Singapore’s home-grown startup FlyORO, a provider of last-mile sustainable aviation fuels (SAF) blending technologies, recently completed its US$1.6 pre-Series A investment round with Audacy Ventures, Investible and several undisclosed investors.

The primary plan is to spread its wings to new international markets, such as Australia and the US.

In this Q&A, FlyORO’s Co-Founder and Head of Marketing and PR, Genevieve Toh, discusses how FlyORO is navigating regulatory landscapes, its upcoming Series A financing, Australian market collaboration plans, and the impact of FlyORO’s on-demand blending service on ESG targets.

Edited excerpts:

Can you elaborate on FlyORO’s strategy for international expansion, particularly in Australia and the US, and how the funding from the pre-Series A round will support these initiatives?

In our pursuit of international expansion, FlyORO has outlined a targeted strategy primarily focusing on Australia and the US in 2024. The objective is strategically identifying blending hubs or locations in these countries, ensuring convenient access for flyers to SAF blending capabilities. 

Also Read: FlyORO secures US$1.6M in pre-Series A round to reduce flight emissions

The pre-Series A capital will be allocated to critical business activities that form the backbone of our international presence. A significant portion will be invested in manufacturing our cutting-edge AlphaLite product, designed to meet the evolving needs of the aviation industry. 

AlphaLite empowers aircraft operators to make better-informed decisions regarding SAF adoption, considering factors from cost parity to feedstock quality.

A substantial portion of the funding will also be used for team expansion, which will empower us to support existing project developments and actively cultivate new partnerships.

How does FlyORO collaborate with its investors, particularly Audacy Ventures and Investible, to leverage their expertise and support for your growth plans and technological advancements?

FlyORO’s collaboration with Audacy Ventures and Investible is structured around corporate networking and building a sustainable aviation ecosystem.

1. Corporate network: Through collaborative efforts, we leverage their market expertise, tapping into their extensive industry networks, to work closely with the relevant advocates and critical decision-makers.

2. Building a sustainable aviation ecosystem: Together, we aim to build a comprehensive and interconnected sustainable aviation ecosystem. We foster collaborative innovation by harnessing their experience and leveraging their existing portfolio, including startups with cross-industry expertise. This enhances FlyORO’s technological advancements and contributes to developing holistic solutions for the aviation industry.

How has the collaboration with Jet Aviation, leading to the launch of AlphaLite in April 2023, impacted FlyORO’s positioning in the aviation industry, and what milestones have been achieved since then?

Jet Aviation, as a renowned business aviation provider, has showcased the capabilities of FlyORO’s solution to the industry. This partnership has positioned the SAF industry with new opportunities for SAF adoption.

Also Read: The Capture app enables you to track, reduce and offset carbon emissions from everyday life

Since the launch of AlphaLite in April 2023, FlyORO has worked closely with Jet Aviation in its sustainability developments and ventured into the commercial aviation sector. These include engagements with other industry players, furthering the adoption of sustainable practices and contributing to the broader mission of reducing the carbon footprint in aviation.

How does FlyORO navigate and leverage the regulatory landscape in Singapore and its target markets, especially in Australia and the US, to facilitate the adoption of SAF?

We leverage the insights and experiences gained during the Singapore launch and our team of trusted senior industry advisors, enabling our engineering team to be better equipped to handle similar challenges in other regions. Although regulatory frameworks may differ across organisations and countries, the procedural aspects share substantial similarities in ensuring the highest quality and safety standards.

FlyORO plans to commence the next financing round in H2 2024. How much do you intend to raise? What are the key objectives and milestones that you aim to achieve with the upcoming financing round?

FlyORO plans to scale both hardware and software refinements. This includes further development and enhancement of the AlphaLite product and advancements in the technology infrastructure supporting its sustainable aviation solutions.

Given the Australian market’s focus on developing a local SAF production facility, does FlyORO have plans to collaborate or establish partnerships with local entities to enhance the production and distribution of sustainable aviation fuels in the region?

While maintaining our focus on accelerating SAF adoption on a global scale, FlyORO recognises the significance of Australia’s vast natural resources. As part of our mission, we intend to establish partnerships with local entities involved in SAF production. This approach extends to working closely with producers utilising different feedstocks, operating in diverse locations, and employing various production pathways.

By forging alliances with local producers, we aim to maximise supply chain efficiencies and contribute to the Australian market’s growth and sustainability of the SAF industry. 

How does FlyORO’s on-demand blending service contribute to the aviation industry’s broader goals in terms of environmental, social, and governance (ESG) targets, and what impact does it have on individual flight emissions reduction?

