Two keynote sessions, three panel discussions, three workshops, and nine roundtable sessions. With the theme, “An intimate convergence of marketing leaders: Achieving sustainable growth with AI-driven disruptive technology”,  the premier edition of e27′s  Flux Series happened at the St. Regis Jakarta Indonesia, welcoming over 400 marketing leaders to learn, network, and shape the future of marketing.

But they say that a picture is worth a thousand words, so here are several photos to tell the story:

 

 

 

 

Thanks to Flux Series participants for participating enthusiastically in our stage sessions and roundtable discussions.

Special shoutout to our wonderful sponsors CleverTap, Braze, Digimind, Adjust, and SGN.

Thank you to our sponsors, partners, and most especially attendees who joined us and participated for making Flux Series: Marketing Leaders a success.

See you at Flux Series 2024!

 

The post IN PHOTOS: The premier edition of e27’s Flux Series appeared first on e27.

Dear reader,

The Indonesia Venture Capital Report 2023, prepared by AC Ventures and Bain & Company, sheds light on the dynamic shifts in the country’s VC landscape. The past year witnessed a recalibration due to global economic uncertainties, prompting caution in investment momentum. Projections for 2023 are sobering, with an anticipated 70-80% decline in deal value compared to the previous year. Despite these challenges, the report underscores the resilience of Indonesia’s VC sector, maintaining stable deal values and recording a 20% YoY increase in deal volumes in 2022.

The maturing Indonesian VC market reflects a shift in investor priorities towards startups with strong unit economics and clear paths to profitability. Notably, there is a decline in conversion rates from seed to Series A/B funding rounds, indicating a more measured and rational approach from investors.

While macroeconomic headwinds, US-China tensions, and regulatory changes pose challenges, Indonesia’s attractive macroeconomic fundamentals, including a growing middle class and a burgeoning digital economy, position it as a bright spot in the region.

The report anticipates an upswing in Indonesia’s VC industry, with a focus on emerging investment themes like ESG, climate tech, electric vehicles, health tech, and D2C brands. Despite a shift from traditional trade sales to IPOs, market pressures may affect mega-IPOs. Optimism surrounds early-stage deals in electric mobility and healthcare sectors, emphasising profitability.

Global investors are bullish on Indonesia’s digital economy, projected to reach US$360 billion by 2030, aligning with the country’s commitment to a net-zero future through initiatives like IDXCarbon.

Sainul,
Editor.

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Cake Group cuts staff by 30% amid rift between co-founders
Cake, parent of crypto investment platform Bake.io, said that 53 employees were cut, impacting teams in both the Singapore and Kuala Lumpur offices; A rift between its co-founders has been growing due to fights over closing down departments that were not generating revenue.

Indonesia’s VC space sees resilience, signals imminent upturn in 2023
Projections for 2023 are now sobering, with an anticipated 70-80% decline in deal value compared to the preceding year; The emerging investment themes for 2023 and beyond are ESG, climate-tech, EVs, healthtech, and D2C brands.

Sea Group returns to net loss in Q3, posts 4.9% revenue uptick
Net loss in Q3 stood at US$144M; While still a y-o-y improvement, this comes after it generated net profit for three straight quarters; One factor that drove this reversal is Sea’s sales and marketing expenses, which almost doubled to US$918M compared to Q2.

E-commerce enabler Etaily raises US$17.8M to expand in SEA
Lead investors are Pavilion Capital and SKS Capital; Etaily offers brands a host of products, including brand-building services, customer relationship management, and marketplace management; It claims to have processed 10M+ orders so far.

Astra-backed Halodoc trims headcount
The Indonesian healthtech firm didn’t specify how many employees were affected; It is estimated to have around 1,500 employees as of July 2023; This development comes after Halodoc secured US$100M in Series D money in July.

Augmentus raises US$5M to expand no-code robotics solution globally
Lead investors are Sierra Ventures and Cocoon Capital; The firm plans to use the funds to grow its operations in the US, Europe, and greater Asia and to meet increasing customer demand across multiple verticals, such as welding, surface treatment, and finishing processes.

TômTex nets US$4.15M investment for eco-friendly leather alternatives
The investors are Happiness Capital, Earth VC, SOSV, Parley for the Oceans, and MIH Capital; Using raw chitosan, the company employs a green chemical process to create a breathable and durable textile.

