Filipino B2B e-commerce marketplace Shoppable Business has secured US$1.15 million in an oversubscribed pre-seed funding round, co-led by Foxmont Capital Partners and Seedstars International Ventures.

An unnamed global network of angel investors also participated.

The startup will use the funds to grow its business development team, develop more products and features, and expand into new regional markets.

Founded in 2022 by Carlo Silva, Sam Blanquera, and Chris Blanquera, Shoppable Business aims to digitise procurement and wholesale distribution for businesses in the Philippines, where procuring authentic branded products online and offline is hard.

Also Read: Carro invests in digital content, marketing services agency Driven Communications

Shoppable Business offers thousands of products from trusted brands, such as computer equipment, furniture, appliances, construction supplies, made-to-order goods, and food.

In addition to product discovery, the platform also provides services such as marketing, sales support, procurement outsourcing, logistics, financing, and payment infrastructure.

Shoppable Business is a marketplace partner of GS1 Philippines, the global standard for barcodes and product identification in 116 countries, with two million member companies. It also issues official BIR-certified sales invoices and receipts, which companies need to claim the full purchase in the Philippines.

“Our cost-effective e-commerce procurement technology, access to 100 per cent authentic branded products and services at wholesale prices with no MOQ, empower entrepreneurs so they can focus on growing their business,” said Silva.

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Flash Express, owned by Flash Group, is an all-in-one logistics service provider serving e-commerce players.

A unicorn company, Flash Express has so far attracted over US$780 million across several funding rounds from investors, including Buer Capital, SCB 10X, eWTP, PTT Public Company Limited, OR Retail Limited, Durbell, and Krungsri Finnovate.

In this interview, Flash Group CEO Komsan Saelee shares how the group grew in the past two-three years, how the current global economic slowdown is affecting its business, the market opportunities that emerged due to the economic downturn, and the company’s working culture.

Edited excerpts

How has been the past two to three years for Flash Group from a business growth perspective? How did it tide over COVID-19 and the economic slowdown?

During the first year of the pandemic, it was a favourable period for the logistics industry, and not only Flash Group and other players gained market share. Flash was able to handle delivery volumes reaching millions of parcels. We also started looking for opportunities to expand our business into Southeast Asia.

Flash Group provides services in Thailand, Malaysia, the Philippines, Indonesia, Laos, and Vietnam. We are preparing to cover the entire Southeast Asia region by 2024.

After the intense period of the pandemic subsided, the logistics market also began to decline. The growth of e-commerce, although present, was not as robust as anticipated by all parties. The high management cost and the market situation have slowed down the business.

Also Read: Flash Express adds US$150M more to its kitty, becomes Thailand’s first unicorn

However, Flash has been able to adapt by adjusting our business plans promptly. We always have Plan B and Plan C for overall business management. We expedite cost management and policies to ensure the organisation moves forward steadily.

How does the current global economic slowdown affect business, and what steps has it taken to mitigate any negative impacts? Has Flash noticed any changes in customer behaviour or demand, and how has it responded?

The overall global economic situation indicates that the global economy will experience a slowdown or slower growth than the previous year due to various factors.

However, the overall economic outlook for Thailand this year is expected to show slightly better growth than the previous year’s. This is partly due to the recovery in tourism and increased domestic and foreign investments that have returned.

Meanwhile, Flash Group continues to follow our original expansion plan in Southeast Asia (SEA). This means that the global economic slowdown has not significantly impacted the business in this industry.

The e-commerce market continues to expand, although fluctuations may occur during certain periods. Overall, the market still demonstrates growth. The company closely monitors Thailand’s global economic situation and other relevant factors. We have developed contingency plans for both the medium and long term to ensure preparedness for coping with the situation and aligning the company’s policies accordingly.

Amid the current economic conditions, consumer purchasing power remains high, as evident from the continued increase in online platforms, which are experiencing profitability this year after previously facing losses.

Additionally, consumer behaviour in choosing our services has remained consistent. This can be seen from the growing number of customers, with an average daily peak parcel volume exceeding 2 million pieces.

This indicates that the strategies previously employed by Flash Group, such as pricing, accessibility to remote areas, and an effective IT system, continue to be successful. These factors are considered strengths of Flash.

How has your financial strategy changed in light of the current market conditions, and what measures have you taken to ensure long-term sustainability?

The current market situation has little impact on Flash’s financial strategy. We regularly perform materiality assessments, including all actual and potential factors impacting our finances or operation. We have also established a monitoring process to follow up and review management approaches related to those material topics.

Lastly, we set up metrics to evaluate our performance through corporate and department OKRs to ensure we can achieve our business purpose and generate long-term value for our sustainability.

Can you speak of recent fundraising efforts and how the current economic climate impacted those efforts?

There hasn’t been any official news regarding the latest fundraising round. However, every fundraising round is always challenging, and each round presents challenges.

Regarding the overall investor perspective, we believe everyone is looking for opportunities and tends to choose companies with a future potential to generate income and profit. Therefore, the state of the economy may not be the primary indicator of its impact on fundraising.

Can you discuss any cost-cutting measures Flash has implemented and how those measures have impacted your business operations? Did you lay off employees to stay afloat in the market?

Flash has implemented measures to continually improve policies and plans within the organisation to manage costs and reduce unnecessary expenses. Particularly, energy costs are considered a major expense for us. Therefore, the company has incorporated technology and alternative solutions; for example, developing a technology application that analyses the most efficient delivery routes to ensure the fastest delivery of parcels to their destinations, enabling our delivery personnel to utilise it.

Additionally, the company has conducted experiments with electric vehicles for transportation, such as electric motorcycles and three-wheeled vehicles. These initiatives aim to enhance cost management and explore environmentally friendly options.

Have you adjusted your growth projections or other key performance indicators in light of the current economic climate?

Flash continues to pursue our main objective of expanding business coverage throughout Southeast Asia and connecting logistics networks, with Thailand as the centre. We aim to create an ecosystem and infrastructure that positions us as the logistics hub in SEA.

In 2023, Flash is progressing according to the original plan and is preparing to open operations in another country. We are studying the market in Singapore and Vietnam and our existing expansion in Laos, the Philippines, and Malaysia. Furthermore, the European market is also considered a significant target for the company’s business expansion.

Can you speak of any market opportunities that have emerged due to the economic downturn and how your company is capitalising on those opportunities?

We are fortunate that despite the economic downturn, Flash Group’s business has been minimally affected. The transportation business has become an integral part of people’s lives and the driving force behind the economic system. Most of society still needs to make purchases, and transportation businesses have become crucial to people’s lives. During the COVID-19 pandemic, it acted as a force that changed people’s behaviour from offline to online.

