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.

===========

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.

—

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.

The post TômTex secures US$4.15M to make eco-friendly textiles appeared first on e27.

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.

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.

Founded by Alexandre Chavotier (CEO), Carlos Rios (CTO), and Maxime Chaury (COO & CMO), 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.

Also Read: A penny saved is a penny earned: How Vircle cultivates money-smart kids

All customer data is stored in Australia, and the data exchanges are subject to AES-256 military-grade encryption protocols.

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.

In addition, Upworth provides a control tower to leverage open banking and artificial intelligence (AI) to share unique insights and help consumers grow their wealth. It includes a mortgage refinancing module enabling anyone to see in 60 seconds if they can save money on their loans.

The platform also enables consumers to access financial products efficiently that fit their needs, starting with home loans.

Also Read: What stands in the way of fintech growth in Asia?

Upworth is also an authorised credit representative in Australia, working with a panel of 30-plus lenders, including ANZ, Westpac, NAB, and Bankwest.

—

The post Fintech startup Upworth secures funding to democratise money management appeared first on e27.

In a groundbreaking development for the digital asset landscape in Malaysia, CoKeeps recently announced that it has secured full approval as the country’s inaugural Digital Asset Custodian (DAC) from the Securities Commission Malaysia (SC). According to the company, this endorsement positions CoKeeps as a qualified entity entrusted with the responsibility of safeguarding cryptocurrencies in a manner compliant with regulatory standards.

The approval by the SC signifies a significant step forward, indicating the regulatory body’s acknowledgement of the increasing adoption of digital assets by both individuals and institutions.

CoKeeps CEO Suhanna Husein expressed the company’s gratitude for the approval after three years of diligent work in developing a robust DAC solution with the guidance of the SC.

Husein commended the SC for its pioneering role in formulating a systematic approach to regulating digital assets, citing the guidelines as a clear roadmap for this asset class’s secure and responsible evolution.

“We are committed to working closely with the SC to ensure that our DAC solution meets the highest regulatory standards, and we are excited to play a leading role in the development of the digital asset ecosystem in Malaysia,” added Husein in a press statement.

Also Read: Mobee launches crypto exchange in Indonesia, secures funding

CoKeeps distinguishes itself through its proprietary technology, the CoKeeps Wallet, which the company describes as an institutional-grade digital asset management tool. Leveraging decentralised security and multi-party computation (MPC) methodology, the CoKeeps Wallet removes single points of failure commonly associated with storing cryptocurrencies. The platform offers a range of features, including cold wallets, hot wallets with API access, and smart contract solutions.

Husein highlighted the uniqueness of CoKeeps’ security features, built to withstand both external and internal threats. The company primarily targets the B2B market, catering to institutional players such as digital asset exchanges, trustees, fund managers, custodians, and investment banks. Nevertheless, CoKeeps also extends its services to individuals with substantial holdings.

In an email to e27, Caleb Khew, Head of Operations at CoKeeps, outlined the company’s approach to user acquisition, relying on word of mouth, industry events, and traditional cold calling. Despite the industry’s current size, Khew is optimistic about future growth, anticipating increased interest as the digital asset market expands.

Operating with a team of fewer than 10 people, CoKeeps has undergone two rounds of angel investments.

Recognising the Malaysian market’s cautious approach, Khew emphasized the company’s strategy to address specific issues for each target customer segment, simultaneously exploring opportunities in other countries with digital asset-friendly jurisdictions.

Also Read: Binance acquires Japanese crypto exchange SEBC

The company actively engages with regulated entities in the capital market, collaborating with recognised market operators, digital asset exchanges, and financial institutions incorporating the digital asset class into their offerings.

CoKeeps aims to fill a crucial gap in the market by providing security solutions that authenticate every action at each layer, mitigating the risk of insider threats and enhancing trust in the digital asset ecosystem.

—

Image Credit: CoKeeps

The post How CoKeeps achieves its milestone as Malaysia’s first approved digital asset custodian appeared first on e27.

Pawprints Inspired, an insect-based pet food company in Indonesia, has received US$1.7 million in funding led by Creative Gorilla Capital (CGC), a collaboration between Future Creative Network and Vynn Capital.

Altrui (Japfa Comfeed Family Office), Tujuh Bersaudara Investindo (Tigaraksa Satria Family Office), and several individual investors participated.

