As a Gen Z undergrad, I’ve noticed an intriguing trend among my peers: a preference for starting businesses over continuing formal education. For instance, look at this article by Forbes about How Future Entrepreneurs Can Create Companies Without A Degree.

Phrases like “Why study when I can start my own business?” are becoming common, suggesting that entrepreneurship is perceived as an easy path to success. But is this shift a genuine change in mindset, or just a fleeting “teenage” rebellion?

While scrolling through social media, dodging memes and cat videos, I stumbled upon a Business Insider article discussing why Gen Z is veering away from traditional career paths.

It makes a note that many Gen Zers view entrepreneurship as a quick route to wealth, avoiding the conventional corporate climb. It sounds enticing, but is it really that simple?

Understanding Gen Z

Gen Z is often characterised as tech-savvy, creative, and adept problem-solvers, having grown up in an era where smartphones and the internet are readily accessible (refer to Vertex Ventures Southeast Asia & India (VVSEAI)’s Gen-Z Perspectives Report for more insights).

Also Read: A paradigm shift on the Z axis: How Gen Z is shaping the new work culture

However, there’s also a perception that they are prone to seeking quick fixes and focused on short sprint motions over the long run.

The reality check

Is entrepreneurship that easy? During my internship at VVSEAI, I realised that entrepreneurship is far from being easy. I initially thought success was about having a cool idea and securing funding. However, insights that our portfolio company founders like Joseph Phua, Guan Dian, Achita Jacob, and Roshni Mahtani revealed during the interviews showed me that it takes guts, grit, and a lot of hard work to turn an idea into a successful business.

Dreaming big and chasing those dreams is essential, but it’s crucial to acknowledge the challenges involved in starting and growing a business. It requires relentless effort, resilience, and often a willingness to face failure head-on.

Is this a lasting mindset shift or just a trend?

If starting or running a business is not easy, then are Gen Zers more likely to succeed as entrepreneurs? To find the answer, I interviewed Glenn Cheow, a Gen Z entrepreneur from Singapore and the founder of GIFEducation. His edutech startup, a proud venture of Huawei and the ASEAN Foundation, strives to provide accessible and free basic educational resources to the ASEAN Region through AI Mentorship in their native language.

Thoughts on entrepreneurship as a Gen Z trend

Cheow believes that Gen Z is quick to learn and adapt to new trends, thanks to our tech-savvy upbringing. He says, “Gen Z learns trends quicker, follows trends, creates their own trends quicker.” While he acknowledges that entrepreneurship seems like the latest hype, he stresses that real success requires long-term tenacity and grit. “It’s not a race; it’s a marathon,” he adds.

Also Read: Experience over expense: How Gen Z and Millennials are redefining travel

Cheow views the trend of Gen Zers jumping into entrepreneurship as a double-edged sword. On one hand, it allows us to gain firsthand experience in the business world and understand what it means to be our own boss. On the other hand, it can be risky if undertaken without a clear direction or understanding of the challenges involved.

“I birthed the idea of GIFEducation, but it takes a dedicated team to execute a seamless learning experience. Motivational Speaker Jim Rohn once said “You are the average of five people” and I believes that having a team that is all focused on the same goal of creating a more seamless and accessible education experience is paramount,” said Cheow.

My own perspective

While the stereotypes surrounding Gen Z hold some truth, as a Gen Zer myself, I don’t think they capture the full picture. Gen Z is a diverse generation driven by a wide array of talents and aspirations.

Many Gen Z entrepreneurs like Cheow are challenging these perceptions, demonstrating remarkable business acumen and determination. They’re not just chasing the next big thing; they’re building startups and pursuing ventures that align with their passions and visions for the future. With an innate grasp of digital trends and consumer behaviour, Gen Z entrepreneurs have the potential to make a significant impact in the business world, driving innovation and shaping the economy.

So, is Gen Z’s entrepreneurial spirit just a phase, or are we witnessing the birth of something significant? The truth is, that is a trend that serves as an alternative to traditional paths and it may seem like escaping from it, but with the right mindset and perseverance, it can lead to substantial achievements. It’s not about following trends; it’s about making meaningful moves like embracing entrepreneurship.

Gen Z has grown up in an era of unprecedented access to information and opportunities, which has fostered a confident and daring approach to pursuing our goals. Thanks to the groundwork laid by previous generations, we have the privilege and tools to explore new ventures and embrace entrepreneurship.

Personally, I find inspiration in the stories of resilience and determination from fellow Gen Z entrepreneurs like Cheow. I am reminded that entrepreneurship is not a pursuit for the faint-hearted. During my internship with VVSEAI, the journeys of their portfolio companies reminded me that success isn’t about luck or timing but about perseverance and a willingness to learn from failures. So, if you’re considering entrepreneurship, know that with hard work and a clear vision, anything is possible.

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Singapore-founded personal finance and shopping platform Heymax.ai has raised US$2.6 million in a seed funding round led by January Capital.

Tenity, Ascend Angels, and XA Network also participated.

The angels who co-invested in the round are Shiyan Koh, JJ Chai, Kum Hong Siew, Jie Lun Ong, Evan Heng, JJ (Projjal) Ghatak, Jake Tan Jun Kiat, Junyang Ng, Chua Ee Chien, Nino Ulsamer, Jeff Wu, Ned Lowe, Vanessa Ho, Sky Tsoi, Zach Tan, Ronak Banka, Sandeep Krishnamani, Ayush Goyal, John Xiao, Jimmy Gambier, Royston Chan, Jian Wei Chuah, Junxiong Ho, and StashAway’s Angel Investing programme.

