Singapore-headquartered SaaS platform Boost Capital has secured US$2.5 million in a seed funding round from Village Global, Iterative Ventures, Hustle Fund, Epic Angels, Xcel Next, Insitor, and other prominent angel investors.

The firm will use the funds for market expansion, enlarging its product team, and initiating partnerships with new banks.

Founded in 2018 by Gordon Peters and Lucinda Revell, Boost Capital provides a platform that enables financial institutions to digitally onboard applicants for loans, savings, credit cards, and insurance quickly.

It utilises technology to bridge the gap between the informal channels, such as chat, preferred by emerging market customers, and the stringent requirements that financial service providers enforce for assessing the risk and return of each newly onboarded customer.

Also Read: Is fintech in SEA changing its focus for further development?

Utilising chat channels like Facebook Messenger, Telegram, and WhatsApp, the company’s technology provides services, including collateralised and uncollateralised loans, to clients with salary or business income, without requiring an app download.

Already in use by multi-market banks and e-wallets, Boost Capital claims that its technology has facilitated the digital application process for over one million loan and savings applicants.

Boost Capital was one of the ten finalists in the Top100 startup category at e27‘s Echelon Asia Summit this year.

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In the ever-evolving world of business, economic downturns are an inevitable part of the cycle. When bear markets cast shadows over traditional funding avenues, entrepreneurs and startups find themselves navigating through challenging waters.

However, amidst the uncertainties, a shining beacon of hope emerges — accelerators. These programs, designed to foster growth and provide support to early-stage companies, have increasingly become a strategic choice for startups in bear markets.

The bear market landscape: Challenges and opportunities

Bear markets are notorious for their dampening effect on investor sentiments, leading to reduced funding availability and heightened risk aversion. During these periods of economic decline, traditional financing channels such as venture capital may become scarce, making it challenging for startups to secure the much-needed capital to fuel their growth.

This shift in the funding landscape presents a unique set of challenges for early-stage companies looking to scale their operations.

However, with every challenge comes an opportunity. Bear markets provide fertile ground for innovation and disruption. As economic conditions change, consumer behaviours and market demands also evolve, creating new opportunities for startups to address emerging needs.

Techstars has shown that it can thrive in both upswing and downturn markets, recently announcing a US$150 million raise, further adding to the 3,500-strong portfolio. In such an environment, accelerators step in as an attractive option for entrepreneurs seeking mentorship, funding, and networking opportunities to propel their ventures forward.

Also Read: Acing in hackathons: What every tech enthusiast needs to consider

Accelerators: A catalyst for growth

Accelerators are programs that offer a structured and intensive approach to nurturing startups with the aim of accelerating their growth and success. Typically, these programs span several weeks to a few months, during which selected startups receive mentorship, access to resources, and funding in exchange for equity.

An estimated 4.5 per cent of companies going through Y Combinator have reached unicorn status. The accelerator experience is designed to provide entrepreneurs with the tools and guidance they need to build and scale their businesses successfully.

In bear markets, accelerators play an instrumental role in bolstering startups against the headwinds of economic uncertainty. By providing a structured support system, accelerators help entrepreneurs navigate through the storm and identify new avenues for growth.

The mentorship and expertise offered by seasoned industry professionals guide startups in making strategic decisions, adapting to changing market conditions, and capitalising on emerging opportunities.

Embracing innovation and adaptation

Bear markets are an ideal breeding ground for innovation. With traditional market dynamics disrupted, startups are forced to think outside the box, explore new solutions, and adapt their business models to thrive in changing environments.

Accelerators facilitate this process by encouraging startups to question the status quo, experiment with new ideas, and iterate rapidly.

Moreover, accelerators often foster a collaborative environment for new technology shifts, such as AI and Web3, bringing together startups from diverse industries and backgrounds. This diverse community of entrepreneurs fosters cross-pollination of ideas, allowing startups to learn from one another and gain fresh perspectives.

