HiFeed, a startup focused on reducing the carbon footprint of cattle farming, has closed its pre-seed funding round, led by climate-tech venture builder Wavemaker Impact (WMi).

The investment aims to accelerate HiFeed’s innovative solutions designed to decarbonise cattle farming and transform livestock production into more sustainable and eco-friendly industries.

Also Read: SEA startup funding sees mixed results in December 2024

HiFeed operates on the principle that agricultural innovation is crucial in tackling climate change. The company is developing cutting-edge technologies and strategies to reduce the environmental impact of cattle farming, particularly addressing greenhouse gas emissions, with a focus on methane.

According to the company, livestock farming, particularly cattle farming, accounts for 9 per cent of global greenhouse gas emissions and is a major source of methane. HiFeed aims to significantly reduce methane emissions from cattle, improve feed efficiency and promote sustainable farming practices.

HiFeed’s approach is based on three core pillars: methane mitigation technologies, sustainable feed solutions, and carbon insetting solutions. The company is developing innovative feeds with anti-methanogenic properties and other technologies to enhance digestion and reduce methane emissions.

The startup is also investing in research to create nutrient-rich, eco-friendly feed options that lower the carbon intensity of cattle farming.

In addition, HiFeed provides tools that enable farmers to measure and reduce their carbon emissions, helping them to achieve net-zero targets while improving profitability.

Ihsan Akhirulsyah, founder and CEO of HiFeed, stated: “Cattle farming is a vital part of the global food system, but it also has a major environmental impact. Thanks to Wavemaker Impact’s support, we’re closer to revolutionising the industry with solutions that enable farmers to cut emissions while improving productivity. Our goal is to make decarbonisation not only accessible but also scalable and profitable for farmers worldwide”.

Also Read: What Asia’s smallholder farmers really need and why startups should lead this uncontested race

Wavemaker Impact shares HiFeed’s mission to drive sustainability in agriculture. Guillem Segarra, Principal at Wavemaker Impact, said, “Early results from HiFeed’s pilot projects have demonstrated promising outcomes—feed costs for farmers have lowered, alongside improved cattle growth rates. With Ihsan’s experience and passion for agritech, we’re confident in HiFeed’s potential to transform food systems in Southeast Asia and beyond.”

HiFeed plans to expand its research and development efforts, enhance its technology infrastructure, and scale its solutions to reach farmers in key regions.

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In the early days of the internet, known as Web1, users could only read the information presented on websites. This changed with Web2, where users could create content, but it was stored on platforms owned by major companies. Now, with the rise of Web3, users can both read and write content that they truly own, gaining control over their digital assets.

As the Web3 ecosystem expands, everyone — users, creators, builders, and investors — stands to gain. This sense of ownership encourages more people to engage with and invest in alternative cryptocurrencies or altcoins, which are becoming crucial to this new digital landscape.

Why is there confusion in the world of altcoin?

However, the world of altcoin might leave investors confused. Altcoins are largely unregulated and poorly understood. At the same time, they might be scared due to past incidences in the altcoin scene. For example, the OneCoin altcoin crypto scam between 2014 and 2017 duped investors of over SG$5 million (US$3.66 million).

Alternatively, investors might be worried of its volatility, as the price of Ether, the digital currency of Ethereum (ETF)’s blockchain network, plunged over 50 per cent in 2021 when it had seemed to be doing well.

The confusion on altcoins is apparent with studies such as the S. Rajaratnam School of International Studies’s “Altcoins: Hidden Gems or Outright Scams?” as recent as July 2021. This in turn has led to altcoin market capitalisation (SG$77.5 million) being only
4.31 per cent of BTC’s market capitalisation (SG$1.8 trillion), highlighting the lack of appetite for altcoins in comparison to Bitcoin.

How can we understand the value of altcoins?

Many investors still struggle to see the broader value of cryptocurrencies. While some institutions recognise Bitcoin as a hedge against inflation, many in the general public only view it as a speculative asset driven by memes. Bitcoin is certainly a store of value, but the real potential of cryptocurrencies lies in their ability to support on-chain applications and verify data assets.

Each cryptocurrency has a specific role to play. Bitcoin mainly acts as a store of value, and we’re seeing more countries and companies start to hold it as a reserve asset.

Meanwhile, ETH powers smart contracts, NFTs are transforming the art market, and stablecoins are bridging gaps in traditional finance. Decentralised Autonomous Organisations (DAOs) offer a new way for groups to govern themselves democratically. Yet, many aspects of currency remain untapped, pointing to a bright future for altcoins.

Also Read: Embracing AI and cryptocurrency: Is Hong Kong too ambitious?

Why has there been a change of attitudes towards altcoins in recent times?

