Amidst the AI revolution, e27 presents a new series showcasing how organisations embrace AI in their operations.

Gia Ngo has worked at Give.Asia, a free fundraising platform for charitable causes in Asia, since 2014. Starting as a volunteer software engineer, he is currently CTO at Give.Asia.

Ngo received his PhD from Cornell University, the US, and his B.Eng from the National University of Singapore (NUS). His research topics lie in artificial intelligence (AI)/Machine Learning (ML) applications in natural language processing and neuroscience. He has published over 20 papers with over 400 citations at international conferences and journals.

In this edition, Ngo shares how his company has embraced AI.

Edited excerpts:

How do you perceive the AI revolution and its potential impact on your industry and workforce?

The AI revolution is undoubtedly transformative, and we are witnessing just the beginning of its immense potential. Over the decades, AI technology has made remarkable strides, but what’s truly catalysing its impact is the recent move to make AI models more accessible to the public. This has brought AI to the forefront of discussions and has the potential to revolutionise the way we approach various industries, including fundraising for social causes.

As we look ahead, the future of AI will likely be characterised by its seamless integration into business processes; like how web stacks power websites behind the scenes, AI will become a foundational building block in our daily operations, quietly enhancing efficiency and effectiveness without drawing much attention. This commodification of AI will democratise access, allowing even more organisations to benefit from its capabilities.

Understanding this transformative potential, we at Give.Asia developed Sidekick AI as an assistant for fundraising with a clear goal in mind – to seamlessly embed it into our current processes. Sidekick AI is a significant step in the broader initiative called “AI for Good”, where we aspire to open up the existing AI tools we use for charitable fundraising to the public. Moreover, we’re committed to continually developing new AI solutions that have a positive and lasting impact on social causes.

In embracing ‘AI for Good’, we aim to share our AI-driven fundraising tools with partners, organisations, and individuals across the charitable sector. By doing so, we hope to empower them to maximise their fundraising efforts and create a ripple effect of positive change in the world.

As the AI revolution progresses, our workforce will also experience shifts. While AI will augment and enhance certain aspects of our work, it will also create new opportunities for creative problem-solving and strategic thinking. Our vision is to leverage AI as a powerful ally, enabling our teams to focus on what truly matters – creating meaningful connections between givers and social causes.

Through collaboration and partnerships, we believe we can collectively harness the potential of AI to uplift communities, inspire more people to become givers and create a brighter future for all. We invite like-minded organisations and individuals to join us in this journey, leveraging Sidekick AI and the broader AI for Good initiative to make a lasting impact on the charitable sector and beyond.

In what ways has your company embraced AI technologies to improve operational efficiency or enhance business processes?

Our vision at Give.Asia is to inspire everyone to be a giver. We believe that if more people can resonate with a cause and work together, we can permanently solve many problems in the world. We believe modern AI technologies offer new approaches for us to work toward that vision.

• AI can help givers hear more stories and voices: We recognise that numerous organisations and individuals are working tirelessly to make the world a better place. However, their stories and efforts might not always reach a wider audience due to language barriers or challenges in making their causes compelling. We have integrated language models and generative AI technologies into our platform to address this. These AI tools assist fundraisers in crafting compelling narratives and engaging content, ensuring their messages resonate with potential donors. By harnessing AI’s capabilities, we aim to amplify the voices of those working for positive change and make their stories more accessible to the global community of givers.
• AI can connect givers to causes they resonate with: We understand that every giver has unique passions and interests. Just like how streaming services like Netflix provide personalised content recommendations, we strive to make the giving experience equally tailored. By leveraging AI algorithms, we can connect givers to the causes that truly resonate with them. This not only enhances the overall giving experience but also increases the likelihood of long-term engagement with charitable organisations. Through AI-driven personalisation, we aim to create a stronger bond between givers and the causes they care about deeply.
• AI can create new impacts: While fundraising for immediate needs is crucial, we believe AI can empower charitable organisations to go beyond conventional approaches and tackle the root causes of social issues. For example, AI can play a pivotal role in the healthcare sector by enabling easier and more affordable diagnosis. By utilising AI technologies, we can focus on upstream solutions to prevent problems before they escalate, creating a lasting impact and fostering sustainable change.

Also Read: Exploring the game-changing role of AI in online courses

As we continue to innovate, we actively explore diverse avenues to integrate AI into our operations. Whether it’s streamlining internal processes, optimising fundraising campaigns, or enhancing donor engagement, AI is becoming an integral part of many initiatives at Give.Asia. We believe that AI’s potential is vast, and by being proactive in its exploration, we can uncover new opportunities to maximise our impact on social causes.

Can you share specific examples of how AI has been integrated into your workforce to streamline operations or drive innovation?

We created Sidekick AI as a tool for our fundraising team to create campaigns more efficiently and quickly. Integrating Sidekick AI into our workforce has significantly streamlined our operations and empowered our content team to drive innovation in fundraising campaigns at Give.Asia. Here are specific examples of how Sidekick AI has been utilised:

• Efficient campaign content creation: Sidekick AI was initially prototyped as a tool to aid our fundraising team in crafting campaigns more efficiently and rapidly. Creating compelling and informative content can be overwhelming with the vast number of cases we receive from individuals seeking to raise funds for medical treatments, education, and other social causes. Sidekick AI has been instrumental in generating campaign copy based on the raw information collected from beneficiaries. This enables our team to draft clear and persuasive content that resonates with potential donors, whether for an individual’s medical treatment or a charity’s fundraising drive. By automating this process, Sidekick AI saves valuable time and allows our team to focus on other critical aspects of fundraising.
• Personalised marketing materials: Tailoring content to suit different audiences is essential in fundraising. Sidekick AI’s versatility enables us to create marketing copy for social media sharing that aligns precisely with the target audience’s preferences and interests. Whether it’s a child’s medical treatment campaign or a charity’s fundraising event, Sidekick AI generates drafts that cater to specific tones and angles. This personalised approach increases the effectiveness of our marketing efforts and helps build stronger connections between donors and causes.
• Creative content generation: Sidekick AI extends beyond text-based content to creative assets like campaign images and infographics. Converting complex information and research into easily digestible visualisations is made simpler with Sidekick AI’s assistance. Our copywriters can transform data into engaging visuals more efficiently, enhancing our campaigns’ overall appeal and impact.
• Automated video creation: Videos have become a powerful medium for storytelling and engaging audiences. Sidekick AI has been utilised to generate Instagram-style videos based on campaign content. By summarising the campaign’s text, integrating relevant images, and adding an audio track, Sidekick AI creates compelling videos that capture the essence of the cause. This automation significantly reduces the time and effort required to produce compelling video content, enhancing our multimedia marketing efforts.

