In the present fundraising climate set against the backdrop of a tech market slowdown, founders across Asia are under increased pressure to secure investments.

Startup fundraising across Asia’s key markets — Southeast Asia, India, and greater China — all fell in the second quarter of this year, compared with a year ago, according to recent data.

Amidst 2022’s decline in investments across Asia, startups found themselves navigating rough waters, resulting in significant layoffs. In response, banks like HSBC have been supportive, offering dedicated credit lines to top tech firms in the region, including Singapore-based superapp operator Grab.

Yet, as investors become increasingly results-driven, demanding rapid deliverables, a significant number of startups are exploring alternative paths to early-stage growth.

Bootstrapping, characterised by starting a business with personal savings, borrowed funds, and self-generated revenue, can provide a strong foundation for startups in Asia’s challenging market conditions.

Bootstrapping: A compelling choice for Asian startups

Bootstrapping is not just a funding choice — it’s a strategic one.

India, a global startup hub, boasts successful bootstrapped companies like SocialPilot, a social media marketing tool launched in 2014, and HappyFox, a customer support software solution founded in 2011.

Meanwhile, Singapore’s edutech firm KodeKloud reported an annual recurring revenue of US$5 million in the first half of 2022. Just recently, Maneuver Marketing made headlines in the tech scene after announcing US$340 million in sales since bootstrapping in 2018.

Also Read: Bootstrapping allows Inmagine flexibility to respond to changing market conditions, client needs

Bootstrapping offers a unique appeal to startups in Asia because of the region’s distinct market characteristics, cultural nuances, and entrepreneurial spirit. 

It’s no secret that external funding can come with strings attached, including set milestones, specific growth targets, or particular strategic directions. In uncertain times, this can be restrictive.

Bootstrapping, on the other hand, grants founders the autonomy to dictate the financial trajectory of their startups, at least during the starting phase. With full control, they can pivot strategies and eventually explore innovative approaches like turning their customers into investors. This focus on generating real revenue from satisfied customers can be an asset when investor money is hard to come by.

Without the pressure to achieve rapid growth at all costs, bootstrapping gives startups the opportunity to focus on sustainable and organic growth, ensuring they remain profitable or at least have a clear path to profitability. This focus can provide stability during market downturns.

Bootstrapping during these periods allows founders to avoid diluting their shares prematurely. Moreover, when external investments are scarce, there’s a risk of startups accepting unfavourable valuations just to secure funds. Such overvaluations or “down rounds” can harm the startup’s reputation, morale, and future fundraising prospects.

Bootstrapping allows founders to preserve their equity, which can be beneficial in the long run. So, when the time bootstrapped startups do seek external funding, they’re often in a better position to choose partners who align with their vision and values rather than being forced into a partnership due to financial desperation.

While the short-term challenges of 2023 loom large, the choices made during this period can shape the long-term future of Asia’s startup ecosystem. In the end, if a business can survive and even thrive while bootstrapping during this funding winter, it’s a testament to its viability. This resilience can be a powerful narrative when seeking future investments, partnerships, or even during acquisition talks.

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In the dynamic world of finance, Southeast Asia has emerged as a hub of innovation, and the payments sector has witnessed rapid growth over the past few years. The Southeast Asian payments landscape has been experiencing this seismic shift, driven by a surge in smartphone penetration, an explosion of e-commerce, and the rise of digital banking. However, navigating this complex environment requires a deep understanding of local nuances and a willingness to collaborate with emerging players in the industry.

Riding this wave of transformation, global payment giant Visa found a strategic ally in e27, a tech media platform and community-builder in the Asian tech ecosystem. As a leader in payments, Visa understands the important role of startups and the fresh brand of innovation they bring to the development of the payments sector. Conversely, this is the same impetus with which Visa understands the equally crucial role they play in catalysing such innovations into the broader market.

