Singapore-based digital healthcare provider WhiteCoat Global has agreed to acquire telemedicine company Good Doctor Indonesia for an undisclosed amount.

The deal combines WhiteCoat’s expertise in working alongside the region’s top insurers and corporations to develop and provide omnichannel integrated healthcare services across multiple markets with Good Doctor’s strong position in Indonesia’s digital health space.

The combined entity will work with over 130 insurers and 7,500 corporate partners to serve over 6.8 million insured lives. It will offer online and in-person health and wellness solutions across Southeast Asia.

Also Read: One doctor for every family: Good Doctor wants to make healthcare accessible for all Indonesians

In addition, WhiteCoat has secured an undisclosed sum in a funding round led by Raffles Family Office and participated in by MDI Ventures and The SoftBank Vision Fund.

WhiteCoat founder and CEO Bryan Koh said: “This move not only strengthens our market presence in the largest economy in Southeast Asia but also underscores our commitment to deliver innovative, technology-driven care and work towards enhancing healthcare access beyond insured members to the broader population of over 650 million people across Southeast Asia.”

Good Doctor’s CEO, Danu Wicaksana, added: “Together, we will enhance healthcare access and quality, delivering comprehensive digital and in-person care tailored to the unique needs of Indonesian families.”

WhiteCoat is an omnichannel provider of integrated health and wellness services. Since launching in 2018, WhiteCoat has powered a range of services, including tele- and in-person consultations, medication fulfilment, and diagnostic testing across primary, specialist, and allied care. With a focus on the B2B space, WhiteCoat has forged strategic partnerships with the region’s leading insurers, corporates, and care providers to provide accessible, affordable, high-quality care to its users.

Since 2023, WhiteCoat has provided over 1.5 million consultations and medication fulfilment services across Singapore, Indonesia, Vietnam, and Malaysia.

Good Doctor is a technology-based integrated health service provider with the vision of ‘One Doctor for Every Family in Indonesia’. It collaborates with Grab to provide an integrated telemedicine service, namely GrabHealth powered by Good Doctor, to provide users in Indonesia access to quality health services.

As a B2B2C telehealth player, Good Doctor has built partnerships with over 130 insurance companies, 3,500 corporate clients, and over eight large third-party administrators (TPAS). The firm claims its user base has grown to around 15 million, and it has partnered with over 1,000 doctors and 4,500 healthcare facilities.

Also Read: WhiteCoat closes a tranche of Series B round, poised to break even in Singapore

In addition, Good Doctor provides a 24×7 healthcare solution through the Medical Consulting feature, an e-commerce service for medicines and health products for purchasing and delivery, partnering with more than 4,500 pharmacies, hospitals, and official health laboratories, and Health Articles, which provides content about health, tips, and lifestyle curated by a team of doctors.

The startup hosts thousands of medical specialists across over 26 departments of clinical specialities with thousands of general practitioners.

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Dear reader,

The Indonesian government’s decision to block the Temu app is a bold step in safeguarding the interests of local micro, small, and medium enterprises (MSMEs).

By preventing foreign platforms like Temu, which directly connects overseas manufacturers with Indonesian consumers, the Ministry of Communication and Informatics is addressing the growing concern over unfair competition faced by local businesses.

Minister Budi Arie Setiadi’s move sends a strong message that the government prioritises the sustainability of its domestic economy, particularly the MSMEs that are the backbone of Indonesia’s economic growth.

Temu’s business model, similar to that of Shein, bypasses local businesses and creates an uneven playing field. Offering products from foreign manufacturers at lower prices undercuts local producers and threatens the livelihoods of millions of Indonesian MSMEs, especially in regions known for their craftsmanship like Tasikmalaya and Pekalongan.

This intervention reflects Indonesia’s broader strategy to control the digital marketplace and protect local industries from the encroachment of global e-commerce giants.

As digital markets evolve, this regulatory stance is critical to ensuring that technology does not undermine local economies, while supporting innovation that benefits both consumers and domestic enterprises.

Sainul
Editor.

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NEWS & VIEWS

WhiteCoat to strengthen Southeast Asian presence with Good Doctor buyout
The combined entity will work with over 130 insurers and 7,500 corporate partners to serve over 6.8 million insured lives; In addition, WhiteCoat has secured an undisclosed funding round led by Raffles Family Office.

Indonesia bans Chinese e-commerce giant Temu to protect local MSMEs
According to the government, Temu is not eligible to operate in Indonesia as it was not registered as an electronic system provider; The Ministry of Cooperatives and SMEs disclosed that Temu has attempted to register in Indonesia three times.

Bukalapak responds to Temu acquisition report following recent share price increase
In a letter to the Indonesia Stock Exchange, e-commerce firm Bukalapak stated that it was “not aware of any information regarding its acquisition plans by Chinese e-commerce major Temu.

