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Embracing workplace flexibility: The new era begins

As I shared in my first e27 article, Hybrid and Remote: Myth vs Reality, the modern people-focused managers leading the teams of the future experience none of the challenges executives believe distributed work brings. 

These people-first managers reported increased productivity, high trust in their teams, and ease in managing them. These experiences sharply contrast with the executives at many of their companies. 

Brian Elliott, founder of the Future Forum, a think tank set up by Slack and others, hit the nail on its head in a presentation at the Running Remote conference. “We’re two generations of digital natives into our workforce, and older ones suffer from ‘executive nostalgia’”. 

After Musk’s “working remotely is morally wrong,” it was Martha Stewart saying that “America will ‘go down the drain’ if people don’t return to office” and “Google to crack down on office attendance.”

But Fortune editor Dr. Gleb Tsipursky wrote, “The forced return to the office is the definition of insanity,” and I couldn’t agree more.

“Despite the overwhelming evidence that flexible hybrid work is more productive than forced in-office work for the same roles, top executives are stubbornly herding employees back to the office like lost sheep, expecting productivity to improve miraculously. This, my friends, is the very definition of insanity,” writes Dr. Tsipursky.

And now, McKinsey released new data showing that those same executives will most likely want to work from home. In the research, people with higher incomes and seniority were far more likely to demand flexibility. 

Also Read: How Gen Z’s view on work-life balance can transform your business

“In a survey of 13,000 office workers in six countries published this month, McKinsey found the largest share of employees who strongly prefer to work from home were those who earn more than US$150,000.

That group said they were likely to quit their jobs if called back to the office every day and were willing to trade more than 20 per cent of their compensation to work their preferred number of days at home.”

McKinsey Research on Hybrid and Remote Work

Why the separation between execs and employees? It’s time to “grownupify” work, as ADP’s Amy Leschke-Kahle wrote in Fortune: “Employees are smart grownups who deserve to be treated as such. The onus is on employers, not employees, to break the cycle. Send a very clear message to your workforce: “We trust you to do great work.”

The power of flexibility for people and companies

As I wrote in my previous article, almost 75 per cent of employees prefer to retain a hybrid or remote working model. Asked to return to the office full-time, 15 per cent of employees would consider looking for a new job, and 59 per cent would return if needed.  

 

People love their flexibility and its benefits: improved work-life balance, productivity, diversity, and more.

Data from Brian Elliott’s Future Forum shows why organisations should care about this, too: hybrid and remote workers are much more likely to say that company culture has improved during the pandemic – citing flexible work policies as the reason why.

According to Deloitte research, people are more attracted to and likely to stay at an organisation that allows them more control and choice in how they use their skills in their work. 

Josh Bersin also emphasizes the importance of providing flexibility to remain competitive in the talent market. He cites Daniel Pink’s research on human motivation, highlighting the significance of autonomy, control, and mastery.

Work becomes more fulfilling when employees can make decisions about their work, take ownership, and excel in their roles. This is achieved by setting goals and objectives with autonomy and empowering workers to do what is best for the customer.

Understanding what’s behind the need for flexibility: Autonomy and Agency

To understand why people are so motivated by flexibility and why organisations should provide it, we need to understand two key concepts: Autonomy and Agency.

Also Read: 5 things to stop apologising for if you want work-life balance without feeling guilty

Autonomy refers to the level of independence in your work. If you have autonomy, you can make decisions, take risks, and exercise judgment without constant supervision. According to self-determination theory, autonomy is one of three basic psychological needs contributing to well-being.

Agency refers to our level of control over the work environment. This includes having a say in the company’s direction, the ability to collaborate with colleagues, and the opportunity to pursue personal and professional development.

Being able to make decisions and take ownership of our work leads to increased engagement, motivation, and job satisfaction.

Additionally, autonomy and agency improve performance because when people have more control over their work, they can tap into their creativity, innovation, and productivity by tailoring their tasks to their strengths and preferences.

This heightened sense of engagement and motivation also allows for better adaptation to changing circumstances and overcoming challenges, boosting self-efficacy and confidence.

Finally, when individuals have greater control over their work, they are more likely to seek out new challenges and opportunities for growth, which helps to maintain engagement and motivation over the long term.

Why and how we need to support our teams

The best-selling author on workplace happiness, Tracy Brower, reminds us in Forbes: “Adults are empowered to choose how they think about things, how they react, and how they shape their circumstances. But the structure is also critical—this is where leaders and organisations come in. Structure addresses the policies, practices, norms, and cultures which contribute to happiness—or don’t.”

Research shows that “high-autonomy employees report the highest levels of belonging, motivation, productivity, trust in the team, trust in leaders, work-life balance, and mental well-being. In some cases, these scores are more than 20 per cent higher than their low autonomy counterparts.”