Through an array of strategic partnerships with startups and a series of impactful media marketing campaigns that helped introduce the Visa Accelerator Program, e27 has significantly bolstered Visa’s presence in the Southeast Asian region, putting a spotlight on the payment leader’s efforts of catalysing growth, innovation, and accessibility within the payments sector.

e27 and its role in solidifying Visa’s presence in Southeast Asia

e27, known for its role in connecting, educating, and empowering the tech community in Southeast Asia, emerged as a crucial partner for Visa’s expansion in the region. Through its flagship events, media coverage, and community engagement initiatives, e27 has become the nexus of innovation and entrepreneurship, making it an ideal collaborator for a payments giant seeking to tap into the region’s vibrant tech ecosystem.

e27’s deep-rooted connections and insights into the Southeast Asian startup scene proved instrumental in bridging Visa together with innovative fintech startups. These partnerships have enabled Visa to tap into cutting-edge solutions that address challenges ranging from cross-border payments to financial inclusion. By leveraging e27’s network, Visa has successfully navigated the diverse markets of Southeast Asia and strategically aligned with startups that align with its vision of a more connected, efficient payments landscape.

Also read: Early-stage startups get a special boost through the Alpha-X initiative

With startup collaborations being Visa’s central goal for the project, e27’s media marketing campaigns helped spotlight Visa’s journey and contributions in Southeast Asia. Through a series of articles, interviews, and other media assets, e27 not only showcased Visa’s commitment to fostering innovation and bridging gaps in the payments sector but also helped shape the region’s understanding of exactly what makes Visa one of the world’s most reputable payment solutions providers.

Generating over 335,000 banner impressions on the e27 platform, over 632,000 reach on targeted social media postings, and over 12,000 clicks on Facebook, Visa can solidify its presence not only in the region but also to a dedicated audience of startup tech founders, investors, and other stakeholders.

Promoting the Visa Accelerator Program

Central to this spotlight was the Visa Accelerator Program, a groundbreaking initiative aimed at accelerating the growth of fintech startups while leveraging Visa’s extensive resources. e27 played a pivotal role in helping Visa launch the program in the region and bringing it to the forefront of the tech community’s attention. Through a meticulously crafted media campaign, e27 created buzz around the program, attracting startups eager to be part of this transformational journey.

At its core, the Visa Accelerator Program is Visa’s way of bringing together both startups and corporates to help the payments landscape innovate. Through the program, not only did Visa highlight the exciting innovations of different fintech startups but also enabled corporates to provide the necessary support and resources to help materialise such innovations — a synergy of multiple players working together to address gaps in the market.

Also read: How e27 helped spotlight Lalamove’s unique offerings to the right audience

e27’s media marketing expertise was evident in the series of articles we produced dedicated to Visa’s partnership with startups through the Accelerator Program. These articles provided insights into the challenges being addressed, the solutions being developed, and the impact on Southeast Asia’s payments landscape, highlighting startups that leverage their partnership with Visa to bolster their services, important trends in the payments sector to watch out for, as well as the crucial role of corporates in pushing for growth and innovation.

Through this partnership, Visa hopes to break the old ways of thinking that corporates and fintech startups are competitors against each other and instead, can collectively harness the power of innovation to create lasting impact across the payments space. Moreover, by sharing success stories of startups that have benefited from the program, e27 effectively demonstrated Visa’s commitment to nurturing innovation and driving positive change.

Beyond articles, e27 capitalised on various media assets, including media content published across the e27 platform as well as e27’s social media channels, all to engage a wider audience. The use of such visual content helped simplify complex fintech concepts, making them accessible to a broader range of readers. e27’s role in such a partnership also underscored the Visa’s dedication to promoting financial inclusion and fostering innovation. By sharing stories of startups focused on providing banking solutions to the unbanked and underserved populations, e27 helped position Visa as a catalyst for positive change in the region.