However, we prioritise materiality by constantly reviewing and reassessing it. Our materiality encompasses trending issues or external factors that may impact our business. This allows the company to sense and respond quickly, resulting in corporate resilience in turbulent situations and economic downturns.

Can you discuss your plans for diversifying your revenue streams or expanding into new markets in light of the current economic climate?

Flash continues to seek business opportunities to increase market share in Thailand and internationally. We focus on developing and improving our services to meet the needs of various target customer groups, including online businesses and individual customers.

We emphasise a policy of offering a diverse range of bundled products and services, catering to both corporate clients and online merchants. Furthermore, we seek business partnerships to expand our reach and coverage across different industries, including courier and logistics services. Flash constantly innovates and develops new services and offers to meet the evolving demands of our customer base.

How have you maintained a strong company culture and motivated your team during these challenging times?

The cultivation of five core values is essential for Flash Group. Customer-first means prioritising customer needs, while Result Oriented involves actively contributing to the business and striving for the best outcomes. Teamwork emphasises collaborative efforts and continuous learning within the team. Integrity entails acting honestly and doing what is morally right. Dedication represents a passionate commitment to achieving both individual and team goals.

These beliefs and attitudes guide Flash Group, shaping how people interact with customers and colleagues. They provide a comprehensive understanding of the company and foster self-awareness among individuals. Moreover, these values form a vital foundation for the company’s growth and ability to adapt to changing circumstances.

Do we see an end to the raise-cash-burn-cash growth model and the emergence of the ‘make profits, sustain & grow’ model?

Flash Group believes we have consistently operated our business with a profit-driven approach for sustainable growth, especially when the startup industry has faced new realities.

With the Federal Reserve’s interest rate hikes and the decline of Silicon Valley Bank, investors have become more cautious, causing startups to reassess strategies that heavily rely on fundraising. Therefore, what is essential now for startups is to build investor confidence by having a business plan that goes beyond relying solely on fundraising but also generates revenue from customers. Then we can have the opportunity to navigate through the current circumstances successfully.

What challenges does a late-stage startup face compared to an early-growth-stage startup? What learnings can early or growth-stage companies make from late-stage companies?

For those who are interested in initiating a business venture, it is recommended that you engage in genuine and comprehensive research. Identify the distinctive qualities that differentiate you from competitors in that industry and determine what value you can offer your target customer base. Once you understand this, have faith in yourself and actively pursue your goals. Additionally, timing is also a critical factor that contributes to achieving success.

How is the mindset and cultural shift happening internally since we are in a high-interest rate environment and funding isn’t going to be as easy as before?

Flash has internal management within the organisation divided into three eras: the era of empowerment, the era of regulations, and the era of cultivating organisational culture. In the first era, which we call the era of empowerment, the focus was on results because it was a starting point where we did whatever it took to satisfy customers with our services and make them return to use our services again.

Also Read: Flash Express secures US$200M Series D to expand its e-commerce logistics service in SEA

The next era is called the era of regulations because after doing business for two years, we gained customer acceptance, resulting in a significant increase in daily shipments. With more employees, we had to adapt by implementing regulations, having auditors to examine accounts and strict financial controls. The advantage of this era was that everything was done according to regulations. The company did what it should do, and we had employees who understood the organisation, worked as a team, and were more professional.

We are in the third era, which is the era of cultivating organisational culture. We have five core values that we use in our work. We strive to instil these values in our employees so everyone works together to achieve the organisation’s goals. Thus, we are confident that our people will show this strong and fighting spirit against all the difficulties and achieve our goal. This will build investors’ confidence in our business success, even during this challenging time.

We are focused on the mindset of individuals who can deliver good work under the company’s planned direction and reflect the business performance, which will build long-term investor confidence.

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The generative AI landscape has seen warp-speed growth in recent months.

Take ChatGPT, for example. The world-famous chatbot boasts 25 million daily visitors and currently holds the record for the fastest-growing consumer Internet app—reaching one million users in just five days.

Globally, popular platforms such as Duolingo, Khan Academy, and Stripe are also embracing the generative AI trend, introducing AI-powered features into their platforms.

But perhaps generative AI’s meteoric rise is most evident in the startup space. On Y Combinator’s Startup Directory, the prestigious startup accelerator known for backing successful ventures like Airbnb, Coinbase and Dropbox, the number of startups tagged as “Generative AI” in its Winter 2023 batch made up 22 per cent of the cohort, surpassing the combined number of startups with the same label over the past five years.

Across the globe, generative AI is now being used to power a diverse range of industries, from content marketing to deep tech engineering. At the time of writing, the number of generative AI startups under Y Combinator stands at 108 and counting.

The homegrown startups making waves in their respective verticals

Standing out in one of the fastest-moving tech spaces is no easy feat.

Against all odds, these three trailblazing homegrown startups have received the prestigious backing of Y Combinator and are continuing to lead the pack in their respective verticals.

Also Read: Use AI to clone yourself with Oleksandr Vysotskyi

We speak to the Founders to learn more about what they think of humanity’s future with generative AI.

Hypotenuse AI (YC20)

Hypotenuse AI was founded in 2020 by Singaporeans Joshua Wong, a former machine learning scientist at Amazon Alexa and Cambridge University alumni, and Low Lin-Hui, an early hire in Stripe’s APAC team and ex-founder of her own e-commerce brand.

What does Hypotenuse AI do?

Hypotenuse AI is an AI content marketing platform that manages and creates content for businesses, including blog articles, product descriptions, AI images and advertising copies. Hypotenuse’s AI is built using proprietary machine learning techniques designed especially for marketers and copywriters to write high-quality, high-conversion content that matches a brand’s tone and style.

How did Hypotenuse AI come about? What inspired you to start it?

Through a personal pain point.

During my time as a machine learning researcher at Amazon, I was helping a colleague to start an e-commerce website selling vegan soap bars. We realised that the most frustrating part of this process for us was getting the copy written for product descriptions and marketing.

Given my background, I started building out AI models to automate this process and realised that while it was a challenging problem, it was possible to solve. I went to speak to a dozen businesses and realised that it wasn’t only a problem for us but for many online companies out there.

So I left Amazon to solve this problem for all businesses out there.

Generative AI tools are becoming increasingly popular in recent months. What are your predictions over the next year?

