Below are the brief profiles of the e27 Connect investors who invested in startups in Southeast Asia in the past week.

Jungle Ventures

Jungle Ventures is a Singapore-based VC firm that invests in and helps build tech category leaders from Asia. It invests in early and growth-stage companies.

Verticals: Consumer, enterprise solution, finance, and SaaS.
Based in: Singapore
Investment locations: Singapore, Indonesia, India, Malaysia, Thailand, and Vietnam
Stages: Pre-Series A/bridge, Series A, Series B, Series C, and above.
Investment range: US$1M to US$15M
The startup invested: Neurowyzr

Antler

Antler empowers early-stage founders to find a co-founder or access capital to build and scale startups faster.

Verticals: All/any
Based in: Singapore
Investment locations: All/any, Singapore, Vietnam, and Indonesia.
Stages: Pre-seed, seed, pre-Series A/bridge, and Series A
Investment range: US$125K to US$8M
The startup invested: Mole

AppWorks

Based in Taiwan and founded in 2009, AppWorks is a startup accelerator and VC firm built by founders for founders.

Verticals: All/any
Based in: Taiwan
Investment locations: Singapore, Thailand, Vietnam, the Philippines, Indonesia, Malaysia, Myanmar, Cambodia, Laos, Brunei, and Taiwan
Stages: Seed, pre-Series A, Series A, Series B, Series C and above
Investment range: US$200K to US$15M
The startup invested: PrimaKu.

BRI Ventures

BRI Ventures (BV) is a corporate venture capital initiative backed by Bank Rakyat Indonesia, headquartered in Jakarta.

Verticals: Finance and SaaS
Based in: Indonesia
Investment location: Indonesia
Stages: Series A, Series B, Series C and above
Investment range: Not specified
The startup invested: PrimaKu.

Wavemaker Partners

Wavemaker Partners invests 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: Pi-xcels.

Earth Venture Capital

Earth Venture Capital is a global VC firm that aims to empower, nurture and 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: Solar AI.

Investible

Investible is an Asia-Pacific-based VC firm investing in technology companies globally.

Verticals: All/any
Based in: Singapore
Investment locations: All/any, Singapore, Australia, Indonesia, Malaysia, the Philippines, Vietnam, New Zealand, United States of America, Poland, Israel, Denmark, the UK, and Canada
Stages: Pre-seed, seed, pre-Series A, and Series A
Investment range: US$200K to US$1M
The startup invested: Solar AI.

Gobi Partners

Gobi is a leading investor in early-stage digital media and technology companies.

Verticals: Advertising, Big Data, consumer, e-commerce, education, entertainment, finance, healthtech, ICT, media, SaaS, and travel.
Based in: Malaysia
Investment locations: China, Hong Kong, Singapore, Malaysia, Indonesia, Thailand, Vietnam, the Philippines, the UAE, and Pakistan
Stages: Seed, pre-Series A, Series A, Series B, Series C and above
Investment range: Not specified
The startup invested: CompAsia.

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The image used in this article is AI-generated.

The post A recap of last week’s investments by e27 Connect investors in SEA appeared first on e27.

My name is Jenny Zheng, Co-Founder of Blockcast.cc, and I’m excited to share some incredible insights from my recent participation as a moderator at a recent talk show episode titled “Blockchain Beyond Borders: Building Global Bridges for Innovation and Adoption.”

The event took place in Dubai, where industry experts convened to dive into the transformative power of blockchain technology. Our panel included some remarkable names: Anndy Lian, an intergovernmental blockchain expert from Singapore; Kris Bennett, Co-Founder and Chief Learning Officer of the Blockchain Training Alliance in the USA; Raj Kapoor, Founder and CEO of the India Blockchain Alliance; and Shailesh Kunnath, Co-Founder of Masary Capital in the UAE.

Identifying peal solutions amidst the fluff

During our engaging discussion, we delved into the pivotal factors that define success in the world of blockchain. To kick things off, Kapoor underscored the crucial importance of solving tangible real-world problems with blockchain solutions.

Kapoor aptly pointed out the overabundance of proposals that lack substance, urging entrepreneurs to rise above the noise. According to him, true innovation requires addressing genuine challenges or elevating existing solutions to create a meaningful impact.

Critical criteria for sustainable blockchain projects

As the conversation flowed, I shared my perspective on the essential criteria I employ to assess blockchain projects. My focus rests on the urgency of addressing real-world issues, ensuring that projects demonstrate their ability to enhance solutions or tackle pressing matters.