Recent trends suggest a shift in perspectives towards altcoins. This may be driven from investors realising the market potential that altcoins have. The potential for growth in the altcoin market stems largely from the fact that many altcoins are still untapped. The growth rate of the altcoins’ mining market is also faster than Bitcoin’s as new projects continue to emerge in the Proof of Work (PoW) space, and with a significant number of unmined altcoins still available, there is considerable room for expansion.

At the same time, we have seen over the last decade that the proportion of Bitcoin’s market cap in the total crypto market has been declining, which indirectly highlights the market potential of altcoins. Indeed, we have seen that in the first half of 2024, the market cap of altcoins increased by 77 per cent.

Key milestones of positive reception of altcoins in recent times

This change of attitudes towards altcoins has led to the US Securities and Exchange Commission (SEC) approving the first ever spot ETF Exchange Trade Funds (ETF) in July 2024. We also saw that ETF providers on the exchange, such as Blackrock, saw net inflows on their ETF of over SG$460 million (US$337 million) in just three days from the ETF ETH approval.

Furthermore, experts feel that the approval of ETH ETFs can lead to a boom in the performance of altcoins. It allows everyday investors to dip their toes into the altcoin market for the first time by legitimising ETF as an investment asset.

It can also drive substantial capital flow and alter the mindset of traditional finance players who are now looking at launching another altcoin ETF, the Solana ETF. Intchains Group Limited (ICG), as a scarce publicly listed company focused on mining chip development can share some tips on how to seize the opportunity.

Researching altcoins

Miners should start by learning about the new narratives and watching the dynamics of  KOLs in the cryptocurrency industry. For example, meme coins such as Dogecoin that once saw a huge rise of 30 per cent in October 2024 after being mentioned by Elon Musk on X.

It is also important to keep an eye on emerging technologies such as Zero-Knowledge Proofs (ZKP) and Homomorphic Encryption (HE) in altcoins. ZKP and HE enhance privacy, security, and scalability by enabling confidential transactions. At the same time, they help to strike a balance between confidentiality and verification requirements in digital interactions. Having an understanding of such emerging technologies enables you to identify opportunities and make informed investment decisions.

Legal and tax considerations are equally important. Regulations vary widely by country, with some nations imposing strict bans on cryptocurrencies. For example, Denmark plans to tax unrealised gains on digital assets starting in 2026. Staying updated on legal
frameworks can help miners avoid pitfalls.

Researching on altcoins can sound daunting. Seasoned investors rely on trusted sources such as crypto news sites and follow KOLs on platforms like Telegram and X. As a prominent player in the blockchain scene, ICG also often shares industry insights on its social media channels to help investors remain informed on the latest development trends of altcoins.

Selecting the right mining hardware

Choosing the right mining hardware is critical for success in altcoin mining. Different cryptocurrencies use various algorithms, so it’s vital to select ASIC (ApplicationSpecific Integrated Circuit) hardware that matches the chosen altcoin’s algorithm.

It is perfectly normal to seek expert advice on software and hardware selection. ICG, a designer of altcoins ASICs and a corporate accumulator of ETH, frequently shares insights to help customers align their mining hardware with their altcoin strategies, focusing on aspects like mining power and energy efficiency.

Also Read: The rise of crypto ETFs: A new dimension in investing

Setting up a secure wallet and network

Mining can be done through solo or pool mining. Solo mining has the potential for higher rewards but also carries significant risks. In contrast, pool mining combines computational power, offering more consistent returns. When it comes to securing assets, cold wallets are typically the safest option. Distributing funds across multiple wallets and pools can also enhance overall security.

Maximising mining rig performance

To boost mining efficiency, miners should consider focusing on altcoins that haven’t yet achieved high network hash rates but show promise. Upgrading from GPUs to dedicated ASIC chips, choosing energy-efficient hardware, and operating in areas with favourable electricity costs can all lead to better performance.

Investing in altcoins is like panning for gold; it requires a deep understanding of emerging technologies and crypto applications. With clearer regulations, positive market trends, and a wider range of altcoins, there’s substantial growth potential ahead.

In conclusion, as we step into 2025, the world of altcoins invites those willing to look beyond Bitcoin. By understanding the unique features of altcoins and taking a strategic approach, investors can seize the opportunities that lie ahead in this dynamic crypto landscape.

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Global employment solutions provider Employment Hero has announced the acquisition of Humi, a leading Canadian employment platform, in a deal estimated to be worth over CAD100 million (US$69.6 million).

This acquisition marks a significant step in Employment Hero’s global expansion strategy, specifically in the Canadian market.