Taking ownership, making decisions, and striving for development help our teams to stay motivated. By understanding their need for autonomy and agency, we can support people in getting more out of their jobs than a paycheck and, in return, earn their effort and loyalty. 

To offer autonomy and agency in the workplace, companies can take the following three practical steps:

  • Implement flexible work policies that empower employees to choose how, where, and when they work based on their needs and preferences. Providing clear guidelines and support for remote work tools and communication platforms will enable employees to work autonomously while staying connected and collaborative.
  • Foster a culture of trust and empowerment in which employees feel valued and respected for their contributions. Establishing psychological safety is the most impactful thing companies can do to transform truly. Creating opportunities for skill development, career growth and recognising achievements further empowers employees to take charge of their professional development.
  • Embrace data-driven decision-making to promote autonomy and agency in the workplace. By using performance metrics, feedback surveys, and employee engagement data, organisations can identify areas where autonomy is most impactful and tailor strategies accordingly. This helps measure the success of their initiatives and make necessary adjustments to improve peoples’ work experience continuously.

Let’s embrace flexibility and usher in an era of choice and flexibility in the workplace.

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

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

Dr ZHOU Lihan, Co-Founder and CEO of Mirxes

Singapore-headquartered RNA technology company, Mirxes Holding, has completed its Series D funding round, securing US$50 million.

The round is anchored by existing and new investors, including Beijing Fupu, EDBI, Mitsui & Co., NHH Venture Fund, and the Agency for Science, Technology and Research.

Mirxes Holding will use the capital to scale the adoption and penetration of its stomach cancer blood test, GASTROClear, in major Asia-Pacific markets, including Southeast Asia, China, and Japan.

Also Read: Harnessing the power of AI to help improve gastric cancer detection

A portion of the funds will be used to accelerate the development and commercialisation of Mirxes’s maturing clinical pipeline, including a blood-based colorectal cancer screening test and the multi-cancer early detection test under Project CADENCE. Project CADENCE is a project to develop a single blood test for the early detection of nine high-mortality cancers powered by the company’s RNA technology and other complementary biomarker technologies.

“This fresh funding will fuel our ambitious growth plans and enable us to continue making a significant impact in the field of multi-cancer early detection,” said Dr ZHOU Lihan, Co-Founder and CEO of Mirxes.

Along with this, Mirxes has also announced that it has filed the listing application with The Stock Exchange of Hong Kong Limited (HKEX).

Founded in 2014, Mirxes is an RNA technology company making cancer early detection solutions accessible globally. It also delivers research and clinical testing services for preventive healthcare and precision medicine to key markets in Asia and beyond.

In 2021, Mirxes raised US$77 million in a Series C financing round led by CR-CP Life Science Fund and joined by global healthcare investment firm Rock Springs Capital, Charoen Pokphand Group (Thailand) and EDBI.

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Peeba debuts in Southeast Asia to help small retailers stay competitive

Peeba co-founders Kevin Cho (left) and Jacky Lai

Y Combinator-backed Peeba announced the setting up of its office in Indonesia, marking the first step of its Southeast Asia (SEA) expansion journey.

The online B2B wholesale marketplace wants to change the game for small retailers by enabling them to compete on the same footing as larger retailers through both online and offline channels. The company aims to do it by implementing a “sell first, pay later” model for small retailers.

In a press statement, Peeba says it that allows retail stores across Indonesia to buy products from thousands of curated
global and local brands on consignment, so they can pay for goods they are able to sell and return the rest to Peeba. According to the company, this means that small retailers do not need to incur hefty upfront payments, allowing them to stock high-quality products in their stores.

“Peeba takes care of end-to-end cross-border logistics, customs, duties and taxes while ensuring that goods are shipped to the retailer smoothly,” explains Jacky Lai, Founder and CEO of Peeba, in an email to e27.

“When small retailers are able to stock products from top brands, it makes them much more competitive as they can attract consumers a lot more effectively.”

Also Read: How express delivery services can become a key differentiator for e-commerce businesses

Lai also says that the platform uses machine learning to help predict what will sell well for stores in a particular category or area. “When retailers log on to Peeba, they automatically see recommendations that are most relevant to them.”

Founded in 2020 in Hong Kong, Peeba currently works with about 3,000 brands worldwide, connecting them with over 30,000 retail stores.

Understanding small businesses

When asked about the profiles of their targeted users, Lai describes them as independent online shops (such as Instagram and TikTok-based shops) and small retailers with physical stores.

“We are currently focused on serving retailers in the beauty, home and living, and baby and kids categories. We acquire them through a strong business development team that is in constant conversations with stakeholders in the retail ecosystem,” he says.

With regard to their revenue model, Lai says, “We make money when brands sell through retailers that choose to stock their products. Because of that, we review each and every brand application rigorously to make sure that they’re the right brand for the retailers that are on our platform.”

