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.

 

—

Image Credit: 123RF

The post Driving innovation for a sustainable future: Top climate tech investments of H1 2024 appeared first on e27.

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.

—

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.

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

Image credit: Adobe Firefly

The post K-story revolution : How Korean narratives innovate and captivate global audiences appeared first on e27.

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.

– –

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

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 Travel made easy with azgo: Making your journeys smarter appeared first on e27.

We’ve all heard stories about inspiring young people who dared to dream big with a deep motivation to leave an impact and launch their own startups. But what about the challenges they face while simultaneously juggling various other commitments like academics and careers?

In 2023, Crunchbase reported that Asia hit an all-time low in venture funding value since 2015, and early-stage startups had been the most affected with a decline of 40 per cent year on year globally. Closer to home in Singapore, the decline in early startup funding value dropped by 37 per cent to US$3.04 billion.

What is fascinating though, is the shift of proportion of funding to the early-stage deals in Singapore in 2023. According to the Singapore Venture Funding Landscape 2023 study by DealStreetAsia, early-stage deals made up a whopping 94 per cent of total deal volume and 49.8 per cent of total deal value, which is a 90 per cent increase from the year before!

Securing funding, especially in the early pre-seed stages, can be a major hurdle for student founders. Thankfully, programs like Protege Ventures (PV) are emerging to bridge the gap and empower student investors to support the next generation of entrepreneurs.

PV is Southeast Asia’s first and Singapore’s only student-run venture fund, supported by SMU Institute of Innovation & Entrepreneurship (IIE). In this article, we’ll share our journey as student investment analysts at PV, culminating in our first exhilarating experience making a real investment decision.

As students from different universities, our paths crossed at PV. As an aspiring software engineer with a keen interest in product management and strategy, I’m passionate about the intersection of finance and technology and love to dive deeply into projects that bridge these areas.

My passion for startups has led me to take part in hackathons and serve in the NTU Entrepreneurship Club as a Vice President. I want to make a meaningful impact among student entrepreneurs through purposeful initiatives that my team has put together. Joining PV provided me with the opportunity to immerse myself in the region’s startup and venture capital scene.

Having founded a data intelligence company, Attribute Data, Joanna is focused on the mission to help decision-makers and organisations solve their most pressing problems by transforming data into actionable intelligence. Joanna discovered the PV Academy when she came back to SMU to pursue her master’s with a specialisation in fintech and analytics.

Also Read: Understanding fundraising and VCs: Essential reads about cap tables, exit strategies, and job titles at a VC firm

PV gave her a unique investor’s viewpoint on valuing and accelerating business growth, extending beyond just venture capital. Working on deals with her peers from different backgrounds also opens up opportunities for future startup collaborations and ventures.

Behind-the-scenes: The investment process

As investment analysts, our primary role is to identify promising startups led by students or recent graduates. We have weekly venture sessions where PV members discuss the interesting startups that we have come across.

During one such venture session, we got to know about Zolo, a startup that aims to be Southeast Asia’s #1 B2B food marketplace helping Suppliers and Restaurants to save cost, and time and reduce waste. Using an AI-powered assistant, they streamline the ordering process by intelligently converting WhatsApp order details into back-office ERP systems.

Sourcing and pre-call preparations

This deal came through our doors as a referral from an early angel investor of Zolo who was connected to one of our managing partners. We assembled a deal team, inclusive of students from business, computer science, and entrepreneurship to analyse the startup.

Initial calls and decision to progress deal

We conducted a thorough review of the company’s background, business models and challenges faced in the B2B food supply industry. We had calls with Zolo’s founders and investors to gain insights into their motivations, competitive landscape assumptions, and market opportunity perspectives. Post-call, we completed our initial research and prepared a pre-investment document outlining our decision to proceed with further due diligence.

Conducting due diligence and preparing the investment memorandum

Our due diligence applied PV’s Pre-Investment framework, rigorously evaluating Zolo’s management team, product-market fit, market size, revenue model, and other crucial factors. This assessment formed the basis for our investment thesis, outlining our rationale for investing in Zolo.

We presented our findings to the PV team, sparking a discussion and we addressed any concerns. We then proceeded to craft the Investment Memorandum (IM).

The IM served as a comprehensive summary of our due diligence efforts. It detailed Zolo’s competitive advantages, growth strategies, exit opportunities, risk mitigations, and financial projections. We meticulously built and defended financial models using MOIC (Multiple on Invested Capital) to showcase potential returns under various scenarios.

