In the digital native age, online shopping has become the norm for consumers around the world. Gone are the days when brick-and-mortar stores were the primary way of purchasing products. In fact, if brands and businesses are not yet digital and are not using e-commerce to reach their customers, they stand the risk of cataclysmic failure.

With the e-commerce market continuing to grow, businesses are seeking innovative ways to stand out from their competitors and provide personalised experiences for their customers. The shift in consumer demands has led to businesses turning to artificial intelligence (AI) to provide more engaging and personalised content for online shoppers.

Engaging and interactive content has been proven to increase online sales. This is evident in the rise of live-stream e-commerce, a highly interactive shopping format. A Statista survey revealed that 30.3 per cent of Singaporean consumers had used live commerce for shopping, with a further 49.1 per cent of respondents saying they are aware of it but are yet to use it.

With this in mind, businesses are increasingly looking to optimise engagement using AI-powered tools such as chatbots that can provide personalised recommendations and answer customer queries in real-time.

Benefits of AI-powered e-commerce tools for businesses

These chatbots provide a tailored experience for customers, making it easier for them to find products they may be interested in. AI-powered product recommendations also provide a personalised shopping experience, increasing the chances of customers making a purchase.

Also Read: Hard work takes over when talent fails: Latif Sim of BeLive Technology

New technological developments are also changing the way businesses engage with online shoppers. Augmented reality (AR) and virtual reality (VR) for instance enable customers to virtually try on clothing and accessories or even visualise how furniture will look in their homes.

This provides a more immersive and interactive experience for customers, making them more likely to make a purchase. For example, Sephora, a leading cosmetics retailer, turned to AR technology through their Virtual Artist app to provide virtual try-ons for their products. Customers can now use their mobile phones to virtually try on lipstick shades, making it easier for them to make purchase decisions.

The impact of the pandemic has also had a significant effect on online shopping strategy. With the closure of physical stores and increased online shopping, businesses have had to adapt and find new ways to engage with customers. Many have turned to live streaming as a way to showcase products and provide a more personalised experience for customers.

Live streaming has evolved to include interactive features, where customers can ask questions and receive immediate responses. Nike, a global sports brand, used live streaming to launch its latest sneakers. Their Nike Training Club app provides personalised workout plans and training sessions based on the user’s fitness goals, while also offering interactive features like social sharing and leaderboards.

In addition to this, the company created a virtual event where viewers could watch a live stream of the product launch and interact with experts to get more information about the sneakers. This helped increase their engagement with the brand and ultimately drive sales.

Brands like IKEA and Wayfair have integrated interactive 3D and augmented reality features into their online shopping experiences, allowing customers to see how furniture and home decor items will look in their homes before making a purchase.

Another area where technology is having a significant impact on content creation is through the use of generative AI. Traditional video creation methods can be time-consuming and expensive. However, generative AI can help streamline the video creation process and reduce costs in several ways.

For example, automated video editing and AI-powered script writing eliminate the cost of labour, speed up the creation process, and produce a high-quality end product. Similarly, generative AI can be used to create video scenes that include background imagery, characters, and other visual elements. As such, the cost of hiring designers and artists is avoided.

Also Read: Beyond live shopping: What’s next?

The future of e-commerce: Emerging technologies and trends

The latest iteration of the digital age has transformed the way businesses engage with consumers, and the shift to online shopping has only accelerated this trend. To succeed in the highly competitive e-commerce market, brands must leverage the latest technology and trends to provide engaging and personalised experiences for their customers.

From AI-powered chatbots and product recommendations to augmented and virtual reality experiences, businesses have a plethora of tools at their disposal to create immersive and interactive shopping experiences.

The pandemic has further accelerated the adoption of these technologies, with live streaming and social media integration becoming increasingly popular among retailers. By embracing these trends, businesses can stand out from their competitors and thrive in the ever-evolving world of e-commerce.

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In addition to fundraising developments, this week also witnessed some acquisitions, big partnerships, and fund launches.

Take a look at the major happenings reported from across the region this week.

Comma3 Ventures makes first close of US$45M Web3 fund

Comma3 Ventures made the first close of its Web3 fund at US$20 million. The target size is US$45 million.

Diverse institutional investors, family offices, well-known executives and high-net-worth individuals in Taiwan and Singapore invested in the fund.

Comma3 Ventures is composed of three GPs: Nicole Liu, Ivan Li, and Denny Yang. Through their projects, the GPs have previously invested in various projects, such as Zilliqa, Polygon, Klaytn, Thetan Arena, Highstreet, Tranchess and Cetus.

AnyMind Group agrees to acquire DDI

Singapore-based commerce enabler AnyMind Group agreed to acquire all shares of smaller rival PT Digital Distribusi Indonesia (DDI).

The terms of the deal remain undisclosed.

This is AnyMind’s first acquisition in Indonesia.