Generative AI will become widespread in marketing teams globally. The hallucination problem (of AI making up facts) still won’t be solved, but it will be greatly reduced to the point that it beats human error rates in many areas. The cost of large language models will continue to fall. Multimodal models will rise—ones that work across video, audio, text and more. Advancements will keep pouring out of research, and the hype around AI will still continue to grow. It won’t slow down yet.

Smaller open-source AI models will gain popularity, but the biggest advancements will still come from large language models that are too gigantic for the average user to train. Many generative AI start-ups will die because they created fancy demos but never found product market fit. A handful more billion-dollar generative AI start-ups will be spawned.

Governments will begin to regulate the development of the most advanced AI models. Educational institutions will be in an existential debate, but good ones will embrace generative AI carefully and adapt parts of it to fit into their curriculum. PhDs in AI become less relevant, but engineering with these models become increasingly in demand. The face of things we took for granted as constant in our lives would change—including how web search is done, how we find the right words to explain concepts, and

Yuma.ai (YC W23)

Yuma.ai was founded in 2023 by Guillaume Luccisano, a French software engineer and serial entrepreneur living in Singapore and a seed investor in over 50 startups in the US and France. His first startup, Socialcam, was acquired by Autodesk in 2012.

What does Yuma do? 

Yuma is ChatGPT for customer support. We focus on helping Shopify merchants with their support burden. We are a one-click install app on top of their helpdesk software, such as Gorgias or Zendesk. Once installed, we start suggesting the best draft for answering support inquiries.

How did Yuma come about? What inspired you to start it?

Yuma got started by accident. This is my third YC startup after Socialcam (W12) and Triplebyte (S15). I started playing with LLMs in late 2022 and released Yuma as a prototype for fun in mid-December 2022 and was overwhelmed with demo requests. That’s when I knew I was onto something and had to turn this into a real company once again.

Generative AI tools are becoming increasingly popular in recent months. What are your predictions over the next year?

The pace of change is currently astonishing. Although we may not yet fully realise it, AI will have a profound impact on our day-to-day lives, potentially as significant as the introduction of the smartphone and the internet.

Many roles will need to adapt or change, and we will have to learn how to harness the power of AI. Education, for example, will never be the same. On a global scale, AI will become a major geopolitical focus and will be a key competitive advantage for nations that own the best technology.

Also Read: Regional expansion, careful approach to fundraising remain key for SEA fintech startups to grow

Defog.ai (YC W23)

Defog.ai was founded in 2021 by Medha Basu (left), a former journalist, and Rishabh Srivastava (right; interviewee), a full-stack developer and data scientist living in Singapore.

What does Defog.ai do?

Defog is an AI data assistant that developers can add to their apps—no machine learning expertise is required. For example, fintech companies use Defog to help their users analyse complex expense trends just by asking questions in plain English.

How did Defog.ai come about? What inspired you to start it?

Prior to starting Defog, Rishabh had run a data company for six years. His biggest limitation in scaling the business was the time spent in servicing ad-hoc questions asked by customers. With LLMs improving, he realised that an AI system that could generate and execute Python or SQL code for answering user questions was becoming feasible. And that led to the start of Defog.

Generative AI tools are becoming increasingly popular in recent months. What are your predictions over the next year?

Generative AI will start moving from consumer and SME usage to the enterprise. Privacy and governance considerations will be critical for this, and we will see smaller models that can be deployed on-premises to do specialised tasks get more adoption.

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Southeast Asia’s leading integrated car e-commerce platform, Carsome Group, has closed a new round of funding, bringing its total raise to approximately US$200 million.

The round saw participation from existing investors, including 65 Equity Partners, Seatown Private Capital Master Fund, Qatar Investment Authority, Gobi Partners, and Asia Partners.

EvolutionX Debt Capital, a growth-stage debt financing platform that provides an alternative source of financing to technology companies in Asia, also co-invested.

Carsome aims to digitise the region’s used car industry across Malaysia, Indonesia, Thailand, and Singapore. Together with subsidiaries iCar Asia, WapCar and CarTimes, Carsome provides end-to-end solutions to consumers and used car dealers across the decision funnel, from car content consumption, car inspection, and ownership transfer to financing and other ancillary services.

Also Read: Carsome acquires WapCar, AutoFun to strengthen automotive content strategy

It claims to sell over 150,000 cars annually and serves more than 15 million unique customers monthly across its diverse online and offline channels in the region. In addition to achieving over 30 per cent growth in revenue and reaching profitability, its ecosystem companies have also contributed to a 60 per cent reduction in the group’s customer acquisition cost.

Currently, the group has more than 4,000 employees.

In Q1 2023, Carsome hit an operational profitability milestone for the first time on the back of significant growth in trade margin, which doubled compared to the same period last year. Over 80 per cent of the trade margin came from transaction margins.

In 2022, the group announced its revenue grew 250 per cent to US$1.5 billion, with the newly established regional retail line, Carsome Certified, contributing 35 per cent.

Carsome Service Centres (CSC) have seen more than 100 per cent month-over-month growth since its launch at the end of last year. They are expected to reach nationwide coverage in Malaysia by the end of Q3 2023.

Co-Founder and Group CEO Eric Cheng said: “We have spent the last eight years building a more trusted way for customers to transact within Southeast Asia’s used car industry. Our comfortable liquidity position and strong backing from both existing and new investors place us on solid footing to deliver the world’s first integrated car ownership ecosystem, going beyond just buying and selling cars to include ancillary services across the whole ownership lifecycle.”

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WiredScore defines and certifies digital connectivity and smart technology in homes and offices globally. Founded in New York in 2013, WiredScore claims to have certified more than 800 million square feet of commercial and residential space, impacting more than eight million people across 37 markets.

Last year, the company expanded into Asia by opening its regional headquarters in Singapore. In late March this year, it opened an office in Thailand. So far, WiredScore has raised US$28 million across four rounds from Bessemer Venture Partners, Fifth Wall Ventures, Sterling VC, Beringea, Cushman & Wakefield, Crow Holdings, and Taronga Ventures, among others. This includes a US$15 million Series B funding in 2022.

e27 recently caught up with Thomasin Crowley, Global Director of APAC at WiredScore, to learn how the company has been addressing different challenges in the market, including the current economic slowdown.

Excerpts:

How have the past 2-3 years been for WiredScore from a business growth perspective?

WiredScore’s mission is to make the world’s buildings smarter and better connected. In line with this, we’ve continued to set the standard for technology in the built world in the past 2-3 years by assessing and improving global digital connectivity and smart capabilities in buildings through our WiredScore and SmartScore certifications.