Presenting our proposal to the investment committee

With the Investment Memorandum finalised, our deal team was called on to present our proposal to the members of the PV Investment Committee (IC). This IC consists of PV’s managing partners and past partners — ensuring a diverse and objective group of investors.

As we articulated our vision for Zolo’s future and underscored its potential to yield substantial returns, the Investment Committee deliberated thoughtfully before rendering their final decision in a vote to invest in Zolo.

Our biggest learnings as first-time investors

While the investment process may sound straightforward, there were various discussions and considerations that significantly shaped our eye-opening journey as first-year analysts. As we delved deeper into the intricacies of due diligence and decision-making, we encountered several learning points that underscored the importance of thorough analysis and strategic thinking, which we would summarise into the following key takeaways.

Being prepared

Ensuring thorough due diligence and accessing accurate data from reliable sources are paramount in the investment process. This involved comprehensive research, including market analysis, competitor landscape, and financial modelling.

Also Read: Crafting compelling problem statements: Captivating VCs with your vision

For instance, our findings highlighted Zolo’s strong product-market fit, innovative utilisation of technology, and promising growth potential. On top of obtaining data, it is also important to develop a well-rounded perspective about the industry of the startup, which is especially important for us as a sector-agnostic venture capital.

Also, defining the right market that the startup is serving, properly sizing the market with well-founded assumptions and anticipating inquiries from the investment committee is essential.

Having conviction in the deal

Before presenting our proposal to the rest of PV, it was imperative for us to harbour a deep-seated conviction in the potential of Zolo. This conviction stemmed from a thorough evaluation of various aspects, as mentioned earlier.

In Zolo’s case, we were impressed by their ability to address critical pain points within the industry, such as cost reduction, ease of adoption without disrupting existing order-making routines and efficiency enhancement for suppliers and restaurants.

Furthermore, Zolo’s robust management team and strategic vision bolstered our confidence in their ability to execute and scale effectively. These key factors further solidified our conviction in Zolo’s prospects and paved the way for our investment decision.

Embracing teachability

Along the way, our journey involved engaging with diverse stakeholders, including startup founders, fellow analysts, and members of the Investment Committee. These thought-provoking questions and discussions served as invaluable learning opportunities, enabling us to broaden our perspectives and enhance our analytical skills.

While disagreements occasionally arose, we approached them with open-mindedness and constructive dialogue, leveraging diverse viewpoints to arrive at well-informed decisions. Overall, these experiences underscored the importance of adaptability, collaboration, and continuous learning in our roles as investors.

Our final thoughts

As we reminisce about our journey, we deeply appreciate the experiences, mentorship, and personal development opportunities provided by PV. Through our involvement, we’ve gained not only confidence but also first-hand insights into life as a VC analyst.

The world of VC was once an exclusive club, often dominated by finance professionals. PV had shattered those barriers, empowering students from diverse backgrounds like us – computing students, no less – to become skilled investment analysts.

A true highlight of our PV experience was the unparalleled access we gained to some of the region’s most accomplished VCs. These industry leaders generously invested their time in preparing materials, nurturing our potential, and coaching us on a mix of essential soft skills and hard technical competencies.

Their masterclasses weren’t just theoretical – they were top-notch and always included hands-on sessions that pushed us to be ready for entry-level VC roles. They allow us to apply theoretical knowledge in a practical setting, fostering critical thinking, and honing our analytical skills.

These built up to a rigorous and unforgettable experience, pitching and defending our investment recommendation for Zolo in a real boardroom setting. The pressure and lessons learned during this hot seat moment will stay with us for a long time.

Our journey with PV has also reaffirmed our admiration for the entrepreneurial spirit thriving among young founders in Singapore. Interacting directly with founders and being in a community of fellow students in PV who share similar interests has been both enriching and inspiring.

Looking ahead, we’re excited to see the startup scene continue to grow and hope to see more support for students and youths, just like PV has supported us. We also urge aspiring innovators and investors to seek out similar opportunities like PV, where they demonstrate the power of empowering young minds, regardless of background, to become active participants in shaping the future of innovation.

The post From classrooms to boardrooms: How we landed our first deal as student VCs appeared first on e27.

The shifting global investment climate took a toll on Vietnam’s startup ecosystem, with venture funding declining 52.7 per cent in the first half of 2024 compared to H1 2023, a Tracxn report revealed.

The total funding raised by Vietnam-based startups was down to US$46.5 million in H1 this year, compared to US$98.5 million in H1 2023 and US$77.4 million in H2 2023.