A partnership for the books

e27’s strategic collaborations with startups and well-executed media marketing campaigns have been integral to elevating Visa’s presence and influence. By acting as a conduit between Visa and the Southeast Asian tech ecosystem, e27 facilitated partnerships that addressed gaps in the payments sector. Through its series of articles and media content, e27 shone a spotlight on Visa’s efforts, particularly the Visa Accelerator Program, helping to drive awareness, engagement, and innovation.

Also read: PayPal: A reliable payment partner to combat business uncertainty

This collaboration stands as a testament to the power of partnerships and innovation. By connecting Visa with startups through strategic partnerships and spearheading the Visa Accelerator Program, e27 has played a pivotal role in enhancing Visa’s presence in the region and fostering a culture of innovation, inclusivity, and collaboration within the Southeast Asian tech ecosystem.

As both e27 and Visa continue to evolve and adapt, their partnership remains a shining example of how strategic partnerships and effective media campaigns can synergise to create a lasting impact. With e27’s continued support and Visa’s dedication to innovation, Southeast Asia’s payments landscape is poised to experience a revolution that embraces accessibility, inclusion, and technological advancement, propelling the payments sector toward a more interconnected, accessible, and innovative future.

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AntsBees, an artificial intelligence (AI) and robotics automation solutions provider in Malaysia, has earmarked up to RM4 million (US$860,000) to invest in tech startups wanting operational growth.

The firm tends to favour startups that are focused on the industries of education, healthtech or any field that could contribute to the AI technology ecosystem.

“We are keen to extend our expertise and platforms to startup companies and extend financial aid to grow together. Having been in the market and enabling digital transformation for organisations, we would like to invest in or acquire new businesses related to Industry 4.0 and doing so, further strengthen our position towards becoming a stronger tech-conglomerate,” said Dr Priscilla Prasena, Group CEO of AntsBees.

Also Read: AI is not about job displacement but job augmentation: Nick Eayrs of Databricks

Additionally, AntsBees is planning to list on the Ace Market of the Singapore Stock Exchange. The IPO proceeds will be used to cover its working capital, expansion ambitions, and development needs in one strategic move.

“By going public, we believe there is much to gain. There would be better regulation of the company, increased liquidity, a higher level of confidence for our investors and naturally, much better visibility in the market.

Established in 2012, AntsBees provides solutions, development, and training in Big Data, project management data analysis, AI, and digital marketing as part of Industry 4.0. It helps clients manage and derive useful insights from the amounts of structured and unstructured data.

AntsBees, currently valued at US$17 million, has four subsidiaries: Prestine International (a learning and development arm of its parent company focusing on AI and manufacturing science skilled courses), Votratec (a technical and vocational education and training college), PERPETUUTI, and MYCoachingHub (a sports analytics centre).

AntsBees is also working towards setting up its Asia Pacific (APAC) hub in Singapore by September 2023 and readying its headquarters in the US by this October.

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

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Mirxes Holding develops and commercialises non-invasive and affordable blood-based miRNA test kit products for the early detection of cancer and other diseases.

The Singapore-headquartered RNA technology company announced closing its US$50 million Series D funding round led by Beijing Fupu, EDBI, Mitsui & Co., NHH Venture Fund, and the Agency for Science, Technology and Research.

Mirxes, founded in June 2014 as a spin-off from A*STAR, was conceptualised and developed by co-founders Dr Zhou Lihan, Prof. Too Heng-Phon, and Dr Zou Ruiyang.

The startup recently announced the completion of its US$50 million Series D funding round led by Beijing Fupu, EDBI, Mitsui & Co., NHH Venture Fund, and the Agency for Science, Technology and Research.

e27 spoke with Co-Founder and CEO Lihan to learn more about the company, its solutions, and future plans.

Can you provide an overview of Mirxes’s RNA technology and how it is utilised in cancer detection?

Mirxes has developed a microRNA (miRNA) technology platform, mSMRT-qPCR, based on RT-qPCR. The platform relies on our unique three-primer approach, which can accurately and reliably measure miRNAs in human blood by increasing detection sensitivity and reproducibility.

