When they meet, Zoe Ocampo, Jules Jurado, and Frederic Levy, who are avid collectors, used to share their stories of acquiring rare items (collectibles) and often getting scammed with fake items.

The trio, who had earlier worked at Filipino payment giant GCash in different roles, wanted to do something about this.

Also Read: Ex-GCash execs’ social commerce platform for collectibles Toki raises US$1.8M

“The process of collecting rare finds and making transactions are highly fragmented, requiring navigation across four to five platforms to purchase a single item. This process needs more transparency regarding the seller’s identity. In addition, collectors often get no assurance of receiving the exact item purchased, presenting significant trust and security concerns. We saw an opportunity to structure and grow the massive collectible market by addressing these critical pain points,” says Levy.

This landed them on the concept of Toki.

A highly curated marketplace

Launched in November 2023, Toki is a social commerce platform in the Philippines dedicated to collectibles, encompassing the features of a marketplace and a livestream auction.

It is a meticulously curated platform, not an open marketplace. This means each potential seller is thoroughly vetted before being onboarded to ensure legitimacy.

To date, Toki has onboarded 100 curated sellers who rank among the top 30 sellers/resellers in their respective categories. “Key criteria in the evaluation process of the sellers include the history of their operations, sales track record, inventory depth, reputation within the community, and supply chain integrity. In some instances, our team visits their warehouses for ocular,” Levy shares.

Also Read: Stanible lets celebrities, superfans embrace Web3 via digital collectibles

In some cases, Toki has retrieved sellers’ existing sales volumes and online/offline segregation. Moreover, since most transactions occur through Facebook groups or FB Market, the startup can recover some of the sales volumes for the most active sellers and then extrapolate the total volume. “Cross-referenced with other information, we have been able to establish a ranking of the main sellers for each of our categories,” he says.

Currently, Toki offers over 70,000 authentic items across its initial four categories: LEGO, Sports Cards, Sneakers, and Funko. Starting Q1 2024, it plans to expand into new categories, such as Trading Cards (e.g., Pokemon, One Piece, Magic: The Gathering, Flesh & Blood, Lorcana, Marvel, etc.) and Art Toys & Figures (e.g., Blind Boxes, Figures, Action Figures, etc.). “The goal is to launch ten categories in 2024, catering to a broader spectrum of collectors and enhancing our service offering,” reveals Levy, the CEO.

According to a joint study by Toki and GMO Research, the collectible market in Southeast Asia is currently valued at US$34 billion. It is projected to grow 7.2 per cent through 2026, reaching an expected market size of US$54 billion by 2030.

Nearly half of the population (46 per cent) identifies as collectors in Southeast Asia, Hong Kong, and Taiwan. Among these, 91 per cent have engaged in recommerce, averaging an annual spend of US$200.

Toki pins its hope on this growing market. Indeed, the company has already attracted “thousands of daily visits” to its site. Over half of the buyers have made multiple purchases, with the average unique buyer acquiring about five items monthly.

The livestream auctions are also getting notices. Since launching over 100+ auctions in November 2023, the marketplace claims to have received positive feedback from sellers and buyers. “Our sellers have experienced increased sales velocity through our auction platform, while buyers enjoy the thrill of engaging and bidding. We are developing new engagement-centric features to enhance the fun and interactivity of our auctions for all users,” says Levy.

Trust still remains a key challenge

As for the challenges, trust still tops the list, particularly in developing countries, where buyers and sellers navigate a predominantly unregulated marketplace—ensuring the authenticity of purchases, identifying the sellers, and having avenues for dispute resolution still present significant hurdles. “As the collectibles market emerges as an increasingly significant industry in the region, establishing a foundation of trust is imperative; that’s our main goal,” Levy adds.

From collectors’ point of view, logistics poses a significant challenge; any minor damage to the collectable or its packaging can directly affect the item’s value. To address this, Toki has partnered with NinjaVan to develop a bespoke logistics solution tailored for Toki.

Also Read: Rise of digital collectibles: The long-awaited “NFT” rebrand

For payments, the company has partnered with top payment providers, such as GCash, Maya, and Xendit to make payments easy. Through these partners, Toki can hold all payments in escrow for the buyer until item verification is completed and they receive their purchase. This ensures that the end-to-end transaction is both seamless and secure.

The startup recently raised US$1.8 million in pre-seed funding from Kaya Founders, Foxmont Capital Partners, and other strategic angels. The capital will be used to improve buyer and seller user experience, expand its operations nationwide, and initiate a series of online activations, particularly events that engage our community.

“We also plan to escalate our marketing endeavours to amplify our reach and impact. A key focus will be forging more collaborations with artists to develop unique, exclusive products,” he says.

Exploring international growth is on Toki’s agenda, particularly in Thailand and Indonesia, two markets whose buyer and seller dynamics closely mirror those in the Philippines. “However, the priority at the moment is to keep improving our product, streamline our operations, and gain awareness within the Philippines before we consider regional expansion,” shares Levy.

