings, your pitch deck game must be inventive.

Financial literacy in Southeast Asia is set to match industry growth
Financial literacy in the region hardly corresponds to the development of the industry. However, there is a good chance to balance the situation.

Are you ready for Asia Pacific’s first AI-driven mega sales season?
AI aids businesses in automating campaigns, analysing performance, and optimising resource allocation at scale for greater efficiency.

—

Copyright: popunderlight

The post Ecosystem Roundup: Akseleran lays off 60 staffers, Jirnexu founders launch crypto fund, Mirxes lands US$50M appeared first on e27.

Hong Kong-based Immuno Cure BioTech has closed the US$12 million tranche of its US$27 million Series A fundraising round, led by Gobi Partners-managed AEF Greater Bay Area Fund.

The biotech company will use the capital to accelerate the development of DNA vaccines and antibodies besides preparing for an IPO in Hong Kong.

Immuno Cure focuses on R&D of immunotherapies for cancers, inflammatory and infectious diseases based on its patented “PD-1-enhanced DNA Vaccine Platform” and “Anti-Δ42PD1 Antibody Platform” with two DNA vaccine candidates, ICVAX and ICCOV, currently in clinical trials.

Also Read: Mirxes lands US$50M to take its cancer early detection solutions to new markets

ICVAX, a therapeutic DNA vaccine candidate against HIV/AIDS, was developed with the aim of inducing broadly reactive polyfunctional viral-specific T cells to achieve a functional cure for HIV/AIDS. The Phase-I clinical trial of ICVAX, which is underway in Shenzhen, is designed as a randomised, double-blinded, placebo-controlled study to evaluate the safety and immunogenicity of ICVAX in a total of 45 stable HIV/AIDS patient volunteers under antiretroviral therapy.

ICCOV, a preventive COVID-19 DNA vaccine candidate, has entered the Phase IIa clinical trial in Hong Kong, which is designed as an open-label study to evaluate the immunogenicity and safety of ICCOV as a booster vaccine in a total of 60 healthy adult volunteers between 18 and 75 years of age.

Also Read: How is AI transforming the future of cancer diagnosis

Dr Xia JIN, CEO of Immuno Cure, said: “Immuno Cure will continue to be at the frontier of DNA medicines, antibodies and innovative immunotherapies, conducting R&D on novel and effective vaccine technologies to enhance our arsenal against cancers and infectious diseases.”

—

The post Immuno Cure bags US$12M Series A funding, gears up for Hong Kong IPO appeared first on e27.

Artificial Intelligence (AI) is poised to transform the healthcare and life sciences landscape. Its ability to process vast amounts of data quickly and accurately is pivotal in this era of personalised medicine.

Harmonix is an active investor in life sciences and deeptech companies. The US-based global VC firm has invested in several AI-based drug discovery and other life sciences companies, including Insilico Medicine, Strateos, Sorcero, xCures, Caresyntax, and Bioz.

In this email interview, Harmonix’s General Partner talks about generative AI, its applications in medicine and 3D printing, the status of the global VC landscape, and more.

Edited excerpts:

AI has shown great promise in accelerating drug discovery processes and reducing costs. How does Harmonix assess the potential of AI-driven life sciences startups, and what specific criteria do you look for when considering such investments?

Harmonix utilises an evidence-based approach to diligence; we apply the fundamentals of scientific rigour in making data-driven investment decisions. Regarding AI and drug discovery, we look for proof-of-concept for the platform, including developing a viable in-vivo validated lead candidate.

Also Read: Unleashing the power: The fierce talent battle in deeptech innovations

Furthermore, we invest in drug development companies, not pure target discovery. We look for proprietary data access and utilisation, specifically heterogeneity in the data the algorithms are trained on. Finally, we seek mission-driven teams with computation expertise and prior therapeutic asset development experiences.

With the recent breakthroughs in 3D printing of human organs, regenerative medicine is undergoing a revolution. Does Harmonix have any ongoing or planned investments in companies working on this technology, and how do you envision its impact on healthcare in the next decade?

Yes, Harmonix was an early investor in Volumetric Biotechnologies (acquired by 3D Systems for US$400 million). Volumetric used advanced 3D printing technology to print vascularised and perfusable tissue scaffolds that pharmaceutical companies could use for ex-vivo drug testing. Volumetric’s moonshot goal was to 3D print biocompatible human organs for transplantation, and it continues to work as a subsidiary of 3D Systems in accomplishing this goal.

Harmonix is also an investor in a human cell reprogramming company called bit.bio, which manufactures human-cell-based models for next-generation human cell therapies for regenerative medicine.

We are optimistic that regenerative medicine will continue to harbour breakthroughs over the next decade, particularly in the ability to emulate human physiology outside of the body to test the pharmacokinetics and safety of drugs in development.

Asia has been rapidly growing in the tech and innovation space. How does Harmonix view the investment opportunities in Asia, particularly regarding life sciences and deep tech startups? Are there any unique challenges or advantages to investing in this region?

Given its rapidly growing technology and innovation space, Asia presents significant potential for investment opportunities, particularly for life sciences and deep tech startups.

With the rise of highly educated talent, increasing government support for science and technology, and a large and growing market, Asia has become a hotbed for innovation. Asia’s deep tech scene is thriving, from AI to biotechnology, robotics to healthcare tech.

As for the advantages of investing in Asia, the sheer size and diversity of the market are significant, given the region’s population of over 4.5 billion and its massive consumer base for new technologies and treatments. In addition, the speed of technological adoption in many Asian countries is remarkable and often outpaces Western markets.

Yet, there are unique challenges to investing in Asia. Regulatory environments can be complex and vary significantly from country to country, and cultural and language differences can sometimes pose challenges.

Furthermore, intellectual property protection might be different from what we’re accustomed to in Western markets. As a result, it’s essential to develop a nuanced understanding of each country’s unique market dynamics.

