After Elon Musk’s recent tweet that Twitter “will ultimately need a complete rewrite,” coding commentators have taken to comedy, with some suggesting that he has now achieved a “mid-level engineer mindset.” In sharing Musk’s tweet, Amit Gupta, CTO of Food Market Hub, suggested that due to software’s continuous evolution, after three to four years, it becomes necessary to discuss a rewrite of a particular component or system. 

This generated a lively debate among builders in the F’in Tech community on the perennial question: Is it better to rewrite or renovate existing code?

In this piece, I capture the heart of this dilemma as well as some of the top takeaways from our conversation, reflecting the thinking of those that have been in the trenches and have the experience to share.

Better the devil you know

Every complete rewrite I’ve been directly involved with, or have knowledge of, has taken much longer than anticipated, assuming it was even completed. Often, when programmers are asked to “fix” or “complete” a rewrite, it’s easier to revert to the original (working) code base and instead focus on whatever triggered the rewrite in the first place.

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

When you undertake a rewrite, you’re trading known issues for unknown ones. Modern libraries and frameworks are not immune to bugs and gotchas. In fact, they may have more than their predecessors. These issues may slow down delivery, while others may require workarounds and unsightly edges that are just as bothersome as the original.

The complexity lies beneath the surface. Typically, code bases evolve over time, with fixes and nuanced requirements baked into the code without being consistently documented. Attempting a rewrite without a comprehensive understanding of what’s already in place may continuously reveal new requirements, often during user acceptance testing.

This can drag on indefinitely, frustrating your users and blowing up your timelines. As F’in Tech advisor Sam Simopoulos succinctly put it, “These things never truly finish.”

If full rewrites are almost always the wrong approach, then who is pushing for them? Is it a non-technical manager, convinced by a persuasive salesperson? A mid-level engineer who hasn’t attempted it before? An ambitious new starter, striving to make their mark?

If any of these apply, be cautious. But if it’s the seasoned senior who loathes unnecessary changes, then it may be worth considering.

Not just the tech

When undertaking a full rewrite (or a significant renovation), it is essential to consider the needs and expectations of the users and keep the product’s purpose in mind. This maximises the chance that what is being rewritten is fit for purpose.

Gerry Eng, founder and CTO at CoinHako, builds on this, “It’s often not just a technical rewrite but a product requirement rewrite as well, making the call to remove legacy features or constraints can help unblock a lot of stuff.” However, this must be a balanced approach, as it further increases the potential risk of the rewrite, especially if the product and technical team’s visions are not 100 per cent aligned.

“What do you do if the system is so entangled that you literally cannot reasonably extract modules from it, and thus forces a complete rewrite?” asked Nino Ulsamer at Stashaway. He believes it is possible that with sufficiently senior backing, enough attention and resources can be focused to make a rewritten work.

“The rewrite can still work, but it must be anchored at the highest level. Maybe not possible without a founder-CTO pushing it forward.” These are not common, but not impossible as Uber showed, with then CEO Travis Kalanick getting personally involved. Stories like this also reveal the level of comradery that can emerge in the trenches when pulling off the impossible.

Don’t underestimate the data

As Christian Fischer, Head of Engineering at ADDX reflects, “The real pain after a rewrite is the data migration!” Without an iterative plan, the complexity of a data migration leaves two possible choices:

• A “big bang” cutover, with a sudden switch from the old system to the new
• Run a sync for two data sets, with the “old” data set supporting old processes

Big bang cutovers are high risk with little room for experimentation. Even when there is no other option, if there is a way to split the dataset into smaller pieces (for example by customer type or geography), then that should be explored as a way of minimising impact if there is an issue.

Often, engineers will try to sync data sets between old and new systems to retain flexibility, for example running one process from one dataset, and one from the other. While sensible, this adds a new layer of complexity in keeping the systems reconciled with one another for consistency, especially if the data models between the two systems differ. So we need to think about approaches that allow us to iterate on the same data set.

Sunny Singh, CTO at Headquarters, is currently undergoing a data migration, “We did it by using a combination of feature flags & new tables, along with a process to whitelist clients that were open to using a slightly buggier application. We gave those clients some additional incentives for bearing with us. This is helping us to keep data migration to a minimum as we are experimenting, and eventually, we will be migrating everyone over to the stabilised, rewritten modules.”

The use of feature flags is a great way to gradually deploy code across data migrations or more typical application releases, reducing the risk of impacting all customers at the same time.

Make it so

As Diego Rojas, CTO at Tribe Fintech, notes “Of course systems/products need to keep evolving, migrating and changing but it’s an iterative/gradual process until major risks are mitigated.” Change is inevitable, but how we implement that change is within our control, and minimising risk is the objective.

As Manoj Awasthi, CTO at Julo, explained, most experienced engineers would attempt a rewrite using the Strangler Fig Pattern. In this fascinating ecological phenomenon, a species of fig plant, known as a strangler fig, germinates on a host tree and grows around its trunk.

As the fig grows, its roots gradually envelop and constrict the host tree, causing it to weaken and ultimately die. The fig’s roots thicken and fuse together, forming a dense lattice that completely surrounds the host tree’s trunk, enabling the fig to continue growing by feeding off the host tree.

As a software refactoring technique, the host tree represents a legacy software system that has become outdated or difficult to maintain, while the strangler fig represents a new software system designed to replace it.

Also Read: Decoding the definition of a startup from an investor’s point of view

To implement this pattern, the key functionality of the legacy system is identified and implemented in the new system in a modular way. The original system is kept operational in parallel, while more functionality is migrated to the new system wrapping around it. The reliance on the legacy system decreases until it can eventually be decommissioned.

According to Headquarters’ Sunny Singh, the best approach is to rewrite specific modules as you touch specific parts of the codebase. However, considering ROI is critical to avoid exerting excess effort for little return. 

“Ugly” rewrites can be considered a waste of time: if you’re rewriting an application, then you might as well build it correctly, right? Unfortunately, as Thomas Chia, CTO at Chocolate Finance, pointed out, this violates Gall’s Law.

We are trying to jump to complexity, and thus are bound to fail. A continuous set of small changes must be made to gradually replace legacy systems with new applications. This approach almost always requires a set of “ugly” intermediate steps, yet each iteration is being utilised by real users, proving it actually works.

So, rewrite or renovate? Collectively, CTOs say: try not to do it!

But if your only option is to rewrite then try to do it in small iterative steps, have a plan around your data migration that minimises disruption, and ensure that there is a strong alignment with senior management.

But if you’re a mid-level engineer who read this and thought, “These guys aren’t hardcore enough”, then I hear Elon is hiring!