With this, DDI will become a wholly-owned subsidiary of AnyMind Group.

This is the first acquisition agreement by AnyMind since its listing on the Tokyo Stock Exchange Growth Market on March 29, 2023.

Through this acquisition and by combining the capabilities of both companies, AnyMind Group looks to form the basis to accelerate expansion into the e-commerce space in Asia.

Flash Coffee extends Series B round to US$50M

Singapore-based tech-enabled coffee chain Flash Coffee announced the completion of its Series B financing round led by White Star Capital. With this, the total amount raised from this round touched US$50 million.

Existing investors, including White Star Capital, Delivery Hero, Geschwister Oetker, and Conny & Co, participated in the financing round – several of them further increased their stake in the company.

The new funds will be channelled towards accelerating the company’s mission to achieve group-level profitability. This includes sustainably growing its footprint across the Asia Pacific region, serving customers in Singapore, Indonesia, Thailand, Hong Kong and South Korea, doubling down on technology and product innovation and further developing the sales performance of existing stores.

SCG acquires Indonesia’s Seekmi

Thai company Siam Cement Group (SCG) announced that it acquired Indonesian home service marketplace Seekmi for an undisclosed sum.

Following the acquisition, Seekmi will continue to use its brand while Founder and CEO Clarissa Leung will have the role of Advisor.

With the acquisition, SCG’s subsidiary Q-Chang can immediately gain a foothold in the service industry in the market with nearly 300 million people and one of the fastest-growing middle-class populations in the world.

SCG has been eyeing to expand its Q-Chang business into Indonesia in recent years after experiencing rapid adoption of its platform in Thailand.

Ruangguru acquires Vietnamese edutech firm Mclass

Indonesia-based edutech startup Ruangguru announced that it had completed an acquisition of Mclass, a live teaching edutech platform in Vietnam, for an undisclosed sum.

In a press statement, Ruangguru said the acquisition is a strategic move to expand its reach and capability in the market, following its launch in Vietnam through its subsidiary Kien Guru.

“We are thrilled to welcome Mclass to the Ruangguru family. Together with Kien Guru, we believe that Mclass’s reputation and understanding of online learning can further strengthen our offerings and business in Vietnam and Southeast Asia (SEA),” said Belva Devara, Co-Founder and CEO of Ruangguru.

Stripe, WhatsApp introduce in-chat payments feature for businesses

Stripe, a financial infrastructure platform for businesses, partnered with WhatsApp to allow Singapore businesses to accept payments directly in WhatsApp chats.

The new feature is built on Stripe Connect and Stripe Checkout, and enables Singapore customers and businesses to buy and sell directly in WhatsApp without having to go to a website, open another app, or pay in person.

The option to enable payments on WhatsApp in Singapore is available to local businesses using the WhatsApp Business Platform, which will include a Stripe account. The feature is currently available to a small number of Singapore-based businesses and will be available to many more in the coming months.

Supported payment methods include credit and debit cards, and PayNow, a real-time payment system popular in Singapore.

East Ventures, Trihill invest in Uena

UENA, a hyperlocal online F&B startup based in Indonesia, raised an undisclosed amount in funding co-led by existing investor East Ventures and new investor Trihill Capital.

This new round, closed in Q1 2023, strengthens Uena’s balance sheet following the seed funding raised in September 2022.

The new capital will be used to continue expanding the locations and services to reach more users and customers.

“The majority of our orders come from repeat customers and their orders continue to increase from month to month. Even though we have only been operating for less than one year, the mature stores are already break-even and getting a healthy payback period. The new fund adds our confidence to continue capturing the great opportunity ahead,” said Alvin Arief, Co-Founder and CEO.

SMBC, Incubate Fund launch new US$200M fund

Sumitomo Mitsui Banking Corporation (SMBC Group) co-founded the corporate venture capital fund “SMBC Asia Rising Fund” with Incubate Fund in Singapore. The fund managed is US$200 million, and its purpose is to accelerate business development and partnerships through investments in high-potential Asian startups.

Through this CVC, SMBC Group will enhance its business and provide clients with new solutions by uncovering/applying new technologies via partnerships with investee firms and developing new business models/products.

It will also enhance the value of its investee financial institutions in Asia by collaborating with startups looking to invest in areas such as lending tech, payment, supply chain finance, Banking-as-a-Service, and digital assets.

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Echelon Asia Summit 2023 is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here.

Echelon also features the TOP100 stage, where startups get the chance to pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.

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Amidst the challenges of a tough funding climate, e27 is launching an exciting new article series called Angel’s Advocate to provide fresh perspectives on angel funding. In this exclusive series, we sit down with prominent angels to hear their stories and strategies and gain unique insights about the early-stage financing space.

