Foodtech startups worldwide are changing the way their industry works, whether it’s by reimagining food distribution, expanding access to delicacies from fine dining establishments, or supporting sustainable food products by repurposing spurned yield.

Increasing internet permeation, increased ordering frequency, expanded reach in smaller towns, and the inclusion of more restaurants on foodtech platforms are all factors driving growth in the food tech industry.

According to a Google and Boston Consulting Group (BCG) report, the Indian food tech sector will be an approx US$8 billion industry by the end of 2022.

With technology penetration, the way restaurants operate today has changed. Instead of only serving people in physical establishments, restaurants have realised the importance of having a robust digital presence.

Whether it’s taking orders through websites or being everywhere on mobile apps, doing business through digital media has transformed the outlook for large and small restaurants.

According to the Boston Consulting Group’s Google Report on Online Food Consumerism, online spending is expected to increase by 25 per cent  CAGR to US$130 billion by 2025. Resulting in a rise of startups in the food-tech space, all vying for a piece of this revenue pie.

Let’s take a look at some of the foodtech startups that are aiding restaurants as tech partners:

Dineout

Established in 2012, Dineout is an online restaurant table booking service platform. Customers can make restaurant reservations online through Dineout’s website, Android app, iOS app, and concierge desk. The organisation provides exclusive deals at over 40,000 restaurants across India.

Besides that, the company also offers a premium product called Dineout Plus, using which subscribers can cash exclusive discounts at over 250 five-star establishments.

Also Read: The spotlight on foodtech: Why we believe that what we put on our plate will determine the future

Dineout, in collaboration with InResto and Torqus, is India’s largest dining out and restaurant digital solutions platform, processing over 40 million customers and US$800 million in transactions for its partner restaurants across its network of 45,000 eateries in 20 cities.

Easy Eat

Easy Eat is an AI-powered tech platform that builds tools to help restaurants transition into technology companies. Through their cutting-edge technology, the startup solves the biggest problem of restaurants: making a direct connection with their customers.

At the heart of their technology is an operating system with integrated QR based table ordering, loyalty programmes, payment solutions, social media integration, inventory and integrated delivery services.

Once the restaurant adopts Easy Eat’s technology, the entire operation moves online. Like any other technology company, restaurants can capture every data point in the value chain, which leads to a better understanding of customers’ choices, higher revenue and reduced cost.

Founded in 2020, the startup already has 500+ restaurants signed up on its platform and has helped restaurants earn additional 4cr+ revenue during the lockdown.

Petpooja

Founded in 2011, Petpooja is restaurant POS software to manage restaurant billing, KOTs, inventory, online order, menus, and customers. Conceived with a vision to be the go-to Operating System for all F&B retail worldwide, Petpooja today is not merely a service provider.

Instead, it delivers a product that ensures coherent and sustainable solutions for its restaurant partners. The company’s SaaS tools strike the perfect balance by being simple enough for primary users yet highly comprehensive to power users.

Helping restaurants visualise important data the way they want to, Petpooja offers optimised POS solutions for those who enter the data, i.e. biller, staff, manager, and the one who analyses it, the restaurant owner.

In the coming years, there will be a significant increase in the number of food-tech companies worldwide as people’s expenses will be influenced by technological innovations as they focus on new food experiences.

The foodtech sector is expected to attract more customers, owing to a cheerful public disposition and an increase in ordering intensity. Whether ordering food online or having meals delivered via mobile food apps, restaurants must adapt to the digital age to stay in business.

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To be able to grow and scale, every startup needs to build strong customer relationships and engage in ways that add more value not only to their products and services but also throughout the entire customer journey experience. In the recently released Braze 2022 Customer Engagement Review, Braze reported that 98% of brands who rate their customer engagement as “good or excellent” exceed their revenue targets. 

Startups today understand the need to personally reach out to customers in a way that is targeted according to the unique needs of each person. Brands that engage customers regularly have higher brand recall and more channels with which to drive repeat buyers.

Also read: The work of the future is hybrid. The office of the future is virtual

Effective customer engagement is all about getting communication right: when the customer talks, the company should be listening and providing the right response that encourages further engagement. No matter what stage in the startup journey your company is in, the goal is the same: Drive customers to interact with your brand, then turn those opportunities into revenue.

