Singapore-based early-stage VC firm Wavemaker Partners has led the US$1.5 million seed extension investment round for VAMA, a one-stop virtual platform providing easy access to an array of services for one’s religious and spiritual journey.

This marks Wavemaker’s maiden investment in an India-incorporated startup. The deep-tech investor infused US$1.1 million into the startup, while the rest came from existing investors, such as Lisa Gokongwei-Cheng and Harit Nagpal.

Also Read: Astrology-agnostic? Wait. This startup can predict whether your startup will fail or not

Additionally, several micro VC investors, including Blume Founders Fund, Alluvium, and Untitled VC, and notable angels, such as Burak Buyukdemir and Dhruv Bahl, also participated.

VAMA will use the funds to acquire talent, bolster product development, and improve its technology. The app is gearing towards a more extensive integration of temple-related services alongside scaling its astrology vertical. It plans to introduce new products and services.

“Our primary goal is to expand our team and enhance our technological capabilities to deliver an unmatched digital experience to devotees worldwide. This latest funding round will fuel our efforts to develop a cutting-edge technology platform,” said VAMA Co-Founder Manu Jain.

Established in late 2020 by Aacharya Dev, Himanshu Semwal, and Jain, VAMA.app is a virtual platform serving as a one-stop destination for easy access to e-pujas, e-darshans, and astrology services for devotees across India. The platform offers virtual puja remedies in temples to devotees and customers from all over the world.

It has partnered with over 250 temples throughout India and built a network of more than 300 astrologers on its platform.

Also Read: This Bangalore-based startup has built an on-demand marketplace for spiritual gurus

According to Jain, the company aims to transform the traditional offline Mandir ecosystem into a digital realm through content-driven products designed to captivate, empower, and promote enduring engagement.

VAMA has so far raised a total of US$2.8 million in funding.

—

Image Credit: VAMA.

The post Wavemaker Partners joins Indian astrology app VAMA’s US$1.5M seed round appeared first on e27.

The post Lendela bags US$5M in Series A financing for APAC expansion appeared first on e27.

Navigating the ever-evolving terrain of the tech industry, startups serve as the lifeblood of innovation, embodying the spirit of creativity and adaptability essential for progress. These entrepreneurial ventures act as crucibles of ingenuity, where risk-taking is not just encouraged but celebrated, leading to the birth of groundbreaking technologies and novel business models. As such, startups possess the ability to swiftly adapt to emerging trends, challenge established norms, and drive competition, ultimately shaping the trajectory of technological progress as a whole.

The dynamic interplay between startups and the broader tech ecosystem ensures a constant influx of new ideas, talent, and disruptive technologies, sustaining the ecosystem’s vibrancy, sparking greater innovations, and propelling startup founders toward new horizons.

However, getting the ground running is difficult when you don’t have the necessary resources to help materialise your innovative ideas. Startups cannot survive on ideas alone. They need tech infrastructures, talented teams, operational assets, and other aspects of a business that require costs.

Challenges startups face

Securing initial capital is often a formidable hurdle, impeding innovation and growth. Many promising ventures with groundbreaking ideas struggle to attract investors willing to take early-stage risks. This lack of financial backing can hinder product development, recruitment, and market expansion, amplifying the probability of failure. Without a solid financial foundation, startups may find it challenging to navigate the competitive business landscape, showcase their value proposition, and ultimately reach the pivotal Series A funding round, perpetuating a cycle that poses a substantial threat to their viability and potential success.

Also read: Set sail with intellectual property: Your business’s journey to success

As such, participating in startup competitions presents a crucial avenue for fledgling ventures to secure vital investment opportunities and catalyze their growth. These competitions not only offer a platform for startups to showcase their innovative ideas to a diverse and influential audience but also provide a unique chance to attract funding from seasoned investors.

Enter “The Future of Capitalism” Startup Competition, a global challenge that promises to be a game-changer for ambitious tech startups with a vision to make a lasting impact on both the commercial and social fronts. This competition, spearheaded by the visionary Leo Lion, not only offers a platform for startups to shine but also the chance to secure up to $5 million USD in funding.