FlyORO’s innovative on-demand blending technology has multifaceted impacts at the industry level and on individual flight emissions reduction.

In the commercial aviation sector, we support both the Book & Claim and Mass Balancing approaches, depending on the characteristics of the market. This empowers flyers to offset their carbon emissions using SAF voluntarily, and we consolidate these demands through our blending hubs. By facilitating this voluntary adoption of SAF, FlyORO contributes to reducing overall carbon footprints in the aviation industry.

FlyORO’s on-demand blending service offers a unique business and general aviation advantage. Flyers, both individuals and corporates can decide their SAF adoption ratio, allowing for a more individualised approach to emissions reduction. This flexibility empowers flyers to reduce their carbon footprint and meet their ESG targets proactively.

Can you share insights into any upcoming innovations or advancements in FlyORO’s technology roadmap, especially with regard to modular SAF blending services?

One of FlyORO’s key objectives is to enhance blending efficiencies as a technological enabler. The modularity of the technology allows our solution to fit at any point of the supply chain. This includes streamlining and optimising the SAF supply chain to make the blending process more efficient, cost-effective, and scalable. Improving efficiencies contributes to a more sustainable and economically viable SAF production model.

Also Read: FlyORO wants to decarbonise aviation with its last-mile sustainable fuel blending tech

FlyORO also aims to play a pivotal role in advancing the adoption of higher blends of SAF. This involves pushing the boundaries of SAF usage to achieve higher concentrations in synthetic blend components, contributing to more substantial reductions in carbon emissions.

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Image Credit: FlyORO

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HashKey Group, an end-to-end digital asset financial services group based in Hong Kong, has completed a Series A financing round of nearly US$100 million at a pre-money valuation of over US$1.2 billion.

The round attracted new and existing investors, including prominent institutional investors, leading Web3 institutions, and strategic partners.

Also Read: Exploring blockchain’s potential impact on the education sector

The group will use the money to accelerate the product diversification of its licensed business in Hong Kong and drive development globally.

Established in 2018 and with operations in Singapore and Tokyo, HashKey Group provides innovative investment opportunities and end-to-end solutions in digital assets and the Web3 ecosystem to retail investors, large institutions, family offices, funds, and professional and accredited investors.

Its core businesses also include a global asset manager investing exclusively in blockchain technology and digital assets, a blockchain node validation service, tokenisation services, Web3 PFP incubation, and community operation services.

Also Read: How the blockchain could change the way the government works

In 2023, HashKey Exchange launched a licensed virtual asset exchange app in Hong Kong. It now has over 155,000 registered users, with a daily average trading volume of US$630 million. HashKey Exchange has also established strategic partnerships with over ten brokerage firms and six publicly listed companies.

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In October 2023, venture capital firm 500 Global released a report on the global internet industry. It revealed notable information that included the prospect of the Southeast Asian (SEA) tech startup ecosystem in the near future.

According to the report, Singapore (31.82 per cent) is the only Rise Economy that has ranked higher than the US (12.79 per cent) in the total value of tech companies valued at US$1 billion and above by nominal GDP.

In fact, in 2022, Singapore (2.12 per cent) and Israel (1.95 per cent) were the only two Rise Economies with venture penetration higher than that in the US (0.99 per cent) by nominal GDP.

Responding to this information, 500 Global Partner Saemin Ahn revealed the potential challenges that the SEA startup ecosystem might face in the next years as it attempts to grow its startups further.

“On the startup side, you’ll need founders that can build more traditionally durable companies who understand how to lead their team to drive profitability and innovation,” Ahn said.

Also Read: Meet the startups graduating from Accelerating Asia’s cohort 9

“On the investor side, you’ll need more sophisticated investors, especially at the growth stage, that can guide companies that may have their internal mechanics worked out but require more pragmatic advice on successful business models.”

When asked about any unique opportunity in SEA, Ahn put emphasis on the rise of agritech. How can local and global investors tap into these opportunities?

“I think SEA has the great benefit of having industry-leading business models and management teams in the field of agritech. It is a vertical we are very bullish about, not only because of the macros but also from the business momentum our founders are gaining and observing.”

Business as usual for 500 Global

On the matter of funding winter that has “cast a shadow” in the global startup ecosystem for a while now, 500 Global believes that this is a time of opportunity that allows investors to identify undervalued startups with strong fundamentals.

As pressure for startups to build a sustainable business heightens, how will this funding winter change how the startup ecosystem operates?