Yi Ming Kau is the founder and venture partner at Krux Asia, a venture-building studio and consultancy firm, whose focus is to help corporations innovate and establish new ventures. He is a strategic advisor to TechStorm, Smobler Studios, and several other startups.

Kau is also an angel investor and an investment committee member of Angel School, a network of more than 1,000 angels, which has deployed more than US$4 million in over 15 startups.

In this edition, Kau shares her take on angel funding.

Edited excerpts:

How do you typically approach investing during a funding winter?

My investment philosophy doesn’t change very much regardless of funding cycles but a funding winter allows angels to play a more significant role than otherwise.

• VCs are more cautious and move slower, allowing angels more time to evaluate deals and make investments in otherwise fast-moving deals.
• Deal valuations also become more favourable, even allowing opportunities to partake in later rounds or secondaries.

What are your typical investment criteria, such as industry, stage, and geographic location?

Generally, it is mostly weighed on team, market and product in that order, but depending on the geographical location and the maturity of the startup ecosystem, the criteria vary. In the US, I tend to place more value on the depth of the technology and the experience of the team. In SEA, I tend to look at the potential of the market more.

Can you describe your investment process from initial contact to closing a deal?

My investments are driven by trust and relationship-based philosophy. As I don’t make a lot of investments, I tend to spend more time understanding and interacting with the team. While this means I have to pass on deals that are “urgent” or have a limited timeline, I feel more at ease with the investments I make.

I do a pre-evaluation test as a filter criterion; this is mostly on sector, stage and problem. The next level is a more in-depth study of the team, market and product before making a decision.

How do you evaluate a startup’s potential for growth and success?

The tenacity and commitment of the team are important as things are not guaranteed and are uncertain. The next is looking at the market, particularly from a disruptive angle. It is different to envisage how a market may look when it doesn’t yet exist. Disruptive plays tend to enter a market from a different direction, the more unexpected the angle, the larger the impact.

Also Read: Pure ideas with no executions to prove do not attract savvy investors: Shao-Ning Huang of AngelCentral

How important is the founder’s experience and background when making investment decisions?

The ability of the founder to learn and iterate quickly is more important. In SEA, the opportunity to find founders with exits is rare but this is a helpful criterion as you know the learning curve is less steep. Ultimately, I think an investible founder/team is based on grit.

Can you share your successful investment and what made that investment successful?

I can’t share specifics but I do have a startup that did very well and is currently looking at a high multiple ROI. This was an investment in both a strong team and an even stronger trend. Market trends can really make a big difference.

What are some common mistakes that startups make when pitching to angel investors? What are some myths about angel investment?

In my opinion, treating the pitching process as a transaction is the worst. Angels are not an ATM and they need to know they can trust the startups with their money. While it is tough for startups to maintain a close relationship with all the potential angels/investors, there are simple ways to keep the relationship warm such as newsletters and the occasional check-ins.

Angel investing isn’t simply funding startups blindly and without due diligence. I see angel investing as a professional process that has the necessary rigour as that of a VC/fund manager.

How important is the alignment of values between the investor and the startup founder?

Depends on the amount of influence an investor has over the startup. Angel investors don’t have much influence unless we come to a very early stage.

How do you manage risk when investing in startups? Are there any specific metrics or indicators you look for?

I assume I am not able to beat the power law and hence need to have a broad portfolio of at least 25 startups to manage the risk. The rate of growth is still a key metric that I look at because it is a reflection of strong PMF, which is important for early-stage startups.

Can you share any advice for startups looking to raise funds from angel investors?

Take time to build a relationship. Be open to inputs.

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Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like connecting with investors, visibility through the platform, and other prizes. Join TOP100 here.

The post Do not treat the pitching process as a transaction, angels are not ATMs: Yi Ming Kau of Krux Asia appeared first on e27.

The gaming industry has undergone several evolutions since its inception, from early arcade games and console systems to online gaming and mobile platforms. The next major evolution in gaming is upon us, and it’s called Web3 gaming.

This new form of online entertainment is not just an incremental improvement, but rather a revolutionary change that will redefine the gaming landscape. In this article, we will delve into the world of Web3 gaming, explore the benefits it offers, and discuss the top platforms and future developments in this exciting new arena.

From blockchain to decentralisation

At its core, Web3 gaming is a decentralised, blockchain-based gaming ecosystem. Unlike traditional gaming platforms, which are controlled by central authorities, Web3 gaming allows for increased user autonomy and transparency.

Blockchain technology enables decentralised systems to operate securely and transparently, making them ideal for gaming applications.

In Web3 gaming, players can own their in-game assets as Non-Fungible Tokens (NFTs), participate in the development of games, and directly benefit from the success of the platforms they engage with. This new model removes intermediaries, creating a more direct and equitable relationship between game developers, publishers, and players.

