Singapore-based healthtech company Doctor Anywhere has secured US$40.8 million in a Series C1 extension round from Square Peg and Novo Holdings.

The company will use the funds for innovation and deepening its presence in secondary care.

Founded as a telemedicine platform in 2017, Doctor Anywhere is a tech-led healthcare company providing comprehensive care encompassing primary care, specialist care, telehealth, preventive health, and wellness solutions. It focuses on enhancing healthcare accessibility, improving health outcomes, and delivering a personalised, borderless, and inclusive healthcare experience.

Also Read: ‘Current macroeconomic headwinds weigh heavily on healthcare sector’: Doctor Anywhere CEO

The healthtech firm claims to serve more than 2.5 million users in six Southeast Asian countries. In December 2022, the company acquired Asian Healthcare Specialists, a group of 14 medical specialists with a patient-first approach and vision to make specialised care accessible to all.

“We’ve successfully built a regional digital healthcare ecosystem, delivering accessible and
convenient healthcare services through digital innovation. In the next phase of Southeast
Asia’s healthcare evolution, our goal is to empower individuals to take charge of their health and well-being with early detection and preventive measures against chronic illnesses,” said Lim Wai Mun, Founder and CEO.

A year ago, Doctor Anywhere announced a US$38.8 million Series C1 financing round led by international life science investor Novo Holdings. Existing shareholders also participated, including Asia Partners, Kamet Capital, Square Peg, IHH Healthcare, EDBI, and OSK-SBI Venture Partners.

Also Read: Doctor Anywhere raises US$4.1M to offer patients easy access to healthcare providers through video consultations

In 2021, Doctor Anywhere bagged US$65.7 million in a Series C financing round, led by local growth equity investor Asia Partners.  In the same year, it acquired telemedicine platform Doctor Raksa to deepen its presence in Thailand by expanding its medication delivery services.

—

Image Credit: Doctor Anywhere.

The post Doctor Anywhere nets US$40.8M to deepen presence in secondary care appeared first on e27.

After a gruelling process of shortlisting more than 170 applicants in the inaugural EQT Impact Challenge 2023 Southeast Asia edition, Malaysia-based Qarbotech has emerged tops at the startup challenge organised by global private equity firm EQT, in partnership with The Edge Singapore and e27.

Qarbotech is recognised for its ability to help crops improve yield, thereby creating a wider impact and also bringing potential commercial viability for its shareholders.

The first prize includes a EUR100,000 ($144,686) investment from the EQT Foundation, along with 300 consultancy hours from professional services firm Ernst & Young, and 15 hours of services from the global law firm DLA Piper to refine its strategy and intellectual property capabilities. Qarbotech will also gain access to EQT’s extensive network and specialised knowledge to propel its growth.

Qarbotech secured the top spot in the EQT Impact Challenge 2023 Southeast Asia after successfully navigating three selection rounds. From an initial pool of over 170 applicants, only 10 were shortlisted, further narrowed down through public voting. The finalists underwent pitch training led by Ted Persson, EQT Ventures’ partner, before presenting their cases at the grand finale on Dec 5 before a jury.

The jury panel comprises six members: Jean Eric Salata, BPEA EQT head and chairperson of EQT Asia; Cilia Holmes Indahl, EQT Foundation head; Liew Nam Soon, EY Asean regional managing partner for Singapore and Brunei; Fridtjof Berge, Antler’s co-founder and chief business officer; Angela Ng, COO of Impact Investment Exchange (IIX); and Chua Kee Lock, CEO of Vertex Holdings.

The five startups were first given three minutes to make their pitch, before taking questions from the jury. The startups were rated in metrics such as the viability of the business, the potential magnitude of impact they could make as well as the capabilities of the respective teams.

Resilience and yield

Qarbotech, based in Selangor, has developed a patented product, QarboGrow, designed to accelerate and improve plant growth. The innovation, conceived by Suraya Abdul Rashid, the company’s chief scientist and a professor at the Department of Chemical and Environmental Engineering at Universiti Putra Malaysia, focuses on enhancing the photosynthesis process, which is typically inefficient in natural conditions.

CEO Chor Chee Hoe says QarboGrow can not only help plants grow faster and be more resilient to weather conditions, it can also process more carbon dioxide and release more oxygen while reducing greenhouse gases as well.

Plants can do more than just being food or beautifying surroundings, says Chor, who, before joining this business of tending plants, was in charge of maintaining aircraft at FireFly Airlines.

Chor adds that QarboGrow is already being sold to farmers in Malaysia as well as to consumers with home gardens and collectors of certain rare plants. Paddy field farmers seem to see the most benefits from QarboGrow, with crop yield improving to as high as 60%.

“We — the jury members — believe in the solution and we are hoping that it will succeed,” says EQT Foundation’s Indahl as she named Qarbotech as the winner. “While we were discussing the need for conviction and the method, we are happy to be part of your journey and help you overcome some of those barriers,” she adds.

Also read: Carousell partners with YEAP to address challenges in e-waste

Before winning the EQT Impact Challenge, Qarbotech had already raised US$700,000 ($939,770) in seed funding and grants. The round was led by multi-stage venture capital firm, 500 Global, and includes innovation grants from the Temasek Foundation for winning the Climate Impact Innovations Challenge 2023, and Khazanah Nasional’s Dana Impak for winning the Khazanah Impact Innovation Challenge (KIIC) 2023.

