This week marked a significant milestone for a variety of innovative startups as they successfully secured substantial venture capital funding. From a telehealth pioneer to an insurtech disruptor and a Web3 wallet innovator, these companies are poised for growth and development.

Let’s delve into the details of the investments that are driving their future endeavours.

Good Doctor

Founded in 2018, Indonesia-based telehealth startup Good Doctor allows customers to consult doctors online, buy medicines from Health Mall, and book offline doctor appointments at hospital partners.

The company boasts partnerships with over 2,500 doctors and 4,500 healthcare facilities, including pharmacies, hospitals, clinics, and official health laboratories. These partnerships serve a customer base of over 2,500 companies and 15 million users in both the B2B and B2C sectors.

This week, Good Doctor raised US$10 million in a Series A funding round led by MDI Ventures, with participation from existing investor Grab.

Circular

Founded in Singapore in 2021 by Nick Ramsay, George Oliver, Pantha Roy, and Yaniv Bernstein, Circular is a subscription service focused on high-end consumer electronics. It offers customers subscriptions on a wide range of premium tech devices with free damage protection that covers up to 90 per cent of the repair cost.

Through a flexible and affordable monthly subscription, the startup allows customers to sustainably access the latest tech gadgets at a fraction of the cost. Adding to its core categories of phones, tablets and laptops, Circular recently began offering popular gaming products as part of its Singapore catalogue.

This week, it secured US$7.6 million in funding from YC Continuity Fund, Global Founders Capital, Partech Ventures, and January Capital.

Ejen2u

Founded by Sheikh Ezaiddin, Imran Hadi, and Taufiq Zakir, Ejen2u provides a reseller digital ecosystem in Malaysia. It helps micro, small and medium enterprises — including brand owners, stockists, agents, and drop-shippers — increase their business. Its offerings include a cloud-based reseller management platform, reseller education platform, reseller-based venture builder, and several fintech solutions.

Ejen2u bagged an undisclosed sum in a pre-Series A funding round led by Gobi Partners through the Gobi Dana Impak Ventures fund, with participation from Artem Ventures.

WORQ

Founded in 2017, WORQ is a Malaysia-based coworking and flexible space provider. It aims to make real estate more accessible by offering office spaces designed like Google’s, making real estate available to users through a space-as-a-service approach.

In 2023, the company claims to have achieved an 80 per cent revenue growth while maintaining mid-teen net profit margins. The firm said the demand for flexible office space is on the rise, with growing interest not only from its traditional clients like tech startups and SMEs but also from global companies expanding into the region.

This week, the startup closed an undisclosed amount in a pre-Series B funding round from Phillip Capital and the Leong family office of property developer Mah Sing Group.

Phasio

Founded by Harry Conor Lucas (CEO) and Raman (CPO), Phasio provides a manufacturing interface tailored to address existing friction points between manufacturers and customers throughout the standard process. The company claims its software tackles the end-to-end workflow between these stakeholders — from instant quotations to collaborating on designs to managing personalised order experiences via a digital storefront.

Each tool featured on Phasio’s manufacturing interface is designed to streamline product development in a way that’s intuitive to the manufacturer-customer workflow. For instance, when collaborating on designs, Phasio’s interface enables the manufacturer and customer to view the design on the former’s website and leave comments on the parts in 3D. This means a single engineer can scale up their workflow from an average of two projects to ten at a time.

This week, the Singapore- and Berlin-based startup secured US$2.5 million in seed funding led by Airtree Ventures, with participation from 500 Global, Entrepreneur First, and Michael Sorkin’s Gattaca Ventures.

LUNA

Launched in late 2019 by Abdullah Lewis (CEO), Patricco Baron (CTO), and Irianto Siah (COO), LUNA is an Indonesian embedded fintech and vertical SaaS platform for retailers and MSMEs in Indonesia. It offers an Operating System for merchants to improve their operations, payments, accounting, access to financing, supply chain, digital marketing, customer relationship, loyalty programmes, HR, legal and compliance.

This week, it raised an undisclosed round of financing led by TNB Aura through its TNBA Scout initiative. Seedstars and existing investors 1982 Ventures, Century Oak Capital, and Prasetia Dwidharma also participated.

Eazy Digital

Eazy Digital is an insurtech startup built by serial entrepreneurs and insurance veterans Harprem Doowa (CEO) and Maethavee Sukul (COO). A SaaS platform, it empowers agents and brokers to automate their insurance sales and processes in Thailand.