With thanks to Manoj Awasthi, Thomas Chia, Gerry Eng, Christian Fischer, Amit Gupta, Elon Musk, Diego Rojas, Sam Simopoulos, Sunny Singh, Nino Ulsamer and everyone in the F’in Tech Community.

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This new series provides an opportunity for bootstrapped founders to share their venture-building stories with the audience. If you have a compelling story, please email it to writers@e27.co.

Inmagine Group is probably the first tech company to build a successful business without raising external capital in Southeast Asia. Started in 2000 by the entrepreneur couple Andy and Stephanie Sitt, the group aims to provide creative professionals and entrepreneurs with access to “high-quality digital content at an affordable price”.

e27 spoke with Stephanie Sitt, who shares the company’s bootstrapping journey and how its conscious decision not to take VC funding helped it maintain full control over its vision for democratising creativity.

Excerpts:

Can you give us some background on how Inmagine Group was founded and how it has evolved?

Inmagine Group was established in 2000 with a mission to provide creative professionals and entrepreneurs with access to high-quality digital content at an affordable price.

Over time, the company has evolved into a global creative ecosystem with multiple brands under our umbrella. Our portfolio includes Pixlr, a popular online photo editing tool, Designs.ai, an AI-powered design platform, and 123RF, a leading stock content provider.

Our mission to democratise creativity remains at the core of everything we do, and we strive to provide tools and resources that enable people to unleash their full creative potential. Our success is driven by our talented team and a culture of collaboration, creativity, and excellence.

One of the unique aspects of Inmagine is that it has grown without VC funding. Can you talk about the decision not to seek external investment, and how you have been able to finance your growth without it?

Inmagine’s unique approach to growth without external capital or VC funding is a conscious decision to maintain full control over the company’s vision for democratising creativity.

The company has financed its growth through a combination of revenue reinvestment, strategic partnerships, and operational efficiency. Reinvesting a significant portion of profits back into products and services allows for continuous innovation and improvement.

Also Read: How Inmagine is Googlising its workplace to foster an inclusive and collaborative work culture

Strategic partnerships with like-minded companies that share Inmagine’s values have helped expand reach and offerings. By focusing on operational efficiency, Inmagine has optimised processes and resources to maximise impact and profitability.

While external investment has its benefits, Inmagine’s decision to remain independent has allowed it to stay true to its mission and values, giving it the flexibility and agility to respond to changing market conditions and client needs.

How has Inmagine been able to compete with other companies in the same space that have received large amounts of funding?

We have been able to do so by focusing on our strengths and leveraging our unique position in the market.

We have built a culture of innovation, creativity, and excellence that sets us apart from competitors. In addition, Inmagine has been able to build strong relationships with clients, partners, and employees, fostering a sense of loyalty and trust that helps it stand out in a crowded market.

The company has also been able to adapt quickly to changing market conditions and client needs, thanks to our flexibility and agility.

In the local context, Inmagine has been able to compete with other companies in Malaysia’s creative industry by tapping into the country’s diverse pool of talent and leveraging its resources and expertise. Malaysia has a growing creative industry and Inmagine has been able to capitalize on this by providing employment opportunities and investing in the development of local talent.

By doing so, we have been able to position ourselves as a leader in the local creative space and to compete effectively with larger companies that have received significant funding.

What strategies have Inmagine Group used to achieve such rapid growth and scale while maintaining profitability?

One of the key strategies that Inmagine Group has used to achieve rapid growth and scale while maintaining profitability is its focus on artificial intelligence (AI) and machine learning (ML). By investing in AI and ML technologies, Inmagine has been able to automate many of its processes, allowing it to scale quickly while reducing costs and increasing efficiency.

For example, Designs.ai uses AI to generate custom logos and brand identities allowing the company to provide high-quality design services at a fraction of the cost and time required for traditional methods.

Inmagine has also used AI and ML to improve its stock content search algorithms, making it easier for users to find the images, videos, and audio content they need. This has helped the company to maintain its position as a leading provider of digital content in a highly competitive market.

In addition to its focus on AI and ML, Inmagine has also used a combination of strategic partnerships and revenue reinvestment to achieve rapid growth and scale while maintaining profitability. By continuously innovating and investing in its products and services, the company has been able to stay ahead of the curve and maintain its position as a leader in the creative industry.

Can you talk about some of the biggest challenges Inmagine Group has faced along the way, and how you overcame them without external funding?

One of the biggest challenges Inmagine Group has faced is constant market disruption, but the company has been adaptable, innovative, and decisive in reacting to market changes. When the COVID-19 pandemic hit and the demand for digital content increased dramatically, Inmagine was able to quickly pivot and provide relevant content to its clients. The company also invested in new technologies and tools to help users create and edit content remotely, ensuring that it remained relevant and valuable in the changing market.

Also Read: Bootstrapped: How 99VR raced against the clock to build a profitable business

Another challenge that Inmagine faced was the need to continuously innovate and improve its products and services to stay ahead of the competition. The company overcomes this challenge by reinvesting a significant portion of its profits back into research and development, as well as through strategic partnerships and acquisitions.

Overall, Inmagine has been able to overcome the challenges of market disruption and competition by staying true to its values and mission, being adaptable and innovative, and making decisive moves to react to changing market conditions.

How has the company culture at Inmagine Group contributed to its success, and how do you maintain that culture as the company continues to grow?

The company culture has played a critical role in its success. The company’s culture is centred around innovation, creativity, and excellence, and is characterised by a strong sense of teamwork, collaboration, and respect for individual ideas and contributions. This culture has helped to foster a sense of ownership and accountability among employees, and has enabled them to work together to achieve the company’s goals.

To maintain this culture as the company continues to grow, Inmagine has implemented several strategies, including regular engagement programs, ongoing training and development opportunities, and a strong focus on diversity, equity, and inclusion.

The company also has a flat organisational structure that encourages open communication and transparency, enabling employees at all levels to contribute to the company’s success. By prioritising its culture, Inmagine has been able to attract and retain top talent, foster innovation and creativity, and maintain its position as a leading player in the creative industry.

Inmagine Group has made several acquisitions over its existence. How have these acquisitions contributed to the company’s growth, and how do you evaluate potential acquisition targets?

Inmagine Group’s acquisitions have been a significant contributor to the company’s growth. By acquiring other companies that offer complementary products or services, Inmagine has been able to expand its offerings and reach new markets, while also gaining access to new clients and talent.

When evaluating potential acquisition targets, I focus on several key factors, including the target company’s strategic fit with Inmagine’s existing business, its financial health, and the potential for synergies and growth opportunities. I also place a strong emphasis on cultural fit and ensuring that the target company’s values and mission align with those of Inmagine.