Also Read: 7 trends changing the reality of immersive gaming

More than just fun and games

Web3 gaming offers numerous advantages over traditional gaming models. Some of the key benefits include:

• True ownership of in-game assets: With NFTs, players can own and control their in-game assets, which can be traded, sold, or used in other games.
• Decentralisation and community-driven development: Web3 gaming allows for greater user involvement in the development and direction of games.
• Cross-platform compatibility: Web3 games can be played on various platforms, including PC, mobile, and VR devices.
• Transparent and fair in-game economies: Blockchain technology enables the creation of transparent and tamper-proof in-game economies.
• Access to new revenue streams: Players can earn rewards and income through various activities within Web3 games, such as staking, trading, or creating content.

Top Web3 gaming platforms you should check out

As the Web3 gaming space continues to grow, several platforms have emerged as leaders in the field. Some of the top Web3 gaming platforms include:

Axie Infinity

Axie Infinity is a blockchain-based game that allows players to collect, breed, and battle creatures called Axies. Players can earn cryptocurrency by playing the game, which can be used to purchase more Axies and other in-game items.

The Sandbox

The Sandbox is a decentralised, community-driven virtual gaming world where players can create, build, and monetise their own gaming experiences using blockchain technology. It is a metaverse platform that allows players to own and trade their in-game assets as non-fungible tokens (NFTs), giving them true ownership and control over their virtual creations.

Decentraland

Decentraland is a virtual world that is owned by its users. Players can create, experience, and monetise their own content in Decentraland. The platform uses NFTs to represent in-game items and virtual real estate, which can be traded or sold on the blockchain.

Gods Unchained

Gods Unchained is a blockchain-based trading card game that allows players to buy, sell, and trade digital cards on the Ethereum blockchain.

Influencio Kart’In

Kart’In is a blockchain-based game where players own in-game assets represented as cryptocurrency, enabling asset trading and financial incentives. Influencio Kart’In is a 3D multiplayer battle-racing game utilising NFTs and Play-to-Earn dynamics on the blockchain, where players have real-time control of their cars, and their in-game assets are NFTs that belong to them.

How NFTs are revolutionising the in-game economy

NFTs are a groundbreaking development in the gaming industry, as they enable players to truly own their in-game assets. In traditional gaming platforms, players have limited rights to their in-game items, and often these assets are restricted to a single game.

Also Read: The future of gaming is female and mobile

In Web3 gaming, NFTs allow players to buy, sell, and trade their in-game assets freely, creating a more vibrant and dynamic in-game economy. This new model provides players with additional opportunities to earn revenue and fosters a greater sense of community and collaboration.

The future of e-sports in a Web3 world

Esports has grown exponentially in recent years and is set to benefit from the integration of Web3 technologies. As Web3 gaming gains traction, we can expect the following developments in the esports landscape:

• Decentralised esports governance: Blockchain technology will enable more transparent and equitable governance of esports organisations, allowing for greater community involvement and a fair distribution of revenues.
• Tokenisation of teams and players: Tokenisation will provide new revenue streams for esports teams and players, as well as enable fans to invest in and support their favourite teams and players directly.
• Cross-platform and cross-game competitions: The interoperability of Web3 gaming will allow for competitions that span multiple games and platforms, creating new and exciting formats for esports events.
• Integration of DeFi and NFTs: Esports will benefit from the integration of decentralised finance (DeFi) and NFTs, enabling the creation of unique and valuable in-game assets and rewards.

Despite these opportunities, challenges remain in the adoption of Web3 in esports, including issues related to security, scalability, and user adoption.

Social impact of decentralised, community-driven game development

Web3 gaming has the potential to create a more inclusive and participatory environment for game development. Decentralisation empowers players and developers to collaborate on game design and development, ensuring that the final product reflects the needs and desires of the community.

This approach can lead to the creation of games that promote social impact, diversity, and educational value, broadening the reach and appeal of the gaming industry.

Security risks

Despite the many benefits of Web3 gaming, there are also inherent security risks associated with decentralised platforms. Some of these risks include:

• Smart contract vulnerabilities: The reliance on smart contracts for in-game transactions and asset ownership introduces the risk of vulnerabilities and exploits, which can lead to the loss or theft of assets.
• Phishing and social engineering attacks: Decentralised platforms can be targeted by bad actors using phishing and social engineering tactics to steal users’ assets or compromise their accounts.
• Privacy concerns: The transparent nature of blockchain technology can potentially expose users’ personal information or in-game activities to unintended parties.

To mitigate these risks, players and developers must remain vigilant and prioritise security best practices when engaging with Web3 gaming platforms.

Embracing the promise and potential of a new era of online play via Web3

Web3 gaming represents a revolutionary shift in the world of online entertainment, offering a more equitable, transparent, and participatory experience for players and developers alike.

As technology continues to evolve, we can expect to see a growing number of innovative and exciting Web3 gaming platforms and applications that redefine the boundaries of what is possible in the gaming industry.