The Future of Capitalism: Unlocking growth opportunities

Organised by the Leo Lion Foundation, The Future of Capitalism startup competition is open to tech startups of all kinds, ranging from agritech to fintech, deep tech, climate tech, and beyond. This inclusivity reflects the Leo Lion Foundation’s commitment to fostering innovation across diverse sectors, acknowledging that groundbreaking ideas can emerge from any corner of the tech world. Whether your startup is revolutionising agriculture, redefining finance, harnessing cutting-edge technology, or addressing climate challenges, this competition welcomes you to showcase your potential.

What sets this competition apart is its focus on startups with a passion for improving the world we live in. The criteria are straightforward — a business ready to take flight and a commitment to creating positive change. Startups seeking seed or series A funding are encouraged to apply, regardless of their geographical location. However, it is important to note that the entry process and pitching will be conducted exclusively in English, ensuring a level playing field for all participants.

Also read: Things you need to know to be a part of the 2024 TOP100 program

The journey for participants doesn’t end with a simple application. Finalists will have the unparalleled opportunity to pitch their groundbreaking ideas in front of a distinguished panel of judges. The lineup includes world-renowned economist Paul Collier of Oxford University, tech investment professionals like Christy Cardenas of Grit Ventures, experienced entrepreneurs and angel investors such as Charles Delingpole and John Norman, as well as other ecosystem stakeholders such as Sylvana Quader Sinha, Founder and CEO of Praava Health, Deniz Ucbasaran, Professor of Entrepreneurship at Warwick University, Nina Ho, Executive Director for Launchpad – UT Austin, and Gordon Holmes, Managing Director of TowerBrook.

The pinnacle of the competition will be the pitch day, held at the iconic Shard Building in London, UK, where finalists get to present their startup’s vision against the breathtaking backdrop of one of the world’s most iconic structures. The Future of Capitalism is certainly an opportunity to not only secure funding but also to gain visibility and recognition on a global stage.

Earn the chance to win $5 million in investments

The exposure garnered through the program goes beyond financial backing, opening doors to mentorship, networking, and collaboration with industry leaders. The Future of Capitalism also serves as an accelerator, propelling participating startups into the spotlight and positioning them for success in an increasingly competitive market. Moreover, the rigorous selection processes and engagement with experienced judges foster valuable feedback, refining the startup’s pitch and strategy. By participating in The Future of Capitalism, startups position themselves on a trajectory toward sustainable growth, increased visibility, and the potential to make a lasting impact on their respective industries.

What makes the ‘Future of Capitalism’ competition even more exciting are the influential partners on board, including Barclays and Warwick University. These partners bring invaluable expertise and resources to the table, offering startups additional opportunities for growth, mentorship, and networking.

Also read: Five startups closer to bagging EUR100,000 in EQT Impact Challenge

Behind this visionary competition is its founder, Leo Lion, whose commitment goes beyond fostering business success. Through the Leo Lion Foundation, the organisation aims to leverage commercial acumen to support social projects across the globe. The Future of Capitalism startup competition, therefore, isn’t just about funding startups; it’s about catalysing positive change and leaving a lasting legacy.

If you’re a tech startup with a bold vision and a passion for making a difference, The Future of Capitalism startup competition is just the platform you’ve been waiting for. Seize the opportunity to propel your startup to new heights, connect with industry leaders, and be part of a movement that’s not just redefining capitalism but also shaping the future of technology for the better. The entry deadline for the startup competition is December 20, 2023. Apply now and be a catalyst for change!

For detailed information and to submit your entry, visit this link. Don’t miss your chance to be a part of a transformative event that could catapult your startup to unprecedented heights.

– –

This article is produced by the e27 team, sponsored by The Leo Lion Foundation

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.

The post The Future of Capitalism: Get the chance to win $5 million worth of investments appeared first on e27.

Digital transformation is no longer a choice but a “must” for real estate businesses to keep up with the trend and overcome the difficulties in the current new context.

However, aligning the business model with technology is not an easy task. In addition to applying technology, the vision and strategy of the leader, together with a dedicated team, will be the determining factors for the success of the digitalisation story.