Also Read: Singapore’s Purpose VC invests in Japanese bioplastic startup Bioworks

“It will make companies more resilient. The cycle is inevitable and leads to different vintages of startups growing and maturing with unique strengths and weaknesses,” Ahn said.

Another highlight of the report is the emphasis on the more globalised nature of startup ecosystems.

“While global startup activity is becoming more global, with more than 100 countries having active startup ecosystems, global unicorn activity is also becoming more global, with more than 50 countries having minted at least one unicorn,” the report stated.

“While the Rise 30 are nascent venture capital markets with an increasing venture funding gap, they are expected to surpass each of the US and China by GDP by 2027.”

As startup activity becomes more global, what policy can help support this development?

“I think policymakers can be more effective by looking regionally,” Ahn said.

Also Read: HashKey Group secures US$100M in Series A financing, turns unicorn

“For instance, improving the tax code in Indonesia for overseas and local talent while enabling more work passes across SEA will set the region at parity with great tech hubs around the world.”

For 500 Global itself, changes in global startup trends do not affect its strategy significantly, with Ahn stating that things will be “business as usual.”

“We will still continue to look for great founders and companies regardless of where they are based, then work tirelessly to support their growth.”

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Image Credit: RunwayML

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In our years of working closely with a diverse range of businesses, we’ve witnessed firsthand the ever-evolving landscape of startups and entrepreneurship. Over the years, we’ve seen many businesses embark on the quest for funding, believing that substantial venture capital or angel investments were the golden ticket to success. This notion has been deeply ingrained in startup culture for decades, and it’s a path that’s often chosen.

However, our journey alongside these businesses has revealed a fascinating shift in recent times. Entrepreneurs from various industries and backgrounds are now recognising the profound value of aligning their fundraising efforts with what we affectionately call the “bootstrapper’s mindset”.

This shift represents a pivotal change in perspective — one that champions profitability and the efficient allocation of resources. The end result? Businesses that are not only successful but also remarkably sustainable and resilient in today’s fast-paced and dynamic entrepreneurial landscape.

Now, let’s dive deeper into this transformative approach, often referred to as “fundraising with a purpose,” and discover why it’s making waves in the world of startups.

The bootstrapper’s mindset defined

Now, before we dive into the good stuff about fundraising with a bootstrapper’s mindset, let’s get on the same page about what this mindset is all about. Bootstrappers are the kind of entrepreneurs who put a premium on financial sustainability and self-reliance. They’re all about building businesses that can go the distance without leaning on external funding. Think of them as the resourceful, penny-pinching, profit-focused pioneers of the startup world.

The traditional fundraising approach

Traditionally, startups seeking external funding tend to prioritise growth at any cost. The mantra often is to secure as much capital as possible to scale rapidly, even if it means operating at a loss for an extended period. While this approach can work for some companies, it comes with inherent risks. Overemphasis on growth can lead to overspending, a lack of focus on profitability, and, in some cases, an eventual burnout of funds without achieving sustainable success.

The benefits of fundraising with a bootstrapper’s mindset

So, why should startups consider aligning their fundraising efforts with a bootstrapper’s mindset? 

Here are some compelling reasons:

Sustainable growth

In our journey, we’ve come to truly appreciate the beauty of sustainable growth, and it’s a lesson we believe every startup can benefit from. It all begins with adopting a bootstrapper’s mindset, a mindset that encourages startups to prioritise growth that stands the test of time.

We’ve learned that it’s not just about growth for growth’s sake. It’s about crafting strategies that have a fundamental goal — to generate revenue and profitability right from the outset.

When we embrace sustainable growth, we equip our businesses to withstand economic downturns and face unexpected challenges with resilience. It’s like building a strong foundation for a house; it ensures that the structure can weather the storm, stand tall, and continue to thrive, no matter what comes our way.

Also Read: The power of financial models for startups: A guide for founders and VCs

So, if there’s one piece of advice we’d like to share, it’s this: prioritise sustainable growth from day one. Focus on strategies that not only propel your business forward but also anchor it securely in the ever-changing tides of the business world. It’s a journey worth embarking on, and we’re here to reflect on it with you.

Resource efficiency

Bootstrappers, by nature, excel at the art of resource allocation. They don’t see expenses; they see investments. They understand the true value of every dollar spent and have a knack for discovering ingenious ways to maximise their resources. This efficiency isn’t just about saving a few bucks; it’s about extending the runway for startups, ensuring they have the stamina to keep soaring.

But it’s not only financial runway extension that resource efficiency brings to the table. It nurtures something much more profound — a culture of fiscal responsibility. This culture becomes an integral part of your startup’s DNA, guiding decisions and actions at every turn.