Chor says that with the new funding, the company plans to improve its intellectual property (IP) capabilities, bring in more talent, and to beef up its distribution network. “The support from EQT will also open up our network and maybe allow us to expand into the European market and address similar issues. We look forward to working with EQT, EY and DLA Piper in this challenge to create impact.”

Promising startups

Cultivated fat company ImpacFat was the runner-up, while “waste-to-worth” carbon fibre aerogel (CFA) company EcoWorth Tech won third place. The other two finalists are mixed paper waste management and upcycling company Materials in Works and cultivated seafood company Umami Bioworks.

Founded by Mandy Hon — who is also an associate lecturer at Republic Polytechnic with a background in pharmaceutical sciences and business — ImpacFat develops “nutrition-customisable” novel cell-based fish fat. The fish cells are sustainably sourced from different fish species, and then cultivated in a controlled environment to become healthy fat cells that are high in omega-3.

ImpacFat was founded in 2019 and was spun out of the Institute of Molecular and Cell Biology at Singapore’s Agency for Science, Technology and Research (A*Star) two years later. It is said to be the first in the world to focus on seafood-cultivated fat. “Compared to livestock fat, which usually contains unhealthy fats that humans need to cut down on, ImpacFat contains healthy fat that humans seek to gain. ImpacFat is also unlike vegetable oils which are usually very unstable and require heavy processing,” explains Hon.

Nutrition-wise, ImpacFat is comparable to algae oil, which is rich in omega-3 fats EPA and DHA. ImpacFat is able to better complement food in terms of taste and texture, says Hon. The company is currently looking to get its technology patented and is seeking approval from the Singapore Food Agency.

Third-place winner EcoWorth is a cleantech company using CFA technology to help treat industrial wastewater as well as oil and gas decontamination. CFA is a highly absorbent, non-toxic and recyclable material that can absorb a wide variety of organic material from wastewater, explains founder Andre Stolz.

The company’s patented material can absorb up to 190 times its own weight. The valuable organic materials it absorbs can also be recovered and reused with a simple mechanical squeezing. Additionally, CFA can be manufactured from a variety of cellulose-based materials, such as cotton or waste paper.

Stolz, who used to be with fast-moving consumer goods giant Procter & Gamble, discovered the chance to make a meaningful impact through CFA by tapping on his background in product supply and engineering. In Shanghai, for example, he was involved in managing groundwater contamination while in Singapore, he studied solutions for oil spills from maritime vessels.

EcoWorth has launched its first commercial product Superof, a CFA-integrated filter solution designed with and for the oil refining industry. Superof lasts longer and is more reliable than the current solution used by oil refiners. In fact, EcoWorth’s first paying customer is enjoying a 40-times return on investment compared to previous filers it used, says Stolz.

Unwavering potential

The EQT Impact Challenge is held at a time of a slowdown in startup funding, no thanks to higher rates and inflation. Salata notes that there is still a tremendous amount of entrepreneurial activity. Besides traditional venture capital funds, there is also increased interest among family offices and high-net-worth individuals wanting to support early-stage investing.

Echoing that sentiment, Antler’s Berge says: “Early-stage funding will always go in cycles, a bit similar to a pendulum swinging between investors and founders. In the last couple of years, there has been leverage towards founders, with capital going in and the founders raising high valuations. Now, the pendulum has shifted towards the investors.”

According to the inaugural edition of Trica’s Private Market Monitor report, conducted in collaboration with EY and law firm AZB Partners, private market investments continue to be the preferred choice in alternative investments, with 18% of the total allocation going to startups and venture capital funds. The survey also revealed that 50% of surveyed family offices favour entering startup investments at the seed to Series A stage.

Also read: Unlock growth potential with the latest insights on Gen-AI

“Particularly when it comes to impact, I think there is a rising desire for investors to both seek returns and do good. Therefore, I think these businesses will continue to attract funding in the region,” says Salata.

In this context, he sees Southeast Asia as having several advantages that can significantly boost the startup ecosystem. Firstly, the region boasts a sizeable, youthful, and industrious population. Additionally, there is widespread Internet adoption, coupled with a steadily expanding and supportive financial services sector. Southeast Asia is also drawing global attention to investments in green energy transition, which is expected to positively impact more deals in the realm of impact investments.

Berge too believes that just as long as investors have a “long-term mindset” and fundamentally believe that there are problems to be solved, there should not be a shortage of good founders. “Overall, I’m still very positive, even though the environment is obviously not like it was in the past couple of years,” he says.

Vertex’s Chua has seen his fair share of cycles over the years. He believes that companies with strong founding teams, differentiated offerings or business models will emerge and thrive as the next global champions.

“We believe there is liquidity in the market and early-stage startups will remain a bright spot, particularly in the Asia region. Despite the challenging funding environment, promising early-stage companies will continue to attract investment at reasonable valuations,” he adds.

IIX’s Ng points out that companies with a profound impact can benefit from lower capital costs. “Companies can achieve both high impact and high returns.” She encourages companies to concentrate on their solutions, whether in the environmental, social, or governance sphere. For founders struggling with giving away equity for funding, Ng recommends exploring alternative investment avenues, such as crowdfunding.

Salata expresses genuine admiration for what the startups are trying to do and the passion shown by the founders. He says: “What we are doing with the EQT Foundation is to create a forum to bring out very interesting new ideas at the early stages of development. I think it is filling a need and creating an opportunity for entrepreneurs in Southeast Asia. I am looking forward to seeing how these businesses develop, and to do more of this going forward.”

EY’s Liew adds: “We had a good bunch of finalists this time and when it comes down to it, especially at such an early stage, we are looking at the founder and the passion they put into the business, as well as their personal commitment.”