Eazy Digital leverages technology to help insurance intermediaries break free from manual and legacy processes. The insurtech platform is built to handle millions of transactions with features such as an automation campaign builder to launch data-driven and personalised campaigns to boost sales efficiency. Agent request management that connects to a workflow system allows agents to request claims, amendments, quotations, and cancellations.

This week, Eazy Digital raised a US$1 million seed round led by M Venture Partners, with participation from returning investors Wavemaker Partners, OneDegree, Ascend Angels, and Orvel Ventures.

Account Labs

Founded in 2023 following the merger of Keystone and UniPass, Account Labs is a Web3 startup based in Singapore. The company offers a smart contract wallet, UniPass, which does away with complex 12-word seed phrases to log in. Wallet owners can use their Google account to set up and log into their wallets, with no Web3 familiarity required. Users can also top up their wallet directly with cards, Apple Pay, or GCash in the Philippines. Users can then send stablecoins directly to other Web3 wallets.

This week, the company raised US$7.7 million from Amber Group, MixMarvel DAO Ventures, and Qiming Ventures.

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Phasio, a Singapore- and Berlin-based startup developing software for the ‘productionisation’ of digital manufacturing, has secured US$2.5 million in seed funding led by Airtree Ventures.

500 Global, Entrepreneur First, and Michael Sorkin’s Gattaca Ventures also joined the round.

The strategic funding will enable Phasio to scale its engineering team to support the growing demand for its interface. A portion of the capital will be used to accelerate its manufacturing interface with feature improvements.

Also Read: Industry 4.0: Navigating disruptive technologies in manufacturing

“Our manufacturing interface is not just a tool; it’s a carefully designed ecosystem rooted in a deep understanding of the challenges that both manufacturers and customers face. Phasio’s intuitive by design, removing barriers and making it easier for manufacturers to focus on what they do best: creating quality products,” said Co-Founder Sudharshan Raman.

Founded by Harry Conor Lucas (CEO) and Raman (CPO), Phasio provides a manufacturing interface tailored to address existing friction points between manufacturers and customers throughout the standard process. The company claims its software tackles the end-to-end workflow between these stakeholders — from instant quotations to collaborating on designs to managing personalised order experiences via a digital storefront.

Each tool featured on Phasio’s manufacturing interface is designed to streamline product development in a way that’s intuitive to the manufacturer-customer workflow. For instance, when collaborating on designs, Phasio’s interface enables the manufacturer and customer to view the design on the former’s website and leave comments on the parts in 3D. This means a single engineer can scale up their workflow from an average of two projects to ten at a time.

Also Read: Making smart manufacturing a cost-efficient reality for SMEs

In addition to its core features, Phasio has developed ManufacturingGPT (mGPT), an AI agent to answer questions customers may have about specific manufacturing processes to simplify parts of the order management workflow, which may need an instant response.

Phasio’s platform boasts a number of integrations across the manufacturing workflow from Computer Aided Design software (Fusion360, CREO, Solidworks), accounting software (Xero, Quickbooks and Zoho), and shipping providers (Australia Post, UPS and FedEx).

Over 50 local manufacturers use Phasio across many markets, such as Singapore, Australia, Germany, India, the UK, Greece and the Netherlands.

Also Read: 

Vishal Harnal, Managing Partner at 500 Global, added: “Manufacturing plays a key role in bolstering the prosperity of the global economy. Phasio’s commitment to foster hyper-local and hyper-connected manufacturing holds the potential to catapult not only their customers but the people and economies dependent on these industries.”

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Image Credit: Phasio.

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LUNA, an Indonesian embedded fintech and vertical SaaS platform for retailers and MSMEs in Indonesia, has raised an undisclosed round of financing led by TNB Aura through its TNBA Scout initiative.

Seedstars and existing investors 1982 Ventures, Century Oak Capital, and Prasetia Dwidharma also participated.

Also Read: Fintech funding in Q3: Indonesia witnesses 94% plunge while Vietnam sees 190% surge

With this financing, the startup plans to recruit talent across all functions, expand to new cities in the archipelago, and invest in platform development.