The deal will combine Employment Hero’s global innovation and Employment Operating System (eOS) with Humi’s deep understanding of the Canadian market. This partnership aims to create a localised solution for Canadian businesses.

Also Read: Employment Hero rakes in US$167M to accelerate global expansion

Thousands of Humi’s small and medium-sized enterprise (SME) customers will gain access to an all-in-one platform for payroll, HR, and benefits specifically designed for the Canadian business landscape. The companies aim to double their customer base in the near future, solidifying their position as a leader in employment management solutions within the region.

Canada, with over one million SMEs, represents a significant opportunity for improved productivity amongst employees and employers. This partnership is expected to fuel further product innovation as Humi grows to meet the evolving needs of Canadian businesses.

Humi has been developing employment solutions for almost a decade, focusing on valuing, supporting, and inspiring employees based on the idea that businesses thrive when they prioritise their people.

Ben Thompson, CEO and co-founder of Employment Hero, said: “The Humi team has a deep knowledge of Canadian employment and an impressive track record of supporting businesses in Canada. Humi will remain Canadian-operated, and their team will continue to serve the unique needs of local businesses.”

Employment Hero’s eOS integrates HR, payroll, recruitment, and employee engagement tools. Serving over 300,000 businesses and managing over 2 million employees worldwide, Employment Hero aims to reduce administrative burdens, allowing businesses to focus on growth and employee engagement.

In October 2023, Employment Hero secured SGD229 million (~US$167 million) in a Series F growth round of financing for global expansion in 2023. Led by global growth fund TCV, the round also saw participation from existing backers Insight Partners, AirTree, Seek, and OneVentures.

Also Read: When your employer is quietly quitting you: The untold perspective

Since its inception in Australia in 2014, Employment Hero has expanded to New Zealand, the UK, Malaysia, and Singapore

Humi is known as a comprehensive employment platform for Canadian businesses, focusing on providing a unified payroll, HR, and benefits solution.

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Indonesian e-commerce platform Bukalapak has announced a significant strategic shift, moving away from the sale of physical products to concentrate on its virtual offerings.

The company, which has been evolving since 2021 into a broader e-commerce platform, will gradually discontinue physical product sales starting in February 2025.

It is not immediately clear what virtual products the company plans to sell. We have reached out to the company seeking details.

This move is part of a broader transformation that has seen Bukalapak expand into areas such as virtual products, gaming, retail, investment, and Mitra Bukalapak services. The company stated that this pivot is essential to ensure long-term sustainability and competitiveness, noting changes in market dynamics and industry competition.

This plan was initially disclosed in an Information Disclosure announcement in late October 2024.

Also Read: Bukalapak spills the secrets on building a high-performing mobile development team

According to an official statement, the discontinuation of physical product sales will not materially impact revenue, as these sales account for less than 3 per cent of the company’s total revenue. Instead, the company views this change as a way to achieve positive EBITDA and maintain a healthy and profitable business.

Bukalapak will continue to operate its marketplace platform, including its app, website, and Mitra Bukalapak services, for its existing services.

The company believes that this strategic focus on virtual products will strengthen its position in the digital ecosystem. Bukalapak has also been developing new business lines such as Mitra Bukalapak, Gaming, Investment, and Retail over the past few years, which are seen as having positive business prospects.

Bukalapak has emphasised its strong financial standing, reporting cash reserves of IDR 19 trillion as of Q3 2024. These funds will be used to support the growth of the company and its subsidiaries.

The e-commerce firm will support its sellers by providing various guides and resources to ensure a smooth transition. The company also assures that customer rights will be upheld throughout the transition process.

Bukalapak’s decision reflects a significant shift in its business strategy to focus on higher growth potential areas within the digital ecosystem. The move signals the company’s intention to remain a key player in the industry by focusing on virtual products and services rather than physical goods.

Since its inception in 2010, Bukalapak has raised US$584 million in venture funding from over two dozen investors, including Microsoft, GIC, Emtek, SC Ventures, NAVER, BRI Ventures, Mandiri Capital Indonesia, Bank Rakyat Indonesia, Mirae Asset Global Investments, Ant Group, and Endeavor.

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Visiting a friend with younger children, I had the excruciating moment of re-discovering stepping on a LEGO block. As I gouged out this little red block of sharp angles and contemplated it, I realised this toy and brand have been with me my entire life, and it looks exactly the same as when I played with it (which is definitely a few years ago).

It is such a simple design and idea, and yet it has persisted as one of the largest toy companies in the world. As I googled, I saw this Danish company’s US$9.7 billion revenue had “out-paced” the toy industry.  I also realised it had been around since the 1930s.  The actual patent expired in 1989.