Nurture passion

Amid persistent global social and environmental challenges, the imperative for innovative, impact-driven enterprises to surface and bring their ideas to the market has never been more critical.

Salata emphasises the importance of nurturing passion and unwavering belief for aspiring entrepreneurs venturing into impact-driven enterprises. The journey demands perseverance and determination, requiring a wholehearted commitment, particularly in challenging times. Building a supportive network of like-minded individuals is beneficial despite the challenges of attracting top talent to an early-stage company.

Entrepreneurs should strategically focus on sectors with significant demand for change and improvement in their business model, aiming to implement ideas that can genuinely make a substantial impact, says Salata. He adds: “I think there’s just so much opportunity right now, and I want to encourage those interested to give it a try. They are also welcome to talk to us, we would love to learn more about their business.”

Liew reminds aspiring founders of impact businesses also have to be aware of three things: Proposition, competition and solution. They also need to properly highlight their impact edge to stand out from the sea of startups that are mainly focusing on profit over purpose.

Also read: Taiwan tech companies eye regional expansion in Southeast Asia

Berge advises founders to be selective on available opportunities. As the funding environment fluctuates, they should not pay too much attention to the market movements and focus more on building their company.

Examining the mistakes of others can also be a valuable exercise, Berge emphasises. He says founders should not shy away from or undervalue the insights gained by studying those who have attempted similar endeavours.

Vertex’s Chua reminds aspiring impact entrepreneurs to continue being bold in ideation and development. However, it is also important to keep the business model’s viability and road to profitability in mind. This will help grow their offerings while providing a smoother path to fundraising and garnering investor interest.

Indahl concurs, highlighting the need to deeply understand the problems they seek to solve. The right product-market fit is crucial as impact-oriented businesses typically have high initial barriers to reaching a commercial scale.

“For instance, for ocean oil spills — it is hard to determine who is actually willing to pay to solve this problem. It is also a difficult business to build around, as we want less of such problems to happen. Therefore, it is really about understanding the problem and how the startup’s solution is going to out-compete other alternatives,” she adds.

– –

The article was produced by and first published on The Edge Singapore

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.

The post Qarbotech named winner of inaugural EQT Impact Challenge appeared first on e27.

Our gorgeous buildings and fancy offices look great, but where’s the space? Today’s architectural masterpieces, whether they’re glittering high-rises or avant-garde open-concept offices, often overlook one critical element: ample storage.

The world’s self-storage sector, pegged at a remarkable US$54.6 billion in 2022, isn’t just on the move – it’s soaring! We’re talking about a flight path set on a compelling compound annual growth rate (CAGR) of 6.8 per cent from 2022 to 2030. Now, let’s dig deeper and ask the big question: What’s causing this storage sensation?

Crafting productivity: Decluttering the SME battlefield

For SMEs, a clutter-free workspace isn’t just nice to have; it’s essential. Efficiency is the lifeblood of productivity, and a muddled workspace can be the Achilles heel waiting to trip businesses up. This is where storage solutions strut into the spotlight.

Not only are storage solutions a 24/7 accessible extra space for inventory overflow, but business owners can even tap into inventory systems like Just-In-Time (JIT) for optimum organisation. This isn’t just about preventing overstocking. It’s about ensuring every square foot, every resource, and, indeed, every cent is ideally utilised.

Stowing and flowing: The dance of modern inventory management

Speaking of which, in today’s fast-paced SME environment, swift decision-making and adaptability are essential, akin to a dance where market demands dictate the tempo and inventory systems provide the stage. Modern self-storage systems offer more than just space; they give SMEs a platform to optimise their operations.

These storage solutions allow businesses to easily scale their stock up or down as needed and ensure meticulous record-keeping for each item. This results in SMEs having full oversight of their assets, ensuring they remain responsive to the fluctuating market demands.

Also Read: Beyond desk spaces: A fresh approach to revolutionising Malaysia’s coworking landscape

In this choreography of commerce, agility and precision are key. With storage solutions like these, SMEs ensure their inventory management remains in tune with the ever-changing market demands.

Zooming from storage to stardom: Where efficiency meets elation

In today’s competitive business landscape, thriving hinges on efficient, streamlined operations. Tailored for speed, modern storage solutions elevate SMEs to a realm where orders are not only fulfilled but delivered with exceptional care, fostering loyalty. Moreover, the benefits of organised storage extend beyond customer satisfaction.

By establishing an organised system for storage and inventory, businesses alleviate operational strains on employees, fostering a clutter-free environment that promotes creativity and freedom. This holistic approach sets the stage for a symphonic union of businesses, employees, and customers, all resonating in harmony towards collective success.

The storage sanctuary: Where assets sleep securely

Clearly, even in today’s digital age, the significance of physical assets remains extremely vital.  Modern storage facilities with advanced security are crucial for protecting our physical valuables. In fact, for our self-storage spaces, SMEs will be provided with customisable Personal Identification Numbers (PINs) to ensure high-end security protection.

Apart from that, constant surveillance ensures assets are always monitored, eliminating concerns about overcrowded and unsecured storage. This guarantees business owners that their valuable items are safe and protected from threats. See in your mind’s eye: a secure facility akin to Fort Knox where SMEs can safeguard their valuable possessions and leave with confidence in their safety.

Beyond the boardroom: When storage gets personal

Finally, storage solutions aren’t just a useful tool for entrepreneurs. The average Malaysian can also explore our suite of modern storage solutions that seamlessly blend with the evolving dynamics of their homes.

