Indonesia’s GoTo aims to raise US$1.11B in IPO
GoTo is the second Indonesian unicorn to get listed on the stock exchange, following Bukalapak’s IPO last year; Prior to this, GoTo’s rival Grab has made their IPO on Nasdaq in December 2021.

FinAccel, VPC Impact Acquisition terminate merger agreement
This comes on the backdrop of the volatility in the US market, triggered mostly by geopolitical tensions and rate-hike concerns; Following the mutual decision, VPC Impact is leading a US$145M investment in FinAccel.

Webuy acquires Indonesian social commerce rival Chilibeli
Under the share-swap deal, the company will take control of all of Chilibeli’s assets, including its brand, database, software, agents, and customers; Chilibeli mainly sells fresh fruits and vegetables as well as household items.

PropertyGuru public offer sees 59% SPAC redemption rate
SPAC redemptions allow shareholders to redeem their shares at the original IPO price, potentially leaving the combined company with less money for its future operations; A high redemption rate signals low confidence in a merger

Carsome acquires majority stake in Singapore’s CarTimes Automobile
CarTimes offers a suite of auto solutions ranging from new and used car retail, rental, financing, insurance to repair, maintenance and workshops; This deal follows Carsome’s recent announcement of completing its acquisition of iCar Asia.

Rainforest acquires baby care brand NatureBond 
Rainforest CEO JJ Chai said it was a 100 per cent acquisition and its parent company Millenium Enterprises for a significant seven-figure amount; Rainforest will support the brand’s marketing, pricing, supply chain, sourcing, product development.

SG’s smart lock maker igloocompany banks US$12M Series B1 to expand its footprint in US, Europe
Investors are Purpose Venture Capital, Kickstart Ventures, Wavemaker Partners, and Insignia Ventures; In July 2021, igloocompany set up an office in the US, where it aims to deploy 1M devices, garner 400 enterprise partnerships, and achieve 2.5x growth over the past 18 months.

Indonesia’s fintech UangTeman loses online lending license
The news comes amid the fintech startup’s struggle to find a white knight who can save it from collapse; UangTeman had stopped paying salaries and even disbursing loans from the end of 2020, as it dealt with the fallout of the Covid-19 pandemic.

Earned wage access startup wagely nets US$8.3M pre-Series A to grow in Bangladesh
Investors include East Ventures (Growth Fund), Integra Partners, GFC, Trihill Capital, and Blauwpark Partners; wagely also disclosed that it secured the backing of Central Capital Ventura, the VC arm of Indonesia’s Bank Central Asia

‘As workplaces rapidly change post-pandemic, the way people getting paid changes too’: wagely CEO
In this interview, he discusses how wagely solves the problems faced by lower- and middle-income workers struggling with unexpected financial expenses between paycheques.

How crypto savings startup Finblox attracted US$3.9M capital within just 4 months of launching
Investors include Dragonfly Capital, Sequoia India, Three Arrows Capital, Saison Capital, MSA Capital, and Coinfund; Finblox allows users to earn a yield on their assets passively, with no limits on minimum balances or withdrawal periods

Datature raises US$2.7M from Openspace to allow companies build breakthrough AI capabilities
Investors are Openspace Ventures and January Capital; Datature’s full suite of solutions provides teams with the ability to annotate, augment, train and deploy computer vision models, all without a single line of code.

SiCepat apologises for wrongful layoff procedure
The Indonesian logistics firm said there was a wrongful procedure in its recent layoff of 366 employees; Instead of dismissal letters, the company gave them resignation letters; In the last two years, SiCepat raised US$170M in investments.

Grab confirms Vietnam country head Nguyen Thai Hai Van’s departure
She stepped down to pursue a new career opportunity; The superapp didn’t disclose who will take over the role; Van joined Grab VN in Nov 2019 and was promoted to the position of country manager in Feb 2020.

Funding Societies launches US$16M ESOP buyback programme
Under the buyback, all eligible workers will have the option of selling their shares at no discount to Funding Societies at its series C+ preference share price; This is its 4th such programme, with its employees previously cashing out a total of US$3.5M in ESOPs.

Antler, Iterative back Indonesian B2B logistics firm Envio
Envio provides logistics solutions for the B2B segment; It currently has 35 air and marine transportation modes, 5,000 land vehicles, and 50 warehouses across the archipelago.