I don’t stop at the financial aspects; I look deeper into the commitment and tenacity of project promoters. I also emphasise the value of validation, whether through a small customer base or a proof of concept.

Additionally, I gauge the dedication of project promoters and whether their family and friends have invested in their vision. These insights underline the intricate nature of project evaluation.

Perspectives on blockchain adoption

Bennett joined in to offer his unique take on blockchain adoption. He highlighted the common tendency to prioritise technology in emerging sectors, cautioning against overlooking practicality and tangible value.

Also Read: Blockchain disruption, EV roaming network, healthcare collaborations, and fintech expansion make waves in SEA

Bennett challenged the notion that being first to market guarantees success, drawing a historical parallel to Amazon’s ascent in e-commerce. He emphasised the importance of conveying value without solely relying on technical jargon.

His advice? Entrepreneurs should articulate their solutions’ benefits independently of blockchain or crypto references. Moreover, Bennett stressed the significance of cultivating a well-rounded team with diverse expertise to drive success.

Community, education, and future growth

Lian shared his insights, shedding light on the role of education and community in nurturing blockchain growth. He emphasised that education should encompass entire ecosystems, including venture capitalists and regulators, not just individuals.

Lian applauded Dubai’s proactive stance in fostering blockchain education and innovation. Lian also stressed the vitality of a vibrant and supportive community for sustained blockchain adoption. He championed collaboration among stakeholders to propel the technology’s advancement.

Regulatory strategies for blockchain innovation

Shifting the spotlight to regulatory matters, Lian, drawing from his experience with governments and regulatory bodies, highlighted the evolving landscape of blockchain regulation. He acknowledged the challenges countries face in establishing regulatory frameworks for this emerging technology.

Lian emphasised the significance of cross-border transactions and the need for cooperation to ensure financial sector stability. He advocated for clear regulatory guidelines to nurture blockchain’s growth while safeguarding financial systems.

In conclusion

As we navigate the evolving world of blockchain, collaboration, education, and problem-solving, emerge as pivotal pillars for success.

The insights shared by our esteemed panellists underscore the dynamic nature of the blockchain landscape, revealing the need for innovative solutions, cohesive teams, engaged communities, and regulatory clarity to unleash the technology’s transformative potential on a global scale.

Amidst the opportunities and challenges, one thing remains certain: the journey to success is illuminated by innovation and collaboration. Stay curious and keep exploring the blockchain frontier!

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It’s no secret that a significant part of passenger and carrier transportation in Indonesia is being operated by using motorcycles.

Bikes are the most popular type of transport in Indonesia due to the local road systems and narrow streets. But more importantly, they come at a lower cost compared to cars, and their overall maintenance is more affordable.

Additionally, Indonesian cities are known for serious traffic jams and dense traffic. Motorbikes help carriers to move more easily and quickly under such conditions. With their good manoeuvrability and the ability to navigate through narrow passages and dense traffic, motorbikes are attractive for transporting passengers and goods in urban settings.

Despite the obvious advantages of using motorbikes for passenger and courier transportation, Indonesian carriers face a number of challenges.

Meet Dede Suherman

Dede Suherman is a common Indonesian carrier. Passenger carriage is everything Suherman is doing for living and supporting his family. He was facing some financial struggles due to frequent bike breakdowns, but couldn’t afford a new one. At the same time, his credit applications were being rejected by numerous banks due to the inconsistency of the scoring system with the type of his occupation.

Once, while waiting for his bike to go through another repair in the workshop, Suherman was scrolling through his Instagram feed. He came across an advertisement for a subscription service offering new motorcycles from IVITECH.Drive. Despite getting used to his applications always being rejected, Suherman decided to try his luck.

This time, things were different: after the application went through the review process, it was accepted. Suherman received a new bike through a subscription with small daily payments. Here’s what he says about this experience:

“Honestly, I wasn’t expecting much. I got tired of regular refuse from banks. Being approved made me see that fintech is open to everyone. These instruments offer fantastic deals alongside affordable and comfortable payment methods. The registration process was easy and seamless, making the entire experience enjoyable.

“I believe that with such services, the whole industry will be able to thrive and make transportation fast and affordable with minimum expenses for drivers and passengers. I’m delighted to have a new electrobike and get back to my work.”