The difficulty of digital transformation in real estate

In the real estate sector, digital transformation will help customers find suitable real estate properties at a reasonable price without spending too much time and travel costs. In particular, technology will help real estate agents connect with customers easily, helping real estate agencies optimise labour costs.

With such a large role in solving the equation of cost, time, and quality of transactions, digital transformation is truly a must-have trend for real estate businesses in the 4.0 era. However, experts also point out that digitalisation is inevitable but full of difficulties for real estate businesses.

The first difficulty to mention is the thinking and behaviour of customers. With a high-value product like real estate, most customers still want to be able to interact directly and find out before deciding to “spend money”. Once they have decided to buy a property, customers usually tend to meet in person instead of just paying online through a system.

The second challenge is the personnel factor. Previously, real estate sales agents traditionally sold properties had to meet customers to consult products and sell products directly. When applying technology, they have to plan and take customer care and update customer status in software applications.

They have to get used to interacting with the assigned management tools or applications to update and nurture every single potential. If digitalised activities do not show effectiveness shortly, many individuals tend to not focus on it anymore but go back to the traditional way of doing things.

Also Read: Understanding the role of AI in digital transformation

Therefore, personnel is an important factor determining the success of a real estate trade when transforming digitally. If the staff does not have a mindset about technology skills, works traditionally and is afraid of change, it will make the digitalisation in the business delayed or difficult to complete.

Next, with a system that has been in operation for a long time, real estate businesses cannot transform digitally immediately but need a long enough time to digitalise their operating processes gradually. Currently, many businesses have boldly invested in technology but still cannot completely change the traditional form of management and business.

What is the key to driving successful real estate digital transformation?

Digital transformation does not only depend on the factor of technology, but the most important thing lies in people. The personnel factor here does not only come from customers or the workforce, but it also comes from the mindset of the leader.

The right leadership mindset will promote the rapid digitisation of the business. Conversely, the narrow leadership mindset will unintentionally turn the leader into a “bottleneck”, eliminating the development of the organisation.

Accordingly, to promote successful real estate digital transformation, the leader needs to consider carefully the core issues of the business and the level of readiness of resources to implement digitalisation of their business.

Once they dare to change, real estate business owners need to build strategies, align business models to suit digital transformation, calculate information technology investment plans, and Focus on training and building a digital workforce.

In addition, it is necessary to create inspiration and spread the mindset of digitalisation to customers so that they gradually change their habits and traditional buying behaviour.

In the context of the 4.0 Industrial Revolution taking place strongly in all fields, digital transformation is an inevitable process that determines the survival of the business. Therefore, real estate businesses, especially business owners, need to proactively seize the opportunity to digitalise their own entire system successfully.

—

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

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

Image Credit: Canva

The post Leadership mindset: The key to driving real estate digital transformation? appeared first on e27.

Ever imagined owning a fragment of the Eiffel Tower or perhaps a portion of a prestigious downtown skyscraper? It might seem like a flight of fancy, but what if it was as tangible as holding shares of major companies like Tesla?

With the growing buzz around real-world assets (RWAs) in sectors such as real estate, FinTech, precious metals, and even credit loans, such ownership notions are inching closer to reality. And thanks to blockchain technology, RWAs are redefining the way asset ownership is being perceived. 

RWAs represent genuine and concrete pieces of tangible assets encoded “on-chain” and made digitally trackable. According to Boston Consulting Group, the market for tokenising illiquid assets as RWAs could potentially reach up to US$16.1 trillion by 2030. 

Real estate’s digital evolution

Real estate has long faced challenges with intermediaries, costs and legal complexities.

Today’s landscape is transforming, with real estate emerging as a key sector for RWAs. They signify an evolution towards enhanced multi-jurisdictional efficiency and access. “With real estate tokenisation, properties transform into blockchain-enabled assets, simplifying transactions and expanding access. New forms of access include fractional ownership, allowing micro-investments among a larger market audience,” says Erik Ramos-Paice, Co-Founder and Partner of Taiboku Capital.