SG fintech firm Digital Treasures Center (DTC) gets regulatory nod for crypto services
With a license to offer digital payment token services, DTC can provide fiat-to-crypto pairing, which enables merchants to accept cryptocurrencies, including Bitcoin, Ethereum, and Tether – and convert them into fiat currency.

Animoca shuts down F1-based P2E game
The Hong Kong-based unicorn said it will replace the F1 Delta Time assets of current owners with NFTs for other games in its Revv Motorsport ecosystem, including MotoGP Ignition, Formula E: High Voltage, Revv Racing, and Torque Drift.

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The very term femtech was recently brought to prominence by the founder of a fertility app in reaction to her struggles in finding male venture capital investors who would find it difficult in understanding the specifics of her product.

However, with the industry forecast to total US$75 billion in value by 2025, there are plenty of indications that VCs are waking up to the potential of femtech. 

In Silicon Valley, there have been clear developments in the level of VC investment in women’s digital health since the beginning of the COVID-19 pandemic. The United States, in particular, has played host to a rise in the level of VC funds dedicated solely to investing in female founders and into startups focussed on addressing women’s needs. 

One of the most important factors behind the growth of femtech is the realization of the industry’s significant potential.

According to a report by the non-profit organization, FemTech Focus, the potential of the femtech market can total US$1 trillion, based on the fact that the 3.8 billion women around the world have a combined spending power of US$20 trillion per year whilst controlling around 85 per cent of daily household spending and making more than 80 per cent of healthcare decisions.

The report also noted that exits by female-founded firms increased 16 per cent year-over-year between 2019 and 2020, whilst male-founded exits fell by 2 per cent over the same timeframe. 

The femtech market is expected to grow at an exponential rate. As we can see from the chart above, North America and Europe are set to drive the market, whilst treatment-based technology appears set to dominate the industry alongside diagnostics. 

“The global femtech market was worth US$40.2 billion in 2020 and is projected to grow at an average of 13.3 per cent per annum from 2020 to 2025 to reach US$75.1 billion,” said Maxim Manturov, head of investment advice at Freedom Finance Europe.

“North America is the undisputed leader. Comprising almost 55 per cent of femtech companies, it far surpasses other regions. Europe is second with 25 per cent, followed by Asia with 8 per cent and MENA countries with 7 per cent.

“The US and the UK are the two countries with the largest number of femtech companies. Despite growing interest in recent years, the industry remains undervalued and has high growth potential.”

Battling under-representation in healthcare

The rise of femtech could bring far greater improvements for women’s health than the development of dedicated tech. The industry could generate a far better level of representation for women when it comes to gender-based variations in healthcare. 

Also Read: Breaking the glass ceiling: These 6 women are making their marks in deep tech field

Literature like Invisible Women (Penguin Random House, March 2019), Doing Harm (HarperOne, March 2019), and Sex Matters (Hachette Book Group, June 2021), modern medicine was developed around male physiology, with women often underrepresented. 

There’s also a widespread predisposition to the male body type within the field of medical training, diagnoses, and therapeutic development, which has impacted how physicians and scientists work on understanding the human body. As a result, women can often have very different health outcomes from men when undergoing treatments. 

Although this isn’t always the result of gender bias, for instance, the US Food and Drug Administration (FDA) advised against “premenopausal female[s] capable of becoming pregnant” being included in phase 1 and early phase 2 clinical studies, but it’s led to an increased need for women to gain better representation when it comes to health matters. 

Signs of market growth

The femtech industry has recently received a boost as German health startup Wellster Healthtech Group closed a US$20 million funding extension, which has brought the total level of funds raised to US$60 million. 

The company announced that it intended to use the revenue to launch a brand specifically within the realm of femtech, which is set to focus on developing software designed to aid insights into fertility solutions, menstrual tracking, pregnancy, and nursing care among other aspects of women’s health. 

“The funding comes at a key moment in our development,” said Co-Founder Dr. Manuel Nothelfer in a statement. “It reinforces our goal to be the leader in the European market and our offerings for personalized healthcare services to expand.”

Wellster’s impressive funding comes as the latest indicator of an industry that’s ready for exponential growth. The company’s shift towards the femtech sector illustrates the sheer volume of opportunities that companies can access in providing women with the healthcare solutions that they’ve been deprived of throughout their lives. 

