Dear Pro member,
Good day!
TikTok is doubling down on Southeast Asia.
The short video app, owned by China’s ByteDance, said it plans to invest billions of dollars in the region over the next few years. This will further accelerate the competition in the e-commerce market in the region, which is dominated by Shopee, Lazada, and Tokopedia. This will further bleed all these e-commerce giants, some of which are under pressure from the VCs and the market to achieve profitability. The end consumer will be the ultimate winner as he will have more choices.
In 2022, TikTok facilitated US$4.4B worth of transactions across the region, a jump from 2021’s US$600 million in 2021. However, Shopee with US$48B in 2022 transactions still leads the pack.
The TikTok news is the highlight of today’s Ecosystem Roundup.
Let’s also take a look at the other major developments from across the region.
Have a great weekend.
Sainul
Editor.
TikTok to invest billions of dollars in SEA to boost e-commerce business
Southeast Asia, a region with a collective population of 630M – half of them under 30 – is one of TikTok’s biggest markets in terms of user numbers, generating more than 325M visitors to the app every month.
East Ventures grows AUM to US$1.5B as ESG takes priority for investments
The VC firm is putting ESG and sustainability at the forefront of its investments, following a two-pronged approach of “doing good and avoiding harm”; East Ventures has more than 300 portfolio firms operating across 30 countries.
Peter Thiel backs Recharge Capital’s US$200M women’s healthcare fund
The fund will find investment and roll-up opportunities in the women’s fertility value chain across SEA, LatAm, Europe, and the Middle East; Its efforts will focus on international fertility tourism, menstrual wellness, and women’s disease prevention.
Philippine VC raises US$12M to back SEA startups from the ground up
Kaya Founders now has US$16.5M in committed capital and looks to bump that up to US$25M; Kaya Founders’ two new funds are the Zero to One Fund (for pre-seed startups) and the One to Ten Fund (for seed to series A startups).
Poko raises US$4.5M to reduce Web3 payments friction
The investors are YC, Goodwater Capital, and GFC; Poko is Web3 payments startup based in Singapore and Vietnam; It enables seamless transfers of assets from local payment rails to Web3 infrastructure.
Singapore’s Inex Innovate acquires Yourgene Health Taiwan for US$4M
With the acquisition, Inex Innovate – which specialises in women’s and fetal health – will see increased capabilities in biobanking, bioinformatics, fetal health and oncology R&D, as well as clinical lab services for gynecological and reproductive health cancers.
Decentralised Gaming Ventures wins 7-figure amount for SEA investments
The funding will help Decentralised Gaming Ventures acquire and support emerging game development teams in Southeast Asia and provide them with access to world-renowned entertainment IPs.
Indonesia’s embedded lending startup Finfra raised US$1M
The investors include DSX Ventures, Seedstars International, and Cento Ventures; Finfra plans to utilise the newly acquired funds to expedite product development and expand its engineering, data, and finance teams.
SG’s Pilon secures new funding to bolster presence in the Philippines
The investor is Kaya Founders; Pilon offers a cloud-based supply chain financing system; It collaborates with banks and financial institutions to digitalize their factoring processes.
SOSV backs 9 startups in latest accelerator cohort
Each participant received initial funding of US$180K from its Orbit Startups programme; Orbit encompasses SOSV’s Chinaccelerator and MOX programmes.
GM.co launches crypto-exclusive B2C e-commerce marketplace
GM.co’s Beta platform, launched in March, has already added over 1,000 items, including apparel, shoes, luxury items, and collectibles, besides extraordinary offerings like Mech pilot training, a luxurious omakase yacht experience.
Ex-Chope VP Cassandra Ong launches remote-based marketing consulting firm OtterHalf
OtterHalf brings over 10 years of combined experience in marketing and design within the tech industry, with 100+ campaigns and partnerships.
Longan Group named as winner of 2023 TOP100
TOP100 winner Longan is an ethical, inclusive debt management company supporting consumers and financial institutions to manage their finances more efficiently.
These 11 AI companies caught our eyes at Echelon Asia Summit 2023
At Echelon Asia Summit 2023, a number of AI companies from various countries opened their booths to showcase their innovation.
Collaboration with corporates plays a crucial role in climate tech startups’ success
However, cultural differences between corporations and climate tech startups mean there have to be some adjustments.
‘Develop a wartime mindset during global crisis like this’: Xendit CEO Moses Lo
More than ever, we need to band together through crucible moments in wartime, says Moses Lo; Xendit provides payment solutions and simplifies the payment process for SMEs, e-commerce startups and large enterprises.
These Malaysian sisters’ startup Manis Leting produces condensed milk with zero white sugar
Manis Leting also makes products, such as cordials, café syrups, and sweeteners, which are lower in calories but still retain the sweet taste.
Sustained profitability is crucial for long-term success: PolicyStreet CEO
‘PolicyStreet strikes a balance between prudent expectations and aspirational targets, aiming for sustainable growth while considering the realities of the economic climate’.
The days of the ZIRP raise-cash-burn-cash model are gone: ZUZU Hospitality CEO
VCs now look for strong business models, and there is a lot of capital ready to be deployed in sensible startups, says ZUZU Hospitality’s Vikram Malhi.
Start building a solid financial foundation early when your team is small: Aspire CEO
Aspire has been developing efficient GTM approaches, forging strong partnerships and working on unit economics to achieve profitability.
Our company culture thrives on creativity and collaboration: Daryl Lim of MetaPals
We aim to foster an environment that empowers each member of our team to reach their full potential, says the Co-Founder & COO at MetaPals.
ApartX allows landlords to share their properties via smart home solutions remotely
ApartX automates up to 90% of the operation process of 1,700 properties by using biometrics, smart locks, and digital sign technologies.
Breaking gender barriers in the metaverse: Women pioneering emerging tech
The metaverse is a mine of untapped potential, and we have both the talent and the drive to unleash that same potential, regardless of gender.
Unstoppable surge: Vietnam’s e-commerce growth continues to soar
With over 100 cross-border e-commerce platforms, Vietnam is one of the top five countries in the world with a 20 per cent annual growth.
Life in plastic, it’s not fantastic: Unearthing the solutions (Part 3)
As economies develop, everyone has a part to play in working towards a world where plastic is produced on a need-to basis.
Life in plastic, it’s not fantastic: Understanding the problems (Part 2)
The lack of proper plastic recycling infrastructures and enforced schemes is a pertinent area that must be addressed; The greatest problem when it comes to recycling plastics on a large scale is its cost.
The battle for regulation: Can cryptocurrency be tamed?
As the United States cracks down on crypto exchanges, there is a growing sense that regulatory clarity is lacking.
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The post Ecosystem Roundup: TikTok to invest billions of dollars in SEA | Kaya Founders raises US$12M to back SEA startups appeared first on e27.