This advantage extends beyond operational ease, bringing a transparent renaissance in real estate deals. From the inception of smart contracts to the crescendo of digitised ownership transfer, important transactional metadata is etched onto blockchain networks for data integrity. 

Yet, every innovation has its maze. Nations are still crafting their legal RWA guidelines – from the asset’s nature to taxation rules and from AML standards to KYC compliance. International trading of tokenised real estate adds another layer, demanding synchronised compliance amidst diverse jurisdictions.

RWAs: A new era for precious metals

The precious metals sector has often been enshrouded in ambiguities related to provenance, ethical sourcing, and supply chain management. Now, the process of RWA tokenisation holds the potential to transform these industry problems into working solutions.

While this doesn’t necessarily simplify the physical movement of the assets, it allows for far more efficient trading in terms of their digital representations. This ensures diligent tracking of blockchain-based supply chains while preserving tangible asset value.

Recognising the transformative power of RWAs, Ramos-Paice states, “The precious metals industry is starting to emphasize mandated reports strongly. These reports, if generated with the help of RWA technologies, can add an additional layer of assurance and traceability for auditors.”

Also Read: Is the Philippine real estate market ready for the next wave of proptech?

In the backdrop of this evolution, supply chain platforms like EMCO Network are exploring the intersection of precious metals with blockchain and RWAs. These platforms, in their quest to prioritise transparency, aim to address long-standing industry challenges of authenticating the origins of mined gold sources. This ultimately aids in enforcing ethical supply chain practices, boosting verifiable accounting standards, and mitigating sophisticated fraud loopholes. 

When problems arise during the supply chain journey, companies can better pinpoint potential problems rather than trying to painstakingly trace back the source of error with legacy tracking systems. 

Compliance tech: A critical driver for RWAs

Merging tangible assets with digital counterparts demands a strong compliance framework. Consequently, this calls for a unified approach to ensure smooth global acceptance of RWAs – from both the legal and technological aspects.

Proper governance models are crucial when implementing RWA compliance. This can be achieved through a network of validators or a council of trusted members who collaboratively vote in the decision-making aspect of tokenised assets.

By adopting this approach, it heightens the transparency of how RWAs are transacted. Haven1, a purpose-built (EVM compatible) blockchain providing a secure environment for financial transactions, is one such example that empowers businesses with regulatory frameworks that bring in best practices from traditional finance. Equipped with the right governance tools, auditors and regulators gain improved access to data surrounding RWAs, streamlining enterprise-scale compliance efforts.

Unlocking this potential means deepening cross-jurisdictional communication among regulators. Beyond just dialogues, it involves shared regulatory workshops, collaborative sandboxes for testing products across borders, and education geared towards regulators. A unified digital platform for worldwide regulators could further streamline these interactions, ensuring a cohesive approach to RWAs.

Major shifts in global asset liquidity

RWAs are likely to play a pivotal role for enterprise businesses and their end customers. 

For businesses, RWAs are forecasted to provide operational efficiencies, open up new revenue avenues, and foster seamless global collaborations. Traditional sectors will likely witness rejuvenation as tokenisation strategies introduce novel means of asset management and trade.

Also Read: Early-stage proptech and contech investing: Who gets the VC checks?

On the consumer side, the implications are equally profound. RWAs could democratise asset ownership, allowing more individuals to tap into micro-investment opportunities that were once out of reach. This means that an array of assets, including fractionalised property or rare precious metals, could become more accessible – and hence liquid.

While the benefits are manifold, the intersection of traditional and digital assets also brings forth questions about emerging market dynamics and the practical synergy between the two realms. 

—

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

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

Image Credit: Canva

The post Real-World Assets meet virtual realms: A game-changer for global trade appeared first on e27.

Dear reader,

Investors in OpenAI, the creator of ChatGPT, are reportedly considering legal action against the company’s board following the abrupt removal of CEO Sam Altman, which has triggered concerns about a potential mass employee exodus.

These investors, who fear substantial financial losses, are consulting legal advisers to explore their options, although it remains uncertain whether they will proceed with a lawsuit. The situation escalated after Altman’s dismissal on the grounds of a “breakdown of communications,” leading over 700 employees to threaten resignation unless the board was replaced.