So, as you navigate the exhilarating journey of entrepreneurship, remember the wisdom of resource efficiency. See every dollar as a building block in your grand vision. Embrace the power of maximising resources, and let it be the cornerstone of fiscal responsibility within your startup. It’s a practice that’s not just good for your bottom line; it’s the key to long-lasting success.

Financial resilience

Financial resilience is like a sturdy ship in turbulent waters. When you’re prepared, you can navigate the storms with confidence, knowing that your business is built to endure. By embracing this mindset, startups become less vulnerable to the whims of external economic factors. Instead of being tossed about by market volatility, they stand firm, adaptable, and steadfast in their commitment to long-term success.

So, if we were to impart a piece of advice gained from our journey, it would be this: prioritise the cultivation of financial resilience within your startup. Consider it your safety net, your shield against the uncertainties of the business world. It’s not merely about weathering the storm; it’s about emerging from it stronger and more prepared for what lies ahead.

Investor confidence

Investors are drawn to the potential for long-term returns and sustainability that this approach signifies. It’s a powerful way to build trust and forge lasting relationships with those who believe in your vision.

Seek not just investors but partners who share your commitment to financial wisdom. Show them that you’re not just about raising funds; you’re about making those funds work efficiently and profitably for the long haul.

Customer focused

This customer-centric approach is like a compass, guiding startups towards the path of loyal and satisfied customers. It’s a journey that reduces the need for excessive spending on customer acquisition because satisfied customers often become your most effective brand advocates.

Also Read: How Asia Pacific startups propel the evolution of Generative AI

As you tread your own entrepreneurial path, take a moment to reflect on this. Prioritise understanding and serving your customers, for in them lies the lifeblood of your startup. It’s not merely about chasing numbers; it’s about nurturing relationships that will fuel your growth journey.

Case in point: The Bumble success story

One noteworthy example of fundraising with a bootstrapper’s mindset is Bumble, the popular dating and social networking app. Founded by Whitney Wolfe Herd, Bumble took a unique approach to marketing with a bootstrapper mindset. While the company did raise funds, it used ‘crazy hacks’ to drum up user interest without breaking the bank.

• Cookies and connection: Herd, with a twinkle of creativity, walked into a humble cookie shop, handing over a mere US$20 to skilled bakers. The task? Adorning yellow-frosted cookies with the iconic white Bumble logo. Armed with this delightful treat, she ventured to a nearby college sorority, forging connections and sparking interest in the app.
• Gifts that garnered attention: The savvy entrepreneur didn’t stop at cookies. She showered sorority girls with an array of captivating gifts, all in exchange for downloading and sharing the app with friends. Balloons, koozies, and vibrant yellow Hanky Panky undergarments all found their way into the hearts of potential users. These inventive incentives turned heads and ignited curiosity.
• Pizza and branding: College fraternities became another avenue for Herd’s creative marketing tactics. Armed with pizza boxes adorned with branded bumblebee stickers, she made her presence known. It was a simple yet effective strategy to capture the attention of potential users within these communities.

Herd‘s mantra was clear: “We did not have countless marketing dollars…we actually had to be really scrappy.” She understood that success often hinges on innovative thinking, resourcefulness, and a willingness to take unconventional routes. With her unique approach, several sorority women and fraternity men began to download the app, igniting a snowball effect of growth.

Herd’s journey with Bumble serves as a testament to the power of a bootstrapper mindset and the ingenious “crazy hacks” that can propel a startup to extraordinary heights.

Wrapping up: Navigating the startup terrain

The bootstrapper’s mindset has undeniably demonstrated its value, unveiling a roadmap that seamlessly integrates profitability, resource optimisation, and steadfast fiscal responsibility.  It’s a path that leads to the creation of businesses that are not just robust but also magnetic, drawing in investors and customers alike.

While it’s undeniable that external funding plays a crucial role in the growth of startups, what truly distinguishes exceptional businesses is the alignment with the idea that one doesn’t necessarily require substantial capital to generate profits. This alignment serves as the bedrock for enduring success and sustainability, shining brightly as a guiding light in the ever-shifting and unpredictable realm of entrepreneurship.

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Toki, a Philippine social commerce platform dedicated to collectibles in Southeast Asia, has secured US$1.8M in pre-seed funding from Kaya Founders and Foxmont Capital Partners.

Strategic investors, such as Anthony Oundjian (BGC Philippines), Brian Cu (SariSuki), and Ernest Cu (Globe), also participated. Bigboy Cheng, a renowned Southeast Asian sneaker, toy, and art collector, also joined.