Also Read: How startups can help solve Indonesia’s environmental crisis

Suherman is just one of the thousands of Indonesian drivers who got the opportunity to do their work without worrying about tomorrow. Now, let’s review the most frequent struggles that are being faced daily by Indonesian carriers. 

What does it take to be a carrier in Indonesia? 

Even though the Indonesian ride-hailing market is valued at US$2.67 billion and is expected to cross a net valuation of US$4.66 billion, the drivers themselves are still facing a huge spectrum of issues. Here are the most common and critical ones: 

• High operating costs: Despite relatively lower maintenance costs for motorbikes, they can still be hard to cover for many carriers, especially if they aren’t part of a taxi fleet or vehicle owners themselves. Fuel, maintenance, insurance, and other operational expenses can significantly exceed carriers’ earnings.
• Access to financial services: Some carriers may struggle to access basic financial services such as loans or credit due to the non-standard nature of their work and the lack of a fair scoring system for businesses and individual carriers.
• Low earnings and income instability: Many carriers in Indonesia experience low earnings due to intense competition and market saturation. It is important to mention that frequent bike repairs are holding the drivers from their daily work and making them wait for transport to be fixed. This leads to income instability, making it difficult to cover expenses and support their families.

What can fintech do about it?  

Fintech can play a crucial role in solving the struggles of Indonesian carriers. The inability of banks to score carrier companies and individual drivers is a known issue that keeps the industry from developing and growing.

Fintech offers enterprises and entrepreneurs innovative scoring systems. Based on these analyses, banks can easily offer the needed funds without any risks. So, first and foremost, fintech makes it easier to apply for a loan and raises the chance of approval. 

The other way that fintech can become a saviour for the ride-hailing industry is that these platforms can provide affordable paying methods that will allow carriers to access bikes without the need for large initial investments. This can be implemented through small daily subscriptions, which will make bikes more accessible to those who face financial constraints.

Needless to say, fintech platforms encourage the “green revolution” of Indonesia’s motor scene by providing riders with eco-friendly electric bikes instead of old, dangerous and harmful fuel-powered ones.

Final thoughts

The story of Suherman tells us that we, as fintech startups, should develop our services to be able to help more and more people across the world solve their financial issues. Together we can help other services, such as taxi and delivery, to improve and rise. And this will most definitely make the world a better place.

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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

Image credit: Canva

The post Empowering Indonesia with fintech: Dede Suherman’s journey appeared first on e27.

Singapore-headquartered Geo Energy Resources, through its newly incorporated subsidiary Geo Electric, has entered into a US$4 million loan agreement with Indonesian electric motorcycle company Charged Asia Pte. Ltd (CAPL).

As per this deal, Geo Electric has the right to convert the outstanding amounts and all accrued interest under the loan into ordinary shares of CAPL. The loan carries an interest of 12 per cent per annum for 24 months or until conversion, whichever is earlier.

Furthermore, Geo Energy can enter into further agreements with CAPL to increase its capital investment for up to an additional US$36 million to become the majority shareholder.

CAPL manufactures and distributes “competitive and affordable” electric motorcycles. It has developed three motorcycle models and claims to have delivered more than 1,000 motorcycles in Indonesia, Malaysia, and Vietnam. With a zero-emission production facility in Indonesia, CAPL aims to sell 10 million motorcycles in Asia Pacific over the next ten years.

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

The company’s other backers are DeClout Ventures (the corporate VC arm of Exeo Global) and Vmoto (a fully integrated, new energy e-mobility solution provider).

Charles Antonny Melati, Executive Chairman and CEO of Geo Energy, stated: “The group understands that pollution and healthy environment is a growing concern in Indonesia, particularly in Jakarta and Jabodetabek area. Jakarta topped the list as the world’s most polluted city and registers unhealthy air pollution levels nearly every day.”

“After careful deliberation and analysis, the group has decided to expand its business by investing in CAPL. The investment will scale up the group’s financial resilience with the additional stream of revenue and income and contribute to a greener and improved living environment for our future generations,” he added.

To ensure successful execution, the Group will collaborate closely with CAPL to grow its business toward becoming a key player in the EV industry within the Asia Pacific region.

Geo Energy Resources is a major Indonesian coal producer with an established track record in operating coal mines, coal production and selling coal throughout the region.

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In 2015, e27 spoke to Tokopedia to understand their plans and vision for the Indonesian market. In our interview, co-founder William Tanuwidjaja spoke of their ambition to expand their reach to the eastern part of the archipelago.