Also Read: Are brands ready for the future of loyalty?

Optimising merchant and credit card rewards can be challenging, but Heymax.ai—founded in 2023 by four ex-Meta engineers—addresses this problem by building “seamless” interoperability across different businesses’ loyalty programmes. Users can link their existing credit cards to the Heymax.ai platform and receive instant recommendations for the credit card that offers the most rewards for any given purchase.

The platform grants customers access to over 500 major merchants across key categories, including Amazon.sg, Apple, Grab, NTUC Fairprice, and Shopee. It allows customers to earn rewards through one single currency: Max Miles. Max Miles can be redeemed for any commercial flight on any airline or transferred to over 25 airline and hotel partner reward programmes worldwide at a 1:1 ratio, with no fees or expiry dates.

The company claims its user base has grown to over 50,000 since launch, and they have earned over 50 million Max Miles and redeemed over 10,000 flights since Max Miles launched in September 2023.

The company also recently partnered with Visa to launch Card Maximiser. This collaboration helps consumers seamlessly track their spending across all Visa-branded cards, providing comprehensive and real-time insights into card transactions and rewards accrual.

Also Read: Echelon: How MoneySmart Group plans to tap into the future of personal finance in Asia

Companies like SingSaver and Airwallex have also integrated Max Miles into their campaigns to create a cost-effective engagement strategy for businesses while offering customers the opportunity to earn additional rewards.

In addition to funding, Heymax.ai has announced the appointment of Aik-Phong Ng as its new chief commercial officer. Ng, former MD of Shopback and Fave, will spearhead Heymax.ai’s partnership expansion efforts and accelerate the widespread adoption of Max Miles.

Following strong momentum in Singapore, Heymax.ai announced its expansion into Australia in November 2023.

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Image Credit: Heymax

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Dear reader,

The Indian edutech sector has seen significant upheaval, with Unacademy co-founder and CEO Gaurav Munjal attributing Byju’s woes to its founder and CEO Byju Raveendran’s alleged refusal to heed the advice.

Munjal emphasised the importance of listening to feedback, even if it’s unpleasant, to avoid similar pitfalls. This commentary aligns with industry sentiments, as upGrad’s Ronnie Screwvala previously highlighted the reputational damage caused by Byju’s struggles.

Once a funding darling during the pandemic, Byju’s now grapples with sustainability and profitability issues, exacerbated by a funding winter. The company’s massive layoffs, delayed financial reports, and a sharp valuation drop have further tarnished its image. Legal troubles and shareholder discontent, including attempts to oust Raveendran, compound the crisis.

The sector’s broader challenges are underscored by potential consolidations, like the rumored acquisition of Unacademy by K-12 Techno Services. Munjal’s reflections on X offer a cautionary tale for all edtech founders: prioritize actionable feedback to navigate turbulent times and sustain growth.

Sainul,
Editor.

—-

NEWS

Byju Raveendran failed as he didn’t listen to anyone: Unacademy CEO
With this, Gaurav Munjal has become the latest Indian edutech co-founder to join the debate around troubles at Byju’s; In Feb, upGrad’s Ronnie Screwvala said that due to ‘one rotten apple’ the industry was witnessing reputational damage.

Indonesian rooftop solar company Xurya lands US$55M funding
The investors are Norfund, Swedfund, Clime Capital, BII, and AC Ventures; Xurya has installed and operated rooftop solar at over 100 companies, including hotels, shopping centres, hospitals, and cold storage.

Jirnexu acquires CompareHero from Nasdaq-listed MoneyHero Group
Jirnexu will acquire CompareHero’s website and domain names, as well as select user data and IP rights; When the transaction is completed, the CompareHero brand will operate under Jirnexu and MoneyHero will retain an equity position in Jirnexu.

Japan’s SmartHR raises US$140M Series E
The investors include KKR and Teachers’ Ventures Growth; SmartHR is a cloud-based human resources and labor management startup, which helps enterprises manage and streamline human resources and operations.

Personal finance and shopping platform Heymax.ai scores US$2.6M funding
The investors include January Capital, Tenity, Ascend Angels, and XA Network; Heymax.ai has also appointed former Shopback and Fave MD Aik-Phong Ng as its new chief commercial officer.

Meta’s ‘pay or consent’ model fails EU competition rules, Commission finds
The European Commission wrote in a press release that the binary choice Meta offers “forces users to consent to the combination of their personal data and fails to provide them a less personalised but equivalent version of Meta’s social networks.”

Matrix Partners rebrands its India and China affiliates
The US-headquartered VC firm will retain its name, while Matrix Partners India will rebrand to Z47 and Matrix Partners China will rename itself MPC; The move follows Sequoia’s splitting of its India and Southeast Asia and China units last year.

FEATURES

InnoVen Capital: Gender equality remains an issue in SEA with only 6% of female leadership in startups
InnoVen Capital’s report covers topics around the funding environment, exits, focus areas, challenges, and other aspects.

Driving innovation for a sustainable future: Top climate tech investments of H1 2024
Southeast Asian climate tech startups raised millions in H1 2024, focusing on electric vehicles, carbon offsetting, and nature-based solutions.

Southeast Asia startups spark innovation with fresh funding influx
Tech startups secure vital funding, driving innovation in fintech, clean energy, AI, pet nutrition, and more across the region.

