Walking through the sunny streets, thinking about how to reach the stars? I have a few valuable tips to share with you!

Imagine your company is like Barbie’s dreamhouse, a place that has everything you need. But try to imagine the dreamhouse without Barbie’s presence. Do you think everything will be able to function properly without Barbie’s presence to calm things down and get what needs to be done?

In an episode of Barbie Life in the Dreamhouse called “Pet Peeve,” there is a situation where Ken assists Barbie in pet-sitting at the Dreamhouse while she goes to work. During her absence, chaos ensues as her pets end up becoming unruly, and Ken struggles to maintain order within the dreamhouse. However, once Barbie returns home, the dreamhouse magically regains its harmony, and the pets instantly behave.

This episode serves as a reminder that sometimes, a person’s presence and influence are crucial to maintaining the desired outcome. Just as Barbie brings balance to her dreamhouse, it’s essential to recognise the importance of having public relations to help your company achieve success and maintain a positive environment.

In a witty comparison, businesses or brands are like Ken – without Barbie, he’s just Ken! Barbie, with her vast array of experiences and numerous tasks that she has to take on in life, constantly juggles work and is always on the move.

Similarly, PR agencies can be likened to Barbie. With their expertise in the field of publicity, PR agencies excel at creating and maintaining a positive public image for their clients. This is why it is highly recommended that companies seek assistance and guidance from PR agencies, much like Ken relies on Barbie for direction.

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

By having a PR agency on their side, companies can achieve remarkable success, just as Ken can with Barbie by his side. Just as Barbie’s presence empowers Ken to accomplish anything, a PR agency can provide companies and brands with the necessary tools and strategies to achieve their goals or even surpass them.

Still not convinced that you need a PR Agency? Here are the top three reasons why you should have a PR Agency:

Assist in managing your reputation

Hiring a PR agency to take care of the image aspect of your business is especially crucial for startup companies. While the founder focuses on the business aspect of it, the little Barbies of the PR agency can work simultaneously to increase the visibility of your company, increase the rate of positive perception towards your brand and handle the creative aspects that will aid in maintaining a good reputation among the public, which are also known as ‘your potential customers’.

Without a PR Agency by your side, it’s like Ken arriving at Barbie’s fashion show while wearing his one-week-old clothes. The flairies, specifically Glimmer, transformed his outfit to a striking white suit with a pink tie to match Barbie’s show.

Therefore, all we need to do is add a splash of flairie magic to enhance the beauty and good reputation of our clients. So don’t be afraid to get your sparkle on and hop in the glitterizer to amplify your company’s image and reputation!

Enhance credibility for your company

For companies that have been around for quite some time, having a PR agency to back them up can also mean increased credibility of the brand. 

Barbie is a well-known fashion icon. Everyone in Barbie’s world listens to her advice, and so when the world faces a major fashion crisis, Barbie steps in and helps all the girls around the world who have a fashion emergency by offering fashion advice and assisting them in finding their true style.

Also Read: Why your startup needs public relations

Just like Barbie, PR consultants will be able to advise you on certain aspects of the business that you should emphasise, based on their knowledge within the media industry. This also applies to startup companies too. It can show potential investors that your company truly is worth the money.

Build media relations and make connections

It’s a known fact that one of the reasons why everyone in the Barbie world recognises Barbie is because she is a fashion icon, therefore, she is highly demanded by fashion designers and modelling agencies all over the world. This means that Barbie has connections with everything fashion related to the point where her friends frequently seek her out to get some fashion advice and have her model at one of their fashion shows to help boost their sales and reputation.

Similarly, who else can have wide connections like Barbie and can help aid in your company’s rising reputation? PR Agencies! We can even help you get in touch with the right people at the right time. 

Ultimately, you may not even realise the many ways that a PR agency can help you with your business, especially for growing brands. It’s hard to list down all the benefits of hiring a PR agency as most of them have their own specialities and areas that they tend to focus on. But if I have managed to pique your interest, pick up the phone and try giving a few PR agencies a call to discover which one is right for you. 

Ken without Barbie is just Ken. But with Barbie on his side, he is known as Barbie’s boyfriend. With a Barbie (PR agency) on your side, you ‘Ken’ do anything.

—

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 post Barbie-fy your business with the power of PR appeared first on e27.

Small and medium-sized enterprises (SMEs) in Singapore are already grappling with numerous headwinds — rising inflation, supply chain disruptions, geopolitical tensions, and the lingering effects of the pandemic have significantly increased costs for businesses. What’s more, seven in 10 Singapore SMEs are also anticipating a potential recession, according to a survey conducted by Airwallex.

SMEs are the economic backbone for many reasons. They represent nearly 90 per cent of businesses and support more than 50 per cent of employment worldwide. Post-COVID-19, they will play an even more vital role in the global economy. With recessionary pressures, SMEs are having to broaden their scope and source new streams of revenue for future growth opportunities. For many, that means looking across borders and identifying new markets where their businesses can continue to thrive and grow.

The trend is similar for SMEs in Singapore, where rising supplier costs, employee expenses, and logistics disruptions were identified as the primary factors contributing to their rise in costs.

Amid the challenging macro environment, nine out of 10 Singapore SMEs surveyed have plans to expand their business abroad. The most common reasons cited for expanding beyond borders were sourcing new customers (61 per cent), establishing new partnerships (59 per cent), expanding marketing activities (55 per cent) and sourcing new suppliers (51 per cent). 

Also Read: Super niche marketing: The secret to thriving in a bear market

Despite the appetite for expansion, however, expanding internationally isn’t an easy task. To successfully navigate today’s challenging economic environment, there are a number of considerations SMEs need to be mindful of as they look to globalise.

Targeted expansion to mitigate and manage risks

Risks associated with compliance and financial exposure are top of mind among SMEs in Singapore. The same Airwallex survey found that close to half (45 per cent) of SMEs listed legal, regulatory and compliance barriers as among their top challenges as they expand overseas.

As SMEs venture into new territories, they face a range of potential risks and challenges. Doing the right due diligence is one of the key first steps when businesses decide to start exploring overseas opportunities, and it provides SMEs with a good understanding of the market they plan to enter.