What challenges or concerns did you encounter when implementing AI technologies within your organisation, and how did you address them?

Implementing AI technologies within our organisation did indeed come with its share of challenges and concerns, for example:

• Identifying business needs: The most important challenge we faced was identifying specific areas within our operations where AI could make a meaningful impact. Understanding our business needs and pain points was crucial in determining where AI could fill the gaps and enhance efficiency.
• Limited examples in the charitable sector: As AI adoption in the charitable sector is relatively new, there were fewer successful AI implementations in this context. This lack of reference points made it challenging to accurately foresee potential challenges and opportunities. To overcome this, we adopted an agile approach to prototyping and experimentation. By quickly creating prototypes and testing them, we gained valuable insights and iterated on our ideas swiftly.

Also Read: Optimising finance made easy: Embracing AI-driven investment

How do you ensure transparency and uphold ethical considerations in the use of AI technologies within your organisation to mitigate privacy concerns?

Transparency and respect for privacy are among the most fundamental foundations for everything built at Give.Asia. Some of the considerations that we stand by when introducing AI include:

• Data privacy: Protecting user data is a top priority for us. Sidekick AI operates solely on publicly visible data and does not store any irrelevant information to its tasks. By limiting the data used by the AI, we ensure that sensitive or private information is not exposed, minimising privacy risks.
• Understanding limitations: We recognise that AI technologies have limitations and should not be treated as one-size-fits-all solutions. Before implementing any AI solution, we look at our users’ specific needs and requirements. This approach allows us to identify where AI can be most effective and where human expertise is still essential.
• Ongoing learning: We believe in continuous learning and knowledge-sharing across our technical team and the organisation. We held training sessions and workshops to ensure that our team members understood commonly used AI technologies, including their strengths and weaknesses. This knowledge enables them to make informed decisions and maintain a vigilant approach to privacy and ethics.
• Human in the loop: Sidekick AI is designed to complement and assist fundraisers, not replace them. We emphasise the importance of human oversight in AI-generated outputs. By making fundraisers aware of potential errors that may arise, we encourage them to validate and review the content generated by Sidekick AI before use. This “human in the loop” approach ensures accountability and accuracy in the fundraising process.
• Open-sourcing: we are committed to not only making Sidekick AI accessible to any charity or individual but also to open-sourcing our implementation. Open sourcing fosters transparency and collaboration in the AI community. By sharing our code and practices with the wider public, we encourage peer review and accountability, ensuring that our AI implementations adhere to ethical and privacy values.

How do you ensure that AI technologies complement your workforce’s existing skills and expertise rather than replacing or displacing human workers?

At Give.Asia, we firmly believe that AI technologies should complement, rather than replace, the skills and expertise of our workforce. We recognise the unique value that human workers bring to the giving space, where trust and human connections are at the core of what we do. While AI can excel in certain repetitive and large-scale tasks, we understand that human workers will always be the most vital aspect of our organisation.

To ensure that AI technologies enhance our workforce’s capabilities, we adopt the following principles:

• At Give.Asia, we focus on using AI even further to enhance the core values of our team, which are growth, impact, and trust.
• We view AI as an always-present but sometimes flawed assistant that must be used appropriately. Rather than seeking to replace human workers, we focus on empowering our team to leverage AI to augment their skills and abilities.
• AI allows us to create more impact by automating time-consuming tasks, which frees up our team’s time to create new value for givers and find innovative ways to drive lasting social changes.
• Trust is a cornerstone of our work at Give.Asia. AI technologies can help us build and reinforce trust with our users by improving campaign storytelling, providing better verification processes, and enhancing transparency. We use AI to bolster the credibility of our platform and demonstrate our commitment to maintaining the highest standards of integrity.

Attracting and retaining human talent has always been challenging in the charitable sector. AI technologies like Sidekick AI serve as a superpower that equips our team to do more and do better in their roles. Using AI to augment our capabilities, we empower our workforce to tackle complex challenges and deliver greater value to our users.

Also Read: Rewriting the creation process of ad creatives using generative AI

We recognise that human connection and empathy are irreplaceable in the charitable sector. AI technologies are harnessed to enhance our team’s impact and efficiency, but they can never replace the passion, dedication, and creativity our human workforce brings.

How do you envision the future collaboration between humans and AI? What role do you see AI playing in augmenting human capabilities?

I think AI will permeate more and more industries and business processes. We will figure out more ways to integrate AI better and subtly into daily activities. As AI becomes more prevalent and deeply embedded into our lives, it will be a challenge for companies and individuals to keep growing, learning, and growing differently, too.

Here are how I envision the future of AI:

• Complementing human skills: AI’s role will be to complement and augment human capabilities rather than replace them. Mundane and repetitive tasks can be efficiently handled by AI, freeing up human workers to focus on higher-level tasks that require creativity, critical thinking, and emotional intelligence.
• Enhanced decision-making: AI can process and analyse vast amounts of data quickly, providing valuable insights to humans in making informed decisions. By leveraging AI-generated insights, humans can make more strategic and data-driven choices, leading to better outcomes across various domains.
• Innovation and co-creation: As AI automates routine tasks, humans can dedicate more time and energy to innovation and co-creation with AI. The collaboration between human creativity and AI’s data-driven capabilities can lead to groundbreaking solutions, especially in addressing complex societal challenges.
• Continuous learning: AI can act as a catalyst for continuous learning and upskilling. As AI technologies advance, humans will need to keep pace by developing new skills and expanding their expertise. This ongoing learning process will foster a culture of adaptation and growth.
• Ethical considerations: Addressing ethical considerations will be crucial as AI becomes more pervasive. Humans will need to ensure that AI systems are designed and used responsibly, with a focus on fairness, transparency, and accountability.

The future collaboration between humans and AI can be a harmonious balance where AI empowers humans to achieve more, make better decisions, and drive innovation. We can have a future where AI-driven advancements go hand in hand with human ingenuity and compassion.