With a projected market share of more than US$75 billion forecast by 2025, the firms that opt to expand into femtech are likely to be rewarded by sustained and ever-increasing custom from a market that currently spans some 3.8 billion people. 

With this in mind, venture capitalist interest may hold the key to a brand new frontier for women’s health. Although barriers still remain in a largely male-dominated industry, the future certainly looks bright for femtech and the companies that are working to serve their female audience.

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Malaysia-headquartered integrated car e-commerce unicorn Carsome Group has acquired a 51 per cent stake in Singapore-based auto solutions company CarTimes Automobile.

The transaction details remain undisclosed.

This follows Carsome’s recent announcement of completing its acquisition of iCar Asia.

Commenting on the new deal, Carsome Co-Founder and Group CEO Eric Cheng said: “This partnership will enable us to deepen our footprint in the Singapore auto market and augment our ability to bring trust, choice, and transparency together to customers.”

According to CarTimes Founder and Managing Director Eddie Loo, this partnership is crucial in assisting it in serving customers better and providing them with the resources to digitise and improve the two-decade-old relationship they have with their customers.

Also Read: Carsome completes acquisition of ASX-listed content automotive platform iCar Asia

Established in 2001, CarTimes offers a suite of auto solutions ranging from new and used car retail, rental, financing, insurance to repair, maintenance and workshops. It has retail showrooms and after-sales service centres across Singapore.

Carsome is one of the largest integrated car e-commerce platforms in Southeast Asia. It provides end-to-end solutions to consumers and used car dealers, from car inspection to ownership transfer to financing.

The company currently has more than 3,000 employees and has operations across Malaysia, Indonesia, Thailand and Singapore.

In 2020, Carsome acquired an all-equity stake in Universal Collection, a Jakarta-based car and motorcycle auction service. This came a few months after it secured US$290 million in a Series E financing round, bringing its valuation to approximately US$1.7 billion.

In a September 2021 report, Reuters hinted that Carsome’s profitability on an operational level was set to be realised in 2022. 

The Southeast Asia automobiles trading value reached an estimated US$55 billion annually, according to Momentum Works Southeast Asia Used Cars Report 2020.

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igloocompany, a smart locker company in Singapore, has banked US$12 million in its Series B1 funding round from Purpose Venture Capital and existing investors Kickstart Ventures, Wavemaker Partners, and Insignia Ventures Partners.

The amount brings the startup’s total funding raised to date to US$32 million.

The new infusion will enable igloocompany to advance its footprint in the US and European markets through broad-market adoption and fuel developmental efforts in the enterprise segment.

Anthony Chow, Co-Founder and CEO, said, “When igloocompany first started, we were smart-lock makers. Six years on, we have fully-integrated solutions for enterprises on top of our premium consumer offerings.”

“We are now focused on growing our ecosystem of symbiotic partnerships and meaningful integrations to deliver powerful customer experiences. Our strategy has gained traction, with over 1,000 integrations completed in the past 18 months, and looks set to grow,” he added.

Also Read: igloohome raises US$15M afresh to expand its smart access solutions to real estate

The startup was established in July 2015 by Chow and Kelvin Ho as igloohome, a that made smart locks and lockboxes. Since then, it has grown to include an enterprise-focused vertical, iglooworks, which focuses on large-scale access management.

In October 2020, igloocompany was announced as the holding entity of igloohome and iglooworks.

igloohome creates keyless access solutions for smarter living and smarter cities. Users can remotely grant time-sensitive access to their properties or assets with these smart locks. The device uses unique technology – algoPINTM- that enables their solutions to be highly secure and operate remotely without WiFi connectivity.

iglooworks is an enterprise-focused line offering and a suite of smart access solutions for remote monitoring and management of access for infrastructure providers, facilities managers, and smart city developers.

In July 2021, the firm set up an office in Austin in the US, where it aims to deploy one million devices, garner 400 enterprise partnerships, and achieve 2.5x growth over the past 18 months.

igloohome also announced a partnership with ShowingTime, an integrated showing management provider, and launched iglooconnect to enable users to integrate igloohome locks with third-party service providers. ShowingTime currently serves over 950,000 realtors.

igloocompany has 135 employees with ten regional offices worldwide.

In July 2019, the company announced a US$15 million Series B round, led by Insignia Ventures. A year earlier, it bagged US$4 million led by the same investor.

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Airwallex and MongoDB aim to get engaged with the community and provide the companies on e27 the opportunity for advisory, partnerships, and collaborations, sharing of insights, or simply to expand the network. 