Launched in late 2019 by Abdullah Lewis (CEO), Patricco Baron (CTO), and Irianto Siah (COO), LUNA is an Operating System for merchants to improve their operations, payments, accounting, access to financing, supply chain, digital marketing, customer relationship, loyalty programmes, HR, legal and compliance.

“Retail merchants face an incredibly complex and competitive market. Many have not digitised or are using outdated legacy systems not built for Indonesian retailers or MSMEs. We are the all-in-one system for retail owners to scale their business and provide enhanced customer experiences,” CEO Lewis said.

Also Read: What you can learn about Singapore, Indonesia from this list of top tech startups

Its solutions include a mobile point-of-sale system with a built-in enterprise resource planning (ERP)/accounting system (Luna POS); QRIS, debit, and credit card payment enablement (Luna One); financing support for MSMEs (Luna Capital); online web (TokoLuna); and digital supply chain solutions (Luna Mart); legal support, company registration, and patenting (Luna Legal); helping MSMEs to manage social media and advertising (Luna Ads); as well as HR management, loyalty programs, and customer relationship management offerings.

According to the company, it covers over 70 cities in Indonesia and is growing over 20 per cent m-o-m, with over 7,000 active merchants onboarded.

LUNA has partnered with major banks such as Bank Jawa Barat, CIMB Niaga, Bank Neo Commerce and Nobu Bank; P2P lenders Koinworks and Batumbu, and wireless network operator Smartfren. The company is rolling out an HR management system and additional value-added services to meet the needs of MSMEs as a comprehensive solution.

Also Read: 

“With 90 per cent of all MSMEs in ASEAN based in Indonesia, we believe there is still a large, untapped market presently facing a lack of access to new technology and capital. We believe LUNA’s unique access to MSMEs through its rural bank partnerships along with their POS system software serve as prime data collection points which will enable business owners access to their full suite of product offerings,” said Glen Ramersan, Managing Partner & Head of Indonesia, TNB Aura.

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Image Credit: LUNA.

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Eazy Digital, a SaaS platform empowering agents and brokers to automate their insurance sales and processes in Thailand, has closed a US$1 million seed round.

M Venture Partners led the round, with participation from returning investors Wavemaker Partners, OneDegree, Ascend Angels, and Orvel Ventures.

Also Read: Thai insurtech company Roojai acquires DirectAsia from Hiscox

The fresh funding will be used to upgrade Eazy Digital’s automated agency management system platform for agents and brokers and fuel expansion to Malaysia and the Philippines.

Eazy Digital was built by serial entrepreneurs and insurance veterans Harprem Doowa (CEO) and Maethavee Sukul (COO). Doowa, previously co-founded Frank (acquired by bolttech in 2020).

Eazy Digital leverages technology to help insurance intermediaries break free from manual and legacy processes. The insurtech platform is built to handle millions of transactions with features such as an automation campaign builder to launch data-driven and personalised campaigns to boost sales efficiency. Agent request management that connects to a workflow system allows agents to request claims, amendments, quotations, and cancellations.

Intelligent dashboarding and reporting of key KPIs and SLAs to help boost visibility for agents. Agency profile pages allow individual agents to have their own profile pages branded under the insurance company. These pages help agents quickly build trust and generate leads.

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

Other modular add-ons in the works include Application Programming Interface (API) enabled payment, onboarding, workflow management, dashboard, and training management to reduce operational workloads.

Eazy Digital recently partnered with Ergo Insurance and Tokio Marine Safety Insurance, facilitating 100,000 policies, renewals, and claims in Thailand.

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

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

In our first episode, we feature Daan van Rossum, CEO of FlexOS and the creator of Future Work, a weekly newsletter and podcast about the future of work for an audience of over 15,000 business and people leaders.

A valued contributor, Rossum joined us in Q2 with his debut article. Since then, his work has amassed over 3,000 views. His motivation as an e27 contributor stems from his desire to impart knowledge and experience to the startup community.

Rossum shares his personal and professional journey in our debut episode of Contributor Spotlight.

The driving force

Rossum is passionate about helping startups create environments where their employees flourish in happiness and productivity. “Startups can potentially change the world, and I want to help them achieve their goals,” he said candidly.

How it all began

Rossum embarked on his journey at 15 when he chose to leave school and delve into the internet, enticed by its transformative possibilities. With experiences at Ogilvy spanning multiple global cities, he ventured to establish his own company, committed to aiding individuals in discovering happiness and realising their aspirations.

