Global early-stage VC firm 500 Global has raised US$143 million for its third early-stage fund (500 Southeast Asia III) and growth investment vehicle for Southeast Asia.

The Limited partners (LPs) across its early-stage and growth investment vehicles include a sovereign wealth fund, public and private pension funds like Khazanah Nasional Berhad, Kumpulan Wang Persaraan (Diperbadankan) [KWAP], and Employees Provident Fund (EPF).

A university endowment, family offices of prominent global investors, and portfolio companies valued at over US$1 billion from 500 Global’s first Southeast Asia early-stage fund also invested.

Originally targeted for US$75 million, 500 SEA III closed at US$100 million, with over half of the fund coming from returning LPs. The early-stage fund will invest in businesses and AI-enabled technologies that advance rural digitalisation, sustainable cities, human and machine productivity, healthcare, food security and financial inclusivity.

500 SEA III aims to invest between US$250,000 and US$500,000 in 100 pre-seed to Series A startups across Malaysia, the Philippines, Vietnam, Thailand, Singapore, and Indonesia.

Also Read: Ex-Ninja Van PH country head Martin Cu joins 500 Global as partner for SEA

500 Global’s past Southeast Asia investments include US$5-20 million cheques in Series C to D rounds of portfolio companies such as Carousell (2018), Carsome (2021), and most recently eFishery (2023). It has backed over 340 companies in the region. Its other major portfolio firms include Grab, Bukalapak, and FinAccel.

Recently, 500 Global appointed Saemin Ahn, Shahril Ibrahim and Martin Cu as Partners to lead the VC firm’s growth equity practice across the region, supporting and nurturing startups at every stage of their growth.

500 Global — a multi-stage venture capital firm with US$2.4 billion in assets under management — has backed over 5,000 founders representing more than 2,800 companies operating in 80+ countries. It has invested in 35+ companies valued at over US$1 billion and 160+ companies valued at over US$100 million (including private, public, and exited companies). Its 90+ team members are located in over 25 countries and bring experience as entrepreneurs, investors, and operators from some of the world’s leading technology companies.

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In the world of luxury fashion, Sarah Garner was no stranger. With over a decade of experience in the industry, she was well-acquainted with its inner workings. However, when she became a mother, her perspective on her role in fashion began to shift.

She yearned for a more purposeful path within the industry, one that offered solutions rather than merely chasing trends. Garner encountered a problem shared by many parents – what to do with the ever-evolving wardrobes of their growing children.

It was this dilemma that inspired her to create Retykle, a circular solution tailored for products inherently prone to obsolescence and designed for shorter lifespans with their initial owners.

“I started the platform from the point of view of the user and knew that our solution needed to solve this problem for parents in the simplest and most hassle-free way,” said Garner in an interview with e27.

Retykle’s mission: Sustainability and circular fashion

Since its inception in 2016, Hong Kong-based Retykle has flourished into one of the largest resale platforms for children’s fashion. It claims to have helped normalise and create appeal for secondhand in Asia. “We’re getting close to marking 500,000 items recirculated on our platform,” revealed Garner.

Retykle’s mission is rooted in sustainability and circular fashion. She said the company’s impact extends beyond quantifiable CO2e savings from secondhand purchases. The platform aims to transform how individuals interact with physical goods, fostering awareness about the lifecycle of products and simplifying the extraction of value.

Also Read: Why we need to stop calling them ‘mumpreneurs’

“Our technology will extend beyond kids’ products and transform the way we interact with our physical goods by unlocking consciousness around the lifecycle and creating value extraction with ease,” she said.

When the startup was launched in 2016, the concept of shopping and selling secondhand items online was novel in Asia. Early adopters were individuals culturally familiar with secondhand goods, recognising the benefits of savings, access to unique products, and environmental consciousness.

Retykle’s community grew to hundreds of thousands of users through organic referrals and earned trust. Changing consumer behaviours – a shift to online shopping, budget-conscious purchases, and eco-conscious choices – have further fuelled the adoption of buying and selling secondhand items.

Global attention, investment, and consumer interest in the fashion resale market have surged in recent years. By 2024, 10 per cent of the global apparel market is expected to consist of secondhand apparel, outpacing traditional retail sales.