Nguyen Hai Son, Founder & CEO of NutrilifeIO, defines customer engagement as the creation of unique value proposition for customers. JT Solis, Co-founder and CEO of agri-fisheries platform Mayani, believes that as a startup, trust between the customer and the brand has to be cultivated and earned, therefore he sees customer engagement as the “mixed-bag of efforts Mayani utilises — both online and offline — to deepen the relationship with customers beyond their purchase.”

Common customer engagement challenges faced by startups

Customer engagement isn’t a new concept, but getting it right is more important than ever for startups today — that’s why the global customer engagement solutions market is expected to grow to $30B by 2026. Not every startup has a huge marketing budget, so they need to invest their marketing dollars wisely, and on the right channels and solutions to solve their customer engagement challenges. 

Offering the right kind of products is no longer enough. Customers are more distracted today than ever and also more demanding in their expectations of a great customer experience. As such, no matter how valuable one’s products are, companies need to find creative ways to bridge the gap between those products and the buying market. The bridge between those two is customer service.

Also read: Breaking barriers and bias: How this VC empowers women to take the lead

Solis believes developing deep customer relationships takes time, effort, and allocation of resources. Mayani is holding weekend farm-to-table pop-up hubs but offline activities are not that highly scalable. This offline initiative translates to better brand recall, which leads customers to their e-commerce platform — a great example of integrating engagement from offline to online. “But given the nature of the business and the preference of our specific market sub-segments, we see it as a strategic springboard towards building that critical mass of a highly-engaged community of customers,” said the CEO.

Five Things Startups Can Do for Better Customer Engagement

1.) Solid Data Management Holds the Key

The Braze Customer Engagement Review 2022 found that 32% of surveyed executives listed collecting, integrating, and managing data from across physical and digital channels as their number one concern. A comprehensive view of customers across platforms and channels can only be accomplished with a data and analytics solution that can build live 360-degree customer profiles. 

Robust metrics to measure customer engagement depend on having the right data across channels. “Customer Value is NOT measured by the time that customers spend interacting with our marketing strategy or even by customer loyalty, but rather by the value delivered to customers through our platform,” argued NutrilifeIO CEO, Son. 

2.) Multi-channel Customer Engagement 

In today’s marketing strategies, cross-channel conversations are needed to seamlessly provide customers with a personalised experience on their preferred channels. The degree and depth of the interaction and consistently engaging your customers on their preferred channel is key to strengthening your relationship with customers. For example, in-browser messages automatically go live on users’ mobile or desktop browsers the moment they enter the interface. This ensures that users are actively and consistently being engaged.

“We have been set up the social media profiles so that we can be in touch with users directly from their social media accounts and thus increase more reach and traffic towards our project,” explained Son of NutrilifeIO. The company’s envisioned Marketing Funnel are utilised through a direct path to customers and acquisition via “organic search, social media, content, community, press, forum, referring, link, email, direct, app store & affiliates via organic search, LinkedIn, YouTube, Instagram, Google Ads, firebase, Facebook, Zalo, etc.” he added.

According to the Braze CER, brands that utilise a cross-channel customer engagement strategy increase the likelihood of users buying by 48%. Adding a new digital channel to your messaging mix can drive up to 4x more purchases per user.

3.) Make Your Communication Personal and Relatable

Startups that deploy technology to keep track of customer data across channels can create personalised engagement based on previous customer engagement history.

Mayani founder Solis’ advice for startups to personalise engagement at scale is to “use a lot of tools that can automate outbound communications based on pre-segmented customers around recency, frequency, spend, and rewards management.” He also suggested that brands “create partnerships too with your tech tool partners to achieve mutual business objectives while being cost-efficient.”.

4.) Add Real Value and Set Real Expectations

While startups need to address the right target market, understanding and responding to customer needs is essential for lasting success. With a multi-channel approach, you get a better sense of what customers want and what customers need. This data can be synthesised into valuable insight into market demands.

Moreover, engaging customers and adding value to their experience will keep your startup’s brand recall on top of their minds. Also, the better engaged your customers are the longer they’ll be loyal customers. 

5.) Make Customer Engagement a Priority

The best performing brands recognise the importance of effective customer engagement.

Startups need to always ensure that the focus remains on establishing the right channel, right timing and right messaging for each customer. Making sure you have a plan and to stick to is another important way to ensure that the focus is on doing the right things. 