In a bear market landscape where uncertainty prevails, this collaborative spirit can lead to the creation of novel solutions and groundbreaking innovations.

Mitigating risk and building resilience

Startups in bear markets face heightened risks, as market dynamics can be volatile and unpredictable. Accelerators help mitigate these risks by providing startups with the tools to identify and address potential challenges.

Through mentorship and guidance, entrepreneurs can make informed decisions and develop robust strategies to weather the storm.

Also Read: The GEAR: A new accelerator programme for early-stage startups in the built environment sector

Furthermore, accelerators often offer access to a broad network of industry experts, investors, and potential partners. This is especially critical for underserved founders. This network provides startups with valuable opportunities to forge meaningful relationships and secure new business opportunities, even amidst challenging market conditions.

By building a strong support system, accelerators empower startups to become more resilient and adaptable, enabling them to navigate through the ups and downs of bear markets.

Paving the way for sustainable growth

Beyond the immediate benefits of mentorship and funding, accelerators play a crucial role in positioning startups for long-term success. By instilling a culture of innovation and providing startups with the necessary tools and knowledge, accelerators equip entrepreneurs to build strong foundations for their businesses. 

The learnings and experiences gained during the accelerator journey serve as a stepping stone for startups to achieve sustainable growth. The Open Campus Accelerator, a bold initiative by Animoca and NewCampus, represents a new generation of accelerators looking to back great companies in downturn markets. 

The relationships formed within the accelerator ecosystem, including connections with mentors, investors, and fellow entrepreneurs, continue to yield dividends long after the program concludes. In this way, accelerators offer startups not just a lifeline in challenging times but a path towards a thriving future.

In bear markets, the journey of startups can be riddled with uncertainties and obstacles. However, with the right support and guidance, these challenges can be transformed into opportunities for growth and success.

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Kopi Kenangan is now a popular brand in Indonesia.

What started in 2017 in Indonesia with a single product is now a unicorn with multiple products, including ready-to-drink (RTD) beverages, sweet bread, cookies, and fried chicken.

The F&B retail unicorn struggled to scale the business during the COVID-19 pandemic and had to shelve its geographic expansion plans. But it made some great moves to navigate the crisis, including opening grab-n-go stores at petrol stations. The company is now present in two more countries, Malaysia and Singapore and is eyeing more markets with US$333 million in its coffers raised from the likes of B Capital Group, Horizons Ventures, Kunlun, and Falcon Edge Capital.

e27 spoke with Rahmat Budiardjo, CFO of Kenangan Brands, to learn how the company’s strategies around packaging helped it manoeuvre the pandemic crisis to make it a strong brand.

Edited excerpts:

How hard was it for Kopi Kenangan to establish the brand? What unique strategy did you adopt to make it a well-recognised brand?

There are mainly two strategies.

I- We utilise cheeky lines and branding themed love, ex-boyfriend/girlfriend and lingering feelings with them. This caught on with the consumers, who found it engaging, interesting, and relatable, enabling us to attract new consumers.

Also Read: Kopi Kenangan joins unicorn club following a US$96M Series C fundraise

II- Excellent product taste, positioning and pricing:
1) we are one of the first movers of coffee milk with gula aren
2) we used the same full-sized coffee machines as Starbucks
3) we use premium brand ingredients, e.g., Greenfields for fresh milk and Monin for syrups (same as Starbucks)
4) affordable pricing: around half of what Starbucks would cost for a similar cup of coffee.

How many products does Kenangan currently have? Does the company plan to add more F&B products in the future?

We have a few brands now at our company:

i. Kopi Kenangan: Our original brand, with mostly a grab-and-go store concept with a smaller store footprint but delivering the highest quality cup of coffee at a very affordable price.

ii. Cerita Roti (bread) & Kenangan Manis (Cookies): delicious selection of ready-to-eat old-fashioned bread with locally inspired flavours and modern soft cookies with modern and internationally inspired tastes.

iii. Chigo x Flip: fried chicken (boneless, wings, and bone-in) served with rice and/or fries topped with sambal; an existing up-and-coming yet famous brand known for selling high-quality burgers that we acquired; later merged with Chigo into Chigo x Flip.

iv. Kopi Kenangan Hanya Untukmu: our latest expansion towards the ready-to-drink market, packaged in PET bottles and sold in modern trade & general trade nationwide in Indonesia.