In Asia, scepticism about the reliability of unverified secondhand listings persists. Retykle has garnered trust and advocacy by adopting a managed marketplace model. Each item undergoes physical inspection and verification and comes with a guarantee, solidifying the brand’s reputation for trustworthy listings.

“We’ve been steadfast in our dedication to building the best possible solution to the problem at hand and organically grew our community to hundreds of thousands of users mainly through organic referral and earned trust.”

How Retykle works: Seller to buyer

Retykle streamlines the process for both sellers and buyers. Sellers can schedule a free home pickup of their children’s clothing, following its ‘ABC’ standards – Age (newborn to 14 years old + maternity), Brand (listing over 3000 brands), and Condition (ranging from well-loved to new with tags).

After the pickup, Retykle handles everything from photographing and pricing to listing and selling items. Sellers receive notifications when their items sell and can choose to earn commissions in cash or store credit.

For buyers, the firm aims to offer a better shopping experience by enabling them to filter and search based on preferences, set up alerts for desired products, and get an average discount of 80 per cent off on over 3,000 brands. Purchases are stored in a Virtual Closet for future use.

To dispel cultural apprehension around secondhand items, Retykle has worked to shift perceptions. It emphasises that secondhand shopping offers not only a good-as-new experience but also compelling price points, community engagement, and environmental benefits. With a focus on educating and inspiring customers, Retykle utilises a carbon savings tool to spotlight individual actions and impacts.

Retykle maintains the quality and authenticity of pre-owned items through rigorous checks. “When authenticating items, we specifically look for indicators from elements such as stitching, buttons, zippers, brand and product care labels. We’ve reviewed hundreds of thousands of items and are expert detectors of any condition or authenticity concern and do not list those that don’t pass our standards,” she elaborated.

Future vision and growth plans

Retykle envisions a future where technology revolutionises circular consumption, bridging the gap between first-hand and second-hand markets. Its technology will extend beyond kids’ products, transforming how people interact with physical goods. Market expansion, marketing investments, and new technology launches are key components of Retykle’s growth strategy.

Also Read: Pine Venture backs children’s clothing resale platform Retykle

In June this year, Retykle closed a new round of pre-Series A funding, bringing its total funding to US$2.2 million. The latest round was led by Singapore’s early to-growth stage VC firm Pine Venture Partners, with participation from undisclosed angels.

“We are using the capital to bring our new technology to market, which will bridge firsthand and secondhand to create widespread adoption of resale. We are investing in marketing to build awareness for our platform, and we are preparing for further market expansion,” she revealed.

The startup has global ambitions and assesses potential markets based on various factors, including consumer behaviour, e-commerce penetration, purchasing power, and sustainability adoption.

Retykle remains customer-centric, staying attuned to evolving consumer needs and preferences. “We have always stayed at the centre of our customer experience through dialogue with our community and tapping into their evolving needs and preferences. We use those signals to be at the intersection of innovation and satisfying needs. We remain attuned to our customers evolving behaviours to time our next offerings to pair into their journey with ease and unlock further transition to a more circular future,” concluded Garner.

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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.

Image credit: Retykle

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Preparing today’s students for a future where AI is widely used in every industry is no easy feat. The learning process itself can be highly technical and even daunting; apart from that, the opportunity to learn may not be available for every student. Even the availability of AI solutions in the market—such as ChatGPT—does not always help students comprehend the intricacies of the technology.

These are the problems that Hong Kong-based AI Blocks aim to tackle.

“By using AI to teach AI, we’ve built the world’s most experiential online learning platform where students can not only learn the theoretical approaches of AI but also practice their practical skills through building their own AI, all without the need for high-level mathematics knowledge and programming skills,” explains SQ Mah, CEO of AI Blocks, in an email to e27.

The company targets K-12 students by partnering directly with schools that provide students access to the course content, AI tools and platform.

According to Mah, the AI Blocks learning platform is light and efficient enough to run on low-power devices. It also does not require specialised hardware as it is able to run on mobile phones, iPads, and Chromebooks.