This year, Peeba aims to focus on its expansion plan in Indonesia, where the team has started hiring team members there.

“In the longer term, our goal is definitely to expand across Southeast Asia. We will take one step at a time and launch each market independently,” Lai closes.

Image Credit: Peeba

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How express delivery services can become a key differentiator for e-commerce businesses

Over the past few years, we witnessed a significant evolution in the express delivery market alongside the global e-commerce boom. In Asia Pacific, where more than 60 per cent of e-commerce activities take place, the market continues to grow at a rapid pace due to international trade and rising disposable incomes – the courier, express, and parcel (CEP) market is currently valued at US$185.2 billion this year and is forecasted to grow at six per cent annually until 2028.

More than 90 per cent of businesses in the region are micro, small and medium-sized enterprises (MSMEs). To capture overseas market opportunities, MSMEs that have tapped into digital platforms face the daunting task of navigating complex business, inventory, logistics fulfilment and supply chain need with the limited resources they possess.

This is further interlaced with challenges such as rising customer expectations pertaining to delivery speed, convenience, and flexibility as omnichannel retail platforms increasingly become the default.

Express delivery services today are no longer a bonus feature but an expectation. This means that in order to meet customer expectations, a reliable logistics partner is crucial for optimising current processes and reducing operating costs.

The delicate balance between time and cost

Customers today demand faster and more affordable delivery options. In addition, they also expect transparency throughout the delivery process, with real-time updates on their shipments. Logistics operators are thus under pressure to fulfil these rising consumer expectations by being adaptable and agile, all while trying to maintain cost competitiveness.

Also Read: Unstoppable surge: Vietnam’s e-commerce growth continues to soar

However, as MSMEs themselves do not possess the comprehensive global logistics infrastructure that is necessary to optimise efficiency, it is crucial for them to outsource these business needs to achieve maximum time- and cost-effectiveness. This is where third-party logistics operators can serve as centralised platform partners to empower MSMEs with a holistic cross-border logistics solution and strike a perfect balance between efficiency and cost.

Even as more options become available to consumers, they continue to seek convenience, affordability, and efficiency with express delivery options. They expect merchants and MSMEs to provide more personalised services and naturally gravitate towards reliable delivery providers when given a choice.

To retain leadership positions and establish a competitive edge, logistics operators need to constantly explore new opportunities to expand the shipping freight network and set up regional air and logistics hubs in order to streamline goods flow and boost connectivity within markets.

Investments in smart logistics will pay off

With the rise in e-commerce offerings and supply chain capabilities, MSMEs are investing in infrastructure and service offerings that can support time-definite delivery services for cross-border e-commerce. This includes smart warehouses, improved transportation networks, and the use of cutting-edge technologies such as autonomous vehicles.

Beyond that, socially responsible businesses have also started looking at the use of electric vehicles and renewable energy sources to increase sustainability efforts in order to reduce carbon emissions and costs over time.

The digital push and consumers’ increasing digital savviness have also prompted businesses and logistics operators to digitalise legacy equipment, so they can better cope with the surge in demand during peak seasons such as major shopping festivals and holidays. This includes integrating new technologies into existing platforms to enhance transparency across the supply chain, allowing businesses and logistics operators to pre-empt and resolve any major issues ahead of time.

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

One such example is Cainiao’s radio-frequency identification (RFID) tags that are attached to every parcel, which provide real-time updates on the parcel’s location, with improvements in identification sensitivities. This greatly improves MSMEs’ overall visibility and efficiencies in the areas of inventory and supply chain management.

Evolution is crucial for growth

The spotlight on express delivery services continues to grow, presenting significant opportunities for MSMEs and logistics operators alike. By strategically engaging and partnering with logistics operators and platforms, MSMEs can level with larger counterparts in the global marketplace and meet consumers’ expectations for time-definite deliveries.

Increasingly, e-commerce has become crucial to the growth of the digital economy, and express deliveries are a key element for small businesses to elevate customer experiences and deliver exceptional services.

To thrive and stand out in a competitive landscape, businesses must embrace a more diverse and agile business model. This entails redefining their operations through strategic partnerships and demonstrating flexibility and transparency in delivery services.

The business climate today, which favours partnerships and technology adoption, has widened growth opportunities for small businesses in a globalised marketplace that once seemed beyond reach.

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 groupFB community, or like the e27 Facebook page

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

Below are brief profiles of all the e27 Connect investors (who are verified by e27 and willing to be connected) that invested in July.

TNB Aura

TNB Aura uses data-driven methodologies to identify and invest in select companies that are primed for the future and ready to change the very face of their categories. It is an approved co-investment partner of Enterprise Singapore.