As part of our global expansion plan, we are thrilled to have launched in Asia with the opening of our Singapore office in March 2022, our first office in Asia Pacific (APAC), which also serves as our regional headquarters. Since then, we’ve expanded our offerings to Hong Kong and, most recently, Thailand, as we aim to bring integrity and learnings from a global perspective to facilitate and advocate for the region’s transition towards a first-class, smart built environment.

To date, we have worked with over 40 owners and developers across nearly 150 buildings in APAC, certifying more than 60 million square feet (5.5 million square meters) of space.

Also Read: ‘Develop a wartime mindset during global crisis like this’: Xendit CEO Moses Lo

Some of the leading landlords and developments in Asia that we’ve been partnering with include:

• Singapore: AEW, Frasers Property, IOI Properties, Keppel REIT, Lendlease, PAG, and Shaw Towers Realty,
• Hong Kong: Swire Properties, Henderson Land Group, Kerry Properties, Nan Fung Group, Sun Hung Kai Properties, Sino Group and Empire Group
• Thailand: APAC Land, Frasers Property (Thailand), Magnolia Quality Development Corporation (MQDC), Muang Thai Life Assurance, One Bangkok, and Siam Motors

Across the globe, more than 800 million square feet of commercial and residential space have been committed to WiredScore certification, impacting more than 8 million people across 37 markets.

How does the current global economic slowdown affect your business, and what steps have you taken to mitigate any negative impacts? Have you noticed any changes in customer behaviour or demand, and how have you responded?

With our strong business fundamentals, a proven track record across North America and Europe, and a robust growing footprint across APAC, WiredScore empowers building owners to combat fluctuating social, economic and climate challenges head-on, leveraging technology implementation. We aim to expand widespread access to our offerings to encourage and foster greater connectivity, reduce carbon emissions, increase resilience against cyber threats, and enhance the health and well-being of building users worldwide, all via the power of technology in the spaces we occupy.

How has your financial strategy changed in light of the current market conditions, and what measures have you taken to ensure long-term sustainability?

Given the current market conditions, we have carefully managed our financial strategy by selectively investing in priority areas that best support our long-term goals. We are focused on delivering more impact by continuing to bring industry-enhancing products to market and empowering people and places through technology. WiredScore, as a growing team, will be in a prime position to deliver new tools and features continuously that empower landlords and occupiers of WiredScore- and SmartScore-certified buildings to thrive.

Have you adjusted your growth projections or other key performance indicators in light of the current economic climate?

We regularly review our growth projections to identify potential gaps for improvement to achieve results that are more closely aligned with our targets.

We registered good growth in the past year as we expanded our global presence from 24 markets to 37 markets. Besides opening our APAC headquarters in Singapore and subsequent launches in Hong Kong and Thailand, another key milestone for us in 2022 was our launch in the Middle East, where we work with key players in the United Arab Emirates, Saudi Arabia, and Qatar, among others.

Can you speak of any market opportunities that have emerged due to the economic downturn and how your company is capitalising on those opportunities?

Amidst a global recession, we’re already witnessing a phenomenon the premium tier of office space tends to hold its value better, underpinned by an ongoing flight to quality by occupiers, which bolsters demand for prime spaces. Developers and occupiers should come to a unanimous realisation that smart technology is almost a defining characteristic of a prime office – an essential rather than a luxury.

This presents significant opportunities for retrofitting real estate that is future-proofed for generations to come, a part in which WiredScore could play an integral role.

One prime example is Keppel Land, which introduced emerging technologies to Keppel Bay Tower (a commercial property owned by Keppel REIT) to transform the 20-year-old building into Singapore’s first BCA Green Mark Platinum (Zero Energy) commercial building. Keppel has worked with WiredScore to benchmark Keppel Bay Tower’s digital connectivity and smart building capabilities, turned it into a manifestation of Keppel Land’s Sustainable Urban Renewal capabilities, and achieved impressive WiredScore and SmartScore recognitions.

Having grappled with waves of economic fluctuations, sustainability is one area that shows no signs of diminishing and offers real estate leaders the needed flexibility and resilience to prepare for potential future shocks. As such, it becomes a priority to secure ESG+R (Resilience) against future change, ensure we create spaces that are resilient to external challenges, and mitigate any risk factor of our investments.

The urge to build best-in-class office space and portfolio resilience has posed a significant opportunity for office landlords to embrace technology and entice global occupiers, with WiredScore’s expertise as a stepping stone. Without ESG+R commitment in place, technological obsolescence will gradually become a price that investors find exorbitant to afford, and there will be a point when we are left with stranded, un-leasable, unsellable and, ultimately, unusable assets.

How does WiredScore balance the need for short-term financial stability with the long-term goals of your business?

Focus is something we’ve had to hone as we’ve developed as a company. While we will always invest for longer-term goals, we won’t invest our time and resources in everything. Instead, we’ll look at initiatives with the highest chance of succeeding. This isn’t just a financial challenge but an operational one too.

We want to inspire deep focus across our business, and while that means turning down exciting opportunities in the short term, this is all with the view to having more capacity in the future for others.

Can you discuss your plans for diversifying your revenue streams or expanding into new markets in light of the current economic climate?

Since establishing a footprint in APAC just over a year ago, we are excited to deepen our regional roots. We’ve seen how maintaining momentum in our other, more established markets has enabled us to see the impact of empowering people and spaces through technology.

How have you maintained a strong company culture and motivated your team during these challenging times?

We strongly believe that nurturing and sustaining a healthy workplace culture is key to maintaining engagement within the firm. During the COVID-19 pandemic, we reassessed our overall employee engagement strategy. We introduced several initiatives to drive morale and energise our team members as we adopted a remote working model. Since then, we’ve sustained our commitment to being a culture-driven company and have continued to prioritise our employees’ well-being.

Some of our initiatives include ‘Donuts’, a weekly, half-hour, casual chat with a randomly selected colleague to encourage people to stay in touch and get to know colleagues from our offices globally and a dedicated annual well-being budget.

Do we see an end to the ‘raise-cash-burn-cash’ growth model and the emergence of the ‘make profits, sustain & grow’ model?

We are seeing slight shifts in the industry, with businesses now focusing more on achieving a positive cash-flow milestone rather than pushing unsustainable growth and scale. Looking at funding in 2021, for example, it was all about growth. Now, the tune has changed, and investors care more about profitability. There is a danger in following trends of what investors want rather than the right strategy for the individual business.

For example, we didn’t raise our first round of funding until five years after we launched, which was the right thing for us and our business.

WiredScore has always grown with operational effectiveness at the core; this will continue to be our approach for as long as it works for us.