Our early detection test kits are powered by our proprietary and patented miRNA detection technology platform. With extensive research into disease biomarkers, we have gained an in-depth understanding of the unique biology of miRNA, particularly at the early stages of the disease. Leveraging on our research and technology, we can develop and offer a new class of blood-based miRNA test solutions that significantly outperform existing tumour marker tests in detecting early stages of cancers.

Mirxes harnesses the power of RNA with a proprietary technology that can detect abnormal miRNA signatures in bodily fluids like blood and saliva. Consequently, with a simple prick, clinicians can diagnose diseases even in the early stages.

How does Mirxes’s blood-based colorectal gastric cancer screening test work, and what sets it apart from traditional screening methods?

GASTROClear is the first and only approved molecular in vitro diagnostic (IVD) product for gastric cancer screening globally, according to Frost & Sullivan. GASTROClear sets the standard for miRNA- based diagnostic tests.

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

Equipped with our mSMRT-qPCR technology, GASTROClear has demonstrated outstanding clinical performance. We completed a prospective clinical trial with 5,282 people enrolled in Singapore in a clinical trial for cancer screening and early detection.

GASTROClear is:

• non-invasive and simple to use: it provides a non-invasive testing approach as it requires only 1 ml of blood for testing, making the sampling process easy and enabling GASTROClear to be used in various testing scenarios.
• cost-efficient and highly accessible: our proprietary mSMRT-qPCR technology platform and reagents, together with our in-house manufacturing capabilities, enable us to control operational costs effectively, therefore lowering the costs of GASTROClear and making it highly accessible in the market.
• convenient: it can quantify risk levels and present direct and actionable detection results, thus enabling early detection and intervention of diseases. It also has a fast turn-around time, with a 4-hour sample-to-result lab workflow.

Project CADENCE sounds promising for early cancer detection. Can you share more details about the multi-cancer early detection test and the nine high-mortality cancers it aims to detect?

Project CADENCE is the world’s first large-scale clinical research project in Singapore to discover and validate novel combinations of blood-borne circulating miRNA and DNA methylation biomarkers. It will lead to developing a multi-cancer early detection test for up to nine high-incidence and high-mortality cancers, including lung, breast, colorectal, liver, stomach (gastric), oesophagal, ovarian, pancreatic, and prostate cancers.

We initiated a large-scale clinical research project in July 2022 to develop CADENCE in collaboration with key clinical experts and institutions in Singapore and overseas through integrating and analysing multi-omics biomarkers in miRNA and DNA of more than 20,000 individuals.

As part of our plans to bring accessible and affordable early cancer detection solutions to the ASEAN region, we signed a memorandum of understanding with PT ELION MEDIKA INDONESIA to bring RNA-powered early cancer detection tests to Indonesia. Similar to Project CADENCE, the partnership aims to develop blood-based multi-cancer early detection solutions optimised for the Indonesian population. This collaboration further enabled leading Indonesian and Singaporean scientists, clinicians, and entrepreneurs to develop localised solutions to address cancer challenges in our region collectively.

How does Mirxes’ RNA technology synergise with other biomarker technologies in Project CADENCE, and what advantages does this integration offer for cancer detection?

Project CADENCE is our most ambitious effort to date, where we leverage our proprietary technologies, a decade-long RNA clinical test development experience, and Singapore’s strong clinical research and translation infrastructure, to develop a novel blood test that allows physicians and at-risk individuals to detect the earliest possible signs of multiple solid cancers. This is done through a holistic analysis of miRNA and DNA biomarkers. The biomarker discovery and test development phase seeks to surpass existing blood-based cancer biomarkers with superior clinical performance in sensitivity and specificity.

Aligned with our purpose to detect cancer in its early stages to alleviate the burden of the disease and reduce financial costs, Mirxes has initiated a large-scale clinical research project for the development of CADENCE in collaboration with key clinical experts and institutions in Singapore and overseas, through integrating and analysing multi-omics biomarkers in miRNA and DNA of more than 20,000 individuals. We intend to conduct registration clinical trials for CADENCE in selected countries.