Also Read: Top 4 lessons I’ve learned building a deeptech brand from scratch

Aside from its unique challenges, Asia presents the potential for high-impact and high-return investments in life sciences and deep-tech startups that are very exciting from our standpoint.

Generative AI has shown impressive capabilities in various creative fields, from art to music. How do you see the future of generative AI intersecting with the life sciences industry?

The intersection of generative AI with the life sciences industry is an exciting frontier with enormous potential. Generative AI has already demonstrated its ability to drive creativity and innovation in numerous fields, and the life sciences are certainly no exception.

One of the most promising areas is drug discovery. Generative AI can be used to generate new potential drug molecules, predict their properties, and screen them for potential efficacy and safety. This could significantly speed up the traditionally lengthy and costly drug discovery process.

Another potential application lies within the realm of personalised medicine. Generative AI could be used to create predictive models for how specific individuals might respond to certain treatments, enabling doctors to tailor therapies to individual patients.

Moreover, in genomics, generative AI could help us understand complex genetic data and unravel the connections between genetic variations and certain diseases or conditions. This could aid in the early diagnosis and prevention of diseases.

The venture capital landscape is constantly evolving. What recent changes have you observed in the industry?

The venture capital landscape is indeed a dynamic and ever-evolving field. We’ve noticed several trends that are particularly noteworthy.

Firstly, there’s been a global expansion of venture capital activities. There are burgeoning tech ecosystems, not just in Silicon Valley but also in Europe, Asia, and other parts of the world.

The growth in Asia is particularly striking. While this presents enormous opportunities, it also brings unique challenges like understanding local markets, regulatory environments, and cultural nuances.

Secondly, there’s a clear trend towards democratising venture capital, with crowdfunding and other platforms providing more people with the opportunity to invest in early-stage companies. This means increased competition but also more potential co-investors and partners.

Thirdly, there’s a growing emphasis on socially responsible investing. Investors are increasingly concerned about environmental, social, and governance (ESG) factors.

Also Read: How Malaysia is championing regenerative medicine technology

Finally, the rise of deeptech and life sciences startups, fuelled by advancements in AI, biotechnology, and other fields, has been a significant development.

Looking ahead to the next six to twelve months, what developments or trends do you expect to shape the venture capital space? Are there any new sectors or technologies that Harmonix is particularly interested in exploring during this period?

There are several developments and trends that we expect will shape the venture capital space over the next six to twelve months:

Continued growth of AI and ML: We anticipate the ongoing maturation and growth of AI and ML technologies, especially in industries such as healthcare, finance, logistics, space, and climate tech. We expect increased interest in startups using AI to solve complex problems or streamline processes in these sectors.

Bioinformatics and genomics: With the drop in sequencing costs and increased computational power, we expect an upward trend in investment in genomics and bioinformatics companies. These companies can leverage these technologies to bring about personalised medicine, better drug discovery processes, and solutions for complex diseases.

Sustainability and greentech: Given the increasing global emphasis on climate change and sustainability, we believe startups focusing on green tech and sustainability solutions will continue attracting significant venture capital.

The post ‘Asia presents potential for high-impact, high-return investments in life sciences, deeptech’ appeared first on e27.

Founders building their second or third venture are always highly respected in the ecosystem. Investors usually are more willing to invest in them as they believe that serial entrepreneurs come with “loads” of experience starting and growing startups. Besides, VCs perceive they tend to make fewer mistakes than they made while building their first businesses.

True, a second or third-time founder knows how to build a stronger business with less cash, what to do when his or her company is in crisis, how to manage cash flow, how to navigate an unfavourable economic climate, how to address employee churn, and how to motivate the colleagues, and most importantly, how not to repeat past mistakes. They also successfully raise multi-million dollars in their first round of investment.

In general, serial entrepreneurs try to do things differently.

Also Read: How Ringkas replaces paper-based mortgage application process in Indonesia with digital tools

In this article, the first from the e27‘s AskMeAnything series, Ilya Kravtsov takes questions from users about the experience of being a serial entrepreneur. Based in Indonesia, Kravtsov has built two businesses in two different verticals. PouchNATION is an NFC-based guest management startup, while Ringkas aims to simplify Indonesia’s complicated mortgage application process by providing easy-to-use tools for agents, property developers, customers and banks.

While investing in a company, shouldn’t the VCs go by the merit of the idea and their conviction rather than the founder’s experience? What do you think?

You are 100 per cent right; a second or third-time founder alone doesn’t mean much if the experiences you went through are not meaningful.

This can be applied to anything one goes through; one can graduate from a university but still have limited knowledge. So it is crucial to differentiate between founders who truly lived and breathed through their previous experiences and those who just ticked the box in their CVs.

What mistakes do second or third-time founders tend to make while building their new ventures?

Second or third-time founders raise too much too early as they have access to more capital and investors. They tend to over-raise before achieving the product-market fit, which is unhealthy.

Could you share some insights and strategies on how to build investor networks and maintain strong relationships with them effectively? What are the key lessons you’ve learned along the way that contributed to your success in attracting and retaining supportive investors?

Investor relations are critical and not always an easy task. Sometimes expectations are not aligned, and you lose trust. This was one of the most important growth areas in my career.

Also Read: Ringkas raises US$3.5M to digitalise mortgage process in Indonesia

When you start your business, you might be a good operator but miss the investor perspective entirely. The best advice here is always to see things from an investor angle and not purely from a founder’s perspective. Imagine what you would do if you were in their shoes (founders often forget that). The rest comes purely with experience.”

How do you manage investor expectations and demonstrate your ability to deliver a successful outcome with your current venture?

I believe communication is key. If you feel things are not going exactly in your desired direction, you must over-communicate with your investors and ask them for feedback and advice. This builds trust.

What advice would you give an entrepreneur starting his or her second company?

