Bitsmedia, the Singaporean company behind the Muslim lifestyle app Muslim Pro, has secured US$20 million in its Series A funding round from Gobi Partners, CMIA Capital Partners, and Bintang Capital Partners.

The funds will be used to advance the firm’s Artificial Intelligence (AI) capabilities, enrich content offerings on Bitsmedia’s streaming platform Qalbox, develop educational features, and improve the Quran experience within Muslim Pro.

Also Read: In SEA, Millennial Muslims in Indonesia are more confident about using AI for travel: HHWT

The firm is expanding its reach into the US, the UK, Indonesia, Malaysia, and new territories within the Gulf Cooperation Council (GCC) countries.

“The latest funds infusion puts us on the right track to achieving our vision of becoming the ‘Digital Home for All Things Muslim’,” said Nafees Khundker, Managing Director of Bitsmedia.

Founded in 2009, Bitsmedia is a leading tech company at the forefront of connecting faith and technology for the global Muslim community. Its flagship product, the Muslim Pro app, has clocked over 150 million downloads across 190 markets.

In July 2022, the firm launched Qalbox, a global content streaming service celebrating Muslim identities and cultures. Bitsmedia has an office in Kuala Lumpur, Malaysia.

Also Read: Driving change: Female Muslim entrepreneur accelerates success in Indonesia’s logistics-tech arena with TransTRACK.ID

Fara Abdullah, CEO of Bitsmedia, added, “Our vision for Muslim Pro is to
evolve into a comprehensive platform that meets the diverse needs of the Muslim community. This marks the beginning of our commitment to enhance the Muslim experience and drive deeper connections in their lives.”

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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 Antoine Martin, a business coach and entrepreneur who co-founded Impactified, an online coaching and self-coaching platform. Martin is known for assisting entrepreneurs in developing improved business models, focusing on creating a meaningful impact.

As a valued contributor, Martin has accumulated over 4,800 content views through seven articles he wrote. The focal themes of his contributions revolve around business strategy, development, and the pursuit of success.

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

The driving force

As a business coach, Martin has helped many entrepreneurs achieve the thriving life they desire. He manages The Accelerated MBA, a blog established at Impactified to offer tips and insights to clients and internet-based scale-up entrepreneurs.

He looked for chances to contribute to a broader audience in the Asian entrepreneurial scene through collaborations with various media outlets, ultimately becoming a part of the e27 Contributor Programme.

“Destiny helping, I was contacted by the e27 team and was invited to publish some thoughts on entrepreneurship, which I did. I have been publishing a few thoughts on e27 since then and really enjoyed the experience, particularly because e27 gave me an editor to work with and get feedback from, which is the best way to go as it challenges your style and communication skills,” he said candidly.

Also Read: Business plans vs business planning: Harnessing the power of both

Thoughts, goals, and journey

In 2019, Martin started coaching entrepreneurs and decision-makers. Initially inspired and trained by business coach Philippe Bonnet, this collaboration transformed into a growing team of scale-up advisors across Asia and Europe, working on impactful projects. Despite his inherent ambition, this career change prompted Martin to set lasting personal goals that continue to motivate him.

Martin is dedicated to developing Impactified as a cross-continent network of scale-up facilitators in his professional endeavours, providing steadfast support to entrepreneurs.

“My (and my team’s) area of expertise is business scale-up facilitation. In plain English, it means that we do our best to challenge entrepreneurs and business owners who seek support in scaling their organisations in a smart and value-building way. They have undeniable expertise in tech, textiles, or F&B, but that doesn’t mean their ideas are clear as far as piloting a business is concerned. And that is where we intervene,” he expressed.

As an entrepreneur, he ventures into projects, including a podcast studio for entrepreneurs and an online ScaleUp Academy, offering affordable opportunities for small business owners. Adding to his repertoire, Martin imparts his knowledge by teaching business modelling, innovation, and business communication to university students.

