September was a packed month for the Product Team at e27.

Revamped Notifications System

We updated our Notifications System so that you can better follow activities and updates on e27. It’s a cleaner interface, we have worked on some of the previous kinds and we also managed to retain the old notifications. We want to continue to push activities directly to you so that you can be kept up to date in what’s happening in the e27 ecosystem.

Revamped Contributor Programme

We updated our contributor program (what I’m using now to write this up) to make it easier for you to create content on e27. It’s cleaner, faster and uses the latest TinyMCE widget. It also better syncs with our existing tags and categories in WordPress, so that you know for sure that you’re using the right tags and categories.

We also allow file/image uploads now, something we shared in our release notes in August, so that you can upload the pictures, infographics, etc. you need to make your content stand out. Try it out here.

Quarterly plan for e27 Pro

Due to popular demand, we launched a Quarterly plan for our e27 Pro membership program. Previously we only had yearly and two yearly plans. If you’re looking to claim one of the Perks we have, or you want a few months to try our Pro offering the Quarterly plan is a good way to test it out. You can check it out all our Pro offerings at our freshly revamped Pro Memberships page.

Help.e27.co: Our one-stop site to sort your e27 issues

As e27 gets bigger and more robust, we need a better way to support our users. We’ve launched a help site at help.e27.co to answer the top FAQs from our users.

You can access this from the top nav bar as well. We are here to support you and answer your queries with respect to profile related questions, pro membership questions, Perks, ecosystem roundup etc.

Pro labels

We have launched Gold PRO labels on different parts of the site so that you can better differentiate between what’s available for non Pro users and and Pro users. As the Pro member offerring is enriching with more and more features, we want to better distinguish what is available to Pro users and how upgrading to Pro can really help you.

Privacy policy updates

We recently updated our Privacy Policy. Check out our latest updated Privacy Policy here.

The post September update: New Notifications, New Contributor Programme, Quarterly Pro Plans and more appeared first on e27.

Saying that 2020 has been a challenging year would be an understatement. This year, businesses were faced with some of the most unprecedented obstacles amidst the COVID-19 pandemic that put many sectors on a standstill. Many startups across Asia and beyond underwent shutdowns and layoffs in their struggle to stay afloat.

As we are navigating towards the “next normal” after the pandemic, businesses and entrepreneurs need to explore ways to survive, sustain, and scale-up for a stronger economy. This is where digitalisation and innovation figures in helping build a resilient and successful future, as suggested by a TENCENT study.

Recently, Hong Kong Science and Technology Parks Corporation (HKSTP) launched their annual flagship event Elevator Pitch Competition (EPiC 2020), inviting applications from innovative entrepreneurs worldwide. Given the international travel restrictions and lockdowns, HKSTP will stage the event virtually for the first time, reaching out to more global startups, investors and corporate partners to unlock the opportunities behind.

“EPiC is one of the most important events pushing forward the development of innovation and technology (I&T) in Hong Kong that we should continue to drive. A virtual event that brings together startups and investors from across the region is opportune. The event would not only give startups a chance to brush up their presentation skills but it will also allow them to verify their ideas by talking to the investors. Being agile to disrupt and pivot is of the essence for startups to tide over these difficult times,” said Albert Wong, CEO of HKSTP.

The pitching competition, which offers a total of US$200,000 in cash prizes, is scheduled to take place on 6th November, followed by the Global Matching programme from 9th to 12th November and the “Investment x Corporate Innovation Conference” on 13th November.

A legacy of success

Marking its fifth anniversary, EPiC has been supporting and motivating innovators to shape their unique entrepreneurship journey for the past years. Last year alone, the competition attracted a record number of over 650 entries from 48 countries and cities. Singapore-based startup Osome, an online platform that provides outsourced company incorporation, company secretary, accounting and immigration services, was last year’s Fintech award winner. This recognition coincided with their launch in Hong Kong.