This journey evolved further as he took on the CEO role at Dreamplex, a co-working network in Vietnam. He later introduced FlexOS, a platform that empowers people-centric managers in hybrid and remote work settings.

Also Read: Myths vs reality: Remote and hybrid managers report high productivity and trust

The future is happy

Rossum specialises in employee experience, employee engagement, remote and hybrid work models, and fostering happiness in the workplace.

Regarding employee experience trends, he said, “There’s a noticeable shift towards emphasizing its importance in boosting engagement, retention, and productivity. Furthermore, we’ve seen the rapid rise of remote and hybrid work models, accelerated by the COVID-19 pandemic. This has pushed companies to rethink and enhance the experience for remote and hybrid workers.”

He highlighted the growing focus on workplace happiness, emphasizing that companies now understand its role in driving productivity and innovation. They actively strive to create supportive, valued, and appreciated workplaces.

Advice for budding thought leaders

To all aspiring thought leaders and regular contributors seeking to enhance their skills as articulate and efficient communicators, here are some of his top tips:

• Develop a deep understanding of your field. This will give you the credibility and authority to speak on relevant topics.
• Maybe, more importantly, understand who you’re writing for. If you don’t know what your audience cares about, it’s hard to provide real value. 
• Be able to communicate your ideas clearly and concisely. 
  • Writing is thinking, but the final product should convey your message. I highly recommend the University of Michigan’s Good With Words course. 
  • Read a lot. The more you read, the more you’ll get into the flow of writing well yourself. 
• Be responsive to your audience. Engage with them on social media and answer their questions. Writing can’t be a one-way street. Let your readers inspire your next piece and help you develop your thinking and writing. 

Juggling too many things?

“Understanding your priorities is crucial,” Rossum emphasised. “Once you’ve identified them, it’s time to evaluate your schedule. Chances are, your current time allocation doesn’t align with your priorities. In that case, it’s time for a schedule reset.”

He further suggested allocating time to prioritise significant aspects of life, such as family and career, emphasizing deliberate scheduling and hyper-effective time management. He recommended eliminating non-contributory meetings and dedicating substantial blocks for meaningful, productive work.

“In my case, I rely on tools like Clockwise to automate this process, even reshuffling meetings. Balancing work, contributing, and personal life can be challenging, but setting boundaries and consciously structuring your time is essential. It’s equally important to include moments for relaxation and rejuvenation. When you follow these principles, you’ll find ample time to enjoy life”, he added.

Also Read: Examining global hybrid and remote work trends beyond the West

Staying in the loop

To stay informed, Rossum relies heavily on LinkedIn, where he follows industry leaders and influencers. “I’ve found that when crucial news surfaces, it’s often shared by one of these individuals on their profiles”, he said.

Podcasts are another invaluable resource, he feels. He’s an avid listener, regularly tuning into shows like This Week in Startups, Josh Bersin, WorkLife with Adam Grant, Acquired, My First Million, and HBR Ideacast.

He mentioned that he stays informed by subscribing to email newsletters like People Geekly and Dror Poleg, focusing on developments in employee experience, employee engagement, remote and hybrid work models, and happiness at work. These sources provide valuable updates and trends in his areas of expertise.

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

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

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Distance learning has always been seen as a solution to give greater access to education, especially in communities where educational facilities are limited, or for more mature students who have to juggle school with other commitments such as work or family.

In Asia, we have been seeing the rise of edutech startups who are helping students to learn better through technology, such as Jakarta-based Zenius or London-based Quipper who has a strong presence in Asian market.

The rise of virtual reality (VR) also means that the education sector –particularly distance learning platforms such as MOOCs and online schools– will be able to integrate it to create a more meaningful learning experience for students.

This infographic courtesy of NowSourcing breaks it down for you.

Featured image credit: Tran Mau Tri Am on Unsplash.com

This article was first published in March 9, 2016

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UnaFinancial (formerly Robocash), a Singapore-based fintech group of companies, has announced a strategic partnership with wealth-tech company Velexa to offer a digital investment platform in the UAE.

It will enable UnaFinancial’s clients to acquire and trade multiple asset classes like equities, forex, bonds, commodities, and derivatives.

Also Read: Robocash to raise US$5M from Kilde, aims to launch online bank in SEA

In the initial phase, the platform will enable investment options and tools covering US Equities & ETFs and FX trading to novice and experienced investors.

