UMG Idealab is a corporate venture capital of UMG Myanmar, a manufacturer and distributor of agricultural heavy equipment

UMG Idealab aims to invest in up to 20 early stage startups in Indonesia next year.

In an email interview with e27, UMG Idealab Managing Partner Achmad Syaefi revealed that the corporate venture capital (CVC) firm is looking for startups in the internet-of-things (IoT), big data, voice recognition, and artificial intelligent verticals.

“The startups got to be innovative and [their work] got to have a social impact. We are also in favour of startups that help small- and medium-sized enterprises (SMEs) digitised their work process, such as Aruna and Crowde,” he explains.

Aruna and Crowde are two of the 11 Indonesian startups that the firm has already invested in from their fund; Aruna raised a seed funding round in April 2017 while Crowde raised their funding round as recently as last October.

Though they declined to reveal the exact size of their fund, UMG Idealab plans to invest between US$50,000 and US$1 million in each startup.

According to Syaefi, there are several benefits that the firm can provide to the startups who are working with them.

“Coaching, networking with shareholders such as VCs, startups, and incubators, as well as expansion to Asian countries,” he says.

Also Read: Pay-as-you-go energy startup SolarHome raises US$10M in debt financing to accelerate Myanmar expansion

From Myanmar to Indonesia

UMG Idealab’s story began in Myanmar as one of the subsidiaries of UMG Myanmar, a producer and distributor of agricultural heavy equipment. Currently run by a team of 5,000 employees, the company is one of the biggest companies operating in the country.

Seeing the impressive growth of Southeast Asian tech industry, UMG Myanmar Founder Kiwi Aliwarga then initiated the founding of UMG Idealab.

UMG Idealab’s business lines are being divided into two parts: An incubator in Myanmar that helps startups begin their businesses, and a CVC in Indonesia that helps startups with seed funding investments.

In his email, Syaefi dubs UMG Idealab as a sector-agnostic CVC, though startups in the agritech sector do have a special value for them.

In addition to Indonesia and Myanmar, the firm is also investing in startups in Thailand.

In Indonesia, apart from Aruna and Crowde, UMG Idealab has also invested in agritech startup MSMB, voice recognition platform Bahasakita, chatbot platform Botika, online book store Bukku, healthcare marketplace Prosehat, human capital management platform Netis, food products e-commerce platform Total Agri Mart, on-demand homecare service Perawatku, and air taxi service Frogs, which is currently under development.

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Image Credit: UMG Idealab

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Welcome to the e27 Tea Talk, where we talk about everything startup ecosystem. And this time, OURSELVES!

At our first-ever e27 Academy program in November 2018, we gathered over 150 founders of Southeast Asia startups from 16 countries to share their experience, network and learn from each other and from other successful figures in the ecosystem. It warms our hearts to receive positive feedback from our beloved founders who also shared how e27 has always been able to create a platform for startups to engage the audience through large-scale events and effective content marketing.

With that being said, events or content marketing should not be overlooked as a means to explore more business opportunities or to engage a wider audience. Actively showcasing your brand will not only boost your exposure to potential clients but also expand your network, giving you more access to investors, partners, and communities.

Wondering why reaching out through events and content marketing is important? Here are our key takeaways.

Events:

1. Market Research: Our knowledge is limited. With new information every day, each of us is evolving; and so is the market. Hence, it is crucial to go out there and speak with other entrepreneurs, listen to advice from investors, and share your experience with the community. By doing so, you are conducting an important, yet sometimes underrated, market research that is vital to the blooming of new ideas and the survival of existing businesses.
2. Networking: Put your brand out there. Actively take part in events to showcase your idea and make friends with like-minded people who might present you with opportunities that might be hard to look for anywhere else. Remember, the connections made during an event might last throughout your entrepreneurial journey, so don’t hesitate to expand your network.
3. Stop, relax and sharpen your axes: Everybody is familiar with the story of the two woodcutters. The lesson learned can also be applied to your startup journey. Stop and listen to feedback, have an open mind and sharpen your knife. This way, you can be sure that whatever you are doing is constantly changing, in a positive and holistic way.

Also read: 5 ways to improve time management within your team

Content Marketing:

1. Save cost and time: Engaging the audience through content marketing is precise in terms of target audience and is also cost-and-time-saving. With everything available at your fingertips, content marketing ensures your message reaches the specific audience in time and with good conversion.
2. A click generates revenue: A click is all it takes to convert a reader to a client with the right audience and content. Simple, fast and fuss-free.
3. Brand appearance: Selling by not selling is a phrase that has been beaten to death in the business world. Portray your brand with the right message and soon, you will find yourself with a higher conversion rate.