Spend a lot of time researching the business before jumping into it. Get validation, talk to potential customers, and understand the size of the opportunity. The earlier you clear these points, the fewer issues you will face later.

—

Image Credit: Ringkas.

The post ‘Second and third-time founders tend to raise too much too early’: Ringkas’s Ilya Kravtsov appeared first on e27.

Digital acceleration hasn’t been sufficient. “The ability of people to process economic information and make informed decisions about financial planning, savings, debt and retirement” (as one of the definitions of financial literacy goes) is becoming more and more important around the world. Southeast Asia is not an exception, given the rapidly growing financial needs of the population and the range of financial opportunities.

A few years ago, the average financial literacy of the population in SEA (excluding Brunei and Laos) was estimated at 34 per cent, even higher than the global average of 33 per cent (2014). However, excluding the two leaders of the region — Singapore (59 per cent) and Myanmar (52 per cent) — it equalled only 27 per cent.

So, only three out of ten adults in the rest of the region could be called financially literate. For comparison: the top ten included seven European countries, as well as Canada, Israel and Australia, with indicators of 63-71 per cent.

Since then, the situation in Southeast Asia has improved significantly. The COVID-19 pandemic had a particularly powerful impact on it due to the region’s proximity to its epicentre. The rapid digitalisation of all spheres of life, including finance, increased the financial inclusion of the population, which also affected financial literacy.

For example, according to Fintech and Financial Literacy in Vietnam, the level of financial literacy was higher for people who used fintech products than for those who did not (score of 5.1 vs 4.3).

While in 2017, the indicator of financial exclusion in ASEAN was 46 per cent, in 2022, it decreased to 23 per cent. The region set the goal to reduce financial exclusion to 30 per cent by 2025 but significantly surpassed it much earlier due to the pandemic.

At the same time, there was an increase in the level of financial literacy. In a 2022 survey by the Indonesian Financial Services Authority (OJK), the level of financial literacy was 50 per cent, 12 per cent higher than in 2019. According to the 2020 Bank of Thailand/OECD survey, in Thailand, it equalled 71 per cent, up five per cent from 2018. Meanwhile, in the S&P 2014 report, this figure was only 27 per cent.

Nevertheless, the level of financial literacy in the region remains insufficient. The United Nations Capital Development Fund report (2022) stated that most countries in the region demonstrated little knowledge of basic financial terms, limited financial skills, including the inability to use an account without assistance and insufficient financial behaviour, such as saving for retirement.

Here is another example. According to the Philippine Financial Inclusion Survey (2021), only two per cent of respondents were able to correctly answer all six questions related to financial literacy. Only 30 per cent gave correct answers about simple and compound interest. Less than half of respondents (42 per cent) understood the impact of inflation on purchasing power, 13 per cent lower than in 2019.

No obvious connection between the development of countries and financial literacy

Despite the rapid acceleration of financial inclusion in the region, the status of financial literacy here still remains ambiguous.

On the one hand, this can be explained by the difference in the development of countries. For example, in Singapore, GDP per capita is almost US$134k, while in Laos and Cambodia, it is only US$9.8k and US$6.1k, respectively.

Another reason is different bases for accelerating financial inclusion. For example, Singapore and Thailand have already achieved high levels of financial inclusion. This has allowed reaching 98 per cent and 96 per cent of the adult population to own bank accounts, respectively. At the same time, in the Philippines, it is still only 52 per cent, in Laos — 37 per cent and in Cambodia — 33 per cent.

Finally, there is a difference in national efforts to increase financial literacy. UNCDF, for example, divides the countries into three groups: Pre-Formulation (start of creating a roadmap for increasing financial literacy — Laos, Myanmar, Vietnam), Formulation (working groups and roadmaps are ready — Brunei, Cambodia, Thailand) and Implementation (initiatives are being implemented — Indonesia, Malaysia, Philippines).

Centralised strategies result in such initiatives as educational programs at schools and universities (Cambodia, Malaysia, the Philippines, Vietnam), individual public, private and business initiatives (promotions, forums, programs, etc.), a gaming component (in Vietnam, for example, they develop games and simulators for children aimed at increasing financial literacy).

The efforts of international organisations are also important: the ASEAN committee is working to promote financial literacy, the UN organises educational courses for women in Cambodia, etc.

In all three cases, it can be assumed that more developed countries should have a higher level of financial literacy. However, even in Singapore, four out of ten respondents “lack knowledge of basic financial concepts such as risk diversification, simple and compound interest”.

According to another survey, the age group from 18 to 24 years old has the lowest level of financial literacy (35 per cent), and despite the national educational program aimed at improving financial literacy, this indicator failed to increase significantly. The situation is similar in other countries. In the Philippines, for instance, only seven per cent of respondents attended financial literacy-related events.

Financial literacy determines  the future

As a result, Southeast Asia definitely shows the growth of financial literacy, with increasing financial inclusion and the spread of fintech products. On the other hand, various factors prevent it from corresponding to the current level of the regional financial system. As a result, the loan burden of the SEA population is growing, the level of cyber fraud remains high, and advanced financial instruments are not being properly spread. 

The situation will not improve quickly. However, significant progress can be expected within the next 2-3 years, facilitated by:

• The growing penetration of fintech. A recent study by Robocash Group stated that the number of fintech companies in South and Southeast Asia has been growing rapidly over the past years. The popularity of online banking, super-apps, etc., is rising, and the user experience will quickly increase financial literacy. In addition, fintech businesses are usually interested in financially literate, reliable and responsible clients and are ready to implement educational policies for it.
• State programmes for the growth of financial inclusion and financial literacy have the potential to reach a new level, taking into account the growing global challenges.
• With the accelerating pace of the financial sector development, the quantity (of time) has every chance to turn into quality. Clients who are not ready to increase their level of personal financial literacy will lack access to modern tools.