“With EPiC, we received an opportunity to pitch our idea to the local tech and venture capital community alongside other promising startups. The cash prize we received has been a nice reward but the most significant benefit is the opportunity to network and build up our brand at an early stage of our presence in the city. Multiple partners we have started working with mentioned that they remembered us from the event. I would definitely recommend participating in EPiC to any startups that are about to expand to Hong Kong,” Vladislav Sharuda, co-founder of Osome, shared.

Also read: September update: New Notifications, New Contributor Programme, Quarterly Pro Plans and more

EPiC 2020 will help startups gain access to go-to-market support, exposure to funding opportunities and a chance to build a network with global stakeholders and industry leaders. The participating startups will pitch their innovative business ideas virtually via a 1-minute video to a judging panel who will select the top 10 finalists to be announced during the final pitching competition. The top 10 will battle to be named EPiC champion of 2020 with a 5-minute presentation plus an interactive Q&A session.

“The startups have to be very precise in articulating their value. I would recommend that they start by quickly stating the problem statement and telling the investors how they’re going to solve that problem,” said Gordon Yen, one of the judges of EPiC 2020 and the founding management partner of Radiant Tech Ventures.

Helping startups scale globally through collaborative innovation and partnerships

The new normal is spurring I&T within organisations and their future success will increasingly hinge on companies being open to novel ideas and a collaborative business approach. At the core of HKSTP is the goal of fostering I&T and helping innovators scale their businesses across the region and beyond. In line with this vision, they are creating a collaborative ecosystem with different stakeholders.

The Global Matching programme seeks to connect entrepreneurs with key industry stakeholders, including investors and corporate leaders, enabling them to explore business and investment opportunities and quickly get their innovative solutions to the markets in the Greater Bay Area and Asia.

Also read: How PlannerBee aims to put a financial advisor in everyone’s pocket

“All investors obviously look for winners—companies that can actually identify a problem in a potential market, and provide an efficient solution to address that problem. Obviously, investors generally measure that in terms of ROI but at EPiC, we start with a focus on identifying whether a startup is providing real value for the target customers or not. When we see real value in a large enough market, then we go on to analyzing the pricing and returns,” said Yen.

EPiC 2020 will conclude with the “Investment x Corporate Innovation Conference”, which will bring together I&T leaders and global pioneers with a focus on conversations about regional investment opportunities and ways to drive corporate innovation and growth.

Hong Kong to continue its efforts in driving I&T development

In Asia, Hong Kong has been a major investment hub and reports suggest that the city will continue to remain a financial centre attracting capital from across the region and the world. The Hong Kong government recognises this potential and has been pushing for growth through digitalisation and innovation for recent years.

“The world is disrupted by technology and we have to ride on this momentum. I&T is important for the future of Hong Kong to create economic diversity and more job opportunities. The challenge for us is to help turn the scientists into innovators, and into entrepreneurs,” said Wong.

Also read: Ecosystem Roundup: Startup funding in SEA continues decline in Q3; Digital banking heats up in Vietnam

With the objective of bringing the world forward amidst the pandemic by leveraging the technology-based disruptions and innovations, the time is ripe for innovative entrepreneurs to give their businesses a head start as they prepare to embark on the road to the future of the “next normal”. The business climate is expected to be even more cutthroat, and EPiC 2020 will serve as a platform for startups to look for new business opportunities.

Applications are open till 19th October 2020 23:59 hrs Hong Kong time. Interested startups and entrepreneurs can visit the official site for more details.

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This article is produced by the e27 team, sponsored by Hong Kong Science and Technology Parks Corporation

We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us at e27.co/advertise to get started.

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iSeed SEA has already invested in two companies and it plans to make 20-30 deals in total, with an average cheque size of US$100K

AngelList’s India CEO Utsav Somani and its former top executive Wing Vasiksiri have joined hands together to launch a new micro-fund, targeting tech startups in Southeast Asia.