Overall, Inmagine’s approach to acquisitions has been strategic and focused on long-term growth, enabling the company to expand its reach and offerings while maintaining its position as a leader in the creative industry.

What is the long-term vision for Inmagine Group, and how do you plan to achieve that vision without external investment?

Our long-term vision is to become the leading global creative ecosystem by continuing to innovate and provide smarter, faster, and easier tools and services that meet the evolving needs of our users. To achieve this vision without external investment, I plan to continue reinvesting profits back into the company, focusing on research and development, strategic partnerships, and acquisitions.

Inmagine also plans to maintain a strong focus on operational efficiency and cost optimization, enabling it to continue growing and expanding its offerings while remaining profitable while leveraging its existing brands, such as Pixlr and Designs.ai, to provide users with a comprehensive suite of creative tools and services.

By continuing to innovate and improve its products and services, and by staying ahead of market trends and client needs, I believe that Inmagine can achieve its long-term vision without external investment. By staying true to its vision and values, Inmagine is confident that it can continue to achieve sustainable growth and success over the long term.

Can you share any success stories or milestones that you are particularly proud of?

Inmagine Group has achieved many milestones and success stories that I am extremely proud of. One of our proudest achievements is the global reach of our brands, including 123RF, Pixlr, and Designs.ai.

With more than 300 employees, we have been able to provide our services to millions of users around the world. 123RF, our stock photo library, has grown to include over 200 million high-quality stock photos, with 90,000 new content added daily from over 300,000 creative contributors.

Also Read: AI has the potential to perpetuate harmful biases, says Inmagine CEO

This has enabled us to become a leading player in the stock photo industry, providing high-quality content to businesses and individuals worldwide. Pixlr, our online photo editor, has also been a great success, with over 10 million monthly active users and new features for 2023.

Finally, Designs.ai has experienced rapid growth, helping businesses worldwide to create professional-grade designs quickly and easily.

Overall, we are proud of the success and milestones achieved by our brands, and we are committed to continuing to innovate and provide exceptional products and services to our users worldwide.

Do you have plans to launch an IPO or get any other forms of exit in the near future?

Never say never, but at the moment, my focus is on continuing to grow Inmagine Group and achieve our long-term vision of becoming the leading global creative ecosystem. Our goal is to provide smarter, faster, and easier tools and services that empower individuals and businesses worldwide to create, discover, and connect through design, technology, and entrepreneurship.

I believe that by focusing on providing exceptional value to our clients and innovating to meet their evolving needs, we will continue to experience rapid growth and success. While we do not have any plans for an IPO or other exit strategies in the near future, we remain open to exploring all opportunities that can help us achieve our long-term goals and vision for the company.

—

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.

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From the small province of Nghe An in Central Vietnam, Vo Tuan Binh or Bill Vo was born into a family full of musical talents, making music almost part of his DNAs. As Bill Vo grew up, he found himself developing another equally strong love for technology, and that was when his dream of combining his two life-long passions into one career was conjured.

Bill Vo founded the music technology company Amanotes in 2014, which then became one of the most successful Vietnamese tech companies in the world with the catchy slogan “Everyone can music.” Since its initiation, Amanotes has published over 30 applications of its own, reaching over 2.7 billion downloads globally. 

Let’s meet Bill Vo to learn about his story to foster such a globally successful business venture.

What was your background and how did you decide to launch Amanotes?

Reflecting on my journey with Amanotes, I can absolutely resonate with a famous quote from Jeff Bezos, “All overnight success took about 10 years”. My journey started back in 2004 when suddenly I had the vision to do something big and impactful for society. Hence, I reviewed my internal resources and found my two prominent assets which are technologies and music, and I told myself why not combine them into one magnificent venture. 

It was until 2009 that I thought I could finally realise my dream. With an urge to bring Vietnamese products to the global stage, I founded a startup to produce a musical game with an ambition to overthrow Audition, the world’s most popular online music game at the time.

But it was a major flop. I failed fast and failed hard before the product was even released. I did not fully understand the customers, and I tried to achieve something out of my league at the time.

But I persevered, and then by chance, I stumbled upon a post by Silver Nguyen on a popular startup community on Facebook. His visions and dreams immediately spoke to my heart, so I asked to meet him in person and from our first conversation, I knew he is my perfect puzzle piece.

Also Read: Continue to push boundaries and create value: Jolene Lum of Nurasa

We launched Amanotes together in December 2014. With Silver, the road became much more blissful; I focused on the products and technologies while Silver ran pretty much everything else.

Since establishments, what has worked to attract and retain customers?

There are several keys to our success. First, we become successful because we fail many times, and learn from our own mistakes. To illustrate, after several failures with computer-based products, we obtained more insights and decided to switch to mobile games, which are growing in popularity among customers and align with the company’s technical strengths. 

Second, simplicity is still the best when it comes to product design. In the beginning, I tried to fit everything in my product to satisfy everyone. Then I realised that the scope of the product grew too big, and I missed the golden time-to-market opportunities. Hence, less often means more here.

Third, your product must be unique and different from the competitors’ offerings; however, it does not have to be too different. In fact, you only need one or two differentiating points to really stand out. For example, with Magic Tiles, one of Amanotes’ most successful products, we chose to perfect our users’ listening experience, ensuring that our audio quality is superior to any other products on the market.

At the same time, we developed our own concept of “musicalisation”, adding product values by using music. It was our high-quality musical experience that satisfied customers and convinced them to introduce the app to other users in their network. This is also a blessing for Amanotes since in the early stage, we did not have much money to invest in marketing.

How did Amanotes go from two guys to 200+ employees?

For Amanotes, despite some challenges along the road, we have done quite a few things right that facilitate our scale-up journey. To begin with, through both successes and failures, we found a business model that works. This is a critical point because in this game industry, sometimes, having one successful product does not automatically translate into the success of other products.

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

Take Angry Birds for example. After becoming a global phenomenon, Angry Birds failed to replicate its achievements with the subsequent products to solidify a sustainable business model. Hence, in our early stage, Amanotes focused on formulating a viable business model which works effectively and generates a healthy cash flow.

With our successful formulation, we managed to add more and more products into our ecosystem while maintaining our golden ratio of having at least one successful product out of 10 published applications. 

Second, obviously, as our business grows, we need more people. Since we tend to dream big and do crazy things, we need talents even more. Nonetheless, recruiting in the tech industry is really hard and talents also have their own dreams and goals in life. Hence, I must sell my visions, and more importantly, prove that I can bring these visions to life.