OpenAI’s unique structure, with Microsoft holding 49% and employees controlling 49%, poses challenges for traditional investor influence. The nonprofit parent company, OpenAI Nonprofit, was designed to prioritise humanity over investor interests. Legal experts note that nonprofit boards have obligations, but the structure provides considerable leeway for leadership decisions.

Even if investors pursue legal action, the case is perceived as weak, as companies typically enjoy broad latitude in making business decisions. OpenAI’s unconventional structure, established in 2019, seeks to balance capital raising while maintaining its core mission and governance.

The unfolding scenario highlights the intricate dynamics within organisations navigating the intersection of technology, finance, and mission-driven objectives.

Sainul,
Editor.
=====

Funding for Philippine startups sees 40% decline in 2023: report
The Gobi-Core Philippine Fund report also featured a survey involving 33 founders with running startups in the Seed to Series C stages; Around half of their startups have hit breakeven, taking an average of four years to achieve the feat.

Sam Altman joins Microsoft as OpenAI names its third CEO in 3 days
Greg Brockman, another co-founder of OpenAI, is also joining Microsoft, OpenAI’s biggest financial backer; They will be joining Microsoft to lead a new advanced AI research team.

Sam Altman won’t return as OpenAI’s CEO after all
Altman’s removal threatens to worsen an already precarious situation for OpenAI, whose board faces pressure from all sides to change course after firing Altman with little input from some of its largest stakeholders.

Chaos at OpenAI adds fuel to the AI talent poaching war
As chaos at OpenAI and Microsoft, where Altman is headed now, continues, companies like Anthropic, Mozilla or Patronus AI could be attractive to employees seeking stability. The upshot? OpenAI employees could scatter to other companies or follow Altman.

OpenAI investors considering suing the board after CEO’s abrupt firing
Investors worry that they could lose hundreds of millions of dollars they invested in OpenAI with the potential collapse of the hottest startup in the rapidly growing generative AI sector.

Velocity Ventures backs Spanish microstay startup ByHours for Asia expansion
ByHours offers users a global platform to book short stays in over 4,000 partner hotels for 3, 6, and 12 hours; The startup claims to have over 300K users and has sold more than one million hotel hours.

ByteDance’s revenue in Q2 surpassed Tencent
The TikTok owner is threatening the long-established positions of China’s traditional “big three” tech firms – Baidu, Alibaba, and Tencent – with US$29B in revenue and 40% YoY revenue growth in Q2 2023.

How Radiant1 helps hotels optimise room rate pricing in real time, maximise revenue
Radiant1’s USP lies in its ability to synthesise multiple datasets and turn those into actionable recommendations and automated action.

Startups soar: Pawprints Inspired, Upworth, BeeX raise funding
Pawprints Inspired raises US$1.7M, Upworth secures funding, BeeX closes US$2M round, RISE summit, Indonesia’s VC Trends, and more.

How NSG BioLabs aims to nurture biotech innovation in Singapore and beyond
NSG BioLabs, along with NSG Ventures, aims to play a pivotal role in supporting biotech companies in navigating unique challenges.

‘US has access to more alternative funding sources than Europe, Asia’
‘We will continue to work closely with Singapore-based startups to help them launch and expand their presence in the US’: Christian Koschil, Acting Senior Commercial Officer, US Department of Commerce, US Embassy, Singapore.

Global Web3 companies on why Asia Pacific is the future of the industry
These Web3 companies are sharing how they view the Asia Pacific market –and why they believe in its potential for the future.

For ID’s 2nd generation unicorns, global expansion is the name of the game
When it comes to producing unicorn startups, Indonesia has done a phenomenal job in a relatively short time.

TiE Global Summit 2023: Connecting Singaporean startups to the world
To help Singaporean startups tap into this promising landscape, TiE Global is hosting the TiE Global Summit (TGS) 2023 in Singapore.

A paradox I face as a father and a corporate venture builder
The age-old parenting paradox of holding tight and letting go holds true for corporate venture builders aligning corporates and ventures.