When executed well, a strong customer engagement strategy will always lead to brand growth and loyalty. The Braze Customer Engagement Review 2022 survey found that top-performing brands are those where customer engagement is customer-centric, is owned by cross-functional teams, and is built on accurate, real-time data.

“Take a “whole-company” approach when it comes to identifying who does customer engagement. Everybody is a touchpoint of the startup’s brand, so all team members are also encouraged to be customer-centric and be a relationship-builder,” added Solis of Mayani.

Also read: Bridging the gap between insurance accessibility and the gig economy

Download the report today to explore the biggest trends shaping customer engagement in 2022, and learn from exclusive data insights that will help you tackle today’s business challenges.

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

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I landed in the world of tech by accident and never looked back. After a couple of internships at a few startups in Singapore and Hong Kong, I took up the opportunity to join a healthtech startup, DocDoc. It was undoubtedly one of the best decisions I have made thus far.

For the next few years, the company launched new products, expanded into new markets, raised funds from notable investors, grew its employee base across Asia, and received recognition for its mission by the World Economic Forum and the United Nations.

As the company grew, my role and scope of work grew along with it. I got to wear several hats during my time here, from Digital Marketing to Brand building to Public Relations and Communications. I also got to pitch in my efforts on several other areas such as Product Marketing, Sales Enablement, investor relations, etc.

None of this would have been possible without a few key people. Some people take a chance on you and change the trajectory of your life. Or perhaps they put you on the trajectory you were always meant to be on but didn’t quite realise.

For me, Cole Sirucek and Grace Park, the co-founders of DocDoc, were two such people. While no amount of gratefulness will be enough to thank them honestly, I can only hope to pay it forward by embodying all the lessons I learnt from them and showing others the same level of kindness they had shown me.

And now, as I pass on the baton and move on to the next phase of my career, here is a look back at the last 4.5+ years and the lessons learnt from this incredible journey.

The evergreen lessons

• Say yes and then do whatever it takes to learn

I was the youngest person in the company reporting directly to the CEO, no pressure! Under his mentorship and guidance, I grew leaps and bounds.

I was thrown into the deep end a LOT, and I had to learn to swim. As a result, I learned Marketing and Communications related skills and a wide range of business skillsets. For example, how to hire the right team, fundraise, test go-to-market strategies, make critical decisions under pressure, etc.

Had I chosen to restrict myself to the usual scope of work, I would have missed out on countless growth opportunities. In most cases, when I was handed a task, I had little to no idea how to do it. I always said yes and then did whatever it took to learn.

Also Read: Millennials are attracted to startup culture, and businesses should address these needs to attract great talent

My takeaway? Don’t get too hung up on how each piece contributes to your specific career path. Instead, learn a wide breadth of skills if given the opportunity. The famous saying goes: You can only connect the dots looking backwards.

Of course, all of the above was possible because of the constant support of my mentors. They clearly stated their belief in my capabilities, patiently gave me constructive feedback at every step of the way and created a safe space to try and sometimes fail. This brings me to my second learning.

• Value mentorship and sponsorship, inside and outside the company

I didn’t even know I needed mentorship and sponsorship when Cole started mentoring me. Looking back, it made all the difference.

If there is one piece of advice I can give to folks at the initial stages of their career, it would be to focus on finding great mentors (and sponsors) who are invested in your growth.

While leaders in your company are a great place to start, always keep looking for opportunities outside the company. In Singapore, Advisory SG, Growth Mentor, Prospect Resourcing’s mentorship scheme, and Young Women’s Leadership Connection are a few avenues worth checking out.

Role-specific communities such as APAC Marketers Roundtable, Product Marketing Alliance, and RevGenius can also benefit immensely.

• Don’t be afraid to look stupid; keep asking questions

During my startup journey, I found it worthwhile to remember the Confucian proverb: “The man who asks a question is a fool for a minute, the man who does not ask is a fool for life.”

Most people don’t understand most things. Just because they aren’t asking questions does not mean they know what’s going on.

Be bold. Train yourself to ask questions, even those that seem silly. Getting a good grasp of the topic at hand will enable you to use your brainpower and add value to the project in the long run. You can’t meaningfully add value to something you don’t quite understand.

• Invest in building meaningful relationships; people want to work with you when they like you

Half the reason I was successful at my role was that people within and outside the company liked me as a human being. Of course, people liking you is not enough, but it makes things a lot easier.