Christened iSeed SEA, the fund is an extension of iSeed India and counts a clutch of renowned investors and entrepreneurs among its backers, including Naval Ravikant (Founder & Chairman of AngelList), Kunal Bahl and Rohit Bansal (Co-founders of Snapdeal), and Jonathan Swanson (Founder & Chairman of Thumbtack).

Also Read: East Ventures forms new US$88M seed fund for startups weathering COVID-19, announces first close

“We have already hit the first close and are actively investing,” Managing Partner Vasiksiri told e27, without divulging more details. “We are sector-agnostic and primarily focusing on Indonesia, Singapore, Vietnam, and Thailand.”

So far, iSeed SEA has invested in two companies and committed to making four more investments. In total, the micro-fund plans to make 20-30 deals, with an average cheque size of US$100,000 per deal.

Knowledge Council

iSeed SEA has created a Knowledge Council of world-class operators to help its portfolio founders, said Vasiksiri. The council has Sriram Krishnan (ex-Product at Twitter), Prasanna Sankar (Co-founder of Rippling), Sahil Lavingia (Founder of Gumroad), and Anne Dwane (Founder of Village Global), amongst others. “They’ve committed to working with our portfolio founders to bring best practices from the US to India and Southeast Asia.”

Southeast Asia is emerging as the fastest-growing tech ecosystem. With a population of over 670 million across 11 countries, 13 unicorns have emerged and many more will be built in the coming years.

In Vasiksiri’s opinion, however, there are still gaps in the seed-stage tech investment industry in Southeast Asia. “Most of the seed funds that have done well in the region have moved on to raise larger funds. I believe that your fund size is your strategy and these larger funds can’t be pure seed funds anymore. They have to shift their attention and strategy to deploy larger amounts of capital in Series A rounds which is why you see this space getting more competitive.”

“You see the same pattern in the US where every four to five years a new crop of seed funds emerge. We see the same thing happening in Southeast Asia now. I believe that more capital in the ecosystem is a net positive for everyone. It allows founders to start new companies and run more experiments, innovation is driven by startups not large corporations,” he noted.

Also Read: Influx of tourist capital accelerated the pace of ups & downs of Indian startups: Utsav Somani of AngelList

iSeed SEA, claims Vasiksiri, is differentiated in a way that it is bridging the tech ecosystems of the US, India, and SEA. “In Southeast Asia, capital doesn’t always come with expertise so we want to change that and bring our network to serve founders. We want to innovate on the VC side of the ecosystem to give founders the same level of service that founders get from funds in Silicon Valley.”

To a question on how seed-stage funds have performed in the the first half of 2020 amid the COVID-19 crisis, he said. “From my perspective, seed-stage funding hasn’t seemed to have slowed down. The funds we work with are still actively investing and deals are closing. I can’t say the same for Series A and beyond rounds though, with a larger cheque, it’s hard to fund a founder you haven’t met in person so that has stalled with insiders leading bridge rounds for their portfolio to extend their runway.”

“We’re also seeing more global attention on SEA, Sequoia India raising new funds to invest in the region, Lightspeed Venture Partners officially launching their SEA practice, and even new special purpose acquisition companies (SPACs) targeting the ecosystem. Overall I think it is an exciting time and expect this momentum to continue post-COVID-19,” he concluded.

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Image credit: iSeed SEA

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Investors include oil and retail major OR, Krungsri Finnovate, and Durbell

Flash Express, a Thailand-based full service e-commerce logistics startup backed by Alibaba, announced today it has closed its Series D funding round of US$200 million, led by PTT Oil and Retail Business Public Company Limited (OR).

Krungsri Finnovate, Durbell (one of Thailand’s leading consumer goods distributors and a TCP Group company), as well as existing investors, also joined the round.

The proceeds from this round will be used to further invest in Flash Express’s technology and operations in the home market and also to expand into a Southeast Asian country, a spokesperson for the company said to e27, without elaborating further. 