The future of the macro-regional financial ecosystem is closely connected with financially literate consumers, and the main focus for market development remains transparency, humanity and long-term relationships between customers and fintech businesses.

—

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

The image featured in the article has been generated utilising an AI-powered tool

The post Financial literacy in Southeast Asia is set to match industry growth appeared first on e27.

Amidst the AI revolution, e27 presents a new series showcasing how organisations embrace AI in their operations.

Gia Ngo has worked at Give.Asia, a free fundraising platform for charitable causes in Asia, since 2014. Starting as a volunteer software engineer, he is currently CTO at Give.Asia.

Ngo received his PhD from Cornell University, the US, and his B.Eng from the National University of Singapore (NUS). His research topics lie in artificial intelligence (AI)/Machine Learning (ML) applications in natural language processing and neuroscience. He has published over 20 papers with over 400 citations at international conferences and journals.

In this edition, Ngo shares how his company has embraced AI.

Edited excerpts:

How do you perceive the AI revolution and its potential impact on your industry and workforce?

The AI revolution is undoubtedly transformative, and we are witnessing just the beginning of its immense potential. Over the decades, AI technology has made remarkable strides, but what’s truly catalysing its impact is the recent move to make AI models more accessible to the public. This has brought AI to the forefront of discussions and has the potential to revolutionise the way we approach various industries, including fundraising for social causes.

As we look ahead, the future of AI will likely be characterised by its seamless integration into business processes; like how web stacks power websites behind the scenes, AI will become a foundational building block in our daily operations, quietly enhancing efficiency and effectiveness without drawing much attention. This commodification of AI will democratise access, allowing even more organisations to benefit from its capabilities.

Understanding this transformative potential, we at Give.Asia developed Sidekick AI as an assistant for fundraising with a clear goal in mind – to seamlessly embed it into our current processes. Sidekick AI is a significant step in the broader initiative called “AI for Good”, where we aspire to open up the existing AI tools we use for charitable fundraising to the public. Moreover, we’re committed to continually developing new AI solutions that have a positive and lasting impact on social causes.

In embracing ‘AI for Good’, we aim to share our AI-driven fundraising tools with partners, organisations, and individuals across the charitable sector. By doing so, we hope to empower them to maximise their fundraising efforts and create a ripple effect of positive change in the world.

As the AI revolution progresses, our workforce will also experience shifts. While AI will augment and enhance certain aspects of our work, it will also create new opportunities for creative problem-solving and strategic thinking. Our vision is to leverage AI as a powerful ally, enabling our teams to focus on what truly matters – creating meaningful connections between givers and social causes.

Through collaboration and partnerships, we believe we can collectively harness the potential of AI to uplift communities, inspire more people to become givers and create a brighter future for all. We invite like-minded organisations and individuals to join us in this journey, leveraging Sidekick AI and the broader AI for Good initiative to make a lasting impact on the charitable sector and beyond.

In what ways has your company embraced AI technologies to improve operational efficiency or enhance business processes?

Our vision at Give.Asia is to inspire everyone to be a giver. We believe that if more people can resonate with a cause and work together, we can permanently solve many problems in the world. We believe modern AI technologies offer new approaches for us to work toward that vision.

• AI can help givers hear more stories and voices: We recognise that numerous organisations and individuals are working tirelessly to make the world a better place. However, their stories and efforts might not always reach a wider audience due to language barriers or challenges in making their causes compelling. We have integrated language models and generative AI technologies into our platform to address this. These AI tools assist fundraisers in crafting compelling narratives and engaging content, ensuring their messages resonate with potential donors. By harnessing AI’s capabilities, we aim to amplify the voices of those working for positive change and make their stories more accessible to the global community of givers.
• AI can connect givers to causes they resonate with: We understand that every giver has unique passions and interests. Just like how streaming services like Netflix provide personalised content recommendations, we strive to make the giving experience equally tailored. By leveraging AI algorithms, we can connect givers to the causes that truly resonate with them. This not only enhances the overall giving experience but also increases the likelihood of long-term engagement with charitable organisations. Through AI-driven personalisation, we aim to create a stronger bond between givers and the causes they care about deeply.
• AI can create new impacts: While fundraising for immediate needs is crucial, we believe AI can empower charitable organisations to go beyond conventional approaches and tackle the root causes of social issues. For example, AI can play a pivotal role in the healthcare sector by enabling easier and more affordable diagnosis. By utilising AI technologies, we can focus on upstream solutions to prevent problems before they escalate, creating a lasting impact and fostering sustainable change.

Also Read: Exploring the game-changing role of AI in online courses

As we continue to innovate, we actively explore diverse avenues to integrate AI into our operations. Whether it’s streamlining internal processes, optimising fundraising campaigns, or enhancing donor engagement, AI is becoming an integral part of many initiatives at Give.Asia. We believe that AI’s potential is vast, and by being proactive in its exploration, we can uncover new opportunities to maximise our impact on social causes.

Can you share specific examples of how AI has been integrated into your workforce to streamline operations or drive innovation?