Startup investments in SEA in Oct see 205% jump over previous month: Tracxn
Startups secured US$684M across 36 rounds in October 2023; Seed-stage deals dominated the overall investment space in the region with 22 deals, followed by early-stage (13) and late-stage rounds (4).

Grab president ‘Batman’ Maa to step down in April
Singapore-based Grab is not seeking a replacement for Ming Maa; Maa joined Grab from Japanese conglomerate SoftBank Group in 2016. An MIT graduate, he has 12+ years of experience in PE investing across the US and Asia.

Delivery Hero faces growth hurdles in Asia: CEO
Delivery Hero’s Asia business thrived in Asia when strict Covid-19 restrictions were in place, but this growth tapered off as lockdowns were relaxed. In Q3 2023, its GMV in the region was down 6.2% y-o-y to US$6.8B.

MAS plans to develop wholesale CBDC in 2024
The market regulator has published guidelines, including a blueprint that details the tech infrastructure required to facilitate digital money transactions; The infra includes a settlement ledger for recording digital money transfers and a tokenization bridge.

BeeX scores US$2M to accelerate autonomous inspection of offshore wind farms
The investors are Earth VC, ShipsFocus Ventures, SEEDS Capital, NUS Technology Holdings, and Infinita VC; BeeX’s robots help energy developers and ship owners save inspection costs and protect their people from risky operations.

X-PITCH 2023: REVIVO BioSystems is the deeptech startup of the year
Simple Planet emerged victorious in the sustainability sector as the Best Sustainability Startup; Recognising excellence in the digital economy, Kodifly claimed the Best Digital Economy Startup award.

Indonesia’s insect-based pet food company Pawprints Inspired bags US$1.7M
The investors include Creative Gorilla Capital, Altrui, and Tujuh Bersaudara Investindo; Pawprints harnesses the power of the black soldier fly to offer novel protein that is hypoallergenic, along with essential amino acids and minerals.

Fintech startup Upworth secures funding to democratise money management
Upworth empowers users with tools to track all their assets and liabilities in one place and plan their financial independence; It also gives users free access to 170K securities across 70+ global exchanges and the ability to see the breakdown and evolution of their wealth.

StraitsX gets green light to issue SGD, USD stablecoins in Singapore
While XSGD is currently available for minting and redemption on its platform, the company plans to release XUSD at a later date; According to the company, over 7.7 billion XSGD has been transacted on-chain since October 2020.

RISE Corporate Innovation Summit 2023 to promote sustainable development
The Corporate Innovation Summit 2023 is scheduled for November 14-15 at Bangkok’s True Digital Park; Corporate Innovation Summit 2023 boasts a robust agenda featuring over 60 sessions, including workshops, keynotes, and panels.

HSBC partners with Antler to fuel Southeast Asian startups
This partnership offers startups and founders access to HSBC’s financial expertise and banking solutions, encompassing preferred business banking accounts, venture debt, and working capital facilities.

How AI assistant Capabara makes DPO’s role less painful
Capabara provides suggestions to address operational queries and info on regulatory mandates and streamlines data governance processes.

A penny saved is a penny earned: How Vircle cultivates money-smart kids
Vircle fosters financial literacy in children, offering spending controls and education for responsible money management.

Navigating the gender divide in Southeast Asia’s fintech landscape
Women hold just 13 per cent of management, board, and investor roles across early-stage to public companies within the fintech ecosystem.

Book Excerpt: What Google, Facebook did to grow from zero to 1,000
In her new book ‘From Zero to 1,000′, Anne Caron explains the importance of human capital to these tech giants’ success.

Startup Villages bridges entrepreneurship and rural renaissance across Italy, Japan
Entrepreneur Dr Tausif Malik pioneers Startup Villages, leveraging Italy and Japan’s EUR1 property scheme to ignite global rural entrepreneurship and sustainability.

Superlative Secret Society, the community behind Indonesia’s first offline NFT gallery
Superlative Secret Society launches an offline gallery to educate the wider public and local artists community about the advantages of NFTs.

Autistic founders, advocates share their vision of a more inclusive workplace
With its openness to innovation and unconventional company culture, the startup ecosystem can be a welcoming place for autistic professionals.