Also Read: 5 reasons to be bullish on logistics tech in Asia

“…we are also prepared to create and develop new technologies to achieve even greater delivery and logistics efficiency. More importantly, we intend to assist SMEs in lowering their investment costs which we believe will provide long-term benefit for the overall Thai economy in the digital era,” Flash Express CEO Komsan Lee said. 

To this date, the two-year-old startup has raised roughly US$400 million in total from leading VC funds and corporations in Asia.

Founded in 2018, Flash Express entered the Thailand market as a free door-to-door pickup and delivery service 365 days a year. Recognising the pain points that customers face, the startup emphasises to use fully in-house developed technology and Big Data to standardise and digitise the delivery process. 

The startup claims it is now the second largest private express delivery provider, with over 5,000 service branches covering all 77 provinces of Thailand and delivering more than one million parcels per day. 

Best Express is the other leading player in this segment. Both Flash Express and Best Express are backed by Alibaba Group. 

Kerry Express is the other leader in the e-commerce delivery sector that filed for an IPO in late August.

Rajsuda Rangsiyakull, Senior Executive Vice President for Corporate Strategy, Innovation and Sustainability at OR, believes that this alliance will help strengthen their business expansion and investments in new S-Curve businesses.

Moreover, not only will it enhance the joint business potential in driving forward the shipping and energy industries, it will also enable the company to expand into other businesses that can meet future customer demands and suit future consumer behaviour.

Also Read: 5 growth stage startups that are leaders in Thailand’s ecosystem

TCP Group CEO Saravoot Yoovidhya stated: “This investment in Flash Express will allow Durbell to become stronger and boost its product distribution potential to cater to the future demands of the ever-growing logistics market.”

“I am confident that our two businesses will mutually complete one another’s potential and thus render us a logistics powerhouse as well as help us achieve our collective goal of helping Thailand transform into a true digital economy,” Yoovidhya added.

Krungsri Finnovate Managing Director Sam Tanskul commented: “This business alliance is a great opportunity for both organisations to create and develop new industry models. The partnership will focus on the strategic front and also support and development of strategic financial platforms for the Flash ecosystem. Moreover, thanks to enhanced ability to adapt to the world’s varying situations, the Thai people will be able to seamlessly go about their daily lives in this new world.”

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Image Credit: Flash Express

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All the latest major startup stories curated from Southeast Asia’s leading publications in a capsule format

Big Idea Ventures, Ashika Group announce first India alternative protein fund-cum-accelerator; It will back and support startups working on plant-based, fermentation-derived and cultivated meat, seafood, egg and dairy alternatives; Currently, BIV already operates a US$50M international fund and two accelerators across NY and Singapore. Green Queen

Thailand’s full service e-commerce logistics firm Flash Express raises US$200M Series D; Investors include PTT Oil and Retail Business Public Company (lead), Durbell, Krungsri Finnovate; Total funds raised so far is US$400M; The two-year-old startup has over 5K service branches, covering all 77 provinces of Thailand and delivering more than 1M parcels per day. e27

Startup funding in SEA continues decline in Q3 as pandemic rages on; According to a report, startups in the region raised ~US$1.8B in Q3, a drop of 34% q-o-q and close to 40% y-O-y; Singapore replaced Indonesia as the top destination as local startups amassed 58% of total funds raised. DealStreetAsia

Digital banking heats up in Vietnam amid COVID-19, booming e-commerce; In Q2 2020, overall visits to shopping apps reached 12.7B, growing 43% q-o-q and surpassing that of most other SEA countries, according to a report by VNExpress; In Q1 2020, e-payments rose 76% with the total value of transactions jumping 124% compared to Q1’19. Fintech News

‘Companies shut down not because of crises but only when founders give up’: Joseph Phua of M17; In this candid conversation with e27, Phua talks about his startup journey, challenges faced, lessons learned, M17’s failed IPO, and his future plans. e27