What challenges does a post-Series B startup like WiredScore face compared to an early-growth-stage startup?

Post-Series B startups like WiredScore tend to have a wider team with members dispersed across several markets worldwide, compared to early-stage startups that may have just established their footprints in a single or a few markets.

For example, we have members working in the US, the UK, Singapore and Australia. Therefore, startups with global operations must establish the right structure to support their growing team, network and objectives and maintain consistency and alignment across operations while being flexible enough to tailor their products and offerings to the local markets. The executive leadership team would also need to broaden their perspective and focus on making strategic decisions that impact the firm.

Also Read: Start building a solid financial foundation early when your team is small: Aspire CEO

Another challenge companies may face is repeating success. Early adopters help you to figure out a product market fit and turn this into a scalable playbook. Replicating this with later adopters with a more established product isn’t always as straightforward.

What learnings can early or growth-stage companies make from growth-stage/late-stage companies?

Later-stage startups have experienced the journey that early-stage startups are bound to go through. This is especially so in the case of fundraising. What we’ve learned and believe is the importance of finding the right investor-company fit when it comes to fundraising for early-stage companies.

Thousands of venture capitalists are out in the market looking for companies to invest in, but that doesn’t necessarily mean they are the right people for the firm. Early-stage companies must find the right strategic investor with relevant expertise to guide the firm’s growth journey and aligned values.

WiredScore has been fortunate to work with lead investors who are enthusiastic about our real estate space and have their values aligned with ours. Our strategic investors have generously devoted capital and expertise to helping us embark on an ambitious growth journey.

How is the mindset and cultural shift happening internally since we are in a high-interest rate environment and funding isn’t going to be as easy as before?

Despite the challenging environment, WiredScore remains committed to doubling down on its solid business fundamentals. The company stands in a unique position to make material contributions to the future success of the real estate industry as it navigates some of the most pressing challenges it has ever seen, including climate change, health and well-being and widespread access to connectivity. We are confident that our laser-focused approach to championing technology as a lever for greater transparency will enable a faster optimisation of the buildings that house our day-to-day lives.

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Indonesian e-commerce enabler Sirclo Group has secured US$10.5 million in a Series C funding round from Vertex Ventures Southeast Asia and India.

This takes the company’s total capital raised to approximately US$100 million, according to VentureCap Insights.

Founded in 2013 by Brian Marshal, Sirclo provides omnichannel commerce solutions. It offers two main categories of solutions: entrepreneur solutions and enterprise solutions.

Sirclo Store is an online store dashboard for SMEs to sell across websites, marketplaces, and chat commerce, while IbuSibuk is a solution to empower communities of mothers as key opinion leaders, micro-influencers, and resellers.

Also Read: Carsome’s new round takes its total capital raised to US$200M

In the enterprise category, it offers e-commerce enabler services, a solution for omnichannel technology development, and a B2B2C platform selling mom-and-baby products.

Through the acquisition of Warung Pintar last year, Sirclo expanded its reach to provide digital products and services for small stores called warungs in Indonesia, enabling the company to offer comprehensive solutions to this significant market segment.

In response to the challenging economic conditions, Sirclo reduced its total workforce by eight per cent in late 2022. In a statement announcing the layoffs, the company stated that all aspects of the group’s business are in the optimisation stage to achieve long-term growth.

The company currently serves over 25 million customers, with over 150,000 brands using its platform.

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Southeast Asia’s leading online used car marketplace Carro has announced its strategic investment in Driven Communications, an integrated digital content and marketing services agency focusing on the automotive industry.

Incorporated in 2008, Driven Communications comprises a portfolio of websites, including paultan.org (automotive review and vertical news content), carbase.my (buyer’s guide), and oto.my (used car classifieds).

paultan.org is an independent automotive review website in Malaysia, organically drawing monthly active visits of up to 6 million traffic.

As part of the investment, Driven Communications Co-CEOs Paul Tan and Harvinder Singh will continue to helm the business. The board of directors will remain unchanged, and employees will be assured of continued employment. Driven Communications will also continue to have complete autonomy over its editorial direction and decisions. The investment is expected to be completed within two months.

Also Read: Carro becomes unicorn following US$360M Series C raise, plans to go public in 18-24 months

Founded in 2015, Carro is an AI-driven online platform for buying and selling cars. Headquartered in Singapore, the unicorn has 4,500-plus employees across Asia Pacific and has raised over US$1 billion in debt and equity from Temasek, Softbank Vision Fund, and several other sovereign funds.

Aaron Tan, Co-Founder and CEO of Carro, said: “We have been working with Driven Communications for nearly two years. They helped us launch our first myTukar Autofair in Malaysia, and their digital online reach was incredible. Feedback from other automotive participants has been amazing; OEMs and end-customers alike rely on them. It would be a shame that it does not have the right resources and tools to scale higher.”

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ZUZU Hospitality is a revenue platform provider for independent hotels. It provides hotels —  that lack resources and have limited time — with the technology and expertise of larger hotel chains without the associated costs and restrictions.

Headquartered in Singapore, ZUZU Hospitality has operations in Indonesia, Thailand, Malaysia, the Philippines, Vietnam, and India.

In this interview, its CEO Vikram Malhi shares with e27 how the company survived multiple crises in the recent past, the current global economic slowdown is affecting its business, the new opportunities that have emerged due to the economic downturn, and more.

The firm recently announced a US$9 million (SG$12 million) Series B funding round led by SoftBank Ventures Asia, with participation from Atinum Partners, Wooshin Venture Investment, Visor Ventures, and JG Digital Equity Ventures.

Edited excerpts:

How has been the past 2-3 years for ZUZU Hospitality from a business growth perspective? How did it tide over COVID and the economic slowdown?

We followed this saying closely, “We didn’t just weather the storm; we danced in the rain”.

So, over the last three years, we used the time to improve our product significantly. There was a particular focus on improving and automating our revenue management tools to drive revenue improvements for our hotels and cost efficiency for our business.

The new line of products to help our hotel partners increase their distribution. This includes a direct website and booking engine with a localised payment platform for each country.

During this time, we built an entire payment platform for our hotel partners to manage their payments and collections with all OTA partners and guests. This has dramatically improved cost efficiency for hotels and eliminated breakage suffered by independent hotels in managing payments.

Also Read: ZUZU Hospitality raises US$9M in a Series B funding round led by SoftBank Ventures Asia

We also continued to add hotel partners throughout the last three years and have grown our hotel count by 50 per cent (the last reported number by WiT was 1,800 in Feb 2020 to over 2,500 partners across seven different countries.