It helps them better understand the local business environment, cultural nuances, legal and regulatory frameworks, and competitive landscape. Identifying relevant schemes and grants as businesses conduct their due diligence – such as Enterprise Singapore’s Market Readiness Assistance (MRA) grant, for example – can help SMEs defray the costs of overseas market promotion, business development, and set-up.

The recent bank collapses are a reminder of the inherent risks in any financial system and the need for SMEs to manage their financial risk exposure where they are based and as they expand overseas. Here in Singapore, for example, the Singapore Deposit Insurance Corporation (SDIC) insures deposits up to SG$75,000 (US$56,593); SMEs should consider spreading their cash reserves across more than one financial institution to ensure their funds are protected.

Different markets have different safeguards and measures when it comes to financial risk exposure, making it imperative for SMEs to thoroughly research and adapt their risk management strategies as they venture into global markets.

It is important to understand that risks can never be completely eliminated, but by proactively addressing the risks and implementing appropriate measures, SMEs can position themselves for successful expansion and mitigate potential pitfalls in new markets. Careful planning — proper market research, strategy, logistics and hiring can go a long way to ensuring success.

Accelerated adoption of digital solutions

Embracing digital transformation is crucial for SMEs looking to expand globally and is key to improving productivity and keeping expenditure low. 

Automating manual processes, such as inventory management and various accounting procedures, can help SMEs save valuable time and money by alleviating employees from repetitive tasks and labour-intensive processes. This time-saving aspect allows employees to focus on more strategic and value-added activities, enhancing overall productivity. Adopting cloud accounting software like Xero could bring up to 70 per cent productivity gains for SMEs.

Additionally, automation enables SMEs to allocate their resources more efficiently with routine tasks automated, employees will have more opportunities to explore and dedicate more time and energy towards creative thinking, problem-solving, and identifying growth opportunities for the business. This encourages a culture of innovation, driving the SME towards continuous improvement and adaptation to changing market demands. 

Also Read: Oh my cash: Navigating cash flow management in today’s market

By leveraging automation technologies, SMEs can unlock significant advantages that positively impact their operations. 

Manage cost efficiently

Many SMEs pursue expansion into international markets as a means to achieve long-term growth. Effectively managing the associated expenses becomes crucial in order to achieve and sustain profitability.

Historically, the process of moving money around globally, whether for supplier payments or handling payroll for remote employees, has been cumbersome, slow, and costly. Not only would certain transactions take days to complete, but they also require physical presence to open bank accounts in the target market, adding to the inconvenience. Additionally, a multitude of fees and related expenses compound the financial burden.

When utilising conventional payment methods, businesses may incur substantial costs when moving significant sums of money internationally. For instance, a transaction involving US$10,000 could incur fees of US$100 or even more, and these costs escalate proportionally with larger amounts.

Opting for financial services that minimise conversion and international transaction fees can help SMEs reduce costs and increase revenue. Fintech providers that offer competitive exchange rates and low transaction fees are enabling businesses to optimise their international transactions and improve profit margins.

Singapore-based fashion e-retailer Saturday Club achieved substantial savings through digitalisation, saving over 90 per cent on cross-border transactions and associated fees, and gaining full visibility into their payment process, ensuring transparency and efficient operations from Singapore.

Similarly, Hey! Chips, Singapore’s first award-winning fruit and vegetable chips brand, was able to bypass the SWIFT network and make overseas payments with zero transfer fees and market-leading FX rates, all by adopting digital solutions for their telegraphic transfers.

In the dynamic global business landscape, SMEs must be adaptable in order to survive and thrive. Going global is part of many SMEs’ plans as they navigate through this period of relative uncertainty, and adopting a comprehensive approach that includes risk management and digitalisation will enable them to remain competitive.

Businesses will come out stronger if they continue to pivot and transform alongside the ever-changing economic environment and are constantly looking at ways to grow and expand their 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 Surviving the storm: Singapore SMEs look to global expansion as recession looms appeared first on e27.

MAKA Motors nets US$37.6M seed funding

Indonesia-based electric vehicle (EV) startup MAKA Motors on Thursday completed its seed round, raising US$37.6 million.

AC Ventures, East Ventures, and South Korea’s SV Investment co-led the round. Northstar Group, Provident, AlfaCorp, Skystar Capital, Peak XV Partners (formerly known as Sequoia India and SEA), Openspace Ventures, Shinhan Venture Investment, BEENEXT, Kinesys Group, and M Venture Partners (MVP) also joined.

The funds will enable MAKA Motors to scale its operations, expand its R&D capabilities and facilities, and accelerate production.

Founded in 2021 by Gojek’s former Chief Transport Officer Raditya Wibowo and former VP of Transport Business Development Arief Fadillah, MAKA Motors aims to provide electric motorcycles that offer the perfect blend of driving range, power, usability, and durability at competitive pricing.

Salmon nets US$20M debt financing

Salmon, a consumer fintech company based in the Philippines, on Thursday bagged a US$20 million debt facility from US emerging-markets specialist investment firm Argentem Creek Partners.

This will allow Salmon to scale its lending operations across the country further. The fintech firm will expand its loan book, leveraging its existing point-of-sale and cash loan lending, and launch new products in the second half of 2023.

Launched in July 2022 by banking and fintech veterans Pavel Fedorov, George Chesakov, and Raffy Montemayor, the Salmon platform enables customers to access financial products from partners registered with the Securities and Exchange Commission (SEC) in the Philippines.

The fintech firm launched its first credit product four months after inception.

Earth VC backs US-based Group14

Singapore-headquartered global impact investor Earth Venture Capital on Wednesday announced it joined the funding round of US-based lithium-silicon battery company Group14.

Other prominent backers of this round are Microsoft’s Climate Innovation Fund, Lightrock Climate Impact Fund, Moore Strategic Ventures, Oman Investment Authority, and Molicel.

This capital raise will enable Group14 to scale up production capacity, expedite research and development efforts, and bring their lithium-silicon battery solutions to market at an accelerated pace.