What are the key benefits of early cancer detection?

Early detection improves treatment outcomes and healthcare costs, and timely intervention leads to more effective treatment options and chances of successful outcomes. Treating cancer at later stages can be more expensive due to the need for more aggressive treatments and a higher likelihood of complications. Mirxes believes early detection saves lives and can also help reduce the overall cost burden on healthcare systems and patients.

What is your strategy for expanding cancer detection solutions into international markets? Which new markets are you expanding into? What opportunities do you see there?

Mirxes is headquartered in Singapore. Globally, we have physical operations in the US, China (including Hong Kong), Japan, and Southeast Asia (the Philippines and Malaysia) and commercial activities in broader Asia-Pacific markets.

We have established strong partnerships with our customers, distributors, suppliers and government partners and tailored our core strategy, products and services for each geography. This means that we ensure solid in-market relevance in each respective country alongside first-mover advantages, delivering solutions that work best for consumers.

For example, our early disease detection portfolio holds huge market potential to address significant unmet clinical demand. The successful commercialisation of GASTROClear alongside LungClear, a commercialised miRNA-based lung cancer early screening LDT service, positions us to seize global opportunities and make further inroads into cancer early detection.

Other key players in the global molecular cancer screening market with approved products include Exact Sciences’ Cologuard (stool DNA test for colorectal cancer), which was approved by FDA in 2014, and New Horizon Health’s ColoClear (stool DNA test for colorectal cancer) which was approved by NMPA in 2020. Mirxes’s GASTROClear was approved by Singapore’s Health Sciences Authority in 2019 and obtained the FDA Breakthrough Device Designation in 2023 while undergoing clinical trial in China for the NMPA approval. We seek to conduct clinical trials in different regions to localise our products and benefit more communities, as cancer is a personalised disease.

In Southeast Asia, we have established ourselves as a market leader in speciality molecular diagnostic development, allowing us to develop and commercialise products and services more efficiently. Our strategic focus is to continue demonstrating our capabilities to provide affordable and effective healthcare solutions to consumers in the region.

In July 2023, we announced our listing application with The Stock Exchange of Hong Kong Limited (HKEX) under Chapter 18A of the Rules Governing the Listing of Securities on HKEX. IPOs are a means for tech companies to secure funding for Research and Development (R&D), driving innovation and progress. We view IPOs as milestones, not endpoints. Going public isn’t about cashing out; it’s about accessing capital for new innovative breakthroughs, market growth and expansion. Our peer companies in the biotech sector usually go to IPO within 6-8 years of company founding (Exact Sciences, New Horizon Health, Guardant Health etc). Chapter 18A listing rule was specifically set up to enable growth-stage biotech companies that are pre-revenue or pre-profit to raise capital publicly to accelerate pipeline R&D and product commercialisation.

The spread of cancer remains a significant global health concern. How does Mirxes plan to address this challenge with its innovative technologies and early detection solutions? Which part of the world is more prone to cancer and why?

The prevalence of cancer can vary across different regions of the world due to various factors such as lifestyle, environmental exposures, genetics, and access to healthcare. Some regions may be more prone to specific types of cancer due to the mentioned factors.

Specific to gastric cancer:

Gastric cancer is the fourth leading cause of cancer deaths. It is ranked the sixth in global incidences among all cancers in 2022, with a total of approximately 1.1 million incidences worldwide, according to Frost & Sullivan. It is widely accepted that gastric cancer is one of the most preventable cancers because screening of asymptomatic individuals can identify precancerous adenomas that can be removed through surgery before they become cancerous. Patients diagnosed early in the progression of the disease are more likely to have a complete recovery and incur fewer medical expenses.

According to Frost & Sullivan, the market size of gastric cancer screening in the selected regions (namely China, Japan, Southeast Asia and the U.S.) increased from US$11.6 billion in 2018 to US$14.6 billion in 2022. It is expected to increase to US$20.7 billion in 2027 and US$24.3 billion in 2032.