Dreaming of a compact nook for your travel collectibles or a larger sanctuary for family heirlooms too precious to part with? You’re covered. And the best part? 24/7 access under the protective watch of top-tier security ensures that your cherished items are just a heartbeat away any time you wish.

Wrapping it all up

The storage story is dynamically unfolding. Consumers, from individuals to SMEs, are recognising the unparalleled benefits of strategic external storage. In the country that we live in today, every inch of space matters. The goal is to optimise each square foot for homes and businesses.

—

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

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

Image credit: Canva

The post Optimising efficiency: The rise of self-storage solutions in SEA appeared first on e27.

 

As 2023 is coming to an end, this article sets out the following regulatory updates involving changes to the current laws and policies, including a few cases decided by Malaysian courts that may likely affect local startups in Malaysia.

Amendments to Malaysia’s Employment Act and revisions to the minimum wage

The new amendments to the Employment Act took effect from the start of this year. To recap, major changes include revising the wages threshold to qualify for overtime payments, which was increased from RM2,000 (US$429) to RM4,000 (US$858), paid paternity leave, and extension of maternity leave to a new flexible working arrangement (which can cover changes in working hours, days and workplace location). 

Separately, the minimum wage for employees was also increased from RM1,200 to RM1,500 and came into force on 1 July 2023 for employers who employ less than five employees after several deferments. Further, the government also announced that it is seeking to introduce a new progressive wage model that will be outlined in the future.

New capital gains tax for unlisted equities

Starting 1 March 2024, any disposal of shares in unlisted private companies will be subject to an indicative rate of 10 per cent (calculated on the net profits) as capital gains tax (CGT). 

The government said that VC funds would be exempt from CGT. However, the announcement is silent on the same exemption, which may also be extended to startups such as the founders and angel investors. The government also said that a startup that exits in an initial public offering on  Bursa Malaysia, the local bourse, may likely get exempted from CGT.  

Also Read: “Consolidation and explosion”: SEA startup investors reveal 2023 trends they are keeping close watch of

Considering the lack of clarity on the CGT implications, we may have to wait until the final framework is issued next year to understand how the new CGT tax will be implemented and if CGT may affect founders’ decision as to whether to move to a new domicile to avoid the CGT.

Long-term social visit pass for international graduates

To fill the skilled workers’ gap needed by the labour market, the government has launched a new long-term social visit pass aimed at attracting highly skilled international graduates. The visa may likely increase the chances for a foreigner to work in local high-growth startups so long as the startup’s business is within an “approved industry” that will be outlined in the future.

Extension on tax incentives for angel investors, equity crowdfunding (ECF) investors and VC investors in startups 

To encourage more funding in startups, existing and new angel investors, ECF investors and VC investors can qualify and apply to get tax incentives on their investments until 31 December 2026.

Gig economy: Gig worker as an independent contractor 

The gig economy business model relies on the concept of a gig worker being an ‘independent contractor’ (i.e. a self-employed person contracted to work or provide services to another entity as a non-employee). 

On 27 November 2023, the Court of Appeal in Malaysia reaffirmed an earlier court decision by the High Court that the claimant, a former Grab driver who sued Grab, was not a Grab employee but instead an independent contractor. It was further reported that as she was an independent contractor, she was not entitled to claim unfair dismissal with the industrial relations department or to seek reinstatement as a driver by Grab as there was never any employment contract between the claimant and Grab. 

Also Read: 30 top-funded Southeast Asian startups in 2023

The position is also similar to California’s appeals court. In the decision, the court reaffirmed the referendum vote that drivers for startups like Uber and Lyft are independent contractors. Therefore, the drivers were not entitled to paid sick leave and unemployment insurance. 

To date, we have yet to see any indication if the gig economy will be further regulated. New rules that enhance gig workers’ rights may likely affect the business models involving the gig economy in the country, and may be a lower priority as startups are crucial to Malaysian long-term economic growth. 

Simplified Environmental, Social, and Governance (ESG) Disclosure Guideline

Without a doubt, ESG is here to stay, and it is only going to get more important.

On 19 October 2023, Capital Markets Malaysia (CMM), an affiliate of the SC, launched the Simplified ESG Disclosure Guide, a free guide aimed toward helping small and medium enterprises adopt ESG-related frameworks and reporting. 

There has yet to be any legal obligation for startups to adopt the ESG framework. As more VC funds adopt ESG reporting in their investments, the guideline may be a useful guide to help founders decide on sustainability goals for adoption (based on the maturity of their startup’s business) and if you are dealing with larger companies (that are usually already ESG compliant).

Drone permit requirement for both leisure and commercial use

Every drone owner in Malaysia, starting this year, will need to get a permit from the Civil Aviation Authority of Malaysia (CAAM), the aviation authority in Malaysia. It appears that the permit is needed if the drone is used, whether for commercial or even non-commercial use. Failure to obtain a permit may result in fines and imprisonment. 

As the approval authorities may likely include several authorities, including other land-related authorities, it is unclear if the government is planning to streamline these separate approvals under a single approval process in the future to boost the drone industry.

Responsibilities of digital and online platforms when it comes to clients’ funds

On 31 October 2023, Luno, one of the licensed crypto exchanges in Malaysia, was held liable by a court for negligence due to several unauthorised transactions involving one of its customers’ accounts. It was reported that the crypto exchange was liable to compensate for over RM600,000 (US$1,28,659) worth of crypto holding lost in the customer’s portfolio.