Group14 develops lithium-silicon batteries by leveraging the unique properties of silicon to offer “unparalleled advantages” in terms of energy density, charging speed, and overall performance compared to traditional lithium-ion batteries. The firm claims its technology has the potential to accelerate the adoption of electric vehicles, enable efficient renewable energy integration and transform grid storage.

H1 2023 is the least funded half-year in SEA since 2020: Tracxn

Southeast Asia’s tech startups attracted 71 per cent less funding in the first half (January-June) of 2023 compared to the same period last year, as per the latest report released by market intelligence platform Tracxn.

The decline was primarily driven by a 72 per cent drop in late-stage investments, Tracxn said in its SEA Tech Semi-Annual Funding Report.

Funding into the tech space in H1 2023 dropped to US$2.3 billion from US$8 billion in H1 2022 (US$1.15 in Q1 2023 and US$1.17 billion in Q2). The US$100 million+ funding rounds also dropped to six in H1 2023 from 18 in the same period last year.

H1 2023 is the least funded half-year since 2020. After a peak in 2021, there has been a steady decline; investments fell by 39 per cent in 2022 from 2021, primarily due to the rising interest rates and the current macroeconomic environment.

Hydroleap nets US$4.4M

Singapore-based wastewater treatment startup Hydroleap on Tuesday announced US$4.4 million in a Series A funding round.

Japanese VC firm Real Tech Holdings led the round with participation from Mitsubishi Electric, Seeds Capital, Wavemaker Partners, and New Keynes Investments.

The State Government of Victoria in Australia also joined.

Hydroleap will use the funds to enter new geographies, such as Australia, Japan and Indonesia, over the next two years. The company aims to help companies across data centres, F&B, manufacturing, and mining industries lower their water and carbon footprints by treating wastewater efficiently and environmentally friendly.

Founded in 2016 by Mohammad Sherafatmand (a PhD from the National University of Singapore in Environmental Engineering), Hydroleap is a next-generation green wastewater treatment company. It offers an automated modular system that does not need any chemicals to perform. The technology works based on electrochemical principles where low-powered electricity is applied to activate the aqueous solution and form coagulant reagents to attract contaminants.

—

Copyright: tuk69tuk

The post Take a look at the news reports published last week appeared first on e27.

In the not-so-recent past, the idea of a “venture capitalist” (VC) probably conjured up a specific kind of person: possibly someone with an established corporate background, maybe someone close to middle age, and maybe even a male.

Thankfully, those days are slowly fading away, and we find ourselves in the middle of an exciting turning point as more opportunities than ever before are helping create a more diverse set of venture capitalists in the industry – myself included.

A foot in the door

Since joining the Institute of Banking and Finance Singapore (IBFSG) in April 2019, I have had the privilege of getting an in-depth understanding of the financial sector. However, if you had told me this would be the trajectory of my life, I don’t know if I would have believed you.

Before this chapter of my life, I was working in a young and growing firm focused on menswear. That experience opened up the world of early-stage companies for me, and from then on, I knew I wanted to start my own business. When I began pursuing my master’s degree part-time, I started looking for something to do beyond the academic readings, lectures and projects that could help me enhance my professional career.

That’s when I came across Protégé Ventures, a student-run venture fund created by Singapore Management University’s Institute of Innovation and Entrepreneurship (SMU IIE). The programme promised to give me hands-on experience and insight into the behind-the-scenes of the venture capital industry, which I thought would be invaluable given how central today’s entrepreneurship is to our economy and future.

Also Read: When you steal a woman’s future, you steal her wealth

The programme delivered on its promises and more. I wasn’t just learning about deal sourcing, due diligence, and fundraising – I was actually involved with the work. These real-world experiences gained through internships and work placements were essential to supplement what I was learning in the classroom.

They also crumbled some of my preconceived notions about what a successful startup or business looked like. Take, for instance, my first-ever experience with Angie’s Tempeh, a startup working on manufacturing innovative products such as tempeh bak kwa and ready-to-eat tempeh. Who knew this was something the market wanted or needed?

However, after visiting the company’s factory, getting to grips with the product, and presenting our case to the investment committee, I realised that VCs don’t only have to focus on the latest cutting-edge technologies. They can also help companies break new ground in markets and under-explored sectors.

Investment’s gender problem

Perhaps one area that I’ve had to do the most rethinking around is who gets to be a VC.

As I mentioned at the beginning, men tend to dictate our cultural idea about what the investor world looks like and who can be a successful VC. Studies have shown that women hold only a fraction of all senior positions in private equity (PE) and VC firms, which has had the effect of limiting the investment dollars trickling down into women-led enterprises.

Why are women so poorly represented in this industry? In my view, one reason is possible that women are naturally more risk-averse than men, which may give some firms pause when it comes to hiring females. I also believe this could be owing to a lack of interest among women to get involved in the space, or maybe potential females are not sure how to get started in the first place – which becomes an artificial barrier to entry.

I have experienced these conversations playing out in my life as well. When I’ve spoken about this topic with my female peers, many have said they find the investing industry “daunting” and unfamiliar territory. Some have even expressed concerns about being outnumbered by men – which is fair enough, given that men do dominate the landscape.

Whatever the reason, it’s certainly not because women are ill-suited for this industry. We know from studies that more diverse teams are more profitable – one study showed that exit profits at venture firms with at least one female founder were 9.7 per cent higher. Another study by the International Finance Corporation revealed that private equity and VC funds with gender-balanced senior investment teams generated 10-20 per cent higher returns than homogenous ones.

Also Read: A woman among women: 27 female-led startups in SEA that are going places

From my experience, the benefit of having more women in the venture capital world is obvious. Women have different life experiences than men, which translates into unique perspectives on business and decision-making processes. Females may spot opportunities overlooked by men, as Janet Gurwitch – the only female partner in her firm – did when she fought to invest in Drybar, a cosmetics venture which is now a multi-million-dollar success story. When I worked on Angie’s Tempeh, I was able to bring a new perspective to the table that my male peers did not have.

