Mirxes Holding develops and commercialises non-invasive and affordable blood-based miRNA test kit products for the early detection of cancer and other diseases.

The Singapore-headquartered RNA technology company announced closing its US$50 million Series D funding round led by Beijing Fupu, EDBI, Mitsui & Co., NHH Venture Fund, and the Agency for Science, Technology and Research.

Mirxes, founded in June 2014 as a spin-off from A*STAR, was conceptualised and developed by co-founders Dr Zhou Lihan, Prof. Too Heng-Phon, and Dr Zou Ruiyang.

The startup recently announced the completion of its US$50 million Series D funding round led by Beijing Fupu, EDBI, Mitsui & Co., NHH Venture Fund, and the Agency for Science, Technology and Research.

e27 spoke with Co-Founder and CEO Lihan to learn more about the company, its solutions, and future plans.

Can you provide an overview of Mirxes’s RNA technology and how it is utilised in cancer detection?

Mirxes has developed a microRNA (miRNA) technology platform, mSMRT-qPCR, based on RT-qPCR. The platform relies on our unique three-primer approach, which can accurately and reliably measure miRNAs in human blood by increasing detection sensitivity and reproducibility.

Our early detection test kits are powered by our proprietary and patented miRNA detection technology platform. With extensive research into disease biomarkers, we have gained an in-depth understanding of the unique biology of miRNA, particularly at the early stages of the disease. Leveraging on our research and technology, we can develop and offer a new class of blood-based miRNA test solutions that significantly outperform existing tumour marker tests in detecting early stages of cancers.

Mirxes harnesses the power of RNA with a proprietary technology that can detect abnormal miRNA signatures in bodily fluids like blood and saliva. Consequently, with a simple prick, clinicians can diagnose diseases even in the early stages.

How does Mirxes’s blood-based colorectal gastric cancer screening test work, and what sets it apart from traditional screening methods?

GASTROClear is the first and only approved molecular in vitro diagnostic (IVD) product for gastric cancer screening globally, according to Frost & Sullivan. GASTROClear sets the standard for miRNA- based diagnostic tests.

Also Read: Harnessing the power of AI to help improve gastric cancer detection

Equipped with our mSMRT-qPCR technology, GASTROClear has demonstrated outstanding clinical performance. We completed a prospective clinical trial with 5,282 people enrolled in Singapore in a clinical trial for cancer screening and early detection.

GASTROClear is:

• non-invasive and simple to use: it provides a non-invasive testing approach as it requires only 1 ml of blood for testing, making the sampling process easy and enabling GASTROClear to be used in various testing scenarios.
• cost-efficient and highly accessible: our proprietary mSMRT-qPCR technology platform and reagents, together with our in-house manufacturing capabilities, enable us to control operational costs effectively, therefore lowering the costs of GASTROClear and making it highly accessible in the market.
• convenient: it can quantify risk levels and present direct and actionable detection results, thus enabling early detection and intervention of diseases. It also has a fast turn-around time, with a 4-hour sample-to-result lab workflow.

Project CADENCE sounds promising for early cancer detection. Can you share more details about the multi-cancer early detection test and the nine high-mortality cancers it aims to detect?

Project CADENCE is the world’s first large-scale clinical research project in Singapore to discover and validate novel combinations of blood-borne circulating miRNA and DNA methylation biomarkers. It will lead to developing a multi-cancer early detection test for up to nine high-incidence and high-mortality cancers, including lung, breast, colorectal, liver, stomach (gastric), oesophagal, ovarian, pancreatic, and prostate cancers.

We initiated a large-scale clinical research project in July 2022 to develop CADENCE in collaboration with key clinical experts and institutions in Singapore and overseas through integrating and analysing multi-omics biomarkers in miRNA and DNA of more than 20,000 individuals.

As part of our plans to bring accessible and affordable early cancer detection solutions to the ASEAN region, we signed a memorandum of understanding with PT ELION MEDIKA INDONESIA to bring RNA-powered early cancer detection tests to Indonesia. Similar to Project CADENCE, the partnership aims to develop blood-based multi-cancer early detection solutions optimised for the Indonesian population. This collaboration further enabled leading Indonesian and Singaporean scientists, clinicians, and entrepreneurs to develop localised solutions to address cancer challenges in our region collectively.

How does Mirxes’ RNA technology synergise with other biomarker technologies in Project CADENCE, and what advantages does this integration offer for cancer detection?

Project CADENCE is our most ambitious effort to date, where we leverage our proprietary technologies, a decade-long RNA clinical test development experience, and Singapore’s strong clinical research and translation infrastructure, to develop a novel blood test that allows physicians and at-risk individuals to detect the earliest possible signs of multiple solid cancers. This is done through a holistic analysis of miRNA and DNA biomarkers. The biomarker discovery and test development phase seeks to surpass existing blood-based cancer biomarkers with superior clinical performance in sensitivity and specificity.

Aligned with our purpose to detect cancer in its early stages to alleviate the burden of the disease and reduce financial costs, Mirxes has initiated a large-scale clinical research project for the development of CADENCE in collaboration with key clinical experts and institutions in Singapore and overseas, through integrating and analysing multi-omics biomarkers in miRNA and DNA of more than 20,000 individuals. We intend to conduct registration clinical trials for CADENCE in selected countries.

What are the key benefits of early cancer detection?

Early detection improves treatment outcomes and healthcare costs, and timely intervention leads to more effective treatment options and chances of successful outcomes. Treating cancer at later stages can be more expensive due to the need for more aggressive treatments and a higher likelihood of complications. Mirxes believes early detection saves lives and can also help reduce the overall cost burden on healthcare systems and patients.

What is your strategy for expanding cancer detection solutions into international markets? Which new markets are you expanding into? What opportunities do you see there?

Mirxes is headquartered in Singapore. Globally, we have physical operations in the US, China (including Hong Kong), Japan, and Southeast Asia (the Philippines and Malaysia) and commercial activities in broader Asia-Pacific markets.

We have established strong partnerships with our customers, distributors, suppliers and government partners and tailored our core strategy, products and services for each geography. This means that we ensure solid in-market relevance in each respective country alongside first-mover advantages, delivering solutions that work best for consumers.

For example, our early disease detection portfolio holds huge market potential to address significant unmet clinical demand. The successful commercialisation of GASTROClear alongside LungClear, a commercialised miRNA-based lung cancer early screening LDT service, positions us to seize global opportunities and make further inroads into cancer early detection.

Other key players in the global molecular cancer screening market with approved products include Exact Sciences’ Cologuard (stool DNA test for colorectal cancer), which was approved by FDA in 2014, and New Horizon Health’s ColoClear (stool DNA test for colorectal cancer) which was approved by NMPA in 2020. Mirxes’s GASTROClear was approved by Singapore’s Health Sciences Authority in 2019 and obtained the FDA Breakthrough Device Designation in 2023 while undergoing clinical trial in China for the NMPA approval. We seek to conduct clinical trials in different regions to localise our products and benefit more communities, as cancer is a personalised disease.

In Southeast Asia, we have established ourselves as a market leader in speciality molecular diagnostic development, allowing us to develop and commercialise products and services more efficiently. Our strategic focus is to continue demonstrating our capabilities to provide affordable and effective healthcare solutions to consumers in the region.