In an era where the thrill of collecting rare items meets the challenges of online transactions, Toki has emerged as a frontrunner in the collectibles market. By establishing a meticulously curated platform focused on transparency and trust, Toki has addressed critical pain points for collectors and tapped into a burgeoning industry. “Our goal is to set a new standard for authenticity and reliability in the global collectibles market,” concludes Levy.

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X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

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K-LINK, a Singapore-headquartered company providing a unified contact centre platform, has secured undisclosed investment led by Indelible Ventures and A2D Ventures.

Accelerating Asia and several unnamed angels in the B2B SaaS industry also joined the round.

Also Read: The next communications frontier: Uniting 5G and VoIP in Southeast Asia

The money will fuel K-LINK’s expansion in Southeast Asia.

“This funding marks a significant milestone for K-LINK, enabling us to accelerate our expansion plans into Thailand, Singapore, Vietnam, and Indonesia and continue innovating our product offerings,” said Zin Ko Oo, founder and CEO of K-LINK.

K-LINK aims to simplify enterprises’ customer service operations with its single, omnichannel contact centre platform, eliminating the need for complex telecom infrastructure and costly hardware. Organisations can manage their telephony, social media channels, SMS, email, video calls, tickets, and CRM in one dashboard.

Also Read: Cloud communication platforms: How to choose one for your business

The startup claims its solution can deliver cost savings of over 200 per cent compared to traditional call centre solutions.

The company has over 100-plus enterprise clients, including Ninja Van, Toyota, and the World Health Organisation.

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X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

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Komerce, an e-commerce enabler for small-to-medium enterprises (SMEs) in Indonesia, has received an undisclosed investment from Bukalapak co-founder Achmad Zaky and 500 Global.

The funding will allow Komerce to accelerate product development and customer acquisition. “This investment will help us develop our products and expand into new markets. We believe that e-commerce has great potential to help SMEs in Indonesia thrive,” said CEO Nofi Bayu Darmawan.

Also Read: Looking abroad: Capturing the e-commerce opportunity in SEA

Founded in 2020 by Darmawan, Syaefullah Syeif (COO), and Satriyo Budi Utomo (CTO), Komerce offers remote team development, shipping aggregators, e-fulfilment, omnichannel SaaS, and customer relationship management. Headquartered in Purbalingga, Central Java, the startup serves SMEs looking to start and expand their e-commerce business, especially those facing operational efficiency challenges.

SMEs can use its solution, Komtim, to hire and onboard remote talent, offering competitive salaries for roles such as live streamers, customer support, marketplace administrators, performance marketers, and social media managers. Through the Komclass service, Komerce upskill and trains SMEs to foster growth.

Komerce also drives cost efficiency and complex operational management for shipping (Komship), warehousing (Kompack), and omnichannel and marketplace operations (Komplace).

As many as 25,000 SMEs are registered and transacting on its platform, with over 2 million transactions recorded in 2023.

Also Read: What is next for Indonesian e-commerce scene after GoTo, TikTok Indonesia merger?

The startup claims to have achieved profitability in early 2023 and hit 300 per cent year-over-year (YoY) revenue growth throughout 2023 compared to the same period in 2022.

The number of online sellers in Indonesia reached 3 million individuals, or approximately 38 per cent of total business operators, in 2022. This is expected to increase in 2024. The mapping of online sellers is still dominated by major cities in Indonesia, providing an opportunity for Tier 3 and Tier 4 SMEs to leverage the online sales trend and potential.

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According to estimates, if left unaddressed, climate change will reduce 50 per cent of arable and suitable farmlands currently used for coffee production, threatening the existence of our morning dose of espresso. This problem is made more urgent with the increasing demand for coffee in global markets, causing the price of coffee beans, particularly Arabica, to skyrocket.

To solve this problem, Singapore-based Prefer produces beanless coffee for coffee shops and other food services.

“We went out into the market and asked coffee shops around here: If we could make a product that tastes just like coffee at the same price point, if not more affordable, would you buy it? And the answer was yes. That was when we committed to this idea of making coffee without using coffee beans, making sure that these cafes will always have an affordable and sustainable option,” says Prefer CEO Jake Berber at a launch event on Thursday, February 22.

“Every coffee company we spoke to knows that coffee is endangered by climate change; we don’t have to explain the problem to them.”

Berber further explains that there are three reasons why customers want to have this alternative to the existing product: They want to have a more affordable option for coffee beans, they want to be able to adjust the caffeine levels to their liking, and lastly, they are looking for a more sustainable option. So Prefer went through a research process that led to a breakthrough discovery where the founders learned that bread, soy, and barley possess molecules similar in flavour to those present in coffee.