Verticals: All
Based in: Singapore
Investment locations: Singapore, Indonesia, Vietnam, Philippines, Malaysia, Thailand
Stages: Pre-Series A/bridge, Series A, Series B
Investment range: US$1M to US$10M.

The startup invested: GIMO.

Integra Partners

Integra Partners invests in early-stage companies that use technology to drive access and affordability to responsible financial services and digital healthcare companies in the Southeast Asian and South Asian regions.

Verticals: Finance, DeFi, healthtech, insurtech
Based in: Singapore
Investment locations: Singapore, Malaysia, Thailand, India, Pakistan, Vietnam, the Philippines, Indonesia
Stages: Seed, Pre-Series A/bridge, Series A, Series B
Investment range: US$1M to US$4M.

The startup invested: GIMO.

Resolution Ventures

Resolution Ventures is a seed-stage fund focused on investing in fintech companies built in Southeast Asia.

Verticals: Finance
Based in: Singapore
Investment locations: Singapore, Malaysia, Indonesia, Vietnam, Thailand, Philippines, Laos, Cambodia
Stages: Seed, pre-Series A/bridge, Series A
Investment range: US$250K to US$750K.

Also Read: Vietnamese earned wage access startup GIMO closes US$17.1M Series A

The startup invested: GIMO.

ThinkZone Ventures

ThinkZone Ventures is a local-resourced VC firm in Vietnam, focusing on pre-seed to Series A stratups from diverse verticals.

Verticals: AI, education, finance, healthtech, logistics/supply chain, medtech, platform, sharing economy, SaaS, transportation
Based in: Vietnam
Investment location: Vietnam
Stages: Seed, pre-Series A/bridge, and Series A
Investment range: US$50K to US$3M.

The startup invested: GIMO.

AC Ventures

AC Ventures is an early-stage technology venture fund focusing on investing in Indonesia’s digital disruptors.
Verticals: All/any
Based in: Indonesia
Investment location: Indonesia
Stages: Angel, seed, pre-Series A/bridge, Series A.

The startup invested: MAKA Motors.

East Ventures

East Ventures is a seed to early-stage venture capital firm based in Singapore, Indonesia and Tokyo. It was founded in 2010 by the co-founder of Mixi.jp and other prominent investors/entrepreneurs in Asia.

Verticals: All/any
Based in: Indonesia
Investment locations: Singapore, Thailand, Vietnam, the Philippines, Malaysia, Indonesia, Myanmar, Laos, Cambodia, Brunei, and Japan
Stages: Angel, seed, pre-Series A/bridge, Series A
Investment range: US$1M to US$50M.

The startups invested: MAKA Motors, Soleland.

Skystar Capital

Skystar Capital is an early-stage VC fund backed by leading corporate groups that invests in technology startups in the SEA region, particularly Indonesia.

Verticals: All
Based in: Indonesia
Investment locations: Indonesia, Singapore, Malaysia, Thailand, the Philippines, Vietnam, the United States of America
Stages: Seed, pre-Series A/bridge, Series A
Investment range: US$200K to US$2M.

The startup invested: MAKA Motors.

Openspace Ventures

Openspace Ventures makes investments in early-stage technology companies based in Southeast Asia.

Verticals: Agritech, consumer, education, finance, hardware, healthtech, SaaS
Based in: Singapore
Investment locations: Singapore, Vietnam, the Philippines, Malaysia, Indonesia, Thailand, Brunei, Myanmar, Laos, Cambodia
Stages: Series A, Series B.

The startup invested: MAKA Motors.

BEENEXT

BEENEXT is a venture capital firm investing in startups from India, Southeast Asia, Japan, and USA.

Verticals: All/any
Based in: Singapore
Investment locations: India, Indonesia, Japan, Thailand, Vietnam, Singapore, the Philippines, Bangladesh, Myanmar, and the US.
Stages: Angel, seed, Series A.

The startup invested: MAKA Motors.

Kinesys Group

Kinesys focuses on early-stage companies looking to potentially traditional markets or new emerging ideas.

Also Read: Former Gojek top execs’ e-motorcycle startup MAKA Motors closes a massive US$37.6M seed round

Verticals: All/any
Based in: Singapore
Investment locations: Indonesia, Singapore, Malaysia
Stages: Seed, pre-Series A/bridge, Series A
Investment range: US$100K to US$500K.

The startup invested: MAKA Motors.

M Venture Partners

M Venture Partners is an early-stage investor, raising innovators and disruptors in rising Southeast Asian and South Asian economies.

Verticals: All/any
Based in: Singapore
Investment locations: Singapore, India, Vietnam, Indonesia, Malaysia, the Philippines
Stages: Pre-seed, angel, seed, pre-Series A/bridge, Series A
Investment range: US$500K to US$2M.

The startups invested: MAKA Motors, KarirLab.