Online jewellery startup ZCOVA raises US$240K seed funding led by NEXEA; Based in Malaysia and Singapore, ZCOVA offers dual-certified diamonds at a near-wholesale price; The firm’s in-house jewellery consultants work on a zero-commission policy. Your Digital Wall

Asia’s food delivery potential is set to unlock post-COVID-19; The continent accounts for 55% of the food delivery market globally, with much more potential for growth; The penetration rate in 2020 is approximately 11.5% and is expected to exceed 15% by 2024; However, Asia markets’ diversity can prove to be the greatest challenge for sustainable growth. e27

How Gen Z’s travel behaviours are changing the way we all get around for the better; As early adopters of ride sharing and micro-mobility, their collective ‘buying power’ could’ve a positive impact on urban mobility; Mobility providers should not focus on car’s looks, speed and other form factors; instead they should focus on efficiency, sharing, sustainability and overall experience. The Next Web

Will QR payments mount a challenge in a world dominated by plastic?; A big appeal of QR payments is that it’s relatively low-cost to adopt for merchants compared to a traditional payment terminal, enabling small and even micro-entrepreneurs to accept digital payments. Fintech News

AngelList’s India CEO, former top exec launch SEA-focused micro-fund; iSeed SEA’s investors include Naval Ravikant, Kunal Bahl, Rohit Bansal, Jonathan Swanson; Key target markets are Indonesia, Singapore, Vietnam, Thailand; iSeed SEA has already invested in 2 startups and plans to invest in a total of 20-30 firms; Average cheque size is US$100K. e27

ASEAN faces wide AI gap as Vietnam and Philippines lag behind; If the region’s members pick up the pace in embracing AI, they could add nearly US$1T to the region’s GDP by 2030, says a study; While investment in AI solutions companies in the US came to US$155 per capita, the comparable figure for ASEAN was about US$2 between 2015 and 2019. Nikkei Asia Review

Singtel launches Singapore’s first 5G standalone trial network for enterprises; With its low latency and scalability, enterprises can not only drive efficiencies and make better and more cost-effective decisions but also deliver richer customer experiences; Ubitus is the first to use it for a 5G cloud gaming trial. ASEA Tech&Sec

From reactive to proactive: The shifting tides of HR; COVID-19 has caused massive disruption within the global economy and workforce; As such, organisations are scrambling to meet the demands of changing perceptions and expectations of a rapidly evolving global economy. HR Asia

Exploring the wearable health device market in SEA; As per a study, The market will register a 26.7% CAGR over the next five years; The study cites several propelling factors driving the growth, including the rate of technological advancement and innovation, as well as the increasing wealth of individuals in the region. Tech Collective Asia

SEA startups join global giants in race to tap China’s plant-based alternative meats market; There’s a big shift among China’s rising middle-class toward products that offer health and wellness; Singapore-based Green Planet is one firm that initially targets young families in their 20s and 30s in big cities in China. Yahoo Singapore

Smart tech that breaks down Singapore barriers for people with disabilities; An initiative by SG Enable, in partnership with Google, guides people with disabilities to set up a smart home ecosystem; Among them devices include smart doorbell and lighting system, which is paired with a mobile application. Malay Mail

Focus on skills, not experiences, in a changing world; A skills-based approach to work is needed to build a resilient, agile and innovative workforce of the future; Consider how a shopkeeper won’t be able to use his or her in-store sales experience when shopping malls closed during physical lockdowns, and instead had to pick up new e-commerce skills to adapt to the online retail business model. Yahoo Singapore

Vietnamese, Indian enterprises to build smart cities in Vietnam; The government defines smart cities as the basic driving force for socio-economic development across Vietnam, with more than 830 urban areas with an urbanisation rate of 38.6%. Vietnam News

Brunei startups invited to pitch at AIM Startups Competition; One startup from Brunei will be selected from the national pitch to join the Global Startups Champions League to vie for the the grand prize of US$50K; It is open to businesses with less than 50 employees, between two to seven-years-old, and with US$25K-US$1M annual revenue. Biz Brunei

5 hot tips for startups to create a strong brand from day one; Your brand is a story that translates everything about your organisation into a tangible and visible reality; When your business strategy changes, the brand also needs to be adapted; Permanently used names, logos, and basic colours will become positive assets for your brand. The Next Web

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Image Credit: Unsplash

The post Ecosystem Roundup: Startup funding in SEA continues decline in Q3; Digital banking heats up in Vietnam appeared first on e27.