Launched in November 2023 by former GCash executives, who are avid collectors, Toki aims to bring a seamless experience to collectors’ journey, from discovery to purchase, and address the challenge of unsecured transactions in the market that comprise payments, logistics, and after-sales.

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

Since its launch, the marketplace has featured over 70,000 products across its first four categories, onboarded 100 curated sellers who rank among the top 30 sellers/resellers in their respective categories, and conducted close to 50 livestream auctions.

Toki debuted with the first four categories of Sneakers, LEGO, NBA Cards, and Funko Pops, representing the most popular collectibles among Filipino collectors.

In the next few months, Toki will scale up to expand its inventory further and introduce more categories in the platform. As a platform offering livestream auctions, Toki plans to build on this feature and continually unveil more innovative capabilities to enhance collectors’ experience.

Nearly half of the population (46 per cent) identifies as collectors in Southeast Asia, Hong Kong, and Taiwan. Among these, a significant 91 per cent have engaged in recommerce, averaging an annual spend of US$200, demonstrating this market’s robust nature and potential.

Zoe Ocampo, Co-Founder and CPO of Toki, said: “In countries like Thailand, Indonesia, and Vietnam, there’s a real appetite for platforms that not only offer reliable, secure trading but also bring the excitement of live stream auctions. We’re thrilled about stepping into this space and making a difference.”

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

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

“Now that we are seeing traction, our primary goal is to establish ourselves as a reliable partner to Filipino collectors. We still need to keep on perfecting our solution to address the gaps that we have already identified in the market,” stated Frederic Levy, Co-Founder and CEO of Toki. “As we streamline, expand, and introduce more categories on our platform, we will also be assessing other markets to identify where collectors could benefit from our services. Most importantly, we are focused on understanding how to serve them in the most effective way.”

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Japanese startup Bioworks has secured undisclosed funding from Purpose Venture Capital (Singapore), Hill Capital (Hong Kong), 18 Salisbury Capital, textile trading company Yagi & Co, and other unnamed investors, bringing its cumulative capital raised to date to US$17.3 million.

The newly raised capital will be utilised to strengthen its R&D and human resources, expand its product portfolio, enter new markets, and expand its domestic and international business.

Also Read: Why these startups focus on informal plastic waste workers in the fight against climate crisis

Established in 2015, Bioworks is a new material creation company aiming to realise a sustainable, recycling-oriented society. It has developed PlaX, a new carbon-neutral material made from polylactic acid (PLA), a bioplastic made from sugarcane and other plant-based materials, with the addition of a plant-derived additive developed in-house by Bioworks.

PlaX presents a viable alternative to petroleum-derived synthetic fibres like polyester. It is biodegradable and compatible with chemical recycling, in which equivalent materials are reproduced from waste. It can reduce CO2 emissions by 35 per cent compared to polyester during yarn production. Emissions during incineration and disposal are also reduced.

Through the partnership with Yagi, a company with a long history of success in the textile industry, Bioworks will further expand the reach of PlaX, a new carbon-neutral material developed in-house, to a broader market.

Co-founded by Sharon Sim, Sertac Yeltekin, and Von Leong, Purpose Venture Capital is a Singapore-based international VC firm that supports early-stage sustainable tech companies. The firm invests globally with a focus on Asia-based startups.

Also Read: Understanding the role of fintech, blockchain in transitioning to net zero

Its portfolio companies include Zumvet (animal health service), Igloocompany (secure access management platform), HydraX (regulatory-compliant and sustainable financial infrastructure for capital markets of the future), and Archireef (a nature tech company dedicated to the restoration of degraded marine ecosystems).

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Singapore-based Accelerating Asia unveiled the eight startups graduating from its latest cohort (cohort 9), who will pitch to an audience of investors worldwide on demo day on January 31, 2024. 

Spread across 100 days, the programme includes master’s classes, mentoring with Accelerating Asia Ventures’s entrepreneur-in-residence, pitch nights, and other events that were capped off with an in-person retreat in Bali, Indonesia, for one week of intensive learning from mentors, facilitators, and program administrators. 

Also Read: Accelerating Asia on building a company culture that fosters innovation and inclusion

The eight graduates — coming from six markets across Southeast Asia (Singapore), South Asia (India, Sri Lanka, Pakistan, Bangladesh), and East Asia (Japan) — saw an increase in average monthly revenue from US$13.2,000 to US$51,000. They also received investments from Accelerating Asia Ventures Fund 2.