As a result, our revenues are 2.5x of pre-COVID-19 numbers because we are able to drive better and higher OTA business for our hotel partners. This has also resulted in the fact that we are practically at break-even.

How does the current global economic slowdown affect its business, and what steps has it taken to mitigate any negative impacts? Has ZUZU Hospitality noticed any changes in customer behaviour or demand, and how has it responded?

After significant challenges during the pandemic, the travel industry is now booming globally. In APAC, travel and hospitality are well on their way to recovery. According to data from Amadeus’s Demand360, in the first quarter of 2023 (January-March), the hotel occupancy growth trajectory of 61.7 per cent, surpassing 2019 levels by 3 per cent.

Specifically in Southeast Asia, the travel rebound has been steadily ramping up post-opening of the borders in July 2022 and as the flight capacity builds back. Because we see so much market opportunity, we are now in aggressive growth mode instead of slowing down, especially with our latest series B round of funding.

How has your financial strategy changed in light of the current market conditions, and what measures have you taken to ensure long-term sustainability?

We’ve always been a capital-efficient business, but the pandemic forced us to be even more careful with our spending. We cut down our growth spending significantly between 2020 and 2022, which allowed us to survive and thrive through the slowdown. This has ensured we had sufficient runway during this period and is entering a strong growth phase already in a solid financial position.

With the Series B funding, we can see the potential for the industry and know that we need to strike while the iron is hot. So we have allocated the funds primarily towards product innovation, including introducing AI elements to our platform. We will also enhance our partner experience and look to expand our sales and marketing within the region.

Can you describe your recent fundraising efforts and how the current economic climate impacted those efforts?

Fundraising was challenging for most companies but especially tough for travel businesses during the pandemic. As we move past that period, there is a strong interest in capital-efficient companies with solid fundamentals.

Also Read: Sustained profitability is crucial for long-term success: PolicyStreet CEO

This is good for us because we have been focused on building a viable business that generates revenue. This allowed us to do as well as possible during the pandemic and then be able to be in the position to capitalise when borders started opening up.

Can you discuss any cost-cutting measures ZUZU Hospitality has implemented and how those measures have impacted your business operations? Did you lay off employees to stay afloat in the market?

Naturally, we had to cut down on growth expenses, which meant reducing marketing and sales budgets. We still had to invest in the company. Still, we look at automation of revenue management to supplement our existing team as a way to manage and even grow during the pandemic.

Have you adjusted your growth projections or other key performance indicators in light of the current economic climate?

We are seeing the industry rebound as travel continues to be strong globally. Southeast Asia is recovering nicely, with an expectation that it will fully recover by the end of the year. We are optimistic, and our projections for the company year and more reflect that optimism.

Can you speak of any market opportunities that have emerged due to the economic downturn and how your company is capitalising on those opportunities?

India is the newest and most exciting market for us. We find it easier to sign hotels in India as hotel partners had tried the branded approach, especially when they were getting significant incentives and realised they disliked it.

However, from that experience, they have learned the importance of hospitality technology and, more importantly, distribution and revenue management. They realised the most significant improvement in their business came from professional revenue management, not necessarily the brand. Now that they have left the brand, they are looking for solutions to help them create that value.

COVID-19 helped push digital adoption by consumers, whether it is food delivery or health. Similarly, digital adoption in travel is expected to leapfrog in the next couple of years. Independent hotels heavily relying on offline business now understand the importance of online channels. That allows us to partner with them and help them manage their online distribution channels and revenue.

How do you balance the need for short-term financial stability with the long-term goals of your business?

With the new capital raised, we are focused on growth to ensure we can reach our long-term financial goals. However, we remain a very capital-efficient business, allowing us to maximise the capital without unnecessary burn.

Can you discuss your plans for diversifying your revenue streams or expanding into new markets in light of the current economic climate?

India is a relatively new market for us and has great potential as travel has fully rebounded since 2019 and is expected to reach historic heights.

This growth has been there for many years, with outbound tourism from India increasing 143 per cent from 11 million travellers to 27 million. More recent projections show a full recovery for the Indian outbound market in 2024, with outbound travellers reaching 28.5 million in 2025.

How have you maintained a strong company culture and motivated your team during these challenging times?

Keeping your spirits high when the world shuts down was challenging. As such, I’ve focused on communicating a lot with my team and made sure that everyone felt appreciated and engaged. After all, the team is most productive only when we all have a common goal to achieve and when we feel supported while achieving the goal.

Do we see an end to the raise-cash-burn-cash growth model and the emergence of the “make profits, sustain & grow” model?

Yes, it is obvious that the days of the ZIRP (zero-interest rate policy) raise-cash-burn-cash model are gone. Now it is strong business models that are being coveted by VCs, and the good news for startups is that there is a lot of capital on the sidelines, ready to be deployed in these sensible businesses.

We were always focused on building a sustainable business model that could scale quickly without the need for constant fundraising. This has helped us create a company that could sustain itself even during COVID-19.

What challenges does a late-stage startup face compared to an early-growth-stage startup? What learnings can early or growth-stage companies make from late-stage companies?

Most late-stage startups are extremely focused on unit economics and capital efficiency, while early-stage startups need to focus on growth rightly, but in the new world, this growth needs to be sensible growth and not growth at all costs.

Like every industry, startups are generally starting to adapt to the new world of investing and growth.

How many rounds of funding have you raised of far?

ZUZU Hospitality has raised four rounds so far, including seed, Series A, Series B1 and Series B2. Our Seed and Series A were led by Wavemaker in 2017 and 2018. Golden Gate Ventures, Alpha JWC and TNB Aura also participated.

Also Read: ‘Want VC funding? Your startup needs to be valued at least US$700M in 10 years’: Jeffrey Paine

Series B1 was a convertible note round during Covid. Wavemaker, TNB Aura, JG Digital Equity Ventures, SEEDS, Visor, and Velocity Ventures were the key participants and Series B2; our current round was led by Softbank Ventures with participation from Atinum, JG Digital Equity Ventures, Wooshin.

How is the mindset and cultural shift happening internally since we are in a high-interest rate environment and funding will take more work than before?

What other companies and even whole industries are going through now in this high-interest rate investment, we have already gone through that for two years during the pandemic. It was an extremely tough period, but it helped us prepare, so we are already in great fighting shape.

With the new capital, we at ZUZU Hospitality now need to focus on growing our business and investing in product improvements because we already know how to handle the current challenges in the market.

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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.

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Plastic waste is a multi-faceted problem that requires the involvement and cooperation of many stakeholders, with corporations being one of the key players. In Part 1: Unraveling the Causes, I elaborated on some of the main causes of the plastic epidemic in Asia.