Events and content marketing are not foreign concepts, but these engagement options stay relevant even with the ever-changing environment. If you have just started your journey and unsure of how and where to go from there, we’d like you to know that help is out there at e27!

Yes, at e27, we have a strong media platform which you can employ to better reach out to your audience. ECHELON Asia Summit, TOP100, and e27 Academy are examples of events where you can showcase your brand and broaden your network. Check out how awesome this year has been in the ecosystem, to ECHELON and beyond!

Scratching your head over how to go about engaging through events and content marketing? Speak to us at engage@e27.co and our best consultants will be there to assist you!

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e27 Tea Talk is the column managed by the e27 Business Development Team. We hope to see you join in on stimulating discussions and constructive feedback as we navigate through the startup journey together. 🙂

This article is jointly written by Hung Nguyen and Farah Rashidi.

 

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Other breaking development in the region is the massive protest of Korean taxi drivers against a carpooling service that they say would destroy their jobs

Ofo has nearly 12M users waiting for deposit refunds [South China Morning Post]

Early users of Ofo were asked to pay a 99 yuan deposit, which was later raised to 199 yuan, before they could rent a bike through the service. Users could request a deposit refund anytime via the Ofo app but there was a waiting period of 15 working days for the refund to be received, according to deposit refund instructions.

However, earlier this week hundreds of angry users were seen lining up outside the company’s Beijing headquarters to ask for immediate deposit returns. Some said they queued in the chilly winter because they failed to receive refunds online even after the allotted waiting period and they had read news on Chinese media outlets that riders who personally went to Ofo’s office on Sunday were able to get refunds right away.

LetsTransport raises US$14.3M  [press release]

Bengaluru-based logistics marketplace for intracity deliveries, LetsTransport, has raised a total of INR 100 crore (US$14.3 million) from Bertelsmann India Investments, Fosun International and other investors.

Currently operational in seven cities, the latest infusion of growth capital will be used for strengthening technology, adding new industry verticals to lock in marquee clients and for scaling up the company’s operations.

LetsTransport is a technology-enabled managed marketplace, which operates on an asset-light model wherein it partners to bring in operational efficiency for truck owners to cater to the within city logistics requirements. It claims its multimodal network of trucks clubbed with proprietary technology increases utilisation resulting in higher earnings for the trucks and a 30 per cent reduction in distribution cost for the client.

Its clients include Coca-Cola, Amazon, Metro Cash & Carry, Big Bazaar etc.

Qoo10 promises no more transaction and service fees on new QuuBe platform [ChannelNewsAsia]

Build it, and they will come. Or so the saying goes.

This appears to be the strategy e-commerce site Qoo10 is adopting as it looks to shake things up in the online shopping space.

The Singapore-headquartered online business is planning to officially launch its blockchain-based e-commerce site, QuuBe, in the new year. When it does, it said it will introduce a new way of approaching e-commerce as a business, removing the need for service or transaction fees usually imposed on online sellers.

Angry South Korean taxi drivers rally against carpooling service [Reuters]

Tens of thousands of South Korean taxi drivers walked off the job and held a rally on Thursday to protest against a carpooling service that they say would destroy their jobs and threaten their livelihoods.

The demonstration came days after the suicide of a taxi driver who set himself on a fire to protest against plans to introduce car-pooling service Kakao Mobility, a unit of mobile messenger operator Kakao Corp.

“If the service is implemented, my income will shrink by half. I’ll fall into poverty,” said driver Yoon Woo-seok, 62, at the rally in front of the National Assembly in the capital, Seoul.

NZ startup LearnCoach raises US$1.5M [DealStreetAsia]

New Zealand-based online education platform LearnCoach has closed a US$1.5 million seed round led by Eden Ventures. Other investors include Danny Chan, co-founder of ACG; and Andrew Preston, Founder of Publons.

Founded in 2012, LearnCoach creates video tutorials to teach subjects for students who can’t be in a physical classroom, or for those who want to extend beyond their classroom learning. About 150,000 students in New Zealand view the lessons more than a million times every year.

According to LearnCoach, the proceeds will be used to scale its education platform to reach more students and produce more tutorials.

 

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Swiggy’s latest fundraising round is the single largest in India’s food technology sector to date

Swiggy, India’s leading food delivery platform, announced today that it has executed definitive agreements for a US$1 billion Series H round of funding, led by existing investor Naspers, a global internet and entertainment group.