What roles does the packaging plan play in a product’s wide acceptance? What was the thought process behind the design?

For RTD (Kopi Kenangan Hanya Untukmu), the bottle’s packaging plays a vital role in attracting consumers to look at and eventually buy our product from the shelf. We design our packaging with broken white background to stand out above all other products, mainly dominated by chocolaty colours. We believe that once consumers try our product, they will continue buying it.

As for the Kopi Kenangan brand, our packaging also plays a vital role in continuously building brand equity. Every cup sold contains our brand identity and style, further reinforcing our brand in the consumers’ minds.

Opening grab-n-go outlets at petrol stations during the pandemic was a terrific idea. How well did the new strategy work for the company during lockdowns? Do you continue to sell via petrol stations?

During the pandemic, we focused on opening stores in petrol stations, which resulted in an increase in petrol stores’ composition to 20 per cent of our total store portfolio (vs 6 per cent in 2019). The strategy went well during the pandemic:

i. Store productivity for gas station format was higher compared to pre-pandemic level by around 30-40 per cent,

ii. During the pandemic, petrol stations outlets generated 80-100 per cent higher productivity compared to other formats in malls and offices,

iii. Due to its light CAPEX investment, it generated a much shorter payback period.

Do you have plans to introduce more technologies like AI to enhance the customer experience and overall efficiency?

We need to embrace AI as we grow. While we don’t have set our eyes on what will be the best implementation, we are in the early stage of exploring the use of AI for picking locations for new store openings.

What are your long-term plans?

Kenangan Brands have a long-term plan to be one of the largest coffee retailers in the world. When the time comes, we want to expand in Southeast Asia and other regions.

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Image credit: Kopi Kenangan.

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CHOYS, a SaaS insurtech platform for corporate employees in Southeast Asia, has closed a US$1.1 million seed funding round with investors, including Wing Vasiksiri, Foremast, Antler, and Fintech Nation Fund. 

The company will use the money for its go-to-market strategy across Southeast Asia and to bolster its product development initiatives.

Founded by Sharon Li and Vanessa Chen, CHOYS aims to make work life more meaningful and humanised. To achieve this, it empowers organisations with well-being tools and a platform to make a “bigger impact” through better understanding of and connecting with their people. The firm uses data analytics to create customised employee benefit experiences. 

Also Read: We’ll start to see more solo-GP VCs emerge in SEA: Wing Vasiksiri of WV Fund II

Lead investor Vasiksiri said: “As CHOYS onboard more companies and employees, their ability to track healthy behaviour through qualitative and quantitative means will increase, improving their well-being scoring mechanism.”

Rufus Sorsa, Associate Partner at Antler, said, “Recognising the undeniable link between employee wellbeing and company prosperity, CHOYS offers a comprehensive suite of innovative solutions designed to nurture the relationships between modern workforce and organisations.”

CHOYS’s partners include Glints, Hook Coffee, Singlife, WhiteCoat, and Classpass.

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Image Credit: CHOYS 

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As generative AI becomes more popular, various industries begin to explore different use cases for the technology including e-commerce—an area where it has many potentials.

For e-commerce and digital solutions provider Intrepid, one example of how it leverages AI includes individualised product recommendations feature in chat, based on a consumer’s personal inputs, according to CEO Jasper Knoben.

“Other examples include optimising written content on marketplaces based on search queries, and generating very appealing key visuals like campaign banners or product images at scale. In general, it is an amazing productivity driver if harnessed properly,” he writes in an email interview to e27.

“You could argue that the personalised homepage content and product recommendations that you encounter on e-commerce marketplace apps is also a form of AI, as it is powered by algorithms that take large quantities of data into account, like your demographics, your previous browsing and shopping history and many other factors.”