ASX-listed FDV has signed an agreement to acquire Fincaraíz (Colombia), Avito (Morocco) and Tayara (Tunisia) from Adevinta

Malaysia-based Frontier Digital Ventures (FDV), which operates property and automotive marketplaces in emerging markets globally, has raised US$67 million via share placement.

The money will be used to fund the acquisition of three companies from Norwegian online classifieds major Adevinta ASA. The ASX-listed FDV has entered into agreements to acquire 100 per cent interests in Adevinta units Fincaraíz (a real-estate marketplace in Colombia), and Avito and Tayara (general classifieds portals in Morocco and Tunisia, respectively).

Following the new acquisitions, FDV’s portfolio will consist of interests in 15 online marketplace businesses active in 20 markets across Latin America, Africa and Developing Asia.

Also Read: ‘Companies shut down not because of crises but only when founders give up’: Joseph Phua of M17

FDV was founded in 2014 by Patrick Grove and Shaun Di Gregorio after they had partnered together to build iProperty Group. Grove was co-founder/chairman and Di Gregorio was Group CEO.

The Kuala Lumpur-headquartered FDV is focused online marketplaces with a particular focus on property and automotive verticals and general marketplace websites.

Since its IPO in August 2016, FDV saw its valuation increase from ~US$36 million to over ~US$360 million, an increase of ~10x.

“We learnt how to build iProperty in Malaysia and how big a property marketplace could be if you did certain things correctly. We also realised that great entrepreneurs in emerging markets neither had access to capital and mentorship nor the case studies we had. After leaving iProperty, we designed FDV to provide both financing and mentorship to these great local entrepreneurs,” said Co-founder Grove.

Also Read: 99.co acquires iProperty.com.sg, Rumah123; to assume full control of REA’s Singapore and Indonesian ops

Di Gregorio (CEO) aims to leverage the experience building iProperty into the leading property platform in Southeast Asia and replicate it in emerging markets around the world.

“It has been great to build a global business from Malaysia, with primarily Malaysian leadership. In many instances, we were one of the first internet investors in some of these markets, such as Pakistan and Myanmar. These latest acquisitions see FDV evolve into becoming a leading operator ofemerging market marketplaces,” said Gregorio.

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Image Credit: FDV

The post Frontier Digital Ventures raises US$67M via share placement to acquire 3 firms from Norway’s Adevinta appeared first on e27.

In case you missed it, here are what our contributors have published in the week of October 5-9, 2020

Hello,

At e27, in addition to the latest news from the Southeast Asian tech startup ecosystem, we also curate opinions from the community via the Contributor Programme. With an aim to enable thought leadership and foster networking amongst the startup and investor community in the region, the contributed articles are a great way to learn new perspectives.

Highlighting some of the top contributions from last week:

Fintech

In How bright is the future of cryptocurrency?, serial entrepreneur and Finxflo CEO James Gillingham stated: “The significance and role of cryptocurrency have expanded substantially. From mere speculation to an investment instrument -–the cryptocurrency industry is thriving. Moreover, its use cases are not restricted to financial transactions only. Instead, digital currencies with different applications in various industries have already transpired.”

Meanwhile, in the article Border-crossing and financial inclusion: The story of fintech in ASEAN, Idea Communications MD Helena Ma who had advised MNCs and startups, wrote: “Given (Singapore’s) stated intentions to support a diversified range of fintech companies, it is wise to assume that there will be an increased amount of spending on the industry and a growing set of funds available for new and maturing startups.”