The cohort 9 of Accelerating Asia graduates are:

BrickandMortar.AI: it connects its AI system with existing CCTV infrastructure and churns out real-time actionable intelligence that solves business problems.

Auptimate: a platform which makes it easy to set up and operate special-purpose vehicles.

Interactive Cares: a virtual Edtech company that creates employability for millions of unemployed youths in emerging markets.

Mintpay: a shopping aggregator that simplifies shopping decisions and offers flexible payment options, cashback rewards and voucher discounts.

Also Read: Seedstars, Accelerating Asia back Bangladeshi e-pharmacy startup MedEasy

Noapp: an AI-driven platform that aims to empower businesses to market and launch their products built with the official WhatsApp API.

ORKO: a software provider for electric vehicle manufacturers & fleet operators and charging station/battery swapping station operators.

PEEL Lab: a B2B greentech manufacturer of plant-based leather made out of leftover pineapple leaves.

UXArmy: the startup enables organisations to understand customer needs and create delightful experiences backed by automated user research and AI.

Accelerating Asia Ventures will also begin recruiting for its next cohort of startups soon. Startups interested in joining the accelerator programme and becoming part of Cohort 10 can apply here.

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Singapore-based OKX Ventures has led an investment round in BeWater.

BeWater is a Web3 venture studio and global developer platform that facilitates the development of open-innovation campaigns and events, including hackathons, in what it claims to be 10 minutes.

With over 100 campaigns underway, BeWater claims to have a diverse range of coding languages, including Solidity, Rebase and Move, coupled with various Layer 1 chains and toolkits such as Starknet, Bitcoin and Polkadot. The company said its platform has attracted over 25,000 GitHub-certified developers from more than 50 countries.

Also Read: What metaverse trends should you keep an eye on in 2024?

Leveraging its incubation experience and expertise, BeWater’s Web3 venture studio focuses on supporting early-stage startups and nurturing a Web3 product ecosystem. According to a statement, BeWater recently achieved success with the ‘ABCDE BTC Hacker Camp’ held in November 2023. During this event, seven BTC ecosystem projects received oversubscribed funding within just ten days of immersive bootcamps and BTC workshops.

“BeWater’s vision aligns perfectly with ours, as it seeks to capture the progress achieved through the experience of building from scratch. Together, we aim to advance the widespread adoption of Web3 technology, enhance practical use cases, and deepen engagement in Web3 from Web2. As lead investors in BeWater, we are dedicated to enriching user awareness and amplifying the power of builders as we enter a new era in the crypto and Web3 space,” OKX Ventures Founder Dora Yue.

OKX Ventures is the investment arm of the global crypto exchange and Web3 technology company OKX, with an initial capital commitment of US$100 million. It focuses on exploring the best blockchain projects on a global scale, supporting cutting-edge blockchain technology innovation, promoting the healthy development of the global blockchain industry, and investing in long-term structural value.

Also Read: Whampoa Digital, Wemade partner to form US$100M Web3 fund

Recently, OKX Ventures joined the Series A funding round of Polyhedra Network, which builds the next generation of infrastructure for Web3, focusing on interoperability, scalability and privacy, using advanced ZK-proof technology.

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Logistics and supply chains, overseen by supply chain management, involve numerous stakeholders and span international borders. Effective operational planning and coordination are crucial for timely product delivery, influencing quality, pricing, and customer satisfaction. The global trade value was estimated at a record $32 trillion in 2022, expected to grow by 0.8% in 2023, driven by the exponential rise in e-commerce post-COVID-19.

Local businesses contribute to this economic surge, empowering the local market and integrating into the global supply chain despite barriers that hinder SMEs from exploring business growth. To overcome these challenges and empower SMEs, efficient logistic solutions are crucial, facilitating seamless operations and connecting businesses with customers globally.

Empowering SMEs through efficient logistic solutions with Lalamove

Lalamove is an on-demand delivery platform which provides affordable and reliable delivery services to customers globally. Currently, Lalamove operates in 11 markets across Asia and Latin America. Through dedicated mobile and web apps, Lalamove seamlessly connects users and driver partners to move things that matter.

Lalamove’s unique selling points lie in its wide variety of fleets ranging from motorcycles to cars, to MPVs, and a variety of vans and lorries, which allow customers to choose the most suitable vehicles depending on their needs. Hence, customers can save costs without compromising service. Additionally, Lalamove offers value for money with no hidden costs through its pay-as-you-grow model where users only pay for what they need rather than for services that they may not use. The company offers a competitive fare matrix, charging fares as little as SG$26 for van deliveries, making it an affordable option when compared with other providers in the market.