ByteDance’s TikTok cuts hundreds of jobs in shift towards AI content moderation
Its TikTok platform employs a combination of automated systems and human moderators to moderate content on its platform; The technology firm is also planning more retrenchments next month as it looks to consolidate some of its regional operations.

OpenAI announces Singapore expansion amid doubling of ChatGPT users
OpenAI will work closely with Singapore government partners, such as the EDB, to support the country’s local AI ecosystem; OpenAI has also partnered with AI Singapore to make advanced AI more widely accessible across SEA.

watchTowr secures US$19M to combat emerging cyber threats
The investors are Peak XV Partners, Prosus Ventures, and Cercano Management; watchTowr helps organisations understand and identify high-impact weaknesses in their cybersecurity defences.

Vertex Growth invests in Japanese proptech startup estie’s US$20M round
The other backers are Temasek, Globis Capital, and Global Brain; estie, which provides real estate developers and institutional investors with services that facilitate industry transactions, plans to expand into Southeast Asia.

Singapore’s Meridian Innovation secures US$12.5M to scale operations
The investors are Moveon, TCVC, and HKSTP; Meridian Innovation is a thermal imaging sensors developer; The funding will be used to scale operations, accelerate product development and expand its reach into broader consumer and commercial markets.

Singapore’s fintech firm Surfin raises US$12.5M funding
The investor is Insignia Ventures Partners; Using Al and analytics, Surfin strives to provide an ecosystem of transparent and innovative financial services to the growing, underbanked middle class.

FTX’s Ryan Salame posts jokes on LinkedIn as he heads to prison
The former co-CEO of FTX Digital Markets is starting his seven-and-a-half-year fraud sentence today; Many of the company’s executives have been found guilty on various counts of fraud or conspiracy to commit such acts.

TransTrack in talks to buy port and fleet management firm after US$12M round
It is looking for a company that already has the software and features that can complement TransTrack’s solutions in port and marine operations, as well as the expertise in installing advanced equipment on vessels, tug boats, and barges.

SEA startups secure US$202M in September
This marks a 28.66 per cent rise in funding over August 2024 and a 27.86 per cent decline from September 2023; The region witnessed seven seed-stage, six early-stage, and three late-stage funding rounds last month.

Earlybird AI secures Antler-led funding to simplify finance admin for SMEs
The Singaporean fintech startup has developed a mobile app to make business finances and accounting painless and intuitive while giving real-time visibility into the business.

Emma Watson invests in reproductive health firm Hertility
Watson is known for her interest in the environment and supporting women-led initiatives; She is a UN Women Goodwill ambassador and helped launch the HeForShe campaign, which promotes gender equality.

Startupbootcamp launches TradeSpark programme in Singapore
The TradeSpark programme aims to bring together MNCs, local corporations, and startups/scale-ups to collaborate on cutting-edge supply chain solutions.

Google ordered to open up Google Play to rivals
Judge James Donato issued his final ruling in the Epic and Google saga on Monday, detailing how Google has to change how it operates Google Play.

FEATURES & INTERVIEWS

Revolutionising urban commutes: SEA’s prominent electric two-wheeler startups
Electric two-wheelers are seen as efficient, affordable, and flexible solutions for short-distance travel, especially for last-mile connectivity.

FROM THE ARCHIVES

How startups should pivot towards being customer-centric
How ready are businesses to adopt new ways of ensuring they’re fully customer-centric, from awareness to conversion and beyond?

Mind your emotions: why emotional agility is the key to personal growth
By skipping past the difficulties our emotions can bring, we miss important opportunities to grow emotional agility.

5 incentives that can be helpful in attracting awesome employees
When it comes to employees, you can’t expect the best of the best unless you can provide suitable incentives.

Looking beyond the surface of optimising customer experience
As the VP of marketing at PayPal, this is what I can share on how e-commerce startups can optimise their customer experience.

15 strategies for a successful acquisition
I have completed more than 30 corporate acquisitions on both sides of the transaction. Here are the most important, hard-won lessons.

5 essential organisational steps for your startup’s tech infrastructure
Always make sure you review your tech infrastructure from time to time, especially when there is a change to your business.

How to create a great thought leadership article even though you suck at writing
If you are keen on leveraging thought leadership for better brand positioning but are hesitant about your writing skills, this is for you.

5 growth hacking tips you must consider for your business
Growth hacking is the revolutionary element in the world of startups which has changed the fate of many business ventures for good.

For Indonesia’s 2nd generation unicorns, international expansion is the name of the game
When it comes to producing unicorn startups, Indonesia has done a phenomenal job in a relatively short time.

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

What you should expect from your startup mentor
Make sure your startup mentor is a pillar of support and not one who constantly disparages and puts you down.