Over the past couple of months, we have facilitated over 10,000 connections between startups and investors through e27 Pro’s Connect feature. This time, startups on the platform are now able to network with other companies. Airwallex and MongoDB are on the e27 platform to discover up-and-coming companies in the region. 

e27 has initiated a lot of offline events in the past, and as organisers, we knew the value of physical events for companies. When we launched Startup Connect, this was exactly what we had in mind. In this new normal, wouldn’t it be better to have a visible tool to explore opportunities with companies out there? Our Startup List is all about discovering technology companies with enhanced filtering capabilities to provide you with what you are looking for. 

Why connect with Airwallex and MongoDB?

Our partners have committed to engaging with startups that qualify for their program offerings. If you’re looking for technology partners to help you grow and scale your startups, these e27 partners can help you address your current challenges. These companies have established expertise in their fields and have worked with countless startups in the past. 

Meet our partners

Airwallex is a global payments platform with a mission to empower businesses of all sizes to grow without borders, and by doing so, contribute to the global economy. With technology at its core, Airwallex has built a financial infrastructure and platform to help businesses manage online payments, treasury, and payout globally, without the constraints of the traditional financial system. Airwallex has raised over US$800 million since it was established in 2015 and is backed by world-leading investors. Today, the business operates with a team of over 1,000 employees across 19 locations globally.

MongoDB is the leading modern, general-purpose database platform empowering innovators to create, transform, and disrupt industries by unleashing the power of software and data. Headquartered in New York, MongoDB has more than 33,000 customers in over 100 countries. The MongoDB database platform has been downloaded over 210 million times and there have been more than 1.5 million registrations for MongoDB University courses.

We are thrilled to announce this partnership and as part of e27’s mission to empower entrepreneurs with the tools to build and grow their companies, we will continuously work with companies to bring more opportunities for our members. 

How to get started?

The Connect button is available in the upper right corner of this page. Before you hit Connect, make sure to edit your company profile. Our partners will look into your profile to check any potential opportunities.

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Gaming has gone a long way from the arcade to mobile. In video gaming alone, there are an estimated three billion new users expected to join from across the world. The Asia Pacific region is a haven for video gamers, contributing to nearly half this number. The gaming industry’s revenue has not only significantly grown in the past years, and its increasingly mobile nature has also made gaming a social activity, one that links people worldwide.

Crunching the numbers, it appears that gamers spend at least one and a half hours a day using their consoles. This shows that more and more people may spend time on their screens but connect with each other through games. Users are at the heart of gaming, and it’s with this mindset that gaming developers are bound to gear their innovations.

On providing agile solutions to complex problems

In the webinar, “Game on with MongoDB,” MongoDB APAC Senior Solutions Architect, William Tan, and Tech Lead at gaming company Uptivistic, Dam Le, shared their experiences in the constantly evolving gaming landscape. Both speakers presented their takes on the changes in the gaming industry, particularly on the emergence of NFT gaming, the necessary shift of companies’ focus from databases to game development, and the user-centric approach to games.

In his presentation, Tan explained MongoDB’s three main assets for gaming companies, namely, agility, availability, and scalability. Working with MongoDB allows developers to get their products to the market faster and scale quickly. It helps the gamers to play both offline and online giving them a world-class gaming experience. This is especially true for mobile gaming, which often requires good Wi-Fi and a stable network. MongoDB Realm, allows users to store their gaming info in their mobile device so that they can pick up where they left off when they’re back online.

 MongoDB provides the application data platform that game developers are looking for–an intuitive way of writing game code that supports all data formats available. The company’s Atlas Cloud offers sophisticated security and simplified data architecture, perfectly complementing blockchain technology when it comes to powering NFT gaming.

NFT gaming and beyond

Today, NFTs have become so pivotal in the gaming industry, Uptivistic’s Dam Le noted, is part of their innovative offering to users. From the more traditional paywall gatekeeping games from players, NFT gaming now offers a play-to-earn setup that puts users at the forefront of the gaming industry. Le provided a diagram tracing the relationship between core games, “tokenomics,” and NFT assets, basically highlighting the potential of NFT gaming to attract both gamers who are in it for the game, and traders and holders who just plan on investing in their token. 