The key functionalities of the platform include API-based connection to exchange venues, external brokers and financial service providers, besides automated trade execution.

“The UAE is ranked first among fintech centres worldwide in terms of innovation, market size, and development potential. It has a favourable regulatory environment for startups and a high level of digitalisation with the smartphone and Internet penetration of 96 per cent and 99 per cent, respectively,” said Natalia Ishchenko, CEO of UnaFinancial. “The technological solution offered by Velexa perfectly aligns with our vision of the future product.”

“We recognise the immense potential for growth and innovation in the UAE’s dynamic financial market. Together, we will reshape the future of the financial services industry in UAE, making it more accessible and user-friendly for people from all walks of life,” added Tamara Kostova, CEO of Velexa.

UnaFinancial is a group of companies developing digital financial solutions in the Middle East, Asia, and Europe. The firm claims to have generated US$139.1 million in revenue and US$13.1 million in profit as of December 31, 2022.

Also Read: Financial literacy in Southeast Asia is set to match industry growth

Velexa is a wealth-tech company focusing on democratising the wealth management industry. Headquartered in London, UK, Velexa is in Southeast Asia, Europe, and the UAE.

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Dennis Nguyen, the CEO of Nasdaq-listed Society Pass Inc., has stepped down from the post, the embattled e-commerce company said in a regulatory filing.

He is replaced by CFO Raynauld Liang, who previously led the investment function of L K Ang Corporate, a family office. He earlier founded Connex Capital, an IPO-focused advising company.

Also Read: Ex-CTO drags Society Pass into court for “breaching employment contract”, seeks over US$1.3M in damages

Society Pass has also appointed Yee Siong Tan as CFO. Tan is the company’s controller and previously served as financial controller for ISOTeam, a construction engineering company, and finance manager for Hoe Leong Corp., a shipping and equipment supplier.

While Society Pass said Nguyen’s resignation didn’t result from a disagreement, the development comes at a time when the data-driven loyalty company is embroiled in multiple controversies in the US.

Last month, the Supreme Court of the State of New York ordered the firm to pay approximately US$750,000 to the company’s former CTO, Rahul Narain, for breaching his employment contract. The judgement was delivered on a lawsuit filed by Narain four years ago.

The blow came just a few months after the same court ordered Society Pass to award a significant block of pre-IPO shares valuing approximately US$6.61 million, with up to an additional US$2.38 million penalty interest, to its co-founder and former CMO Thomas O’Connor for the breach of the Common Stock Purchase Warrant.

Furthermore, it was recently removed from the Russell 2000 index (a small-cap US stock market index), a blow to the company’s efforts to retain the coveted institutional investors that can greatly support Society Pass’s share price.

According to documents, Society Pass was being investigated by the US Securities and Exchange Commission (SEC) earlier this year.

Also Read: US court orders Society Pass to pay pre-IPO shares to co-founder and ex-CMO; company under SEC probe

Along with the executive appointments, Society Pass said it entered into a structured financing agreement to sell up to US$40 million in shares to Strattners. Under the agreement, Strattners can buy shares at 96 per cent of the current market price.

However, Society Pass’s most recent 10-Q filing showed that it only has US$10.9 million left in its coffers. A 10-Q filing is a financial report that all public companies must submit to the US Securities and Exchange Commission (SEC) at the end of their first three fiscal quarters.

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Christmas is time for the family. After exchanging warm embraces and greetings, your big family sits over dinner and talks about the year’s major events. Since you have just graduated from university, Aunt May turns toward you and starts grilling you on your plans for the future.

You begin to sweat. Because you just rejected a tempting job offer from a multinational bank …

To build your own startup.

Stereotypical Asian parents tend to have a certain expectation for their children’s careers. Some expect them to be doctors; some expect them to be lawyers.

Some send their kids to study computer engineering with the hope that they will take the tried-and-true path of corporation by working in Microsoft. Little did they know that their child is aiming for the long and winding road of building the next Microsoft.

Check out e27’s advice for fresh graduates planning to come out to their parents about their career choice.

Also Read: Want to get your company in the news? 8 tech journos offer advice

Step 1: Time the talk

Different parents deal with shock in their own unique ways. The key here is to understand how yours might react.

If you believe that they will be able to stay calm and collected, then sit with them over dinner and explain your goals calmly and thoroughly.