Building the essential structures

The very nature of our work means we are willing to embrace anyone regardless of age, gender or background – as long as one can add value. Moreover, change is happening, even if slowly: women now represent 26 per cent of the global VC workforce, up from 15 per cent in 2016.

The way I see it, the problems in our industry are much more complex, subtle and culturally driven than we might realise. For instance, women’s communication skills may give them an advantage when it comes to relationship building, but they may be limited in their ability to network with established venture capitalists when it comes to typically male-dominated spaces. Overcoming this will be difficult, but it’s not impossible, especially given enough effort by all stakeholders.

It’s no secret that women are disproportionately more likely to face unconscious bias and gender stereotypes in the workplace, especially in male-dominated sectors like VC investing. Overcoming these barriers will be essential to unlocking a “diversity dividend” in this industry, especially in Asia.

One key tool will be providing opportunities and structures to train females through programmes such as Protégé Ventures. I consider myself lucky to have been able to benefit from the programme as it created the infrastructure that made it easy for me to access internships, training, resources and mentors. These programmes can also provide opportunities for women to gain a foothold in male-dominated social spaces, as I witnessed during Protégé’s 2023 LinkUp event.

The importance of these structures goes beyond supporting females, as they can benefit from a whole range of under-represented groups. In this way, educational institutions play an important role in helping younger people identify pathways into the VC world and working with firms to create the right programmes to support their long-term development.

It’s evident that the industry does want change, even if it has struggled to get there. However, I am confident in our ability and determination to achieve a level playing field for all – I know our more diverse future has enough space for all of us to thrive.

—

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 From behind a women’s lens: Establishing a footing in the male-dominated VC industry appeared first on e27.

This article was first published on September 2, 2022.

Globally, the mobility landscape is evolving rapidly in terms of technology and consumer interest, specifically in the commercial vehicle segment that caters to the logistics industry. Rising fuel costs and climate change awareness are making internal combustion engine (ICE) vehicles unpopular. Electric vehicles (EVs) are slowly replacing them.

However, one of the biggest challenges in EV adoption is long charging time and short battery life; it often takes four to eight hours to charge an EV fully. In the last-mile delivery space, this means a loss of business, revenue and growth.

Four to eight hours of charging time also means only three to four EVs can be charged per day at charging stations. This makes EV charging an unfeasible, non-profitable, and uninvestable prospect.

A holistic approach

This is where Exponent Energy’s innovative energy solutions come in handy.

The Bengaluru-based deeptech startup, founded by Ather Energy’s former CPO Arun Vinayak and former HUL executive Sanjay Byalal, has built a battery pack (e^pack) and charging station (e^pump) to simplify EV charging. These two solutions together unlock a zero to 100 per cent rapid charge within 15 minutes for EVs with any number of wheels and provide a 3,000-cycle life warranty –- all while using affordable Lithium-ion cells to make rapid charging scalable.

Also Read: V-Flow’s recyclable energy solution with an expected lifespan of 25 yrs seeks to replace Li Ion batteries

The e^pump is their rapid charging station. A collection of e^pumps forms a network. Each e^pump delivers 600A of current to its e^pack (15x industry standard) while managing individual cell characteristics, including thermals, to ensure safety, long battery life and performance consistency even at 50 degrees Celsius.

According to Co-Founder and CEO Vinayak, currently, Exponent Energy is deploying 100 e^pumps in Bengaluru. “We plan to establish a minimum network of 100 e^pumps in all the cities we operate to support these vehicles and deliver 15-minute rapid charging consistently.”

Joining forces

Exponent Energy recently joined forces with Altigreen Propulsion Labs to introduce rapid charging technology for commercial EVs. The partnership entails jointly working on exponent-enabled EVs, with the first being in the 3-wheeler cargo vehicle category.

The intention is to accelerate EV adoption, ensure higher uptime, provide the safest solution and rapid charge capability, and be future-ready by being dependent on single chemistry.

“The Exponent-enabled Altigreen neEV HD has an 8.19 kWh e^pack, a proprietary battery by Exponent. The vehicle delivers a city drive range of 80-85 km and charges fully in 15 minutes at Exponent’s e^pump network,” added Vinayak.

The customer deliveries of the Exponent-enabled vehicles will begin from October 2022, starting with Bengaluru. It aims to make rapid charging a reality for e-commercial vehicles on Indian roads.

The prices will be revealed soon.

The future looks swift

Building such a network requires funds, said Vinayak, where Exponent Energy’s Series A round becomes crucial. Days ago, the firm raised US$13 million, led by Lightspeed India.

The funding comes soon after the startup launched what it claims to be the world’s fastest-charging electric three-wheeler and received the backing of the family office of Pawan Munjal, Chairman and CEO of Indian two-wheeler honcho Hero MotoCorp. Existing institutional investors, YourNest VC, 3one4 Capital, and AdvantEdge VC, also participated in the Series A round. Interestingly, this is also Lightspeed India’s first investment in the domestic EV space.

Also Read: Indian EV makers need to improve the perception on quality: Ather Energy’s Tarun Mehta

Exponent will use the money to scale up the charging network to 100 points per city, besides streamlining battery pack production and delivering more exponent-enabled EVs. “We also target to deploy 2,000 Exponent-enabled electric three-wheelers along with 100 e^pumps in Bengaluru before expanding to other locations,” he noted.

The company generates revenues by selling battery packs to original equipment manufacturers (OEMs) and the charging network. Apart from the monetisation logic of including the battery pack and charging infrastructure as a package deal, it also makes sense to do so from a technology perspective.

“Our technology already delivers a seamless charging experience. With our vehicle partnership in place, we will scale up our production and network presence to 100 e^pump location points per city to deliver freedom and flexibility to our customers,” concluded Vinayak.

Can Exponent Energy’s innovative charging technology start a revolution in the EV space?

As of June 18, 2023, Exponent Energy has successfully conducted comprehensive testing of its EV batteries in collaboration with TUV India, the Indian branch of TUV NORD Group. The testing reports reveal a mere 13 per cent battery degradation after 3,000 cycles of rapid 15-minute charging for Exponent’s innovative e^pack battery pack.