Despite its growing popularity, both Tan and Le surmised during the webinar’s panel discussion that NFT is not the only hot topic in the gaming industry today. Tan mentioned that more and more gaming elements are cropping up in non-gaming companies for greater interactivity with users and clients, while Le cited the Metaverse as an attractive potential for companies to keep an eye on.

Skipping the innovation tax for tech businesses

However, perhaps more importantly, beyond building databases, MongoDB allows developers and companies to focus on what they do best–building games. Simply put, MongoDB aims to ease the heavy lifting of constantly refining their database from developers and lets them focus on game development.

needless complex data architecture takes a toll on resources that could otherwise have been used productively. That complexity is ultimately a tax on innovation — the Data and Innovation Recurring Tax, or DIRT. or the cost of managing multiple technologies which leads to the cost of retaining, re-training, and persuading developers which also hampers the developers’ experience and impacts the overall productivity. 

But the innovation tax is more than just an unsatisfied workforce. Structurally, it’s also the efficiency of the company’s databases and how these won’t overwhelm developers and engineers. The solution to outdated tech is to replace them with more agile solutions, which is the work that MongoDB does for its clients. In partnership with MongoDB, for example, Le said that Uptivistic saw an exponential growth of concurrent users, from 10,000 to 200,000 through the company’s optimisation of Uptivistic’s database and tech, allowing Uptivistic to focus instead on developing their product and the game.

 The underlying thrust is that gaming companies and developers should focus on investing time in building games, not databases. While databases are a supporting component of any business, start-ups should be careful not to mistake this as their end goal, nor should they be pouring too much time into streamlining these processes when they should be focused on innovating their products.

MongoDB provides an enterprise-class, mission-critical application data platform. A cohesive, integrated suite of offerings capable of managing modern data requirements across even the most sprawling digital estates, and scaling to meet the level of any company’s ambition, without sacrificing speed or security. 

Watch the webinar discussion here.

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Photo by Lucie Liz from Pexels

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

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The startup ecosystem in Southeast Asia is booming. Some term it the “golden era” for startups here. Notwithstanding the pandemic, startups within the region saw a record number of 393 investments in H1 2021, with a total of US$4.4 billion raised, eclipsing the 327 investments made in the same period last year.

Not only is the region seeing substantial investment in startups, but it is also seeing several of its startups become large fledgling companies. In 2021 alone, the region saw 21 unicorns, bringing its total to 40 unicorns, and counting.

Broadly speaking, Southeast Asia’s startup ecosystem has been driven by a top-down approach, with strong government support. In Singapore, the government has taken the lead in fostering entrepreneurship by encouraging entrepreneurship programmes at the university level and supporting the creation of a strong investment ecosystem.

In other words, the government is an active stakeholder in the ecosystem. Accelerator and incubator programmes set up by industry associations and companies have helped develop a community of startup founders, angel investors, venture capital investors and private equity firms. 

Other macro trends have been critical in bringing us where we are. Digital adoption in the region has been phenomenal, especially in terms of mobile-first. The adoption of digital capabilities is exceptional and still growing in countries like Singapore, Indonesia, Vietnam and the Philippines.

Developments in markets with robust data collection frameworks and strong privacy laws, such as Singapore and the Philippines, have helped fuel the adoption of digital in Southeast Asia. And while COVID-19 has accelerated digital adoption across the board, it has been a boon for three specific sectors, e-commerce, gaming and fintech, in particular. 

Most importantly, however, in just about a decade, the risk appetite of founders and investors in the region has grown dramatically.

There’s positivity in the startup community, young graduates are eager to set up their own ventures, and we are also seeing ex-employees of large regional unicorns such as Grab starting on their own as we’ve seen in Silicon Valley, or investing in other innovative startups. This has provided a strong boost to the angel investment ecosystem.

Also Read: All in the family: How to build a community that accelerates business.

In short, there’s a buzz around startups and startups investing in Southeast Asia. This is excellent news for investors because we see deepening and broadening investment opportunities. 

The ecosystem isn’t without its challenges, however. One key challenge in Southeast Asia is the insufficiency of talent. Startups often find it challenging to get the right people with specific skill sets to plug holes in their teams.

However, the pandemic has inadvertently helped alleviate some of these challenges, especially as it has normalised remote work. Startups are increasingly acknowledging that hiring people from different time zones is not as much a challenge as it was once made out to be. If anything, it can even allow for more timely service delivery.  