FROM THE CONTRIBUTORS

Gen Z generational shift: Embracing entrepreneurship or escaping traditional paths?
Gen Z entrepreneurs have the potential to make a significant impact in the business world, driving innovation and shaping the economy.

K-story revolution: How Korean narratives innovate and captivate global audiences
The K-Story phenomenon has revolutionised global entertainment by combining cultural richness with innovative business models.

A startup founder lives on the ‘Edge Of Tomorrow’
The article compares startup founders’ challenges to those in the movie, emphasising persistence and learning from failure.

Funding winter is the best time to build a startup
June 2024 is ideal for starting a startup with ample funding, scarce competition, focused opportunities for growth, and available talent.

FROM THE ARCHIVES

India beats Singapore, US to rank highest for AI project implementation
About 70% of companies in India have AI projects up and running or in motion, in stark contrast with the global average of 49%.

How SEA-LION aims to bridge the cultural gap existing in popular AI tools
SEA-LION, an open-sourced LLM by AI Singapore, aims to help enterprises in Southeast Asia incorporate AI into their workflows.

Singapore surpasses US in AI investment: Study
Although being placed tenth in the amount of money spent, Singapore invested an amount equivalent to 1.5 per cent of its GDP in 2022, according to the AI statistics report curated by AIPRM.

Amazon to train 15K individuals in AI skills; to invest US$9B into cloud infra in Singapore
Amazon plans to develop innovative AI solutions and support Singapore’s Smart Nation and National AI Strategy 2.0 goals.

Inclusion matters: How GitHub enhances accessibility for individuals with disabilities
Exploring the tech industry’s commitment to inclusivity, the strides made in workplace accessibility, and the transformative power of diverse perspectives.

What are some networking benefits that are essential for startups?
From trading information to cultivating relationships with mutual benefits, networking should be a part of any startup’s marketing efforts.

How Southeast Asian businesses can overcome employee training challenges
The challenge of bringing employees aboard the digital transformation ship is not exclusive to SEA. However, most firms admit to not being adaptable enough.

How to craft your startup’s financial projections
A good starting point would be the revenue forecasts; We typically begin by analysing user growth projections; To set the stage, we try to understand the size of the addressable market and find out the segment of the market to be served by the startup.

Uncovering the rise and challenges faced by deep tech startups in Singapore
While considerable work has been done to grow the deep tech startup scene in Singapore, it remains far from the finished article.

Between data and gut feeling, which one do Singaporean customers trust to make decisions?
Qlik’s report also found that Generation Zs are more wary about the privacy concerns that surround technology.

The business of social responsibility: Why brands are redefining their social conscience
Here, we examine best practices and guidelines for brands looking to publicly communicate their social conscience.

These 5 marketing analytics platforms are taking the field into the future
Marketing analytics play an important role in the ever-evolving landscape of business as data becomes increasingly complex.

These 5 companies showcase the power of martech in driving efficient, personalised marketing strategies
One critical advantage of martech is its ability to provide valuable insights into customer behaviour and preferences.

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Clean energy solutions provider Petronas Group subsidiary Gentari has partnered with European EV charging platform Virta to expand the charging network across Southeast Asia.

Through its subsidiary Gentari Green Mobility, Gentari will leverage Virta’s digital platform services, technology and industry expertise to deploy and run the charging infrastructure.

The companies will also work with third-party entities to enable EV charging interoperability in the region.

Also Read: Is ‘shadow charging’ the answer to the many challenges faced by existing EV charging stations?

Gentari is deploying technologically advanced EV charging services across the region through its clean energy platform Gentari Go. Launched in Malaysia in February 2024, Gentari Go also offers customers access to chargers in Thailand and Singapore.

Over 2,400 charging points across the three countries (Malaysia, Singapore, and Thailand) are already available, with a target to onboard another 2,000 charging points on the Gentari Go network by the end of 2024.

“We already have a large footprint in the region and a deep understanding of local business needs and consumer expectations. Recognising the value of partnering with an entity that brings global standards and industry experience, we see this collaboration as crucial in
executing our plans with optimal speed and scale,” said Shah Yang Razalli, the Deputy CEO of Gentari and CEO of Gentari Green Mobility.

Founded in 2013 in Helsinki, Virta develops smart EV charging services. It offers both modular solutions for large enterprises looking to operate EV charging networks at a continental level and end-to-end charging solutions.

Also Read: ChargeSini aims to revolutionise Malaysia’s EV landscape with smart charging solutions

Virta’s digital EV charging platform is used by over 1,000 private and public companies and organisations in retail, hotel, real estate, parking, petrol retail, automotive, and energy industries. These customers operate over 100,000 chargers in 35 countries. Virta entered Southeast Asia in 2022.

Virta is backed by Vertex Growth, a growth-stage VC fund anchored by Vertex Holdings.

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Image Credit: Gentari.

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Vietnam’s electric vehicle (EV) manufacturer VinFast officially entered Indonesia earlier this year, setting up a new dealership in the Jakarta suburb of Depok and announcing it will soon invest US$1.2 billion to build a local assembly plant with a capacity of 60,000 cars per year. In parallel, Indonesia’s Ministry of Industry updated its EV transition roadmap, now aiming to produce 600,000 electric cars in the country by 2025.    

Indonesia’s ambitious EV adoption plan underscores the critical need for robust nationwide charging and battery-swapping infrastructure. But equally crucial is the development of a comprehensive aftersales service and repair sector for a new class of vehicles.