In July 2023, we announced our listing application with The Stock Exchange of Hong Kong Limited (HKEX) under Chapter 18A of the Rules Governing the Listing of Securities on HKEX. IPOs are a means for tech companies to secure funding for Research and Development (R&D), driving innovation and progress. We view IPOs as milestones, not endpoints. Going public isn’t about cashing out; it’s about accessing capital for new innovative breakthroughs, market growth and expansion. Our peer companies in the biotech sector usually go to IPO within 6-8 years of company founding (Exact Sciences, New Horizon Health, Guardant Health etc). Chapter 18A listing rule was specifically set up to enable growth-stage biotech companies that are pre-revenue or pre-profit to raise capital publicly to accelerate pipeline R&D and product commercialisation.

The spread of cancer remains a significant global health concern. How does Mirxes plan to address this challenge with its innovative technologies and early detection solutions? Which part of the world is more prone to cancer and why?

The prevalence of cancer can vary across different regions of the world due to various factors such as lifestyle, environmental exposures, genetics, and access to healthcare. Some regions may be more prone to specific types of cancer due to the mentioned factors.

Specific to gastric cancer:

Gastric cancer is the fourth leading cause of cancer deaths. It is ranked the sixth in global incidences among all cancers in 2022, with a total of approximately 1.1 million incidences worldwide, according to Frost & Sullivan. It is widely accepted that gastric cancer is one of the most preventable cancers because screening of asymptomatic individuals can identify precancerous adenomas that can be removed through surgery before they become cancerous. Patients diagnosed early in the progression of the disease are more likely to have a complete recovery and incur fewer medical expenses.

According to Frost & Sullivan, the market size of gastric cancer screening in the selected regions (namely China, Japan, Southeast Asia and the U.S.) increased from US$11.6 billion in 2018 to US$14.6 billion in 2022. It is expected to increase to US$20.7 billion in 2027 and US$24.3 billion in 2032.

Mirxes aims to make early disease detection accessible on a global scale. We aim to alleviate the burden of cancer and reduce healthcare costs by leveraging innovative RNA tests that detect diseases earlier, improving health economics and outcomes to foster a healthier future for communities worldwide.

Apart from colorectal cancer and the nine high-mortality cancers targeted in Project CADENCE, does Mirxes plan to expand its RNA technology to detect other types of cancer in the future?

We are focused on scaling the adoption and penetration of Mirxes’s flagship stomach cancer blood test, GASTROClear, in major Asia-Pacific markets, including Southeast Asia, China, and Japan. We will also accelerate the development and commercialisation of Mirxes’s maturing clinical pipeline, including a blood-based colorectal cancer screening test and the multi-cancer early detection test under Project CADENCE. We have a strong oncology-focused pipeline to address clinical unmet needs for a healthier world – lung, breast, colorectal, liver and ovarian cancer, and multi-cancer.

In addition to our clinical pipeline of test kits for various cancers, we continue to work with local and globally renowned academic clinical centres to grow our pulmonary and cardiovascular disease portfolios.

In 2022, Mirxes jointly launched Southeast Asia’s first multi-centre study, Singapore Pulmonary Hypertension Early Detection with miRNA biomarkErs (SPHERE), with National University Heart Centre, Singapore (NUHCS) and National Heart Centre Singapore (NHCS) in a nationwide effort to manage the risk of pulmonary hypertension. SPHERE aims to develop miRNA signatures pertinent to Asia for early pulmonary hypertension (PH) detection.

Our ultimate focus continues to be on accelerating innovation and bringing life-saving solutions to the public through the early detection of life-threatening diseases.

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(The second image used in this picture is AI-generated)

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Property tech company PropertyGuru today announced that it is ceasing the operations of Rumah.com, its property marketplaces business in Indonesia, and FastKey, its SaaS product, in an internal note by PropertyGuru Group CEO and Managing Director Hari V. Krishnan.

The statement further detailed that Rumah.com will cease to operate on November 30.

“Our aim is to minimise this impact and provide support to the 61 Gurus from our Indonesia Marketplace business, offering them enhanced packages, healthcare support and assisting them in their transition to new opportunities,” Krishnan said in the statement.

“Until November 30, we will continue to serve our Rumah.com agent and developer partners to ensure minimal disruption to their business operations. Thereafter, we will refund the fees paid by them as per the respective contracts. For our vendor partners, we will pay the dues as per the individual contractual commitments.”

Also Read: GORO raises US$1M to democratise Indonesian property investment amidst economic challenges

It also stated that it will continue to hold the PropertyGuru Indonesia Property Awards.

For FastKey, PropertyGuru will cease its operations in Indonesia on July 31, 2024, and in Malaysia and Singapore on October 15, 2024.

“As we move forward, we are engaging in conversations with the affected FastKey team members, exploring redeployment opportunities within the group and ensuring that they are supported throughout this period of change,” the CEO said.

For affected employees at Rumah.com, PropertyGuru will provide them with enhanced severance packages, goodwill payments based on years of service, extension of medical insurance, and jobseeking support.

The company also stated that the business decisions are not expected to have a material impact on its full-year 2023 financial outlook.

Also Read: Thai property developer MQDC unveils ‘metta-verse’ to bridge the real and virtual worlds

“As we navigate the future, it is imperative that we continue to review progress and periodically streamline our operations while carefully re-prioritising our resources where necessary. Our efforts and focus must be towards businesses that are already driving or have shown the potential to achieve scalable growth while ensuring strong unit economics,” says Krishnan.

e27 has reached out to PropertyGuru to find out the company’s next plan and focus.

Responding to the announcement, 99 Group CEO Darius Mahtani Cheung said that the group is “rapidly” growing its business in Indonesia and is expanding its team.

“We welcome all talents to join us, do find out about opportunities on our career page!” he wrote to e27.

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Image Credit: PropertyGuru

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Global VC firm Accel has unveiled the new avatar of Atoms, an accelerator programme for pre-seed and seed-stage startups in India, Southeast Asia and the UAE. The programme will provide startups access to funding, personalised mentorship, and guidance from top operators and founders.

Since its launch in August 2021, Atoms has invested in 24 companies across two cohorts. The revamped Atoms 3.0 programme introduces a sector-based approach. Through closed groups, early-stage founders can collaborate, interact, exchange ideas, and grow in a more personalised learning environment.

The Atoms 3.0 programme comprises two sector-focused cohorts, each with its own focus and objectives. The AI cohort will be led by Prayank Swaroop while the Industry 5.0 batch will be spearheaded by Barath Shankar Subramanian.

Swaroop spoke with e27 about Atoms 3.0, its objectives, and more.

Excerpts:

What motivated Accel to adopt a thematic approach in its Atoms programme, deviating from the traditional accelerator model?

A sector-focused approach allows us to deviate from the traditional accelerator model with several benefits.

Firstly, it allows startups targeting similar industries and at similar stages of evolution to learn from each other and benefit from industry-specific guidance. This focused approach facilitates deeper assistance, marshalling of resources, and connections to industry experts.

Also Read: SDTA revamps venture building programme for deep-tech startups in Singapore

Secondly, sector-focused cohorts create a more personalised learning environment, enabling better collaboration, interaction, and exchange of ideas among startups. By building a community of like-minded founders in the same domain, we aim to foster collaboration and mutual support among the startups, increasing their chances of success.

Could you explain the key objectives and goals of Atoms 3.0? How has the programme evolved over the years?