How should non-tech companies approach AI?
Non-tech organisations often have a completely different set of conditions that call for unconventional strategies for AI deployment.

The best New Year resolutions for startup founders: Offering ESOPs that actually work
I want to share key takeaways for founders who are thinking of designing competitive ESOPs in 2022 in order to attract and retain talent.

THOUGHT LEADERSHIP

Why Vietnam is the next big thing for startups and corporate partnerships
With its fast-growing economy, youthful population, and rapid digital adoption, Vietnam offers fertile ground for innovation.

Why Southeast Asian startups must prioritise profitability over rapid scaling
Investors are watching closely, and the startups that thrive in these markets will be the ones that can balance innovation with sound financial strategies.

CSR as a core strategy: How Asia’s tech companies are leading the way
By implementing strong CSR strategies, Asian tech firms boost their reputations while advancing sustainable development goals.

Understanding cybersecurity threats: What you need to know to stay safe
Knowing key cybersecurity threats like phishing, ransomware, insider threats, and APTs helps improve your defences.

Why traditional marketers must embrace digital marketing: Top 3 skills to learn
To stay relevant, it’s crucial that traditional marketers continually learn and adapt to the digital marketing ecosystem.

The power of replication: Fintech success stories in Singapore and Indonesia
Case studies of Xfers, KoinWorks, Tokocrypto, Validus Capital, Nium, and StashAway show how fintech and DeFi firms can use competitor content strategies for success.

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Corporate Social Responsibility (CSR) has increasingly become a significant aspect of business operations around the world, and Asia’s rapidly growing tech industry is no exception.

As the digital landscape in Asia continues to expand, with tech giants from countries like China, India, Japan, and South Korea leading the way, there is a growing recognition of the critical role that CSR plays in sustainable business practices. The importance of CSR for Asian tech companies lies not only in fulfilling regulatory expectations but also in shaping long-term business success, improving corporate image, and fostering trust with stakeholders.

The growth of the tech industry in Asia

Asia’s tech sector is one of the fastest-growing and most innovative industries globally, with companies such as Tencent, Alibaba, Samsung, and Infosys becoming major global players. The region is a global hub for cutting-edge technology development, ranging from e-commerce and social media platforms to artificial intelligence (AI) and semiconductor manufacturing. However, as these companies grow in scale and influence, they are under increasing scrutiny regarding their social and environmental impact.

The digital revolution has ushered in a wave of benefits, including improved communication, economic growth, and the democratisation of information. At the same time, it has raised concerns about labor practices, environmental degradation, data privacy, and the ethical use of AI. Addressing these challenges through CSR strategies allows Asian tech companies to navigate a complex and interconnected global economy while contributing positively to society.

CSR as a strategic business tool

CSR is no longer seen as an optional activity or a peripheral responsibility. It has evolved into a core business strategy that can drive competitive advantage, particularly in the highly competitive tech industry. For Asian tech companies, integrating CSR into their business models is crucial for several reasons:

Enhancing reputation and building trust

In an era where brand loyalty and corporate reputation are critical, tech companies that demonstrate a commitment to CSR are better positioned to build trust with consumers, investors, and governments. The public, especially younger generations, increasingly favour companies that align with their values, including sustainability, fairness, and social justice.

A positive reputation can help attract top talent, retain customers, and secure partnerships. For instance, Samsung has focused on environmental sustainability, particularly in recycling and reducing electronic waste. Such efforts have bolstered its global image, ensuring that the brand is perceived not only as a leader in innovation but also as an environmentally responsible corporation.

Regulatory compliance and risk mitigation

Governments across Asia are increasingly introducing regulations that require businesses to adhere to specific environmental, social, and governance (ESG) standards. Companies that fail to meet these requirements risk facing fines, legal challenges, or losing operating licenses. By proactively incorporating CSR into their strategies, tech companies can stay ahead of regulations and mitigate potential risks.

Also Read: For startups, embracing ESG focus is a sure-fire way to secure corporate success

For example, China has tightened its regulations on carbon emissions and waste management as part of its commitment to achieving carbon neutrality by 2060. As a result, Chinese tech companies like Alibaba and Tencent have invested heavily in green technologies, clean energy, and sustainable infrastructure to comply with the government’s directives while promoting a responsible corporate culture.

Contributing to sustainable development

Asia faces numerous socio-economic challenges, including poverty, inequality, and environmental degradation. Tech companies in the region are uniquely positioned to contribute to sustainable development by leveraging their technological expertise. By implementing CSR initiatives that focus on education, digital inclusion, and environmental sustainability, these companies can address pressing social issues while aligning with global Sustainable Development Goals (SDGs).