Examples of brands that have utilised this greatly include beauty brands which offers features to enable instant, personalised and professional skin analyses and matching product recommendations without the customer having to visit a physical store.

There are certainly many untapped opportunities here.

Also Read: How Transparently.AI uses Artificial Intelligence to detect accounting manipulation, fraud

“The more data an AI model has at its disposal and the more advanced the model, the more sophisticated it’s outputs can be. We have only scratched the surface of how far AI can go, which is an exciting and a bit scary prospect at the same time,” Knoben says.

“With the anticipated advances in AI, could an e-commerce marketplace run semi-autonomously in a few decades from now? With AI powering marketing, demand forecasting, inventory planning, pricing, content optimisation and personalisation of content and recommendations? How will the role and contribution of humans evolve? The changes will be profound and much wider than most people consider today, but what that future will look like exactly and how quickly the advances will be remains to be seen.”

How we are using AI today

In the SEA e-commerce industry, there are are already various case studies on how AI is being implemented for optimisation and personalisation by leading e-commerce platforms.

Knoben sees that some markets are ahead from the rest in this matter.

“For new innovations in e-commerce, Thailand and Singapore are typically leading markets. Thailand because of the size of the e-commerce market and the curious nature of shoppers who love new innovations, and Singapore because it is a small but advanced market with sophisticated shoppers and therefore also a good testbed for innovations before expanding across SEA.”

Also Read: These Artificial Intelligence startups are proving to be industry game-changers

But this does not mean that AI implementation in SEA is not without challenges. According to Knoben, there are three main barriers of entry for brands in SEA to implement AI in their e-commerce front:

Data quality and availability
“AI models require large quantities of high-quality data to train effectively. Brands need to ensure that they have access to reliable and relevant data sources. Data cleaning, integration, and management can be complex and time-consuming tasks,” the CEO says.

Infrastructure and scalability
“AI implementations require robust infrastructure and scalable systems to handle the computational demands of training and deploying AI models.” 

Talent and expertise
“Building and maintaining an AI team of AI specialists, data scientists, and machine learning engineers with the right talent and expertise can be a significant challenge, and expensive.”

Knoben also predicts that in five to 10 years from now, every global brand will have an in-house AI team.

“It is crucial that they know how to leverage AI as it will be a significant driver of efficiency, consumer experience and commercial performance in the future,” he says.

Also Read: RevComm’s MiiTel, Cloud IP phone powered by artificial intelligence, is changing how businesses engage customers

“The question is what is the most efficient set up to harness AI, where – like in e-commerce – I think a hybrid approach will thrive of having in-house experts that interface with the brands wider organisation and drive adoption and brand-specific innovations to maintain a competitive edge, while working with external partners to develop tailored models for specific use cases (like specific markets or platforms) as these players will have the scale to build the required expertise for each use case across many brands, and therefore should be able to leverage those economies of scale to offer more advanced capabilities at competitive costs.”

While the first wave of AI is still “very much” focused on generative AI, automation, and efficiency, Knoben believes that mass personalisation in marketing and e-commerce across the entire funnel to improve recommendations, user experience, and commercial performance will be the next frontier.

“Brands will want to have their own bespoke AI models, and agencies will increasingly shift from designing and executing campaigns, to developing the AI models that do this for brands. Whatever activities are performed by people at brands, enablers or agencies today to enable e-commerce, people will be developing and training AI models to do those activities for them in the future.,” he closes.

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Image Credit: Intrepid

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If you step back to consider just how big the internet is, it’s easier to understand why search engines lie at the heart of it. For decades, search engines have served as the primary gateway to the internet, enabling users to discover websites, articles, images, videos, products, and services and find the information they need.

The essential role of search has made it indispensable to digital marketing, an industry that is in the midst of being disrupted by generative AI applications for the better. 

Today, brands around the world use search engine optimisation (SEO) as well as search engine marketing (SEM) with pay-per-click (PPC) advertising to generate traffic, encourage product discovery, drive conversions and more.