The news reported that the court had granted an interim stay on the award to allow Luno to appeal against the court’s decision. Therefore, we may have to wait to see if the appellate court may take a different approach to the judge’s decision. 

The outcome of this Luno case may be significant to other digital and online platforms that may be involved in managing clients’ funds (whether in digital assets form or not) as the court appears to impose a higher duty on the platforms to ensure that the customer’s account is safeguarded against any scam or hacking incident.

New entrants in the crypto space in Malaysia

Considering that the SC had made several updates to the crypto regulations in the past year,  we are seeing several newly approved entrants in the crypto space this year.

Malaysia’s first Shariah-compliant Bitcoin fund was launched this year by Halogen Capital, the first crypto asset fund manager licensed by the SC. The fund is also open to retail investors who want to have exposure to crypto investment.

Also Read: Navigating the AI landscape in 2024: Why there is an urgency for enhanced governance

In the initial coin offering (ICO) space, the regulator also approved both Kapital DX and pitchIN as registered initial exchange operator (IEO) operators. As IEO operators, they will be able to provide alternative fundraising options for companies by issuance of digital tokens in Malaysia. It is worth noting that pitchIN is also registered to provide ECF platform services. 

Another notable entity includes CoKeeps, a new entrant that became the first approved digital asset custodian in Malaysia and is offering its custody services to both retail and institutional investors. 

The regulator usually imposes nine months for these licensees to comply with all the SC’s guidelines before they can go live. Therefore, we may likely see more activities in the crypto space in the coming months next year.

“MYStartup” as a ‘single window’ platform

The role of the current “MYStartup” platform, a startup ecosystem directory platform formed by Cradle Fund, a government funding agency, would be enhanced to serve as a ‘single window’ or a ‘one-stop resource’ platform (like Enterprise Singapore) to help startups source for funding and other business needs. 

It is unclear if all the existing grants and funding schemes from other agencies will also now be handled under this platform. We may have to wait further for more details from the authority on how the new platform will look.

National Digital ID for all Malaysians

On 1 December 2023, the government announced a new digital ID that will complement the current physical national ID, MyKad. The digital ID may help reduce identity fraud, help facilitate government services such as targeted subsidies, and allow the public to access other online government services. Although the government has yet to require every Malaysian to obtain a digital ID, we may likely see more mass adoption if it can help improve access to public services.

In the next article, I will write about the regulatory forecast for 2024, especially several new anticipated upcoming laws and policies that may likely affect startups in Malaysia.

—

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

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

Image credit: Canva

The post A year in review: 2023 regulatory updates impacting startups in Malaysia appeared first on e27.

Klook, an online platform for experiences and travel services in Asia, has announced closing a new US$210 million financing round.

Bessemer Venture Partners led the round, with participation from BPEA EQT, Atinum Investment, and Golden Vision Capital.

Krungsri Finnovate (under Bank of Ayudhya), Kasikornbank Financial Conglomerate, and SMIC SG Holdings, besides Citi, JP Morgan, and HSBC, co-invested.

Also Read: 30 top-funded Southeast Asian startups in 2023

Klook will strategically allocate the new funds

1) For product innovation and expanding its city pass offerings to enhance traveller convenience and savings.

2) To scale social and digital marketing through the Klook Kreator programme, driving conversions with authentic, social, user-generated content.

3) To advance innovation through continuous AI integration. The recent collaboration with Google Cloud will integrate Generative AI across the platform, covering automated translations, content generation, and customer service chatbot.

Klook will also collaborate with its new regional strategic investors to increase market share and boost growth, tapping into the fast-growing middle class in Southeast Asia.

Launched in 2014, Klook curates “quality” experiences ranging from attractions and tours to local transport and experiential stays in over 2,300 destinations globally. Over 80 per cent of bookings are made through mobile. The firm claims the influx of new customers acquired in 2023 more than doubled that of 2019, while repeat customers contributed to over half of the total bookings.

Klook boasts an annualised gross booking value of US$3 billion. The firm also claims to have achieved overall profitability for the first time earlier this year.

Ethan Lin, CEO and Co-Founder, said: “During the pandemic, we doubled down on our resources in merchant digitisation and the expansion of our supply network, including car rentals and outdoor experiences. This positions us strongly to capture new travel trends coming out of the pandemic.”

“Leveraging strong business fundamentals that led to significant growth in revenue and profit this year, including a threefold increase in productivity (revenue per headcount), we are set for a new phase of sustainable expansion. With Asia in the early stages of post-COVID recovery, upcoming global events like the Paris Olympics 2024 and Osaka World Expo 2025, along with rising expenditures and digital adoption, the industry outlook in Asia is exceptionally positive,” added Lin.

Also Read: A year in review: 2023 regulatory updates impacting startups in Malaysia

In January 2021, Klook secured US$200 million in its Series E funding round, led by local investment firm Aspex Management. Previously, in 2019, it bagged US$225 million in a Series D+ round led by SoftBank Vision Fund.

The global travel industry is projected to soar to a staggering US$15.5 trillion by 2033, with Asia Pacific leading the way as the fastest-growing region. With a compound annual growth rate (CAGR) of 11 per cent in the Asia Pacific (from 2023-2028), almost doubling that of North America and Europe, this dynamic region is set to capture a larger share of the global travel market, driven by a burgeoning middle class, increased consumer spending, and a growing appetite for unique experiences.

—

The post Klook closes US$210M financing round, claims profitability appeared first on e27.