Also Read: How Transparently.AI uses Artificial Intelligence to detect accounting manipulation, fraud

The platform implements the four core tenets of learning that were developed by Harvard education theorist David A. Kolb: experience, reflect, conceptualise, and experiment.

In the context of learning about AI, this means students do it by using and building their own AI instead of just learning via worksheets. For example, to train computer vision, students are able to use a webcam to see the live results of their computer vision models. They are also able to collect the training data, change the AI architecture, and improve it themselves.

“More importantly, we challenge students to consider how they can contribute to solving societal problems by tying AI capabilities to coursework. For example, in humanities class, students learn about demographic shifts such as an ageing population, increasing the need for caretakers to an unsustainable level. Is there any way that AI can help? Students came up with solutions like a computer vision fall detection model for the elderly to help reduce the level of monitoring that is necessary,” Mah explains.

“The creativity in students from all backgrounds is what truly cements our belief that knowledge of AI cannot be just the purview of those in engineering or CS. It must be for all.”

A move to empower students

AI Blocks is run by a team consisting of four people. Apart from Mah, who brings his expertise from working at Google, Microsoft, and Hong Kong’s MTR, there is also Brendan Mah (product lead), Connor Au Yeung (curriculum lead), and Bravan Yuen (sales lead).

Also Read: These Artificial Intelligence startups are proving to be industry game-changers

In 2024, the company plans to continue expanding and developing its platform. It wants to create content that covers large language models and reinforcement learning. It also aims to create AI tools and content that have even better ties to existing school subjects such as science and English.

“To achieve this, we’re focused on creating a hyper-modularised experience, allowing schools and educators to improve AI capabilities for students to learn and better suit their contexts and needs,” Mah says.

In its expansion to Southeast Asia, AI Blocks receives support from the accelerator programme for edutech startup EduSpaze, which introduced it to customers in countries such as Singapore, Indonesia, and Vietnam.

“There’s also ample opportunity for partnership within the companies in the current EduSpaze batch as well as alumni and mentors. In the first week alone, we’ve already connected with a mentor to set up a potential pilot at their education centre, as well as work with one of our batchmates to introduce AI Blocks to one of their existing customers,” Mah closes.

“We’re excited to continue leveraging the support that EduSpaze has given us and will give us moving into 2024.”

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Image Credit: AI Blocks, EduSpaze

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Josys, a Japanese device management startup helping companies reduce IT operation costs and enhance security systems, has raised US$93 million in Series B funding.

Global Brain and Globis Capital Partners led the round, bringing Josys’s total funding to US$125 million.

With this new round of funding, the SaaS startup plans to expand its product and engineering team and grow its operations in the US and the APAC region.

Established in 2021, Josys helps companies automate and optimise the management of their software applications and devices.

Also Read: 7 lessons from building a 7-figure SaaS business with just 1 engineer

Josys plans to scale its go-to-market strategy, focusing on building its managed service provider network for increased territory coverage and expedited service delivery. This expansion will allow it to provide IT outsourcing services for device lifecycle management, covering purchasing, configuration, shipping, repairing, and storing laptops and mobiles.

“In the wake of the pandemic, we are seeing increased complexities in IT operations across the globe as companies struggle to modernise their operations and catch up with the technological and human shifts that have transformed how and where work gets done. As businesses shifted to remote work and adopted numerous SaaS solutions, the challenge of maintaining the ‘single source of truth’ for IT operations became daunting,” said Josys CEO Yasukane Matsumoto.

In September 2022, the company raised US$32 million in its Series A round. Since then, it claims to have bagged over 300 enterprise clients and increased revenues by 10x.

The firm has over 100 employees across the US, India, Japan, Singapore, and Vietnam.

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Image Credit: Josys.

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In any endeavour, the pursuit of knowledge and innovation is paramount to success. To thrive in this dynamic environment, organisations need to constantly adapt, learn, and harness the power of disruptive technologies and innovation — learn when to pivot, understand market demands, and constantly adjust. With this understanding, the dedicated team from e27 is launching the Flux Series – a landmark initiative that promises to revolutionise the way top-level business leaders gain actionable insights and drive sustainable growth within their respective organisations.