We created Sidekick AI as a tool for our fundraising team to create campaigns more efficiently and quickly. Integrating Sidekick AI into our workforce has significantly streamlined our operations and empowered our content team to drive innovation in fundraising campaigns at Give.Asia. Here are specific examples of how Sidekick AI has been utilised:

• Efficient campaign content creation: Sidekick AI was initially prototyped as a tool to aid our fundraising team in crafting campaigns more efficiently and rapidly. Creating compelling and informative content can be overwhelming with the vast number of cases we receive from individuals seeking to raise funds for medical treatments, education, and other social causes. Sidekick AI has been instrumental in generating campaign copy based on the raw information collected from beneficiaries. This enables our team to draft clear and persuasive content that resonates with potential donors, whether for an individual’s medical treatment or a charity’s fundraising drive. By automating this process, Sidekick AI saves valuable time and allows our team to focus on other critical aspects of fundraising.
• Personalised marketing materials: Tailoring content to suit different audiences is essential in fundraising. Sidekick AI’s versatility enables us to create marketing copy for social media sharing that aligns precisely with the target audience’s preferences and interests. Whether it’s a child’s medical treatment campaign or a charity’s fundraising event, Sidekick AI generates drafts that cater to specific tones and angles. This personalised approach increases the effectiveness of our marketing efforts and helps build stronger connections between donors and causes.
• Creative content generation: Sidekick AI extends beyond text-based content to creative assets like campaign images and infographics. Converting complex information and research into easily digestible visualisations is made simpler with Sidekick AI’s assistance. Our copywriters can transform data into engaging visuals more efficiently, enhancing our campaigns’ overall appeal and impact.
• Automated video creation: Videos have become a powerful medium for storytelling and engaging audiences. Sidekick AI has been utilised to generate Instagram-style videos based on campaign content. By summarising the campaign’s text, integrating relevant images, and adding an audio track, Sidekick AI creates compelling videos that capture the essence of the cause. This automation significantly reduces the time and effort required to produce compelling video content, enhancing our multimedia marketing efforts.

What challenges or concerns did you encounter when implementing AI technologies within your organisation, and how did you address them?

Implementing AI technologies within our organisation did indeed come with its share of challenges and concerns, for example:

• Identifying business needs: The most important challenge we faced was identifying specific areas within our operations where AI could make a meaningful impact. Understanding our business needs and pain points was crucial in determining where AI could fill the gaps and enhance efficiency.
• Limited examples in the charitable sector: As AI adoption in the charitable sector is relatively new, there were fewer successful AI implementations in this context. This lack of reference points made it challenging to accurately foresee potential challenges and opportunities. To overcome this, we adopted an agile approach to prototyping and experimentation. By quickly creating prototypes and testing them, we gained valuable insights and iterated on our ideas swiftly.

Also Read: Optimising finance made easy: Embracing AI-driven investment

How do you ensure transparency and uphold ethical considerations in the use of AI technologies within your organisation to mitigate privacy concerns?

Transparency and respect for privacy are among the most fundamental foundations for everything built at Give.Asia. Some of the considerations that we stand by when introducing AI include:

• Data privacy: Protecting user data is a top priority for us. Sidekick AI operates solely on publicly visible data and does not store any irrelevant information to its tasks. By limiting the data used by the AI, we ensure that sensitive or private information is not exposed, minimising privacy risks.
• Understanding limitations: We recognise that AI technologies have limitations and should not be treated as one-size-fits-all solutions. Before implementing any AI solution, we look at our users’ specific needs and requirements. This approach allows us to identify where AI can be most effective and where human expertise is still essential.
• Ongoing learning: We believe in continuous learning and knowledge-sharing across our technical team and the organisation. We held training sessions and workshops to ensure that our team members understood commonly used AI technologies, including their strengths and weaknesses. This knowledge enables them to make informed decisions and maintain a vigilant approach to privacy and ethics.
• Human in the loop: Sidekick AI is designed to complement and assist fundraisers, not replace them. We emphasise the importance of human oversight in AI-generated outputs. By making fundraisers aware of potential errors that may arise, we encourage them to validate and review the content generated by Sidekick AI before use. This “human in the loop” approach ensures accountability and accuracy in the fundraising process.
• Open-sourcing: we are committed to not only making Sidekick AI accessible to any charity or individual but also to open-sourcing our implementation. Open sourcing fosters transparency and collaboration in the AI community. By sharing our code and practices with the wider public, we encourage peer review and accountability, ensuring that our AI implementations adhere to ethical and privacy values.

How do you ensure that AI technologies complement your workforce’s existing skills and expertise rather than replacing or displacing human workers?

At Give.Asia, we firmly believe that AI technologies should complement, rather than replace, the skills and expertise of our workforce. We recognise the unique value that human workers bring to the giving space, where trust and human connections are at the core of what we do. While AI can excel in certain repetitive and large-scale tasks, we understand that human workers will always be the most vital aspect of our organisation.

To ensure that AI technologies enhance our workforce’s capabilities, we adopt the following principles:

• At Give.Asia, we focus on using AI even further to enhance the core values of our team, which are growth, impact, and trust.
• We view AI as an always-present but sometimes flawed assistant that must be used appropriately. Rather than seeking to replace human workers, we focus on empowering our team to leverage AI to augment their skills and abilities.
• AI allows us to create more impact by automating time-consuming tasks, which frees up our team’s time to create new value for givers and find innovative ways to drive lasting social changes.
• Trust is a cornerstone of our work at Give.Asia. AI technologies can help us build and reinforce trust with our users by improving campaign storytelling, providing better verification processes, and enhancing transparency. We use AI to bolster the credibility of our platform and demonstrate our commitment to maintaining the highest standards of integrity.

Attracting and retaining human talent has always been challenging in the charitable sector. AI technologies like Sidekick AI serve as a superpower that equips our team to do more and do better in their roles. Using AI to augment our capabilities, we empower our workforce to tackle complex challenges and deliver greater value to our users.

Also Read: Rewriting the creation process of ad creatives using generative AI

We recognise that human connection and empathy are irreplaceable in the charitable sector. AI technologies are harnessed to enhance our team’s impact and efficiency, but they can never replace the passion, dedication, and creativity our human workforce brings.

How do you envision the future collaboration between humans and AI? What role do you see AI playing in augmenting human capabilities?

I think AI will permeate more and more industries and business processes. We will figure out more ways to integrate AI better and subtly into daily activities. As AI becomes more prevalent and deeply embedded into our lives, it will be a challenge for companies and individuals to keep growing, learning, and growing differently, too.