By embracing the promise and potential of this new era of online play, we can shape the future of gaming into a more inclusive, diverse, and rewarding experience for all.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

Join our e27 Telegram group, FB community, or like the e27 Facebook page

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Dear Pro member,

SoftBank Vision Fund continues to be in the red!

The global investor and the backer of iconic brands, such as Alibaba and GoTo, has incurred a US$32B loss for its Vision Fund in the financial year ending March. The loss went up by about 70% from the US$$19 billion loss reported in the same period last year. It is attributed mainly to the valuation corrections across its portfolio firms amidst the ongoing economic crisis.

“For private portfolio companies, the fair value decreased in a wide range of investments, mainly reflecting markdowns of weaker-performing companies and share price declines among market-comparable companies,” SoftBank Group said in its earnings report.

Tough time ahead for SoftBank Vision Fund’s portfolio startups, especially the loss-making ones.

A positive development amidst SoftBank’s disappointing performance: Southeast Asian tech startups raised ~US$10.4B in 2022. According to a report by Momentum Works and Cento Ventures, 2022 was the region’s third-strongest year on record in terms of capital raised. This is a significant development as this came amidst the global slowdown.

There is much more exciting stuff in today’s edition.

Happy reading.

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SEA tech startups raised US$10.4B in 2022 amid market downturn
The deal volume worth US$100M+ was down by 60% in 2022 v/s the previous year; Funding for early-stage startups, particularly deals at less than US$50M, remained relatively stable, says a Momentum Works and Cento Ventures report.

SoftBank posts record US$32B Vision Fund losses in FY22
In FY21, the Vision Fund’s loss was US$19B; Since their inception, Vision Fund 1 has seen a US$11.4B gain while Vision Fund 2 has incurred US$18.3B in investment losses.

Genesia Ventures nets US$110M in final close of Fund III
Investors include Mizuho Bank and Canal Ventures; Genesia looks to invest in startups engaging in digital transformation, media and entertainment, new economy, and frontier tech such as robotics and spacetech.

Flash Coffee extends Series B round to US$50M
The investors are White Star Capital, Delivery Hero, Geschwister Oetker, and Conny & Co.; The company plans to sustainably grow its footprint across APAC, serving customers in Singapore, Indonesia, Thailand, HK, and Korea.

SG P2P lender Capital Match to be liquidated
In February 2022, Tech in Asia reported on Capital Match’s irresponsible lending practices, including providing misleading information to investors; Capital Match links investors with SMEs seeking loans.

EcoSpirits raises US$10M in Series A funding
The investors are Closed Loop Partners, Proterra Investment, Pavilion Capital, and Wavemaker; EcoSpirits develops a low-carbon way to move alcoholic drinks from manufacturers to bars.

Ruangguru acquires Vietnamese live teaching platform Mclass
The acquisition is a strategic move to expand its reach and capability in Vietnam; Mclass works with top-performing teachers in the country to offer live teaching sessions in subjects, such as math, science, literature, and IELTS.

Animoca Brands posts US$194M cash, stablecoin balance
It said it has liquid digital assets of US$566M, which includes reserves of Sand (the utility token used in The Sandbox, an NFT metaverse platform) as of April 30; Its cash balance stood at ~US$98M, while its digital asset holdings were worth US$211M.

E-commerce solutions firm The Commerce Co bags US$15.5M
The investors are Openspace Ventures and Jungle Ventures; The firm’s Slide Cart offers a free plan that enables users to make store announcements, offer rewards and coupons, and cross-sell and upsell items on their e-commerce sites.

Sequoia SEA leads US$6M round of SG cybersecurity startup SquareX
By using its cloud service, SquareX lets users open links and files in special browsers that neutralize threats; These special browsers run in data centres, stopping web threats before they reach users’ computers.

Thailand’s SCB acquires home service marketplace for ID expansion
SCG said that with the acquisition, its subsidiary Q-Chang can immediately gain a foothold in the service industry; Q-Chang offers similar services to Seekmi in Thailand.

Hong Kong-based Return Helper bags US$1.5M funding
The investors are AVA Fund, Colopl Next, and Cornerstone Ventures; The startup helps e-commerce players simplify the returns process and make it more affordable.

VN fintech firm Finhay pivots to target ‘semi-pro’ investors
The new smart investment platform, VNSC by Finhay, wants to target investors who lack the time and knowledge to invest effectively; It aims to leverage product offerings from VinaSecurities,  which it acquired in 2022.

Tenity launches APAC’s first XRPL accelerator
It aims to support early-stage startups developing blockchain and crypto tech on the XRPL; Startups admitted to the program will receive a US$50K grant and access to potential investors and partners.

At Echelon Asia Summit 2023, we are looking at what the future may bring
With a spotlight on Future Sectors and Investment Trends, we will look at how we can seize opportunities in these fields.