Also read: StartupIN by Ingenico: A guide to in-store commerce success

Moreover, Lalamove can arrange deliveries instantly to accommodate customers’ urgent requirements. Users are also able to schedule orders in advance to accommodate the high volume of orders and align inventory levels with customer demand. This in turn would help optimise efficiency and productivity while saving costs. Users can then explore tracking updates conveniently with the mobile or web app, and businesses can integrate Lalamove’s API with their e-commerce platform to further accelerate the order placement and delivery process.

By taking advantage of Lalamove’s last-mile on-demand or scheduled deliveries, companies can adapt to evolving consumer needs and ultimately foster brand loyalty. Businesses can cut high operating costs and fixed overheads including vehicle purchases and human resource payment by working with Lalamove as a partner. This consequently makes it possible for forward-thinking e-commerce businesses aiming to operate throughout the region to build and scale their operations more quickly.

In addition, businesses that have very specific needs can tap into Lalamove’s customised delivery solutions to create tailor-made services that address their specific needs according to their unique business model. These customised solutions offer a slew of options and models that can be modified, giving merchants the added advantage of fixed contract pricing, a trained driver fleet, flexible delivery procedures, and dedicated operation and account management support.

Lalamove’s platform also boasts a seamless customer service support experience where its dedicated team of professionals and well-trained customer service specialists can provide support for all business delivery needs and inquiries, which gives them an advantage over businesses that use other third-party logistic partners that lack the same level of customer support service.

Success stories with Lalamove in Asia

Since its establishment in 2013, Lalamove has supported the expansion and internationalisation process of businesses in various industries including e-commerce, retail, wholesale, events, and F&B. For example, Lalamove has successfully cooperated with various partners including Elitez FMCG, a fast-growing activation and events company based in Singapore.

By switching to Lalamove, Elitez FMCG resolved its manpower challenges and now enjoys cost-effective delivery services, on-demand flexibility, and quick and reliable multi-stop services to manage its business better. In addition to this, Lalamove supports ad-hoc deliveries whereas other logistic companies fail to deliver on their end, resulting in month-on-month business growth for Elitez as illustrated by the fact that the company’s orders have grown 8 folds in just 5 months.

Also read: e27 launches Startup Ecosystem Roundups for 2023

Since 2013, Lalamove has facilitated business expansion across industries like e-commerce, retail, wholesale, events, and F&B across different parts of the region. For instance, in the Philippines, Lalamove successfully partnered with Le Sucré Lab Chocolates, boosting their daily orders from a dozen to 200-300 through Lalamove’s Purchase Service. This resulted in increased revenue and nationwide brand awareness for Le Sucré Lab Chocolates. The efficient logistics and customer service provided by Lalamove allowed the dessert business to concentrate on creating delicious treats, while customers enjoyed convenient on-demand delivery services. 

More awaiting opportunities for Lalamove this 2024

The Chinese New Year season imposes a significant strain on logistics networks due to heightened demand for the movement of goods and products. Companies need to plan meticulously to handle increased order volumes, ensuring that products are stocked and delivered promptly despite potential disruptions in the supply chain.

Lalamove continues to invest in technological innovation to introduce more advanced features to enhance user experience and help SMEs save even more. This includes providing various vehicles, route optimisation features, multi-stop delivery features, and purchase services. Lalamove is working hard to double down on its services to accommodate the increasing demand during the Chinese New Year season and all related festivities surrounding the holiday.

Also read: Qarbotech named winner of inaugural EQT Impact Challenge

More broadly, the logistics industry faces the challenge of maintaining seamless operations to meet the escalating demands of businesses and consumers alike, illustrating the crucial role it plays in facilitating the smooth flow of goods during this celebratory season.

To meet these demands, Lalamove has implemented several measures such as expanding its delivery fleet, introducing new solutions, and collaborating with local merchants for better coverage, effectively empowering SMEs and preempting opportunities to leverage and challenges to address in 2024.

In addition, Lalamove will be launching a special CNY promotion where users can sign up to get 30% off their deliveries by using the code LALAHUAT. This special promotion will provide discounts for new users that use Lalamove during the peak season or need last-minute deliveries throughout the Chinese New Year season. 

Empower your business today by partnering with Lalamove. For more information, please visit here. #ChiongWithLalamove

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

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Starting an e-commerce brand has never been easier; anyone with a product to sell can have a Shopify or Woocommerce shop running within a few hours. Yet, it’s never been harder to actually grow and scale. You must find your customers on multiple channels and take orders from them on multiple platforms.