For example, India’s Infosys has been at the forefront of addressing climate change through its CSR initiatives. The company has invested in renewable energy, achieving carbon neutrality and enhancing water conservation measures on its campuses. Additionally, Infosys has been promoting digital literacy and education through its Infosys Foundation, thereby helping bridge the digital divide in India’s rural areas.

Fostering innovation through CSR

CSR initiatives can also stimulate innovation within tech companies. By focusing on sustainable development and social responsibility, tech companies can explore new business models and develop products that address social challenges. The drive for greener technologies, ethical AI, and data privacy can lead to breakthrough innovations that are not only profitable but also socially beneficial.

For instance, Huawei, a leading Chinese tech company, has made significant strides in developing AI-powered solutions for environmental monitoring and disaster management. This aligns with global efforts to combat climate change and build more resilient societies. Similarly, South Korean tech giant LG has been investing in eco-friendly product designs, such as energy-efficient home appliances and sustainable packaging, which meet consumer demand for greener alternatives.

Also Read: How to incorporate sustainability into corporate strategies

CSR as a global business imperative

In a globalised world, Asian tech companies operate on an international stage, where they must adhere to both local and global expectations of ethical conduct. Consumers, investors, and governments worldwide are holding companies accountable for their impact on society and the environment. Failing to meet these expectations can lead to reputational damage, financial losses, and diminished market share.

Asian tech companies are increasingly competing for investment from international funds that prioritise ESG criteria. Investors are now looking beyond financial returns, favouring companies that integrate social and environmental considerations into their core business strategies.

In essence, the importance of CSR in Asian tech companies cannot be overstated. As these companies continue to grow in influence and reach, their ability to address social, environmental, and ethical concerns will determine their long-term success. By adopting robust CSR strategies, Asian tech firms not only enhance their reputations but also contribute to the broader goal of sustainable development. In the dynamic and fast-evolving tech landscape, CSR is no longer just a moral obligation – it is a strategic imperative for success in the 21st century.

Remember, as I always say, together we are stronger.

—

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India is facing a serious housing shortage due to its fast-growing population and rapid urbanisation. The need for affordable homes, especially in cities, is increasing quickly and continues to be a major challenge for millions of people.

According to the 2011 census data, the Ministry of Housing and Urban Affairs estimated an urban housing shortage of 18.78 million from 2012 to 2017. As of January 2024, the PMAY scheme has approved 1.19 crore houses, with 80.02 lakh already completed. Although the 2024 Budget highlighted a strong focus on housing for all, progress on the ground is still limited.

The affordable housing gap 

According to a United Nations report, India’s urban population is projected to grow from 34 per cent in 2020 to 40 per cent by 2030. This rapid urbanisation has bolstered the demand for housing, especially in metro cities like Delhi, Mumbai, Chennai, Bengaluru and Kolkata. Unfortunately, the supply of affordable housing has not kept pace with this growing demand.

Recognising the demand for affordable housing, the government introduced various schemes and even tax incentives for builders investing in this sector. These measures have generated interest among developers in investing in affordable housing, albeit with mixed outcomes.

Innovative finance mechanisms 

While the government has laid the foundation for affordable housing, innovative financing models are transforming the Indian real estate landscape by addressing issues related to affordability, accessibility and liquidity. Traditional financing methods, dominated by banks and NBFCs, are being complemented by new approaches that address diverse requirements.

Some of these include :

• Public private partnership: In this model, the government collaborates with private real estate developers to build affordable projects. Government provides the land, usually at a subsidised rate, while the private players contribute the capital. This collaboration has been instrumental in lowering costs and accelerating project completion, making affordable housing far more viable.

• Micro-finance institutions: In recent times, micro-finance institutions have emerged as practical  options for funding low-income housing. These institutions offer small loans with flexible repayment terms to individuals often excluded from the traditional banking system.

Also Read: Transition climate risk: Navigating the future of sustainable real estate

• Social impact bonds: Social Impact Bonds (SIBs) are innovative financing mechanisms for affordable housing projects. They involve private investors funding social initiatives, with the government repaying them based on the success of the project. When it comes to affordable housing, SIBs can be used to finance realty projects aimed at providing housing for low-income families. If the project meets its goals, the investors receive a return on their investments.

• Crowdfunding platforms: In this scenario, online platforms enable organisations and individuals to combine their resources and invest in housing development projects. Crowdfunding has the potential to democratise real estate investment, allowing small-scale investors to contribute towards social issues like affordable housing.

• Digital lending platforms: Digital lending platforms have revolutionised financing for affordable housing in the recent past. These platforms implement advanced technologies like big data analytics, artificial intelligence and machine learning to assess creditworthiness accurately.

These lending platforms frequently collaborate with real estate developers to offer customised loans and schemes that help lower upfront costs for buyers. Such partnership makes housing not only affordable, but also financially sustainable for homebuyers in the long-term.