Backed by AC Ventures, local automotive service and repair startup Otoklix recently inked a deal with VinFast to serve as the brand’s authorised service provider for customers nationwide. Otoklix Co-Founder and CEO Martin Reyhan Suryohusodo recently joined an episode of Indonesia Digital Deconstructed to discuss the new partnership and the role that Otoklix is now playing in Indonesia’s electric mobility space.

Training mechanics

Since its inception in 2019, Otoklix has concentrated on supporting independent workshops servicing gas-powered vehicles. In the third quarter of 2023, the company reported a doubling of its topline revenue year-over-year, alongside notable improvements in unit economics, with profitability in sight.

Expanding its reach, Otoklix not only empowers millions of workshops but also operates its signature shops across major Indonesian cities. Currently, the partnership with VinFast is limited to these proprietary outlets.

Suryohusodo explained that Otoklix must evolve to effectively and consistently service EVs. Training and education for Otoklix staff have become critical. The company has launched an academy dedicated to training mechanics in the intricacies of EV servicing. The initiative addresses the urgent need for a workforce skilled in the specific requirements of electric vehicles, focusing on safety and technical proficiency. 

Also Read: Insurtech shines amidst overall funding decline in Indonesia in H1

He explained, “In our academy, we teach that servicing EVs isn’t just about the mechanical aspects—like brakes or tyres, which are similar to those on gas-powered cars—but crucially about the software and electrical components, especially the battery. Unlike traditional vehicles, you don’t replace the entire battery on an EV.

“When a cell fails, you replace just that cell, not the whole battery. Ensuring a tight seal during this process is critical to prevent damage from moisture or dirt. This requires not just technical skills but also proper safety practices. Very importantly, mechanics must wear insulated gloves and use specific tools to avoid electrical hazards, a fundamental shift from conventional car repair.”

Policy evolution, infrastructure

When asked about government-backed initiatives, Suryohusodo said, “Indonesia is one of the few countries where the government is actively supporting EVs, a commitment expected to continue under the incoming president. The government’s investment focuses on essential infrastructure elements such as expanding the charging station network and enhancing financing options.”

He went on to assess how global investors should be thinking about the future of charging versus battery swapping in Indonesia, saying, “Battery swapping stations require significant capital investment in infrastructure. Currently, NIO in China is a notable example where heavy investments have been made in this technology. Tesla initially considered this approach but abandoned it due to the high costs involved.

“A critical issue for global investors interested in Indonesia’s EV market is regulatory clarity concerning the commercial sale of electricity. Currently, all commercial electricity sales must go through PLN, Indonesia’s state electricity company, which could pose a challenge for any third-party charging station provider.”

Skills first, supplies later

Suryohusodo touched on the long-term impacts of EV adoption on the automotive aftermarket. He pointed out that as vehicle technology evolves, specialised services, particularly those related to battery maintenance and software management, will become increasingly in demand. Otoklix’s proactive investments today in training and infrastructure aim to position the company at the forefront of a new era.

When asked whether Indonesia’s nickel reserves may play into workshop supply chains, Suryohusodo said, “Currently, we’re not focusing on that, despite the country having the largest nickel reserves globally. The shift in the EV industry toward lithium batteries, which are more economically viable, influences this decision.

“Although Indonesia produces a significant amount of nickel, most of it is processed into stainless steel rather than battery materials. This is due to the existing industrial infrastructure and capabilities being geared toward stainless steel production.”

Also Read: E-motorcycle adoption in Indonesia: How to tap into this US$19.2B opportunity

He added, “Indonesia requires a specific type of smelter for nickel processing suitable for battery production, known as HPAL (High-Pressure Acid Leach). This method demands intensive purification processes. Currently, only two or three companies in Indonesia operate such smelters, and their output is primarily exported.”

On the horizon

When asked what he foresees on the EV front in Indonesia, Suryohusodo explained, “Over the next ten years, as the EV market expands, we expect to see a rise in demand for car parts that are as good as original parts but more affordable.

“This includes mechanical parts and components of batteries, like individual cells, but not whole batteries. We plan to partner with companies that make these parts instead of making them ourselves. This will enable us to supply independent workshops with components, offering EV owners more affordable and competitive options beyond just original parts.”

He added, “It’s also important to recognise that gas-powered vehicles, including hybrids and emerging hydrogen power vehicles like those Toyota is investing in, will continue to coexist. It’s unrealistic to forecast a 100 per cent market share for EVs.

“Also, the growth of the EV market crucially depends on continuous investment in infrastructure. This is a classic chicken-and-egg situation: the sale of EVs cannot outpace the development of supporting infrastructure, including financing options and a robust secondary market, which is essential for supporting the transition.”

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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.

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

Image credit: AC Ventures

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Jirnexu, the company behind Malaysia’s leading B2C fintech platform RinggitPlus, has acquired the personal finance product comparison platform CompareHero from Nasdaq-listed MoneyHero, for an undisclosed amount.

Also Read: CompareAsiaGroup acquires Seedly from ShopBack to expand its personal finance community beyond Singapore

As part of this strategic deal, Jirnexu will acquire CompareHero’s website and domain names, as well as select user data and IP rights.

When the transaction is completed, the CompareHero brand will operate under Jirnexu. MoneyHero will retain an equity position in Jirnexu in connection with this transaction.

The deal is expected to close in early July 2024.

Rohith Murthy, CEO of MoneyHero: “This strategic transaction aims to maximise the value of our interests in Malaysia, both in the near and long term. It also allows us to reallocate resources towards stronger growth opportunities in our core markets—Singapore, Hong Kong, Taiwan, and the Philippines.”