As an e-commerce owner, it’s no longer enough just to have your own website. On average, one brand needs 10-12 tools to run its business with thousands of data points to parse through. Add the backdrop of rising interest rates, inflation, and customer sophistication, which have increased customer acquisition costs (CAC); it becomes a vicious cycle where the odds may feel against you as an e-commerce owner. 

Enter AI. 

AI is an enabler that can help solve a number of pain points and help reduce resource and time constraints for young D2C brands. Here are a few successful use cases for implementing AI for your e-commerce brand. 

Using AI to parse and provide actionable insights

New e-commerce brands today are overloaded with data. It is a whole lot of noise. With CAC as high as in the US$100s per customer and customers spending less but expecting more, leveraging data to find the right customers and deliver targeted and effective marketing campaigns is even more important today.

You can connect your most-used data sources such as Shopify, WooCommerce, Meta Ads, Google Ads, Klaviyo, and Google Analytics so the AI can run different growth scenarios and analyses within seconds using your data but also comparing it against reasonable benchmarks for brands like yours.

This allows the AI to predict areas of focus where you are likelier to grow and succeed and customers better suited for you. It can then provide actionable insights in those areas, utilising a database of tactics prioritised on factors such as estimated uplift, effort required, and other factors based on your brand and industry. 

Also Read: Why fintech companies should learn about customer retention from e-commerce companies

The other thing to note is that customer personas are no longer about demographics; for example, creating campaigns based on age and socio-demographics. We are now shifting to indexing more on the use case, e.g., what am I buying this product for? That can span different types of people or personas.

For example, one of the brands we work with is a skincare anti-ageing brand. This product may seem geared toward a slightly older demographic on paper. It would be very easy to come up with a traditional marketing segmentation (e.g., female, ages 35 to 54 years old, etc.) and launch an ad campaign based on that segmentation. 

With the predictive capabilities of AI, we found that younger age groups  (e.g., 25-30-year-olds) would likely be keen to use the skincare brand for preventative care, and the same group was also interested in pop culture and celebrities. The AI can then prescribe to target 25-30-year-olds and develop an ad campaign and creatives that touch on today’s pop culture trends. 

Using AI to find the right customers: Your ‘better’ customer

A common question brand owners ask is, “Where can I find more of my better customers or the right customers?” AI can help you build a profile of your ‘better’ customers, i.e., customers who will buy, stick around, and ultimately, be profitable.

AI can produce such a  customer profile. AI can tell you what they look like, what they are likelier to purchase now and in the future, and where they could potentially come from.  It can actively trawl and look at available channels to access customers, social media sites, affiliate marketing players, and other marketplaces. The result is that it will tell you that “your ‘better’ customer looks like this type of person, and you can find them in these places.”  

For example, for one of our organic food brand customers, the Needle AI figured out similar interests that the ‘better’ customers of this brand might favour, such as holistic health and home gardening. The AI recommended a prospecting campaign using interest targeting on Google Ad platforms, and they saw a return on ad spend of 8x instead of their usual 2x. 

Using AI to increase customer stickiness

Retention is a pain point for most brand owners. Assuming you have a good product, theoretically, getting the customer through the door is more expensive, though it should be cheaper the second or third time around, and that’s where your profits come in.

Also Read: How express delivery services can become a key differentiator for e-commerce businesses

But, the challenge lies in getting the better product in front of an existing customer at a better time while wading through all the noise that we’re all typically bombarded with from all angles. 

With the predictive abilities of AI, it can develop a view of what customers are currently primed for another purchase from your brand, what product they are likely to buy next, and what channel is best to reach them with. 

At Needle, one of our brands provides fashion accessories worldwide to women in urban areas. It predicted the likely products existing customers would return and purchase the second time and within how many days of their first purchase. It recommended they set up an automated campaign that sends an email to existing customers after their first purchase of specific products.

The email was among their highest converting ones (converting 70 per cent higher than their average email), generating thousands of dollars of monthly revenue in “set and forget” mode. 

AI can help you do more with less

Velocity matters when scaling a D2C e-commerce brand, and success is about the number of smart bets you can take quickly. As a brand owner, you are in the business of gambling whether you know it or not (note: we do not endorse actual gambling!). Your ultimate success ultimately correlates with how many smart bets you can take as quickly as possible. The AI technology being developed today allows you to take these kinds of bets. 

At the same time, young D2C brands are often resource-constrained — with the founder wearing multiple hats. Using AI, we’ve seen the output in terms of the execution of a team three or four times their size. All this allows you to take a higher volume of smarter bets, giving you a higher chance of success and defying the odds. 

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