—

Ready to meet new startups to invest in? We have more than hundreds of startups ready to connect with potential investors on our platform. Create or claim your Investor profile today and turn on e27 Connect to receive requests and fundraising information from them.

The post (Updated) Exponent Energy unlocks a zero to 100 per cent 15-min rapid charge for electric vehicles appeared first on e27.

Dear Pro member,

Indonesia is set to witness a battle in the electric motorcycle space — particularly between two-year-old home-grown company Maka Motors and four-year-old Singapore-born firm ION Mobility.

Maka Motors, founded by two Gojek alumni, has just raised a staggering US$37.6 million in its seed funding round from a slew of investors, including AC Ventures, East Ventures, SV Investment, Northstar Group, Peak XV, Openspace Ventures, and BEENEXT. The company is already working on its first mass-market product, slated for launch in 2024. Maka will also start building its factory in West Java later this year.

ION Mobility has the backing of Indian two-wheeler behemoth TVS Motors. While ION doesn’t have as big a war chest as Maka, it has already soft-launched its first model in Jakarta and has received pre-orders. ION is also setting up a Jakarta factory and working on its experience centres.

The Indonesian market is also flooded with e-motorcycle companies, mostly white-label or those that have outsourced design and development to China or other European players, with minimal in-house design and engineering value-add beyond assembly, sales, and marketing. But Maka and ION are confident of getting an edge with their full-stack approach.

Who is going to win this war? Let’s wait and see.

Take a look at the major developments in the startup scene in Southeast Asia.

Sainul,
Editor.

—-

Alibaba injects US$845M into Lazada as competition intensifies
According to our calculations, the Chinese tech giant already invested US$5.99B in Lazada before this round, including the US$1B in 2016 to take a controlling stake.

Indonesian e-motorcycle startup MAKA Motors closes US$37.6M seed round
Lead investors are AC Ventures, East Ventures, and SV Investment; MAKA Motors’s first product is currently in development and slated for launch in 2024, with its first batch of pilot vehicles ready for deployment this month.

Filipino consumer fintech startup Salmon nets US$20M debt financing
US-based Argentem Creek Partners is the investor; Salmon enables customers to access financial products from partners registered with the Securities and Exchange Commission in the Philippines.

Proptech firm Lamudi lays off employees in Indonesia
The proptech firm claimed to have had significant growth in the past two years, with an 88% increase in revenue; The restructuring is expected to sustain this momentum.

JustCo posts US$99M in FY22 revenue, cuts operational losses by 55.3%
Membership fees continue to be the largest revenue source for the co-working space firm, contributing US$86M in the period; Revenue from ancillary services grew 42% to US$9.6M.

Hong Kong-based Rice Robotics nets US$7M to expand into Japan
Rice Robotics specialises in workforce automation using robotics tech; Part of the fresh funds was already used to establish a production plant in Hong Kong.

Surge leads US$3.3M seed round of SG cloud security firm PingSafe
PingSafe provides a cloud security platform that protects companies’ data and apps from cyber-attacks; Its Offensive Security Engine helps clients identify potential vulnerabilities for enhanced protection.

Earth VC backs US-based lithium-silicon battery firm Group14
Group14 claims its battery offers better energy density, charging speed, and overall performance compared to traditional Li-on batteries.

Grab confirms acquisition of SG taxi operator Trans-Cab
The Straits Times pegs the deal size at ~US$100M; With this, Grab will have control of over 2,200 taxis and more than 300 private-hire vehicles, including Trans-Cab’s maintenance workshop and fuel pump operations.

Indonesian conglomerate Astra to buy OLX Autos local unit
OLX Autos is a classified ads platform for used cars owned by the global tech investor firm Prosus; In March, Prosus was reportedly in talks with several players to sell OLX Autos’ India and Indonesia businesses.

AIOX invests in SG-based design studio XM Group
XM Group through its subsidiary XM Studios has produced collectibles for some of the most recognizable brands in pop culture, including Marvel, DC, and Transformers.

US investor Ares to acquire SG-based PE firm Crescent Point
Crescent Point focuses on investing in Chinese and SEA consumer businesses; It has around US$3.8B in AUM as of March this year; Its notable investments include AirAsia, Baozun, and Nghee Ann City.

Google is testing an AI tool that can write news articles
The tool, internally codenamed “Genesis,” can take in information and then generate news copy; The tech giant has pitched the AI tool to The New York Times, The Washington Post and News Corp.

Tesla’s Elon Musk optimistic on progress for self-driving, robots
He set new targets for AI products including self-driving software and using humanoid robots in factories; The e-vehicle maker is in early talks with a major automaker to license its full self-driving technology.

There is talent shortage in the e-motorcycle space in SEA: ION Mobility CEO
Indonesia’s e-scooter market is not picking up as there are few appealing offerings for riders to make a switch, says James Chan.

An inside look at Green Rebel’s SEA expansion plans
Since debuting in Singapore last year, Indonesia-based foodtech startup Green Rebel has introduced its products in Malaysia and South Korea.

With Snoop Dogg in tow, Novelship plans to expand its sneakers marketplace
Snoop Dogg will work with Novelship to expand its collections from the current 30 sneaker brands and 40 apparel brands under its portfolio.

Breaking barriers: How crypto is disrupting education funding
Cryptocurrency and blockchain can empower education companies to access global investors, new funding sources and drive growth and impact.

Threads: Revolutionising social media for creative entrepreneurs
Meta’s ‘Threads’ surges with 60 million users in just two days – A deep dive into its potential impact on business strategies.

Mind the category curve: Are you driving it, or will it drive right over you?
Category Design thinking shows you that a category cannot exist around one company and needs an entire ecosystem of players.

—

Copyright: smyslovkir

The post Ecosystem Roundup: Layoffs at Lamudi Indonesia, MAKA Motors closes US$37.6M seed round appeared first on e27.