I must make people believe in me and see a chance for themselves to grow with a thriving business and create value for society. Over the course of our existence, we have been able to show that we are one of the fastest-growing companies, not just in Vietnam but also globally.

Therefore, our impacts are global, so there is no limit to their dreams at Amanotes. 

What are some of your leadership philosophies and business principles?

I would say from my experience, the first and foremost important principle for a business owner is to develop customer obsessions which I, unfortunately, did not have early on.

For instance, my first product was an application for users to play the piano via a computer’s keyboard. I was so excited about the idea and thought everyone would love it. Regretfully, in reality, no one used it; the application was too complicated even for a piano expert.

This lesson stayed with me even until this day. Now, I always try to understand my customers, envisioning who they are, their behaviours, their likes, and their dislikes. I think I have become obsessed with them.

The second principle would be to build a good team. Having talents is not enough; it is also vital to build a nurturing work culture and a strong support structure to retain and bring out the best in them.

–

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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The media industry has long been grappling with the impact of new technologies on its business model. With the advent of artificial intelligence (AI), this challenge has become even more pronounced. 

New AI tools from tech giants like Google and Microsoft are now able to provide users with answers to search queries in full paragraphs rather than just a list of links. This has many publishers worried that far fewer people will click through to news sites as a result, shrinking traffic — and, by extension, revenue.

At first glance, it may seem like AI is poised to completely upend the media industry. After all, if users can get all the information they need from a search engine, why bother clicking through to a news site? However, I believe that the impact of AI on the media industry is more nuanced than that.

Increased demand for high-quality journalism

AI brings with it the demand for high-quality journalism which is unlikely to wane, despite the increasing role of AI in the media industry. While AI can provide basic information on a given topic, it lacks the ability to provide the in-depth analysis, context, and perspective that human journalists can provide. Publishers will continue to have a crucial role in meeting this demand, especially as readers increasingly gravitate towards subscription-based models that prioritise insightful and engaging content.

Also Read: How voice AI is revolutionising the fintech scene

In recent years, there has been a growing trend of news organisations adopting a subscription-based model, where readers pay for access to high-quality journalism. This model incentivises publishers to invest in producing high-quality content, rather than clickbait headlines that generate more traffic. This shift towards a subscription-based model has led to a renewed focus on providing value to readers through insightful and engaging journalism.

Ultimately, while AI can help automate certain aspects of journalism, it cannot replace the value that high-quality journalism provides. As the media industry continues to evolve, the ability to produce compelling and informative stories will remain crucial to the success of news organisations.

Wider distribution channels

With AI-powered translation tools, media outlets can quickly and accurately translate news articles into multiple languages, enabling them to reach a broader audience.

In many countries in Southeast Asia and South Asia, there are multiple official languages, which can present a significant challenge for media outlets trying to reach a diverse audience. AI-powered translation tools can help overcome this challenge, allowing media outlets to distribute news and information in multiple languages simultaneously.

For instance, SG Translate has been using AI to translate articles into four languages – Bahasa Melayu, Mandarin, Tamil, and English – allowing it to reach a wider audience in Singapore. This can help news organizations expand their reach beyond their traditional markets and tap into new markets where demand for news is high but language barriers exist.

A threat for misinformation and deep fakes

The rise of AI in the media industry also brings potential downsides, with deep fakes being a major concern. As AI technology advances, it becomes easier to create convincing fake audio and video content, which can be used for malicious purposes such as spreading false information. Deep fakes can create convincing news reports, speeches, and interviews that never actually happened, which is dangerous in regions where the government controls the flow of information.

China’s alleged use of AI-generated deep fakes in propaganda videos is a prime example of how this technology can be used to manipulate public opinion and spread false information on a massive scale. This undermines the credibility of legitimate news sources, creating confusion and distrust among the public. In a world where information is easily accessible, the implications are alarming as people rely on the media for accurate information.

Also Read: From human to AI: Embracing change and thriving in the new world of work

The media industry must invest in technology to detect deep fakes, develop strategies for debunking false information, and educate the public about the dangers of deep fakes. This proactive approach is necessary to stay ahead of those who would use AI for nefarious purposes.

Wider job losses

As AI technology continues to improve, it is becoming more adept at automating various processes in the media industry, including writing and editing articles. This could lead to job losses for human reporters and editors, as AI becomes increasingly capable of performing these tasks more efficiently and at a lower cost. This trend is already being seen in some newsrooms, with several media organisations using AI to generate news stories, particularly for routine, data-driven articles.

While the automation of certain tasks could free up journalists to focus on more complex investigative reporting, the potential for widespread job losses in the media industry is a significant concern. 

Looking ahead

In conclusion, ultimately the successful integration of AI technology into the media industry will depend on striking a delicate balance between efficiency and quality, and ensuring that the benefits of automation are shared by all stakeholders, including journalists, readers, and society as a whole.

As such, media organisations must prioritise the production of insightful and engaging content, while also exploring the potential benefits of AI to stay ahead in an increasingly competitive industry.

–

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: Canva Pro

The post To what extent will AI affect the media industry? appeared first on e27.

Since this is a relatively short week, there’s is a slight drop in the number of news articles published. Advance Intelligence Group’s US$80M raise and Integra Partners’s Fund II close were the major developments of the week.

Have a look at the news items we published in the first week of May.

Mimin gets Salim Group’s backing

Mimin, an Indonesian-based startup offering chat commerce solutions and virtual assistant services for businesses, secured undisclosed seed funding from Salim Group-owned Otto Digital.

Mimin will use the fresh funding to serve micro, small, and medium enterprises (MSMEs) and online sellers and strengthen its technology infrastructure and order management software. Otto Digital has a prominent MSME community and networks across Indonesia.

Integra Partners closes US$90M Fund II

Singapore-based early-stage venture fintech investor Integra Partners announced the final close of its second fund at US$90 million. This brings the total committed capital managed by the firm to over US$140 million.

Integra Partners Fund II is anchored by global institutional investors, including Germany’s development finance institution DEG, the US International Development Finance Corporation, the Norwegian Investment Fund for Developing Countries Norfund, European alternative asset management group Tikehau Capital, and includes participation from strategic corporates and family offices globally.

The new fund targets fintech, insurtech and digital health opportunities that leverage synergies across sectors to drive financial and healthcare inclusion in Southeast and South Asia. It invests in pre-Series A to Series B stages.

Advance Intelligence nets US$80M

Singapore-based AI company Advance Intelligence Group announced it has raised US$80 million from an investor consortium led by existing investors Warburg Pincus and Northstar Group.

The fundraising follows its previous Series D funding round of over US$400 million in 2021.