Also Read: Top posts from e27 contributors to help you prepare for the new normal

Productivity

Deep work: Methods for staying productive in a distracted world by Slash CEO Andries De Vos asked the most intriguing question in the modern world: “How do some people handle stress and stay more productive than others? The answer is deep work – a process of focusing on one thing without distraction.”

User experience

How to improve your app’s user experience with a new UI modality by Ottomatias Peura stressed that: “Most of today’s user interfaces are operated solely by using two modalities– touch (tactile) and vision. We click, type, and touch and see from our displays what’s happening.”

“The third common modality is the voice and many people already have a good example of a device using this modality in their living rooms: smart speakers.”

Asia

Asia’s food delivery potential is set to unlock post-COVID-19. Here’s why by Jakob Sebastian Angele, CEO of FoodPanda APAC, revealed: “Asia’s online food delivery penetration rate in 2020 is approximately 11.5 per cent and is expected to exceed 15 per cent by 2024 – a mouth-watering potential of more than 200 million new users.”

“But not all players in the region have succeeded in tapping into this growing market. Only a handful have been successful thus far; some are still fighting for a greater share of the pie while a few others some have exited the race altogether.”

Last but not least, How these 6 Asian startups use the digital revolution for social good by founder of a marketing firm, Alex Thomas, reminded us: “Solve a problem and fix it. In the simplest sense, that’s what it comes down to. When brilliant minds sit around a table, talk on the phone, or ideate a business idea from across the globe, the inevitable beginning includes one straightforward question: What’s the problem in my neighbourhood, city, or country, and how can I fix it?”

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Editor’s note: e27 aims to foster thought leadership by publishing contributions from the community. Become a thought leader in the community and share your opinions or ideas and earn a byline by submitting a post.

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

Image credit: Clay Banks on Unsplash

The post Top stories from our contributors last week appeared first on e27.

AC Ventures (ACV), an early-stage venture capital firm headquartered in Jakarta, announced today it has achieved 70 per cent of its US$80-million third fund to make the first close at US$56 million.

ACV III Capital will continue to invest in Indonesia-focused, early-stage technology ventures operating in e-commerce, fintech, MSME enabling technologies and digital media-enabled services.

The fund targets first cheques of up to US$3 million in companies from seed to Series A.

Also Read: The DNA of a successful early stage entrepreneur

The fund has already made investments in nine companies, including Shipper, Kargo, Stockbit, BukuWarung, ESB, Co-Learn, KitaBeli, Aruna and Soul Parking. In total, it plans to invest in 30 ventures over the next three years. 

“Our fund LPs include leading digital and strategic corporates, local Indonesian conglomerates, as well as technology entrepreneurs who have scaled billion-dollar businesses,” Managing Partner Adrian Li said. 

ACV is a new fund formed as the result of a merger between Agaeti Ventures (AV) and Convergence Ventures (CV) in April this year. 

Its founding partners are Li, Michael Soerijadji and Pandu Sjahrir, who have a combined experience of investing in over 80 ventures in the past six years, including PayFazz, Moka (acquired by gojek) and Warung Pintar.

Sjahrir, who represents Indies Capital in the partnership, is on the board of gojek and is Chairman of Sea Indonesia.“We continue to double down on Indonesia as it has established its potential of creating billion-dollar tech-enabled businesses, and is ripe for further growth as supported by long-term structural changes such as a young rising middle-class, fast-growing broad-band internet penetration and increasing internet adoption in all industries,” said Soerijadji.

Also Read: Indonesian VC firms Convergence and Agaeti merge to form AC Ventures

ACV’s ambition is to leverage their industry insights, support services and global network to empower exceptional founders to build disruptive and impactful businesses for Indonesia and across the Southeast Asia region.

Consequently, the VC firm has launched several founder-support initiatives, including ACV’s Leadership Speaker Series, which features local leaders sharing guidance on how to navigate the economic and business impact of COVID-19.