“From its early development stages within MoneyHero’s portfolio, CompareHero grew into one of Malaysia’s top personal finance comparison and aggregator platforms. It is second only to our new investment in RinggitPlus. Users of CompareHero can expect continuity in service, quality, and innovation once the transaction is complete,” he added.

MoneyHero is a leading personal finance and digital insurance aggregation and comparison platform. It operates in Singapore, Hong Kong, Taiwan, and the Philippines. Its brand portfolio includes B2C platforms MoneyHero, SingSaver, Money101, Moneymax, Seedly, and the B2B platform Creatory.

The company currently manages 279 commercial partner relationships and services 8.7 million monthly unique users across its platform for the 12 months ended December 31, 2023.

MoneyHero’s backers include Peter Thiel (the co-founder of PayPal, Palantir Technologies, and the Founders Fund) and Hong Kong businessman Richard Li, the founder and chairman of Pacific Century Group.

Also Read: SingSaver’s parent CompareAsiaGroup raises US$20M funding led by Experian

Founded in 2013, Jirnexu is a full-stack fintech solution provider that empowers financial institutions (FSIs) and service providers with anytime/anywhere customer acquisition and lifecycle management solutions. Built on the foundation of RinggitPlus, Jirnexu’s suite includes XpressApply, proprietary software that streamlines online applications.

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Xurya, a rooftop solar rental company in Indonesia, has received an additional US$55 million investment led by the Norwegian Climate Investment Fund managed by Norfund.

Swedfund, Clime Capital, British International Investment (BII), and AC Ventures also participated.

Also Read: Xurya closes US$21.5M Series A to construct rooftop solar power plant in Indonesia

This brings Xurya’s total funding raised to date to over US$90 million.

Eka Himawan, Managing Director at Xurya, said: “With the support from these world-class investors, we are not only going to continue producing innovations that will support a sustainable national energy transition, but we also aim to transform into a world-class company in the next few years.”

Launched in 2018, Xurya is a renewable energy company that seeks to revolutionise the local energy industry with its no-upfront rental method to incentivise commercial and industrial companies to switch to solar energy.

Xurya offers funding options, technical design, feasibility studies, installation, operation and maintenance to clients.

To date, the startup has installed and operated rooftop solar at over 100 companies, from various industrial segments, such as hotels, shopping centres, hospitals, cold storage, logistics, industrial areas, and manufacturing. Its solar systems are distributed across Indonesia, from North Sumatra, South Sumatra, Lampung, DKI Jakarta, Banten, West Java, Central Java, East Java, Bali, South Kalimantan and South Sulawesi.

Also Read: This startup aims to make rooftop solar accessible to smaller households with zero upfront cost

According to the company, its solar systems have prevented carbon emissions by 152,000 tons of CO2 per year and generated more than 1,600 green jobs.

In 2022, Xurya received US$33 million in funding from East Ventures, Mitsui & Co., Saratoga, PT Surya Semesta Internusa Tbk, Schneider Electric, and New Energy Nexus. GoTo Ventures is also among Xurya’s early investors.

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Image Credit: Xurya.

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Southeast Asia’s climate tech startups are on the rise, securing millions in funding in the first half of 2024. These companies are tackling various environmental challenges, from developing electric vehicles to creating nature-based carbon solutions. This wave of innovation is poised to accelerate the region’s transition to a greener future.

Let’s look at the top climate tech deals of H1 2024:

SingAuto (Singapore)

SingAuto builds an energy-intelligent logistics chain with electric vehicles and services. From intercity heavy-duty trucks to last-mile delivery vans, it offers a complete supply chain ecosystem.

Size of funding: US$45 million
Round: Series A
Investors: Undisclosed.

Climate Impact X (Singapore)

Climate Impact X (CIX) is a global marketplace, auction house, and exchange for trusted carbon credits. Its vision is to drive environmental impact at scale. CIX collaborates with innovative partners and fosters ecosystems that help companies take practical climate mitigation action through trusted carbon credits.

Size of funding: US$22.3 million
Round: Series B
Investors: Mizuho Financial Group, Standard Chartered, DBS Bank, and SGX.

Amperesand (Singapore)

Amperesand makes solid-state transformers (SSTs), which could replace standard transformers in electricity distribution. While conventional transformers deliver alternating current (AC) at different voltage levels, solid-state versions can also deliver other options, including direct current (DC), which is useful for charging electric vehicles (EVs).

Size of funding: US$12.5 million
Round: Seed
Investors: Xora Innovation, Material Impact, TDK Ventures, and Foothill Ventures.

Mober Technologies (the Philippines)

Mober is a green logistics company in the Philippines. It aims to drive the transition to green deliveries in the Philippines. It helps businesses decarbonise their delivery processes with solutions that avoid upfront costs, promoting a future where business meets sustainability.

To support its long-haul operations, Mober plans to place pocket charging points across Luzon’s northern and southern regions.

Size of funding: US$6 million
Round: Seed
Investors: Clime Capital and Southeast Asia Clean Energy Facility II (SEACEF II).

ChargeSini (Malaysia)

ChargeSini provides smart EV charging stations across Malaysia. It offers a wide selection of fully customisable EV chargers ranging from AC to DC, with charging rates from 22kW up to 180kW. It also provides features like speedy connectivity and smart charging capabilities, all integrated with a cloud platform to provide users with insights and control.