In total, the company has raised over US$700 million and has secured capital in excess of US$1 billion supporting its credit book.

Jefferson Chen, Co-Founder, Group Chairman and CEO of Advance Intelligence Group, said in a statement: “This new investment will help accelerate our programme of using AI technology to streamline consumer transactions and enable greater and fairer access to credit and financial products and services.”

Coldspace raises US$3.8M funding

Coldspace, an Indonesian integrated cold chain solutions provider, completed a US$3.8 million seed funding round led by Intudo Ventures, PT Adi Sarana Armada Tbk (ASSA) via its subsidiary PT Adi Sarana Investindo (ASI), and Triputra Group with participation from MKA dan ITS.

With this funding, Coldspace plans to expand its service capacity, including greater capacity for cold storage, reefer trucks, fulfilment, and geographic expansions; launch a suite of management solutions for customers to help manage and track products, including its Warehouse Management System (WMS) and Transportation Management System (TMS) and provided to customers as a free value-add service to perform analytics, offer training and improve service quality.

HOMA2U secures US$875K pre-Series A funding

Malaysia-based marketplace platform for renovation and interior design materials HOMA2U bagged MYR3.87 million (US$875,000) in a pre-Series A funding round.

The round was led by Quest Ventures Asia Fund II and included both Worldwide Management Solution and Qhazanah Sabah Berhad.

This is Quest Ventures Asia Fund II’s second cheque for HOMA2U.

The fund will fuel HOMA2U’s regional expansion plans, accelerate product development and promote a circular economy within the renovation and interior design industry.

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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.

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The blockchain world remains a ‘male fiefdom’ despite the tremendous progress in terms of gender diversity. It will likely take a few more years for female leaders to dominate this space.

However, there are already a few women folks around the world who are breaking the glass ceiling and defying all the odds to establish a name for themselves. Kavita Gupta is a great example. She has broken through the male-dominated industry to launch Delta Blockchain Fund, an early-stage strategic fund in the US.

In an interview with e27, Gupta talks about her journey into the tech and VC industry, the challenges she faced in the male-dominated industry, and the future of blockchain.

Can you talk about the work you do at Delta Blockchain Fund? What are some of the exciting projects you are currently working on?

Delta Blockchain Fund is an early-stage blockchain technology investment fund. We collaborate with amazing founders from all over the world. Our team is also global with employees from Europe, Dubai, Asia, India, and the US where I’m based.

We work with founders from the very beginning — incubating their ideas, brainstorming with them, and connecting them with other thought leaders in the space who can help them grow. As a VC, I love being a catalyst and enabler for these founders. It’s something that comes naturally to me and I’ve really seen the value of it over the past 12 to 15 years.

Also Read: ‘Bootstrapping allows Inmagine flexibility to respond to changing market conditions, client needs’

We’ve invested in over 47 companies and we continue to support each and every one of them. Our goal is to help founders live out their visions and execute their goals. That’s how I see my role as an investor, as really a support system and that’s what I’m passionate about.

Can you tell us about your journey into the tech and VC industry? What inspired you to pursue a career in this field?

I’ve realised that sometimes life happens to you more than you plan it. I came to the US as a student back in 2004-2005 when India didn’t have strong internet access and my applications used to be on paper instead of email but even then I was super curious about anything that had batteries.

My first job was on the World Bank trading floor, which introduced me to finance. I soon started realising my passion for tech and I was very fortunate to be given the job of doing the valuation for early-stage tech in emerging markets at the bank. As soon as I began working, I realised that it didn’t even feel like work. It was answering my curiosity, and honestly, it was fun for me. And so destiny pulled me in that direction and it just felt like home. So that was the beginning.

But if I think back to when I was a kid, I think I always wanted to play with electronics. I was always curious about how things worked and asked things like why they worked that way. What can we change for the better? Can it be bad? And then when computers came into my life, I was in eighth grade and I was just fascinated. I noticed about myself that with every piece of hardware, I had to open it up and see what was going on inside. That journey to combine tech, finance and impact continues till now.

What challenges did you face as a woman in a male-dominated industry? How did you overcome them?

This is an interesting question. When I started my career, I didn’t think much about it because when I went to an engineering school there were only four girls in my class.

But when I took my first job on the trading floor, there were hardly any women there. There were probably only one to two, including my boss, Nina Shapiro, who thankfully is still the advisor to Delta Blockchain Fund. During those days, there was really no conversation about women in the workplace. As I started moving into more senior positions, I began to realise that I was always one of the only women.

I realised pretty quickly that there was a certain way things worked. I just had to work extra hard to earn my seat at the table. Honestly, there was an inbuilt pressure that if I’m on the board and all of the members are male, I had to earn my seat by being extra prepared. Sometimes it was difficult to ask a question and expect proper attention like my male colleagues on the board.

As a woman, I had to learn to ask for what I wanted and know my worth.

A lot of times, women are scared to say “Hey, I deserve this promotion”. Often, we’re always apologising for things. But I also feel that most of the women who have made it to the top as founders and investors have learned the skill of building trust and friendships while learning to stand up and push and ask for what they want or deserve.

And every time now when I’m meeting a lot of young women or I am hiring somebody, I push them to know their worth and ask for what they need.

In your opinion, what are the major barriers that are blocking women’s entry into the tech and VC industry? What steps can be taken to increase gender diversity in this space?

Over the past few years, the progress has been amazing. When I went to college 18-20 years ago, there were very few women in STEM courses. Now, when I go to guest lectures or even when I teach a STEM class at Stanford, it’s usually at least an equal number of men and women in the class.

But then when it comes to the workforce, I notice that many tech teams are very male-dominated. The founders are male and you have one woman who is either a CMO or a community head or head of HR and then the rest of the team is all male.

Also Read: Meet the VCs: In conversation with East Ventures’ first female partner Melisa Irene

I think that we have incredibly qualified women who are figuring out how to navigate the so-called ‘bro gang’ but it’s a generational change and I feel like more and more men are getting comfortable studying alongside women in a larger capacity. So in the workplace, there will definitely be a big difference.

At Delta, out of our 47 portfolio companies, we only have two women founders. But I have a strong belief that it’s going to get better.

What do you think is the role of blockchain technology in addressing some of the world’s most pressing issues, such as climate change and income inequality?

Blockchain is a powerful technology that offers transparency, traceability, and security. In 2019, I gave a talk at MIT media lab on liquid democracy, discussing how blockchain could be utilised to create a transparent government system where every department, including tax and driving licenses, is on the blockchain. This would result in a truly transparent democracy, as the government could track what is owed to them and citizens could see if the government fulfilled its obligations.