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

Also Read: From pet abandonment to pet care ease

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.

Founder and CEO Jacqueline Sulistyo said: “Pawprints Inspired creates pet foods that are nutritious and biologically appropriate for better animal welfare. Our focus is on innovation, like our insect-based Pawprints products featuring organically farmed Black Soldier Fly, hormone-free with complete proteins, prebiotics, and antimicrobial properties. As a holding group, Pawprints Inspired will continue to develop products and new business areas that support pet digestion and immunity.”

Since its launch in June 2023, Pawprints claims to have recorded a monthly sales growth of over 4.6x, expanded its network in 11 major cities, and made its products available in over 500 offline stores in Indonesia.

Also Read: How telemedicine can revolutionise the veterinary world?

In February 2024, Pawprints is set to launch its insect-based dog food product.

Research on Pet Care in Asia Pacific conducted by Euromonitor indicates a growing impact of the pet humanisation concept on consumer buying behaviour in Indonesia. The rise in income and demographic changes have shifted pet owners’ perspectives from mere ownership to pet parenting, now considered part of the family. This has spurred demand for products that support pet well-being.

Data from Growth Market Reports estimates sustained growth for the pet food market in Indonesia at US$2.09 billion in 2022, projected to exceed US$4.73 billion by 2031, with a CAGR growth of 9.5 per cent during the forecast period 2023-2031.

The post Indonesia’s insect-based pet food company Pawprints Inspired bags US$1.7M financing appeared first on e27.

Vietnam has the fastest digital economy growth rate in Southeast Asia in 2023 and will continue to be one of the fastest-growing Digital Economies in the period 2023-2025.

On November 6, Google Corporation, Temasek Company, and Bain & Company released the 8th Southeast Asia Digital Economy Report. This report updates the Digital Economy trends of six countries including Indonesia, Malaysia, Philippines, Singapore, Thailand, and Vietnam.

Despite fluctuations in the global macro economy, the report shows that the region’s gross merchandise value (GMV) continues to increase and is expected to reach US$218 billion, up 11 per cent over the same period last year. (YoY).

The report also shows that revenue from the Digital Economy of Southeast Asia is expected to reach US$100 billion this year.

Vietnam leads in digital economy growth

The report clearly shows that Vietnam has the fastest Digital Economy growth rate in Southeast Asia for the second consecutive year (2022 and 2023) and is forecast to continue to hold this position in 2025 ( tied with the Philippines).

Vietnam’s gross merchandise value (GMV) is expected to reach a compound annual growth rate (CAGR) of 20 per cent, from US$30 billion in 2023 to nearly US$45 billion in 2025. GMV growth in the two Next years will be led by e-commerce and online travel.

Also Read: 

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. 2025.

The tourism industry is forecast to fully recover this year, mainly thanks to the strong growth of domestic tourism. Online travel has grown 82 per cent in the past year and is expected to grow by 21 per cent compound annual growth rate (CAGR) from 2023 to 2025, with a GMV expected to reach US$7 billion.

Also according to the report, other important sectors that continue to grow and contribute to promoting Vietnam’s Digital Economy include the Transportation and Food industries (Food Delivery Services) and Online Media.

This sector has grown by 10 per cent from 2022 to 2023, CAGR is expected to increase by 16 per cent from 2023 to 2025 and is forecast to reach US$4 billion by 2025.

The online media sector in Vietnam increased by 11 per cent in the period 2022-2023, with GMV expected to reach US$7 billion in 2025 with a compound annual growth rate of 15 per cent in the period 2023-2025.

Digital payment in Vietnam is exploding

According to the report, Digital Financial Services (DFS) are growing rapidly compared to initial growth and Vietnam has the fastest-growing Digital payments in Southeast Asia in 2023.

The irreversible shift from offline to online behaviour continues to drive Digital Financial Services (DFS) adoption forward.

While the adoption rate of Digital Payments in Southeast Asia has reached 50 per cent, Vietnam is also driving this trend and will become the fastest-growing country in Digital Payments, increasing by 19 per cent from 2022 to 2020. 2023 and will continue to grow at 13 per cent CAGR in the period 2023-2025.

Also Read: 

Digital Payment in Vietnam will continue to grow thanks to strong support from the Government, investment activities of commercial banks, and the popularity of QR codes. This trend is forecast to accelerate when the State Bank encourages non-cash payment services in rural and remote areas.