Dear reader,

Klook’s recent announcement of a US$210 million financing round underscores its strategic vision for the future of travel. The investment will bolster product innovation, enabling the platform to broaden its city pass offerings and enhancing convenience and savings for travellers.

Additionally, Klook aims to amplify its digital presence through the Klook Kreator programme, leveraging social and user-generated content to drive conversions. The infusion of capital will also contribute to AI integration, building on a recent collaboration with Google Cloud to incorporate Generative AI across the platform.

Klook, launched in 2014, has distinguished itself by curating quality experiences globally, boasting an annualised gross booking value of US$3 billion. Despite the challenges posed by the pandemic, the company achieved overall profitability earlier this year, signalling resilience and adaptability.

CEO and Co-Founder Ethan Lin emphasised the strategic use of resources during the pandemic, including digitization efforts and supply network expansion. The company anticipates capitalising on the post-COVID recovery in Asia, with upcoming global events like the Paris Olympics 2024 and Osaka World Expo 2025 presenting opportunities for growth.

Positioned as a frontrunner in the dynamic Asia Pacific travel market, Klook aims to cater to the rising demand for immersive travel experiences and showcase the best of Asia to a global audience. As the travel industry is projected to soar to US$15.5 trillion by 2033, Klook’s strategic allocation of funds aligns with the positive industry outlook in Asia and underscores its commitment to sustainable expansion.

Sainul,
Editor.

===

Klook raises US$210M in new funding, says it is profitable in 2023
The investors include Bessemer Venture Partners, BPEA EQT, Atinum Investment, and Golden Vision Capital; Klook curates “quality” experiences ranging from attractions and tours to local transport and experiential stays in over 2,300 destinations globally.

Doctor Anywhere nets US$40.8M to deepen presence in secondary care
The investors are Square Peg and Novo Holdings; Doctor Anywhere, which focuses on enhancing healthcare accessibility and improving health outcomes, claims to have served 2.5M users.

Founders, directors lock legal horns at NFT startup Mintable
The allegations against each other include intentionally sabotaging a multimillion-dollar investment, a company coup led by the board of directors, and using internal funds to promote a website featuring illegal drugs.

Cake Group co-founder files to liquidate firm, court to decide
U-Zyn Chua is listed as the claimant and Cake Group as the defendant, which, according to the court’s website, means that Chua instigated the proceeding for a compulsory winding up; A judge will then rule whether to grant the application.

Muslim Pro app’s parent Bitsmedia secures US$20M
The investors are Gobi Partners, CMIA Capital Partners, and Bintang Capital; The funds will be used to advance the firm’s AI capabilities, enrich content offerings on Bitsmedia’s streaming platform Qalbox and develop educational features.

Oona Insurance to fully acquire InLife’s non-life JV in the Philippines
The acquisition enables Oona Insurance to increase its investments and continue innovating its products and platforms to fulfil its aim of becoming the digital insurer of choice in the Philippines and Southeast Asia.

Startup investments in SEA see 69% monthly drop in November: Tracxn
Southeast Asian startups raised US$226 million in investments across 26 rounds in November. The investments comprise 17 seed-stage deals, eight early-stage deals, and one late-stage round.

Circulate Capital makes final close of US$76M fund
With a presence in more than 10 countries, Circulate Capital partners with global brands and financial institutions to transform supply chains at scale by delivering economic, social, and environmental value.

Wavemaker Impact debut fund makes final close at US$60M
The fund, which surpassed its initial US$25 million target by 2.5 times, seeks to drive large-scale decarbonisation efforts in SEA; Wavemaker Impact has launched and invested in six companies and will soon launch its first companies in India and Australia.

Meatiply banks US$3.75M to scale cultivated meat production
The investors are Wavemaker Partners, AgFunder, and Seeds Capital; Meatiply is developing meat products by combining different cell types (muscle, fat, and skin) to produce natural compounds that can replicate real meat’s taste and nutritional value.

Animoca leads US$3M round in Japanese gaming firm Gacha Monsters
Other investors include Infinity Ventures Crypto, FBG, and Big Time Games; Gacha Monsters will use the funds to create and distribute IPs across various formats, such as video games, anime, comics, physical merchandise, and Web3.

TikTok likely to revive e-commerce in Indonesia via a deal with local GoTo
TikTok is in talks with GoTo to invest in Tokopedia in a deal that is expected to close as early as this month; The Indonesian government has said apps such as TikTok hurt its bricks-and-mortar shopping businesses by encouraging people to buy online.

Binance withdraws Abu Dhabi licence bid as crypto giant weighs structure
The Binance unit, called BV Investment Management, pulled the application with Abu Dhabi’s financial regulator; The request, filed a year ago and withdrawn on Nov. 7, would have allowed the firm to manage a collective investment fund.

YouTube now lets you pause comments on videos
Instead of turning off comments completely or holding comments to review them manually, you can temporarily pause comments until you have enough time to filter out trolls and negativity.

Alpha Partners: Leveraging VCs’ unused pro-rata rights and making an impact
Steve Brotman discusses Alpha Partners’s innovative approach, aiming to capitalise on emerging trends in digital economies, AI, and more.

Zespri wants to work with agritechs to improve kiwifruit production, distribution
In November, Zespri launched ZAG, the Zespri Innovation Fund, a US$2 million annual fund dedicated to accelerating sustainable innovation.

How Fairtile navigates the fintech frontier with credit, code, innovation
Fairtile offers a cloud-based solution that enables lenders to automate the credit assessment and underwriting process.