Blockchain could also be used for land titling, mining, carbon credits, and salary wages with privacy through zero-knowledge systems. However, the extent to which blockchain is used depends on the willingness of people to adopt it.

How do you see the blockchain industry evolving in the next five years?

There has been a shift towards spending more time and energy on really important things like infrastructure and I see this continuing. The importance of infrastructure cannot be overstated. A global identity comprises financial, government, and social components etc. all rolled up together, true decentralised data storage, user-readable search results, an explorer for on-chain data etc.

Without proper building blocks, blockchain may be limited to small applications or speculative tools, which goes against its true potential. However, if things continue in this way, I see the industry growing exponentially and creating many new opportunities.

What are your future plans and aspirations for your work in the tech and VC industry?

Our future plans are to create new and unique VC offerings and products to support investors, while also generating profit for our Limited Partners. Our goal is to support founders throughout the entire cycle, from the preseed level to token launch and market fluctuations, ultimately supporting the technology. Our objective is to continue growing while remaining strategic partners for our stakeholders.

What advice would you give to women who want to pursue a career in the tech and VC industry?

My advice to those wanting to work in the tech or VC industry is to be yourself, be strong, and believe in yourself. Focus on doing your best work. It can feel like an exclusive club at times, and there may be uncomfortable situations, but don’t let that discourage you.

Keep building your network and proving your value, and you will be invited to the table. Don’t be the noise, be the value.

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Mimin, an Indonesian-based startup offering chat commerce solutions and virtual assistant services for businesses, has secured undisclosed seed funding from Salim Group-owned Otto Digital.

Mimin will use the fresh funding to serve micro, small, and medium enterprises (MSMEs) and online sellers and strengthen its technology infrastructure and order management software. Otto Digital has a prominent MSME community and networks across Indonesia.

Also Read: F&B ops management platform OrderEZ acquires Cocoon Capital-backed FoodRazor

Founded by Joseph Simbar (CEO) and Bayu Eka Putra (COO), Mimin provides chat commerce automation and an order management platform to help business owners run their stores efficiently. Through the Mimin app, sellers can input orders that came in through chat platforms easily, and the app will automatically generate invoices and payment confirmations. This solution enables businesses to process orders 70 per cent faster and more accurately.

“Based on our findings in the field, many buyers and sellers prefer conversational transactions, such as those conducted via WhatsApp or Instagram direct messages. Mimin aims to assist online sellers by automating order processing, which saves time and effort, as well as enhances business growth. We also offer relevant insights to help businesses innovate based on processed transactions, so that they can innovate based on this valuable business acumen,” said CEO Simbar.

Currently, the Mimin app is used by MSMEs in 20 provinces across 55 cities in Indonesia, particularly in the sectors of homemade F&B, fashion, and daily necessities. To expand its reach, Mimin collaborates with local governments in several areas, such as Sragen and Kep. Riau, and provides training and mentoring to the local MSME community. Its training in Sragen and Kep. Riau has already attracted 10,000 MSMEs to join and utilise the platform to manage their businesses.

To cater to retail companies on a larger scale, Mimin has introduced Mimin Pro, a service that allows businesses to easily process orders received through chat and delegate order fulfilment to the nearest branch.

Also Read: ‘Bootstrapping allows Inmagine flexibility to respond to changing market conditions, client needs’

“We believe that Mimin provides on-target solutions for Indonesian MSMEs and will greatly assist business players in increasing the efficiency of using WhatsApp as their means of selling. This investment is in line with Otto Digital’s vision of building the economy by empowering communities and expanding economic growth to rural areas. Mimin is one of the enablers we need to make it happen. Therefore, our investment represents our commitment to building a stronger Indonesian MSMEs ecosystem,” said Reginald Hamdani, CEO of Otto Digital.

Social commerce (shopping using social media and chatting apps) in Indonesia is projected to grow by 17.9 per cent annually from 2022-2028. According to a 2022 Populix survey, 86 per cent of Indonesians have shopped through social media and chat apps, such as Tiktok Shop (45 per cent), WhatsApp (21 per cent), Facebook (10 per cent), and Instagram (10 per cent).

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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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Running a startup successfully inherently comes with a lot of risks. Several aspects can significantly impact the business but are beyond the control of even the smartest entrepreneurs.  

Further, these risks may occur at any stage of the project, leading to delays or even the failure of the project. 

To navigate such challenges, young startup professionals can use various proven risk management techniques or strategies to ensure the timely completion of projects without much hassle, thus lowering the costs as well as efforts for the company.

The ability to mitigate risk as a startup founder allows you to acknowledge as well as accommodate such risks proactively. To this end, we will talk about different strategies you can use to mitigate risks in today’s ever-dynamic startup world.

Strategies for mitigating risk as a startup professional

Here are some of the strategies young entrepreneurs can use to manage as well as mitigate risk in the startup world.

Prioritise financial discipline

Young professionals in the startup ecosystem often get so engrossed with the operational aspects of the business that they overlook the financial details.

However, a lack of financial discipline can prove quite harmful in the long run, as you can soon run out of money before you even raise subsequent rounds of funding. 

As a young startup founder, it is very important to prioritise financial planning to run the business smoothly. A startup and the founder that understands the basics of finance, such as budgets, financial planning, and cash flows (where its money is coming from and where it is going) enjoy higher chances of meeting its business goals. 

Also Read: Brand new days: How startups can approach growth in a post-pandemic world

The best way to navigate this is by using a monthly financial analysis approach and doing a thorough financial evaluation during the early stages.

Assess your business risk in measurable terms 

Similar to other aspects that you are going to encounter in the startup business world, the risk your startup is exposed to must be observed in measurable terms too. Failing to do this will give you numbers and observations that are very limited. 

It is, therefore, important to assess the potentially risky situations of your business and measure them against three of the most important KPIs.

• Time: Does the task or project you are going to take fit within the estimated timeline of your company?
• Quality: Is the associated business risk capable of hurting the overall quality of your brand?
• Resources: Is your company capable of implementing the project within the available monetary resources?

Cut down on fixed overhead costs 

One of the areas that almost every startup professional struggles with are justifying investment in the infrastructure needed for fulfilling large orders from the start. This is primarily because founders have no way of projecting accurate levels of demand with high certainty, even after a lot of detailed planning.

Minimising initial overhead costs are, therefore, very important for startups as there is a high degree of uncertainty about recovering these costs through operating revenue. 

One of the best ways for startups to eliminate a majority of these initial overhead costs is by developing several creative fulfilment strategies during the planning stage.

Further, you can also build a robust network of suppliers to minimise the commitment associated with fixed overhead costs when fulfilling customer orders during the initial stages.