Mr. Marc Woo, Managing Director, in charge of Vietnam for Google Asia – Pacific shared: “Vietnam’s Digital Economy is developing in the right direction. Google will continue to comprehensively support the Digital Economy National Number, through many programs across the country, promote Vietnam’s technology startups, and invest in local talent from basic training to students and workforce through the Human Resources Development Program digital resources to provide in-depth training for technology startup leaders.”

Digital engagement needs to expand to enable the next wave of growth.

While digital inclusion has made significant strides in Southeast Asia over the years, when it comes to digital participation– active participation in the digital economy through consuming products or services in many sectors, consumers in areas outside of major urban areas are at risk of experiencing a growing digital divide.

Hanoi, Ho Chi Minh City, and Da Nang are the top three major cities in terms of digital engagement in Vietnam, but this gap is widening in areas outside the major cities. In particular, rural areas are more vulnerable to challenges from economic actors.

Also Read: 

Addressing these gaps is a shared responsibility across many actors in the digital economy. Besides, removing barriers, such as supply and security issues, can also improve the participation of low-spending groups and help Vietnam’s digital economy achieve its growth goals.

Increasing operational efficiency and improving user experience will be key for businesses to achieve profitable growth, and AI can help make this happen.

New technologies like AI can benefit both businesses and consumers in a variety of ways. Benefits include improved operational performance in the areas of inventory management and route optimization while driving deeper digital engagement and engagement through Personalized content recommendations in online communications. AI can also play an important role in detecting and preventing fraud, increasing security for both merchants and consumers.

–

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: Tron Le on Unsplash

The post Is Vietnam Southeast Asia’s fastest-growing digital economy? appeared first on e27.

e27 has been dedicated to nurturing a supportive ecosystem for entrepreneurs since its inception. Our Contributor Programme offers a platform for sharing unique insights.

As part of our newly introduced ‘Contributor Spotlight’, we shine a weekly spotlight on an outstanding contributor and dive into the vastness of their knowledge and expertise.

This episode features Viktor Kyosev, Chief of Staff at Docquity, a Series C healthtech startup. He also wears the hat of Entrepreneur in Residence at BigBang Angels, a South Korean VC firm.

Kyosev, a contributor since 2021, consistently covers diverse topics, emphasizing Web3 sector developments and startup growth. His contributions have garnered over 32,000 views.

Kyosev shares his personal and professional journey in this episode of Contributor Spotlight.

The driving force

Kyosev reflected on a quote that struck a chord with him: “If you’re overthinking, write. If you’re underthinking, read.” This sentiment held a deep resonance for him. He expressed that his inherent motivation to share insights arises from his dual roles as an enthusiastic reader and a builder, yielding a wealth of knowledge.

How it all began

Kyosev reflected on a journey that began 12 years ago when he left Bulgaria for Denmark with US$500. He viewed this move as a natural progression despite scepticism. Financial challenges in Denmark included obtaining BA and MA degrees, starting businesses, and connecting globally.

Afterwards, he moved to Southeast Asia, settling in Singapore. Throughout this decade-long journey spanning seven countries, his focus on startups remained. In Singapore, Kyosev channels insights into content creation, concentrating on Southeast Asian startup dynamics.

Kyosev shared, “I hesitate to label myself an ‘expert,’ but I frequently pen thoughts on early-stage startups, the journey from 0 to 1, sales, marketing, and navigating business in Southeast Asia. Recently, I’ve been delving into longevity and preventive health.”

Advice for budding thought leaders

Kyosev’s acknowledgement as a ‘Top Voice in Entrepreneurship’ on LinkedIn underscores the value of his insights. He shares lessons derived from his journey.

Consistent posting offers dual benefits:

• It hones your skills
• It plays well with most platform algorithms.

Kyosev shares what he has learned and practised:

• Support squad: I’ve connected with nine individuals with similar audience-building goals. We boost each other by engaging with likes and comments daily. This initial push can amplify a good post’s reach significantly.
• Engage more, gain more: I’ve garnered a supportive community in return by actively commenting on others’ content.
• Interact and connect: Always respond to comments. Meet with your followers in person; it strengthens the bond.
• Regular review: Every quarter, I assess my posts. Which narratives clicked? What topics resonated? How did the format influence engagement? This helps refine my approach.