What advice would you give to other company founders looking to leverage AI in their workforce?

Here is my advice:

• Embrace the AI revolution: AI is not just a passing trend but a transformative force that is here to stay. The field of AI has evolved beyond mere research, and it has reached the stage of commoditisation. We should all consider embracing AI as an integral part of our business strategy.
• Understand the key drivers of AI advancement: the current AI wave has three main drivers. The first is the abundance of data and the increasing power of hardware have made many modern AI approaches possible. Secondly, there has been a shift in focus from AI as a scientific endeavour to one of engineering. The desire to build and apply AI solutions has been a significant driving force. Thirdly, the open-source culture has fostered the development and adoption of foundational AI technologies and models. Understanding these drivers will enable you to make informed decisions about adopting and developing your AI capabilities effectively.
• Contextualise AI adoption: leveraging AI should align with your company’s specific context and business needs. Every company is unique, and AI should be integrated where it can fill gaps, enhance productivity, and create value. AI adoption should be driven by a clear understanding of your company’s objectives and strategic vision.
• Complement human expertise: view AI as a tool to augment human capabilities rather than replace them. While AI can excel in handling repetitive and data-intensive tasks, human creativity, critical thinking, and emotional intelligence remain invaluable. Strive to find the right balance between human judgment and AI-driven insights, leveraging AI to empower your workforce rather than displacing them.
• Commit to responsible AI practices: prioritise ethical considerations, transparency, and fairness in your AI initiatives. Responsible AI practices are essential to build trust with customers, employees, and stakeholders. Ensure that AI models are developed and deployed responsibly, adhering to privacy and data protection regulations.

The reasons laid out above motivate us to initiate AI For Good at Give.Asia. We love to invite other organisations, charities, companies, and individuals to see how we can leverage AI to give better. I think we have a lot more to learn and understand the gaps that AI can fill. We would love to work on open-source solutions with other partners to create lasting impacts.

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Sunrate, a cross-border payment platform for businesses, has raised an extended Series D (D2) funding round from Sequoia Capital Southeast Asia (now known as Peak XV Partners).

Saudi Aramco-owned Prosperity7 Ventures and Softbank Ventures Asia co-invested.

Last month, Sunrate secured an undisclosed sum in its Series D1 led by Prosperity7 Ventures.

The startup will use the fresh funds to accelerate growth in emerging markets, such as Southeast Asia and India, and continue to onboard new customers globally. In addition, it will look to hire employees.

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

Started in 2016, Sunrate provides global payment products and services for businesses worldwide, including international payments, global collection, commercial card issuance and treasury management.

Businesses can make payments to more than 150 countries and transact in 100+ currencies.

The firm also offers effective treasury management tools, such as TreasuryOS and RiskOS, to enable businesses to manage and oversee their financial assets, liabilities, and liquidity.

Co-Founder Paul Meng said: “We started Sunrate with the modest goal of bettering the
payments experience of small to medium-sized businesses. Through the years, we have
witnessed first-hand how our products and services have benefited businesses by providing fast secure
transactions, high-touch customer service as well as lower and transparent costs.  By removing business payments friction and helping businesses to digitalise, Sunrate empowers businesses — helping them to scale across borders seamlessly and effectively.”

According to FXC Intelligence, the global B2B cross-border payments market is expected to total US$56.1 trillion in volume by 2030.

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GoodMorning Global Group,  a provider of “affordable” plant-based balanced nutrition for Malaysia and global communities, has secured a record RM20 million (US$4.4 million) from over 1,000 investors in an equity crowdfunding (ECF) campaign.

The company will use the funds to accelerate biotechnology and food technology research while supporting its prospective IPO listing over the next two years.

Established in 2008, GoodMorning Global is a nutritional multigrain and biotechnology company. It engages in research and production of plant-based protein and multi-grain products.

Also Read: Phuture aims to help solve fibre deficiency among Malaysians using its plant-based meat products

In H2 2023, GoodMorning Global aims to officially launch its first flagship product in future food and alternative protein – WonderMeat, a dry-mix complete nutrition plant-based meat. The product is partly subsidised by the GoodMorning Vision Fund and is slated for release to the public in Q4 2023.

It also plans to grow its market share from the current 70 per cent.

In addition, the company said its subsidiary GoodMorning Bio Industries received Bio-Based Accelerator (BBA) status from the Malaysian Bioeconomy Corporation. The certification is expected to help GoodMorning Global ramp up product research and development to meet better Malaysia’s growing demand for the consumption and export of plant-based protein products.

Further aligned with this, GoodMorning Global has signed Memorandums of Cooperation with its collaborative research partners Universiti Tunku Abdul Rahman (UTAR), Tunku Abdul Rahman University of Management and Technology (TAR UMT), and its Middle Eastern trading partner in Sultanate of Oman, Eastern Arrow LLC. The strategic partnerships will set in motion collaborative research projects to expand the local “future food and alternative protein” industry for greater food security.

Also Read: No animals were harmed in the making of this ‘meat’ burger

“While global challenges to food security have emerged more aggressively, such as rapid urbanisation and climate change, GoodMorning Global sees this as a catalyst for innovation and transformation as part of global efforts contributing towards the United Nations’ Sustainable Development Goals. To this end, we are actively participating in more cross-industry collaborations — facilitating knowledge exchanges is key to ensuring that the Malaysian food and biotech industries nurture a brighter future of food with plant-based solutions and provide sustainable food solutions for now and beyond. In GoodMorning, we have a dream, and that is to end hunger and no one should go to bed hungry,” said Dr. Charles Cheng Fang Chin, CEO and CFO of GoodMorning Global.

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The tail end of 2022 and the onset of 2023 have been frustrating for founders trying to extract even an ounce of investor engagement. Apart from a few thriving sectors that can boast strong investor engagement (hello, generative AI), startups across less hyped industries are experiencing what can only be described as an “engagement drought”.

Over the past year, we’ve seen a steep 25 per cent decline in investor engagement and response rates. The time investors spent reviewing decks plunged to a record low in Q4 of 2022, averaging a paltry two minutes and 18 seconds, according to DocSend. 