Have a well-planned marketing approach

Having a well-thought-of marketing plan in place can make a great difference in defining the success of a startup. This is especially true for young startup owners or millennials who do not devote enough time to marketing from the beginning.

The right marketing strategy allows you to not only outdo the competition but also mitigate risk. In fact, any success you achieve with your startup business relies heavily on having a strong marketing plan that helps you build a trustworthy reputation among your customers.

Further, promoting your product or service through strong marketing will allow your business to boost its sales and reach your target audience much faster. With the ability to visually showcase your product or service, tell your brand story, and connect with your audience on a more personal level, video marketing can be a powerful tool for building brand awareness and driving conversions. Whether you’re creating product demos, customer testimonials, or engaging social media videos using any online video editor, a strong video marketing strategy can help your business stand out in a crowded market and achieve its growth goals.

Material risks 

Material risks in the context of startups include:

• Any kind of damage to inventory, either in storage or transit
• Damages to real property by the business (owned or rented)
• Damage to other assets, such as company vehicles or any other forms of material losses 

To be able to mitigate the risk of material losses, it is important to ensure that the appropriate business insurance policies are taken covering different things such as accidents, natural disasters,  product losses, and other similar material risks. 

Also Read: Startup funding rounds: A handbook from seed to exit

When it comes to policies, there are multiple types of specialised policies available to startups. These include business interruption insurance, coverage for equipment breakdown, and other policies such as healthcare providers, electricians, and others.

Most of these specialised insurance policies cover a range of risks to keep you safe from known and unknown contingencies.

Safeguard yourself against security risks 

Recent years have seen a significant increase in cyber crimes and other security-related risks. Regardless of the size and nature of the business, there is a tremendous risk of data hacks where hackers are largely targeting cloud-based systems because that’s where organisations store their important data. That’s why It is also important to use a secure social intranet tool so that data leaks can be restricted and the team can work flawlessly without any worries. 

As a startup entrepreneur, devising a robust risk management strategy to mitigate such security risks should be among your top priority. The best way to tackle this is by having a proper policy against cybercrime that should entail informing employees about the importance of protecting confidential data, creating safe passwords, and how to use the web safely. It is also essential to include internet safety rules in the policy to ensure that employees know the potential risks of browsing unsecured websites or clicking on suspicious links.

To wrap up

Today an increasing number of startups struggle for success or wind up operations too early because young entrepreneurs fail to assess and adequately address the risks and uncertainties associated with running a startup. 

A strong risk management plan helps you minimise the impact of various kinds of risks and also allows you to tailor specific risks to your business’s unique challenges and requirements.

Further, a well-planned risk management strategy also helps you anticipate as well as resolve the challenges that are yet to arise. This, in turn, makes it easier to achieve the company’s long-term goals and achieve the desired success. 

The need here is to identify the top uncertainties and assess them thoroughly, followed by proactively managing the risk through the ways and strategies listed above to increase your probability of success manifolds.

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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.

Shao-Ning Huang is the Chief Angel and Co-Founder of AngelCentral. AngelCentral started as a community in 2017 to facilitate angel investments in Singapore. The community grew rapidly to almost 280 strong within ten months and has helped raise over SG$16 million (US$12 million) since 2016.

Seeing the enthusiasm and support from the community, Shao-Ning together with Teck Moh and Der Shing decided to incorporate and provide deeper angel training and investment support, with the key mandate to bridge good angels with good startups in Southeast Asia.

Previously, Huang was the Managing Director/Group Deputy CEO of JobsCentral Group (now CareerBuilder Singapore). Her life focus is to be relevant and pay it forward, helping wherever possible.

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

Edited excerpts:

How do you typically approach investing during a funding winter?

I don’t think there is anything “typical” here as it is really a new paradigm we are dealing with here. But I am more fundamental in my approach towards venture funding, and I feel a lot more “justified” now being a sales/execution-result-seeking investor.

I managed but it really was quite hard for me with the “let’s try to fly before we can walk well” mindset previously. But now I am glad many founders are going back to the fundamentals and becoming more realistic and patient with growth and pace.

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

Ideally post MVP, with early patterns of sales already, ASEAN market-focused, technology-based business, and with a “do-good, helpful to mankind” angle.

Also Read: ‘Bootstrapping allows Inmagine flexibility to respond to changing market conditions, client needs’

I learned the hard way: I had two direct investments outside of Asia. In addition to not knowing the tax treatment in those jurisdictions, I was at best remotely useful to the founders in managing their businesses. I could only empathise but was not really relevant in trying to solve the problems due to unfamiliarity with their markets/environments.

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

Pre-AngelCentral: A lot of word-of-mouth referrals and kind of haphazard. When Der Shing (my husband, we invest jointly) or I get a referral, we look at the deck, arrange coffee/meet up (almost 100 per cent of the referred), we like it, ask for a spreadsheet and further data, meet up again, we have our internal IC, yes/no go.

The rough estimate we probably saw 80-100 startups then, and we invest between four to six per year. As everything was via email, it was hard to keep track.

Now with AngelCentral: We are a lot more structured now, as we have a process set up now to do outreach, vet and deep dive. In a sense, AngelCentral is the platform along with CRM to allow us to better track our own processes.

And with AngelCentral, I now wear two hats. I vet as a screening service for our members, but I also vet wearing my own hat as a potential investor. Via the AngelCentral platform, I have a fixed questionnaire to cover foundational information that founders need to complete. We receive about 800 applications yearly. We send out questions via email.

We assess the businesses based on completed questionnaires and responses to our clarifying questions. If all is good, we will arrange a Zoom call/meet-up to understand better and to have a sense of the founder. So the decision here is to invite for a pitch or to keep it in view and re-connect in 6-12 months.

For those invited to pitch with us/our members at our monthly pitch sessions, the next step is to:

• Direct invest
• Syndicate investment
• Pass/keep in view for better metrics

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

I look at the founder, execution to date, market, and deal term asking. We teach this as a class for our members, too much to talk about!

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

Personally, I feel there are no hard and fast rules here. It’s through the interactions with the founders and at the end of those sessions, I could have the conviction that they are the right team to support this space at this juncture in time.

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

In our family portfolio, we have done 48 angel investments to date. Last tally (December 2022), 80 per cent of them were “alive”, with 60 per cent of them in the “green zone” meaning good sales numbers, focusing on sales, narrowing their losses etc.

Also Read: Validate the problem before building a solution: Surasit Sachdev of Hungry Hub

Using the conventional definition of “success” (ie. gotten up rounds, gotten B/C/D round investments, scaling in second/third markets) we have about 15 to 18 such companies now.

