Malaysia-based iPrice Group, which provides a price comparison platform in Southeast Asia, has raised US$5 million from Japan’s Itochu Corporation and the KDDI Open Innovation Fund III (operated by Global Brain Corporation).

With the new funding, iPrice stated it will expand its services to the lending market by helping users find the best e-commerce offering and the best consumer loans to fund their purchases.

iPrice Group operates under its own brand iPrice and through various partnerships with apps, such as SmartPay (Vietnam), GoRewards (Philippines), Home Credit (Indonesia) Visense (Singapore), Robinsons rewards (Philippines) & Boost (Malaysia). It also runs a site in Hong Kong.

The Kuala Lumpur-headquartered firm recently launched a Price Watch service allowing users in Indonesia to receive alerts of their desired products’ price drops directly at iPrice App. The service will continue to roll out in Singapore, the Philippines, Malaysia, Vietnam, and Thailand throughout 2022.

Also Read: Southeast Asian e-commerce group iPrice raises funding from LINE’s corporate VC arm

iPrice claims it compares and catalogues over 7 billion e-commerce offers from more than 8 million sellers, attracting more than 130 million unique users in 2021 across the region.

The company’s new investor Itochu has vast experience in lending, and its subsidiary PT ITC Auto Multi Finance operates a lending business in Indonesia under the brand Payku. Aside from Payku, iPrice’s other lending partners include Home Credit (Indonesia), Julo (Indonesia), Cashalo (Philippines), Smartpay (Vietnam), and ZIP (Singapore, launching in H1 2022).

In May 2018, iPrice Group had raised an undisclosed sum in fresh funding led by LINE Ventures, the corporate venture arm of LINE Corporation. A year later, it announced a partnership to launch LINE SHOPPING in Indonesia.

A Facebook and Bain & Company report indicates that in 2021, the number of platforms used by SEA digital consumers has steadily risen to 7.9 websites per user on average, nearly 52 per cent more than 2020. A Google report predicts that digital lending will hit $92 billion in transactions by 2025 due to its current acceleration in Southeast Asia.

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Transforming practice in medicine will always be a challenge. We doctors study for a long time to specialise in a certain area of medicine, and this makes us both extremely passionate about our field but also sometimes blinkered to a certain way of doing things.

But there’s also the important matter of the safety of our patients to consider. Historically tried and tested methods will always feel the safest and least risky option.

However, we must remain open to the possibility that new technologies, such as AI, can help diagnose issues earlier and faster, with greater accuracy and less variability, thus freeing up the time used doing manual tasks to help put more focus on the patient.

A smarter machine for a healthier heart

Running a tech company was never part of the plan; I’m more of an accidental entrepreneur.

My husband and co-founder received a worrying diagnosis about his heart during a routine check one day. He was immediately referred for an echocardiogram (ultrasound of the heart), only to be told “abnormal” by one doctor and “normal. You have nothing to worry about” by a second doctor; both are reading the same images of his heart.

The discrepancy between the two diagnoses and the highly manual process, and the high margin for error of reading the images struck James. He immediately saw the potential of automating the process and removing any guesswork from reading echocardiograms and giving accurate diagnoses.

Also Read: What telemedicine and Health Tech holds across SEA amidst COVID-19

Admittedly, I was sceptical at first. I’ve spent decades in this field studying to become a professor of cardiology, and there are so many different technical aspects to consider. Still, I came to realise that AI can be so advanced that it can automatically trace the heart’s borders, recognise widths, and all the other crucial measurements necessary to read an echocardiogram.

Similar platforms are partially automated, which means humans still need to manually select the correct image or pinpoint a specific landmark of the heart before the system can read the image.

We were determined to create an end-to-end, fully automated tool, thereby freeing doctors from manual, repetitive, error-prone tasks yet leaving them in full control and with time to focus on matters that require their specialised eye.