Zero-to-one is the most challenging journey for an entrepreneur, as it sets the foundation for the business; that is what Atoms hopes to accomplish for our cohort founders. Atoms is constantly evolving and looking to improve the programme for founders.

Based on feedback from founders in cohorts I and II, we realised that founders want to be part of a community where they can learn from other founders and operators, and these learnings can get amplified if the people in the group are from within their industry.

We launched Atoms 3.0 as a thematic, sector-focused cohort programme with this learning. The idea is companies targeting a similar industry and at a similar stage of evolution get to learn from each other a lot. Atoms 3.0 will have two sector-focused cohorts — AI and Industry 5.0.

The redesigned programme will offer personalised learning, sector-specific mentors, and up to US$500,000 in investment for each selected startup.

Additionally, these cohort startups will get access to Accel’s growing global community. We introduced sector-focused cohorts and a more personalised learning environment through closed groups to foster innovation, creativity, and collective growth among the startups.

What differentiates Atoms 3.0’s Industry 5.0 cohort from the Artificial Intelligence cohort regarding focus and objectives?

The Atoms 3.0 programme comprises two sector-focused cohorts, each with its own focus and objectives. The AI cohort aims to tap into the pivotal rise of AI and its transformative impact on various industries. Startups within this cohort are sought based on their innovative use of AI for business applications and their development of tools that contribute to the AI ecosystem.

On the other hand, the Industry 5.0 cohort is centred around the fifth industrial revolution, which revolves around redefining traditional industries through technology. While Industry 4.0 is focused on automation and AI, Industry 5.0 goes beyond that to emphasise the collaborative synergies between intelligent humans and smart manufacturing machines. Startups in this cohort are classified under three areas: Machines, People, and Processes. They are expected to introduce cutting-edge technologies, sustainable practices, and human-centric approaches to revolutionise industrial operations.

How does the thematic cohort structure of Atoms 3.0 benefit startups in the Artificial Intelligence sector?

The revamped structure of Atoms 3.0 provides a focused environment for collaboration and learning. By bringing together startups working on AI technologies and applications, the cohort facilitates the exchange of best practices, insights, and challenges specific to the AI industry. Startups can learn from each others’ experiences, validate their ideas, and build stronger AI-focused teams. The access to Accel’s mentorship network, workshops on AI best practices, and community events with other AI startups further enhances their growth opportunities and industry connections.

Could you provide insights into the startups’ selection criteria for participating in the Atoms 3.0 programme?

For the AI cohort under Atoms 3.0, we will accept applications from founders based in India, Singapore, Indonesia, and the UAE. For the Industry 5.0 cohort, we are looking for founders from India and Indonesia to apply. We are kicking off Atoms 3.0 with these two cohorts, but as we scale the programme, we also plan to launch other themes.

Given our cheque size of up to US$500,000, we look to support companies seeking to raise under US$2 million. In our past two cohorts of Atoms, we invested across stages, including idea-stage and pre-product companies.

Our focus will be to invest in startups that fall under any of the following:

In AI, we will support AI builders (foundational AI research and products‍), AI enablers (tools for using AI)‍, and AI users.

In Industry 5.0, we will back people, processes, marketplaces, and machines.

What are the expected outcomes and success metrics for startups that go through the Atoms programme?

The idea behind Atoms is to guide startups towards achieving product-market fit (PMF), a crucial metric indicating that their product meets the needs of their target market. Expected outcomes for startups include strong customer validation reflected in a growing user base and high retention rates, accelerated revenue growth, increased market penetration, and improved operational efficiency.

Further, startups that have achieved PMF often attract greater investor interest, which can lead to increased funding opportunities. The programme aims to empower startups to build products that effectively resonate with the market, leading to successful scaling and growth.

Can you share any notable success stories from the previous editions of the Atoms programme?

DhiWise, a DevTool startup from Gujarat (India), exemplifies the transformative power of the Accel Atoms program. Founded by Vishal Virani and Rahul Shingala to solve developers’ real-world problems, DhiWise encountered initial hurdles, including rejection from over 40 investors.

The tide turned with their induction into the Accel Atoms programme, which provided US$250,000 in non-dilutive capital, esteemed mentorship, and access to a global entrepreneurial community.

Over an intensive 100-day period, Accel Atoms nurtured DhiWise’s growth, culminating in the startup winning the esteemed Golden Kitty Award 2021 in the developer tool category.

Also Read: The GEAR: A new accelerator programme for early-stage startups in the built environment sector

Today, with over 30,000 users, a million programming hours saved, and 5000+ installations of their Figma to code plugin, DhiWise is a sterling example of how mentorship and solid support systems can catalyse startup success.

Another notable success story is Fishlog, an agritech startup co-founded by IPB University graduates Bayu Anggara, Reza Fahlepi, and Abdul Halim. Fishlog is revolutionising Indonesia’s fisheries supply chain.

Despite the industry’s challenges, including a 20-29 per cent loss of fish during transportation and storage, Fishlog maximises cold-chain facilities, streamlines the supply chain, and minimises product waste.

Guided by the Accel Atoms programme, the startup successfully navigated initial obstacles, such as raising capital and hiring talent, and has since established infrastructure in 40 locations across Indonesia, built a workforce of nearly 200 employees, and launched the Fishlog Academy for talent development. Its unique business model, featuring a marketplace enabler and an inventory financing pillar, has transformed the fisheries supply chain, empowering fishermen and facilitating industry growth. Poised for international expansion, Fishlog aims to become a community-driven ecosystem enabler for the fisheries industry.

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Image Credit: Accel.

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Deeptech startups — those built on innovations in biotechnologies, robotics, quantum computing, or advanced materials — are central to solving some of our most complex societal and environmental challenges.

Despite their game-changing potential, fundraising for frontier tech entrepreneurs is still incredibly challenging. There is a logic to that.

Investors naturally gravitate to sectors where the cost of experimentation is low, independent of the sectors with the greatest need for innovation, or even where the supply of innovative ideas is the greatest.

The fundamental uncertainty of deep tech at its earliest stages hints at the financiers’ struggle to balance potential with the complexity of execution.

Despite this uncertainty, more VC funding than ever has been allocated to deep tech over the last five years. Yet in 2022, according to Crunchbase and Pitchbook, these numbers represent only a fraction of the total: 12 per cent. Excluding AI, drones, and robotics, we are down to two per cent for all other frontier tech sub-segments, including advanced materials.

This mismatch echoes the tangible impact of deep tech. In a PwC report released last year, climate tech, an overlapping applicative segment, has seen low-impact sectors in terms of GHG emissions gain much higher funding than high-impact sectors like the built environment, agricultural tech, or energy.

There is a reason for that. At its core, the modern venture capital funding model requires investing in a specific type of startup, i.e., those poised for hyper-growth, aiming at US$100+M revenue targets, and built for acquisition (note: it has not always been the case).

If a startup does not fit the model — most early-stage startups don’t — founders can either change their business plan to fit the mould or find a source of funding that better fits the business. That’s alright.

While VC money can be rocket fuel for a startup, it’s not for everyone. VC funding is the most expensive source of capital: equity is traded for cash. And at later stages, when the business is significantly re-risked, that math does not always add up in the founders’ favour.

This is especially true with capital-intensive deep tech companies, for which hardware, infrastructure, heavy industry, and manufacturing upfront capital investments are generally required.