Alpha JWC Ventures

Alpha JWC Ventures invests in early to growth-stage high-technology companies.

Also Read: Earth VC backs US-based lithium-silicon battery firm Group14

Verticals: Advertising, agritech, AI, automotive, Big Data, blockchain, consumer, e-commerce, education, enterprise solution, entertainment, finance, F&B, govtech, healthtech, HR, ICT, insurtech, IoT, logistics/supply chain, manufacturing, marketplace, media, platform, productivity & CRM, real estate, retail, sharing economy, SaaS, transportation, travel
Based in: Indonesia
Investment locations: Indonesia, Vietnam, Singapore, Malaysia, Thailand, Taiwan, India
Stages: Seed, pre-Series A/bridge, Series A, Series B
Investment range: US$200K to US$10M.

The startup invested: KarirLab

SBI Ven Capital

SBI Ven Capital, founded in 2007 and based in Singapore, is a private equity firm that invests in financial services and technology sectors across Asia.

Verticals: E-commerce, finance
Based in: Singapore
Investment locations: Singapore, Malaysia, Indonesia, India, Thailand, Cambodia, the Philippines
Stages: Series A, Series B.

The startup invested: Eratani.

Genting Ventures

Genting Ventures is the corporate venture arm of Genting Group. It invests in early-stage startups with disruptive technologies.

Verticals: Any/all
Based in: Singapore
Investment locations: All/any
Stages: Seed, pre-Series A/bridge, Series A
Investment range: US$350K to US$1M.

The startup invested: Eratani.

1982 Ventures

1982 Ventures is an early-stage fintech-focused VC firm in Southeast Asia.

Verticals: Blockchain, enterprise solution, finance, insurtech, SaaS
Based in: Singapore
Investment locations: Singapore, Indonesia, Vietnam, the Philippines, Malaysia, Thailand, Pakistan, Bangladesh, Cambodia, Laos, Myanmar
Stages: Angel, seed, pre-Series A/bridge
Investment range: US$100K to US$500K.

The startups invested: Orderfaz.

ORZON Ventures

ORZON Ventures, powered by OR (a leading oil and retail company in Thailand) and 500 TukTuks, invests in promising Series A-B startups in Thailand and Southeast Asia in the mobility and lifestyle sectors.

Verticals: Any
Based in: Thailand
Investment locations: Thailand, Singapore, Malaysia, Indonesia, Vietnam
Stages: Pre-Series A/bridge, Series A, Series B, Series C & above
Investment range: US$500K to US$3M.

The startup invested: APX.

Wavemaker Partners

Wavemaker Partners invest in a broad range of technology-driven companies in the US and Southeast Asia.

Verticals: All/any
Based in: Singapore
Investment locations: Hong Kong, Singapore, the Philippines, Thailand, United States of America, Indonesia, Vietnam, Malaysia, Brunei, Myanmar, Cambodia, Laos
Stages: Angel, seed, pre-Series A/bridge, Series A
Investment range: US$250K to US$5M.

The startup invested: Hydroleap.

Earth Venture Capital

Earth Venture Capital is a global VC firm that aims to empower and nurture sustain global-mindset tech startups with solutions to prevent climate change.

Verticals: AI, robotics, energy, and IoT
Based in: Vietnam
Investment locations: Vietnam, Singapore, Hong Kong, Indonesia, Malaysia, the Philippines, India
Stages: Pre-seed, seed, pre-Series A/bridge, Series A
Investment range: US$500K to US$1M.

The startup invested: Group14.

(The lead picture used in this article is AI-generated)

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Ex-Gojek VP’s modern financial analytics platform Bunker secures US$5M

Bunker CEO and Co-Founder Shivom Sinha

Singapore-based startup Bunker, which provides a modern financial analytics platform for SMEs, has secured over US$5 million over two funding rounds.

The investors include January Capital, Alpha JWC, GFC, Northstar Group, Money Forward, Alpine Ventures, and Patamar Capital.

Angel investors, namely Chris Lin, Rosemary DeAaragon, Tiger Fang, Gaurav Gupta, Christian Sutardi, Warren Tseng, Jonathan Wong, Nakul Malhotra, and Shaun Hon, also participated.

Bunker was founded in 2021 by CEO Shivom Sinha, formerly VP (strategic finance) at Gojek and Senior Associate (Strategic Finance) at Uber.

Bunker is an intuitive platform that gives executives “deep financial visibility” by turning the thousands of overlooked rows in the general ledger into actionable insights.

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

The startup’s proprietary solution scans the thousands of overlooked rows of transactions and other data in a company’s accounting or enterprise resource planning (ERP) software. Companies use this platform to spot vendor-specific costs and terms of payment negotiation opportunities, drive ad-hoc budgeting, and manage investor relations or fundraise with smoother due diligence processes.