Depression was the best thing that happened to me as a founder. Here’s why
Founders are 6-11 times more likely to suffer from mental conditions, depression and substance abuse, according to studies.

Money on the move: The key to making dynamic travel payments simple
In a world where travel is a cherished aspiration and digital payments are crucial, simplicity, security, and convenience take precedence.

Impulse buying dominance: Scarcity-induced sales in live-stream commerce
In live-stream commerce, scarcity-induced promotions are a potent tool wielded by streamers to manipulate emotions and drive impulse buying.

The 5-part agile leadership guide that will make you a better business leader
Embracing different voices helps leaders develop an all-rounded leadership style that resonates with the diverse millennial and Gen-Z workforce.

Decoding startup financing: Why pre-money SAFEs are founders’ best bet
Founders who prioritise maintaining ownership and control over their ventures should consider the benefits of pre-money SAFEs.

Leadership mindset: The key to driving real estate digital transformation?
Digital transformation is crucial for real estate in the 4.0 era, playing a key role in balancing cost, time, and transaction quality.

—

Image credit: Wikipedia.

The post Ecosystem Roundup: Investors considering suing OpenAI board; Funding for PH startups drops 40% in 2023 appeared first on e27.

As the use of GenAI tools becomes more widespread, with its potential to be used in the fast-moving consumer goods (FMCG) industry, Myanmar-based startup Base Technology is making waves with its generative artificial intelligence (GenAI) solution Magicsnap.

This technology aims to transform consumer engagement and create personalised experiences that set brands apart in an increasingly competitive market.

Swan Htet Aung, Managing Director of Base Technology, in an email interview with e27, sheds light on the company’s mission, stating, “Consumer engagement is getting more challenging and expensive, as brands compete for a share of consumers’ attention in an increasingly fragmented world. To achieve top-of-mind brand recall, marketers are turning to GenAI. GenAI technology’s ability to generate content from simple text prompts and other visuals enables marketers to deliver new consumer experiences.”

According to Gartner, 63 per cent of marketing leaders plan to invest in GenAI in the next 24 months, and Base Technology aims to be at the forefront of this trend. Their flagship product Magicsnap is a GenAI-powered solution that allows customers to generate AI avatars from a single selfie effortlessly. This technology goes beyond basic online interactions, turning customers into brand ambassadors in different virtual worlds, such as historical, anime, and Hollywood settings.

What sets Magicsnap apart is its unique training dataset. Unlike other image AI models trained with generic stock footage, the company said that Magicsnap’s image AI model was trained with 200,000 images from Southeast Asia (SEA).

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

This approach enables the system to identify cultural nuances, including traditional outfits and facial features, making it culturally representative and sensitive to end-consumers. Magicsnap has generated around 100,000 traditional outfits for 40,000 people, demonstrating its ability to cater to diverse cultural preferences.

Aung shares an example of a successful campaign where customers could leverage Magicsnap to select a suitable traditional outfit based on their facial features and the nature of the event they intended to attend. The GenAI model successfully matched customers with Burmese and Cambodian traditional outfits, bringing delight to the clients’ customers and showcasing the technology’s versatility.

Since its launch in 2016, Base Technology has developed two successful products – Expa.AI, a large language model for building chatbots, and Magicsnap. The company has empowered over 1,000 small businesses and more than 30 enterprises in SEA, engaging more than four million customers through 100 million conversations.

Aung states, “This generates billions of data points, and we are working to migrate our data to AWS to leverage AWS’s broad portfolio of storage solutions for its reliability, security, and performance.”

Magicsnap alone has generated more than US$40,000 in revenue within the first two months of its launch in July 2023. Aung notes the cost efficiency achieved since migrating to AWS and mentions ongoing collaborations with brands in Cambodia, Laos, Thailand, Bangladesh, and Myanmar.

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

Base Technology’s collaboration with AWS has been instrumental in their success. Aung how AWS SageMaker has enabled faster fine-tuning of diffusion models by 30 per cent and reduced the cost of inference by 40 per cent. This efficiency allows Base Technology to bring solutions to market swiftly and cost-effectively.