Also Read: How to boost your pitch deck engagement with investors in 2023

Therefore, looking outside venture capital and toward the full stack of deep tech financing options is critical for science entrepreneurs, both at early and growth stages. There are different kinds of capital for different kinds of startups, and the kind of capital founders end up choosing will likely inform the business strategy — if not entirely direct how the business is run.

The cost of capital will ultimately determine the ability of a company to scale, and in deep tech specifically, capital tends to have an outsized influence earlier in the journey through growth. The capital brought on board should either be (A) cheap and/or (B) value add — most of the founders’ challenge is to figure out whether (A) or (B) are true across stages, structures, and multiple possible strategic paths.

When science entrepreneurs start working on an idea but need more clarity about the product, the commercial strategy, or the market, financing can take time and effort. Often, innovative technologies without a clear path to revenue languish due to a lack of initial funding to prove a concept.

Non-dilutive, project-based — i.e., venture debt, commercial debt, project finance — funding is typically unavailable at very early stages due to a lack of track record. It is also limited in scale and often restrictive in scope. Dilutive funding at this stage tends to be more open-ended but at a much higher cost if the idea proves viable.

The financing options available at early-stage can be boiled down to:

Philanthropic foundations, private grants, and prizes (non-dilutive)

Project-based grants or competitions offering prizes to focus research on a specific area: typically tied to pilots or milestones. This can range from no-strings-attached cash to co-branding (e.g., Omydiar Network, Gates Foundation, ClimateWorks Foundation, Minderoo Foundation, etc.).

Government grants (non-dilutive)

Public capital to support specific technologies and research activities. An empty caveat around government funding is that the cycles can be long, and the certainty expected of a proposal doesn’t always translate into the uncertainty founders have to cross to product-market-fit. Grants also tend to come with excessive reporting requirements after the grant is landed.

Crowd-funding (mostly non-dilutive)

Product-focused and outreach-based financing or capital raise hosted on a technology platform that enables access to a larger pool of potential backers who do not need to be accredited investors (e.g., Kickstarter, Fundable, Crowdfunder, etc.).

Angel investors/syndicates (dilutive)

High-net-worth individuals and founders often pool together into SPVs (group one-off deals), which are typically very network-based, low on diligence, and thesis/category driven (e.g., Green Angel Syndicate, Cambridge Angels, etc.).

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

Accelerators (mostly dilutive)

Programs offering funding and resources such as strategic partnerships, advisors, and workshops to help founders build and iterate on their thesis. Programs run the gamut from generalist accelerators like YC to frontier tech ones (e.g. Carbon13, Breakthrough Energy Fellows Program, Creative Destruction Lab, etc.).

Catalytic capital (dilutive)

Funds bringing investment rigour and process to deal with a bias toward frontier tech potential over financial returns (e.g., Breakthrough Energy Ventures, OGCI Climate Investments, etc.).

Rolling funds (dilutive)

Investment vehicles are structured like venture funds (LPs front capital so GPs can do multiple blind deals) but raised on a rolling quarterly basis, minimising the hurdle to fund launch. Typically thematically or community-focused, with similar terms to VC deals albeit mostly following and unpriced (e.g., SAFE notes)(e.g., Climate Capital, Prithvi Ventures, Footprint Coalition Ventures, etc.).

Micro-VCs (dilutive)

A handful of micro-VCs (venture funds that are < US$15–20M) increasingly specialise in niche areas and embrace frontier tech at the pre-seed stage. These specialised capital pools can be tremendously helpful to their portfolio companies in ways that strict financial backers can’t.

Specialisation helps micro-VCs get into competitive deals thanks to their expertise instead of their check size, and the provided support drives science founders to find their product-market fit faster (e.g., Creative Ventures, Embark Ventures, Streamlined Ventures, etc.).

Most science founders naturally focus on (1) and (2) over the first 12 to 24 months and progressively embrace (4) and (5) pushed by their larger community — i.e., the university, a partnering incubator or the first business advisors.

A good track record of non-dilutive funding is broadly seen as a good indicator of the relevance of new technologies to strategic business needs and signals technical competence to investors. Similarly, science-focused operating partners like specialised incubators, accelerators, or venture studios can benefit the founders in networking and building a brand.

The move to (6), (7), and (8) is more difficult for first-time founders. Pedagogy, try-and-learn strategies, outreach, and trust-building generally help them cross the Rubicon.

Capital is a positive feedback loop. The more deep tech startups will grow and succeed, the more innovative financial products will emerge to support their emergence and growth.

Deep tech entrepreneurs must be creative in how they approach their financing because navigating the rules and roles of money will help them and help carve a path for others.

Many science entrepreneurs describe a funding journey similar to a game of Russian nesting dolls to associate various sources of capital: whether from capital abundance, regulation, or market shifts, approaches relevant one day may not be the following.

As the deep tech ecosystem matures worldwide, so will the financing options available to pursue different business opportunities and paths to liquidity.

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At e27, we’re dedicated to fostering innovation by providing a platform where industry leaders can share their unique insights and expertise. Our Contributor Programme is an opportunity for passionate contributors to engage in meaningful conversations about entrepreneurship, technology, and innovation.

Join us for this week’s startup discussions, where we’ll dive into the latest trends, share insights, and explore innovative strategies to drive success in the entrepreneurial world.

Rise of generative AI in search: Exploring opportunities for APAC brands

Considering APAC’s high rate of mobile adoption, it is also worth considering how you can optimise your strategies to be mobile-first. Region-specific nuances and search best practices will be key to setting up for success in the new era of generative search.

Managing Director at NP Digital Singapore, Manuel Denoual’s article explores the impact of generative AI on the search industry, particularly in the context of digital marketing.

Generative AI’s ability to converse with users and be trained on the fly has the potential to fundamentally change the way people use and interact with search engines. Brands are already utilising search engine optimisation (SEO) and search engine marketing (SEM) to generate traffic and drive conversions.

The integration of generative AI with search will create new opportunities for both organic and paid search. In the APAC region, which is leading in internet penetration and mobile adoption, local search engines like Baidu and Naver are already integrating AI and offering unique opportunities for brands.

Singapore’s food services in 2023: Trends, challenges & opportunities

Even in pre-COVID-19 times, the Singapore food services industry was already contending with changes in consumer behaviour regarding preferences, taste, packaging, technological advancements, and regulations.

Engagement Executive from IndSights Research, Syuhada Subuki’s article explores the thriving food services industry in Singapore, which contributed US$5.26 billion to the GDP in 2022 and is expected to generate US$13.5 billion in 2023. Despite its growth potential, businesses face challenges such as evolving consumer preferences and the need for digital transformation.

Strategies for success include adopting robots and machines in kitchens, using ordering kiosks, and embracing eco-friendly packaging. The Singaporean government supports the industry’s digitalisation through initiatives like the Hawkers Go Digital Programme, Energy Efficiency Grant, and Productivity Solutions Grant.

Funding deeptech: Balancing potential and complexity in the search for capital

Deep tech entrepreneurs must be creative in how they approach their financing because navigating the rules and roles of money will help them and help carve a path for others.

Director at New Ventures, Pierrick Bouffaron’s article discusses the funding challenges faced by deep tech startups, which work on transformative technologies like biotech and quantum computing. Despite their potential, these startups often struggle to secure traditional VC funding due to high costs and uncertainties.