Though still in nascent stages, the integration of generative AI with search is poised to elevate SEO and create new playing fields for SEM — particularly in the diverse and digitally-first APAC region. As industry leaders like Microsoft’s Bing and Google lay the groundwork for this new paradigm, the time for brands to educate themselves on the inherent opportunities of generative search is now. 

A new era of personalised search   

When it comes to AI, innovations to search have been ongoing, with applications like Google’s iterative AI helping marketers drive efficiencies for many years now. But generative AI’s ability to converse with users and be trained on the fly has the potential to fundamentally change the way people use and interact with search. 

For example, Google’s SGE (currently an experiment in Search Labs) now uses AI on search queries to provide an answer. In Google’s case, the user’s entire Knowledge Graph would likely be deployed to ensure that generative AI provides the most relevant information for the user since Google prizes relevancy and trust above all else. SGE also cites sources when responding to the query, allowing users to click through to cited websites to learn more.

While this isn’t too different from current search capabilities, users can now also choose to stay on the search page to ask follow-up questions, continuing their conversation with the AI and narrowing the scope of their research until they find their desired solution. Each question helps the generative AI to build a deeply tailored and unique user journey funnel — all without leaving the Search page. 

Also Read: Rewriting the creation process of ad creatives using generative AI

To understand the opportunities this new search format offers to businesses, let’s consider an e-commerce use case. Say you are trying to decide which ski jacket to purchase for a winter trip; you could start with a broad question about different types of ski jackets, then ask the AI to compare the pros and cons of a particular type of jacket before finally asking it to find a retailer who stocks that jacket, and purchasing on their website. 

This change will have huge implications for Organic and Paid Search. For organic, instead of appearing at the top of the search results page, the objective could be to appear as one of the first sources cited by the AI.

Similarly, for Paid, the objective would revolve around being the first ad to be shown during the conversation, which means an ad would have to be deemed by the AI as being the most relevant to the user’s search experience.

While it’s still too early to tell how ad placements or AI optimisation will work, one thing remains certain — having relevant, rich content that is crawlable by the AI will be the key to “winning” in the era of generative search.

Optimising for generative search in APAC 

As one of the most populous and diverse regions that are leading the world in internet penetration and mobile adoption, APAC’s users and brands have everything to gain from the personalised and localised experience that generative search offers. 

Also Read: How to leverage personalised advertising in 2023

For example, Google is undoubtedly the most popular search engine in the world, holding over 85 per cent of the global search market share. But in APAC, localised search engines like Baidu (China), Naver (South Korea), and Yahoo.jp (Japan) play integral roles in the daily lives of users in their respective regions. And some platforms are already ahead in the AI game. 

South Korea’s Naver, for example, integrated AI in late 2021 to support a significant shift in South Korean search behaviours becoming more “exploratory,” with users going deeper into topics that aligned with their interests and search intent. Naver saw a significant increase in these exploratory searches, accounting for nearly 65 per cent of all queries.

As a brand, now is the time to review your SEO and SEM strategies and consider if additional attention to localised content, ad budgets, or search engines will be beneficial to your targeting.

Considering APAC’s high rate of mobile adoption, it is also worth considering how you can optimise your strategies to be mobile-first. Region-specific nuances and search best practices will be key to setting up for success in the new era of generative search.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

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

Image credit: Canva Pro

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Digital transformation in the food services industry in Singapore

Consumer behaviours are always changing and evolving, pandemic or not. Following the recent trends that the food services industry is facing, we look at some of the transformations that companies in the F&B sector have undertaken. 

Robots and machines in kitchens 

The use of robots and machines ensures quality and affordability, driving down the costs of keeping food fresh and increasing productivity. These machines work at a faster pace without getting tired and help ensure safety, for example, by using robots to cut the more difficult meats. 