Today, in 2023, the company has finally managed to reach that goal.

From August 2022 to July this year, Tokopedia shares the following data:

– Areas with the highest increase in the number of sellers, especially outside of the Java island, are Southeast Aceh (Aceh), Padang Lawas Utara (North Sumatra), Malacca (East Nusa Tenggara), Central Buton (Southeast Sulawesi), and Teluk Bintuni (West Papua), with an average increase of almost four times.

– Areas with the highest increase in the number of transactions are Natuna (Riau Islands), North Lombok (East Nusa Tenggara), Deiyai (Central Papua), Arfak Mountains (West Papua) and Nduga (Mountain Papua), with an average increase of 8.5 times.

It also recorded that almost three-fourths of the inter-island transactions on the platform over the past year used Free Shipping, just one of the features that Tokopedia offers for sellers on their platform.

Also Read: Geo Energy inks US$4M loan agreement with Indonesian EV firm Charged Asia

“When it comes to utilising tech, this is where things become interesting because Indonesia is quite unique in that the market does not start off with desktop; it jumps straight to mobile devices. We need to incentivise and educate the users to be more familiar with using mobile devices for e-commerce,” says Puput Hidayat, Vice President of Seller Experience, Tokopedia, in a call with e27.

“With the 14 million sellers that we have across Indonesia today, they all have varying levels of digital literacy. Some are familiar with the internet through socials and other apps; others are completely new. There was a time around two years ago when we did field outreach to sellers, they would ask us questions such as where to download apps.”

Hidayat leads a team responsible for sellers’ experience on the Tokopedia platforms, strategising to help them grow sales.

“Before the pandemic, we focused more on the adoption of the tech itself due to many sellers’ reluctance to embrace online selling. There is a stigma that prices on e-commerce are lower, which will negatively affect margins. Online is also believed to be more costly as sellers also have to cover shipping fees,” Hidayat explains.

“The pandemic provides a blessing in disguise because sellers are forced to adapt to tech, to move online as they can no longer rely on offline alone. That is where we see tremendous growth for seller adoption, especially in cities where we originally had no presence, especially in Sulawesi and Maluku.”

Also Read: Empowering Indonesia with fintech: Dede Suherman’s journey

With adoption no longer being a challenge for Tokopedia, the company was now able to focus on other areas, including how to help sellers understand which area to invest more in and where they can improve themselves.

“This is where the data part of the equation becomes important. With this massive amount of users and activities in the platform, we can also see behaviours that are helpful for sales, and vice versa,” says Hidayat.

“This is why, post-pandemic, many innovations that we did are more related to data utilisation. For example, by using analytics tools to understand sales performance and how to advertise their products best, with what kind of campaigns.”

Hidayat names self-service features on the Tokopedia platform, such as its Fitur Wawasan (Insights Feature), as one example of its use of data.

“This might seem simple for the users, but this is the result of machine learning tech that we implement in the back-end. AI is a big theme this year, but the fundamentals are already being implemented here in the platform that we eventually translate into user experience. This is what we continuously improve in the later years after we experience a boom of adoption,” Hidayat stresses.

Bringing sellers on board the Tokopedia platform

The existence of these features helps Tokopedia attract sellers to its platform, something that is directly related to its business model.

“When it comes to business model, it has to enable both sellers and us to grow together. The barrier of entry to selling on Tokopedia is very low; it’s free to start selling on our platform. However, as business becomes more competitive, sellers might require more features to increase their competitiveness. This is where they can opt-in for membership services PowerMerchant and Official Store,” Hidayat explains.

Also Read: Empowering Indonesia with fintech: Dede Suherman’s journey

In addition to developing its own solutions to support sellers, Tokopedia also collaborated with other parties, such as the local government, to develop an empowerment programme for SMEs.

“That way, we do not just place the features on our platforms without having the sellers know about it,” says Hidayat.

In the future, following its IPO in 2022, Tokopedia aims to continue on utilising the latest tech in its product development.

“We have massive data that we can use to create predictive analytics through machine learning, and we use them for our Fitur Wawasan,” Hidayat closes. “This is to help strengthen our zero-barrier approach to e-commerce for our sellers.”

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Image Credit: Tokopedia

The post How Tokopedia shifts user acquisition and product strategy to tackle contemporary challenges appeared first on e27.