In navigating the challenges of growing a business, Martin emphasises the importance of big-picture thinking, encompassing aspects like positioning, marketing, sales strategy, HR strategy, team engagement, and acceleration strategy. Success, he believes, lies in working “on” the business with a macro and strategic vision rather than getting entangled “into” it at a micro level.

“It makes sense when you read it, but historically, we have seen many startup entrepreneurs ignore the point that they were successfully raising money and doing very well already. However, the two points are distinct, and raising money doesn’t help you think strategically or think your problems through.

The mentality is very different in the US because business coaches and other business advisors are often second entrepreneurs. However, in Asia, that is not the case yet. The good news is that as we push this message, we notice that entrepreneurs begin to think differently and look for more external advice than they used to. It’s an exciting and promising trend, I hope!”

Also Read: Exit thinking: One key mindset change to gear up and scale

Advice for budding thought leaders

Martin notes that the key is to have a message that truly matters and is worth people’s time. Whether it’s sharing recent news, industry insights, or motivation, writing like business is finding a niche that speaks to an audience and then sticking to it.

According to him, the real challenge is staying consistent.

“I find that the best way to publish regularly is to turn it into a routine. I work on building that routine myself, but you have to be honest with yourself: that’s by far the most difficult part,” he expressed.

Juggling too many things?

Expressing his commitment to regular contributions, Martin stated, “Contributing or publishing regularly is important to me, so I used to have a writing routine with time blocks dedicated to it in my calendar just to be sure content production would happen. Some people manage to make that an absolute priority, but some other important things also appear occasionally, so in my case, the contribution routing works in cycles.”

In Martin’s perspective, balancing work and personal life involves allocating time for specific tasks. While this may not always be feasible, he emphasizes the importance of understanding the reasons behind prioritising one over the other at a given moment. Martin asserts that as long as the responsibilities don’t become overwhelming, finding comfort in what one does is the primary concern.

“Personally, I strive to strike a happy balance between my entrepreneurial lifestyle and my family life. Being an entrepreneur demands a lot of energy and focus, but becoming a dad is one of those things that shift your priorities. So, finding a happy medium is essential,” he added.

Staying in the loop

“I occasionally check a few sources for information, but it’s not a priority, as excessive browsing leads to procrastination. I catch up on the news through my tailored phone’s feed during short breaks or while in transit, which usually provides sufficient information. I’m surrounded by individuals more attuned to current events, ensuring that any missed news eventually reaches me through them,” Martin shares.

Also Read: 3 key strategies to master the art of value proposition pitching

He adds, “I read many business-related books and pick ideas here and then, but when I have a moment, I also enjoy finding inspiration in the Tim Ferriss podcast. His way of looking at a broad scope of things inspires me and often gives me lightbulb moments.”

Over time, Martin has learned that in entrepreneurship, staying informed is most effectively achieved by cultivating curiosity and exploring various topics.

“Being curious and looking at what others do is one of the best ways to stay on top of what you do, together with letting others challenge you. I try to live with both principles, and I’m very excited to have the opportunity to share my own thoughts on e27,” Martin concluded.

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Are you ready to be a part of 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 Antoine Martin: Cultivating curiosity and driving impact in entrepreneurship appeared first on e27.

Southeast Asian digital general insurance platform Oona Insurance has agreed to acquire the remaining 40 per cent stake in Insular Life (InLife)’s non-life joint venture Oona Philippines, making it a wholly owned subsidiary.

The acquisition enables Oona Insurance to increase its investments and continue innovating its products and platforms to fulfil its aim of becoming the digital insurer of choice in the Philippines and Southeast Asia. Both will continue cooperating to cross-sell insurance products in the Philippines.

Also Read: AI’s transformative role: Making insurance accessible and affordable globally

InLife, on the other hand, will focus on its core life insurance and healthcare business.

“As InLife moves forward to achieve accelerated growth and continue in its journey to provide customer service excellence through digital transformation and innovation, we will continue to support Oona’s plan to strengthen its presence in the Philippines,” said InLife Executive Chairperson Nina D. Aguas.