Also Read: Contributor spotlight: A roundup of this week’s startup discussions

The article suggests that deep tech entrepreneurs explore alternative financing options, including philanthropic grants, government grants, crowdfunding, and specialised investors. As the deep tech ecosystem matures, more diverse financing options are expected to become available.

Seizing opportunities: Accelerators as a strategic choice in bear markets

The relationships formed within the accelerator ecosystem, including connections with mentors, investors, and fellow entrepreneurs, continue to yield dividends long after the program concludes. In this way, accelerators offer startups not just a lifeline in challenging times but a path towards a thriving future.

CEO and Head of School at NewCampus, Will Fan’s article highlights the importance of accelerators for startups during bear markets, where traditional funding becomes scarce. Accelerators offer startups mentorship, resources, and funding in exchange for equity, providing a structured support system that helps them navigate economic uncertainty.

These programs foster innovation and adaptation by encouraging startups to explore new solutions and business models. Accelerators also mitigate risks and build resilience by guiding startups through strategic decision-making and providing access to a broad network of industry experts, investors, and potential partners.

By instilling a culture of innovation and forming lasting relationships within the accelerator ecosystem, startups are better equipped for long-term success and sustainable growth even in challenging market conditions.

Taking a six-week mental break: A personal journey

I’m recharged, rebooted, enhanced with better digital skills (more adaptable to work on the go), even more resilient, thankful for the solo time, and for helping me bring out a better version of myself!

Director at APRW, Anu Gupta, shares her experience of taking a much-needed break from work to recharge and reflect. She chose to spend five weeks alone in a small, slow-paced town while dropping off her elder daughter for an overseas summer program. The different time zone, setting working hours with the team, and focusing on their well-being allowed them to prioritise rest and avoid burnout.

During this time, she travelled light, learned to adapt to a new culture, and embraced the charm of small-town life. The trip enabled her to recharge, improve their digital skills, and become more resilient, ultimately leading to a better version of themselves.

The future of food: Tech-enabled, hyper-personalised, and sustainable

Tech will be a key enabler to achieving such food security, wellness, and sustainability goals across Asia and worldwide. Investment and innovation will advance and harness tech to shape the future of food, transforming options for food production, accessing nutrition, and how food consumption is shaped and experienced.

Founder of Cornucopia FutureScapes, Luke Tay’s article discusses how technology is transforming the food industry, with a focus on Asia-Pacific’s alternative protein startups and Singapore’s innovation in sustainable and healthy food systems. AI-driven personalised diets are expected to revolutionise food consumption, with the Personalised Nutrition industry potentially reaching SG$86.5 billion by 2040.

Climate-smart agriculture and diversified plant and animal species aim to combat climate pressures, while food delivery services are evolving to offer AI-driven personalised and sustainable options. The article emphasises the importance of collaboration between industry, governments, and consumers in creating sustainable food systems and making informed choices for personal and planetary wellness.

Balancing AI and human ingenuity: A guide to keeping your brain sharp

In an era where artificial intelligence tools like ChatGPT provide instant answers, there’s growing concern that reliance on these platforms might dampen our cognitive abilities.

Creator and Host of Whats Your Story Slam, Anna Ong’s article explores the impact of AI tools like ChatGPT on cognitive abilities. She suggests balancing AI use with activities that maintain brain fitness, such as puzzles and learning new languages.

Strategies for preserving human intellect while using AI include setting boundaries for AI use, engaging in mental exercises, applying learned information, incorporating physical exercise, and partnering with AI for collaborative thinking. The article emphasises that the future should integrate AI and human intelligence for understanding, innovation, and personal growth.

Levelling the playing field: How AI can transform SME hiring

Within the recruitment industry, the reticence to adopt AI solutions has to do with risks of bias and redundancy of recruitment roles. The answer to both issues is the same: regardless of what solutions SMEs choose, recruiters won’t be replaced by AI.

Managing Director (Asia) at Employment Hero, Kevin Fitzgerald’s article discusses the challenges faced by SMEs in recruitment, including talent shortages and competition with larger firms for candidates. It suggests that AI solutions can help SMEs by streamlining the hiring process, reducing bias, and saving time and money.

Also Read: Voices of innovation: Showcasing e27’s top contributors of the week

The article addresses criticisms of AI in recruitment, emphasising that AI will not replace recruiters but will enable them to focus on higher-value tasks and scrutinise bias. AI-based solutions can address SMEs’ recruitment challenges, leading to improved talent attraction and retention.

How to manage multi-cloud complexity: A strategic guide

Multi-cloud is about accessing an ever-expanding set of innovations across clouds and acknowledging that you need the capabilities of the entire ecosystem to deliver modern IT.

Vice President & Managing Director at Dell Technologies Singapore, Andy Sim’s article highlights the growing complexity in the multi-cloud landscape, with organisations, including the Singapore government, investing heavily in various cloud environments. However, the proliferation of specialised clouds can lead to silos and hinder data and app mobility.

The article argues against a monolithic cloud approach, which limits innovation and leads to vendor lock-in. Instead, it advocates for an open ecosystem that allows interoperability and integration across different cloud solutions and services. This approach is seen as crucial for maximising the benefits of cloud computing, especially in areas like AI and automation.

Flexibility is key: How to succeed in an ever-changing startup world

As a founder, you must stay resilient, both mentally and physically. Taking care of yourself will enable you to make rational decisions and lead your team effectively.

CEO and Founder of Credolab, Peter Barcak’s article discusses his experiences and insights in navigating the ever-changing business landscape. Despite a 90 per cent drop in revenue during the pandemic, Credolab managed to secure Series A funding from GBG, an investor who saw their long-term value.

The company pivoted to new business models, introducing modules for anti-fraud insights, account takeover, and data enrichment, leading to a positive impact on revenue. The CEO’s advice to fellow entrepreneurs includes embracing adaptability, hiring talented individuals, and remaining perseverant even in the face of challenges.

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

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Dear Pro member,

Investments in Southeast Asian startups plummeted by 25% in H1 2023, reverting to pre-pandemic levels, as per a new study. This decline highlights challenges tied to shifting investor sentiment, economic uncertainties, and evolving market trends.

Notably, investment focus shifted towards early-stage startups, particularly in seed and Series A stages, resulting in a 41% increase in completed deals compared to the previous year.

Singapore and Indonesia remained the bright spots. While the city-state experienced a 60% surge in deal numbers and a 19% increase in invested capital, the archipelago saw steady deal counts but a 44% yo-y drop in total capital invested.

A surge in “top-up” rounds with a 315% y-o-y increase was observed, mainly at the series A stage. Valuations for Series A and B firms dropped by 34% and 42%, respectively, while seed-stage valuations stayed stable.

Overall, the joint report by January Capital, Venture Cap Insights, and Tracxn points to a bleak future for the region, at least for the next few months. But a rise in early-stage deals brings cheers to the region.

Take a look at the other major headlines also.

Editor,
Sainul.

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Total VC funding in SEA declines by 25% in H1 2023: Tracxn
One notable trend that emerged during the period was the shift in investment focus toward early-stage startups, particularly in the seed and series A stages; Geographically, Singapore and Indonesia remained focal points for VC funding.

LingoAce lays off hundreds amid expansion hurdles
The edutech startup axed hundreds of employees in China, the US, Singapore, Indonesia, and Thailand in about half a dozen rounds of layoffs in the past year.