8 startup frontrunners vying for a spot in the 2023 TOP100
From our diverse pool of applicants, get to know these 8 unique startups that are a step closer to competing at this year’s TOP100.

AI will transform customer service, risk management in financial services: finbots.ai CEO
finbots.ai has developed a credit modelling solution to analyse vast amounts of data to develop credit risk scorecards for lenders.

A snapshot of the six cool products we found at Beyond Expo in Macao
From autonomous cars, and flying taxis to autonomous drones, the Beyond Expo is showcasing hundreds of products, mainly from China.

How NZ and Singapore are working together to build a great future with tech
For New Zealand startups, popular sectors include foodtech, cleantech, and health tech–and there are already several collaborations between startups in these sectors with Singapore.

How Funding Societies implement diversification strategy to push for growth, sustainability
Funding Societies’s revenue model consists of payment fees, lending and service fees, as well as interest income from SMEs and funders.

Are you using your air miles? The future of air miles with NFTs
Using NFTs, airlines can create a tamper-proof way to record customer preferences for loyalty program benefits and ensure that the points are secure for future benefits.

Harness the power of your location data to drive business growth
How harnessing the power of your location data can help empower your business with the help of UNL’s unique location technology.

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The post Ecosystem Roundup: SEA startups raised US$10.4B in 2022 amid downturn | SoftBank Vision Fund losses widens to US$32B in FY22 appeared first on e27.

Singapore-based commerce enabler AnyMind Group has agreed to acquire all shares of smaller rival PT Digital Distribusi Indonesia (DDI).

The terms of the deal remain undisclosed.

This is AnyMind’s first acquisition in Indonesia.

With this, DDI will become a wholly-owned subsidiary of AnyMind Group.

This is the first acquisition agreement by AnyMind since its listing on the Tokyo Stock Exchange Growth Market on March 29, 2023.

Through this acquisition and by combining the capabilities of both companies, AnyMind Group looks to form the basis to accelerate expansion into the e-commerce space in Asia.

Kosuke Sogo, CEO and Co-Founder of AnyMind Group, said: “Over the years, we have built up business momentum in Indonesia through our marketing business line and the acquisition of DDI provides us with another strong leader and additional boost into the e-commerce space here.”

As per the agreement, DDI’s CEO Tatum Kembara will join AnyMind’s management team as Managing Director, and DDI’s current management team will continue to be involved in the management of DDI after the acquisition.

Also Read: How AnyMind Group achieved profitability through its approach to human resource and leadership

Founded in 2019 by Kembara, DDI provides a range of services across the e-commerce value chain to enterprises in Indonesia, with a focus on consumer goods brands. This includes e-commerce strategy development, warehouse and logistics management, automated store operations, mobile marketing, customer support and more.

Founded in April 2016, AnyMind Group is an end-to-end commerce enablement technology company. It provides two broad offerings to brands and businesses, publishers and influencers: Brand Commerce and Partner Growth.

Brand Commerce provides businesses with the company’s platforms for manufacturing, e-commerce enablement, marketing and logistics, whilst Partner Growth provides web and mobile app publishers along with influencers and content creators with platforms for monetization and optimization.

AnyMind Group has over 1,300 staff across 19 offices in 13 markets, including Singapore, Thailand, Indonesia, Vietnam, Cambodia, Malaysia, the Philippines, Hong Kong, Taiwan, Mainland China, Japan, India, and the UAE.

DDI is AnyMind’s first acquisition in the e-commerce enabling space and its eighth acquisition globally. Its past acquisitions include publisher trading desks FourM (Japan-based; acquired in 2017) and Acqua Media (Hong Kong-based; acquired in 2018), influencer networks Moindy (Thailand-based; acquired in 2019) and GROVE (Japan-based; acquired in 2019), mobile advertising company POKKT Mobile Ads (India-based; acquired in 2020), direct-to-consumer fitness apparel brand LÝFT (Japan-based; acquired in 2020), and cross-border marketing firm ENGAWA (Japan-based; acquired in 2021).

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Echelon Asia Summit 2023 is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here.

Echelon also features the TOP100 stage, where startups get the chance to pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.

The post AnyMind Group agrees to acquire Indonesian e-commerce enabler DDI appeared first on e27.

Web3 venture capital firm Comma3 Ventures has made the first close of its Web3 fund at US$20 million. The fund aims to close the fund at US$45 million.

The fund was raised from diverse institutional investors, family offices, well-known executives and high-net-worth individuals in Taiwan and Singapore.

“The successful fundraising of the fund is a testament to Comma3 Ventures’ expertise, track records, and commitment to investing in the future of crypto and blockchain technology,” the firm said in a press statement.