The platform improves clinical decision making and cardiovascular research. It recognises 23 echo parameters of the heart and produces a report of a full suite of the basic variables needed for a standard adult transthoracic echocardiogram evaluation that is accessible to non-specialists and affordable.

Advocating an inclusive approach

In order to produce the best possible product, we put a big emphasis on diversity, equity, and inclusion.

Suppose there are any sex-specific cutoffs, for instance. In that case, we include both men’s and women’s information in the AI, rather than defaulting to the male model as representative of both genders, which has traditionally been the approach.

So by introducing new technology and ensuring all approaches to research and development are inclusive, we can ensure the technology works for all and is a positive advancement for medicine.

Reaching goals, one echo at a time

It’s safe to say that machines will only become smarter and more powerful in our fight against diseases. But the world of medicine should lean in to harness the power of new technology to increase doctors’ efficiency, cut down on human error, and ultimately save even more lives.

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FishLog raises seed funding round led by Insignia Ventures Partners

Funding: Indonesian B2B fisheries marketplace FishLog announced an undisclosed seed funding round.

Investors: Led by Insignia Ventures Partners. Arise Ventures, KK Fund, impact investor Ango Ventures, and Indian growth stage startup Captain
Fresh also participated in the round. It also included prominent angels such as Kopi Kenangan Co-founder and CEO Edward Tirtanata, AwanTunai Co-founder Windy Natriavi, Shipper CMO Jessica Hendrawidjaja, and other strategic angel investors from Indonesia.

The plan: The company will use this round of funding to expand its ecosystem of digital-first products and services for fisheries in Indonesia, scale its regional network across the country, enable new partners to join the ecosystem, and build out its team and capabilities.

The company: FishLog was established in 2020 by Bayu Anggara, Reza Fahlepi and Abdul Halim. The company launched a digital platform to improve distribution for fisheries stakeholders including fishermen, processing partners and cold chain logistics, focusing specifically on strengthening distribution to increase volume. Since implementing this model, FishLog said that it has grown almost 20 times revenue year-on-year.

Also Read: The 27 Indonesian startups that have taken the ecosystem to next level this year

DELOS secures US$8M seed funding extension round co-led by MDI-KB’s Centauri Fund, Alpha JWC Ventures

Funding: Indonesian aquaculture startup DELOS announced a US$8 million extension to its seed funding round.

Investors: Co-led by Centauri (a collaborative fund between MDI Ventures and KB Investment) and Alpha JWC Ventures (a leading Southeast Asian VC fund), existing investors Number Capital, Arise, iSeed SEA, Irvan Kolonas, as well as Alto Partners Multi-Family Office, Mahanusa Capital, Kopi Kenangan founder James Prananto, and a number of strategic follow-on investors.

The company: Founded in 2021 by Guntur Mallarangeng, Bobby Indra Gunawan, Alexander Farthing, and Aristya Noerhadi, DELOS aims to drive the growth and modernisation of the Indonesian aquaculture industry. DELOS buiilds data-driven solutions to day-to-day problems faced by shrimp farmers, and the company said that its early traction has proven its effectiveness in optimising farm operations and significantly growing output.

The plan: DELOS to use the funds to accelerate the onboarding of its “vast” backlog of client farms, and continue to build and scale its main products AquaHero, AquaLink, and AquaBank to accelerate the growth of Indonesian aquaculture.

Also Read: A horse of another: Here’s the complete list of Southeast Asia’s 28 unicorns

Animoca Brands co-leads a US$88M funding round of Hex Trust

The funding: Hong Kong-based provider of digital asset custody services Hex Trust has secured US$88 million in a Series B investment round, Asia Tech Daily reported.

The investors: Led by Liberty City Ventures and Animoca Brands, the funding round also included the participation of Ripple, Morgan Creek, Terra, Primavera Venture Partners, and entrepreneur Adrian Cheng. According to Bloomberg, the investment puts the company’s capitalisation to US$300 million.