Concurrently, global funding dipped by 53 per cent YoY in Q1, with Crunchbase reporting a downturn across every stage of fundraising. Yet, the volume of pitch decks being sent by founders surged by 30 per cent, intensifying the scramble for scarce investor attention. It’s getting tough out there.

So, where does it leave startups seeking funding in 2023? One thing is clear: to increase your investor outreach success rate and land meetings, your pitch deck game needs to be inventive. In this article, we’ll dig into how to do precisely that.

With our global experience aiding early startups and unicorns in their fundraising efforts, we have accumulated a list of fresh and increasingly more effective practices to captivate investor attention. Many disrupt the longstanding conventions of how pitch decks should be created, partly explaining their particular effectiveness in the current climate.

Ditch the traditional problem-solution narrative

The problem and solution slide has been the cornerstone of investor pitch decks’ opening since the dawn of venture capital. Its concept relies on a simple yet effective narrative formula:

First, there’s a problem with the industry, supported by stats; then, there’s a solution the business offers.

Unfortunately, just like anything overused, the problem-solution narrative started to lose its efficiency, making investors numb to this rife approach. In most cases we’ve come across, it feels so homogenous and formulaic that it makes investors yawn and close the presentation after 30 seconds.

So, what’s the alternative?

Your pitch deck must open differently to stand out from the crowd and get investors’ eyeballs. But it’s not just about standing out — your pitch must immediately communicate how bold and ambitious your idea is.

The best way to achieve those things is to open with a powerful mission statement. Start by stating your ultimate goal and work your way backwards to explain how you plan to accomplish it. 

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

Another effective technique involves underscoring the pain’s severity and the market’s immense potential. In essence, commence your deck with the most enticing incentive imaginable to pull investors in and get them to keep reading.

Make your story super tight 

Investor attention is scarce, so your goal is to get your point across quickly. With teaser pitch decks, less is indeed more.

The goal of a pitch deck is not to inundate investors with every minor detail about your business or product — it’s to prompt investors to contact you.

Still, we find that every other company we work with dedicates three-four slides solely to their product features! No investor will wade through four pages of product details. Rather, highlight the key features that define your product’s value proposition (preferably quantifiable) on just one or two slides or provide a demo link.

Focus on what matters to investors — your market, traction, why now, etc. Strive to provide all the essential numbers and context without going into minutiae or digressing.

Think of it as speed-dating: you only have five minutes to stand out among the other 40+ participants and forge a connection. Your goal is to be intriguing enough to spark curiosity and motivate the person to exchange phone numbers, not to divulge every detail about your life. 

The same principle applies to investors. Hence, highlight the most appealing aspects of your idea and leave the details for the call. Go through your deck a few times, cutting out any fluff you spot until it is super sharp and light. On average, almost all the decks we receive see can — and should — be trimmed by at least 25-30 per cent.

Forget standard headings

The conventional approach recommends using Ycombinator or Sequoia pitch templates that have straightforward headings like Problem, Solution, Team, etc. However, in today’s fiercely competitive climate, where the challenge is to capture and retain dwindling investor interest, mimicking what everyone else does is the least effective strategy.

Your slide titles must tell a story. Every headline should convey a standalone message, and every slide should sell a standalone idea. Investors must be able to open your pitch on a random page, read just the headline, understand the core concept, and be drawn to learn more. 

Here’s an example of how you can turn a vague, uninspiring Market slide heading into an engaging one:

But don’t just throw a bunch of disconnected slides together in the hope they stick — connect them logically and make sure they feed into your core business narrative. 

Bring your traction upfront

In early startups’ pitch decks, we often see traction being relegated to the end of the pitch since the startup hasn’t gained much traction yet. That’s a big mistake. According to the Docs data, VCs spent 40 per cent more time on this section in 2022 compared to 2021. 

For both nascent and mature startups, traction is one of the most scrutinised sections in your pitch deck and can be a make-or-break factor for your fundraising success.

If you have any (literally any) significant strides, move those upfront and underscore the juiciest parts for investors to notice right away. Have some strong retention indicators, rapid growth, or positive customer reviews? Put those forward as early as possible.

Also Read: Pitch deck for dummies: A compilation of top tips and advice from the community

Don’t have any traction yet? There always are ways to come up with something. Speak to 10-20 early users and collect testimonials on how they’re experiencing the pain you’re trying to solve to show that you have validated your idea.

If possible, display your early partnerships, growing social media following, or patent applications. Show investors that things are happening, regardless of how early on. 

Evoke a sense of FOMO

The “Why now?” question has always been crucial. The correct answer helps founders instil the FOMO and the sense of urgency into investors’ minds and stimulate the raise. In the current climate, when investors are hesitant to hand out cash, and the investment checks for post-Seed companies are generally down in the dumps, having a convincing answer to why they should pull out their wallets now is more crucial than ever. 

There are numerous ways to explain why now is the best (or even the only) time to cement your company as a category leader and why the momentum is as strong as ever. You can talk about the emerging trends in the space and how your company dovetails them. You can emphasize the severity/ubiquity of the problem and the competitive landscape that is yet to catch up. 

A well-crafted “Why now?” slide can also enhance the appeal of products in more traditional sectors.

Take an example from our experience: we assisted a client who was developing a sales automation tool—a market that’s oversaturated and currently lacks investor enthusiasm. However, we successfully repositioned it as the first generative AI-powered copilot for sales teams, a proposition only recently feasible. This AI-centric narrative helped our client secure US$4 million in funding in just a few weeks.

Weave ESG factors into your narrative

Compliance with ESG (Environmental, Social, and Governance) factors can severely increase your appeal to certain funds immediately. Many funds have mandates to invest in ESG companies, so if your business goes on to have a significant social or environmental impact, make sure it reads in your pitch.

But don’t dedicate a separate slide to it — it usually ends up being too vague and on the nose. Rather, weave it into the overall story by adding simple but powerful statements that reflect your ESG focus, like “We’re on a mission to do XYZ,” or “we want to help X millions of people to do/be X,” etc. 

This subtle touch will help better position your company towards funds that are looking to invest in this type of company and increase your company’s attractiveness among investors. 

Be smart about showing your metrics 

When it comes to demonstrating numbers, most companies we’ve come across just focus on growth metrics. That’s not enough to wow investors anymore. 