Also Read: 5 ways to build incredible startup culture

This by no means implies becoming a people pleaser. Instead, be your authentic self and invest in building long term relationships based on honesty, respect, and hopefully mutual benefit.

Make time to truly know people, not just about their work but who they are as human beings. It helps if you are a naturally curious person like me who relishes hearing human stories. But even if you are not, make an effort in your way. It will pay off in unexpected ways in the future.

• Become comfortable with making decisions with little information

This is a skill that will prove to be valuable in your professional life and your personal life. Perfect information is a myth.

Remember that not making a decision is also a decision. It often comes at a high cost.

And finally, embrace the rollercoaster ride, don’t shy away from uncertainty. If there is one thing that the last few years have taught us, nothing is certain.

It’s all about the journey. Embrace it. Enjoy it. After all, what’s the fun if everything is to follow a predictable trajectory?

PS: All of the above is perhaps only possible when you work in a company with a great culture, a culture that provides you with a safe space to take risks, fail and learn. Ending up in a culture unsuitable for you is stressful and potentially disastrous for your career.

I highly recommend taking a few moments to reflect on your values and jot down what kind of culture you want to work in BEFORE you apply for a job.

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In an ideal world, machines would be 100 per cent reliable in performing their intended functions with no adverse effects. Unfortunately, such a world does not exist. Well, at least not for now. 

Machines today play an integral part in modern industrial processes. And while the use of machinery has accelerated operational processes, simplified tasks for humans, and reduced the risks involved in manual labour, machine failures are an unavoidable reality, and the price of that is costly. 

The rise in workplace injuries in the industrial sector

Over the years, we have been facing a significant increase in workplace injuries, and machinery fault is one of the key contributing factors. According to the National Statistics of Workplace Safety and Health Report in 2020, one of the top two causes of major workplace injuries was Machinery Incidents. 

Severe injuries, such as amputation accidents, can impact the workers’ lives and livelihood. In worst-case scenarios, it may even result in the death of workers. This is why measures must be put in place for a safe working environment.

As leaders, we strive to establish a safe environment for our employees. It is also a company’s moral and legal obligation to provide a safe and healthy workplace for all its workers by ensuring that all grounds are covered for workplace safety.

The rise of workplace injuries resulting from malfunctioning machinery thus compels industry leaders to take up measures that help in the early prediction and detection of machinery faults.

A sound-first predictive maintenance solution

By using an AI-based predictive maintenance solution, companies can monitor their machines in real-time and be alerted about potential breakdowns or other malfunctioning issues so that necessary actions can be taken to neutralise the threat before any catastrophic incidents happen.

Also Read: Ethics and Artificial Intelligence: Is the technology only as good as the human behind it?

This allows managers to better protect their workers from needless injuries and fatalities. AI should also be used to empower and protect workers by seamlessly integrating the technology into existing legacy systems in factories or operational sites, mitigating risks across all aspects of the industry and enhancing the intelligence and safety of our workers.

When there are underlying problems in a machine, it frequently produces a different sound, even before these problems escalate into something more severe. A sound-first predictive maintenance system would thus be key to early detection and condition monitoring.

Such sound-based approaches typically consist of two steps:

• Condition-based Monitoring provides real-time equipment diagnostics through sound detection, analogous to an “Apple Watch” for machines.
• Predictive maintenance acts as a “crystal ball” to help predict equipment breakdowns in advancSound sensors can easily pick up the differences in sound given offers. The system will flag them as anomalies for further action.

Round the clock surveillance

On top of that, AI predictive maintenance systems can work around the clock to provide real-time alerts and discover anomalies 24/7 to ensure that the workers can safely carry on with their work throughout the day.

Established AI systems even offer pre-existing data reservoirs that the AI can utilise as a reference to detect anomalies without requiring companies to start new training models from scratch.

Such databases help springboard companies by giving them a headstart in deploying the solution and identifying machine faults with minimal calibration time, making retrofitting easier. 

What’s more, over time, as more data is collected, the self-learning AI will learn to recognise the patterns of sound anomalies and make even more accurate predictions.

In some cases, simplified colour-coded alerts are also put in place to help less-skilled workers identify potential issues with machinery with ease and preemptively address them before they worsen, which is an effective use of resources and time.

This can also free up their capacity and time for upskilling, allowing them to take on value-adding responsibilities, become more versatile and diverse in their skillsets, which is critical in today’s economy.