X-PITCH is once more inviting early-stage startups, extending its renowned competition to Singapore. Referred to as the X Games for startups, participants undergo a sequence of high-intensity pitch challenges (ranging from 15 seconds to 60 seconds and 3 minutes) with the aim of securing awards and investments.

In the X Games for Startups, contestants win awards and investments through a series of high-intensity pitches. X-PITCH is not only a challenge but also a fantastic opportunity for founders to drastically improve their pitch and re-examine their business. Since 2018, the contest has been held in skyscraper elevators, self-driving buses, and MRTs. This year, the event will take place on the Singapore River.

As a landmark startup contest in Asia, X-PITCH has attracted more than 8,000 startups and 100,000 people from over fifty countries in the past two years. Winners have successfully raised a total of US$38 million through the event and connected with investors, corporates, government agencies, and accelerators for collaboration.

“We are hosting X-PITCH in Singapore for the first time. Through this platform, we hope to help startups from all over the world connect to the vibrant market of the city-state and Southeast Asia. Like previous years, the competition format is also a global first. This time, we are going to do it on bumboats!” said K. Yu, Organising Committee Chair of X-PITCH 2023.

Also read: Meet the 10 winning X-PITCH 2022 startups who were announced in the Metaverse

e27 to co-host X-PITCH 2023

e27 has proudly served as a media and investor relations partner for the past two X-PITCH events. Continuing this successful collaboration, X-PITCH and e27 are teaming up once again to organise the Grand Finale in Singapore and bring together key stakeholders in the region to celebrate this year’s X-PITCH.

Through this partnership, e27’s extensive network and expertise will play a crucial role in providing startups, investors, and relevant stakeholders with a dynamic platform to connect, engage in discussions, and foster innovation in the deeptech space. Together, we aim to accelerate the growth and development of groundbreaking technologies that will shape the future of various industries.

X-PITCH 2023 now open for applications

The theme of this year’s contest is “Accelerating Deeptech,” highlighting the forefront of technological advancements in four domains: advanced manufacturing, healthcare, sustainability, and the digital economy. At the November 10 Grand Finale, ten awards will be presented, with the top three teams receiving investments totalling at least US$1 million.

In previous X-PITCH events, e27 has offered a complimentary Pro Connect membership to applicants. This year, applicants will receive a 30-day complimentary membership to help them kickstart their journey to X-PITCH in Singapore. This membership grants them the opportunity to connect with 500+ active and verified investors in the region.

Deeptech startups from Asia and around the world are welcome to sign up here. We warmly welcome all ambitious entrepreneurs to participate and showcase their groundbreaking innovations on this prestigious platform.

The post X-PITCH 2023 to bring next-gen innovations to Singapore appeared first on e27.

Early this month, Bangkok-based climate-tech-focused The Radical Fund announced the first close of its US$40 million fund. The company’s key focus markets are Indonesia, Singapore, the Philippines, Thailand, Vietnam, and Malaysia.

e27 spoke to The Radical Fund’s CEO and Managing Partner, Alina Truhina, to learn more about the fund’s focus, target sectors, investment philosophy, and Southeast Asia’s climate-tech investment space.

What are The Radical Fund’s overarching goals? When do you expect to hit the final close?

Our major goals are to:

1- invest in and support early-stage portfolio companies to deliver more solutions that drive an inclusive climate transition in Southeast Asia (because SEA is adversely affected by climate change and is also responsible for a growing share of global GHG emissions).

2- contribute to a growing ecosystem of early-stage entrepreneurs at the forefront of developing innovative tech-enabled ventures appropriate for SEA populations.

3- deliver scaled commercial returns (ROI) and embedded impact (climate) across the region.

4- engage more LPs, partners, VCs, government and academia in driving the climate mitigation and adaptation agendas forward through entrepreneurship.

With the first close of your climate-tech fund, what types of climate startups are you specifically looking to invest in? Have you identified any companies yet?

The Radical Fund’s investment goes beyond traditional cleantech and climate tech verticals. The fund also backs scalable ventures that may not look like traditional climate businesses and have — or may potentially have — climate impact as part of their model and ethos.

Under climate adaptation (de-risking the impact of climate change for individuals, communities and economies) comes sectors such as fintech, data & analytics, insurtech, edtech, e-commerce, health & well-being, manufacturing, and supply chain.

Under climate mitigation (directly addressing the key drivers of climate change, including GHG emissions) are sectors such as agritech, mobility, waste management, forestry, and fisheries.

Also Read: The Radical Fund hits first close of US$40M climate tech fund

We have engaged with 100-plus founders over the last quarter, and a few in our pipeline that we’re looking closely at are within the circular economy, construction tech, nature-based solutions, and fintech, among others.

We hope to announce our first investment within the quarter.

Can you walk us through the investment process at The Radical Fund? What criteria do you use to evaluate potential investments? How do you differentiate yourself from other climate-focused funds?

Criteria

Our initial investments are at pre-seed, seed and pre-Series A, with further follow-on rounds. As we invest in the earliest stages of a venture’s journey, we focus on the founder/founding team. We need to know whether they can build and scale a venture that is commercially viable and has (or may) address a climate opportunity or need.

For us, evaluating the founder’s ability to build and execute in the right way is as equally — if not more — important as the analysis of the financial and investment opportunity.

We have an inclination for local founders or those who understand their market and, more importantly, the customers they are trying to serve. We also have a bias towards female entrepreneurs.

We also look for founders who show a specific domain or sector expertise — for example, if they spent years working in a particular industry and have been close to some of the challenges of that industry, which they may now be trying to address.

Other than the founders, we evaluate the market opportunity, product, commercial, and traction, to name a few, but with an added lens of climate. The latter means having the intention to implement climate goals and management.

Importantly, we take a very individualised approach to evaluating the ventures relative to the stage that they are at. We would not, for example, expect a pre-seed company to have a comprehensive data room with all commercial, product, governance and other aspects complete.

Differentiation

We are focused on inclusive climate transition, which includes climate adaptation and mitigation. This means we do not just focus on carbon emissions reduction or decarbonisation and look for solutions that help SEA adapt to the consequences and opportunities resulting from climate change.