Also Read: Pitching 101: Questions that VCs will ask you during a pitch session

What investors care to see is that there is a fit between you and the market. Depending on your stage, many effective ways exist to demonstrate this fit. 

Pre-Seed – Seed stage

When pre-revenue, focus on demonstrating to investors you have a Founder-market fit. Early on, the goal is to prove that you and your team are the right people to bring this venture to success. 

Show that you know your customer persona and their pain inside out. Prove that you know how to sell to them. The best way to do this is by showing your previous achievements and relevant experience in the vertical. 

Maybe you were a customer turned provider who felt the problem on their skin and found the best way to fix it. Or maybe, you were part of a successful venture in the same space before.

The key is to show deep expertise in the industry and evoke trust in the founder and team. 

Series A

If you have recently generated your first revenue, on top of founder-market fit, investors will expect to see early proof of product-market fit. Do your customers love the product? Do they stick with it? If yes, here is how you can demonstrate that:

• Customer retention > 90 per cent
• Growing MRR
• User testimonials

Series B+

If you have over a year of revenue history, show investors that your business model is super efficient in generating money and that you have a business model/channel-market fit.

At this stage, investors are looking for startups that are profitable, capital efficient, and generally don’t bleed money. To prove your business model is bringing or on the track to bring in decent profits, don’t say what you’re doing and why – show it’s working through the following metrics:

• LTV: CAC > 3x
• Payback time < 12-18 months, depending on your ACV
• Conversion rates
• Rule of 40
• Previously raised vs generated capital (if you generated more than you raised)
• Burn rate multiple

With product differentiation diminishing as companies grow more and more homogeneous, what sets winners apart is their team, strategy, and execution. Don’t talk about influencers, TikTok, and all that stuff — everyone is doing that. 

Better talk about the flywheels you’ve set in motion and your unique strategies for generating a competitive advantage — through networks, community, technology, or else. All this will help you cut through the noise in an increasingly crowded yet homogenised market and get the investor engagement your business deserves.

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Singapore-based venture capital firm Resolution Ventures has made the final close of its first fintech fund.

An international community of fintech-interested institutions, unnamed family offices, finance executives and entrepreneurs invested.

With Resolution Fintech Fund I, the VC firm aims to invest in Southeast Asia’s founders developing solutions that have local, regional, and international applications.

The fund seeks to back pre-seed and seed-stage firms. The ticket size ranges between US$250,000 and US$750,000.

Also Read: Meet the e27 Connect investors that invested in SEA in the past two weeks

Resolution Ventures has already backed several companies from the first fund, including Oraan (a female-led rotating savings and credit association platform in Pakistan), Stemly (a working capital and inventory management platform), Dropee (an e-invoicing and ordering platform for FMCG goods), GIMO (an earned wage access platform in Vietnam), iPiD (a pre-transaction validation platform, PasarMikro (a platform that digitalises the payment processes for agricultural commodities), and Mayar (a payment platform for MSMEs in Indonesia).

Sam Gibb, Managing Partner of Resolution Ventures, said: “Considering the impact that we have had on our portfolio companies, we have no doubt that we will continue being an integral part of the eco-system as financial services infrastructure continues to develop in Southeast Asia,” he said.

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As I shared in my first e27 article, Hybrid and Remote: Myth vs Reality, the modern people-focused managers leading the teams of the future experience none of the challenges executives believe distributed work brings. 

These people-first managers reported increased productivity, high trust in their teams, and ease in managing them. These experiences sharply contrast with the executives at many of their companies. 

Brian Elliott, founder of the Future Forum, a think tank set up by Slack and others, hit the nail on its head in a presentation at the Running Remote conference. “We’re two generations of digital natives into our workforce, and older ones suffer from ‘executive nostalgia’”. 

After Musk’s “working remotely is morally wrong,” it was Martha Stewart saying that “America will ‘go down the drain’ if people don’t return to office” and “Google to crack down on office attendance.”

But Fortune editor Dr. Gleb Tsipursky wrote, “The forced return to the office is the definition of insanity,” and I couldn’t agree more.

“Despite the overwhelming evidence that flexible hybrid work is more productive than forced in-office work for the same roles, top executives are stubbornly herding employees back to the office like lost sheep, expecting productivity to improve miraculously. This, my friends, is the very definition of insanity,” writes Dr. Tsipursky.

And now, McKinsey released new data showing that those same executives will most likely want to work from home. In the research, people with higher incomes and seniority were far more likely to demand flexibility. 

Also Read: How Gen Z’s view on work-life balance can transform your business

“In a survey of 13,000 office workers in six countries published this month, McKinsey found the largest share of employees who strongly prefer to work from home were those who earn more than US$150,000.

That group said they were likely to quit their jobs if called back to the office every day and were willing to trade more than 20 per cent of their compensation to work their preferred number of days at home.”

Why the separation between execs and employees? It’s time to “grownupify” work, as ADP’s Amy Leschke-Kahle wrote in Fortune: “Employees are smart grownups who deserve to be treated as such. The onus is on employers, not employees, to break the cycle. Send a very clear message to your workforce: “We trust you to do great work.”

The power of flexibility for people and companies

As I wrote in my previous article, almost 75 per cent of employees prefer to retain a hybrid or remote working model. Asked to return to the office full-time, 15 per cent of employees would consider looking for a new job, and 59 per cent would return if needed.  

 

People love their flexibility and its benefits: improved work-life balance, productivity, diversity, and more.

Data from Brian Elliott’s Future Forum shows why organisations should care about this, too: hybrid and remote workers are much more likely to say that company culture has improved during the pandemic – citing flexible work policies as the reason why.

According to Deloitte research, people are more attracted to and likely to stay at an organisation that allows them more control and choice in how they use their skills in their work. 

Josh Bersin also emphasizes the importance of providing flexibility to remain competitive in the talent market. He cites Daniel Pink’s research on human motivation, highlighting the significance of autonomy, control, and mastery.

Work becomes more fulfilling when employees can make decisions about their work, take ownership, and excel in their roles. This is achieved by setting goals and objectives with autonomy and empowering workers to do what is best for the customer.

Understanding what’s behind the need for flexibility: Autonomy and Agency

To understand why people are so motivated by flexibility and why organisations should provide it, we need to understand two key concepts: Autonomy and Agency.