The role of Web3 in fintech and its benefits for financial institutions
Web3 in fintech establishes an unalterable ledger for transparent financial transactions, enabling tracking and verification irrespective of origin.

Is Vietnam Southeast Asia’s fastest-growing digital economy?
E-commerce in Vietnam will increase by 11 per cent from 2022 to 2023, and the compound annual growth rate (CAGR) is expected to increase by 22 per cent by 2025, aiming for a total merchandise value of US$24 billion this year.

Why cybersecurity must remain a top concern for everyone
Amid rising cyber threats, organisations must prioritise cybersecurity awareness and good cyber hygiene consistently.

5 fundraising tips for first-time founders
First-time founders should initiate fundraising efforts after gaining traction, signing on new customers, or proving out their MVP.

Corporate cringe continues to tarnish the metaverse
Prominent corporations are facing their metaverse strategies to restore their dignity and rediscover profitability, what transgressions have triggered this shift

Embracing sustainability: A circular design perspective on e-waste
Explore sustainable design’s impact on tackling e-waste, focusing on responsible product lifecycles and recycling for a greener future.

The post Ecosystem Roundup: Indonesia’s VC space signals upturn; Cake Group cuts staff by 30%; Sea Group returns to net loss in Q3 appeared first on e27.

Join the 2024 TOP100 program here!

The TOP100 program has always served as a linchpin to the growth of countless startups from across the Southeast Asian tech startup ecosystem. Since its inception in 2012, TOP100 has evolved into a transformative platform that extends beyond its initial goal of identifying promising startups in the region. 

Originally conceived as an initiative centred on securing funding and investment opportunities for emerging businesses, TOP100 has matured into a comprehensive ecosystem that nurtures innovation, fosters entrepreneurship, and promotes collaboration among industry leaders, investors, and budding startups.

Bigger and bolder in 2024

To address the ever-changing landscape of technology and business, TOP100 has adapted to incorporate emerging trends and address new challenges. Whether it’s the integration of cutting-edge technologies, a focus on sustainability, or an emphasis on social impact, TOP100 remains at the forefront of identifying and supporting startups that are not only commercially viable but also align with broader societal needs and values.

Furthermore, TOP100 has become a recognised benchmark of excellence within the startup community. Startups that receive the TOP100 designation gain not only financial backing but also credibility and visibility, enhancing their ability to attract additional funding, partnerships, and customers. This recognition contributes to the growth and success of the startups involved, ultimately strengthening the overall innovation ecosystem in the region.

Also read: IN PHOTOS: The premier edition of e27’s Flux Series

Throughout the years, we’ve observed impressive success stories come out of the TOP100 program such as Gojek, Carousell, Carro, 99.co, and many more that flourished under the program. Now, with the Southeast Asian ecosystem entering a new phase of maturity and welcoming a fresh wave of startups, the TOP100 program has also adapted to address their evolving needs.

As such, this 2024, the TOP100 will be a growth program dedicated to providing startups with the platform they need to sustainably expand across the region. In addition to facilitating connections with investors through platforms like e27 Pro Connect and Echelon, both online and onsite, our commitment to supporting startups has grown even more robust. Recognising the multifaceted needs of emerging businesses, we’ve broadened the TOP100 program to encompass a comprehensive array of services aimed at nurturing holistic growth such as mentorship through coaching, private events, and media training, and business matching through our various programs and partnerships.

The TOP100 program’s evolution into a growth-focused initiative

The transformative journey of the TOP100 program is characterised by its evolution into a growth-focused initiative, strategically aligning with its overarching mission of empowering the most promising startups for success in the dynamic landscape of Asia. This evolution signifies a purposeful shift from merely identifying potential to actively fostering comprehensive growth opportunities for qualified startups.

One key pillar of this growth-focused approach is heightened visibility. Recognising the pivotal role of visibility in the success trajectory of startups, the program ensures that qualified participants receive enhanced exposure across various platforms. This expanded visibility not only serves as a catalyst for attracting potential investors but also positions startups prominently within the broader entrepreneurial ecosystem, fostering recognition and credibility.