Set up in 2021, Oona Insurance has established a presence in Indonesia and the Philippines and is fully backed by a US$350 million equity commitment from Warburg Pincus. In early September, Oona launched its “Smart Flight Delay” insurance product in the Philippines to address airline cancellations and flight time delays. Subsequently, it launched Kahoona, an intermediary distribution platform equipped with an “intuitive performance dashboard”.

Also Read: Is fintech in SEA changing its focus for further development?

InLife is a Filipino life insurance company in the country with over 113 years of service. It has a nationwide presence through its 56 branches across the Philippines.

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You may recognise the name as the world’s largest marketer of kiwifruit. Selling in over 50 countries, Zespri is a co-op that is owned by kiwifruit growers in New Zealand with a global team of 850 based throughout Asia, Europe, and the Americas.

In November, Zespri announced the launch of ZAG, the Zespri Innovation Fund, a US$2 million annual fund dedicated to accelerating sustainable innovation to positively impact the organisation’s environment, end-users, partners, growers and their communities.

“We are looking for startups, entrepreneurs, social impact enterprises, universities, research groups and NGOs in sustainable agriculture, technology, automation, compostable packaging, supply chain, logistics, and education — essentially, innovative problem solvers who can help address some of the key challenges the industry faces as it meets growing demand for Zespri kiwifruit,” explains Bryan Parkes, Head of Innovation Acceleration at Zespri, in an email interview with e27.

“ZAG is a call out to the innovators and the changemakers to pilot their promising technologies within our industry. As the world’s largest kiwifruit marketer, Zespri can scale these innovations and solutions in the more than 50 markets we operate in globally.”

The funding amount will depend on the needs of each project; ZAG does not have a minimum or maximum disbursement limit. “Our ambition is not limited by the number of projects nor size. This is a US$2 million annual fund, which will allow us to continually work with like-minded partners that have ground-breaking ideas,” Parkes says.

Also Read: Earth VC joins Israeli agritech startup Treetoscope’s US$7M seed round

In this interview, Parkes explains about the company’s investment strategy and their major plans for 2024. The following is an edited excerpt of the conversation:

What leads Zespri to start investing in tech startups? What is your investment strategy?

Since its inception more than two decades ago, Zespri has managed innovation on behalf of the industry to address the challenges confronting the New Zealand kiwifruit industry. Zespri’s focus extends beyond the individual components of the kiwifruit industry to encompass the entire ecosystem and the broader agricultural sector. Recognising that our ambitions are higher than our resources, we invite others — such as startups — to partner with us to help solve challenges impacting the industry as it meets a growing demand for Zespri Kiwifruit.

We recognise the importance of the region as an innovative hub and believe that through ZAG, we can tap into the talent and solutions incubated in this region and apply them to our kiwifruit industry.

ZAG is Zespri’s initiative to fuel innovation relating to kiwifruit. It is not a venture or investment-based vehicle. Zespri does not believe that equity is the only path to scaling solutions.

Our model for ZAG is to partner with innovators and to collaboratively pilot their concepts to accelerate and scale solutions through technology. Zespri has opted out of the equity route multiple times and has been proven to work in piloting and scaling solutions for our industry.

Also Read: Altara, Gentree Fund co-lead Kita Agritech’s US$3M seed round

What is the most notable trend in agritech today? How do you plan to tap into this opportunity?

Agritech is booming, especially with the urgent need to meet the growing demand for food. New technologies have been introduced to help producers thrive, and there will be more developments in agritech as we head into 2024. Artificial Intelligence (AI) models, cloud computing, earth observation, and remote sensing are some of the trends in agritech investments that have grown in popularity in 2023.

We have realised that there are solutions outside of the industry that could be applied to kiwifruit. Therefore, with ZAG, we plan to tap into these emerging technologies to tackle some of the industry’s biggest sustainability challenges such as automation, big-data value extraction, soil regeneration, supply chain optimisation, and packaging, just to name a few.

One of ZAG’s key focus areas is increasing production and supply chain efficiency as we enhance the environment with our production practices. By optimising supply chain management and logistics, and leveraging new technologies such as blockchain, AI, and more, ZAG aims to foster a kiwifruit industry with a positive impact on the environment while providing healthy fruit to our consumers around the world.