Size of funding: US$6 million
Round: Series A
Investors: Undisclosed.

Pyxis (Singapore)

Pyxis is a maritime startup that has launched a fully electric workboat named X Tron to give workers quieter, cleaner and greener rides over the sea. The battery-powered vessel features the two-hull design of a catamaran to provide greater stability and has a range of up to 50 nautical miles.

Size of funding: US$3.4 million
Round: Seed
Investors: Motion Ventures, Shift4Good, SEEDS Capital, MarImpact, ShipsFocus, and Tian San Shipping.

Jejak (Indonesia)

Jejakin is an online platform for calculating and offsetting carbon footprints. It helps businesses compute their operational emissions, oversee climate actions, and contribute directly to climate change abatement strategies. In addition, it enables businesses to implement and track sustainability initiatives.

Size of funding: US$2.7 million
Round: Seed
Investors: ITM, Indogen Capital, Aurum Ventures, SMDV, East Ventures, and Asia Ventura.

Thryve (Singapore)

Thryve is a platform that unites multiple stakeholders to develop nature-based carbon projects in a scalable manner. Its mission is to tech-enable and democratise the development of ‘Natural Climate Solutions’ (NCS) projects to regenerate the planet’s ecosystems.

Size of funding: US$2.6 million
Round: Seed
Investors: Openspace Ventures and Capital Code.

ION Mobility (Singapore)

ION Mobility is an electric motorbike company aiming to become a leader in the region’s transition towards a low-carbon economy with consumers’ electric and electric mobility products. It wants to provide clean alternatives for urban users to alleviate urban air pollution and lead the transition to electric vehicles (EVs) across Southeast Asia, starting with motorbikes.

The plan is to convert the 200-plus million motorcycle users from petrol to electric to drive a sustainable future in Southeast Asia.

Size of funding: US$2.5 million
Round: Series A
Investor: TVS Motor Company.

VFlowTech (Singapore)

VFlowTech is a vanadium-based redox flow (VRF) battery company. The startup claims to have developed “the cheapest and most efficient modular VRF batteries”, which deliver long-lasting, reliable energy storage solutions for renewable integration at an affordable price. VRF battery works through the continuous reduction and oxidation reaction between the vanadium redox couples with no detrimental issues and with the cross-mixing of the redox couples. Its storage solution has an expected life span of 25 years and is safe and environmentally friendly battery technology.

Size of funding: Undisclosed
Round: Series A
Investor: PSA International.

EBoost (Vietnam)

EBOOST is an open EV-charging network and provider of smart electric vehicle charging solutions in Vietnam. The firm offers solutions for both electric bike and car charging. It develops and installs the solutions and operates them as a service.

Size of funding: Undisclosed
Round: Seed
Investors: SEACEF, Fondation Botnar, and Third Derivative.

Sleek EV (Thailand)

SLEEK EV aims to establish electric vehicles as the standard rather than the exception in urban mobility. They address the issue of high travel expenses in Southeast Asia, where transportation costs can be over 30 per cent of income. Motorcycles offer an affordable alternative, and the founders are leveraging industry connections to promote cleaner and cheaper mobility through electrification.

Size of funding: Undisclosed
Round: Seed
Investors: Krungsri Finnovate.

Arkadiah (Singapore)

Arkadiah is a nature tech company that revives degraded lands through AI-enabled nature restoration. It uses AI to fuse LiDAR and remote sensing to bring transparency and traceability to nature restoration and catalyse nature as an investment asset, delivering carbon removal and biodiversity credits, sustainable community impact and investment returns.

Size of funding: Undisclosed
Round: Seed
Investors: Golden Gate Ventures, The Radical Fund, and HIRAC FUND.

 

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Image Credit: 123RF

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Just as New York has long been synonymous with trendiness and cool, setting the stage for global fashion, art, and cultural movements, Korea is now emerging as a central hub for cutting-edge content and products.

The vibrant streets of New York, with their dynamic energy and cultural diversity, have always been a benchmark for what’s trendy and desirable. Today, Korea mirrors this influence in the realm of digital content and beyond.

KComics, dramas, and other cultural exports have captured the imagination of global audiences, particularly the younger generation, who look to Korea for the latest in entertainment, fashion, and lifestyle trends. This phenomenon is akin to how people once viewed New York: anything from Korea is now perceived as innovative, stylish, and must-have.

K-Content’s unique storytelling, relatable characters, and high production values resonate deeply with international audiences, particularly digital natives who consume content primarily through mobile and streaming platforms. Platforms like Netflix and YouTube have further amplified this reach, making Korean content accessible and popular worldwide.

In essence, Korea has become a trendsetter in global entertainment, much like New York has been in various cultural domains. The rapid adoption and enthusiasm for Korean content underscore its influential role in shaping global tastes and trends.

IP adaptation and cross-media success

The adaptation of KComics and web novels into dramas and films has further fueled the K-Story business. Many successful Korean dramas are based on KComics, providing a ready-made audience and a proven narrative framework. This cross-media synergy has been a hallmark of the K-Story industry’s success, allowing popular stories to reach even wider audiences through multiple formats.

Also Read: Korean brothers’ startup Nibertex develops chemical-free fabric for sustainable textiles

Evolution of the K-story business model

From free content to monetisation

The journey of monetising K-Story content began relatively recently. Initially, platforms like Daum and Naver, South Korean internet portals that offer a wide range of online services, including search engines, email, and news, offered KComics for free, aiming to attract users and generate ad revenue. This model served more as a user acquisition strategy than a direct profit-making venture.