Challenges and the way forward 

Despite progress made through various innovative financing solutions, many challenges persist. Land acquisition in urban areas remains difficult due to constraints which drives up the cost. Also, the success of affordable housing projects relies heavily on the availability of basic infrastructure such as roads, sanitation facilities and proper water supply.

Affordable housing conundrum is a complex issue that demands a multifaceted approach. Innovative financial solutions have the potential to transform the sector, particularly when it comes to addressing specific needs of low income households. While challenges persist on the path to provide housing for all, the right financial mechanism can make this goal achievable.

As rapid urbanisation progresses, it is essential to ensure that every Indian citizen has access to safe and affordable housing.

—

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Southeast Asia’s electric electric two-wheeler market is rapidly expanding and is driven by urbanisation, growing environmental awareness, and a push for sustainable transportation solutions.

Increasing traffic congestion and pollution in cities like Jakarta, Bangkok, and Manila push governments and consumers toward eco-friendly alternatives. Electric two-wheelers are seen as efficient, affordable, and flexible solutions for short-distance travel, especially for last-mile connectivity.

Many Southeast Asian governments, including Singapore, Thailand, and Vietnam, offer incentives, subsidies, and infrastructure development to promote electric vehicles (EVs). These initiatives align with broader goals to reduce carbon emissions and improve air quality.

In this feature, we bring you a list of Southeast Asia’s ten prominent two-wheeler startups.

Beam

Beam is an app-based electric kick-scooter-sharing platform. The mobile app enables users to locate, book, and unlock scooters. It offers variant payment options, non-deposit rides, etc.

Also Read: After growth and profitability, this is what Beam is looking forward to achieving in 2023

Location: Singapore
Founding year: 2018
Total funding raised: US$135 million
Investors: Affirma Capital, EDBI, RTP Global, AC Ventures, Momentum Ventures, Hana Ventures, ICT Capital, Peak XV Partners, Redbadge Pacific, Right Click Capital, Cherubic Ventures, AppWorks, Founders Fund, Zhen Fund, Maloekoe Ventures, K2 Global, Pascal Capital, Arbor Ventures, Insignia Ventures Partners, Class 5, 500 Vietnam, Gobi Partners, Tekton Ventures, RISE, Innoven Capital, Blue Ivy Ventures, MDI Ventures, Alumni Ventures, ABC Partners, Kirin Adams, Ataria Ventures, Partech Partners, West Quad Ventures, Light Ray Ventures.

Neuron Mobility

It is an app-based rental platform for electric kick scooters and bicycles. Riders scan QR codes on the Neuron Mobility app to unlock the vehicle. They can make online payments and end the trip by clicking a photo of the scooter parked at a designated station.

Location: Singapore
Founding year: 2016
Total funding raised: US$81 million
Investors: GSR Ventures, EDBI, Square Peg Ventures, GSR Ventures, SeedPlus, SEEDS Capital, Siri Ventures, ACE Capital Group, 500 Global, Genesis Ventures, XA Network.

ALVA

ALVA designs, develops, and manufactures electric scooters with features like Bluetooth connectivity. The app also allows users to visualise the scooter in augmented reality.

Location: Indonesia
Founding year: 2021
Total funding raised: US$49 million
Investors: Horizons Ventures, Indika Energy, Brama One Ventures, Foxconn Co-GP Fund, Standard Chartered, Alpha JWC Ventures.

MAKA Motors

It manufactures electric motorcycles. It prioritises local engineering and craftsmanship in its manufacturing process. The platform is focused on conducting research and development.

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

Location: Indonesia
Founding year: 2022
Total funding raised: US$37.6 million
Investors: AC Ventures, East Ventures, SV Investment, Northstar Group, Skystar Capital, Peak XV Partners, Openspace Ventures, Shinhan Venture Investment, Beenext, Kinesys Group, MVP, AlfaCorp, Provident Capital Partners.

ION Mobility

It develops electric motorcycles. The company designs and develops electric motorbikes with features like a TFT display, an integrated battery pack, and a keyless start.

Location: Singapore
Founding year: 2019
Total funding raised: US$31.3 million
Investors: TVS Motor Company, TNB Aura, Quest Ventures, Monk’s Hill Ventures, Village Global, GDP Venture, AC Ventures, SEEDS Capital, 500 Global, AngelCentral, kipleX, Plug and Play Tech Center, Aura Ventures.

Dat Bike

It manufactures electric motorbikes. The company developed the Weaver model, which features a lithium-ion battery, an 80 kmh speed range, a hydraulic braking system, and more. It also provides a mobile app for connecting to the motorbike.