In this part, we will delve deeper into the unique challenges stakeholders face when trying to tackle the plastic problem, either through reducing, reusing or recycling. 

The life cycle of plastics

First, let us do a quick run-through of the value chain of plastics. The infographic below is a very simplified depiction of the journey of plastic waste throughout its lifecycle.

Referenced From: OECD (2022, 22 February), Plastic pollution is growing relentlessly as waste management and recycling fall short, says OECD. 

The following problems outlined are some of the most challenging problems to be addressed in the plastic waste space. 

Cost-effectiveness

The greatest problem when it comes to recycling plastics on a large scale is its cost. According to a McKinsey report, based on existing technologies and assuming there are no business model breakthroughs, recycling may only be profitable for about 50 per cent of plastic-waste volume today. Some factors that contribute to this challenge include the increased cost of production of recycled plastics and limited technological capabilities. 

Also Read: Why these startups focus on informal plastic waste workers in the fight against climate crisis

Firstly, the economics of producing recycled plastics such as polyethylene terephthalate (PET) is not in the producer’s favour. There is an increased demand from corporations, especially Fast-Moving Consumer Good (FMCG) companies, to include recycled plastics in new products.

Thus, the price of recycled plastics has been pushed up, causing recycled plastics to become more expensive than virgin plastics for the first time in a few years. A report from S&P Global Platts, a commodity market specialist, reveals that recycled plastic in 2020 costs an extra US$72 (£57) a tonne compared to newly made plastic.

This was further exacerbated by the falling oil prices caused by the pandemic and an increase in petrochemical production from the US driven by the shale gas boom. With shale oil being a key raw material of virgin plastics, this decreases the cost of production of virgin plastics and dramatically increases the relative price of recycled plastics, forcing recyclers in Asia to slash prices by 21 per cent on average. 

However, the effects of COVID-19 extend beyond the short term. The long-lasting impacts are evident in the sheer number of recycling companies forced to shut down in Asia due to the sharp decrease in demand for recycled plastics.

As seen in the following figure, not only are merely 58 per cent of recyclers in the listed Asian countries operating as of June 2020, but their average operating capacities are at a mere 46 per cent of their full installed capacity.

This paints a worrying picture of the plastic recycling scene. Should they permanently leave the industry, the total recycling capability would shrink even further, posing an even greater problem to the already limited recycling capacities in the region. 

Secondly, the recycling process itself still faces significant technological constraints, making it a costly endeavour. The expensive processes used to engineer alternatives to plastics, especially chemical recycling methods, are a huge deterrent to its adoption on a large basis. Another key area which still heavily faces technological limitations is waste sorting.

Single-stream recycling, which is common in many regions, is a system in which all waste materials, such as plastics, papers and metals, are mixed into a single collection truck. This is convenient for consumers yet often results in contamination, and materials must be sorted by both machine and human hand, making it more expensive.

The decreased efficiency and increased cost thus pose a great challenge to the company when it wants to scale up the system. Brands need millions of tons of recycled plastic for their products, and currently, very few recyclers can provide the same volume. Currently, very few companies can produce at this capacity. 

Quality of recycled plastics

The quality of recycled plastics is another key area that needs to be addressed. Recycling plastics often leads to lower-quality materials, which diminishes their attractiveness. More than 10,000 different additives can be used to make plastics.

Plastics of the same type often contain different combinations of additives, resulting in recycled material with unpredictable and often suboptimal additive combinations. Plus, the long polymer chains that make up these materials become slightly shorter each time they are melted down.

This is especially crucial when we look at the plastic packaging used for food, which only allows for the highest grade of plastic to be used. 

The limited recyclability of plastics compounds the problem, as many plastics can only be recycled two-three times before their properties degrade beyond usability. After undergoing multiple recycling cycles, the plastics eventually become environmentally unfriendly, and they would once again be subjected to the processes of incineration or be chucked into landfills. 

Traceability of plastics

In 2020, Coca-Cola was named the top plastic polluter in the world three years in a row, with 13,834 of its discarded plastic bottles found lying on beaches, rivers and parks in 51 out of 55 countries that were surveyed.

This was in spite of its advertising claims that it was “investing in sustainable packaging platforms to reduce (their) carbon footprint”. And Coca-Cola is not the only one. The prominence of greenwashing in plastic recycling is alarming, and a large part of the problem lies in a lack of accountability. 

Also Read: How climate tech companies in Asia measure the impact of their work

“Tracing plastic resolves the anonymity of plastic waste,” Professor Barner-Kowollik of the Queensland University of Technology opined. That means that plastic waste could be traced back to the producer, paving the way for plastic producers to be held accountable for every inch of their waste via regulations.

Thus, there should be a method to assign a unique code to each plastic waste generated and monitor its journey through the plastic value chain, from production to disposal, pressurising corporations to deal with the waste themselves instead of expediting it to other companies or even countries. Traceability hence presents a unique opportunity that startups looking to enter the plastic waste ecosystem can explore. 

Lack of proper plastic recycling schemes and policies

Finally, the lack of proper plastic recycling infrastructures and enforced schemes is a pertinent area that must be addressed. 

With the lack of proper municipal waste management systems, many households and companies may not have easy access to ways to dispose of their waste. In turn, this means that plastic waste and waste, in general, will not be collected regularly, and the percentage of waste collected from the actual total waste generated will be lower.

Thus, recycling companies may face difficulties in obtaining consistent and high-quality feedstock, thus decreasing their abilities to reap economies of scale. As such, the companies may incur a higher cost of production when trying to recycle waste, and this would manifest in the form of higher prices for recycled plastics.

This exacerbates our very first argument on the costly nature of recycled plastics when compared to virgin plastics, further disincentivising more companies from entering the plastic recycling space. 

Next, limited infrastructural development by governments also means that there are insufficient and inadequate waste disposal facilities. The lack of support and funding from the government would further disincentivise entrepreneurs to explore the plastic recycling space, leading existing corporates and startups to struggle when finding appropriate facilities or partners to handle larger volumes of plastic waste.

The best way to scale collaboration is through markets that have the right incentives in place. Thus, without the right financial or business incentives, the lack of structured support can pose a great setback to the growth of this industry. On a larger scale, this can even lead to the decreased capacity of plastic recycling in a country. 

In part three, we will look at some of the possible solutions offered by startups, governments, and many more stakeholders to tackle the plastic problem.