Indonesia agri-fintech startup PasarMIKRO nets investment from DEG, Ceniarth
PasarMIKRO focuses on empowering smallholder farmers, fishermen, and traders in Indonesia; It will use the money to expand its trade and trade finance service offerings.

Chat-based bank client onboarding startup Boost Capital raises US$2.5M
The investors include Village Global, Iterative Ventures, and Hustle Fund; Boost Capital enables financial institutions to digitally onboard applicants for loans, savings, credit cards, and insurance quickly.

SG’s healthtech startup Neurowyzr raises US$2.1M
Peak XV is the lead investor; Neurowyzr is a deep neuroscience using the latest discoveries in neuroscience to optimise corporate and population brain health and performance.

Naman Jhawar to head India and Southeast Asia ops of German VC firm Picus Capital
Picus Capital is set to increase its investments in Southeast Asia, with a focus on fintech, enterprise software, and climate tech.

AI startup Anthropic raises US$100M from Korea’s SK Telecom
The telco says Anthropic and SKT plan to co-develop a multilingual large language model customized for global telco firms.

US-based Plug and Play partners Enterprise Singapore
They will launch the Global Innovation Alliance (GIA) San Francisco Acceleration Program, providing an opportunity for Singapore startups to explore and expand their products in the dynamic tech hub of San Francisco and the US.

Blockchain gaming sees US$300M summer funding boost
In June 2023, funds going into Web3 gaming dropped to its lowest for the year at US$68M; This was mainly because of tough challenges in the market.

Tokocrypto shelves IPO plans after Binance buy-in
Tokocrypto CEO Yudhono Rawis said Tokocrypto is currently well-capitalised and has a healthy cost base; Tokocrypto was preparing to go public by 2024 or 2025.

Vingroup founder’s e-bike hailing service debuts in Vietnam
Green and Smart Mobility (GSM) has officially launched its e-motorcycle hailing service Green SM Bike in Hanoi; The launch of Green SM Bike follows the roll-out of GSM’s e-taxi hailing service in April this year.

‘Unlike traditional accelerators, Accel Atoms provides a more personalised learning environment’
The Atoms programme, targeted at startups in India, SEA and the UAE, also offers several other benefits, says Accel Prayank Swaroop.

Meet the new 10 investors joining the e27 Connect platform
These investors come from different geographies and invest in different stages and verticals.

Rise of generative AI in search: Exploring opportunities for APAC brands
Generative AI’s conversational ability and real-time training could fundamentally transform how users engage with search.

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Growth Charger

Growth Charger incubates, accelerates and builds businesses.

Verticals: Agritech, healthtech, education, smart cities, biotech, consumer, finance, AI and, Big Data
Based in: Malaysia
Investment locations: Malaysia, Singapore, Thailand, Vietnam, the Philippines, and Indonesia
Stages: Pre-seed, seed, and pre-Series A/bridge
Investment range: US$10K to US$50K.

—

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It’s a multi-cloud world with organisations making investments across private and public environments. A steady stream of new capabilities and tools are demonstrating the power of cloud computing as they spin up at the edge to manage the massive influx of data generated in real time.

Now, more clouds are rolling in. There are telecom and sovereign clouds and vertical industry clouds that provide support, applications and requirements specific to healthcare, finance, government, retail and even media.

The public sector, too, is steadily increasing its investments in cloud architectures. Take, for example, the Singapore government, which is leading this with plans to spend more than 30 per cent of its 2023 ICT budget on cloud applications developed on the Government Commercial Cloud (GCC) and drive efforts to move 70 per cent of its systems to the cloud by the end of the year.

Also Read: Can cloud infrastructures be both affordable and reliable?

While this is great news for organisations looking to maximise the value of their cloud investment and meet critical business objectives, it may complicate the multi-cloud landscape. The proliferation of these very specialised clouds can create yet another silo if organisations aren’t able to move data and apps freely between them.

A robust multi-cloud strategy ensures that organisations benefit from the efficiencies of public clouds, like flexibility and scale, and bring these on-premises with the advantages of performance, control, and security.

Less is more…complexity

When building a strategy, some may say the obvious answer is a monolithic cloud approach – pick one platform with one provider and rely on their apps and a small pool of partners.

But this stunts innovation. Closed platforms are the proverbial walled garden in the cloud and developer ecosystem, decreasing integration across the ecosystem and leading to vendor lock-in. While it may seem simple in the beginning, organisations miss out in the long run by limiting themselves to a proprietary set of services that impact their ability to easily access and adopt future industry innovations.

Too often, organisations that invest across multiple clouds and services are left to figure out the disparate pieces independently. On top of this, organisations want a secure multi-cloud infrastructure as they continue to pursue their digital transformation.

According to Dell Technologies’ research, 75 per cent of organisations in Asia Pacific cite the ability to protect multi-workloads across on-premises and public clouds to be among the most important capabilities for enabling hybrid, multi-cloud operations.

Workarounds take time and resources away from innovation and productivity. Organisations want these clouds, apps, platforms and services to work together seamlessly. They want multi-cloud by design, not by default.

But they don’t necessarily want a single service provider – they want a simpler way to securely manage and orchestrate data and apps across multiple cloud environments. While the nirvana state is to get a singular view, a more realistic goal may be to reduce the number of unique siloed tools for cloud management and orchestration to enhance value.

Also Read: Exposing the dark secrets of cloud visibility: Is your business at risk?

More open, less ego                                                     

We see the solution to multi-cloud complexity differently — break down silos and build an open ecosystem that thrives on a wide range of partnerships, collaboration and innovation.

A good example is what the Singapore government is currently adopting.  Launched by the Singapore government, the Government on Commercial Cloud platform provides government agencies with a consistent means to adopt commercial cloud solutions offered by cloud service providers with robust cybersecurity measures and systems to protect the data that resides on commercial cloud platforms.

This is to allow government agencies to tap into commercial cloud software to incorporate advanced functionalities into their digital services instead of trying to reinvent the wheel, delivering high-quality government digital services to citizens and businesses.

Multicloud is not just a random collection of public clouds or even those clouds’ loose connections to private clouds. Multicloud is about accessing an ever-expanding set of innovations across clouds and acknowledging that you need the capabilities of the entire ecosystem to deliver modern IT.

That’s where open ecosystems come in. They allow for interoperability and deeper integration across solutions and services – providing greater access to innovation from a variety of providers. This way, the technology not only works, but it also works in the ways organisations really need it to. It has to if we want to unleash data-driven breakthroughs through AI and automation powered by cloud computing.

No single company or innovator will deliver on the promise of technology. Nor should they. That’s what makes the technology industry so incredibly vibrant – relentless innovation that pushes the boundaries of possibilities to solve the world’s greatest challenges.

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

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S&P Global recently reported a significant 49 per cent year-over-year drop in funding for global fintech companies, amounting to US$23 billion during the first half of 2023. Round values for seed and early-stage firms declined by an average of 12 per cent and 14 per cent in 2022, respectively, while growth-stage and mature startups experienced even lower declines of 43 per cent and 66 per cent, respectively.

It’s not just about the year being 2023 — think about 2020, 2021, or even further back to 2008 or 2009. In the last two decades, we’ve experienced numerous game-changing events. Surviving and succeeding in such an unstable environment requires flexibility.