Driving change

I’m often asked about the importance of investing in positive change. I like to respond to that by saying that every startup, company or business exists to provide a solution to a problem or to eliminate specific pain points. By virtue of that itself, every startup is driving positive change in some form or another. 

But additionally, some startups go that one step further to offer solutions that help drive sustainability or provide products and solutions that help poorer or marginalised sections of society. This does not mean these startups want to be commercially unviable. And instead, they want to play a part in driving positive change while remaining profitable. 

In this respect, startups in Singapore have support from the government. Under its recently announced Enterprise Sustainability Programme, the Singapore government has come forward to develop, strengthen and foster sustainability capabilities among businesses in Singapore, especially SMEs.

Further strengthening its commitment towards a greener Singapore, the government has also launched the Enterprise Financing Scheme, Green, promising to risk-share 70 per cent of the capital needed by startups, focused on technologies and solutions that aim to reduce waste resources use or greenhouse gas emissions.

This outlook is also carried over to the upcoming generation of startup founders. It was very encouraging at a recent startup competition to see that almost nine in ten pitches focused on solving severe environmental or economic issues such as food insecurity, climate change, or poverty.

So, I believe what we’re seeing is greater awareness among young entrepreneurs about the scale and the severity of some of the challenges our world faces.

In some ways, these developments result in the lines blurring between what we see as traditional startups on the one hand and social ventures on the other. It’s almost an awakening of sorts that it is possible to have purpose and make profits simultaneously.

Also Read: 6 notable accelerators and incubators in Southeast Asia for startups of all sizes

These developments resonate well with the investor community, which has been making the right noises around ESG investing, with a particular focus on challenges related to the climate and the environment.

Increasingly, many limited partners incorporate stringent ESG criteria in determining what funds to commit capital to. This naturally has a trickle-down impact on venture capital funds to make the “right” kind of investment. 

Owing to these developments, it is a great time to be an investor in the region because the diversity of meaningful investment opportunities has not been seen before.

Accelerator programmes

Good accelerator programmes have also been an effective tool in catalysing the development of a strong startup ecosystem in the region. Large global ones provide essential platforms for startups to network and exchange ideas with peers from around the world.

Startups use these as a vehicle to bring change. Large global accelerators also act as catalysts to drive conversations around stigmatic or less openly discussed topics such as mental health among startup founders and investors.

It is difficult to underscore the importance of accelerators in this global exchange of ideas and criticisms and the osmosis of thoughts and conversations.

I’m fortunate to be associated with early-stage startups that are part of or have emerged from accelerator programmes such as Y-Combinator, Antler, Accelerating Asia, and SuperCharger.

These programmes all serve different requirements of startups and help strengthen the startup ecosystem in several ways, ranging from funding to fresh ideas and everything in between.

Also Read: This is the era of virtual accelerators. Are you ready?

These accelerators and the startups that have come through them provide me with enough confidence as an investor that we’re witnessing something different in Southeast Asia than we have ever before. 

A golden era?

Many have asked me. Is this a golden era for startups in Southeast Asia? Indeed, it is not just for startups but also investors in startups.

This is an ideal time from a founder’s perspective because the appetite for risk among families and society more broadly is much higher today than earlier. And similarly, capital is readily available today. Raising money to the tune of SG$250,000 to SG$500,000 in Singapore has never been easier.

As investors, the range of investable opportunities is greater than ever before. And that’s a good thing. 

But I believe we still need a bit of a mindset change in some respects. Given the seeming ease with which founders are raising capital, I believe many are setting up ventures solely with the view to making a quick return and exiting the market in a few years.

I believe this: founders must be passionate about the problems they are trying to solve, whether for purpose or profitability, or both.

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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

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wagely, an earned wage access company in Indonesia, has raised US$8.3 million in an oversubscribed pre-series A funding round, led by East Ventures (Growth Fund).

Existing backers, including Integra Partners, Asian Development Bank, Global Founders Capital, Trihill Capital, Blauwpark Partners, and 1982 Ventures, participated.

The EWA startup also disclosed that it secured the backing of Central Capital Ventura, the VC arm of Indonesia’s Bank Central Asia.

With this, wagely’s total funding raised to date has touched US$14 million.

The new capital will enable the company to further scale its business in Indonesia and Bangladesh. In addition, wagely looks to develop its holistic financial wellness platform, to be rolled out later this year.