Another crucial aspect is the development of packaging solutions with reduced carbon emissions. ZAG seeks to drive innovation in packaging materials, working towards our goal of 100 per cent recyclable, reusable, or compostable packaging by 2025. This aligns with our broader sustainability objectives, addressing concerns related to packaging waste and environmental impact.

In essence, ZAG is a strategic investment aimed at fostering innovations that directly contribute to reducing Zespri’s environmental footprint.

Also Read: How TaniGroup faces challenges, opportunities in Indonesian agritech industry

What are agritech companies’ biggest challenges today, especially in building a profitable business?

One of the biggest challenges agritech startups and companies face today is a global decline in funding. Due to the vulnerability of the agriculture systems to climate change, investors are becoming more hesitant to inject capital. There is now a more specific focus on specific agritech sectors, especially regarding solutions for farmers and mitigating climate change.

Speaking to investors, like VCs, many of them are excited about the potential of engaging with ZAG. Zespri’s end-to-end value chain creates a unique ecosystem where investors can directly engage with growers and solution providers such as startups. This way, they would be able to engage with an entire industry rather than just a part of an industry. Investors would also understand the downstream application of the technologies they’ve invested in, which will strengthen the confidence of startups.

ZAG’s model, as a non-equity-seeking partnership, will be able to help solution providers to scale their solutions across Zespri’s value chain while simultaneously receiving financial support, without the usual restrictions of a venture capital fund.

As we move forward, it will be fascinating to witness how these trends evolve and how the agritech landscape adapts to the changing investment climate.

What is your major plan for 2024?

Zespri will continue to invest in our communities and countries where we operate. Asia is an important region for Zespri and our customers and supply chain partners. In 2024 we are focused on developing close relationships with the parties that engage with ZAG, understanding their capabilities and what we can do together to create mutual benefits.

We recognise the region’s importance as an innovative hub and believe that through ZAG, we can tap into the talent and solutions being incubated here to apply them to our kiwifruit industry.

Also Read: Schneider Electric unit joins US$2.7M financing round of SG agritech startup Agros

The main ambition for ZAG in this first year is to have at least one project scaled up and proven to have delivered benefits for our focus areas: kiwifruit, people, planet, and our communities. This aligns with Zespri’s purpose to help people, communities, and the environment, thrive through the goodness of kiwifruit.

At Zespri, the Māori belief of Kaitiakitanga is part of our DNA. Kaitiakitanga is a Māori term used for the concept of guardianship, for the sky, the sea, and the land. Our ESG efforts, especially with the innovations that ZAG will support, are looking to overcome bigger problems for the environment and its people.

The idea that we can use the fund to reach out and engage with a broader set of people with amazing skills who want to work with us is one of the philosophies of the fund. We have done some amazing things in the past through our innovation investments with start-ups, but ZAG is an opportunity to take us a big step forward.

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Image Credit: Zespri

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Steve Brotman is an entrepreneur, investor and the founder and Managing Partner of US-based Alpha Partners. Prior to Alpha Partners, he co-founded Greenhill SAVP and Silicon Alley Venture Partners. He invested in 30 portfolio companies from these two funds.

His current company, Alpha Partners, is a global growth equity firm that co-invests with early-stage VCs to help them leverage unused pro-rata rights. The firm seeks partners in Asia Pacific for future opportunities amid broader pressures among VCs and startups.

e27 spoke with Brotman, Founder and Managing Partner of Alpha Partners, about the company’s plans in Asia and opportunities and trends in the tech industry.

Edited excerpts:

Can you share the story of the motivation behind co-investing with early-stage VCs to leverage unused pro-rata rights?

Alpha Partners seeks to be different from traditional VC and private equity (PE) firms. Our model is built on collaboration rather than competition.

Early-stage VCs often uncover exceptional opportunities but may lack sufficient capital to exercise their pro-rata rights in subsequent funding rounds fully. These rights are crucial as they allow investors to maintain their ownership stake in a company during new funding rounds.