The company: Hext Trust was founded in 2018 by Alessio Quaglini, Marc Amez-Droz, and Rafal Czerniawski. It is best known for its proprietary bank-grade platform Hex Safe which enables financial companies, digital asset firms, and organisations to access decentralised financing and prime trading solutions.

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Image Credit: FishLog

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When it comes to promoting a more eco-friendly lifestyle, particularly in the matter of plastic waste management, there is one angle that is often not discussed due to its taboo nature. Yet, as with any problem that we do not talk about, silence does not stop it from impacting our lives.

In their special report, National Geographic estimates that in the US alone, over the course of a lifetime, a single menstruator will use somewhere between five and 15 thousand pads and tampons. A vast majority of these products end up producing waste that includes wrappings and packaging.

This is a problem that is prevalent on a global level as the use of disposable period products have become synonymous with the modern lifestyle. It is the reason why Indonesia-based Perfect Fit aims to tackle the waste issue by providing reusable period products for menstruators in the country.

“Single-use pads are made of 90 per cent plastic and is unable to degrade in Indonesia’s insufficient waste management infrastructure. All the pads that have been used many years ago are not properly degraded and ended up causing microplastic pollution,” explains co-founder Tungga Dewi in an interview with e27. She estimated that there are eight billion disposable pads polluting landfills, rivers, and beaches in Indonesia.

The startup’s products range from reusable period underwear (that can be worn on its own without other supporting products such as tampons or menstrual cups) and cloth pads. Despite the gravity of the problem itself, environmental risk is just one of the challenges that the startup aims to tackle: they also aim to address health concerns from using single-use period products and offer a wider variety of options for customers.

In the global market, reusable period products such as menstrual cups have been gaining popularity in recent years. But for this product to gain popularity in Indonesia, there is one particular hurdle.

Also Read: COVID-19, the environment, and the tech ecosystem: what opportunity is available out there for us?

“Using cups remains culturally inappropriate for many Indonesians because we are not accustomed to tampons. This is why we decide to go with period underwear; this might be something that is more acceptable for Indonesian women as it is not internally worn,” says co-founder Riesa Putri.

Statistically speaking, she elaborated, only five per cent of period products users in Indonesia are using reusable period products –out of this number, less than one per cent is using menstrual cups. Perfect Fit believes that they will have a greater chance of succeeding if they are going with the reusable version of products that are already popular in the market.

“We see this as an underserved market with a high potential,” she stresses.

Women helping women

Perfect Fit is an example of a startup that started off as a non-profit project. The co-founders met when they were both working at Kopernik, a non-profit organisation in Indonesia that aims to reduce poverty in rural areas.

By the time, they were involved in a project that aims to educate underprivileged young women in Ruteng, East Nusa Tenggara (NTT) –the southernmost province in Indonesia and one of the least developed in the archipelago–  about reproductive health. As part of this project, the co-founders worked together with underprivileged women in the area to produce cloth pads to be introduced to the young women who are taking part in the educational programme.

“At first, we did not intend to sell the pads, but then we began to see demands from local communities for this product. It reminded them of what their mother’s generation used to wear,” Dewi explains. “… especially since [single use] period products are not as accessible in the area.”

Also Read: How consumers are prioritising sustainability beyond the single lens of eco-friendly products

Fast forward to 2020, the co-founders began to see an opportunity to turn this into something that is both impactful and profitable. According to statistics, the feminine hygiene products market in Indonesia is currently US$1.5 billion –and this number is expected to continue to grow in the next five years.

So they discussed with the executives at Kopernik about turning the project into an enterprise; the co-founders immediately received the green light as the organisation is always open for their solutions to be used by the wider society –in order to create a greater impact.

To achieve this, Perfect Fit developed a buy-one-give-one model where every purchase of period underwear –which is marketed towards urban consumers in Indonesia– will support the distribution of cloth pads for underprivileged communities in NTT.