However, the landscape began to shift around 2014 with the introduction of innovative business models by KakaoPage, a successful monetised content platform optimised for mobile devices and launched by Kakao Corp.

The platform adopted a ‘freemium’ approach, allowing users to access content for free if they were willing to wait or pay for immediate consumption. This strategy, blending game theory and consumer psychology, gradually trained users to value and pay for content.

The virtuous cycle of quality and compensation

As monetisation models evolved, creators began receiving compensation for their work, attracting more talent and leading to higher-quality content. This virtuous cycle — where better pay leads to better content — was crucial to the growth of the K-Story industry. The increased financial rewards for creators spurred the production of high-quality KComics and web novels, which in turn attracted more users and further boosted the industry’s profitability.

Global expansion and cultural resonance

Leveraging the Asian market’s micro-payment affinity

In Asia, the micropayment model is found to be fertile due to cultural familiarity with small, frequent transactions. This model, where users pay for individual pieces of content or episodes, contrasts with the subscription models prevalent in the US and Europe. The success of this model in Asia has been a significant driver for the K-Story business, as it aligns well with consumer behaviour in these regions.

Adapting to subscription models in Western markets

However, In the U.S. and Europe, the micropayment model faced challenges. Consumers in these regions preferred the subscription model, which offered unlimited content for a fixed monthly fee. Netflix pioneered this approach, providing a cost-effective alternative to cable TV with its vast content library.

Korea’s content model initially offered free access with optional paid upgrades for quicker or premium content. This evolved into a hybrid system combining free and paid options, eventually aligning with Western preferences for subscription services. Korean platforms adapted by offering quality content at affordable prices, blending the best aspects of both models.

Also Read: Former MD of Temasek Lifesciences Accelerator Sang Han joins East Ventures Korea

As K-Story content expands into Western markets, embracing and innovating within the subscription framework could be key. Providing high-quality Korean KComics and web novels through subscription services tailored to Western tastes can significantly enhance their appeal and adoption.

The role of global platforms

The globalisation of K-Story content has been significantly aided by platforms like Netflix and YouTube. These platforms have provided a conduit for Korean KComics and dramas to reach international audiences, breaking down geographical barriers and introducing K-Story to a global market. Netflix’s success in distributing K-content has been pivotal, as it offers Korean creators access to a vast international audience.

Challenges and future opportunities

Navigating format and cultural differences

Despite its success, the K-Story business faces challenges in adapting its unique KComics format to markets with established preferences for traditional comics or graphic novels. Japanese manga and American comics have entrenched formats and conventions that can be difficult to adapt to the more freeform, vertical-scroll KComics format. However, the adaptability and creativity inherent in Korean content continue to drive efforts to overcome these challenges and find new ways to engage diverse audiences.

The unpredictable nature of content success

The content business often surprises with unexpected hits. “A Business Proposal” of KakaoPage is a prime example. Originally a KComics, this story revolves around a rich woman who arranges for her friend to attend a blind date in her place, leading to an unexpected romance. This premise, deeply rooted in Korean culture, raised doubts about its global appeal.

Despite concerns and with lesser-known actors, “A Business Proposal” became a worldwide success. Its triumph illustrates how culturally unique content can resonate universally. The KComics remains one of the highest-grossing companies in Asia, demonstrating the unpredictable success of this industry.

Similarly, “Squid Game” defied expectations to become a global phenomenon. These examples highlight the content business’s unique potential for surprising, monumental success.

In conclusion, the K-Story phenomenon has revolutionised global entertainment by combining cultural richness with innovative business models. Starting with free content, Korean platforms have evolved to create hybrid models that blend free and paid access, captivating a global audience and driving profitability.

This strategic evolution is key to their success, demonstrating how adapting business models to consumer preferences and market dynamics can unlock new growth opportunities. Amplified by global platforms like Netflix and YouTube, K-Story’s engaging narratives and trend-setting content resonate worldwide, particularly with digital-savvy youth.

As K-Story continues to adapt and innovate, its ability to balance quality storytelling with creative monetisation will ensure its enduring global impact.

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Special thanks to Jayden Kang, VP of Global Story Business at Kakao Entertainment, for his valuable contributions to this article.

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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Image credit: Adobe Firefly

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The evolution of travel tech has dramatically transformed the way we explore the world. To give us an in-depth look at today’s most exciting developments in travel tech, we recently spoke to Yan Yuan Sng, Singapore Country Head of azgo, a new travel tech innovator that is changing consumer behaviours and redefining the travel landscape as we know it. With azgo, travel planning is not just about bookings, it’s about unlocking a world where every journey is made smarter.

Born from the minds of a group of seasoned industry globe-trotters, the team at azgo is on a mission to become a trusted travel companion to tech-savvy travellers. Here’s what they want you to know!

Travel tech innovator tells it to us straight

e27: Tell us more about azgo and the brains behind it. What is your mission?

azgo: azgo is a one-stop app for smarter travel planning, on a mission to unlock a world where every journey is made smarter. We are taking a new approach to being a trusted travel companion to tech-savvy travellers.