The platform integrates with software such as Xero, NetSuite, QuickBooks, Jurnal, Accurate, and SAP. Unlike existing business intelligence software, which can take weeks to deploy, Bunker takes days, and no complex implementation or training from the client is required.

It has customers in Singapore, Indonesia, the Philippines, and Hong Kong.

“In today’s economic landscape, CEOs and CFOs are holding their finance strategies to the highest standards, but monthly FP&A cycles fall short – they’re still too shallow and too slow. The richest financial data for critical insights still lies the general ledger but unpacking it continues to be a gruelling exercise. Bunker bridges this gap, enabling leadership to plan and execute with surgical precision,” said CEO Sinha.

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Demystifying the financial impacts of climate change with Intensel

Dr Entela Benz, CEO of Intensel

The work of Intensel is strongly related to the fact that climate change and financial risk are increasingly intertwined. As global warming continues to escalate, so is the risk of disasters such as floods and typhoons, leading to significant losses yearly. In fact, in 2021, Swiss Re predicted up to 18 per cent losses in GDP due to climate risks globally by 2050 if no mitigation actions are taken.

This means there is an urgency for real estate owners and other stakeholders to understand and mitigate their exposure. Unfortunately, as pointed out by Dr Entela Benz, CEO of Intensel, adequate data analytics to quantify these risks at the asset level are still lacking. Apart from that, climate risk disclosures have also become mandatory under International Sustainability Standards Board (ISSB) standards in many regions.

This is where Intensel comes in with its solutions.

“At Intensel, we aim to demystify the financial impacts of climate change. Leveraging AI, big data, and our team’s combined expertise in climate science and finance, we’ve created a unique analytics platform,” explains Dr Benz in an email interview with e27.

“This tool employs in-depth climate science modelling paired with financial risk modelling to quickly pinpoint asset-level exposure and vulnerability across 10 climate hazards, including rainfall floods, storm surges, typhoons, and sea level rise. It also calculates the dollar-value-at-risk under three different time horizons and six climate scenarios worldwide.”

The subscription-based software platform allows stakeholders in various sectors, including banking, real estate, insurance, and asset management, to comprehend their climate-related financial risks and opportunities, with the end goal to empower them in optimising their portfolios, becoming more climate-resilient and compliant with increasing regulatory standards such as those from the ISSB.

Also Read: Following fund completion, Eurazeo aims to support up-and-coming leaders in climate tech

“Our firm belief is that understanding risk, recognising opportunity, and acting decisively can help shape a more sustainable, climate-resilient future,” Dr Benz stresses.

The Intensel platform is the result of over three years of research and development. According to Dr Benz, it involved managing and interpreting terabytes of modelling data powered by AI and cloud computing.

“In Q1 2022, we successfully launched our digital climate platform on a subscription basis, offering global coverage across ten climate hazards, featuring the latest Shared Socioeconomic Pathways (SSPs). To better cater to the needs of asset managers and other high-volume data users, we’ve developed APIs. We also offer real estate flood scores as a standalone product, further broadening our portfolio of services,” she says.

“We’re continuously working to enhance the capabilities of our platform. Some of the latest additions include loss estimations adjusted for asset-level flood mitigations and GDP adjusted for the climate change impact on the economy. Future plans include the introduction of country and district-level hazard maps and index benchmarking.”

In 2022, Intensel received a grant from the Monetary Authority of Singapore’s Financial Sector Technology and Innovation (FSTI) Proof-of-Concept (POC) Scheme which allowed it to partner with the Dutch multinational bank ING Group. It has also been selected for various accelerator and impact programmes in the Asia Pacific.

Impacting climate works in the region

As with any climate tech startup, Intensel pays attention to the impact that it is making on its clients.

“So far, we’ve facilitated the analysis of over 2,000 assets, identifying more than US$30 billion in potential losses attributable to climate change. We believe our platform can help companies quantify how they can avoid climate-related losses and reduce the financial risk of climate change globally,” Dr Benz says.

“At Intensel, we acknowledge that even with significant emission reductions and a limit to global warming at 1.5 degrees Celsius, climate change impacts are inevitable. Hence, urgent adaptation measures are needed. We advocate for asset-level climate risk assessments by fund managers and asset owners. Our core objective is to minimise global financial risks from climate change by utilising our platform, which quantifies potential climate-related losses, enabling clients to take necessary mitigation steps.”

Also Read: Why these startups focus on informal plastic waste workers in the fight against climate crisis

Intensel has teams based in Hong Kong, Singapore, and India, with its leadership team consisting of Dr Benz, COO Ashley Hegland, and CFO Ben Shum.