The latest deal follows a US$5.6 million strategic financing round led by Integra Partners in June 2021 and comes in a few months after it expanded to Bangladesh.

Founded by former Grab and Tokopedia executives and launched in 2020, wagely lets employees of its partner organisations access their earned wages in real-time. Its partners include Indonesia’s largest employers, including British American Tobacco, Ranch Market, Adaro Energy, and Medco Energi. This helps them reduce turnover, enhance productivity, and increase business savings.

Roderick Purwana, Managing Partner of East Ventures, said: “With wagely’s rapid growth in recent quarters, we believe they will be the preferred partner for large enterprises that aim to challenge the status quo of worker financial wellness in Indonesia and beyond. They are changing the lives of millions of workers across Asia, where over 75 per cent of the population lives paycheck to paycheque.”

In Bangladesh, which is home to the 7th largest labour force globally, wagely has partnered with leading companies, including SQ Group, Classic Composite, and Vision Garments. “We are proud to be successfully operating in two of the largest markets in Asia, employing more than 150 million workers. Instant access to salary plays a pivotal role in reducing costs for employers and increasing the productivity and wellbeing of workers,” said CEO and Co-Founder Tobias Fischer.

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Webinars are a vital content strategy for modern business, and respondents to a recent survey say webinars are critical to their sales, marketing, and lead generation strategy.

Yet, audiences are experiencing video fatigue and burnout at a far higher rate today with webinars than they have previously.

Getting back to in-person events is an easy answer to solve the burnout. However, taking this route means you should be smart about your investment and formulate a strategic approach. From cutting-edge innovation and diversity and inclusion efforts to broadening your brand’s global reach, hybrid and virtual events have exploding potential for engaging audiences.

In an era where marketing dollars have to cut through a lot of noise and short attention spans, digital event solutions are impactful, efficient, and economical.

My company, Hubilo, a hybrid event platform, works hand-in-hand with event professionals to reimagine events in the virtual and hybrid world.

Through this experience, I see that you can keep your attendees’ attention where you want it by replacing one-way conversations and boring presentations with a few key strategies: on you.

No one wants another webinar

The problem with virtual events isn’t the venue. Audiences, no matter where they are, want connection.

Also Read: 8 trends for the event tech industry in 2022

People find love online. They exercise online. They cook online. Now, they can even dance, sing, play bingo, and network face-to-face online. By engaging audiences with next-generation interactivity, you’ll learn what your audiences are interested in.

You can see what they do rather than what they say or think they’ll do. The past year and a half have digitally transformed audiences. Your events should recognise that shift.

Here’s how:

Foster engagement and inclusivity

Start by really understanding your audience, their motivation for attending the event, and the calls to action you want them to answer. From there, the event begins to take shape.

With more focus than ever on work-life balance, remote workplaces, safety, and flexibility are a high priority. Offering a virtual attendance option includes those who may not travel or feel comfortable travelling.

Providing included in an event virtually means event organisers can create more diverse, immersive, and inclusive gatherings.

Whether child or elder care, women find themselves disproportionately resigning from positions or reducing their work capacity to take on these duties.

What hybrid events offer these important audiences is flexibility. Hybrid and virtual options are approaches that enable organisations to dedicate resources as they see fit, from time and distance to accessibility and budget.

It will take creativity to blend virtual and in-person audiences.

To get started, identify if you’ll have a host or a behind-the-scenes technical assistant who reminds people to participate in the chat, react to speakers, and prepare for upcoming activities or sessions. Much like a good party, marketing teams should act as hosts for their attendees, calling their attention to where it should be.

Advanced tools you can offer to aid in hosting a hybrid event include gamification features like participant leader boards, chats, Q&As, and contests.

These tactics give virtual and in-person attendees a common interactive experience that bypasses everything they want to avoid: impersonal, repetitive, and generic content.

Focus on responsiveness

Audiences want responsiveness from the services they interact with. This is how Amazon managed to topple other cookie-cutter approaches that were outdated.

Also Read: How innovations in analytics will drive the right results for hybrid events

With personalised features, two-day delivery, and a lack of shipping fees, Amazon reimagined how products should be sold and the fantastic experience that should come with it. Now, most purchases are made worldwide.

Events are no different. People have been showing us what they want from events for a long time. They want to feel part of a group or tribe, less excess and relevant information, and they want their time while receiving memorable experiences.