Of the “exited” cases, one was a good return for us, one acqui-hire exit, three “small exits”, while the rest were “write-off” exits.

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

I will start with myths. Some founders “question” why we ask so many questions before investing. It’s getting less common, but please understand angels definitely invest for financial returns. Angel investing is not charity work, and our money doesn’t grow on trees.

Onto the common mistakes. Founders who do not understand the capital raising process, do not understand fundraising norms and practices, or even think angels invest in “ideas”. I guess with angels, there are also “casual angels” and “professional angels”.

For the second group, we expect certain savviness. Because without this, professional VCs are not likely to be keen down the road.

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

I can’t speak for other angels, but for us, we prefer to invest in founders whom we “like” and who are definitely ethical. The latter could be harder to gauge; but “like or not like”, after a breakfast and some coffee sessions together, through small chats, you get an idea of what they are like.

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

At the startup level, I think it’s hard. Even for those that I am on their boards, I am not on a daily operational basis to know what’s really going on. It’s really important to have convictions via the pre-commitment homework.

We manage startup investing risk via our investment breadth, portfolio thinking, bite-size control and discipline. Our budget per deal is not more than US$200,000 overall, starting with a first check at US$30,000 to US$70,000, following on when there are good growth metrics; we have a diversified portfolio (48 companies and counting) and we do not invest in more than five companies a year.

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

Understand the investment norms, understand the market situations and be realistic in your asking, pure ideas with no executions to prove do not attract savvy investors.

—

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 Pure ideas with no executions to prove do not attract savvy investors: Shao-Ning Huang of AngelCentral appeared first on e27.

Thai startups raise US$529M in funding in Q1, outpaces Indonesia
Thailand accounts for 25.5% of equity funding while Indonesia claimed a 20.8% share; Singapore dominated the chart in Q1 with a combined US$960M funding.

BasisAI co-founder Liu Feng-Yuan investigated following Temasek acquisition
Temasek subsidiary Aicadium started the investigation after receiving a whistleblower complaint against Feng-Yuan relating to staff departures at the firm; Aicadium is understood to have taken management action.

Hong Kong’s CMCC Global launches US$100M Asia-focused blockchain fund
The fund has three main areas of interest: infrastructure, fintech, and consumer; It will primarily target seed and Series A investments; The firm has a strong investor base in Hong Kong.

SG’s early-stage VC firm Integra Partners closes US$90M Fund II
It will focus on fintech and digital health; Integra invests in pre-Series A to Series B stages and has backed 27 companies across two funds so far, including wagely, GIMO, and Brankas.

Bukalapak, 500 SEA partner for early-stage investments
Bukalapak is investing US$7.5M to join the fund as an LP; The partnership aims to back pre-seed, seed, and early-stage startups in SEA; The investment will focus on IT, communications, internet, medical tech, and deeptech.

Advance Intelligence raises US$80M to further develop AI innovations
Warburg Pincus and Northstar Group are the lead investors; Advance Intelligence provides an ecosystem of AI-powered, credit-enabled financial products and services.

Bhutan to raise US$500M for green crypto mining
The government has partnered with the Nasdaq-listed Bitdeer for this; Through its investment arm, the government will target institutional investors to fund crypto mining projects fuelled by the nation’s vast hydroelectric power capacity.

East Ventures leads Indonesian supply chain firm Praktis’s US$20m round
Praktis is an end-to-end supply chain enabler that provides services to help D2C brands in various areas such as raw material purchasing, production, fulfilment, and logistics.

Salim Group’s Otto Digital invests in Indonesian chat commerce enabler Mimin
Through the Mimin app, sellers can input orders that came in through chat platforms easily, and the app will automatically generate invoices and payment confirmations.

Ex-RedDoorz COO’s cloud kitchen firm DishServe closes down
The startup says it exhausted much of its runway on growth efforts despite having low margins; It had built a network of over 200 kitchen partners, servicing over 100K customers; Insignia Ventures is an investor in the firm.

Indonesian integrated cold chain solutions provider Coldspace raises US$3.8M
The investors include Intudo Ventures, Adi Sarana Armada, and Triputra Group; Coldspace offers cold storage facilities and reefer trucks through its own inventory as well as the third-party aggregated marketplace of partners.

Ion Mobility secures temporary injunction against ex-COO Joel Chang
The interim injunction order is part of an ongoing case related to a no-compete agreement between Singapore-based Ion Mobility and Chang; Ion founder James Chan and Chang parted ways in April 2021.

Mercu raises US$1.6M, aims to transform the ‘deskless’ workforce
The investors are 500 Global, Sequoia India, and XA Network; The startup enables employers to onboard, upskill, and engage with their deskless teams through chat apps.

Aeon to proceed with Malaysia digibank despite MoneyLion exit
MoneyLion decided to pull out of the consortium to focus on its US operations; This means Aeon, which runs a chain of supermarkets and shopping malls in Malaysia, will launch the digital bank with its two subsidiaries.

‘Don’t be the noise, be the value’: Kavita Gupta of Delta Blockchain Fund to aspiring female VCs
Most women who have made it to the top have learned to stand up and push and ask for what they deserve, says the Delta Blockchain Fund founder.

How HKSTP can help international startups in their expansion journey
For over 20 years, HKSTP has been building Hong Kong as a global innovation and technology hub to propel success for local and global startups.

‘Bootstrapping allows flexibility to respond to changing market conditions, client needs’
Inmagine has financed its growth through a combination of revenue reinvestment, strategic partnerships, and operational efficiency, says Co-Founder Stephanie Sitt.

Brand new days: How startups can approach growth in a post-pandemic world
Growth begins with finding that product-market fit; But does the old way remain relevant in our world today?

Fundraising? Here are 3 reasons why should join the 2023 TOP100
Joining TOP100 is an exciting opportunity for you to meet leading investors in the Southeast Asian startup ecosystem.

We know fundraising sucks, so e27 Connect is here to help you
Fundraising is a long, tedious process that needs a lot of work. But with e27 Connect, you don’t have to do it alone.

From job seeking to building a job portal: Turning my beliefs into reality
The more I spoke with job seekers and employers, the more I realised there is a very serious problem to solve: a lack of salary range transparency.

Unlocking angel investing: 6 key steps for making your first investment
In this article, I hope to share several steps that you should consider before cutting that first cheque as an angel.

Thrive amid business uncertainties with a reliable payment partner
How digital payment technologies increase sales, customer loyalty, and business resilience during economic headwinds.

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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 Ecosystem Roundup: Bukalapak, 500 join hands for early-stage investments; Thailand beats Indonesia in Q1 VC funding appeared first on e27.