Location: Vietnam
Founding year: 2018
Total funding raised: US$16.5 million
Investors: Jungle Ventures, GSR Ventures, Wavemaker Impact, Innoven Capital, Delivery Hero Ventures, iSeed, Hustle Fund.

Scorpio Electric

Scorpio Electric is a manufacturer of electric two-wheelers. It develops models with power balancing, optimum maintenance, integrated drive train, and single swing arm. The company also offers an AI-enabled mobile application with features like battery usage analytics, remote anti-theft, charging station location, etc.

Location: Singapore
Founding year: 2017
Total funding raised: US$16.35 million
Investor: EuroSports Global.

Mober Technologies

A provider of electric fleet-based last-mile delivery services, the platform offers technology-driven logistics services with shipping, AI-optimised route planning, booking solutions, and more. Its tracking feature allows users to track and monitor delivery progress in real time.

Also Read: The great EV transition: Is Asia ready?

Location: The Philippines
Founding year: 2016
Total funding raised: US$10 million
Investors: Clime Capital Management, Rtheptagonholdings, 2GO Group, Index Partners.

Charged

A manufacturer of electric motorcycles with state-of-the-art high-capacity LI-ION batteries and unique wheel drive.

Location: Indonesia
Founding year: 2021
Total funding raised: US$7.7 million
Investors: Vmoto Soco, DeClout.

SCOOTA

SCOOTA is a customisable app-based electric kick scooter rental platform available in select cities of Thailand. Users can find and locate nearby available SCOOTA stations and reserve scooters. They can unlock reserved vehicles by scanning the QR code rental app and using the scooters for the ride.

Location: Thailand
Fandunding year: 2008
Total funding raised: US$5.7 million
Investor: Alpha Founders Capital.

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Image Credit: 123RF.com.

Data courtesy: Tracxn.

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Singapore-based cybersecurity startup watchTowr has announced a US$19 million Series A funding round led by Peak XV Partners, with repeat participation from Prosus Ventures and Cercano Management.

The company will use the funds to accelerate global growth by expanding its go-to-market, research and engineering teams.

The latest investment brings watchTowr’s total funding raised to US$29 million.

Also Read: Cybersecurity startup watchTowr bags US$8M pre-series A co-led by Prosus Ventures, Vulcan Capital

Founded in August 2021 by hacker-turned-entrepreneur Benjamin Harris, watchTowr helps organisations understand and identify high-impact weaknesses in their cybersecurity defences. It provides organisations with a continuous, real-time view of their external attack surface through the eyes of a sophisticated attacker, enabling it to continuously identify vulnerabilities that would allow attackers to compromise an organisation.

Over the past year, watchTowr has seen significant adoption from critical infrastructure and Fortune 500 companies looking to strengthen their security measures.

“If there’s a way to compromise your organisation, watchTowr will find it,” said Harris. “In the last 12 months, our predictions have been realised. Attackers have become faster at weaponising emerging vulnerabilities, more aggressive at leveraging weaknesses to compromise organisations indiscriminately, and time to exploitation in the wild is now measured in single-digit hours. We strongly believe that rapid reaction to these threats is one of the most powerful capabilities security teams can leverage.”

Also Read: watchTowr can tell an organisation in real time if it can get compromised

In addition to funding, the company also announced the appointment of former Cloudflare President of Field Operations & Chief Revenue Officer Chris Merritt to its board of directors to help guide watchTowr’s global growth. Merritt spent over ten years at Cloudflare, helping the company scale to over US$1 billion in annual recurring revenue.

In 2022, watchTowr raised US$8 million in a Pre-series A investment round co-led by Prosus Ventures and Vulcan Capital. The startup earlier received US$2.25 million in November 2021 from Vulcan Capital and Wavemaker Partners.

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Cybersecurity dominates the worry list for both individuals and businesses, and for good reason — our digital lives are on the line. Cybercrime perpetrators lie in wait as our lives migrate online, set to pilfer sensitive info, siphon off business secrets, and compromise national safety. Cyber threats can strike at any moment, and their deceptive nature means you must stay one step ahead to safeguard your digital property.

As October is Cybersecurity Awareness Month, let’s talk about cybersecurity threats that are a Pandora’s box of problems — we’re opening it up to expose the scariest ones, how they ravage businesses and personal lives, and the tactical moves to keep you ahead of the curve.

The post Understanding cybersecurity threats: What you need to know to stay safe appeared first on e27.

Vietnam is one of Southeast Asia’s most exciting and dynamic markets.

With its fast-growing economy, youthful population, and rapid digital adoption, Vietnam offers fertile ground for innovation. The country’s tech-savvy workforce and thriving entrepreneurial ecosystem make it an attractive destination for startups to explore new markets and forge strategic partnerships.

Why Vietnam?