“In our early stages, we were fortunate to have garnered financial backing through a seed funding round, supported by notable investors and advisors such as the Asian Development Bank (ADB) and the Hong Kong University of Science and Technology. Additionally, we benefited from participating in the Hong Kong Science Park and Technology Corporation’s incubation programme, which was instrumental in our development and growth,” Dr Benz says.

“Our selection by the two accelerator and impact programmes is a recognition of the strength and potential of our solution to meet the increasing market demand to comprehend climate-related financial risks through high-quality climate data and robust analytics.”

Image Credit: Intensel

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The Gear: A new accelerator programme for early-stage startups in the built environment sector

Image by DCStudio on Freepik

This article is published as a series in the e27 accelerator partnership with Rainmaking.

What does the future of work and life look like for you in 10 years? Imagine the possibilities that lie ahead in the next decade: robots seamlessly serving customers in restaurants and cafes, AR and VR technologies projecting your colleagues into your physical office, and wearables and sensing devices enhancing well-being and health tracking.

The future of work and life is brimming with innovation, and it will radically transform human experiences in the way we live and work through interactions with new technologies. 

While we all may have a different view on how the future of living and working looks Kajima Development, a wholly owned subsidiary of Kajima Corporation, aims to take on a mission to shape this future.

The mission begins within the walls of their newly constructed Innovation Hub, The Gear. Nestled in the vibrant Changi Business Park of Singapore– a cutting-edge facility serves as Kajima’s regional headquarters and is designed as a living lab, encouraging experimentation, exploration, and co-creation.

Kajima Development Pte Ltd is a Singapore-based real estate developer with business interests across the SEA region. Founded in 1840, Kajima’s services include design, engineering, construction, and real estate development.

At The Gear, Kajima will adopt open innovation, conduct R&D on advanced built environment technologies, and testbed solutions for productivity improvement, sustainability, and occupant wellness. 

The GEAR: Kajima Lab for Global Engineering, Architecture & Real Estate

The GEAR: Kajima Lab for Global Engineering, Architecture & Real Estate

Kajima is launching The Gear Startup Residency Programme through a collaboration with Rainmaking APAC in the region. The programme provides early-stage startups in the built environment sector with a unique opportunity to accelerate their solutions and validate their business models in a live testbed environment.

Also read: Rainmaking launches US$22M fund, to jointly invest in maritime startups with SEEDS Capital

The 6-month programme will provide startups in the built environment the opportunity to solve real business challenges and co-create new solutions with Kajima.

What’s in it for startups

  • Accelerate your solution validation in a world-class innovation testbed with live building data and R&D facilities
  • De-risk and speed up your business desirability and viability validation through the structured methodology and iterative approach, and dedicated 1:1 deep dives with the Rainmaking APAC team and expert mentors
  • Close collaboration and insights exchange with Kajima business leaders through 1:1 and collective sessions
  • Expand your network with exclusive access to a tight-knit community of like-minded startups, local and Japanese partners

More about the programme

  • It is a 6-month physical programme hosted by Kajima and Rainmaking APAC
  • Timeline: September 2023 to March 2024
  • Who can apply: Startups who want to accelerate prototype validation and commercialize your solution in a live testbed environment.  
  • Focus areas: Revolutionising the Future of Work; Integration of Health and Wellness in Buildings; Transforming the Future of Services; Advancing Construction Productivity
  • Cost: Free of charge and no equity will be taken
  • Geographical scope: The programme will be in-person, based at The GEAR in Singapore. We welcome foreign startups who are looking to expand and are based out of Singapore to apply to the programme as well.

Applications close on 11th August, 2023 and you can find more here.

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Vietnamese earned wage access startup GIMO closes US$17.1M Series A

The GIMO team

GIMO, a Vietnam-based startup providing flexible pay and financial well-being solutions for underbanked workers, has raised an undisclosed sum in Series A funding to close the round at US$17.1 million.

TNB Aura led the round and saw participation from existing backers Integra Partners, Resolution Ventures, Blauwpark Partners, ThinkZone Ventures, and Y Combinator.

Genting Ventures, TKG Taekwang, George Kent, and Asia-focused private credit financier AlteriQ Global also joined.

The final closing, comprising equity and debt financing, came five months after GIMO secured US$5.1 million in the first close.

Also Read: GIMO bags US$1.9M to improve financial stability for blue-collar workers in Vietnam

The fintech firm will allocate a significant portion of the funds to bolster its R&D efforts and accelerate product development to introduce more social impact initiatives. A portion will be dedicated to enhancing customer success and support initiatives besides forging strategic alliances with key partners and industry leaders.

GIMO is an earned-wage access company aiming to better the financial lives of Vietnamese underbanked workers via mobile-enabled financial solutions that start with on-demand pay.

The startup currently serves 500,000 workers from medium to large-sized multinational manufacturing companies across Vietnam.