Fundraising, a perennial challenge for startups, is addressed with strategic precision in the TOP100 program. Qualified startups gain access to a robust network of potential investors, venture capitalists, and funding opportunities. The program facilitates a seamless connection between startups and investors, streamlining the fundraising process and providing a valuable avenue for securing the necessary capital to fuel growth and innovation.

Also read: Five startups closer to bagging EUR100,000 in EQT Impact Challenge

Access to insights is another crucial facet of growth. Recognising that knowledge is a potent driver of success, the TOP100 program ensures that qualified startups have privileged access to industry-specific insights, market trends, and valuable data. This strategic information empowers startups to make informed decisions that enable them to pivot strategically and navigate the complex business landscape with a competitive edge.

Business matching, a cornerstone of the program, further amplifies growth opportunities for startups. Through strategic partnerships, collaborations, and curated networking events, the program facilitates meaningful connections between startups and key players in the industry. This not only opens doors to potential clients but also sets the stage for strategic partnerships that can drive innovation, market expansion, and overall business growth.

Join the 2024 TOP100 program

Applications for the 2024 TOP100 program are ongoing from November 1st to December 1st, 2023. Do you think you have what it takes to be a part of history? Send in your applications today!

For more information on the 2024 TOP100 program, visit our official site today.

The post Evolving startup growth: TOP100 in 2024 is tailored to your growth journey appeared first on e27.

New York-based biomaterial company TômTex has secured US$4.15 million in a seed investment round led by Happiness Capital.

Earth Venture Capital, SOSV, Parley for the Oceans, and MIH Capital also participated.

The funding will support the growth of TômTex’s Brooklyn team, fill key leadership roles, and enhance manufacturing capabilities.

Founded by Vietnamese entrepreneur Uyen Tran, TômTex aims to craft innovative materials mimicking natural life cycles, providing eco-friendly alternatives to production methods contributing to the environmental crisis.

Also Read: How biotech is changing the global agriculture game for investors

The company makes textiles from shrimp shells and mushrooms to replace conventional animal and plastic-based leathers. The product line comprises Series WS (crafted from discarded seafood shells) and Series M (derived from mushrooms). Both utilise raw chitosan, a biopolymer abundant in seafood shells and mushrooms.

The chitosan is blended with eco-friendly substances in a sustainable chemical process to produce a breathable and durable textile. It resembles genuine leather and maintains a soft texture suitable for hand-stitching and machine-sewing.

In pursuing leather alternatives to replace current animal and plastic-based materials, the fashion and automotive industries are engaged in a rapid race. TômTex’s scalability lies in utilising existing food waste to create innovative textiles. This approach contrasts with the process of lab-growing new materials, known for its time-consuming and costly nature.

The startup recently producing one hundred linear feet in this initial run with a plan for a 10x follow-up in the next few weeks.

“More than scaling, it’s a strategic step to secure new contracts and revenue, strengthening our market position,” said Tran.

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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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In a dynamic week for startups, Pawprints Inspired, an Indonesian insect-based pet food company, secured a substantial US$1.7 million funding round, coupled with the acquisition of a Japanese pet food company. Meanwhile, Australian fintech Upworth completed an AUD 1 million funding round, aiming to democratize money management. Singapore-based BeeX closed a US$2 million bridge funding round for its autonomous robotics solutions.

Additionally, RISE announced the return of its Corporate Innovation Summit with a focus on sustainable development. Indonesia’s VC landscape, as per a report by AC Ventures and Bain & Company, signals a recalibration with cautious optimism, while startup investments in Southeast Asia experienced a notable 205% jump in October. New York-based biomaterial company TômTex secured $4.15 million in a seed investment round led by Happiness Capital.

Pawprints Inspired raises US$1.7M financing

Indonesian insect-based pet food company Pawprints Inspired secured US$1.7 million in a funding round from Creative Gorilla Capital (lead), Altrui, Tujuh Bersaudara Investindo, and several individual investors participated.

In addition, Pawprints Inspired also acquired an unnamed Japanese pet food company to expand its portfolio.

Formulated in accordance with AAFCO (the Association of American Feed Control Officials) standards, Pawprints Inspired is a nutrition company supporting the digestive health and overall well-being of pets. It harnesses the power of the superfood insect protein (black soldier fly) to offer quality novel protein that is hypoallergenic, along with essential amino acids and minerals crucial for the health of cats and dogs. The products are available on Tokopedia and Shopee platforms and can also be found offline in select pet shops.