Vietnam’s startup ecosystem has been gaining significant traction in recent years. The country has climbed the global startup rankings from 58th to 56th in 2024 (Hoa, 2024), and its economy continues to grow at an impressive rate. In 2022, Vietnam experienced the highest growth in Southeast Asia’s digital economy, with a remarkable 28 per cent increase in the Gross Merchandise Value from US$18 billion in 2021 to US$23 billion in 2022 (Dharmaraj, 2022).

Corporate innovation in Vietnam

One of the key challenges facing Vietnam’s innovation ecosystem is the limited funding from large corporations, which hinders the growth of startups and the overall development of the ecosystem. 

Startups often begin by addressing niche markets or innovating in areas that larger players overlook. However, as they grow, they inevitably find themselves up against established, well-resourced corporations.

Rather than viewing these corporations solely as competitors, startups can adopt a collaborative approach to accelerate growth. Partnering with corporations provides access to broader networks, distribution channels, and resources. These collaborations allow startups to tap into corporations’ extensive resources, including their established customer base, distribution networks, and operational expertise, which can significantly reduce the time and effort required to scale.

For corporations, the benefits of such alliances extend beyond access to innovation; they gain fresh perspectives that can help challenge the status quo and encourage out-of-the-box thinking, which is often difficult to foster internally. Startups, being agile and resourceful, bring cutting-edge solutions to traditional industries, enabling corporations to stay competitive in an ever-evolving market. In turn, startups can leverage a corporation’s credibility and market influence to increase their visibility, acquire larger contracts, and attract more investments.

Furthermore, these partnerships can create synergies where corporations provide capital and operational infrastructure, while startups contribute innovation and flexibility. This co-creation model can lead to the development of new products, services, and business models that neither party could have achieved independently. By focusing on collaborative growth, rather than competition, startups can enhance their chances of long-term success, with corporations playing a pivotal role in their accelerated trajectory toward profitability and market leadership.

Also Read: All you need to know about the fintech boom in Vietnam

The Open Innovation & Technopreneur Institute (OITI) promotes technological entrepreneurship by encouraging collaboration between startups, industries, and research institutions through open innovation. It offers educational programs, mentorship, and incubation to help entrepreneurs scale tech-driven businesses across sectors such as fintech, healthtech, and greentech. Ultimately, strategic partnerships create a win-win scenario: startups gain the scale and market access they need to grow, while corporations stay relevant and innovative in an increasingly disruptive landscape.

Case study

An example is Society Pass’ acquisition of Gorilla Networks marks a strategic move that benefited both companies by combining their strengths and resources to thrive in the rapidly evolving tech ecosystem. Society Pass, a Vietnamese tech company, has established itself as a key player in the Southeast Asian market by focusing on building a strong network of technology-driven businesses. 

By acquiring Gorilla Networks, a Web3 Mobile Virtual Network Operator (MVNO), it not only diversified its portfolio but also gained access to the disruptive innovations and technologies that Gorilla Networks brought to the table.

For Society Pass, the acquisition allowed them to break into the Web3 and blockchain-enabled telecom space, which is a growing area of interest for tech-forward companies. The Web3 component of Gorilla Networks’ offerings introduced decentralised and user-centric telecom services, creating new revenue streams for Society Pass and enabling them to capture a niche market segment. This move also expanded Society Pass’ technological capabilities, providing them with a unique edge over competitors and positioning them as a leader in integrating next-gen technologies with traditional services.

On the other hand, Gorilla Networks greatly benefited from the acquisition as it gained access to the broader resources, operational infrastructure, and market reach of Society Pass. With a larger company backing its operations, Gorilla Networks could scale its innovative offerings—such as token-based mobile services—much faster than it could independently. 

The infusion of capital, human resources, and strategic guidance from Society Pass enabled Gorilla Networks to accelerate product development, enhance customer acquisition efforts, and expand its market footprint beyond Singapore into the larger Southeast Asian region. In fact, Gorilla Networks initiated their Vietnam entry through the Global Innovation Alliance (GIA) Ho Chi Minh City Acceleration Programme supported by EnterpriseSG and Singapore Economic Development Board. The GIA is one of the many types of support that Singapore-based startups can tap into.

Also Read: How early-stage deep-tech startups can attract and retain the right talent

The acquisition of Gorilla Networks by Society Pass created a more robust and diversified entity that could better withstand market fluctuations, embrace technological disruptions, and capture emerging opportunities in the region’s fast-growing digital economy. It served as a growth catalyst for both Society Pass and Gorilla Networks, allowing each to leverage the other’s strengths to achieve long-term success and cement their positions within the competitive tech ecosystem.

What’s next?