“We’re currently focusing in this region but we already have partners in Celebes and Papua,” says Dewi.

Finding that perfect fit

Perfect Fit is definitely not the first company to introduce reusable period underwear. North American brands such as Thinx and Australian brands such as Modibodi has gained international popularity with their line of reusable period underwear in recent years. What are the lessons that Perfect Fit can learn from these companies and their success?

“Interestingly, if we look at the case studies of these companies, because the Western market is more accustomed to tampons, their transition process to period underwear is relatively harder. Yet Modibodi was able to grow by 300 per cent in the first years of their establishment. The same also happened to Thinx … they eventually ended up having the majority of their shares being acquired by Kimberly-Clark,” explains Putri.

“This gives us hope as, in Indonesia, 95 per cent of customers are already accustomed to using pads … so the transition process shouldn’t be too hard,” she stresses.

As the popularity of reusable menstrual products continues to rise, we also begin to see mainstream fashion brands such as Cotton On and Uniqlo launching their own line of period underwear. But Perfect Fit remains confident in the fact that their products are locally made in Indonesia and the social impact angle of their brand.

“It actually gives us a validation that brands as big as Uniqlo and Cotton On would even be willing to enter this range. We have to claim our portion in the market,” Putri stresses.

“Even before this became a trend, we were already deeply invested in the movement to eliminate period poverty. We do not do this just because it is trendy,” Dewi adds.

From their headquarter in Bali, Perfect Fit is being run by a team of six people. With Kopernik co-founders Toshi Nakamura and Ewa Wojkowska as their advisors, the startup is working together with a group of underprivileged women in NTT to produce their reusable menstrual products.

The startup has been supported by EUR150,000 (US$164,000) grants that they received from the Netherlands to support their transition process to become a business. But this year, Perfect Fit has begun to fundraise for their pre-seed funding round.

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Image Credit: Perfect Fit

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Diversity isn’t a new topic, nor do we have experts in this field. But much progress is being made, and we, collectively as a society, are learning and trying each day to be more inclusive and remove bias, unconscious or deliberate, in our day to day workings.

The dialogues around diversity and inclusion have been most dominant in the U.S., Europe and Africa, off late. The Asia Pacific isn’t behind. DEI (diversity, equity, and inclusion) is gaining more awareness led traction.

For enterprises, their consumers and target audiences are learning simultaneously. They are no longer tight-lipped in their fight for diverse representation. Instead, they hold the brands answerable for their choices should they fall short of taking a position on critical social issues, such as discrimination, gender equality, and systemic racism.

In turn, this makes tuning the messaging and optics in line with DEI principles a critical mandate for us, marketers, to authentically connect with our audiences worldwide.

But it isn’t about throwing in a simple image in the mix anymore. It goes deeper into understanding the consumer’s psyche and building products that fulfil their needs.

Here are five representation-dimensions brands must consider towards being inclusive while planning a campaign:

Gender identity

“The soul has no gender” — Clarissa Pinkola Estes

Transgender, gender-fluid and non-binary representation matters. Period. As we collectively move towards breaking barriers and challenging dated norms, the media should mirror a gender agnostic landscape.

Real-world case study: Jeep’s campaign for its new car, the Renegade 2019. Location: Brazil. Campaign name: “Your Instinct is Jeep”.

The company used ad creative to feature both male and female protagonists to impact its audience positively.

Also Read: Why the ‘Downfall’ of Boeing is a big lesson on diversity for all of us

Not only was it very well received by the female audience, but the diversification of gender portrayal also drove positive business results, with at least a three-point increase in conversions among women who saw ads with a female lead.

Sexuality

“Love is never wrong.” — Melissa Etheridge

It has to be “loud and proud” all year long. Adding a rainbow icon to all ad assets during Pride Month won’t cut it.

Real-world case study: Early ’90s in the U.S., when IKEA aired a commercial showing two men as a couple, shopping for a dining table, on national television, it made news worldwide. It was not well received.