Australian fintech firm Upworth attracts funding

Upworth, an Australian fintech company that aims to democratise money management for all, has completed its AUD 1 million (US$650,000) funding round from unnamed business angels and entrepreneurs.

Sydney-headquartered Upworth provides an online platform to empower users with tools to track all their assets and liabilities in one place, plan their financial independence and grow their wealth.

The platform features a dashboard for users to track all their assets and liabilities in one place (bank accounts, investment accounts, superannuation funds, real estate, cryptocurrencies, mortgages, personal loans and alternative assets). It also gives users free access to 170,000 securities across 70-plus global exchanges and the ability to see the breakdown and evolution of their wealth.

BeeX closes US$2M bridge round

Singapore-based BeeX, which provides autonomous robotics solutions to safeguard underwater infrastructure, has closed a US$2 million bridge funding round.

Earth Venture Capital and ShipsFocus Ventures co-led the round, with the participation of SEEDS Capital, NUS Technology Holdings, and Infinita VC.

BeeX is the developer of the Hovering Autonomous Underwater Vehicle (HAUV) — A.IKANBILIS. Its robots and software solutions help energy developers, ship owners, and governments save costs to inspect their critical structures and protect their people from risky operations.

By the end of 2024, BeeX aims to launch the next-gen HAUV, BETTA, to address the demands of offshore wind inspection. The startup claims BETTA will have 10x greater power, 3x more endurance and 4x higher computing prowess. The system will leverage the fast iteration of autonomy on its smaller sibling, A.IKANBILIS.

RISE summit to promote sustainable development

RISE, one of the largest tech conferences in Southeast Asia, announced the return of its Corporate Innovation Summit (CIS) 2023. The event is scheduled for November 14-15 at Bangkok’s True Digital Park.

Themed “Accelerating Growth While Saving the World,” Corporate Innovation Summit underscores the crucial role of corporations in sustainable development. This aligns with RISE’s commitment to contribute 1 per cent of Southeast Asia’s GDP and reduce global carbon emissions by 1 per cent.

Indonesia’s VC space signals imminent upturn

Indonesia’s VC industry has experienced a significant transformation in recent years, with the past 12 months witnessing a market recalibration mainly driven by global macroeconomic headwinds, according to a new joint report by AC Ventures and Bain & Company.

While deal flow picked up quickly in 2021, increasing macroeconomic uncertainty urged caution in investing momentum, and the spillover effect from H2 2022 saw a lower number of deals and a decline in deal sizes.

The Indonesia Venture Capital Report 2023 offers deep insights into the industry’s prevailing trends, challenges, and future outlook.

Despite a degree of cautious optimism at that time, projections for 2023 are now sobering, with an anticipated 70-80 per cent decline in deal value compared to the preceding year. The funding pace in 2023 remained sluggish through Q3, standing at 0.3x compared to Q3 2022.

Startup investments in SEA in Oct see 205% jump

Tech companies in Southeast Asia secured US$684 million across 36 rounds in October 2023, according to a report by startup research platform Tracxn. This is a 205 per cent jump over the total investments raised in September and a 5.26 per cent drop from October 2022.

Seed-stage rounds dominated the overall deals with 22 deals, followed by early-stage (13) and late-stage rounds (4). In terms of the deal size, Investree topped the chart with a US$231 million raise, followed by Gojek (US$150 million), Qosmosys (US$100 million), YouTrip (US$50 million), and Inteluck (34 million).

TômTex raises US$4.15M

New York-based biomaterial company TômTex secured US$4.15 million in a seed investment round led by Happiness Capital.

Earth Venture Capital, SOSV, Parley for the Oceans, and MIH Capital also participated.

The funding will support the growth of TômTex’s Brooklyn team, fill key leadership roles, and enhance manufacturing capabilities.

Founded by Vietnamese entrepreneur Uyen Tran, TômTex aims to craft innovative materials mimicking natural life cycles, providing eco-friendly alternatives to production methods contributing to the environmental crisis.

The post Startups soar: Pawprints Inspired, Upworth, BeeX raise funding; Indonesia’s VC shift; and TômTex’s US$4.15M boost appeared first on e27.