Even without having segmented, in-depth data on attendees, marketing and event teams can create the illusion of personal recommendations by pushing email reminders for sessions, reacting to social posts from attendees and including reminders or links, and requesting survey responses and feedback during the event.

Looking towards the future

Events will have to continue innovative as the world becomes increasingly more dynamic. Like every industry, the pandemic has upended standard operating procedures for event organisers.

When you start reimagining your events and strategy, you can deliver events at a fraction of the cost while engaging more diverse audiences and delivering personalised content at scale.

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The post Giving digitally transformed event audiences what they need in 2022 appeared first on e27.

With stagnant incomes, rising living costs, and a lack of savings, workers are under daily pressure to stay afloat financially. The options for this segment are minimal when faced with an urgent need for cash. The result is a vicious cycle of repeated reliance on payday loans and other costly financial products, leading to financial stress among the workforce.

Indonesia-based wagely aims to address this problem. The two-year-old startup has developed an online platform that lets workers of its partner employers access (EWA) their earned wages in real-time. (EWA is an emerging employee benefit that provides workers on-demand access to wages they have earned but not yet been paid on)

The firm has just announced a US$8.3 million in pre-Series A round from some of the region’s top VCs, including lead investor East Ventures (Growth Fund).

A few hours before this announcement, e27 spoke to wagely Co-Founder and CEO Tobias Fischer.

Below is the edited version of the interview:

You said in a statement that wagely is scaling further in Bangladesh. What opportunities do you see there? How is this market different from Indonesia?

We see a massive opportunity for financial technology in Bangladesh. The South Asian country has characteristics and attractive fundamentals similar to Indonesia in terms of demographics, large total addressable market, limited access to credit, growing demand for tailored financial services, and the ability to expand products and segments.

Also Read: wagely bags US$5.6M to give Indonesia’s low-paid workers access to their earned wages

How many customers do you have in total? Can you share the names of some of your corporate customers?

wagely is working with some of the largest employers in Indonesia and Bangladesh. We serve more than 150 million workers across both markets.

In Indonesia, we have partnered with hundreds of businesses across industries, such as Adaro Energy, Medco Energi, British American Tobacco, Ranch Market, and Century Pharma, among several others.

The recent expansion to Bangladesh has garnered 50,000 workers across the largest apparel manufacturers in the region. In Bangladesh, which is home to the 7th largest labour force globally, we’ve partnered with leading companies, including SQ Group, Classic Composite, and Vision Garments.

Do you also see opportunities in other emerging markets in Asia, Africa and America?

The additional capital allows us to double down and accelerate our market-leading position across Indonesia and Bangladesh.

What are some definite trends you read in Southeast Asia’s EWA vertical? Do you see employees increasingly preferring EWA?

Our workplaces are changing rapidly, especially since COVID-19 struck. The way people are getting paid is changing too and at scale.

What I mean is that we are making a lot of adjusting in terms of work (where we work and how we work, etc.) but the only thing that has never been questioned is how we get paid. We believe employees shouldn’t have to wait until the end of the month to get paid.

What are the key benefits employers gain by partnering with wagely?

Lower- and middle-income workers live paycheque to paycheque and struggle with unexpected financial expenses between paycheques. This impacts businesses with higher turnover, lower productivity, and more employee loans. Offering employees immediate access to their wages boosts the workforce’s financial resilience and has a measurable and proven impact on employee retention and productivity.

How does wagely make money?

Incumbent financial institutions and payday lenders make money when people are stuck paying interest, overdraft, and late fees. wagely is different and makes money only by charging a flat membership fee.

The wagely membership fee is paid by employees only when they find value in our product and make progress with us. Why do we take this approach? Because we believe membership is the only business model that truly aligns wagely’s incentives with your employees’ financial wellbeing.

Also Read: Paywatch aims to scale its earned wage access biz across SEA with a US$5.25M funding

We are also the only regional player operating in two markets, has received ISO 27001 on information security, and is directly integrated with SAP.

Do you think as COVID-19 subsides and markets go back to normal, EWA will become irrelevant?

Even before the pandemic, there was substantial evidence that over 75 per cent of the Southeast Asia workers struggled to cover unexpected expenses between salary payments, causing significant financial stress costing businesses millions in lost productivity and higher turnover. Employers were left grappling with how to support their workers and the financial burden they faced.

The pandemic shone a light on this challenge and exacerbated the need for employers to step in.

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