Here are how I envision the future of AI:

• Complementing human skills: AI’s role will be to complement and augment human capabilities rather than replace them. Mundane and repetitive tasks can be efficiently handled by AI, freeing up human workers to focus on higher-level tasks that require creativity, critical thinking, and emotional intelligence.
• Enhanced decision-making: AI can process and analyse vast amounts of data quickly, providing valuable insights to humans in making informed decisions. By leveraging AI-generated insights, humans can make more strategic and data-driven choices, leading to better outcomes across various domains.
• Innovation and co-creation: As AI automates routine tasks, humans can dedicate more time and energy to innovation and co-creation with AI. The collaboration between human creativity and AI’s data-driven capabilities can lead to groundbreaking solutions, especially in addressing complex societal challenges.
• Continuous learning: AI can act as a catalyst for continuous learning and upskilling. As AI technologies advance, humans will need to keep pace by developing new skills and expanding their expertise. This ongoing learning process will foster a culture of adaptation and growth.
• Ethical considerations: Addressing ethical considerations will be crucial as AI becomes more pervasive. Humans will need to ensure that AI systems are designed and used responsibly, with a focus on fairness, transparency, and accountability.

The future collaboration between humans and AI can be a harmonious balance where AI empowers humans to achieve more, make better decisions, and drive innovation. We can have a future where AI-driven advancements go hand in hand with human ingenuity and compassion.

What advice would you give to other company founders looking to leverage AI in their workforce?

Here is my advice:

• Embrace the AI revolution: AI is not just a passing trend but a transformative force that is here to stay. The field of AI has evolved beyond mere research, and it has reached the stage of commoditisation. We should all consider embracing AI as an integral part of our business strategy.
• Understand the key drivers of AI advancement: the current AI wave has three main drivers. The first is the abundance of data and the increasing power of hardware have made many modern AI approaches possible. Secondly, there has been a shift in focus from AI as a scientific endeavour to one of engineering. The desire to build and apply AI solutions has been a significant driving force. Thirdly, the open-source culture has fostered the development and adoption of foundational AI technologies and models. Understanding these drivers will enable you to make informed decisions about adopting and developing your AI capabilities effectively.
• Contextualise AI adoption: leveraging AI should align with your company’s specific context and business needs. Every company is unique, and AI should be integrated where it can fill gaps, enhance productivity, and create value. AI adoption should be driven by a clear understanding of your company’s objectives and strategic vision.
• Complement human expertise: view AI as a tool to augment human capabilities rather than replace them. While AI can excel in handling repetitive and data-intensive tasks, human creativity, critical thinking, and emotional intelligence remain invaluable. Strive to find the right balance between human judgment and AI-driven insights, leveraging AI to empower your workforce rather than displacing them.
• Commit to responsible AI practices: prioritise ethical considerations, transparency, and fairness in your AI initiatives. Responsible AI practices are essential to build trust with customers, employees, and stakeholders. Ensure that AI models are developed and deployed responsibly, adhering to privacy and data protection regulations.

The reasons laid out above motivate us to initiate AI For Good at Give.Asia. We love to invite other organisations, charities, companies, and individuals to see how we can leverage AI to give better. I think we have a lot more to learn and understand the gaps that AI can fill. We would love to work on open-source solutions with other partners to create lasting impacts.

—

Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

The post AI tools enhance efficiency but can never replace human creativity: Gia Ngo of Give.Asia appeared first on e27.

Sunrate, a cross-border payment platform for businesses, has raised an extended Series D (D2) funding round from Sequoia Capital Southeast Asia (now known as Peak XV Partners).

Saudi Aramco-owned Prosperity7 Ventures and Softbank Ventures Asia co-invested.

Last month, Sunrate secured an undisclosed sum in its Series D1 led by Prosperity7 Ventures.

The startup will use the fresh funds to accelerate growth in emerging markets, such as Southeast Asia and India, and continue to onboard new customers globally. In addition, it will look to hire employees.

Also Read: Financial literacy in Southeast Asia is set to match industry growth

Started in 2016, Sunrate provides global payment products and services for businesses worldwide, including international payments, global collection, commercial card issuance and treasury management.

Businesses can make payments to more than 150 countries and transact in 100+ currencies.

The firm also offers effective treasury management tools, such as TreasuryOS and RiskOS, to enable businesses to manage and oversee their financial assets, liabilities, and liquidity.

Co-Founder Paul Meng said: “We started Sunrate with the modest goal of bettering the
payments experience of small to medium-sized businesses. Through the years, we have
witnessed first-hand how our products and services have benefited businesses by providing fast secure
transactions, high-touch customer service as well as lower and transparent costs.  By removing business payments friction and helping businesses to digitalise, Sunrate empowers businesses — helping them to scale across borders seamlessly and effectively.”

According to FXC Intelligence, the global B2B cross-border payments market is expected to total US$56.1 trillion in volume by 2030.

—

The post Sunrate nets fresh funding to grow its cross-border B2B payment biz in SEA, India appeared first on e27.

GoodMorning Global Group,  a provider of “affordable” plant-based balanced nutrition for Malaysia and global communities, has secured a record RM20 million (US$4.4 million) from over 1,000 investors in an equity crowdfunding (ECF) campaign.

The company will use the funds to accelerate biotechnology and food technology research while supporting its prospective IPO listing over the next two years.

Established in 2008, GoodMorning Global is a nutritional multigrain and biotechnology company. It engages in research and production of plant-based protein and multi-grain products.

Also Read: Phuture aims to help solve fibre deficiency among Malaysians using its plant-based meat products

In H2 2023, GoodMorning Global aims to officially launch its first flagship product in future food and alternative protein – WonderMeat, a dry-mix complete nutrition plant-based meat. The product is partly subsidised by the GoodMorning Vision Fund and is slated for release to the public in Q4 2023.

It also plans to grow its market share from the current 70 per cent.