Also Read: 5 things to stop apologising for if you want work-life balance without feeling guilty

Autonomy refers to the level of independence in your work. If you have autonomy, you can make decisions, take risks, and exercise judgment without constant supervision. According to self-determination theory, autonomy is one of three basic psychological needs contributing to well-being.

Agency refers to our level of control over the work environment. This includes having a say in the company’s direction, the ability to collaborate with colleagues, and the opportunity to pursue personal and professional development.

Being able to make decisions and take ownership of our work leads to increased engagement, motivation, and job satisfaction.

Additionally, autonomy and agency improve performance because when people have more control over their work, they can tap into their creativity, innovation, and productivity by tailoring their tasks to their strengths and preferences.

This heightened sense of engagement and motivation also allows for better adaptation to changing circumstances and overcoming challenges, boosting self-efficacy and confidence.

Finally, when individuals have greater control over their work, they are more likely to seek out new challenges and opportunities for growth, which helps to maintain engagement and motivation over the long term.

Why and how we need to support our teams

The best-selling author on workplace happiness, Tracy Brower, reminds us in Forbes: “Adults are empowered to choose how they think about things, how they react, and how they shape their circumstances. But the structure is also critical—this is where leaders and organisations come in. Structure addresses the policies, practices, norms, and cultures which contribute to happiness—or don’t.”

Research shows that “high-autonomy employees report the highest levels of belonging, motivation, productivity, trust in the team, trust in leaders, work-life balance, and mental well-being. In some cases, these scores are more than 20 per cent higher than their low autonomy counterparts.”

Taking ownership, making decisions, and striving for development help our teams to stay motivated. By understanding their need for autonomy and agency, we can support people in getting more out of their jobs than a paycheck and, in return, earn their effort and loyalty. 

To offer autonomy and agency in the workplace, companies can take the following three practical steps:

• Implement flexible work policies that empower employees to choose how, where, and when they work based on their needs and preferences. Providing clear guidelines and support for remote work tools and communication platforms will enable employees to work autonomously while staying connected and collaborative.
• Foster a culture of trust and empowerment in which employees feel valued and respected for their contributions. Establishing psychological safety is the most impactful thing companies can do to transform truly. Creating opportunities for skill development, career growth and recognising achievements further empowers employees to take charge of their professional development.
• Embrace data-driven decision-making to promote autonomy and agency in the workplace. By using performance metrics, feedback surveys, and employee engagement data, organisations can identify areas where autonomy is most impactful and tailor strategies accordingly. This helps measure the success of their initiatives and make necessary adjustments to improve peoples’ work experience continuously.

Let’s embrace flexibility and usher in an era of choice and flexibility in the workplace.

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Singapore-headquartered RNA technology company, Mirxes Holding, has completed its Series D funding round, securing US$50 million.

The round is anchored by existing and new investors, including Beijing Fupu, EDBI, Mitsui & Co., NHH Venture Fund, and the Agency for Science, Technology and Research.

Mirxes Holding will use the capital to scale the adoption and penetration of its stomach cancer blood test, GASTROClear, in major Asia-Pacific markets, including Southeast Asia, China, and Japan.

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

A portion of the funds will be used to 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. Project CADENCE is a project to develop a single blood test for the early detection of nine high-mortality cancers powered by the company’s RNA technology and other complementary biomarker technologies.

“This fresh funding will fuel our ambitious growth plans and enable us to continue making a significant impact in the field of multi-cancer early detection,” said Dr ZHOU Lihan, Co-Founder and CEO of Mirxes.

Along with this, Mirxes has also announced that it has filed the listing application with The Stock Exchange of Hong Kong Limited (HKEX).

Founded in 2014, Mirxes is an RNA technology company making cancer early detection solutions accessible globally. It also delivers research and clinical testing services for preventive healthcare and precision medicine to key markets in Asia and beyond.

In 2021, Mirxes raised US$77 million in a Series C financing round led by CR-CP Life Science Fund and joined by global healthcare investment firm Rock Springs Capital, Charoen Pokphand Group (Thailand) and EDBI.

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Y Combinator-backed Peeba announced the setting up of its office in Indonesia, marking the first step of its Southeast Asia (SEA) expansion journey.

The online B2B wholesale marketplace wants to change the game for small retailers by enabling them to compete on the same footing as larger retailers through both online and offline channels. The company aims to do it by implementing a “sell first, pay later” model for small retailers.

In a press statement, Peeba says it that allows retail stores across Indonesia to buy products from thousands of curated
global and local brands on consignment, so they can pay for goods they are able to sell and return the rest to Peeba. According to the company, this means that small retailers do not need to incur hefty upfront payments, allowing them to stock high-quality products in their stores.

“Peeba takes care of end-to-end cross-border logistics, customs, duties and taxes while ensuring that goods are shipped to the retailer smoothly,” explains Jacky Lai, Founder and CEO of Peeba, in an email to e27.

“When small retailers are able to stock products from top brands, it makes them much more competitive as they can attract consumers a lot more effectively.”

Also Read: How express delivery services can become a key differentiator for e-commerce businesses

Lai also says that the platform uses machine learning to help predict what will sell well for stores in a particular category or area. “When retailers log on to Peeba, they automatically see recommendations that are most relevant to them.”

Founded in 2020 in Hong Kong, Peeba currently works with about 3,000 brands worldwide, connecting them with over 30,000 retail stores.

Understanding small businesses

When asked about the profiles of their targeted users, Lai describes them as independent online shops (such as Instagram and TikTok-based shops) and small retailers with physical stores.

“We are currently focused on serving retailers in the beauty, home and living, and baby and kids categories. We acquire them through a strong business development team that is in constant conversations with stakeholders in the retail ecosystem,” he says.

With regard to their revenue model, Lai says, “We make money when brands sell through retailers that choose to stock their products. Because of that, we review each and every brand application rigorously to make sure that they’re the right brand for the retailers that are on our platform.”

This year, Peeba aims to focus on its expansion plan in Indonesia, where the team has started hiring team members there.

“In the longer term, our goal is definitely to expand across Southeast Asia. We will take one step at a time and launch each market independently,” Lai closes.