The company also benefited from the AWS GenAI Reactor program, receiving AWS credits and mentorship on generative AI from industry experts.

Looking ahead, Base Technology aims to roll out the first-ever multimodal model trained with major SEA languages in 2024.

Aung emphasises the importance of supporting local languages for businesses in the region, stating, “For domestic companies building GenAI applications for their business in SEA, an English-only multimodal model wouldn’t help to give them the right head start. Businesses cannot use one model for all.”

—

Image Credit: Base Technology / Magicsnap

The post Base Technology wants to revolutionise consumer engagement in SEA with its GenAI tool appeared first on e27.

Turn Capital, the family office of 17LIVE’s co-founder and non-executive chairman Joseph Phua, has acquired the Thai business of the tech-enabled coffee chain Flash Coffee, a source privy to the development told e27.

The transaction details are not known.

Turn Capital plans to expand Flash Coffee’s presence across Thailand, with a plan to open more than 100 new stores in the next two years, as per a statement. This will bring the total number of locations in the country to over 200.

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

Launched in 2020, Flash Coffee serves a menu of quality drinks curated by World Barista Champions across Asia. Customers can use the Flash Coffee app to order and pay online, choose to pick up orders from one of its yellow storefronts, or order for delivery through the app or major delivery platforms in each market.

The coffee chain operates over 200 stores in four markets across Asia Pacific — Indonesia, Thailand, Hong Kong, and South Korea.

Last month, it was reported that the company shut down all 11 stores across Singapore to “further consolidate” future efforts on fewer markets as it aims to build a profitable and sustainable business.

In May this year, Flash Coffee announced the completion of its US$50 million Series B financing round led by White Star Capital. Existing investors, including White Star Capital, Delivery Hero, Geschwister Oetker, and Conny & Co, participated in the round.

Turn Capital invests in consumer, technology, media and telecom companies across Asia. The firm typically acquires controlling stakes, which allows its team of experienced operators and investors to take a hands-on approach to each investment.

According to Shang Koo, Partner of Turn Capital, the invest will partner with Flash Coffee’s management team to bring the tech-driven brand to profitability and grow the company over the next few years.

Also Read: Joseph Phua’s Turn Capital acquires Dapp Pocket to create SEA-focused retail crypto exchange

Turn Capital was launched in 2020 by Joseph Phua, former CEO of 17LIVE, where he built the business from US$2 million annual revenue to over US$400 million in annual revenues, and a market leader in Japan and Taiwan. He ran Turn Capital’s unique investment strategy and controlled a portfolio of companies in the technology and consumer sectors with a combined valuation of over US$1 billion.

—

Image Credit: Flash Coffee.

The post Breaking news: Turn Capital acquires Flash Coffee’s Thai business appeared first on e27.

Before the COVID-19 pandemic outbreak, hotelier Apichai Sakulsureeyadej stepped in to help his family oversee the hotel business and understand the lack of data usage in crucial decision-making processes. A serial entrepreneur who spent the last two decades in big data, Sakulsureeyadej quickly realised that hotels, like the airline industry, might earn more revenue with dynamic pricing.

“A hotel’s core revenue source is room bookings. I experimented with the use of multiple data sets to influence room pricing. This led to a visible uplift in the business’s revenue,” he shares.

That motivated him to start Radiant1.

Also Read: Radiant1 raises funding for its AI solution that helps hotels maximise revenue

Incorporated in Singapore in 2019, Radiant1 has developed an AI-powered SaaS solution that assists hotels in maximising revenue. The tool uses machine learning algorithms to analyse factors, including real-time demand, types of properties, and travel behaviour, to provide optimised room rate pricing on a real-time basis and maximise total revenue for the customer. It leverages both external and internal data and analyses it multi-dimensional.

“Many factors influence the hotel industry, such as seasons, events, holidays, economy, etc. Radiant1 automates the ability to understand how each factor affects demand. As a result, it can decide which combinations would be most effective to determine the right price,” he adds.