In addition, the company said its subsidiary GoodMorning Bio Industries received Bio-Based Accelerator (BBA) status from the Malaysian Bioeconomy Corporation. The certification is expected to help GoodMorning Global ramp up product research and development to meet better Malaysia’s growing demand for the consumption and export of plant-based protein products.

Further aligned with this, GoodMorning Global has signed Memorandums of Cooperation with its collaborative research partners Universiti Tunku Abdul Rahman (UTAR), Tunku Abdul Rahman University of Management and Technology (TAR UMT), and its Middle Eastern trading partner in Sultanate of Oman, Eastern Arrow LLC. The strategic partnerships will set in motion collaborative research projects to expand the local “future food and alternative protein” industry for greater food security.

Also Read: No animals were harmed in the making of this ‘meat’ burger

“While global challenges to food security have emerged more aggressively, such as rapid urbanisation and climate change, GoodMorning Global sees this as a catalyst for innovation and transformation as part of global efforts contributing towards the United Nations’ Sustainable Development Goals. To this end, we are actively participating in more cross-industry collaborations — facilitating knowledge exchanges is key to ensuring that the Malaysian food and biotech industries nurture a brighter future of food with plant-based solutions and provide sustainable food solutions for now and beyond. In GoodMorning, we have a dream, and that is to end hunger and no one should go to bed hungry,” said Dr. Charles Cheng Fang Chin, CEO and CFO of GoodMorning Global.

—

The post Plant-based meat firm GoodMorning Global secures US$4.4M via crowdfunding appeared first on e27.

The tail end of 2022 and the onset of 2023 have been frustrating for founders trying to extract even an ounce of investor engagement. Apart from a few thriving sectors that can boast strong investor engagement (hello, generative AI), startups across less hyped industries are experiencing what can only be described as an “engagement drought”.

Over the past year, we’ve seen a steep 25 per cent decline in investor engagement and response rates. The time investors spent reviewing decks plunged to a record low in Q4 of 2022, averaging a paltry two minutes and 18 seconds, according to DocSend. 

Concurrently, global funding dipped by 53 per cent YoY in Q1, with Crunchbase reporting a downturn across every stage of fundraising. Yet, the volume of pitch decks being sent by founders surged by 30 per cent, intensifying the scramble for scarce investor attention. It’s getting tough out there.

So, where does it leave startups seeking funding in 2023? One thing is clear: to increase your investor outreach success rate and land meetings, your pitch deck game needs to be inventive. In this article, we’ll dig into how to do precisely that.

With our global experience aiding early startups and unicorns in their fundraising efforts, we have accumulated a list of fresh and increasingly more effective practices to captivate investor attention. Many disrupt the longstanding conventions of how pitch decks should be created, partly explaining their particular effectiveness in the current climate.

Ditch the traditional problem-solution narrative

The problem and solution slide has been the cornerstone of investor pitch decks’ opening since the dawn of venture capital. Its concept relies on a simple yet effective narrative formula:

First, there’s a problem with the industry, supported by stats; then, there’s a solution the business offers.

Unfortunately, just like anything overused, the problem-solution narrative started to lose its efficiency, making investors numb to this rife approach. In most cases we’ve come across, it feels so homogenous and formulaic that it makes investors yawn and close the presentation after 30 seconds.

So, what’s the alternative?

Your pitch deck must open differently to stand out from the crowd and get investors’ eyeballs. But it’s not just about standing out — your pitch must immediately communicate how bold and ambitious your idea is.

The best way to achieve those things is to open with a powerful mission statement. Start by stating your ultimate goal and work your way backwards to explain how you plan to accomplish it. 

Also Read: 3 key strategies to master the art of value proposition pitching

Another effective technique involves underscoring the pain’s severity and the market’s immense potential. In essence, commence your deck with the most enticing incentive imaginable to pull investors in and get them to keep reading.

Make your story super tight 

Investor attention is scarce, so your goal is to get your point across quickly. With teaser pitch decks, less is indeed more.

The goal of a pitch deck is not to inundate investors with every minor detail about your business or product — it’s to prompt investors to contact you.

Still, we find that every other company we work with dedicates three-four slides solely to their product features! No investor will wade through four pages of product details. Rather, highlight the key features that define your product’s value proposition (preferably quantifiable) on just one or two slides or provide a demo link.

Focus on what matters to investors — your market, traction, why now, etc. Strive to provide all the essential numbers and context without going into minutiae or digressing.

Think of it as speed-dating: you only have five minutes to stand out among the other 40+ participants and forge a connection. Your goal is to be intriguing enough to spark curiosity and motivate the person to exchange phone numbers, not to divulge every detail about your life. 

The same principle applies to investors. Hence, highlight the most appealing aspects of your idea and leave the details for the call. Go through your deck a few times, cutting out any fluff you spot until it is super sharp and light. On average, almost all the decks we receive see can — and should — be trimmed by at least 25-30 per cent.

Forget standard headings

The conventional approach recommends using Ycombinator or Sequoia pitch templates that have straightforward headings like Problem, Solution, Team, etc. However, in today’s fiercely competitive climate, where the challenge is to capture and retain dwindling investor interest, mimicking what everyone else does is the least effective strategy.

Your slide titles must tell a story. Every headline should convey a standalone message, and every slide should sell a standalone idea. Investors must be able to open your pitch on a random page, read just the headline, understand the core concept, and be drawn to learn more. 

Here’s an example of how you can turn a vague, uninspiring Market slide heading into an engaging one:

But don’t just throw a bunch of disconnected slides together in the hope they stick — connect them logically and make sure they feed into your core business narrative. 

Bring your traction upfront

In early startups’ pitch decks, we often see traction being relegated to the end of the pitch since the startup hasn’t gained much traction yet. That’s a big mistake. According to the Docs data, VCs spent 40 per cent more time on this section in 2022 compared to 2021. 

For both nascent and mature startups, traction is one of the most scrutinised sections in your pitch deck and can be a make-or-break factor for your fundraising success.