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

By tackling the right problem at the right time, organisations can also save on material costs from machine replacements and reduce their ecological footprint by minimising wastages incurred from redundant machine parts replacements. Essentially, such solutions save money, save time, and save lives. 

AI is the new inevitable

Just last year, the Singapore Government invested US$180 million in AI research and expanded funds to stimulate the use of AI technology across industries. As AI solutions become more efficient and effective, it is critical for asset-intensive industries to implement predictive maintenance systems to improve their overall efficiency, reduce downtime and enhance the safety of the workers.

According to a 2019 report by Allied Market Research, the global predictive maintenance market was initially estimated at US$4.3 million in 2019 and is now expected to expand more than sevenfold to US$31.9 million by 2027. 

Predictive maintenance is the cornerstone of a safe industrial environment. But it is with near certainty that with the help of machine learning technology, sound-based predictive maintenance solutions will become a vital tool across industries, like an OS layer for all industrial machinery, similar to what Microsoft achieved for PCs. 

We live in a society where machines are constantly functioning to fulfil the world’s ever-increasing needs. And with workplace safety becoming a rising concern, industries will need to ensure the fulfilment of these needs without compromising the safety of their workers.

By adopting sound-first predictive maintenance, industries such as maritime, construction, manufacturing, and oil and gas can do that.

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Since the early 2000s, technology has been driving far-reaching revolutionary impacts.

Because of this, I held an unwavering belief in the unlimited potential of technology in improving our lives, keeping us connected, entertained, and safe while enabling people to make a living in a secure techno-environment.

My foray into technology stemmed from a keen interest in problem-solving and creating solutions, which led me to begin my first job as a Systems Engineer with ExxonMobil in 1993.

As I continued to pursue a career in this ever-evolving industry that predisposed me to many challenges, I decided to take the chance to contribute more actively in my chosen field. This led me to find my own digital solutions company, Complete Human Network (CHN).

Throughout my years as a technopreneur, I not only learned to navigate the ups and downs of running my own business but also to break glass ceilings as a female leader in a male-dominated industry.

Years in the industry were building blocks to starting my own company

Before starting CHN, I served as a country manager at Avaya, a multinational telecommunications company, assisting businesses in integrating with internet intelligence for increased productivity.

As businesses started to embrace technological advancements and became more reliant on digital tools, I realised how necessary digital transformation would be for every business to grow sustainably in the future.

Moreover, in taking a hands-on approach when assisting businesses across multiple industries manage the productivity and connectivity of their workforce, it became evident to me that enterprise mobility and cybersecurity would be key enablers for digital transformation.

This led to the inception of CHN in 2012, intending to help enterprises achieve exactly that. In partnering with prominent brands like Apple, Samsung and Microsoft to provide end-to-end mobility services leveraging state-of-the-art mobile devices, CHN was recognised by Apple as the Top Apple Enterprise Partner in Malaysia back in 2013, a boon for my first anniversary in the business.

Through CHN, I was able to help enterprises digitise and save capital costs, but I was also able to present eco-friendly solutions that could help prevent the upsurge of e-waste. More specifically, my team and I changed how companies and their workforce use devices.

Instead of purchasing new devices only to discard (sometimes, without taking the proper precautions) outdated ones, CHN enables companies, through their Device-as-a-Service (DaaS) solution, to ensure that all hardware is properly maintained and managed well so that it can be reconfigured to extend usability. This minimises the amount of e-waste produced by businesses.

Sharing the passion with other women in the industry

Despite successfully navigating the ups and downs of running my own business for the last ten years, I cannot deny that varying amounts of prejudice exist in every industry, and the technology sector is certainly no exception.

Also Read: 3 leadership lessons for women in tech

While we cannot control behaviour exhibited towards us by other people, we can control our reactions to them. In realising that there is widespread prejudice against female leaders, I believe that it’s very important for those in this position to be assertive and confident while never losing sight of the positive change they can affect.

Following the Economic Research Institute for ASEAN and East Asia findings last year that reported women currently have less access to opportunities linked to the digital economy. I am on deck to call out to all women in the industry to stand firm in breaking these barriers. Do not be intimidated by your male counterparts, and instead, learn to practise the three ‘S’ more: speak up, stand up and show up.

I believe that women have important roles in contributing to the tech industry through their insights and skills.