Gen AI in banking: How to ensure a successful transformation for an age-old industry
The integration of Gen AI introduces a complexity that disrupts the established balance between business and technology within financial institutions.

AI will have more impact on our future than blockchain: Dusan Stojanovic
The AI industry needs to have a more open playfield, so regulation is required as soon as possible, says True Global Ventures chief.

Hong Kong proptech innovators are reshaping the real estate landscape for GenZ
Millennials + Gen Z driving the demand for proptech solutions in Asia Pacific: discover how they place more emphasis on affordability, flexibility, sustainability & wellness.

Unlocking value in SEA’s trade channels with eB2B solutions
eB2B and digital route-to-market solutions are ultimately reshaping the landscape of FMCG, lubricants, and healthcare general trade channels.

The synergy of AI and DeFi: Shaping the future of finance
DeFi systems can adapt to market demands and provide cutting-edge monetary services to more people because they utilise AI.

Digital banking in Indonesia: Growing importance and future trends
Indonesia’s digital banking sector is taking huge steps towards a stable financial future. Discover Ivitech.Drive’s advanced approach to Indonesia digital banking.

Can Singapore truly become a cashless society with payment 3.0?
With payment 3.0, merchants will be empowered to choose from crypto, cash (fiat), and card all within one platform.

Why Singapore’s traditional sectors need a digital makeover
Starting on a digital transformation journey is like starting a good habit, it spills over to other areas and reinforces positive change.

Thriving under pressure: Navigating tech teams through stress
The way a team handles pressure can significantly affect its cohesion, either strengthening the bonds through shared challenges.

AI in influencer marketing: Transforming trends and shaping the future
As AI continues to evolve and influence the influencer landscape, the future looks bright for brands, talent agencies, and AI influencers alike.

Decoding the feasibility of credit on UPI in India: Challenges and prospects
India’s consumption economy has remained globally resilient, unaffected by macroeconomic fluctuations for over a decade.

Revolutionising Singapore’s healthcare amidst demographic shifts and economic demands
Given the rising healthcare costs and Singapore’s commitment to managing them, balancing cost and quality becomes crucial.

A year in review: 2023 regulatory updates impacting startups in Malaysia
As 2023 concludes, this article highlights key regulatory updates and legal decisions impacting startups in Malaysia.

Cultivating curiosity and driving impact in entrepreneurship
Martin, a multi-business entrepreneur with a scale-up mindset, challenges entrepreneurs to make their businesses work for them.

Why Liminal sees compliance as the way to go for the crypto industry
Liminal aims to build an efficient and compliant wallet operating system where users can with various digital assets and blockchains securely.

Visionaries clash over idealism while the tech industry embraces Web3
Web3 faces scepticism from figures like Jack Dorsey, who deem it ‘idealistic.’ Yet, industry leaders see vast opportunities paralleling past tech shifts.

Balancing revenue, impact remains the top challenges faced by social impact startups
For these social impact startups, cross-party collaboration can be a key to tackling these challenges.

Dream big, start small: Joel Neoh shares lessons from his years with Fave
In this interview, Joel Neoh reveals his more details of his plan to take a break after leaving Fave in March 2023.

SoGal’s Pocket Sun warns against ‘purple-washing’ startup investment
Pocket Sun insists on the importance for investors to take action, instead of just presenting the image of being women-friendly.

===

The post Ecosystem Roundup: Klook attracts US$210M; Chaos at Mintable; Doctor Anywhere nets US$40.8M appeared first on e27.

There have been several notable trends in the fintech sector in Southeast Asia (SEA) in recent years, but according to Quona Partner Varun Malhotra, one of the most notable includes the surge in embedded finance.

“The integration of financial services into non-financial platforms has become a game-changer, providing users with seamless and contextual access to various financial products,” he explains in an email interview with e27.

“This trend is creating a more convenient and user-friendly experience for individuals, as they can access financial services directly through the platforms they already use, such as e-commerce or ride-sharing apps. This not only enhances accessibility but also opens up new avenues for collaboration between fintech and non-fintech entities.”

Quona invests in startups that aim to expand access to financial services for consumers and growing businesses across India and Southeast Asia, Latin America, Africa and the Middle East. The firm focuses on markets that are massively underserved by the legacy finance infrastructure, where they see the biggest opportunity for transformation into more equitable financial systems.

As a global venture capital firm with a focus in inclusive fintech, Quona keeps a close watch on innovation in the sector, particularly how new technology is opening up new opportunities for efficiency and, eventually, inclusion.

Also Read: How Fairtile navigates the fintech frontier with credit, code, innovation

To learn more about fintech trends in SEA, check out the edited excerpt of the interview with Quona.

How is AI going to change the fintech industry in SEA? What changes have you seen already?

AI is revolutionising SEA’s fintech industry by enhancing efficiency and personalisation. We are already witnessing AI-driven customer service, fraud detection, and credit scoring. These advancements not only streamline processes but also enable fintech companies to offer tailored solutions, meeting the unique needs of users in the region. Several of our portfolio companies in the region are leveraging AI to improve the quality of services.

What do you think will be a big theme next year for fintech in Southeast Asia?

Looking ahead to the next year, sustainable finance is poised to be a major theme in SEA fintech. I believe with a growing emphasis on environmental, social, and governance (ESG) factors, fintech companies are gearing up to play a pivotal role in promoting responsible and sustainable financial practices. We are also excited about fintech infrastructure players in the region that are leveraging the digital public infrastructure to connect traditional financial institutions and digital platforms.

Serving the underbanked community has been a major theme for SEA fintech in recent years. Do you see major milestones made in this aspect? What is the remaining homework for fintech companies in this matter?