If you have any (literally any) significant strides, move those upfront and underscore the juiciest parts for investors to notice right away. Have some strong retention indicators, rapid growth, or positive customer reviews? Put those forward as early as possible.

Also Read: Pitch deck for dummies: A compilation of top tips and advice from the community

Don’t have any traction yet? There always are ways to come up with something. Speak to 10-20 early users and collect testimonials on how they’re experiencing the pain you’re trying to solve to show that you have validated your idea.

If possible, display your early partnerships, growing social media following, or patent applications. Show investors that things are happening, regardless of how early on. 

Evoke a sense of FOMO

The “Why now?” question has always been crucial. The correct answer helps founders instil the FOMO and the sense of urgency into investors’ minds and stimulate the raise. In the current climate, when investors are hesitant to hand out cash, and the investment checks for post-Seed companies are generally down in the dumps, having a convincing answer to why they should pull out their wallets now is more crucial than ever. 

There are numerous ways to explain why now is the best (or even the only) time to cement your company as a category leader and why the momentum is as strong as ever. You can talk about the emerging trends in the space and how your company dovetails them. You can emphasize the severity/ubiquity of the problem and the competitive landscape that is yet to catch up. 

A well-crafted “Why now?” slide can also enhance the appeal of products in more traditional sectors.

Take an example from our experience: we assisted a client who was developing a sales automation tool—a market that’s oversaturated and currently lacks investor enthusiasm. However, we successfully repositioned it as the first generative AI-powered copilot for sales teams, a proposition only recently feasible. This AI-centric narrative helped our client secure US$4 million in funding in just a few weeks.

Weave ESG factors into your narrative

Compliance with ESG (Environmental, Social, and Governance) factors can severely increase your appeal to certain funds immediately. Many funds have mandates to invest in ESG companies, so if your business goes on to have a significant social or environmental impact, make sure it reads in your pitch.

But don’t dedicate a separate slide to it — it usually ends up being too vague and on the nose. Rather, weave it into the overall story by adding simple but powerful statements that reflect your ESG focus, like “We’re on a mission to do XYZ,” or “we want to help X millions of people to do/be X,” etc. 

This subtle touch will help better position your company towards funds that are looking to invest in this type of company and increase your company’s attractiveness among investors. 

Be smart about showing your metrics 

When it comes to demonstrating numbers, most companies we’ve come across just focus on growth metrics. That’s not enough to wow investors anymore. 

Also Read: Pitching 101: Questions that VCs will ask you during a pitch session

What investors care to see is that there is a fit between you and the market. Depending on your stage, many effective ways exist to demonstrate this fit. 

Pre-Seed – Seed stage

When pre-revenue, focus on demonstrating to investors you have a Founder-market fit. Early on, the goal is to prove that you and your team are the right people to bring this venture to success. 

Show that you know your customer persona and their pain inside out. Prove that you know how to sell to them. The best way to do this is by showing your previous achievements and relevant experience in the vertical. 

Maybe you were a customer turned provider who felt the problem on their skin and found the best way to fix it. Or maybe, you were part of a successful venture in the same space before.

The key is to show deep expertise in the industry and evoke trust in the founder and team. 

Series A

If you have recently generated your first revenue, on top of founder-market fit, investors will expect to see early proof of product-market fit. Do your customers love the product? Do they stick with it? If yes, here is how you can demonstrate that:

• Customer retention > 90 per cent
• Growing MRR
• User testimonials

Series B+

If you have over a year of revenue history, show investors that your business model is super efficient in generating money and that you have a business model/channel-market fit.

At this stage, investors are looking for startups that are profitable, capital efficient, and generally don’t bleed money. To prove your business model is bringing or on the track to bring in decent profits, don’t say what you’re doing and why – show it’s working through the following metrics:

• LTV: CAC > 3x
• Payback time < 12-18 months, depending on your ACV
• Conversion rates
• Rule of 40
• Previously raised vs generated capital (if you generated more than you raised)
• Burn rate multiple

With product differentiation diminishing as companies grow more and more homogeneous, what sets winners apart is their team, strategy, and execution. Don’t talk about influencers, TikTok, and all that stuff — everyone is doing that. 

Better talk about the flywheels you’ve set in motion and your unique strategies for generating a competitive advantage — through networks, community, technology, or else. All this will help you cut through the noise in an increasingly crowded yet homogenised market and get the investor engagement your business deserves.

—

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

The image featured in the article has been generated utilising an AI-powered tool

The post How to boost your pitch deck engagement with investors in 2023 appeared first on e27.

Singapore-based venture capital firm Resolution Ventures has made the final close of its first fintech fund.

An international community of fintech-interested institutions, unnamed family offices, finance executives and entrepreneurs invested.

With Resolution Fintech Fund I, the VC firm aims to invest in Southeast Asia’s founders developing solutions that have local, regional, and international applications.

The fund seeks to back pre-seed and seed-stage firms. The ticket size ranges between US$250,000 and US$750,000.

Also Read: Meet the e27 Connect investors that invested in SEA in the past two weeks

Resolution Ventures has already backed several companies from the first fund, including Oraan (a female-led rotating savings and credit association platform in Pakistan), Stemly (a working capital and inventory management platform), Dropee (an e-invoicing and ordering platform for FMCG goods), GIMO (an earned wage access platform in Vietnam), iPiD (a pre-transaction validation platform, PasarMikro (a platform that digitalises the payment processes for agricultural commodities), and Mayar (a payment platform for MSMEs in Indonesia).

Sam Gibb, Managing Partner of Resolution Ventures, said: “Considering the impact that we have had on our portfolio companies, we have no doubt that we will continue being an integral part of the eco-system as financial services infrastructure continues to develop in Southeast Asia,” he said.

—

The post Singaporean VC firm Resolution Ventures hits final close of fintech fund I appeared first on e27.