Usage of operational technology 

Kiosks are fast becoming a common feature in the food services industry, with bigger chains like McDonald’s and KFC using them in most outlets. We even see ordering kiosks sprouting in food courts and confectioneries. These kiosks allow customers to place orders and complete payments. 

Certain restaurants have also deployed automation systems that allow guests to see information about their reservations, orders and promotions all under one platform. This eliminates the need for a human worker to clarify and confirm their booking or order details and allows guests to keep information in check. Such operational systems reduce human error, increase productivity, and reduce the chances of theft. 

Eco-friendly waste and packaging 

As consumers are increasingly focused on healthy meals and sustainability, brands have little choice but to keep up with this trend. F&B businesses in Singapore are highly encouraged to ‘go green’ by using biodegradable packaging or reducing the usage of disposables.

This awareness has been brought to the fore during dining restrictions in the time of the pandemic, where all orders were packed for takeaways or deliveries.  

Support for companies in the food services industry in Singapore

COVID-19 was the catalyst which showed businesses across all industries that digitalisation, innovation, and technology are necessary for survival.

Also Read: Conscious consumption is driving the trend in foodtech: Study

In Singapore, the government saw that it was critical not just to help companies tide over the challenging period but to help businesses emerge stronger from the crisis. To this end, the government played a key role in nudging businesses to digitally transform.  

In food services, for example, traditional hawkers were encouraged to accelerate their digitalisation efforts through on-ground visits by officers, subsidies, and support schemes. As a result, the Singapore F&B industry is now more readily adopting new tech and mobile applications.

Listed below are some of the support schemes that businesses in the food services industry may benefit from.

Hawkers Go Digital Programme 

This collaborative workgroup includes delivery platforms, hawkers associations, community partners, and government agencies, working together to support hawkers by promoting digitalisation, developing a sustainable commercial model, and increasing consumer awareness about delivery platforms. 

Energy Efficiency Grant 

The grant will provide up to 70 per cent support for SMEs to adopt pre-approved energy-efficient equipment in the following categories: LED lighting, air-conditioners, cooking hobs, refrigerators, water heaters and clothes dryers. Grant support for qualifying costs will be capped at S$30,000 per company per year. 

Productivity Solutions Grant (PSG) 

The PSG was launched in April 2018 to support businesses in their transformation journey and covers sector-specific solutions such as retail, food, and logistics. Businesses can receive up to $30,000 in funding to improve business productivity through IT solutions and equipment. 

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

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

Image credit: Adobe Firefly

The post Singapore’s food services in 2023: Trends, challenges & opportunities appeared first on e27.

A slew of new verified investors (including VCs, venture debt funds, incubators/accelerators, and angels) joined the e27 platform in the past few weeks (Connect investors are those that are verified by e27 and agreed to get connected). These investors are based in different geographies, including Indonesia, Singapore, Malaysia, the Philippines, Thailand, and South Korea, and invest in different stages and verticals.

Below are the profiles of the ten of them.

K300 Ventures

K300 Ventures is an early-stage blockchain investor.

Verticals: Blockchain, Blockchain games, Defi (Decentralized finance)
Based in: Vietnam
Investment locations: Singapore, Hong Kong, Vietnam, and the US
Stages: Pre-seed, angel, seed, pre-Series A/bridge, Series A, and Series B
Investment range: US$10K to US$1M.

nVentures

nVentures is a seed fund focusing on B2B fintech startups in South & Southeast Asia

Verticals: Finance
Based in: Singapore
Investment locations: Sri Lanka, India, Bangladesh, and Singapore
Stages: Pre-seed and seed
Investment range: US$50K to US$250K.

Meixner

Meixner is an angel investor investing primarily in SaaS, developer tooling/experience and platforms.

Verticals: Any/all
Based in: Thailand
Investment locations: All/any
Stages: Pre-seed, angel, and seed
Investment range: US$1K to US$30K.

Lestari by Pijar Foundation

Lestari is a hub, connector, and accelerator of new ventures and technological initiatives that embrace future trends, opportunities, and challenges.