Flux Series is more than just a series of conferences. It is a carefully curated, intimate, and focused convergence of top industry leaders dedicated to specific business areas, including marketing, operations, product development, and more. This unique initiative aims to facilitate active learning sessions that empower business leaders with in-depth knowledge and actionable insights, ultimately propelling their brands towards sustainable growth and profitability.

The story behind the Flux Series

Knowledge is not static; it is a dynamic and ever-flowing resource. What is relevant today may become obsolete tomorrow, and breakthroughs in one sector can catalyse transformation in another. Flux Series recognises the imperative of staying abreast of this constant flux of knowledge. It embraces change as an opportunity for growth and evolution. 

In essence, the Flux Series is a celebration of the perpetual movement of ideas, insights, and information that drives progress and innovation — the cornerstone from which the Southeast Asian tech startup ecosystem is built.

Also read: Flux Series: Where industry leaders discuss actionable insights and disruptive technologies

The name “Flux” itself encapsulates the essence of this initiative. It draws inspiration from the concepts of convergence, interconnectivity, and the ever-changing flow of knowledge.

Flux Series serves as a platform for knowledge-sharing among leaders in critical business domains, fostering the continuous exchange of information and expertise from one organisation to another. It embodies the spirit of bringing together leaders from diverse backgrounds, industries, and experiences to create a dynamic space where ideas converge, connections are celebrated, and the ceaseless flow of knowledge drives innovation and progress. 

Flux Series is designed to create impact for businesses

Flux Series is anchored on the principle that knowledge alone is not enough; it’s the application of knowledge that drives progress. The series of conferences are carefully crafted to transform actionable insights and disruptive technologies into sustainable growth strategies. Attendees can expect to leave Flux Series with a clear roadmap for implementing innovative solutions within their organisations, ultimately driving profitability and success.

1. Growth-Oriented Content Stages: The heart of the Flux Series lies in its content stages, which are meticulously designed and curated to provide insights and expert knowledge from some of the business ecosystem’s most renowned leaders. With our esteemed panel of experts, attendees stand to gain practical knowledge that can be applied within their organisations as well as an inside look at some of the unique challenges and experiences faced by different industry leaders.
2. Peer-to-Peer Roundtable Discussions: Flux Series offers a unique opportunity for business leaders to engage in focused discussions with their peers. These roundtable sessions facilitate the exchange of ideas, strategies, and best practices, allowing attendees to gain a deeper understanding of industry-specific challenges and solutions from people working in similar roles.
3. Active Learning Workshop Sessions: In addition to discussions and keynote presentations, Flux Series features on-the-spot active learning workshops. These interactive sessions encourage participants to roll up their sleeves and dive into hands-on activities, fostering a deeper understanding of emerging technologies and innovative practices and enabling them to test strategies and fresh ideas on the spot.
4. Open Networking: Flux Series understands the importance of networking in the business world. It provides an open and inclusive networking environment, allowing all participating stakeholders to connect, collaborate, and build meaningful relationships with other key industry leaders.

Also read: e27 and Techstars partner to drive Startup City Accelerator success

Moreover, one of the distinguishing aspects of the Flux Series is its laser focus on senior-level business leaders. The series is tailor-made for those who hold key positions within their organisations and have the authority to enact top-level change. Flux Series recognises that these leaders are the driving force behind their respective brands, and it aims to equip them with the knowledge and insights needed to make informed decisions that impact their organisations positively.

The Premiere Edition — Flux Series Marketing Leaders in Jakarta

For the premiere edition of Flux Series, we are excited to gather some of the most influential leaders in the field of marketing. This exclusive event will provide a platform for marketing visionaries to come together, discuss, ideate, and strategise steps to optimise their marketing efforts using AI-driven innovations and technology.

Also read: e27 and Techstars partner to drive Startup City Accelerator success

If you’re a marketing leader looking to reach new heights in your company’s marketing goals, Flux Series: Marketing Leaders is happening in Jakarta on November 15, 2023. Join us for a day of insightful discussions, interactive workshops, and unparalleled networking opportunities that will reshape the way you approach marketing in the digital age.

Join the Flux Series or become our partner and be a driving force in the AI-powered marketing revolution. To learn more about the event, you may visit the official Flux Series: Marketing Leaders page.

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