Also Read: SEA startups raised US$371M across 42 rounds in March: Tracxn report

According to Tracxn‘s Geo Semi-Annual Report: Vietnam Tech H1 2024, seed-stage funding decreased 29 per cent to US$5.2 million in H1 this year from US$7.4 million in H2 2023 and a 23.5 per cent decline from US$6.8 million in H1 2023.

Early-stage investments in Vietnam stood at US$41.3 million, a 41 per cent decrease from the US$70 million raised in H2 2023 and a 53.4 per cent drop from US$88.6 million in H1 2023.

No late-stage funding was reported in H1 2024, mirroring the trend from H2 2023, whereas US$3 million was raised in H1 2023.

Transportation and logistics tech, edutech, and retail emerged as the top-performing sectors in H1 2024. Companies in the transportation and logistics tech sector witnessed a 940 per cent spike in funding from US$3 million in H1 2023 to US$31.2 million in the first six months of 2024. The edutech segment also recorded a 280 per cent rise in funding from US$2.5 million in H1 2023 to US$9.52 million in H1 2024.

No new unicorns were created in Vietnam in H1 2024, continuing a similar trend in the previous period. The M&A landscape also contracted, with only two acquisitions in H1 2024 compared to three in H1 2023.

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

Key players such as CyberAgent Capital, Insignia Ventures Partners, and Genesia Ventures drove investment activity in Vietnam’s tech ecosystem. Northstar Ventures, Ansible Ventures, and Monk’s Hill Ventures also stood out as significant contributors to the investment landscape in H1 2024.

Despite the funding challenges, Vietnam’s tech startup ecosystem continues to exhibit resilience, driven by strong performances in key sectors and strategic regional investments.

The post Startup funding down 53% in Vietnam in H1; transportation, logistics-tech, edutech buck the trend appeared first on e27.

Singapore-based Pawprints Group, a provider of allergy-friendly pet nutrition products, has raised an undisclosed sum in a seed extension funding round led by Asia Fund X (AFX), an opportunity fund supported by MSW Ventures and anchored by Pavilion Capital.

Existing investors Creative Gorilla Capital and the Japfa Comfeed family office Altrui Investments also joined the round.

Also Read: From pet abandonment to pet care ease

This strategic financing round follows a US$1.7 million seed round announced in November 2023.

The new capital injection and strategic alliances will bolster the Pawprints’s innovation capabilities and operational capacities through measured bench-building and onboarding of veterinary and nutritional experts.

Formulated in accordance with AAFCO (the Association of American Feed Control Officials) standards, Pawprints harnesses the power of the superfood insect protein (black soldier fly) to offer quality hypoallergenic novel protein, along with essential amino acids and minerals crucial for the health of cats and dogs.

Following the launch of its signature Pawprints brand in June 2023, the group claims to have more than doubled its monthly revenue and sold over 120 tons of pet food. It has completed over 35,000 orders and is available in over 700 offline outlets.

Also Read: Insect-based pet food company Pawprints Inspired bags US$1.7M financing

Pawprints aims to capitalise on Asia’s expanding pet care industry, now valued at US$47 billion and growing at a CAGR of 11 per cent. The company plans to penetrate this burgeoning consumer segment by introducing more than ten new product SKUs by the end of 2024.

—

Image Credit: Pawprints.

The post Pawprints extends seed round to expand its allergy-friendly pet nutrition biz appeared first on e27.

Global tech giant Amazon plans to develop innovative AI solutions and support Singapore’s Smart Nation and National AI Strategy 2.0 (NAIS 2.0) goals, it announced at the 10th AWS ASEAN Summit in the island nation on Tuesday.

Furthermore, the company’s cloud business unit, Amazon Web Services (AWS), said it plans to invest an additional S$12 billion (US$9 billion) into its existing cloud infrastructure in Singapore from 2024 to 2028. AWS invested S$11.5 billion in the Asia Pacific (Singapore) region through 2023. With the new tranche, the total planned investment into its existing cloud infrastructure is set to double to more than S$23 billion by 2028.

For the AI initiative, Amazon has partnered with SEA-LION, GovTech Singapore’s Analytics.gov, the Maritime and Port Authority of Singapore’s Maritime AI-ML Digital Hub, the National Library Board’s StoryGen, and Synapxe for this initiative, named AWS AI Spring for Singapore.

Also Read: Microsoft to empower 2.5M Southeast Asians with AI skills by 2025

The multifaceted collaboration will help accelerate the adoption of AI and generative AI in the city-state. The programme looks to help advance the government’s goal to triple the pool of AI practitioners to 15,000 over five years.