I believe that fintech as an industry has made commendable progress in serving the underbanked in SEA. Expanding financial inclusion through digital solutions has provided access to previously underserved populations. However, challenges such as improving digital literacy, addressing infrastructure limitations, and tailoring solutions to diverse needs remain. The ongoing focus is on overcoming these hurdles to ensure that the benefits of financial services reach every corner of the region.

Also Read: The evolution of investing: How fintechs and neo-brokers are empowering retail investors

What major milestone has Quona made recently?

Despite the challenging funding environment, several of Quona’s portfolio companies in SEA have completed follow-on funding this year. We recently participated in a funding round of US$10 million for Broom, an Indonesian automotive financing startup which also saw participation from other big players.

Every new follow-on funding is a milestone for us, and this also speaks to the quality of the fundamentals of these businesses.

What is your big plan for 2024?

Looking ahead to 2024, our big plan at Quona is to deepen our engagement in emerging markets, fostering innovation and collaboration within the fintech ecosystem. We aim to catalyse transformative solutions that address current challenges and anticipate and meet users’ evolving needs in these dynamic markets. It is an exciting journey, and we are enthusiastic about the positive impact we can make in the coming years.

We are also seeing impressive quality of pipelines come in from markets such as the Philippines, Thailand, and Vietnam, along with Indonesia. We remain bullish on the evolution of these markets and track the opportunity set closely.

—

Image Credit: Quona

The post Quona Partner Varun Malhotra: Sustainable finance to be a major theme in SEA fintech in 2024 appeared first on e27.

In a dynamic landscape marked by innovation, six tech startups in Southeast Asia have recently secured substantial venture capital investments, reshaping industries across the region.

Gravel, founded in 2019, facilitates construction and renovation through its technology-driven platform, securing US$14 million. Igloo, leveraging big data for insurance solutions, raised US$36 million, while Qarbotech, a Malaysian agritech startup, secured US$700,000 for its groundbreaking photosynthesis enhancement technology.

Klook, a leading online travel platform, raised a significant US$210 million, affirming its commitment to immersive travel experiences. Bitsmedia, connecting faith and technology through apps like Muslim Pro, garnered US$20 million, and Doctor Anywhere, a telemedicine pioneer, secured US$40.8 million to enhance healthcare accessibility and personalisation.

Gravel

Funding: US$14 million
Investors: New Enterprise Associates (NEA), Weili Dai (Co-Founder of Marvell Technology Group), Lip-Bu Tan (Executive Chairman of Cadence Design System and Chairman of Walden International), SMDV, and East Ventures.
Brief profile: Founded in 2019, Gravel is an app that assists in building, renovating, and repairing spaces by connecting customers to workers, tools, materials, and experts using technology.

Igloo

Funding: US$36 million
Investors: Eurazeo, Openspace Ventures, and La Maison
Brief profile: Incorporated in 2016 by Wei Zhu (ex-CTO of Grab), Igloo leverages big data, real-time risk assessment, and automated claims management to create B2B2C insurance solutions for platforms and insurance companies. It primarily targets the gig economy by providing “comprehensive and competitively-priced” insurance for delivery riders through its Foodpanda partnerships in Thailand, Singapore, and the Philippines, as well as Lozi and Ahamove in Vietnam.

Qarbotech

Funding: US$700,000
Investors: 500 Global and Temasek Foundation
Brief profile: Malaysia-based sustainability and agritech startup Qarbotech has developed QarboGrow, a photosynthesis enhancement technology. The patented nanotechnology is an on-plant or in-soil solution that boosts agricultural productivity, increasing crop yields by up to 60 per cent. Its unique formulation contains biocompatible organic compounds with properties similar to chlorophyll, thus expanding the photosynthesis rate of leafy plants.

Klook

Funding: US$210M
Investors: Bessemer Venture Partners led the round, with participation from BPEA EQT, Atinum Investment, Golden Vision Capital, Krungsri Finnovate, Kasikornbank Financial Conglomerate, SMIC SG Holdings, Citi, JP Morgan, and HSBC.
Brief profile: Klook, an online platform for experiences and travel services in Asia,
Launched in 2014, Klook curates “quality” experiences ranging from attractions and tours to local transport and experiential stays in over 2,300 destinations globally. Over 80 per cent of bookings are made through mobile. The firm claims the influx of new customers acquired in 2023 more than doubled that of 2019, while repeat customers contributed to over half of the total bookings.

Bitsmedia

Funding: US$20M
Investors: Gobi Partners, CMIA Capital Partners, and Bintang Capital Partners.
Brief profile: Founded in 2009, Bitsmedia is a leading tech company at the forefront of connecting faith and technology for the global Muslim community. Its flagship product, the Muslim Pro app, has clocked over 150 million downloads across 190 markets. In July 2022, the firm launched Qalbox, a global content streaming service celebrating Muslim identities and cultures. Bitsmedia has an office in Kuala Lumpur, Malaysia.

Doctor Anywhere

Funding: US$40.8M
Investors: Square Peg and Novo Holdings
Brief profile: Founded as a telemedicine platform in 2017, Doctor Anywhere is a tech-led healthcare company providing comprehensive care encompassing primary care, specialist care, telehealth, preventive health, and wellness solutions. It focuses on enhancing healthcare accessibility, improving health outcomes, and delivering a personalised, borderless, and inclusive healthcare experience.

The post Startups in SEA secure millions in funding this week, redefining industries appeared first on e27.