Comma3 Ventures is composed of three GPs: Nicole Liu, Ivan Li, and Denny Yang. Through their projects, the GPs have previously invested in various projects, such as Zilliqa, Polygon, Klaytn, Thetan Arena, Highstreet, Tranchess and Cetus.

The team will leverage their six years of industry experience to support and empower startups with disruptive potential and create long-term value for investors.

Also Read: Web3 gaming: The next big thing in online entertainment

Comma3 aims to become a research-driven Web3 investment firm, investing in and supporting early-stage blockchain infrastructure such as L1&L2, cross-chain, and ZK, as well as DAPPs with the potential to bring traffic to Web3, such as DeFi, GameFi, and creator economies.

In an email interview with e27, Liu explains that being a research-driven Web3 investment firm means dedicating itself to industry research and using in-depth industry research to guide its investment strategy.

Comma3 Ventures has a ticket size of US$250,000 to US$1 million and aims to invest in about 80-100 projects.

“We regard ourselves as an early-stage investor, so team background and previous experience are very important for us. And on the other hand, we are looking for entrepreneurs who really know what blockchain and Web3 are and how to rebuild their businesses empowered by decentralisation technology and token economics. We are dedicating ourselves to investing in and supporting early-stage blockchain infrastructure such as L1&L2, cross-chain, and ZK, as well as DAPPs with the potential to bring traffic to Web3, such as DeFi, GameFi, and creator economies,” Liu explains.

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Echelon Asia Summit 2023 is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here.

Echelon also features the TOP100 stage, where startups get the chance to pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.

Image Credit: Comma3 Ventures

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The third BEYOND International Technology Innovation Expo is underway in Macao. The three-day-long event  — launched as an Asia alternative to the annual Consumer Enterprise Show in Las Vegas — is showcasing and discussing technologies related to healthcare, consumer-tech, and sustainability.

Tens of companies are exhibiting their innovative products at the Beyond Expo. From medical devices to driverless cars and autonomous helicopters and air taxis, many the cool products are in display at the event.

Below are brief descriptions of some of the exciting products that we saw at the event.

QCRAFT

Founded in 2019 by former executives of Google Waymo, Silicon Valley- and China-based QCRFT is an autonomous driving technology company. Its first product is robobus, a fully autonomous car.

QCRFT has already launched 100 buses across several cities in China, including Wuhan.

AGAO

AGAO is a solar-powered scooter owned and operated by Chinese firm Snail Zhi Xing Technology. AGAO will charge solar power for use of about 15-20km distance every day. Its maximum speed limit is 25km/h and its maximum distance is 35km when fully charged.

NOTHING

NOTHING  is a consumer-tech company founded by Carl Pei, co-founder of One Plus smartphone brand. Its product line comprises smartphones and wireless earbuds.

The smartphone has Glyph interface, meaning the lights are synced to flash in unique patterns to every custom sound. It also lets the user know who’s calling, notifications, and charging status without checking the screen all day. It has a 50MP dual camera, 120Hz OLED display, and runs on Snaprdragon 778G+.

EHang

EHang is an autonomous aerial vehicle technology platform company. It aims to make autonomous and eco-friendly air mobility accessible to everyone. EHang provides customers in various industries with AAV products and commercial solutions: air mobility (including passenger transportation and logistics) and smart city management and aerial media solutions.

XPENG AEROHT

XPENG AEROHT, an affiliate of XPENG, is a flying car company based in China. It has integrated intelligent vehicles and modern aviation into its product to provide a safe intelligent electric flying car for individual users.
Its X2 model is made of carbon fibre and adopts the innovative fusion geometry design method to make it lightweight. It has a two-seater enclosed cockpit.

XAG

XAG is an agricultural drone company. Its XAG P100 Pro agricultural drone has a container capacity of 80 litres, a maximum discharge rate of 150 km per minute, a maximum flight speed of 13.8 m/s, a spread width of 3-7 metres, and a granule size range of 1-6 mm.

The writer is in Macao at the invitation of the Beyond Expo.

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The post A snapshot of the six cool products we found at Beyond Expo in Macao appeared first on e27.

AirMiles was the pioneer of the coalition or multi-partner loyalty program when it made its debut in 1992, and it rapidly gained popularity among Canadian customers. Following its triumph in the domestic market, the program expanded to other nations worldwide, such as the UK, Spain, and the Netherlands.

The announcement of their filing for bankruptcy last month may have come as a shock to many but as emerging technology offers increased transparency and airlines expand their own loyalty programs third-party platforms may be pushed aside.

There are plenty of seasoned globetrotters out there who harbour distrust of the one-sided rules, hidden costs, and limited redemption options of these airline programs. It’s not all points and perks. However, there are ways to make the most of these rewards by using them strategically. The key is to think of those earned miles and points as a currency. The value varies by airline, so it’s important to pay attention to the number of points required for a particular flight or travel date.