As the CEO and Founder of Credolab, I embarked on a challenging journey. Being flexible has allowed me to quickly adjust strategies, pivot into new business models (which we’ve done twice), and explore alternative approaches that weren’t evident at the beginning. 

Credolab is a developer of digital scorecards and data enrichment solutions for the banking industry, which are based on behavioural metadata. As of now, the company has analysed over 240 million digital footprints and scored 30 million individuals. Credolab’s solutions are currently utilised by more than 200 corporate clients across nine different verticals.

Looking back, I can confidently share some valuable tips for startup founders to thrive in an ever-changing business landscape.

Fundraising: Luck does come into play sometimes

In August 2020, we raised our Series A round. This came just a few weeks after an extreme low in June when our revenue dropped by 90 per cent. When the pandemic hit, lending came to a halt. Everyone decided to preserve cash and cut down operations. Our model, which was “pay as you go”, was affected drastically. Q2 saw the lowest revenue, maybe even lower than in 2017. 

Also Read: A guide to creating the ultimate investor pitch deck

On the other hand, venture capitalists at that time were really looking at the short term. They saw our revenue decreasing and said, “Okay, we’re not interested.” But I learned a lot about how these VCs think. It was a good learning experience.

However, it was tough, as you can imagine. But we were lucky, which does come into play sometimes. The luck was in finding an investor, GBG, who became not only the lead investor for our Series A round and a strategic partner. They knew that the decrease in revenue was not something that would stay with us long-term and that the economy would eventually recover.

GBG was looking at the value we could bring once the economy opened up, and this was a remarkable moment for our business. It goes to show highs and lows in a startup’s journey can occur very close to each other.

After all, communicating with investors may be challenging, but it can also lead to positive outcomes and value for the business. As long as the company has a solid customer base, a profitable business model, and a willingness to learn from investors, it can weather any fundraising challenges and come out stronger on the other side.

Product: Take a risk to change

We developed our first scorecard in 2016, and it was remarkable. Despite possibly being over-optimistic, it was our ticket to success. It demonstrated the immense value we could add to other businesses. A few quarters later, we confirmed the effectiveness of our data.

Since then, we have explored various use cases, not only in risk prediction but also in segmenting personas or developing look-alike models. We constantly strive to cater to different needs, sometimes even tailoring solutions to a customer’s unique request. This has led to some surprising and successful outcomes.

When the pandemic hit in 2020 and revenue dropped drastically, we had to pivot and explore new business models. We discovered that we needed to deliver value from day one and be able to charge for our services upon contract signature, not upon successful integration. Thus, we developed an anti-fraud insights module, an account takeover module, and a data enrichment module.

Now Credolab is on the cusp of securing more subscription clients, leading to increased revenue visibility. By reviewing our revenue model, we launched a new pricing strategy that has received immediate positive feedback from clients. Many clients are able to develop faster sales cycles because of it. 

To paraphrase Alice in Wonderland, you have to run with all your legs just to stay where you are and run at least twice as fast to get somewhere. So this year, we launched a new product, which is a personality-based targeting solution. It blends smartphone metadata collection, machine-learning algorithms, and insights from behavioural psychology.

Also Read: Finding the right co-founder involves having tough conversations–and a great sense of humour

This allows us to gain a deep understanding of the personality traits of top-performing potential customers. The Credolab team has already analysed 1 million data sets and built a robust framework that is currently deployed in production. 

Mindset: Be flexible enough to stay true to your principles

To be honest, I wasn’t very confident at first in 2016 launching Credolab. After years in big corporates, I took time off to complete my MBA from Bocconi University in Milan, Italy. Then I was ready to get back into business.

So, the decision was partly driven by necessity – I didn’t have another job lined up after graduation. I moved to Singapore with my wife and three sons, ready to step significantly out of my comfort zone and embark on this new adventure.

I was an intrapreneur, comfortable in the corporate world, but I wanted to transform myself into an entrepreneur. Now, I find myself navigating through a dynamic, constantly changing landscape, facing unexpected challenges along the way. Adaptability and the ability to embrace change are vital for success, particularly given the volatility of our environment. 

It’s fascinating how a paradigm shift can occur in individuals, especially founders and entrepreneurs. Often, we find ourselves doing the same thing repeatedly until one day, a light bulb moment or a hard-hitting realisation makes us rethink everything.

There was a defining moment in 2016. I remember being on a flight from Vietnam to Singapore with my friend, who was also my mentor at Credolab. He made me realise that I had to transform myself, shed my risk management persona, and take on a different role. His words marked a turning point when I realised everything needed to change.

No compromising on the team

Compromises are possible in everything, except that your startup’s team should be superb.

During my whole career, my approach has always been to hire people better than myself. When hiring, one of my key criteria was looking for people more talented and smarter than myself, who would do better in the position than I could ever do.

I brought in people who had a better understanding of marketing, product management, data science, and IT development. This approach has proven most effective – always looking for people better than myself. For example, if there’s a need for credit risk management or data mining from mobile devices, you find people who excel in these areas more than you do.

This tactic effectively elevates the overall performance of your company. Most entrepreneurs tend to hold off on hiring until they can’t manage everything themselves. But our approach is slightly different. You push yourself to the limit, but when you do hire, you ensure they’re more proficient than you in their role. 

I’m gonna be honest with you; there were moments when I thought things wouldn’t work out. However, during our darkest days, we managed to secure an investment, which turned everything around. This experience taught me the importance of perseverance.

As a Founder, you must stay resilient, both mentally and physically. Taking care of yourself will enable you to make rational decisions and lead your team effectively.

Remember to trust your instincts, leverage your strengths, and build a team of exceptional individuals. The road may be bumpy, but with the right mindset and approach, you can thrive in a constantly changing business world and turn challenges into opportunities for success.

—

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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In today’s dynamic business landscape, effective communication and strategic marketing are paramount for any company seeking to stand out. In this regard, as a platform dedicated to empowering Southeast Asia’s tech startup ecosystem, we at e27 continue to redefine how brands connect with the right audiences and also sustain that connection.

One notable success story is the collaboration between e27 and Lalamove where e27’s expert media services seamlessly brought Lalamove’s customised solutions — a new and relatively lesser-known offering — to a regional audience of tech startups.

Lalamove, a global leader in on-demand logistics, was presented with a unique opportunity to showcase their customised solutions to an audience of regional startups looking to improve their logistic processes. Collaborating with e27, Lalamove set out to produce engaging content that could translate, simplify, and convey their unique offering in ways that would both entice their existing clientele to explore their new solutions and also tap uncharted markets. This strategic partnership exemplifies the power of combining Lalamove’s solutions with e27’s in-depth understanding of the regional tech startup ecosystem and media reach.

Sharing Lalamove’s story with a wider audience

At the heart of this collaboration was the creation of an insightful article that captures the Lalamove narrative. e27’s experienced team worked closely with Lalamove to distil the essence of their custom solutions and ground it according to the needs of the e27 audience. Through in-depth interviews, e27 gained a profound understanding of Lalamove’s unique value proposition and the problems it seeks to solve for startups.

The resulting article was a testament to e27’s ability to create compelling narratives, providing a focused and careful understanding not only of Lalamove’s customised solutions but also of the gaps and demands within the emerging e-commerce space — a particular industry that Lalamove hopes to engage better.