So how has such a simple, aged toy maintained such a dominant position in the “Plastic Construction Toy” category?   And how has a Danish company with a small domestic market driven this global success?

Take a step back and ask where you have seen LEGO recently. As a Star Wars kit? As an amusement park experience (LEGOLAND)? At the Levi’s store, embedded into a jean jacket? At a retail mall with models on display? As a combined online and offline interaction? The answer is correct for all. And it is only the tip of the iceberg of where and how LEGO shows up in its ecosystem.

LEGO is not just plastic construction toy, it is an entire experience around their key sub-brand “Bricks World”, enabled primarily via a clear and compelling Ecosystem Strategy.

Think about the LEGO joint branding and marketing deals with the biggest brands out there. They don’t go small with their marketing alliances. It’s Disney (including Star Wars and Marvel Comics), Warner Studio (which also includes DC comics), Adidas, IKEA, or Levi’s. They do deals with governments for LEGOLAND (Malaysia, Dubai, USA, Germany, Japan). It’s education-oriented, similar to NASA or the Museum of Modern Art (MOMA).

But it’s also the huge digital component of the experience.   It’s offline but online as well, with over 180 video games released.  It’s “LEGO Star Wars: The Video Game”, but it’s the fluid experience across physical (retail, community, leisure park), online, and physical home-play.

“The entire Lego ecosystem is actually, I think, only at the beginning. So, it’s less about just creating an e-commerce store or an online store. It is really about this entire digital ecosystem and creating that future,” said LEGO CEO Niels B. Christiansen.

Also Read: Lead, don’t follow: The essential guide to category creation and market domination

It is clear that LEGO is executing an experience ecosystem strategy. They are the orchestrators for this and have a clear strategic intent to continue evolving this experience and ecosystem and to continue dominating the Plastic Construction Toy category.

From blocks to chips

Let’s shift our thinking from plastic interconnecting blocks to the more complex semiconductor chips.  Whether you know it or not, the smartphone device you currently have in your hand or beside you invariably has most of its chips linked to the company Advanced RISC Machine (ARM).

In fact, 90 per cent of smartphones produced globally have ARM designs in them (and thus pay royalties to ARM). For “higher-end smartphones”, the market penetration and share are an astounding 99 per cent.

As a global success story, driven by a UK based company, it has been largely driven by an ecosystem strategy, but one with a very different nuance than LEGO’s.

This category and ecosystem of “Processor IP” has brought together silicon, system and software companies to ship more than 250 billion ARM-based chips to date.  These players are often ruthless competitors (Apple and Samsung for example), but participation in the ecosystem means “the sum is greater than the parts” and specific benefits arise. Joint research into chip design benefits all players involved, even though they also compete with each other.

This is a design ecosystem that was built by ARM and continues to dominate.

“Ecosystem strategy” is eclipsing “platform as a strategy”

The above ecosystem examples go beyond the traditional model of a business network of suppliers, partners and customers. However, it also goes beyond the more recent models around a managed platform of products and services.

In both the LEGO and ARM cases, the domestic market and country of origin have not held back the success of the company but have, in fact, induced a “think different” approach around their category and ecosystem.

Also Read: Leading the category, then losing it all: What WeWork can teach us

Don’t find your tribe, build it

So, how do I get started with this design thinking and strategy?

Start with the category you are in or want to be in. What problem are we solving? What entire experience are we delivering? How can we tell a great point of view that leads with this perspective (and doesn’t immediately lead with your product or company)?

A category (or ecosystem) cannot exist as one company. Categories and ecosystems feed off of each other. Visualise (draw) the ecosystem with your company as one slice of it, but what other players/components/influencers are there?  Does this visualisation truly describe both the category and ecosystem?

What role will you play in the ecosystem? Will you be the instigator? Or do you believe you can be the orchestrator? Think carefully—the resourcing required to truly be the orchestrator and to maintain that role is substantial.

How will information and knowledge sharing occur and be managed across the ecosystem? Can you add this to the visualisation?

How do data, transactions, or the experience flow?  Will there be transaction and data sharing?

How will business and technology innovation occur via the ecosystem?

By designing and catalysing this category and symbiotic ecosystem, how big does it get?  What new economics are created (beyond the basic TAM (Total Addressable Market) of the existing market)?  How do participants in the ecosystem benefit?

Admittedly, these are rudimentary questions that require a lot of thought and delivery on very complex issues.  But start there and do not let your geo, market, or thinking hold you back.  It is about designing a category, ecosystem, and global levels!

Lead, don’t follow!

It has been my  privilege to work in, and with, companies who are truly designing and dominating their category, with the ecosystem strategy at its very heart.  Carpe Diem!

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This article was first published on July 30, 2024

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