Also Read: Wonderful world of Web3: What is next for this groundbreaking industry?

Savvy travellers will understand the benefits of current loyalty schemes, opting for premium class redemptions and planning long-haul flights can offer better value.

Does the frequent flier care?

The globe-trotting corporate travellers of the world were once the envy of anyone starting out in their career journey. Until recently, travel was once seen as a major perk to joining an organisation. However, the high-end perks of first class, lounge access and priority boarding can seem unattainable to the average flier.

With low-cost airlines and remote working, the digital nomad lifestyle has become more accessible to younger travellers. With this in mind, many of the Airline loyalty programs can be tailored to cater for new audiences.

Now it is up to the airline to communicate the benefits of their program. Collecting points can save travellers a ton of money. Using the same airline over and over again, travellers can redeem free flights or upgrades.

Customers also get to enjoy connecting with an exclusive community, swap travel tips and get exclusive discounts. The current tracking of these points is often manual or semi-automated as part of an internal marketing strategy.

NFTs offer a way to embed loyalty into every stage of the traveller’s journey. By using NFTs as a digital record, airlines can track the needs of frequent flyers and provide a more personalised loyalty offering.

Just last month Argentinian Airline Flybondi announced that it is integrating Web3 into its ticketing process as NFTs. This follows a range of airlines such as airBaltic, Qantas and Lufthansa, exploring the use cases of the metaverse and NFTs for community engagement and streamlining operations.

Also Read: How to launch collaborations that grow communities: A guide for Web3 founders

Blockchain and NFTs reinvigorate existing loyalty programs

Why are current loyalty programs failing? Today’s consumers are savvy. They know when organisations are not providing value. They can easily Google to get reviews, advice and recommendations for products and services.

Therefore, companies need to be transparent in their marketing efforts and their approach to building repeat customers. Loyalty programs will go stale if the customers are offered the same old rewards, the system for collecting those rewards is over complicated and there is no element of personalisation.

Think about it from the traveller’s viewpoint. They have spent the time providing you with all of the insights you need to tailor the next email or journey for them. Make the customer feel valued and you have given them a user experience worth returning for.

Imagine if we could reimagine loyalty programs in a secure, transparent way. That is where blockchain technology can play a role. Using NFTs, airlines can create a tamper-proof way to record customer preferences for loyalty program benefits and ensure that the points are secure for future benefits.
NFTs also provide the frequent flier with enhanced control, allowing open access to the points a customer earns and what these points have been used for.

For airlines, blockchain technology can cut down on operation costs and make future loyalty programs less complicated. Establishing trust will be a key factor in all future loyalty programs. Today’s consumers want to feel valued and even some would like to get involved in future community development.

Web3 is reframing the importance of customer insights and providing enhanced tools for servicing the frequent flyers of tomorrow.

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Today, Singapore-based tech-enabled coffee chain Flash Coffee announced the successful completion of its Series B financing round led by White Star Capital, raising a total of US$50 million following its latest closing.

Existing investors, including White Star Capital, Delivery Hero, Geschwister Oetker, and Conny & Co, participated in the financing round – several of them further increased their stake in the company.

The new funds will be channelled towards accelerating the company’s mission to achieve group-level profitability. This includes sustainably growing its footprint across the Asia Pacific region, serving customers in Singapore, Indonesia, Thailand, Hong Kong and South Korea, doubling down on technology and product innovation and further developing the sales performance of existing stores.

Also Read: How this startup can help you enjoy coffee while saving the environment

Flash Coffee will continue expanding deeper into its most mature market Indonesia, where the fast-growing middle class is rapidly driving coffee consumption in Southeast Asia’s most populous country. Following the company’s successful entry into Bandung – its first expansion outside of a capital city – with 11 outlets across the metropolitan area of over 8.8 million inhabitants, Flash Coffee will officially launch in Surabaya in July 2023.

“We are grateful to have the continued backing of our shareholders in this financing round. With 100 per cent of our 92 stores in Indonesia being profitable, we have found a solid product market fit and are eager to expand our presence into additional cities in Indonesia to further drive sustainable growth. Offering a product that people love and following our ongoing trajectory of topline and profitability improvements, we are confident that we will reach our overarching goal of being profitable on a group level next year,” said David Brunier, Founder & CEO of Flash Coffee.

In a statement, Flash Coffee said that it had experienced exponential growth over the past two years, with a 23-fold increase in year-on-year revenue in 2021, followed by another four-fold year-on-year increase in 2022 while achieving more than 100 percentage points year-on-year EBITDA improvement on a group level in the same year.

With stores being solidly profitable across the region, the company is on track to reach group-level profitability in 2024. The first markets are set to become EBITDA-positive in the coming months.

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Echelon Asia Summit 2023 is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here.

Echelon also features the TOP100 stage, where startups get the chance to pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.

Image Credit: Flash Coffee

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