Therefore, as we continue to encourage female talents in pursuing their passions and interests in tech, the community must do its part in providing a conducive environment for women to enter the industry, providing them with a growth platform on that they can rely and learn from.

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Despite the benefits of alternative investments, their penetration in investment portfolios of regular investors remains disappointingly low, for reasons we will come to. 

Alternative assets have been proven to drive growth in portfolios, serve as protection against inflation, and act as a hedge against volatility in public markets.

However, retail investors have invested only a fraction of their assets in alternatives. According to research by KKR, ultra-wealthy families had invested three times more into alternatives than affluent mass investors and ten times more than retail investors.

Examples of alternative assets include private debt and equity, hedge funds, managed futures, art and antiques, commodities, and derivatives.

In Singapore, access to private debt, which offers exposure to the booming buy now pay later (BNPL) segment, is creating an exciting proposition for institutional and accredited investors.

The hope is that in the not-too-distant future, regular investors will be able to more easily access alternative investments through homegrown fintech platforms that tout the mission of democratising finance. 

The reality is that individual investors today still face intense challenges in accessing alternative assets: it remains very much an insider’s game where opaque asset valuations reign, elitist groups of experts form opinions, and access is limited to high minimal entry tickets.

Investment in buy now pay later debt

The rise of BNPL has created a booming market for SMEs and consumer debt that is remarkably low-risk when pooled together while also offering investors attractive yields.

While every investor in Singapore is likely aware of the growth of BNPL (it’s hard not to see these payment options in most high street stores today), many are probably unaware that it’s already being added to portfolios of credit funds and wealthy clients as private debt.

Public equity markets in the US and elsewhere are near all-time highs. The Federal Reserve is expected to begin reducing its balance sheet (i.e. selling the assets it bought to support markets during the pandemic) and raising interest rates to nearly three per cent by the end of the year.

Also Read: The next fintech innovation will be a customer-led phenomenon

This monetary policy, which will spill over to markets in Asia, means that the primary investment class retail investors have access to (i.e. public equities) will likely be repriced with lower multiples.

For regular investors who have most of their net worth in public equities and bonds without any alternatives, this could mean they see a fall in the value of their portfolios over the coming months and even years.

However, with Asia’s growing private debt from areas like the BNPL boom still providing high yields of around 10 per cent per year and low volatility, it offers high-net-worth investors a way to diversify and hedge their portfolios against declines in public markets.

Addressing Singapore’s wealth inequality

High on the agenda of the Singapore government, as made clear in its recent Budget 2022, is to address the growing financial inequality of the population while at the same time continuing to support innovation and new technologies.

Fintech is a segment that the city-state is known to be a regional and global leader in, so it makes sense that it is the fintech start-ups and innovators who contribute toward solving domestic inequality.

As mentioned, alternative assets are not easy to access for the regular investor, so while they represent a possible solution to rising inequality in Singapore, the question of access first needs to be tackled.

This is precisely where fintech platforms can play a role: conditional on support from the regulator, a new breed of alternative investment platforms are emerging that give investors exposure to alternative investments with as little as US$100 starting investment. 

This will be a game-changer for Singapore and the whole world if it is delivered in a safe, regulated way combined with greater financial education and rising levels of financial literacy.

Just as today, there are online comparison platforms for consumer financial products like credit cards, personal loans, insurance, and mortgages. One day soon, fintech companies may offer greater transparency and access to comparisons of alternative investment platforms for the regular investor.

With the right public-private sector investment and effort, we can bring down the stark contrast between the alternative investment holdings of the regular versus an accredited investor.

That’s a noble mission for Singapore’s fintech and one I hope to be a part of it.

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Thai VC firm SeaX Ventures (Southeast Asia Exponential Ventures) has made the final close of its second fund oversubscribed at US$60 million.

The original target size was US$50 million, the company said in a press note.

SeaX Ventures’s Limited Partners include PTT OR International Holdings (Singapore), Central Pattana PCL, Singha Ventures Corporation, Ramkhamhaeng Hospital, MC Group, The Vacharaphol (Thairath News), Modernform, and BCH Ventures.

Fund II seeks to invest in companies in blockchain, web3, foodtech, biotech, life sciences, artificial intelligence, robotics, IoT, and hardware.

SeaX Ventures will invest in the range of US$500,000 to US$5 million in pre-seed, seed, and Series A-stage startups. The goal is to accelerate the growth of global startups throughout Southeast Asia.