Also read: ChatGPT expansion in Saudi Arabia is underway via BuzzAR and Choco Up

Providing a narrative that appeals to both tech-savvy entrepreneurs and newcomers to the industry, the article conveyed Lalamove’s innovative solutions to audiences from across the regional ecosystem in ways that enable complex concepts to become accessible and engaging. Moreover, it allowed the team behind Lalamove to share their story in meaningful ways.

Through the collaboration, e27 featured Alex Lin, Managing Director of Lalamove Singapore, to discuss important insights on last-mile delivery and the broader e-commerce landscape, underscoring the importance of innovations such as Lalamove’s customised solutions in helping revolutionise the industry. Meanwhile, Ms Zarifah, Business Development Manager at Lalamove Singapore, discussed comprehensively how such solutions can be harnessed in order to drive business growth among brands that are in dire need of robust, logistic solutions for merchants that require large volume transport.

The e27 advantage: Reaching the right audience

Creating exceptional content is only part of the equation. e27’s far-reaching media network played a pivotal role in ensuring that Lalamove’s message reached the right eyes and ears. Leveraging its extensive regional presence and targeted distribution channels, e27 amplified the article’s impact by placing it directly in front of a curated audience of regional tech startups.

Yielding considerable impressions at over 23,000 page views, over 10,000 clicks on Facebook, and gaining a reach of over 350,000 overall impressions on social media, e27 helped Lalamove cement its position as a leading logistic platform to a focused audience of businesses, startups, and other relevant stakeholders.

This precise targeting, facilitated by e27’s in-depth market insights, enabled Lalamove to connect with potential clients who were actively seeking solutions to their logistics challenges. The article was more than just informative; it was a catalyst for meaningful connections and tangible business growth.

The road ahead

The success of Lalamove’s project with e27 is a shining example of the media expertise that e27 exhibits and the high-quality service that we consistently deliver. While this collaboration highlighted Lalamove’s customised solutions, it is worth noting that e27’s media capabilities extend far beyond — with a portfolio that encompasses a wide variety of projects, spanning diverse industries and business models, each one meticulously tailored to resonate with specific target audiences.

From informative articles like Lalamove’s to in-depth reports, interactive webinars, and engaging events, e27 has established itself as a versatile and influential media partner. Ultimately, companies that partner with e27 gain access to a treasure trove of media opportunities that drive results — and to audiences that matter.

Also read: PayPal: A reliable payment partner to combat business uncertainty

As technology continues to evolve, so does the art of communication and marketing. The collaboration between e27 and Lalamove underscores the importance of partnering with media experts that can translate complex ideas into digestible narratives that appeal to a wide range of audiences. Through such partnerships, companies like Lalamove can effectively communicate their value propositions and achieve unprecedented growth.

All of this demonstrates e27’s commitment to driving meaningful connections and fostering growth, fostering a platform that helps you simplify complex concepts, share your authentic stories, and yield impactful and lasting results.

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We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us at e27.co/advertise to get started.

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Wiziin nets US$500K

Vietnam-based venture investment management platform Wiziin secured US$500,000 in pre-seed funding from an unnamed tech serial entrepreneur.

“The venture capital world has long adhered to traditional methods of funding and investing in startups. This funding will enable us to accelerate our next efforts in emerging blockchain technology to disrupt this industry and revolutionise how venture capital operates based on the tokenisation of assets, and smart contracts,” stated Co-Founder Thong Dang.

Founded in 2020 by experienced venture capitalist Tien Nguyen and serial entrepreneur Dang, Wiziin aims to bridge the gap between investors and founders through its new blockchain-based platform.

It provides tech platforms specialising in data-driven solutions for startups and investors in capital raising, dealmaking, and co-invest monitoring. It has a network of over 200 investors, and over 5,000 companies have raised funding via the platform.

Beep bags seed funding

Singapore-based IoT transaction platform, Beep, announced the launch of what it claims to be Southeast Asia’s largest electric vehicle roaming (eRoaming) network. Hyundai Motor Group Innovation Centre in Singapore (HMGICS), Tribecar, EVFY, Singapore Electric Vehicles, and Quantum Mobility are among the initial entities to use the network.

Beep also announced the completion of its seed funding round, led by GGV Capital and Wing Vasiksiri. NUS Technology Holdings, SUTD Venture Holdings, XA Network, and prominent angel investors also participated in the funding round. The amount of funding is undisclosed.

Beep will utilise the fresh funds to improve technical connectivity and deploy the largest roaming network in Southeast Asia as part of expansion plans into Malaysia, Thailand, and beyond. The company will continue collaborating with additional charge point operators, vehicle OEMs, and fleets to grow the network on a permission basis.

HealthXCapital joins hands with Jungle Ventures

Singapore-based VC firm Jungle Ventures announced the addition of HealthXCapital to lead its healthcare investments in Southeast Asia and India.

Seemant Jauhari, a seasoned leader with 22 years of experience in healthcare investments who has led HealthXCapital since its inception, will join Jungle Ventures as a Partner for healthcare.

HealthXCapital has engaged with over 1,200 founders across various healthcare segments, including home care, ambulatory care, insurtech, data sciences, and brain health. Their portfolio features names such as RED.Health, Homage, Medfin, and THB.

Jungle Ventures specialises in early to growth-stage investments in Southeast Asia and India, focusing on nurturing businesses from their inception to becoming unicorns and eventually to IPO.

Atome renews US$100M debt facility

Atome Financial, a Singapore-based buy-now-pay-later company targetting unbanked and underbanked consumers, renewed its US$100 million debt facility with HSBC Singapore.

The funds will help the fintech firm to expand its services in the Philippine market and develop new consumer financing products.

Atome entered the Philippine market in end-2021 by partnering with over 50 online and offline retailers across fashion, beauty, lifestyle, and home & living. The Philippines presents enormous opportunities for the fintech firm as 34.3 million adults are unbanked (as of 2021).

Launched in December 2019, Atome is a digital platform providing consumers across the region with flexible deferred payments through its mobile app. In addition, it offers digital consumer loans in Indonesia through the Kredit Pintar mobile app.

Antler invests in CHOYS

CHOYS, a SaaS insurtech platform for corporate employees in Southeast Asia, closed a US$1.1 million seed funding round with investors, including Wing Vasiksiri, Foremast, Antler, and Fintech Nation Fund.

The company will use the money for its go-to-market strategy across Southeast Asia and to bolster its product development initiatives.

Founded by Sharon Li and Vanessa Chen, CHOYS aims to make work life more meaningful and humanised. To achieve this, it empowers organisations with well-being tools and a platform to make a “bigger impact” through better understanding of and connecting with their people. The firm uses data analytics to create customised employee benefit experiences.

Boost Capital lands US$2.5M

Singapore-headquartered SaaS platform Boost Capital secured US$2.5 million in a seed funding round from Village Global, Iterative Ventures, Hustle Fund, Epic Angels, Xcel Next, and Insitor.

Prominent angel investors, including Shivaas Gulati, former co-founder of Remitly; Larry Hootnick, former CFO of Intel; and Puon Penn, former EVP of Venture Capital at Wells Fargo, also participated.

The firm will use the funds for market expansion, enlarging its product team, and initiating partnerships with new banks.

Founded in 2018 by Gordon Peters and Lucinda Revell, Boost Capital provides a platform that enables financial institutions to digitally onboard applicants for loans, savings, credit cards, and insurance quickly.

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The image used in this picture is AI-generated.

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