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Image Credit: Peeba

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Over the past few years, we witnessed a significant evolution in the express delivery market alongside the global e-commerce boom. In Asia Pacific, where more than 60 per cent of e-commerce activities take place, the market continues to grow at a rapid pace due to international trade and rising disposable incomes – the courier, express, and parcel (CEP) market is currently valued at US$185.2 billion this year and is forecasted to grow at six per cent annually until 2028.

More than 90 per cent of businesses in the region are micro, small and medium-sized enterprises (MSMEs). To capture overseas market opportunities, MSMEs that have tapped into digital platforms face the daunting task of navigating complex business, inventory, logistics fulfilment and supply chain need with the limited resources they possess.

This is further interlaced with challenges such as rising customer expectations pertaining to delivery speed, convenience, and flexibility as omnichannel retail platforms increasingly become the default.

Express delivery services today are no longer a bonus feature but an expectation. This means that in order to meet customer expectations, a reliable logistics partner is crucial for optimising current processes and reducing operating costs.

The delicate balance between time and cost

Customers today demand faster and more affordable delivery options. In addition, they also expect transparency throughout the delivery process, with real-time updates on their shipments. Logistics operators are thus under pressure to fulfil these rising consumer expectations by being adaptable and agile, all while trying to maintain cost competitiveness.

Also Read: Unstoppable surge: Vietnam’s e-commerce growth continues to soar

However, as MSMEs themselves do not possess the comprehensive global logistics infrastructure that is necessary to optimise efficiency, it is crucial for them to outsource these business needs to achieve maximum time- and cost-effectiveness. This is where third-party logistics operators can serve as centralised platform partners to empower MSMEs with a holistic cross-border logistics solution and strike a perfect balance between efficiency and cost.

Even as more options become available to consumers, they continue to seek convenience, affordability, and efficiency with express delivery options. They expect merchants and MSMEs to provide more personalised services and naturally gravitate towards reliable delivery providers when given a choice.

To retain leadership positions and establish a competitive edge, logistics operators need to constantly explore new opportunities to expand the shipping freight network and set up regional air and logistics hubs in order to streamline goods flow and boost connectivity within markets.

Investments in smart logistics will pay off

With the rise in e-commerce offerings and supply chain capabilities, MSMEs are investing in infrastructure and service offerings that can support time-definite delivery services for cross-border e-commerce. This includes smart warehouses, improved transportation networks, and the use of cutting-edge technologies such as autonomous vehicles.

Beyond that, socially responsible businesses have also started looking at the use of electric vehicles and renewable energy sources to increase sustainability efforts in order to reduce carbon emissions and costs over time.

The digital push and consumers’ increasing digital savviness have also prompted businesses and logistics operators to digitalise legacy equipment, so they can better cope with the surge in demand during peak seasons such as major shopping festivals and holidays. This includes integrating new technologies into existing platforms to enhance transparency across the supply chain, allowing businesses and logistics operators to pre-empt and resolve any major issues ahead of time.

Also Read: Boosting e-commerce growth in Asia: The power of collaboration

One such example is Cainiao’s radio-frequency identification (RFID) tags that are attached to every parcel, which provide real-time updates on the parcel’s location, with improvements in identification sensitivities. This greatly improves MSMEs’ overall visibility and efficiencies in the areas of inventory and supply chain management.

Evolution is crucial for growth

The spotlight on express delivery services continues to grow, presenting significant opportunities for MSMEs and logistics operators alike. By strategically engaging and partnering with logistics operators and platforms, MSMEs can level with larger counterparts in the global marketplace and meet consumers’ expectations for time-definite deliveries.

Increasingly, e-commerce has become crucial to the growth of the digital economy, and express deliveries are a key element for small businesses to elevate customer experiences and deliver exceptional services.

To thrive and stand out in a competitive landscape, businesses must embrace a more diverse and agile business model. This entails redefining their operations through strategic partnerships and demonstrating flexibility and transparency in delivery services.

The business climate today, which favours partnerships and technology adoption, has widened growth opportunities for small businesses in a globalised marketplace that once seemed beyond reach.

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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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Below are brief profiles of all the e27 Connect investors (who are verified by e27 and willing to be connected) that invested in July.

TNB Aura

TNB Aura uses data-driven methodologies to identify and invest in select companies that are primed for the future and ready to change the very face of their categories. It is an approved co-investment partner of Enterprise Singapore.

Verticals: All
Based in: Singapore
Investment locations: Singapore, Indonesia, Vietnam, Philippines, Malaysia, Thailand
Stages: Pre-Series A/bridge, Series A, Series B
Investment range: US$1M to US$10M.

The startup invested: GIMO.

Integra Partners

Integra Partners invests in early-stage companies that use technology to drive access and affordability to responsible financial services and digital healthcare companies in the Southeast Asian and South Asian regions.

Verticals: Finance, DeFi, healthtech, insurtech
Based in: Singapore
Investment locations: Singapore, Malaysia, Thailand, India, Pakistan, Vietnam, the Philippines, Indonesia
Stages: Seed, Pre-Series A/bridge, Series A, Series B
Investment range: US$1M to US$4M.

The startup invested: GIMO.

Resolution Ventures

Resolution Ventures is a seed-stage fund focused on investing in fintech companies built in Southeast Asia.

Verticals: Finance
Based in: Singapore
Investment locations: Singapore, Malaysia, Indonesia, Vietnam, Thailand, Philippines, Laos, Cambodia
Stages: Seed, pre-Series A/bridge, Series A
Investment range: US$250K to US$750K.

Also Read: Vietnamese earned wage access startup GIMO closes US$17.1M Series A

The startup invested: GIMO.

ThinkZone Ventures

ThinkZone Ventures is a local-resourced VC firm in Vietnam, focusing on pre-seed to Series A stratups from diverse verticals.

Verticals: AI, education, finance, healthtech, logistics/supply chain, medtech, platform, sharing economy, SaaS, transportation
Based in: Vietnam
Investment location: Vietnam
Stages: Seed, pre-Series A/bridge, and Series A
Investment range: US$50K to US$3M.

The startup invested: GIMO.

AC Ventures

AC Ventures is an early-stage technology venture fund focusing on investing in Indonesia’s digital disruptors.
Verticals: All/any
Based in: Indonesia
Investment location: Indonesia
Stages: Angel, seed, pre-Series A/bridge, Series A.

The startup invested: MAKA Motors.