The round also includes participation from several existing investors, including DST Global, Meituan Dianping and Coatue Management, along with new investors Tencent, Hillhouse Capital and Wellington Management Company.

Also Read: Singapore Foodie channel’s Malaysian parent raises funding for expansion

Swiggy’s latest fundraising round is the single largest in India’s food technology sector to date. With this, its total funding raised so far has touched US$1.26 billion.

The Bangalore-based startup said in a statement that it will use the funds to bring more quality food brands closer to consumers and address gaps in supply through delivery-only kitchens under the ‘Access’ initiative for restaurant partners.

Additionally, it will hire top-notch talent, especially for Machine Learning and engineering roles across mid and senior levels. The company will further strengthen its technology backbone and focus on building a next-generation AI-driven platform for hyperlocal discovery and on-demand delivery.

“Swiggy has been at the forefront of elevating the potential of Indian food delivery with its industry-changing innovations and focus on delivering the best consumer experience to millions of Indians,” said Sriharsha Majety, CEO, Swiggy. “As we add more firepower to our vision of elevating quality of life for urban consumers by offering unparalleled convenience, we’re pleased that visionary global investors share our purpose and have made such a significant investment in our future.”

“We first partnered with Swiggy in April 2017 because we recognised the Swiggy team had built a sustainable, long-term business, that stood out amongst others in India. Now, nearly two years later, we have even more confidence Swiggy has the winning formula and will continue to build a leading business in the country” said Larry Illg, CEO, Food and Ventures, Naspers.

“Swiggy has 10x the number of orders per month since our first investment, has expanded throughout India to tier 1, 2 and 3 cities, and most importantly, is the most loved food delivery brand in India, providing the best service to consumers nationwide,” he added.

Founded in 2014, Swiggy has over 50,000 restaurant partners spread across 50-plus cities. Since the last funding round six months ago, Swiggy has expanded to 42 additional cities and doubled in gross merchandise value as it strengthened its leading market share along with industry-best repeat rates and net promoter score.

In May 2017, Swiggy raised US$80 million led by Naspers, with participation from existing investors Accel India, SAIF Partners India, Bessemer Venture Partners, Harmony Partners and Norwest Venture Partners.

 

 

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The startup offers a legacy planning service and plans to launch its platform next month

Brunei-based legacy planning startup Memori raised BND158,000 (US$ 100,000) from 113 Venture Growth Fund despite having yet to launch its online platform.

This marks one of Brunei’s largest seed rounds investment in a startup to date, as reported by Bizbrunei.

Memori plans to become an all-in-one online platform to manage legacy, from the convenience of securing wills, insurance policies, and memorial services.

With the funding, Memori wants to grow in Brunei, Singapore and Malaysia, where an estimated 33 million adults do not have wills.

“We’re looking to simplify and make the whole process of preparing for one’s death an affordable thing. Death is such a universal matter but ironically expensive and difficult to navigate,” said CEO and co-founder of Memori Queenie Chong, who got the idea for Memori after experiencing the loss of her grandparents.

Also Read: Singapore Foodie channel’s Malaysian parent raises funding for expansion

Chong, being a certified will planner, still found that the experience was a difficult one. “It can be extremely frustrating when you don’t know where to go or what to do after the loss,” said the 30-year-old Bruneian.

Chong then founded Memori just in August this year and then brought along COO Jonathan Tan and CBO Phoebe Kow, who are also certified will planners.

According to Chong, an estimated 80 per cent of Southeast Asia’s population do not have wills due to a social taboo that makes it an uncomfortable thing to talk about end of life. Another cause noted by the company is the misconception about the complexity and cost of the legacy process.

“Our technology seeks to address this issue. Thanks to social media, there is now the ability to control our digital footprint,” said Chong.

Memori provides will writing services directly, and soon will facilitate customers with a consult and connection to a range of bereavement-related services, such as arrangements for funerals, burials, and caskets as well as buying insurance policies.

In doing its business, Memori also takes advantage of blockchain technology, that will be used to build its website. The technology will enable users to safely store their digital assets – including social media and email accounts passwords – and pre-select the beneficiaries when a user passes on.

“Memori certainly has the potential to be Brunei’s first tech Unicorn because it is disruptive and a game changer,” said Tan Chun Wei, a founding partner of 113 Venture who is also the district service director of Nirvana Asia Group – Asia’s largest bereavement care provider.

Also Read: Indian food delivery startup Swiggy raises US$1B investment led by Naspers

Memori is a participant of the ongoing fourth cycle of DARe’s Startup Bootcamp facilitated by Singapore-based Golden Equator.

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