Also Read: Women of Web3: Top women contributors tell us all we need to know about Web3

Founded by Dr Supachai “Kid” Parchariyanon (founder of corporate innovation consulting firm RISE), SeaX Ventures invests globally in early-stage companies with game-changing “exponential” technologies. The VC firm leverages RISE’s relationship with over 400 listed companies, MNCs, and family businesses in Southeast Asia to explore business opportunities with its portfolio companies.

“Southeast Asia is a region of 650 million people with a combined GDP of US$3 trillion,” said SeaX Managing Partner Parchariyanon. “We can help innovative startups worldwide grow exponentially in this large and dynamic area through our relationship with over 400 corporates.”

SeaX Ventures maintains deep and cooperative relationships with RISE’s investors and corporate partners. According to reports, it will add value to the corporate innovation consultancy’s portfolio companies by helping to grow their businesses. This goal will be accomplished by connecting these startups to their investors and RISE clients, thus also assisting the larger entities in their quests to pursue innovative initiatives, launch new businesses, or reduce operating costs.

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Despite Singapore having a robust startup ecosystem, ranking 17th in the world according to Startup Genome’s latest report, geographic and demographic constraints mean that Singaporean entrepreneurs must quickly look to enter new markets in order to achieve scale.

In fact, in the current low growth macro-environment in which competition for market share is increasingly fierce, the ability to scale is synonymous with the ability to survive. It’s scale or die.

However, successfully internationalising a business, particularly a nascent one, is no small feat.

The APAC region is incredibly diverse and no two markets are the same. What works in one market may not be appropriate for the next. This poses a challenge for all Singaporean startups, how to sustainably scale into new markets quickly and effectively?

As a leading venture studio and startup accelerator in the region, Rainmaking has supported the international expansion of hundreds of startups across APAC.

As part of that process, the Rainmaking team have witnessed firsthand how challenging market entry can be, requiring careful navigation of regulatory, cultural and other in-market hurdles in order to unlock new opportunities.

Crucially, Rainmaking has found that the key to successful international expansion is to first validate demand in the market for a new product or service, before investing a significant amount of financial and human capital.

About Rainmaking Expand

Rainmaking Expand is a new generation of market entry programmes designed to address the challenges associated with international expansion. After many years of designing, operating and evolving accelerator programmes around the world, Rainmaking has established a framework that first helps startups assess their viability in new markets before helping them to deploy there.

Their latest programme, Rainmaking Expand: South Korea, supported by Enterprise Singapore (ESG), focuses on providing end-to-end support for Singaporean startups seeking to enter the South Korean market.

In contrast to the traditional accelerator programmes that focus on education, mentoring and pitch preparation, Rainmaking Expand offers customised, modular programme plans for each startup that are designed to maximise commercial outcomes.

The support on offer covers market validation, customer discovery, business development and the facilitation of relevant introductions in South Korea.

With customisation being the main focus, Rainmaking explores each company’s business model and expansion plans and identifies particular areas that require validation before attempting to execute a market entry plan.

Rainmaking also helps businesses explore regulatory, cultural and other in-market challenges that a startup is likely to face, making sure that plans and expertise are in place to deal with them.

Also Read: Holding tight or letting go: A paradox I face as a father and a corporate venture builder

The programme is comprised of two tracks:

• Track one focuses on ramping up in preparation for expansion. During this phase, startups work with Rainmaking to validate in-market demand for their product or service and develop their expansion strategy and roadmap.
• Track two focuses on executing the go-to-market strategies that startups have created. During this phase, startups will engage in focussed business development conversations with potential customers and collaborators in South Korea and concentrate on securing new customers and pilot opportunities with commercial collaborators.

Why South Korea?