Also Read: Coffeefrom: Brewing sustainability from bean to product

To create the beanless coffee, Prefer sources materials in the form of upcycled food manufacturing by-products from local companies, including day-old bread from Gardenia, okara or soybean pulp from Mr Bean, and spent barley grains from local breweries such as The 1925 Brewing Co. and Brewerkz.

Once gathered, these ingredients are blended in a secret ratio before fermentation. It is then roasted in an oven to bring aroma and flavour and grounded to the preferred fineness. This process takes about 48 hours to complete instead of the usual annual harvests, which involves an average of five years for newly planted trees to bear their first crops.

Prefer’s grounds are also caffeine-free, but they can add caffeine derived from tea and adjust the caffeine levels. The company also says that the fermentation process can potentially recreate the flavours of popular beans from Ethiopia and Columbia, enabling consumers to taste coffee similar to beans originating from these countries but without the need for import.

The future of the bean

Prefer was founded in late 2022 by CTO Tan Ding Jie and Berber, who met at the Entrepreneur First programme.

The company received support from Entrepreneur First, A*STAR, and Enterprise Singapore in developing their beanless coffee. It has also recently announced a US$2 million funding round.

Also Read: Turn Capital acquires Flash Coffee’s Thai business

Prefer is currently working with 14 businesses in Singapore. The company primarily works with coffee shops and other food services such as hotels and corporate pantries. While it operates as a B2B company, they are open to the idea of expanding into the B2C model.

After Singapore, Prefer looks forward to expanding to the Philippines and other Asian coffee markets, including Indonesia, Korea, and Japan. It is also looking forward to exploring other products, including cacao.

In recent years, lab-grown food has become one of the more popular segments in the foodtech verticals, with companies producing lab-grown meat and milk being launched and raising funding.

There is an impression that the products are still consumed by a niche market, but when asked about the prospects of lab-grown food and beverages in the global market, Berber was optimistic.

“As climate change continues to wreak havoc on coffee’s ability to grow … a massive part of the population will begin to get priced out of coffee. A small segment of people will continue to buy coffee as it is at whatever price it will be. But for the mass market, for the everyday person, we believe that Prefer will be what we know as the commodity of coffee today, just in the future.”

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Image Credit: Prefer

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ZOLO, an AI-powered B2B software company founded by two alums from two Singapore universities, has secured an undisclosed pre-seed investment from student-led VC fund Protégé Ventures.

Founded in 2023, ZOLO is designed to simplify orders, payments and deliveries for food suppliers.

Also Read: F&B spending in SEA is back to pre-pandemic levels: Report

In response to the growing trend of restaurants utilising messaging apps like WhatsApp for B2B orders with food suppliers, ZOLO first starts with addressing the challenges posed by text-based orders for food suppliers, which are time-consuming and error-prone (e.g., spelling mistakes, language variations, incorrect interpretation of acronyms). The solution integrates WhatsApp order details, transforming unstructured text messages into structured purchase orders and incorporating them into back-office enterprise resource planning (ERP) systems. The three-layer AI technology helps suppliers reduce errors, save time, and minimise cost and wastage associated with inefficiencies of manual order processing.

With the solution, suppliers can easily automate and streamline their orders from WhatsApp to ERP in seconds.

ZOLO’s other investors include Antler, GHARAGE and NTUitive.

Protégé Ventures was established in 2017 by the Singapore Management University’s (SMU) Institute of Innovation & Entrepreneurship (IIE) with an earlier partnership with Kairos ASEAN, Wavemakers Partners, and Dr Jeffrey Chi of Vickers Venture Partners.

In the seven years since its inception, Protégé Ventures has trained 320 students as VC professionals, evaluated over 1,300 deals and invested US$221,000 in 11 student startups. These startups have collectively raised over USS$26 million from notable institutional investors to date.

Also Read: Fixing food waste problem means less hungry people and a great economy

The ZOLO investment is the 11th student-founded startup Protégé Ventures has funded since 2017. This marks the conclusion of Protégé Ventures (PV) Fund I, which has made a total of 11 strategic investments since its inception in 2017. Its other portfolio firms include Lumitics, an IoT food waste management solution; Hypotenuse AI, an AI-content writer startup; Intellect, a mental health care app; and Angie’s Tempeh, a plant-based protein products manufacturer.

Protégé launched PV Fund II valued at S$500,000 in September 2023, which was contributed by founding managing partner David Su of Matrix Partners China. This empowers more investments in early-stage technology startups founded by students or recent graduates of Singapore’s polytechnics and universities seeking pre-seed-to-seed funding.

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X marks Echelon. Join us at Singapore EXPO on May 15-16 for the 10th edition of Asia’s leading tech and startup conference. Enjoy 2 days of building connections with potential investors, partners, and customers, exploring innovation, and sharing insights with 8,000+ key decision-makers of Asia’s tech ecosystem. Get your tickets here.

Want more from your Echelon experience? Be an Echelon X sponsor or exhibitor. Send enquiry here.

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