East Ventures

East Ventures is a seed to early-stage venture capital firm based in Singapore, Indonesia and Tokyo. It was founded in 2010 by the co-founder of Mixi.jp and other prominent investors/entrepreneurs in Asia.

Verticals: All/any
Based in: Indonesia
Investment locations: Singapore, Thailand, Vietnam, the Philippines, Malaysia, Indonesia, Myanmar, Laos, Cambodia, Brunei, and Japan
Stages: Angel, seed, pre-Series A/bridge, Series A
Investment range: US$1M to US$50M.

The startups invested: MAKA Motors, Soleland.

Skystar Capital

Skystar Capital is an early-stage VC fund backed by leading corporate groups that invests in technology startups in the SEA region, particularly Indonesia.

Verticals: All
Based in: Indonesia
Investment locations: Indonesia, Singapore, Malaysia, Thailand, the Philippines, Vietnam, the United States of America
Stages: Seed, pre-Series A/bridge, Series A
Investment range: US$200K to US$2M.

The startup invested: MAKA Motors.

Openspace Ventures

Openspace Ventures makes investments in early-stage technology companies based in Southeast Asia.

Verticals: Agritech, consumer, education, finance, hardware, healthtech, SaaS
Based in: Singapore
Investment locations: Singapore, Vietnam, the Philippines, Malaysia, Indonesia, Thailand, Brunei, Myanmar, Laos, Cambodia
Stages: Series A, Series B.

The startup invested: MAKA Motors.

BEENEXT

BEENEXT is a venture capital firm investing in startups from India, Southeast Asia, Japan, and USA.

Verticals: All/any
Based in: Singapore
Investment locations: India, Indonesia, Japan, Thailand, Vietnam, Singapore, the Philippines, Bangladesh, Myanmar, and the US.
Stages: Angel, seed, Series A.

The startup invested: MAKA Motors.

Kinesys Group

Kinesys focuses on early-stage companies looking to potentially traditional markets or new emerging ideas.

Also Read: Former Gojek top execs’ e-motorcycle startup MAKA Motors closes a massive US$37.6M seed round

Verticals: All/any
Based in: Singapore
Investment locations: Indonesia, Singapore, Malaysia
Stages: Seed, pre-Series A/bridge, Series A
Investment range: US$100K to US$500K.

The startup invested: MAKA Motors.

M Venture Partners

M Venture Partners is an early-stage investor, raising innovators and disruptors in rising Southeast Asian and South Asian economies.

Verticals: All/any
Based in: Singapore
Investment locations: Singapore, India, Vietnam, Indonesia, Malaysia, the Philippines
Stages: Pre-seed, angel, seed, pre-Series A/bridge, Series A
Investment range: US$500K to US$2M.

The startups invested: MAKA Motors, KarirLab.

Alpha JWC Ventures

Alpha JWC Ventures invests in early to growth-stage high-technology companies.

Also Read: Earth VC backs US-based lithium-silicon battery firm Group14

Verticals: Advertising, agritech, AI, automotive, Big Data, blockchain, consumer, e-commerce, education, enterprise solution, entertainment, finance, F&B, govtech, healthtech, HR, ICT, insurtech, IoT, logistics/supply chain, manufacturing, marketplace, media, platform, productivity & CRM, real estate, retail, sharing economy, SaaS, transportation, travel
Based in: Indonesia
Investment locations: Indonesia, Vietnam, Singapore, Malaysia, Thailand, Taiwan, India
Stages: Seed, pre-Series A/bridge, Series A, Series B
Investment range: US$200K to US$10M.

The startup invested: KarirLab

SBI Ven Capital

SBI Ven Capital, founded in 2007 and based in Singapore, is a private equity firm that invests in financial services and technology sectors across Asia.

Verticals: E-commerce, finance
Based in: Singapore
Investment locations: Singapore, Malaysia, Indonesia, India, Thailand, Cambodia, the Philippines
Stages: Series A, Series B.

The startup invested: Eratani.

Genting Ventures

Genting Ventures is the corporate venture arm of Genting Group. It invests in early-stage startups with disruptive technologies.

Verticals: Any/all
Based in: Singapore
Investment locations: All/any
Stages: Seed, pre-Series A/bridge, Series A
Investment range: US$350K to US$1M.

The startup invested: Eratani.

1982 Ventures

1982 Ventures is an early-stage fintech-focused VC firm in Southeast Asia.

Verticals: Blockchain, enterprise solution, finance, insurtech, SaaS
Based in: Singapore
Investment locations: Singapore, Indonesia, Vietnam, the Philippines, Malaysia, Thailand, Pakistan, Bangladesh, Cambodia, Laos, Myanmar
Stages: Angel, seed, pre-Series A/bridge
Investment range: US$100K to US$500K.

The startups invested: Orderfaz.

ORZON Ventures

ORZON Ventures, powered by OR (a leading oil and retail company in Thailand) and 500 TukTuks, invests in promising Series A-B startups in Thailand and Southeast Asia in the mobility and lifestyle sectors.

Verticals: Any
Based in: Thailand
Investment locations: Thailand, Singapore, Malaysia, Indonesia, Vietnam
Stages: Pre-Series A/bridge, Series A, Series B, Series C & above
Investment range: US$500K to US$3M.

The startup invested: APX.

Wavemaker Partners

Wavemaker Partners invest in a broad range of technology-driven companies in the US and Southeast Asia.

Verticals: All/any
Based in: Singapore
Investment locations: Hong Kong, Singapore, the Philippines, Thailand, United States of America, Indonesia, Vietnam, Malaysia, Brunei, Myanmar, Cambodia, Laos
Stages: Angel, seed, pre-Series A/bridge, Series A
Investment range: US$250K to US$5M.

The startup invested: Hydroleap.

Earth Venture Capital

Earth Venture Capital is a global VC firm that aims to empower and nurture sustain global-mindset tech startups with solutions to prevent climate change.

Verticals: AI, robotics, energy, and IoT
Based in: Vietnam
Investment locations: Vietnam, Singapore, Hong Kong, Indonesia, Malaysia, the Philippines, India
Stages: Pre-seed, seed, pre-Series A/bridge, Series A
Investment range: US$500K to US$1M.

The startup invested: Group14.

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(The lead picture used in this article is AI-generated)

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