AWS will collaborate with Institutes of Higher Learnings (IHLs) like universities and polytechnics, and the Institute of Technical Education (ITE) on AI learning, with an aim to train 5,000 individuals across these learning institutions on AI skills yearly over three years, from 2024-2026. It will also leverage its generative AI services to empower teachers and students in IHLs, facilitating their learning, exploration, and experimentation with the technology.

AWS AI Spring for Singapore has six strategic pillars:

1. AI Spring Public Sector: to collaborate on driving AI initiatives within the Singapore Government and government agencies to benefit industries and citizens
2. AI Spring Workforce: a series of AI skilling and professional certification programmes
3. AI Spring Enterprise: to drive AI adoption in local enterprises
4. AI Spring Startups: to nurture core AI startups in Singapore
5. AI Spring Communities: to contribute to community development with AI
6. AI Spring Research and Development: to drive R&D for and with AI.

Elsie Tan, Country Manager, Worldwide Public Sector, Singapore, AWS. “By leveraging AWS’s broadest and deepest set of artificial intelligence and machine learning services, cloud infrastructure, and network, AWS will empower local organisations and students with technology and skills to tackle unique challenges, unlock new opportunities, delight customers, and scale in a secure, resilient, and sustainable manner.”

Also Read: Top 7 startup funding deals in Southeast Asia in April 2024

According to a report by Access Partnership commissioned by AWS ‘Accelerating AI Skills: Preparing the Asia-Pacific Workforce for Jobs of the Future’, hiring AI-skilled talent is a priority for eight in 10 Singapore employers, but 74 per cent struggle to find the AI talent they need, highlighting a looming AI skills gap in the country.

—

The post Amazon to train 15K individuals in AI skills; to invest US$9B into cloud infra in Singapore appeared first on e27.

With my lived experiences in the last 18 months as a software startup founder in Singapore, I hope to make a few points to support the argument that now, June 2024, during the funding winter, is the best time to start a company.

My five main reasons:

Money is plenty, especially in Singapore

The VC funds and family offices have only increased in weight over the last few years. The interest rate environment has only pushed the ecosystem to apply more scrutiny, but it didn’t reduce the overall fund size, and there is added pressure to find great ways to invest.

One little thing that helped persuade me to start the company right after the first Meta layoff was a simple thought: “Anyone I approach on Orchard Road can probably shed 50k easily to angel invest”. It’s hilariously naive, but it’s somehow on point; money is plenty enough for the early stage to get off the ground.

You stand out because good projects and teams are scarce

On the contrary, the founder population declined. I have a few hypotheses:

• Less “free money” resulted in less “tourists” venturing into the game
• Calculated folks are treasuring their current salary-making positions more, resulting in less risk-taking

Interestingly, I argue that it’s much easier for good founding teams, and good projects to stand out now. It means you have stronger commitment to the cause.

The focus you get now is unparalleled

You get less pressure to spray money just because of FOMO. In a bull market, everyone worries about being outcompeted by sheer capital, resulting in less solid strategic thinking, soaking in customer feedback and long-term behaviour, and solidifying good value propositions and strong plays. In a bear market, you get less external pressure to deploy money in a dumb way.

We (Heymax.ai) are super lucky at this point. I don’t think we have known exactly what we are doing for quite a long time. In the first 15 months, the luxury of simply exploring wild thoughts and the room to wiggle around and test out different ideas without the pressure to burn money and prove some fake results were critical to our eventual growth.

Also Read: Confessions of a founder: There’s no fun in fundraising in 2024

Bear market helps to dissuade quick followers. Whether it’s small company (no investors want to just bet on “money will fast track my portco over the current market leader”) or large companies (everyone worried about the potential of layoff, less risk taking, less room to change strategies just so that it can squash a smaller competitor) — you get more room to think, tinker and grow.

You can time your growth phase to warm the funding phase

This is the critical piece. For software companies, money helps to grow the company, not to build the company. Ideally, during funding winter, you build the value proposition, early traction and moat, figure out the growth strategies in a sustainable manner.

When spring comes, guess what, you’re the prime target for any fund who are looking to now quickly deploy their dry powder! It seriously took us 15 months to get some sort of clarity on what we are actually building, even though, along the way, we always pretend we know.

Don’t wait till spring to start!

Talents!

Do I need to say more here? Co-founders and early founding teams are the hardest things to get right in my past startup experiences. If it were not for the tech winter and specifically the Meta layoff, we would not have had the luck to quickly get so many talented people together to build the companies. I could’ve easily spent a year trying to find the right co-founders. Winter is a good reshuffle of resources, and it’s clearly in early-stage startups’ favour.

—

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 Pro

The post Funding winter is the best time to build a startup appeared first on e27.