Verticals: Any/all
Based in: Indonesia
Investment location: Indonesia
Stages: Pre-seed, angel, and seed
Investment range: US$10K to US$200K.

Founders Launchpad

Founders Launchpad invests in early-stage companies.

Verticals: Agritech, AI, Big Data, cleantech, consumer, education, e-commerce, enterprise solution, healthtech, SaaS, social enterprise, sharing economy, productivity & CRM, mobile, medtech, marketplace, insurtech, IoT, and logistics/supply chain
Based in: The Philippines
Investment location: The Philippines
Stages: Pre-seed, angel, and seed
Investment range: US$25K to US$100K.

Springcamp

Springcamp is an early-stage, sector-agnostic investor in Korea.

Verticals: Any/all
Based in: South Korea
Investment locations: South Korea, the US, Singapore, and Vietnam
Stages: Pre-seed, seed, pre-Series A/bridge, and Series A
Investment range: US$100K to US$4M.

Growth Charger

Growth Charger incubates, accelerates and builds businesses.

Verticals: Agritech, healthtech, education, smart cities, biotech, consumer, finance, AI and, Big Data
Based in: Malaysia
Investment locations: Malaysia, Singapore, Thailand, Vietnam, the Philippines, and Indonesia
Stages: Pre-seed, seed, and pre-Series A/bridge
Investment range: US$10K to US$50K.

First Move

First Move is a founder-led early stage VC firm.

Verticals: Any/all
Based in: Singapore
Investment locations: Singapore, Indonesia, Malaysia, Vietnam, Thailand, and the Philippines
Stage: Pre-seed
Investment range: US$50K to US$150K.

Crusade Partners

Crusade Partners is an investment firm that offers venture debt capital to early and growth stage technology companies based in Southeast Asia and Hong Kong.

Verticals: Any/all
Based in: Hong Kong
Investment locations: Hong Kong, Singapore, Thailand, Vietnam, Indonesia, and the Philippines
Stage: Venture debt
Investment range: US$500K to US$3M.

Sopoong Ventures

Sopoong is an impact investor in Korea.

Verticals: Energy, F&B, agritech, platform, enterprise solution, finance, smart cities, consumer, education, healthtech, HR, transportation, sharing economy, and marketplace
Based in: South Korea
Investment locations: South Korea, Singapore, Vietnam, the US, and Laos
Stages: Pre-seed, seed, pre-Series A/bridge, and Series A
Investment range: US$150K to US$600K.

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The image used in this article is AI-generated.

The post Meet the new 10 investors joining the e27 Connect platform appeared first on e27.

Hiring the wrong person can have dire consequences to businesses, but unfortunately, there were obstacles that recruiters often face in ensuring that they got the right person for the job. These challenges range the increasing volume of applicants due to ease of applying for jobs in the digital age to the impracticality of the screening interview process. These are the problems that Psylent aims to solve with its AI-based solutions.

“A few years ago my husband was looking for a new job. He submitted a job application at 9 PM, and by 7 AM the following morning, he received a rejection email from the local team. He suspected that the system had automatically rejected him based on his resume or the closed questions regarding his years of experience in specific areas,” writes CEO Sjiva De Meester in an email to e27.

“Curious, he made slight adjustments to his re-submission, increasing his stated experience from four to five years. Surprisingly, within a week, he was invited for an interview.”

De Meester explains that her husband was eventually accepted at the company, but he chose to decline the offer. The fact that he was rejected before he was eventually accepted was considered odd.

“I was (and still am) astonished by the inefficiency of the recruitment system, as many companies rely on resume screening tools and applicant tracking systems (ATS) to manage the influx of applicants. However, it has become evident that these methods are not effectively addressing the challenges posed by high volumes of candidates,” she says.

Also Read: How AnyMind Group achieved profitability through its approach to human resource and leadership

Psylent builds a Virtual Recruiters that aims to help talent acquisition professionals delve deeper into candidates beyond their resumes. It handles large volumes of applicants, facilitating effective shortlisting to ensure the fair and objective selection of suitable individuals for the job.