We look for companies that demonstrate and can deliver scaled, sustainable commercial returns and embedded climate impact outcomes at scale.

We back founders as early as pre-seed and also seed and pre-Series A. We are an ‘operational’ VC, delivering hands-on technical expertise to founders in a tailored way. Our team consists of operators, former entrepreneurs, tech and climate specialists.

We bring experience from other emerging markets, notably Africa and South Asia, and are part of a group providing access to the UK, Europe, Africa, and the US.

In your opinion, what are some of the biggest challenges or barriers faced by climate-tech startups today? How does The Radical Fund address these challenges and help its portfolio companies overcome them?

One of the biggest challenges is access to technical expertise: either scientific and/or operational (for example, product development or data science). There are countries with more mature support ecosystems that act as a catalyst (financial and IP) for entrepreneurs to start and grow their ventures.

For example, Singapore has a very healthy supply of R&D grants, subsidies, and access to organisations that act as a scientific community.

This is not the case in other markets, and therefore it is harder for early-stage ventures to get access to vital materials, resources (like lab space), and funding to get to the next stage of their growth.

Another challenge is the risk culture and misperception of some of the stakeholders. It saddens us to hear that some potential clients, corporates, and investors (including LPs) still view climate as a purely philanthropic agenda, not a commercially viable investment.

Therefore, it takes time for a founder to convince the other party that climate solutions enable cost saving or reduction and/or additional value and profit.

Also Read: This family office has launched a startup accelerator with a mission to protect, restore biodiversity in SEA

The Radical Fund will support in two ways:

We have a venture-building approach to investing and supporting our portfolio companies. For us, ‘value creation’ is rooted in providing hands-on product, growth and technical support alongside climate impact management, governance and investment.

By investing locally (we do not invest in the US or Europe or bring ventures from the West to SEA), we contribute to building a healthy climate venture ecosystem and shifting stakeholders’ mindsets. This is embedded in our philosophy and model, and we plan to do much more of this in partnership with many other like-minded VCs and LPs.

What impact do you hope to achieve by investing in climate-tech startups? Are there any specific environmental or social outcomes you aim to contribute to?

The Radical Fund is powering an inclusive climate transition in SEA by enabling early-stage ventures to tap into opportunities and scale solutions along climate-resilient pathways. That is the outcome we are focused on.

The other important outcome we look to drive in the region is to catalyse and develop more early-stage founders for a thriving startup economy in SEA.

Last but not least, as a fund, we are very focused on diversity and inclusion, in addition to being environmentally conscious. As a team, we are currently 66 per cent female, and we have embedded metrics we track to ensure we keep ourselves accountable as a fund and in whom we invest.

How do you measure the success of your climate-tech investments? Do you use specific metrics or indicators to evaluate financial returns and impact?

We collect and help founders develop commercial data and metrics that underpin their business growth: we are very focused on business performance and traction to help the ventures get to product-market fit faster. For example, we look at the retention and engagement rate of users; we are very customer and user-centric, as that is a key signal of whether the founders are building a product that people want to pay for. Of course, we also collect financial and investment data such as valuation growth and fundraising.

We take a precise approach to determining each company’s KPIs (or impact metrics). So a circular economy business may have emission-based KPIs, but they may also create jobs and influence how their local communities understand climate change.

Every founder and business is different; our role is to see what is possible and how to support them on their climate and commercial success journey.

A recent news report said there is a reluctance among LPs to back debut funds. Are you facing any such challenges? How keen are LPs on climate tech funds in SEA?

While the market is challenging, we are seeing the benefits of marketing a fund with a differentiated investment thesis, a robust local commitment, a proven global track record, and, dare I say, a female leader. It also helps that we are attractive to diverse investors.

There is an increased appetite and appreciation for climate- or sustainability-focused funds, especially an interest from second generations of family offices, foundations and impact investors.

Also Read: Climate tech is in a chicken-and-egg situation in Southeast Asia

Corporates are approaching us as they see the value of diversifying their investments beyond their own VC funds and backing fund managers like ourselves, as we have the on-the-ground and long-term operational experience and extensive knowledge of picking the right founders.

More development finance institutions and governments are deploying strategic funds: e.g., we are in conversations with a few that see the opportunity to co-design vehicles with us to deploy grants and debt to complement our VC investments for our portfolio.

—

The post ‘Climate investment is still viewed as a philanthropic agenda, not commercially viable’ appeared first on e27.

Earlier in June, Singapore-based Novelship named rap icon Snoop Dogg its new strategic advisor for the sneaker marketplace. According to the company, they were the first brand from Southeast Asia (SEA) to have this kind of partnership with the star.

Snoop Dogg will work with the brand to expand its collections from the current 30 sneaker brands and 40 apparel brands under its portfolio while promoting accessibility to the latest footwear trends for collectors in Asia via Novelship’s platform.

“Through continuous innovation and hard work from our team, we constantly strive to understand our consumers and the sneaker landscape. However, despite market changes, our passion for the sneaker industry has always remained the same,” says Richard Xia, the Co-Founder and CEO of Novelship, when asked about the secret behind securing a high-profile partnership.

“I think having this passion as our core allows us to be closer to our users and of course, people who share the same love for sneakers. With this passion as our foundation, countless years of dedicated work to bring greater value to our users will eventually lead us to high-profile key opinion leaders in the field.”

Founded in 2018, Novelship started as a marketplace for buyers and sellers to trade authentic sneakers, limited-edition apparel, and exclusive physical and digital collectibles.

Also Read: Shoes from waste plastic bottles! Neeman’s is going places with its sustainable footwear products

“Sneakers have long been seen as an asset, and it still is for trading, especially with the reselling market projected to grow into a US$6 billion global business by 2025. But more than that, it’s becoming the zenith of self-expression – a statement piece that appeals to the collectors emotionally,” shares Xia in a press statement.