Mirxes aims to make early disease detection accessible on a global scale. We aim to alleviate the burden of cancer and reduce healthcare costs by leveraging innovative RNA tests that detect diseases earlier, improving health economics and outcomes to foster a healthier future for communities worldwide.

Apart from colorectal cancer and the nine high-mortality cancers targeted in Project CADENCE, does Mirxes plan to expand its RNA technology to detect other types of cancer in the future?

We are focused on scaling the adoption and penetration of Mirxes’s flagship stomach cancer blood test, GASTROClear, in major Asia-Pacific markets, including Southeast Asia, China, and Japan. We will also 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. We have a strong oncology-focused pipeline to address clinical unmet needs for a healthier world – lung, breast, colorectal, liver and ovarian cancer, and multi-cancer.

In addition to our clinical pipeline of test kits for various cancers, we continue to work with local and globally renowned academic clinical centres to grow our pulmonary and cardiovascular disease portfolios.

In 2022, Mirxes jointly launched Southeast Asia’s first multi-centre study, Singapore Pulmonary Hypertension Early Detection with miRNA biomarkErs (SPHERE), with National University Heart Centre, Singapore (NUHCS) and National Heart Centre Singapore (NHCS) in a nationwide effort to manage the risk of pulmonary hypertension. SPHERE aims to develop miRNA signatures pertinent to Asia for early pulmonary hypertension (PH) detection.

Our ultimate focus continues to be on accelerating innovation and bringing life-saving solutions to the public through the early detection of life-threatening diseases.

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(The second image used in this picture is AI-generated)

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Property tech company PropertyGuru today announced that it is ceasing the operations of Rumah.com, its property marketplaces business in Indonesia, and FastKey, its SaaS product, in an internal note by PropertyGuru Group CEO and Managing Director Hari V. Krishnan.

The statement further detailed that Rumah.com will cease to operate on November 30.

“Our aim is to minimise this impact and provide support to the 61 Gurus from our Indonesia Marketplace business, offering them enhanced packages, healthcare support and assisting them in their transition to new opportunities,” Krishnan said in the statement.

“Until November 30, we will continue to serve our Rumah.com agent and developer partners to ensure minimal disruption to their business operations. Thereafter, we will refund the fees paid by them as per the respective contracts. For our vendor partners, we will pay the dues as per the individual contractual commitments.”

Also Read: GORO raises US$1M to democratise Indonesian property investment amidst economic challenges

It also stated that it will continue to hold the PropertyGuru Indonesia Property Awards.

For FastKey, PropertyGuru will cease its operations in Indonesia on July 31, 2024, and in Malaysia and Singapore on October 15, 2024.

“As we move forward, we are engaging in conversations with the affected FastKey team members, exploring redeployment opportunities within the group and ensuring that they are supported throughout this period of change,” the CEO said.

For affected employees at Rumah.com, PropertyGuru will provide them with enhanced severance packages, goodwill payments based on years of service, extension of medical insurance, and jobseeking support.

The company also stated that the business decisions are not expected to have a material impact on its full-year 2023 financial outlook.

Also Read: Thai property developer MQDC unveils ‘metta-verse’ to bridge the real and virtual worlds

“As we navigate the future, it is imperative that we continue to review progress and periodically streamline our operations while carefully re-prioritising our resources where necessary. Our efforts and focus must be towards businesses that are already driving or have shown the potential to achieve scalable growth while ensuring strong unit economics,” says Krishnan.

e27 has reached out to PropertyGuru to find out the company’s next plan and focus.

Responding to the announcement, 99 Group CEO Darius Mahtani Cheung said that the group is “rapidly” growing its business in Indonesia and is expanding its team.

“We welcome all talents to join us, do find out about opportunities on our career page!” he wrote to e27.

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Image Credit: PropertyGuru

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