His winning formula:

• Succinct posts.
• The bullet-point style for clarity.
• Direct, relatable language stemming from my startup journey.
• Weaving in compelling stories.

Idea repository:

I also maintain a structured bookmark folder on Twitter, categorising inspiring tweets. This treasure trove often sparks more detailed content ideas.

Staying in the loop

“I am very selective about who I follow online, so my Twitter feed is well-curated. Beyond this, I immerse myself in roughly 20 books each year and regularly tune into insightful podcasts,” Kyosev shared about staying informed.

Kyosev also offers podcast recommendations, including My First Million, Acquired, Founders, Invest Like the Best, All-In, The Tim Ferris Show, Lenny’s Podcast, Everything by Naval, and Huberman Lab.

“Like many pursuits in life, practice makes perfect. Dive in and start writing. Surround yourself with inspiring voices, analyse their styles, and don’t hesitate to borrow ideas initially while you find your unique voice,” says Kyosev.

In conclusion, Kyosev advises individuals to solidify their presence in one area before branching into various topics. He emphasizes that establishing a foundation first will pave the way for easier expansion of horizons.

—

Are you ready to join a vibrant community of entrepreneurs and industry experts? Do you have insights, experiences, and knowledge to share?

Join the e27 Contributor Programme and become a valuable voice in our ecosystem. 

The post Spotlighting Viktor Kyosev: Nurturing insights in Southeast Asian startup dynamics appeared first on e27.

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.

Also Read: Wealthtech, insurtech, SaaS fintech are the new hot verticals in Indonesia: AC Ventures report

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.

While the year has been challenging for the VC sector, the overall growth outlook is positive, given that the Indonesian VC landscape is becoming more mature. Following the surge in VC investments driven by rebounding investor confidence during 2020-2021, investors are now more measured and rational in their approaches.

The report highlights a significant shift in investor priorities, emphasising startups that showcase strong unit economics, leaner valuations, and clear paths to profitability. This is further evidenced by the declining conversion rates from seed to Series A/B funding rounds.

One of the standout insights from the report is Indonesia’s resilience against global trends. While the global VC deal value declined by 20-40 per cent, Indonesia maintained a stable VC deal value in 2022 on a year-over-year (YoY) basis at US$3.6 billion. Further, the archipelago registered a 20 per cent YoY increase in deal volumes in the same year.

Attractive macroeconomic fundamentals suggest that Indonesia remains a bright spot in the region and will provide a favourable climate for startups. With a young and burgeoning middle class, Indonesia’s GDP per capita grew by 4.6 per cent in 2022. Household consumption, a significant economic driver, accounted for 55.6 per cent of the GDP. The digital economy is on an upward trajectory, reaching a notable US$77 billion in 2022.

For Indonesia to stay on its growth trajectory, it must navigate macro headwinds such as the ongoing US-China tensions, the upcoming 2024 elections, increased pressure on major tech players to achieve profitability, and the evolving regulatory landscape.

The report also provides deep dives into key investment themes. While platform-based businesses in sectors like e-commerce and mobility dominated pre-2020, there was a discernible shift toward fintech subsectors and new retail models such as direct-to-consumer (D2C) during 2020-2022, mainly driven by the rapid increase in digital adoption during the Covid-19 pandemic. The emerging investment themes for 2023 and beyond point toward an increased focus on ESG, climate tech, electric vehicles, health tech, and D2C brands.

Also Read: Indonesia needs more female investors willing to back female founders: Helen Wong of AC Ventures

On the exit outlook, the traditional preference for trade sales gives way to a rising trend in initial public offerings (IPOs). However, market pressures and a post-2022 funding environment could dampen spirits around mega-IPOs.

The report suggests an imminent upswing in Indonesia’s VC industry. Early-stage deals, especially in burgeoning sectors like electric mobility and healthcare, are expected to dominate VC activity soon. Late-stage startups will likely update their strategies, emphasising profitability above all else. Global investors are optimistic about Indonesia, with the digital economy projected to touch US$360 billion by 2030 and initiatives like the IDXCarbon launch signalling Indonesia’s commitment to a net-zero future.

—

The post Indonesia’s VC space sees resilience, signals imminent upturn in 2023 appeared first on e27.