But if yours are more of the explosive type, do it when there is no chance for them to scream at you. For example, Mom has friends over and they are chatting in the living room.

You can casually walk past and tell her, “I would like to tell you something. I’ve rejected that job offer.”

Then run as far as you can while the news sinks in. Hopefully, by the time you actually talk, she will be able to deal with the shock as she has taken time to digest it.

Step 2: Explain, then listen

You finally get to talk to them. When explaining the type of business that you are doing, keep your explanation well-structured and well-researched.

Keep in mind that your parents come from a different generation, thus may not understand why people nowadays like to take pictures of themselves or, for that matter, choose not to work at a large conglomerate. Avoid making assumptions. Be very clear with terms and trends they may not recognise.

Last, but not least, listen to their reply. We hate to break it to you, but some of their concerns may actually be real, such as how are you going to support yourself with such a small income? You cannot buy a bowl of rice by trading them with your Pokemon card collection.

Also Read: Video: Bite-sized advice from e27 thought leaders

Step 3: Take baby steps

Another key point that you need to remember when explaining your goals: Don’t boast.

Don’t tell them that you are quitting your job to become the next Elon Musk when you are still figuring out how to deal with a bug on your new app.

Keep everything simple and down to earth. It may not be wise to talk about the next 10 years or what you’ll do when you get your Series B; focus on how you want to run this business to survive its first years.

It is easier to believe in a person who has realistic goals and expectations.

Step 4: Make Plan B, C, D …

Even the greatest unicorns fall off the cliff. Let your parents to know that you are aware of the risks, and that you are prepared for them.

Make a Plan B and explain it to your parents. It will be better if you can set a deadline with them. For example: If the startup is going nowhere in two years, then you are going to search for corporate jobs.

It will actually inspire you to work harder, since you know that your parents are now watching your back.

Also Read: Listen Up: Lean Startup Machine mentors offer advice

Step 5: Get them involved

If words fail to convince them, then win them over with actions. Show them the prototype of your mobile app, or even better, take them to the co-working space you have been working in. Allow them to see for themselves that you are doing real work here.

(Make sure you don’t bring them in when your partner is snoozing in the bean bag corner, though.)

Let them see how you work and ask for their comments. Oh, you know how parents are a always a bit shy when it comes to giving advice.

Step 6: Show results

If actions fail, then the only way left to convince them is through results. This may take a while, but it is the most solid way to get them to believe in you.

When Touchten was first founded, Anton Soeharyo recalled being yelled at by his mother for ‘spending days sitting in front of the computer and not getting a real job’.

He then showed her his bank account, which was filled with the money earned from developing games. That is how he managed to convince his mom that game developing is a real job with decent prospects.

When you have your own office in a building, when everybody in town is using your startup’s product, when your startup lands on e27 … that is how you –- and your parents — will know you have made it.

Keep on working towards that.

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The article was first published in December 23, 2015.

Image Credit: picjumbo

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Singapore-based VC firm Jungle Ventures has launched First Cheque@Jungle, a bespoke programme for partnering with seasoned operators at the idea, pre-seed and seed stages.

The sector-agnostic programme invests across India and Southeast Asia with limited early-stage dilution.

Also Read: HealthXCapital joins Jungle Ventures to lead healthcare investments in SEA & India

First Cheque@Jungle is based on two core concepts: focus on only a few exceptional teams with bold ideas at any given time and a sizeable first cheque with no minimum ownership criteria. It will invest at least US$2 million as 50 per cent in equity and 50 per cent as a no-cap convertible note.

“We believe that taking a minimum 25-30 per cent ownership upfront creates misaligned incentives and can harm the company in the long run. That’s why we created a disruptive model with 50 per cent of the funding in uncapped convertible notes at a fixed discount to the next round,” the VC firm said in a statement.

The firm will also lead or co-lead subsequent Series A funding rounds without any need for follow-on funding from other investors, with investments ranging from US$5 million to US$10 million per company.

Also Read: “Mom, Dad. I’m building a startup”

“Moglix, Kredivo and Livspace are prime examples of companies that started out as mere ideas when they approached the team. We believed in their vision, had the privilege of being their first cheque, and worked with them through multiple business cycles, investing in them from their early to growth stages. We deeply understand the power of being the first to believe in an idea and provide essential capital and business-building support,” it said.

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