This article is part of a three-part series adapted from the Plastics and Circularity Report under the HyperScale Waste-Tech Accelerator 2023 programme. For more information on the programme and how you can be a part of the inaugural Waste-Tech Accelerator problem in the world, find out more here: https://hyperx.global/hyperscale.

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As the dreary funding winter soars, at e27, we are kickstarting a new article series Line of Hire to understand a company’s culture and hiring philosophies to empower tech workers with the right growth tools to enable business owners to attract talent.

Daryl Lim currently holds the role of Co-Founder and COO at MetaPals, a blockchain entertainment venture designed to facilitate user transition from Web2 to Web3 with the aid of digital pets in the metaverse.

Lim is an active mentor for startups, having imparted his knowledge and experience at many platforms, from hackathons to accelerator programmes.

In this episode, Lim shares his organisation’s culture and hiring philosophies.

Excerpts:

What personality traits/qualities do you look for in potential employees?

At MetaPals, we seek innovators with a pioneering spirit, individuals who are unafraid to challenge conventions and push boundaries. Authenticity, values alignment, and the drive to make a genuine impact are crucial to us, more so than titles or years of experience.

We prize a diverse, inclusive and open-minded team, as we believe that diverse perspectives fuel the most creative solutions. Continual improvement and curiosity are not just traits we appreciate but values that are deeply woven into our fabric. If you resonate with our mission and culture, you might just be what we’re looking for.

How do they fit into your company culture? Tell us a little more about your company culture.

Our company culture thrives on creativity and collaboration, fostering an environment where every voice matters.

We’ve created a virtual headquarters using GatherTown, a tool that brings the team together in a digital space, encouraging spontaneous communication and collaboration akin to a physical office. We also utilize Slack to facilitate open dialogue, where every team member’s work is visible and can benefit from the diverse perspectives across the company.

This fusion of technology and culture helps us create our digital companions, MetaPals, enhancing the emotional bond between users and their virtual pets. This approach ensures every MetaPal becomes a unique, trusty companion on the user’s journey through the metaverse.

How do you foster transparency and encourage achievement in the workplace?

At MetaPals, transparency and achievement are deeply woven into our DNA. We run regular alignment meetings across product, development, and growth teams, ensuring each team member is well-informed, and their voices are heard.

Also Read: It is better to have a great team than a team of greats: Jeff Lee of Zoala

During sprint planning sessions, every team member’s input is valued and welcomed, fostering a sense of ownership and commitment. We celebrate achievements in our weekly company-wide meetings where supervisors highlight individual accomplishments, boosting morale and encouraging high performance.

Do you have a mental health policy? What does that look like?

At MetaPals, we emphasize a healthy mental state for all our employees, recognising that our mission of fostering virtual companionship extends to our team as well.

We foster an open-dialogue culture where each team manager has weekly one-on-one discussions with their team members about non-work related matters, ensuring that any personal struggles or events impacting their mental well-being are addressed. Our HR managers play a crucial role as confidants, fostering relationships with team members while maintaining their anonymity.

This approach encourages more open discussions about personal issues and well-being. We also respect and understand the need for personal time off. Hence we have an unlimited leave policy that allows our team to take a break whenever needed.

WFH or WFO, or hybrid?

At MetaPals, we embrace a hybrid work model. By default, we are a remote-first company, leveraging tools like Gather to provide a virtual office that encourages natural communication, collaboration, and team alignment.

However, we also understand the value of physical interaction and are establishing office spaces in Singapore and Jakarta. These spaces foster creativity and collaboration, making them appealing to team members who wish to work in person.

We view the use of our offices not as a requirement but as an added benefit for those who choose to utilise them. Our goal as management is to provide an environment that supports all modes of work and caters to the diverse needs of our team.

How should a tech worker prepare for the funding winter?

Just like a bear prepping for winter, tech workers can fortify themselves for the funding winter. Bears fatten up and find safe dens before the freeze; similarly, tech workers should enhance their skills, make themselves indispensable, and secure a supportive professional network. Like bears storing energy, tech workers should save and invest wisely.

A bear doesn’t sleep through all winter; they wake intermittently, ready to adapt. Similarly, tech workers should stay updated with trends and be ready to pivot. Just as the bear trusts the cycle of seasons, tech workers should remember winter always leads to spring. And in spring, opportunities bloom again.

How do you measure the performance of your employees?

We measure performance through a comprehensive four-part yearly review.

Q1 involves creating a career progression plan, where we set individual KPIs and expectations. In Q2, we have a mid-year review, taking stock of an employee’s culture fit, KPI progress, and overall career trajectory. Q3 is a recalibration stage, where we update the career progression plan based on the year’s experiences. Finally, Q4 hosts the end-of-year review, which significantly impacts salary adjustments, ESOP allocations, and promotions.

This methodical approach ensures constant alignment and transparent dialogue, allowing us to jointly navigate the journey towards each employee’s professional growth.

Will you consider a moderately skilled person with great honesty or a highly skilled person with less honesty when hiring?

We value honesty and personal growth, making us inclined towards moderately skilled individuals with high integrity. Our long-term mindset appreciates the value of trust and authenticity in building a sustainable and innovative team.

Honesty, especially with oneself, fosters introspection and personal growth, which is essential for adapting to our fast-paced industry. While skills can be developed over time, integrity forms the bedrock of our culture, and it’s non-negotiable. We believe in investing in individuals who show potential for growth, especially when they demonstrate a strong alignment with our core values.

Also Read: The ownership is with the leadership to be honest and respectful: Madhura Moulik of KarmaV

Do you encourage ‘intrapreneurship’ in your organisation?

At MetaPals, ‘intrapreneurship’ is not just encouraged; it’s celebrated. We’ve created an ‘Idea Pool’ on Coda where all team members can contribute their visionary concepts for the future of our platform. Our Slack channels are buzzing hubs for innovation, used to brainstorm and discuss the game’s potential.

We also host weekly idea competitions in our company-wide meetings, covering everything from naming our in-game currency to designing inventive guerrilla marketing campaigns. Our employees who bring the most innovative ideas to the table are recognised with unique rewards, fostering a culture where every voice can shape MetaPals’ future.

How do you support upskilling for your employees?

We are committed to nurturing our team’s growth beyond their current roles. We encourage employees to expand their horizons and acquire skills that align with their KPIs and interests.

A perfect example is Rachelle, who started as a junior UX/UI intern and rose to manage our product team, ultimately becoming our full-time product manager.

We provide a rich assortment of online courses, including Masterclass, and offer a flexible compensation allowance for any additional upskilling required. Our aim is to foster an environment that empowers each member of our team to reach their full potential.

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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.

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