Behind the scenes, we have a dream team of developers and travel experts who are working hard to create an AI-powered platform that makes travel planning effortless, affordable, and rewarding. 

azgo was founded on the principle of shifting power back to consumers when planning their travels, which includes excellent customer service. We aim for our platform to become a trusted travel companion that users can always rely on when booking their trips.

e27: With the growing influence of technology in today’s world, how will digital solutions revolutionise the travel industry?

azgo: The travel industry is ripe for tech revolution, and digital solutions like azgo are transforming the way we work and play. Increasingly, the industry is putting the power of AI and technology in the users’ hands, allowing them to create personalised travel companions to curate itineraries, hunt the best deals, and monitor price fluctuations. 

By streamlining everything in the booking process, users can access all their travel plans in one convenient app such as azgo, making the experience effortless and stress-free.

Also read: Echelon Philippines opens growth opportunities in the Philippines and beyond

e27: The travel app space is crowded. What makes azgo stand out to tech-savvy travellers? 

azgo: The travel app market might be crowded but our use of AI to create a frictionless experience is what sets us apart. We do that by going the extra mile to ensure our users get the best value and experience. 

Our trust-based redemption process for cashback empowers travellers to enjoy rewards at their convenience. By challenging the traditional merchant-led approval processes, azgo aims to push the boundaries of customer satisfaction and empowerment in the travel ecosystem with the use of AI. 

e27: Walk us through a user’s experience on the azgo app. How does AI assist in making smarter travel decisions?

azgo: When a user downloads our application, they have numerous options to choose from across hotels, flights, and experiences. We use data-rich insights from our market studies and data collection to offer the best deals from trustworthy merchants that align with users’ interests.

After making their choice and placing their booking, all they need to do is submit a screenshot of the receipt to our system. Our AI processes the screenshot and approves the cashback quickly, usually within 48 hours. Users will receive cashback confirmation after approval. The entire process is seamless and stress-free, allowing travellers to enjoy their savings and rewards at their convenience.

e27: How does azgo compare to traditional travel booking methods and how much can users expect to save from using azgo? 

azgo: Traditionally, users turn to an online marketplace or platform to scroll through a plethora of merchants. Some travellers will also go straight to their trusted airlines or hotel sites directly to make their booking. For others, it may also be calling or going down to a travel agent in person to book their next flight out of Singapore. 

Today, azgo is in the market to break up this traditional flow, so users can save more and travel smarter. Through azgo, users can tap into our price comparison features to find the best deals across sites and online travel agents. At the same time, users can also tap through azgo into the merchant of their choice to earn cashback rates of up to 20% at times. This can potentially translate into saving hundreds of dollars per trip.

e27: Customer service is a huge pain point when it comes to travel services. How does Azgo support me if I have questions or issues?

azgo: Here at azgo, we are firm believers in customer-centricity. Even as we are driven by technologies such as AI, we believe that customer service should be rendered with heart and humanity. We understand that travel bookings and planning can be a stressful process. Hence, azgo offers personal and tailored customer service with a team of dedicated customer service experts who aim to respond to any queries in 30 seconds during operational hours and as soon as possible otherwise. Users can also reach out to use across all channels, from social media to email and it is our promise to respond accordingly with the best viable solution. 

e27: So, Azgo was at Echelon X. What do you think were some highlights from your exhibition booth?

azgo: EchelonX was a significant success for azgo. We had the opportunity to engage with numerous venture partners who exhibited a high level of interest in our innovative cashback business model. The enthusiasm we received validates our approach and underscores the potential impact we can have on the travel industry.

Additionally, we formed several promising B2B partnerships that are poised to accelerate our internal processes and enhance our service delivery. We’re excited about the opportunities ahead and remain committed to delivering exceptional value to our customers.

Also read: D-Tech Community Hub: Fostering global expansion via local alliances

e27: Looking ahead, what exciting new features are brewing at Azgo? Any updates you’re particularly excited about that will benefit travellers?

azgo: One of the most exciting updates is guaranteeing cashback through our customer-first approach. As we scale our business, we are incorporating advanced AI technology to make this process faster and more reliable.

We are also significantly reducing the time it takes for cashback to be confirmed. As soon as we confirm the travel booking, we aim to validate and provide cashback almost immediately. This innovation underscores our commitment to delivering a seamless, efficient, and rewarding experience for all travellers.

e27: Does Azgo dream of global expansion? Are there new markets on the horizon? 

Absolutely. azgo’s infrastructure is designed to scale globally. We are currently perfecting our playbook in key markets such as Singapore, Hong Kong, and Vietnam. Once we validate our business model, we plan to expand throughout Asia, followed by the Middle East and beyond. Our vision is to bring azgo’s innovative travel solutions to travellers worldwide, ensuring a seamless and rewarding experience no matter where they go.

Revolutionising the travel tech landscape

The evolution of travel tech, as exemplified by azgo, is revolutionising the travel industry by putting advanced technology and AI at the forefront of travel planning. Yan Yuan Sng, emphasises that azgo is more than just a booking platform—it’s a comprehensive travel companion aimed at simplifying and enriching the travel experience.

By leveraging AI to offer personalised itineraries, hunt for the best deals, and ensure seamless cashback processes, azgo stands out in a stacked market, ensuring users enjoy a stress-free and rewarding travel planning experience.

Also read: How Telkomsel Ventures leverages insight, innovation, and collaboration

The company’s commitment to customer service and innovative cashback model underscores its mission to shift the power back to consumers. With ambitious plans for global expansion, azgo aims to transform the travel landscape on a larger scale, making smart and efficient travel accessible to all.

As azgo continues to grow, it remains dedicated to enhancing the value and experience for tech-savvy travellers worldwide. To learn more about azgo, visit their official website today.

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This article is produced by the e27 team, sponsored by azgo

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