OITI will be organising Open Innovation Day on 25-26 October, 2024, in Ho Chi Minh City, where Quest Ventures is a co-organiser among others. Startups that are interested in working in corporations in Green Agriculture, Smart Industry, and Green Urban Living sectors are highly encouraged to attend. Who knows? This could be the seed of the next success story after Gorilla Networks.

This article is co-authored by Avryl Tan,Venture Capital Analyst at Quest Ventures

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Japanese proptech startup estie has closed a JPY 2.8 billion (approximately US$20 million) Series B round of investment led by Vertex Growth, a growth-stage VC fund anchored by Vertex Holdings, a subsidiary of Temasek, and Development Bank of Japan (DBJ).

Existing investors Globis Capital Partners, University of Tokyo Edge Capital Partners, and Global Brain also participated.

Also Read: Real estate sales development: Unlock the power of partnership and collaboration

estie will use the money to accelerate its multi-product strategy, facilitate strategic M&As, and recruit top talents. The proptech venture also plans to expand its presence in Southeast Asia, starting with Singapore.

Japan boasts one of the world’s largest real estate markets, anchored by Tokyo (the city with the largest real estate asset value). Japan ranks third in the international commercial real estate market after the US and China.

Despite the large asset pool, Japan’s access to global capital is limited by data availability that foreign investors are accustomed to elsewhere.

According to JLL’s Global Real Estate Transparency Index 2024, Japan ranks thirty-first when it comes to market fundamentals data availability, quality, depth and transparency.

Founded in 2018, estie provides real estate developers, institutional investors, and others with services that facilitate industry transactions. By solving the data distribution challenges faced by the commercial through digitalisation, the real-estate industry solves a series of business issues by providing multiple interoperable services simultaneously.

Also Read: Former top Vertex exec Jiang Honghui joins 17LIVE Group as CEO

Tam Hock Chuan, General Partner at Vertex Growth, said: “What Bloomberg has achieved for the financial industry, we believe estie is doing for the Japanese real estate sector.”

“Despite the volatility in the SaaS industry, estie, has consistently delivered high growth rates, best-in-class efficiency metrics, and outstanding customer satisfaction scores. Given its success in Japan, we are confident this business model can be adapted to various markets across Southeast Asia.”

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ChatGPT’s parent, OpenAI, has established a presence in Singapore and plans to open an office later this year to capitalise on the growing demand for advanced artificial intelligence tools in the Asia Pacific.

Singaporeans are some of the highest per capita users of ChatGPT worldwide, with the number of weekly active users doubling since the beginning of the year.

Also Read: With AI comes huge reputational risks: How businesses can navigate the ChatGPT era

The tech giant has already started building a team in the city-state to support customers and partners throughout the region and strengthen relationships with local and regional governments, businesses, and institutions. As part of the plans, it has appointed Oliver Jay as Managing Director for International. Based in Singapore, Jay will oversee OpenAI’s international operations and global expansion.

OpenAI will work closely with Singapore government partners, such as the Economic Development Board (EDB), to support the country’s local AI ecosystem and help shape an AI-powered future that benefits everyone.

As a first step in that commitment, OpenAI has partnered with AI Singapore to make advanced AI more widely accessible across Southeast Asia.

Through the partnership, OpenAI will provide up to US$1 million to help develop resources, including open datasets, to ensure AI models are better suited to Southeast Asia’s diverse languages and cultures.

“Singapore, with its rich history of technology leadership, has emerged as a leader in AI, recognising its potential to solve some of society’s hardest problems and advance economic prosperity. We’re excited to partner with the government and the country’s thriving AI ecosystem as we expand into the APAC region,” CEO Sam Altman said.

“OpenAI’s decision to establish a presence in Singapore, its hub in APAC, underscores the strength of our growing AI ecosystem, fuelled by the government’s investments in AI talent, AI compute and AI demand by enterprises. As part of Singapore’s National AI Strategy 2.0, Digital Industry Singapore (EDB, ESG and IMDA) fosters collaboration between AI innovators and Singapore-based enterprises so that they can harness innovation for productivity and growth. We look forward to the multiplier effects of this move, sparking new collaborations and bringing more leading-edge AI companies to our region,” said Jacqueline Poh, MD of the EDB.

Also Read: AI assistant or replacement? A PR pro’s take on using ChatGPT

On November 21 this year, OpenAI will host its first Developer Day in Singapore, bringing together the region’s flourishing community of developers and startups building AI’s future.

Last week, OpenAI raised US$6.6 billion from investors, including Thrive Capital, Khosla Ventures, Microsoft, Nvidia, and SoftBank, at a US$157 billion valuation.

The New York Times recently reported that OpenAI is planning to raise the price of individual ChatGPT subscriptions from US$20 per month to US$22 by the end of the year. A steeper increase will come over the next five years; by 2029, OpenAI expects it’ll charge $44 per month for ChatGPT Plus.

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