South Korea is a compelling market for Singaporean startups looking to expand within the APAC region for a number of reasons:

• Welcoming international startups: South Korea welcomes high potential startups through startup initiatives and by establishing Free Economic Zones (FEZs). This has opened up commercial pathways for expanding into South Korea whilst ecosystem players like Rainmaking help accelerate time to market.
• Major Trend & Tech Testbed Consumer: Trend sensitivity and strong purchasing power make South Korea an ideal market for global brands wanting to test and refine new products and technologies, giving rise to the idea that where the Korean wave goes, the rest of the world follows.
• Global innovation hub: South Korea has produced 17 unicorns and has topped the Bloomberg Innovation Index for seven of the nine years that it has been published. More to the point, South Korean conglomerates are enthusiastically working with startups in a variety of ways, including partnerships, equity investments and M&A.
• Strong government support: The government plays an active role in promoting and nurturing the local startup ecosystem and boasts some of the world’s most generous grant funding programmes for entrepreneurs. The K-Startup Grand Challenge, which invites and incentivises foreign entrepreneurs to set up shop in South Korea, is one such programme.
• Growing despite COVID-19: South Korea’s four per cent growth rate in 2021 is expected to remain robust through 2022 and 2023. Under the Korean New Deal, the government is investing US$133 billion to accelerate the transition towards a digital and green economy, creating a host of new opportunities for startups from around the world.
• Proximity to key Asian markets: Located in the centre of Northeast Asia, South Korea acts as a launchpad for accessing 2 billion tech-savvy potential customers – an ideal location to enter and expand for startups.

How to join the programme

The Rainmaking Expand: South Korea programme is currently accepting applications for the first cycle, and is already helping startups identify their needs for market entry while building a customised modular programme for them in order to succeed.

Interested startups can apply to the programme now via the Rainmaking Expand website in order to begin their market entry journey. Applications close April 3, 2022.

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Shopee shutters India business
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E-sports startup Ampverse raises US$12M Series A
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Singapore-headquartered e-sports startup Ampverse has secured US$12 million in a Series A round of investment, led by global investment fund Falcon Capital.

Existing investors Vulpes and Gandel Invest also participated. Gaming, media, sports and e-sports industries veterans, including Rob Gilby (former Disney SEA MD), David NG (CEO GoGame), Michael Patent (CEO Culture Group), Marcus John ( former VP Lagadere and Wolfpack Fund, founded by former IMG and Group M executives), also joined the round.

Ampverse will use the new funds to expand into Indonesia and the Philippines, acquire new e-sports teams and scale its play-to-earn business unit. This includes acquiring play-to-earn (P2E) guilds as the company moves into the P2E space to complement its existing e-sports IP pillar.

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CEO Ferdinand Gutierrez said: “Ampverse has witnessed tremendous growth over the last twelve months, with 125 per cent revenue growth and expansion into the Vietnamese and Indian markets, while also strengthening our e-sports assets portfolio. We will utilise these funds to move forward to solidify our position within Southeast Asia by continuing our expansion into Indonesia and the Philippines. We will continue scaling our e-sports and new play-to-earn business unit through further M&A.”

According to him, the Indonesian and the Philippine markets are strategically crucial, given the dynamics of their e-sports and P2E markets and the popularity of certain games in these countries. They will complement the existing titles its portfolio of teams compete in.

“Both markets share several commonalities in terms of the popularity of certain game titles and their buoyant streaming markets. Indonesia is evidently a significant market due to its sheer scale. Furthermore, its high e-commerce adoption presents a huge opportunity to provide fans with engaging gaming products and experiences,” Gutierrez told e27. “With the Philippines specifically, we see some fantastic gaming talent emerging from the region who can cut through and become mainstream celebrities, thus presenting some exciting opportunities to develop original content and IP.”

Ampverse owns and operates e-sports teams across Asia, including top brand ambassadors and pro players that sit at the intersection of gaming and popular culture. It owns some of the world’s best e-sports teams, influential gaming talent, P2E guilds, and a series of experiential-driven products and gaming collectibles.

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Its client base includes Disney, Samsung, McDonalds, Nestle, Lazada and Porsche.

Ampverse has offices throughout Southeast Asia and India.

The gaming and e-sports market is growing exponentially, not just within South and Southeast Asia but globally. NFT adoption in Southeast Asia ranks as some of the highest markets globally. The Philippines ranks first with 32 per cent ownership, Thailand second with 27 per cent, and Malaysia third with 24 per cent. Vietnam rounds off the top five worldwide with 17 per cent NFT ownership, just below the United Arab Emirates (UAE) at 23 per cent.

“P2E game adoption is also on a high growth trajectory in the wake of the breakthrough game Axie Infinity, a Vietnam-made P2E game that generated over US$2.3 billion in sales and attracted some 2.5 million players. Since then, we have seen even more P2E games surface in the market with high potential to drive fast user adoption,” he said.

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