Estimates show that the Asian hotel market is nearly US$200 billion annually in transaction volume. On average, each hotel faces an opportunity loss of more than 30 per cent when not using revenue management.

“Nearly 90 per cent of hotels in Southeast Asia don’t use any form of revenue management. They believe in having basic operational technology, such as reservation/check-in management, and working with online distribution. They have generally not yet digitised their operation, unlike the airlines,” he reveals.

“On the other hand, chain-managed hotels in the West widely use revenue management, yielding higher revenues. Radiant1 believes that every hotel should have revenue management as a mandatory tool,” he remarks.

According to Sakulsureeyadej, Radiant1’s USP lies in its ability to synthesise multiple datasets and turn those into actionable recommendations and automated action to set pricing and recommend the channels for sales of room nights. This helps in automating how hotels are priced and distributed.

The startup has introduced a flexible pricing scheme with monthly fixed fees and variable charging models based on the customer’s needs.

The company says it has assisted all types of properties to optimise their revenues while keeping an eye on their bottom line. Its customers include hotels with global chain brands, independent and boutique hotel chains, hotel management companies, and short-stay operators.

Post-pandemic, Radiant1 claims to have seen robust growth; the business has grown manifold since mid-2022, coinciding with the widespread reopening of borders. In addition to its presence in Thailand, it expanded its footprint into Malaysia and Indonesia.

The startup recently raised an undisclosed sum in a pre-Series A round anchored by Monkʼs Hill Ventures to double down in the existing markets, expand into new Asian countries, hire additional tech resources, and expand the product suite.

Also Read: How can you build a living, thriving community around your SaaS product?

“We plan to further penetrate into our existing markets, such as Indonesia, Malaysia, and Thailand, by growing the sales team and growing the cities we target in each country,” he adds.

Radiant1 has also begun experimenting with Generative AI to hyper-personalise customer engagement. “We strongly believe that a much deeper understanding of customer behaviour to build personalised offerings can lead to higher revenues. It is equally important to understand demand. Often, they go hand in hand. Radiant1 is on a mission to build technology that obtains and uses these relevant data to optimise different parts of the hotel, eventually leading to better revenue,” he notes.

While Generative AI is the future, he believes that Generative AI needs to be regulated by ethical standards. “We need to adhere to the guidelines of the Personal Data Protection Act. It is a good start while combining it with a more comprehensive approach.”

—

Image Credit: Radiant1.

The post How Radiant1 helps hotels optimise room rate pricing in real time, maximise revenue appeared first on e27.

Barcelona-based microstay booking platform ByHours has secured an undisclosed sum in strategic investment from Singapore-based Velocity Ventures for Asia expansion.

Guillermo Gaspart and Christian Rodriguez founded ByHours to challenge and transform traditional booking systems in the hotel industry. The company provides a global platform for users to book short stays in over 4,000 partner hotels, with durations of 3, 6, and 12 hours.

It offers a flexible ‘pay-per-use’ model with a 24-hour check-in option. This model accommodates travellers who only pay for the required hours, making it suitable for those seeking a brief rest or experiencing a short layover without an overnight stay.

Also Read: Velocity Ventures launches programme to connect corporates with startups for co-investment opportunities

ByHours has established microstay partnerships in 25 countries, collaborating with independent 3, 4, and 5-star hotels, including Hyatt, Sheraton, Crowne Plaza, Best Western, Accor Hotels, and NH Hotels.

“ByHours will prioritise collaboration with travel agencies, corporations, and online travel agencies and establish symbiotic relationships as a bed bank for microstays. By extending our channel distribution with B2B partners that want to cross-sell micro stays with their own offerings, we can optimise revenue for our hotel partners,” said Gaspart.

The startup claims to have over 300,000 users and sold more than one million hotel hours, resulting in a turnover of over 20 million euros (US$2.183 million) for the hotel industry.

The company employs 30 people across its Spanish and Mexican offices.

The firm previously raised 12 million euros (US$1.309 million) from angels, DILA Capital, and Howzat Partners.

—

Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

Image credit: BYHOURS

The post Velocity Ventures backs Spanish microstay startup ByHours for Asia expansion appeared first on e27.