Also Read: AI will have more impact on our future than blockchain: Dusan Stojanovic

Our strategy to co-invest with early-stage VCs serves several purposes. Firstly, it enables us to access high-potential, later-stage deals that we might otherwise miss. By utilising the unused pro-rata rights of our VC partners, we can invest in companies at a growth stage, which aligns with our investment thesis focused on accelerating private technology companies.

Secondly, this approach benefits our VC partners. It gives them the capital to maintain a significant stake in the companies they have nurtured early. It allows them to monetise this opportunity as we share profits with them. This collaboration strengthens our relationships with these VCs, fostering a network of mutual support and shared success.

We aim to generate not just financial returns but also to contribute positively to the broader entrepreneurial ecosystem. By supporting early-stage VCs, we indirectly aid a diverse range of startups and entrepreneurs, fueling innovation and growth in the technology sector.

Given your interest in Asia Pacific, what specific trends or opportunities are you observing, and how does Alpha Partners plan to navigate and capitalise on them? What are your focus verticals/sectors in APAC, and why?

My interest in APAC stems from its rapidly evolving technology landscape and burgeoning entrepreneurial spirit. This region presents unique trends and opportunities that Alpha Partners keenly observes and aims to capitalise on.

One of the most striking trends is the rise of digital economies, particularly in Southeast Asia. The region has seen a surge in digital services, e-commerce, fintech, and a growing adoption of mobile technologies. This shift is due to technological advancements and a young, tech-savvy population quickly embracing digital solutions.

Another key trend is the increasing investment in artificial intelligence and machine learning across various sectors. Countries like China and South Korea are making significant strides in these areas, which opens up many opportunities for innovative applications in industries such as healthcare, education, and smart cities.

As for focus verticals, Alpha Partners is particularly interested in sectors where technology can create a significant impact and where the region has shown a strong growth trajectory. These include e-commerce and digital marketplaces, fintech, health tech, and edutech.

We plan to leverage our strong network of relationships with VCs and industry experts in the region. Our approach is to partner with local players with deep market insights and understand their respective markets’ unique challenges and opportunities. This strategy provides us access to promising investment opportunities and enables us to add value through our expertise in scaling businesses.

Do you plan to raise and set up a separate fund for APAC? Can you share details?

Though I can’t disclose details about a separate APAC fund, I can say that we see a strategic advantage in creating a dedicated APAC fund. However, doing this would require thorough market analysis and alignment with our core investment philosophy of driving value and fostering innovation in the technology sector. We are in learning and exploring mode and are open to discussing leveraging our model in the region with local partners.

In the context of broader industry trends, how do you see the current landscape for startups and VCs, and what challenges and opportunities do you anticipate shortly?

I see a dynamic and evolving environment shaped by several key trends, challenges, as well as significant opportunities.

Also Read: Turn Capital: Navigating turnarounds and sustainable growth

One of the most prominent trends is the continued digital transformation across various industries. This has led to a surge in demand for technology-driven solutions in AI, machine learning, fintech, healthtech, and edtech. Startups operating in these domains are poised for substantial growth, given their potential to disrupt traditional industries and create new market opportunities.

Another trend is the globalisation of the startup ecosystem. We’re seeing innovative companies emerging from diverse geographical locations, not just the traditional tech hubs. This global spread presents a broader array of investment opportunities for VCs.

However, the landscape faces some challenges. One significant hurdle is the increased competition for funding among startups. With more companies vying for investment, differentiating oneself and demonstrating a clear value proposition is more crucial than ever. The current economic climate can impact fundraising efforts and valuations.

In the context of VC, the challenge lies in identifying and investing in startups that not only have innovative solutions but also a sustainable business model and the potential for scalability. The emphasis has shifted from merely funding the “next big idea” to making strategic investments in companies that show a clear path to profitability and long-term growth.

Looking ahead, we will continue to emphasise technology-driven solutions, particularly those that address pressing global issues like healthcare, education, and environmental sustainability. There will also be a growing focus on startups that leverage data and analytics to drive decision-making and operational efficiency.