GIMO claims that despite the economic slowdown in 2023, it grew 15 per cent and is on track to reach 2.5 million underbanked employees by 2025.

“This significant investment will enable us to drive our vision forward, fuel innovation and continue to serve the underserved communities in which we live and operate,” said GIMO Co-Founder and CEO Quan Nguyen.

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Following fund completion, Eurazeo aims to support up-and-coming leaders in climate tech

Global investment company Eurazeo recently announced the final closing of its Eurazeo Smart City Fund II 1 at EUR400 million (US$445 million), joined by five sovereign wealth funds and development institutions and 18 corporations in Europe and Asia.

In a press statement, the company said that this fund is dedicated to new technologies and digital innovation for sustainable cities, targeting the key sectors of the low-carbon economy: renewable energy, advanced mobility, logistics, manufacturing and the built environment.

While Eurazeo primarily invests in Europe, it also invests in companies in Asia, Israel, and North America. The fund has already invested in several climate tech startups such 1Komma5° (carbon-neutral residential solutions and power services in Europe), Electra (fast-charging network electric vehicles in France, Italy, Benelux), Swapp (AI-powered construction documents) and Urban Chain (peer-to-peer renewable energy exchange platform in the UK).

It aims to invest in 25 companies with investments ranging between EUR1 million (US$1.1 million) and EUR20 million (US$22 million), targeting seed, Series A, and Series B companies with a “sweet spot” in Series A companies with an investment ticket of EUR5-12 million (US$5.5-13.3 million).

In an email interview with e27, Julien Mialaret, Operating Partner at Eurazeo, says that the company is looking for global leaders in climate tech. As an Article 8+ Sustainable Finance Disclosure Regulation Impact fund (SFDR Fund), it is investing in solutions that address eight points in Sustainable Development Goals (SDGs), including poverty eradication, affordable and clean energy, as well as industry, innovation, and infrastructure.

Also Read: Climate tech startups can play a role in helping SMEs bridge sustainability, digital transformation: Paessler

Eurazeo has this requirement that 50 per cent of the portfolio must demonstrate a verifiable environmental impact, measured through specific KPIs and monitored by an impact committee.

“These are companies developing new technologies and digital innovation for sustainable cities. There are five key sectors to achieve the goal of the renewable energy transition, net zero emissions and transition to a low-carbon economy: new energy, advanced mobility, logistics, Industry 4.0, and the built environment. This is where we focus, and we seek regional and global leaders to support,” he says.

Building sustainable cities

Mialaret shares the most crucial development and trends in sustainable cities that Eurazeo aims to pursue with its investment.

“New digital services and technologies that make life in major metropolises more sustainable and improve quality of life. We are not only interested in new buildings or districts, but more often in the legacy city: the city that needs cleaner mobility, power, logistics and green buildings,” he says.

He also points out that there are several challenges that climate tech startups face in growing and building a sustainable business, and it centres on the adoption rate and affordability of their solutions.

“We are displacing legacy (carbonated) technologies with more sustainable, carbon-neutral ones. This takes time, capital and industrialisation as a scale to have better unit economics than the older technologies being displaced,” Mialaret says.

Also Read: The Radical Fund hits first close of US$40M climate tech fund, targets early stage SEA startups

In supporting its portfolio companies, Eurazeo offers two main benefits outside of capital:

1. Cross-border development to new markets
“Eurazeo is present globally with 12 offices spread across Asia (Singapore, Shanghai, Seoul), Europe and the US. We can help entrepreneurs move into new markets,” says Mialaret. He gives the examples of WeRide, the Chinese autonomous mobility company that is now localised in Singapore, and WeMaintain, a French/UK proptech company that is now operating in Singapore as well.

2. Building new companies with the 18 corporate partners investors in the Smart City fund II
An example of this would be EVCO in Singapore which is a JV between SMRT (an LP and investor in the Smart City II fund) and DST Car (a portfolio company from China in the Smart City Fund).

According to Mialaret, partnerships with different parties are crucial in helping climate tech companies grow their businesses. This is why Eurazeo has five sovereign investors in the Smart City II fund.

“Partnerships with large corporations are also critical to help startups scale faster. By being a supplier to these corporations, entering technology partnerships or growing new JV with them,” he says, giving the example of EVCO’s partnership with SMRT in Singapore.

For the rest of 2023, Eurazeo plans to continue on expanding its team in Asia. Ernest Xue has recently joined the company as Investment Director – Venture Smart City in Singapore; the company has also invested in six companies in the Asia region.

Also Read: What startups need to know about Claims Code, the new rulebook for making credible climate claims

“We are accelerating with almost half of the 18 corporate partners from ASEAN/Asia. We want to give these corporations first mover advantage in new sustainable services for cities like SMRT with EVCO EV logistics,” Mialaret closes.

Image Credit: RunwayML

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