The two available solutions are ChatNINA (enabling candidates to be interviewed via chat solutions) and Avatar API (enabling candidates to be interviewed in the metaverse).

“These Virtual Recruiters can be accessed through chat interviews and within the metaverse, offering innovative and immersive interaction options for both recruiters and candidates. Moreover, their 24/7 availability allows candidates to apply for positions and complete initial assessments at their convenience, accommodating different time zones and busy schedules, and enhancing the overall recruitment experience,” De Meester says.

According to the CEO, traditional self-reporting personality questionnaires are prone to bias as candidates can provide socially desirable responses, reducing their reliability. Candidates with limited self-awareness can also struggle to accurately answer such questions.

“Conversely, our virtual recruiter acts more like a friendly psychologist, employing a line of questioning that delves into significant life events and formative decisions. This self-authoring approach promotes authentic responses, bypassing the influence of social desirability and catering to individuals with lower self-awareness, ultimately enhancing accuracy in assessing personality,” De Meester elaborates.

“Additionally, traditional questionnaires lack engagement, leading to subpar candidate experiences. While gamified solutions offer some improvement, concerns arise regarding the relevance of behavior in a gamified format compared to real job scenarios. Recognising the significance of candidate experience, companies are venturing into the metaverse to optimise engagement and immerse candidates in a more captivating experience. As the only assessment company pioneering recruitment in the metaverse, we provide not only high quality insights but also an excellent candidate experience. Simply put, it’s smart and sexy.”

Also Read: Scaling is hard: Here are 7 things Human Resources can do to manage it

The solutions target MNCs hiring graduates, high-volume industries as well as developers, studios, and consulting companies.

Beyond the platform

Psylent is a spin-off of 9 Yards Innovation, a boutique consulting firm specialising in bespoke tech solutions at the intersection of data and psychology. The firm undertakes projects across Asia, Europe, and the US.

“In recent years, our emphasis has been on enhancing candidate experiences, offering end-to-end solutions that encompass reviewing shortlisting vendors, developing award-winning customized assessment centers, and providing interview training,” explains De Meester.

Psylent operates on an annual SaaS subscription model based on volume, which is a widely adopted approach among recruitment providers. Through the company’s consulting works over the years, it cultivates a network within the HR community, particularly in Southeast Asia.

The company has not raised external funding for its product which it develops while concurrently working on consulting projects.

“Our primary goal is to onboard more clients and scale. We are actively pursuing global collaborations to further support these objectives. Additionally, we have some exciting partnerships in the pipeline, scheduled to be announced in September, which will contribute to the continued development of our metaverse platform and API integration capabilities,” De Meester closes.

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Image Credit: Psylent

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PasarMIKRO, a fintech company focussing on smallholder farmers, fishermen, and traders in Indonesia, has raised an undisclosed amount in funding from German finance company DEG and Ceniarth, a single-family office dedicated to impact-first investing.

This funding comes off the back of the startup’s seed round in November 2022, led by Trihill Capital, with participation from 1982 Ventures, Genting Ventures, Resolution Ventures, Gayo Capital, and Rabo Foundation.

It will utilise the investment to expand its trade and trade finance service offerings and strengthen its network of smallholder farmers, fishermen, and traders.

Also Read: 1982 Ventures backs Indonesian agri commodity marketplace PasarMikro

Founded by Dien Wong (CEO), Edo Djayaputra (COO), and Hugo Verwayen (CFO), PasarMIKRO is an agri-fintech company focusing on empowering smallholder farmers, fishermen, and traders.

The company has developed an agri-trade platform that digitally enables secure and trusted transactions, fast payments, and access to trade credit.

The platform also offers a digital ledger for transaction records and provides traceability functionality for transparency throughout the supply chain.

Last November, PasarMikro raised US$2.5 million in seed funding, backed by Trihill Capital, Resolution Ventures, and Genting Ventures.

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Image Credit: PasarMIKRO

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