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Disclaimer: Convergence Ventures is an investor in Optimatic Pte Ltd, the owner of e27

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Electric vehicles (EVs) major Tesla has approached the government of Indonesia to set up a possible venture in the archipelago, says a Reuters report, quoting an official in the Joko Widodo administration.

Indonesia is a major producer of nickel —  a preferred chemical feed in the production of cathode materials for nickel-bearing lithium-ion batteries, primarily for EVs.

Also Read: Elon Musk is hiring people for Tesla Singapore

As per a report, the country has been increasing its capacity by 46 per cent year-over-year to 550,000 tonnes of nickel.

The country has recently put a ban on the exports of unprocessed nickel ore to support investment in its domestic industries.

“It was still an early discussion and was not detailed yet,” Ayodhia Kalake, a senior official at the Coordinating Ministry for Maritime and Investment, said.

Further discussions are required on this project, he said adding the government will provide a number of incentives for investment in EVs.

Tesla has been urging mining companies around the world to mine more nickel, with its CEO Elon Musk saying his firm will give them a giant contract for a long period of time.

Also Read: How to think and grow rich like Elon Musk

“Well, I’d just like to re-emphasise, any mining companies out there, please mine more nickel. Okay. Wherever you are in the world, please mine more nickel and don’t wait for nickel to go back to some long — some high point that you experienced some five years ago, whatever,” he said in the earnings call in July.

“Go for efficiency, obviously environmentally friendly nickel mining at high volume. Tesla will give you a giant contract for a long period of time, if you mine nickel efficiently and in an environmentally sensitive way. So hopefully this message goes out to all mining companies. Please get nickel,” he urged.

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Image Credit: Tesla

The post Tesla approached Indonesia for potential investment, says report appeared first on e27.

Most teams running a mobile or a web application are struggling with improving the key performance indicators of their apps.

For consumer-facing applications, teams might be interested in conversion rates or engagement. For applications used by professionals such as CRMs and ERPs, the most important goal might be to improve data quality and completed tasks.

However it be, it’s not an easy task. The low-hanging fruits have long been picked and the teams spend hours and hours in long meetings deciding which colours they should A/B test for their CTA buttons next or whether they should use the word ‘purchase’ or ‘buy’.

While this might be a good and fun exercise, everyone already knows that any change won’t improve these metrics by a lot.

But there is one thing that can be done pretty easily that might make filling an average form up to five times faster or decrease the time that a search takes by seconds.

Most of today’s user interfaces are operated solely by using two modalities: touch (tactile) and vision. We click, type, and touch and see from our displays what’s happening.

The third common modality is the voice and many people already have a good example of a device using this modality in their living rooms: smart speakers.

Also Read: Passionate about user experience? Check out these 10 UI/UX jobs

Voice is unlike the other two modalities in that it’s pretty easy to use it for both directions: you can command the device by voice and it replies by using voice. This is unlike touch that is only used for input or vision that is only used for output.

However, voice has its drawbacks too. The main drawback is that it’s a pretty slow mean for transmitting information and if you misheard one critical piece of information somewhere in the middle of the utterance, it’s not very easy to get back to that piece. Compare that to a book where you can read a line for as many times as you want and you get the point.

Another issue is that when a smart speaker fails, it can be a frustrating experience. One reason for that is that smart speakers do not support the other modalities. This is why smart speakers are probably not the future of voice.

But how about using all the three modalities at the same time? What if your average application didn’t limit itself into two most common modalities and wouldn’t replace the two modalities by one smart speaker skill but rather leveraged them all?

Well, that would be the way to get the improvements I promised earlier.

For example, in this video a regular web form for booking flights is turned into a multimodal form that supports voice and touch simultaneously and shows the results in real-time for fast feedback.

That I think will be the way to improve your applications key metrics in a simple way. Or you can go back thinking whether a blue button would still work better.

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