Another opportunity lies in fostering more inclusive and diverse startup ecosystems. There’s increasing recognition of the value brought by founders and teams from varied backgrounds, which can drive innovation and open up new markets.

With your background in entrepreneurship and investing, how do you balance a company’s strategic vision with the financial considerations as an investor?

As an investor, balancing a company’s strategic vision with financial considerations is a nuanced process that requires a deep understanding of both sides of the equation.

Throughout my entrepreneurial journey, I’ve learned the importance of a clear and compelling strategic vision. This vision drives a company’s direction, innovation, and, ultimately, its success. It’s essential for inspiring the team, attracting customers, and differentiating the company in the market.

However, as an entrepreneur, I learned that vision without a viable financial plan is unsustainable. It’s crucial to align the strategic vision with practical, achievable financial goals.

As an investor, my approach involves a thorough analysis of a potential investment’s strategic and financial aspects. On the strategic front, I look for companies with a robust and unique value proposition, a scalable business model, and the potential to impact their industry significantly. This involves understanding the market dynamics, the company’s competitive edge, and the feasibility of its long-term goals.

On the financial side, my focus is on evaluating the company’s financial health and potential for sustainable growth and profitability. This includes analysing revenue trends, cash flow, cost structures, and the overall scalability of the business model. As an investor, it’s crucial to ensure that the company’s financials are robust enough to support its strategic ambitions.

The key to balancing these aspects is open communication and alignment of interests. As an investor, I engage with the company’s leadership to understand their vision and discuss how it aligns with practical financial considerations. It’s about finding a middle ground where the company’s aspirations are supported by a realistic and achievable financial strategy.

How does Alpha Partners approach risk management and strategic investment planning considering the global economic landscape?

We focus on diversification, not just in terms of geography but also across sectors and stages of company growth. This diversification strategy helps mitigate the impact of market volatility and sector-specific downturns.

We also place a strong emphasis on due diligence. This involves a comprehensive analysis of potential investments, including a deep dive into their financial health, business models, market potential, competitive landscape, and management team quality. Understanding these elements helps us assess each investment’s inherent risks and potential returns.

Also Read: 30 top-funded Southeast Asian startups in 2023

In terms of strategic investment planning, we maintain a long-term perspective. While we remain agile to capitalise on immediate opportunities, we focus on sustainable growth and value creation over time. This means investing in companies that show short-term potential and have a clear path to long-term success and scalability.

Lastly, we focus on proven industry sectors and recession-resilient ones. Sectors kike healthtech, edtech, govtech, and cyber security all will do well regardless of the economic climate.

What emerging technologies or industries do you find most intriguing, and how does Alpha Partners position itself to explore opportunities in these areas?

I find several emerging technologies and industries particularly intriguing, and our firm is strategically positioned to explore opportunities in these areas.

Firstly, AI is at the forefront of technological innovation. Its potential to transform industries is immense, and it can drive efficiencies, enable new business models, and create value in unprecedented ways. We are actively looking for companies leveraging AI and ML innovatively, particularly those with a clear application and a path to commercialisation.

Another area of interest is fintech, especially with the rise of blockchain and cryptocurrency. How these technologies reshape financial transactions, asset management, and even traditional banking structures is fascinating. We are keen on exploring companies that are not just using blockchain as a buzzword but are genuinely creating disruptive solutions in the financial sector. So far, we have not seen anything of interest, but as we are not beyond the boom-bust part of the hype cycle, it’s an excellent idea not to write off this technology.

Healthtech is also a sector that holds significant promise. With the world’s focus on healthcare due to recent global events, innovations in telemedicine, personalised medicine, and medical data analytics are areas we are closely monitoring. We believe these technologies can potentially significantly improve healthcare delivery and patient outcomes.

In terms of positioning, this is where we leverage our extensive network of over 900 VC relationships to identify and access cutting-edge opportunities in these sectors. This network is invaluable for gaining insights into emerging trends and technologies.

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