“More than acquiring limited releases or drops, we’re seeing more enthusiasts looking at the stories behind the sneakers and prioritising how it suits their individual styles. But there’s still a sense of ‘gatekeeping’ within the community – an underlying judgement to qualify legitimate collectors based on their preferences or the number of pairs they own. By partnering with Snoop Dogg, Novelship will be able to create greater accessibility for veterans, new collectors as well as the everyday Joe looking to sport some new kicks for everyday wear and every occasion.”

In 2022, the company raised close to US$10 million funding round to further expand in Asia Pacific and explore metaverse integration.

Novelship said it has seen exponential growth in the past couple of years with a CAGR of 37 per cent in revenue and 55 per cent in transactions.

Through an email interview with e27, Xia explains the role that this partnership plays in the company’s growth strategy and what is coming up for Novelship. The following is an edited excerpt of the conversation.

Also Read: This startup by an Indonesian farmer produces ‘leather’ used in shoes and wallets without killing a single animal

Do the back-to-back global crises affect your business? How did you deal with it?

The negative global market sentiment is sure to affect almost every business in some form, and our business is not excluded.

Users’ wallets are getting tighter, and we see that in our users opting for cheaper alternatives. To adapt to changing times, we’ve made a strong push to source for even cheaper alternatives to “hype” sneakers and gears and now even provide an under-retail segment for classic sneakers.

As mentioned, optimising our own cost structure also allowed us the bandwidth to pass on the savings to our users.

What is the role of partnerships like this in your business strategy? What outcome do you expect to achieve from it?

Having a strategic advisor like Snoop not only cements our position as a market leader in the industry but also enables us to gain even more insights into subtle shifts in the market and how we can better value-add with the collections we offer to our customers.

The main outcome is, of course, to not only tap into the credibility and reach of Snoop as a cultural icon but also to tap into his views and insights into how we can provide even more for our ever-expanding user base regionally.

Can you tell us about your revenue model? How did you come up with it?

We realised that there was a gap in service matching and authenticity. Coming from a consumer’s perspective, my co-founder and I always found difficulty in getting the latest drops and authentic products.

We simply seek to match users who’d like to sell, and users who’d like to buy, and to provide a peace of mind for our buyers.

Also Read: 5 proven ways to accelerate your e-commerce sales on a shoestring budget

What is the approach that you are taking to build a profitable business?

Being a commission-based company, naturally, costs are what would determine our profits. With our presence in several different countries, we have constantly developed and optimised ways to reduce our fulfilment costs, from sieving out the logistics workflow that works best for each market and also how to make cross-border transactions even more efficient.

We’ve recently managed to reduce delivery fees in Singapore by almost 50 per cent, which our Singaporean users certainly enjoyed!

Who are your users, and what is your user acquisition strategy?

We have two groups of users, sellers and buyers. Essentially, our strategy is simple. With an established regional network, we are able to facilitate cross-border transactions, enabling sellers to reach customers that they previously couldn’t access directly. For our buyers, we consistently strive to lower prices and have expanded the range of products and collections, creating a one-stop platform for everything streetwear.

What improvements do you plan to implement to your products?

We are currently working on improving the quality of our customer service to users, with changes to our user UX/UI already in the pipeline. Customers can expect a more seamless browsing and purchasing user journey, helping them to sieve through our products for the exact items they want at the prices they have wished for.

We are also strategising on different services across different price tiers to tailor them to varying customer needs and income levels. This includes a tiered mystery box that allows customers to get up to 3x to 10x the value they’re paying for!

What is your major plan for the rest of 2023?

We are confident that in times of uncertainty, so long as we continuously innovate our services and how to further optimise costs, it will prime us to be ready to face whatever market conditions and our customers can be assured that we will always be the best one-stop platform for anything streetwear.

—

Image Credit: Novelship

The post With Snoop Dogg in tow, this is how Novelship plans to expand its sneakers marketplace appeared first on e27.

Indonesia-based electric vehicle (EV) startup MAKA Motors has completed its seed funding round, raising a massive US$37.6 million, co-led by AC Ventures, East Ventures, and South Korea’s SV Investment.

Northstar Group, Provident, AlfaCorp, Skystar Capital, Peak XV Partners (formerly known as Sequoia India and SEA), Openspace Ventures, Shinhan Venture Investment, BEENEXT, Kinesys Group, and M Venture Partners (MVP) also joined.

The funds will enable MAKA Motors to scale its operations, expand its R&D capabilities and facilities, and accelerate production.

Founded in 2021 by Gojek’s former Chief Transport Officer Raditya Wibowo and former VP of Transport Business Development Arief Fadillah, MAKA Motors aims to provide electric motorcycles that offer the perfect blend of driving range, power, usability, and durability at competitive pricing.

Also Read: There is talent shortage in the e-motorcycle space in SEA: ION Mobility CEO

The company’s first mass-market product is currently in development and slated for launch in 2024, with its first batch of pilot vehicles ready for deployment this month.

MAKA Motors will also build its factory in West Java starting later this year.

“By conducting our R&D process in-house and locally, we address the limitations faced by many current 2-wheeler EV companies which outsource their R&D and end up missing out on crucial user insights, control over their supply chain, and potential cost efficiencies. Eventually, we aim to lead the market with innovative solutions that meet the unique needs of Indonesian riders,” said MAKA Motors Founder and CEO Wibowo.

“Since the beginning we have conducted a rigorous in-house research and development process, recruiting top-notch team members with extensive experience working with leading automotive companies in Indonesia, Japan, and Germany in collaboration with world-class technical partners and suppliers. Beyond creating superior vehicles, we dream of building exceptional hardware engineering capabilities in Indonesia and bringing our brilliant local talents home to join us in our mission,” added Co-Founder and CTO Officer Fadillah.

Early this year, Singapore-based smart e-motorcycle firm ION Mobility secured US$18.7 million in a Series A financing round led by India’s two-wheeler major TVS Motors. It is currently focused on the Indonesian market and soft-launched its first model, M1-S, in Jakarta last November.

In Jakarta, ION is setting up a factory which can produce up to 50,000 M1-S per year in the first phase.

—

The post Former Gojek top execs’ e-motorcycle startup MAKA Motors closes a massive US$37.6M seed round appeared first on e27.