Fast forward over two decades: at the Sydney Gay and Lesbian Mardi Gras, so many companies, including banks CPG products like mouthwash and apparel brands, are using rainbows and other LGBTIQ+ symbols to market their products.

Race

“Our ability to reach unity in diversity will be the beauty and the test of our civilisation.” — Mahatma Gandhi.

Racism exists. Social movements like “Stop Asian hate” and Black Lives Matter” have made more media headings recently, entangling brands into the conversation, occasionally involuntarily.

Despite what corporations have done to address racial discrimination, there are significant gaps between expectation and performance in several metrics among all ethnic clusters.

Brand marketers can ensure inclusive campaign assets by bringing in a range of complexions, thus avoiding perpetuating colour biases.

Real-world case study: ThirdLove, an American lingerie company that aims to make items for all different body types, implemented this brand message through a show of real women (not photoshopped or high-fashioned models) of all shapes, sizes, ages, ethnicity, gender identity or sexual orientation in their marketing assets.

Disability

“I don’t need easy. I need possible.”— Bethany Hamilton

A wide range of people with disabilities needs their stories to empower and normalise their identities. Yet, most brands have not recognised this opportunity.

Real-world case study: ASOS, the British online fashion and cosmetic retailer, launched its wheelchair-friendly jumpsuit, before the pandemic, back in 2018.

The company teamed up with BBC sports reporter and British Paralympian Chloe Ball-Hopkins to fashion a stylish yet practical jumpsuit. The jumpsuit, of course, can be worn by anyone, irrespective of whether they are in a wheelchair or not.

Age

“It is the age of no age” – Madhura Moulik

Also Read: Building the rainbow bridge: How businesses can foster Diversity & Inclusion in the workplace

While everyone in marketing is obsessed with the millennials, the fact that humankind is undergoing one of the most remarkable demographic changes in history is getting colossally overlooked.

Boomers, millennials, Gen X, Z or A, the marketing collaterals needs to have representations across generations.

Real-world case study: In 2017, Dove launched its Real Beauty Pledge promising that its marketing would reflect all its customers, regardless of demography.

The talented Mario Testino photographed thirty-two real women and girls, aged 11 to 71, from over 15 countries to mark this launch. These portraits were on display in New York City as a showcase for Dove Real Beauty, celebrating the brand’s 60 years.

In conclusion

There remains an evident mismatch between brand intent and consumer perception, truer when dealing with the narrative of historically underrepresented groups of people.

The good news being stronger intent across society is the ultimate enabler.

Hence, from celebrating one’s culture to portraying the myriad walks of life, given the significant role advertising plays in shaping society, marketers and brands have to sync up and play our part to move the needle and create inclusive messaging.

Join us!

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One of the biggest challenges among first-time founders is putting together their first priced fundraising round.

In markets like Taiwan and Southeast Asia, the venture ecosystem is still relatively young, leaving several misconceptions around deal-making among entrepreneurs and investors alike.

Some first-time founders, especially those from blue-chip backgrounds or elite pedigrees, may treat the deal process as a competition driven by game theory, where there must be a winner and a loser.

From my experience, however, treating discussions with investors as a win-lose proposition only leads to mutually-assured failure. Everyone should leave their egos at the door.

What’s at stake when a founder tries to over-optimise their self-interest?

Some investors may choose to walk, making the fundraising process that much tougher. Worse yet, you may end up bringing on angel investors who begrudgingly put some skin in the game, but not enough to help you out when push comes to shove.

Setting a good faith tone between founders and investors from the getgo will make it easier for both sides to agree.

While a startup’s first round of fundraising may seem like a standard process, it sets the long-term legal and financial foundation for the company’s relationship with investors, making it mission-critical for founders to understand exactly what they’re getting into.

Find a founder-mentor

The most valuable thing that a first-time founder should do, and maybe the first thing they should do when starting a company in general, is finding a founder-mentor, someone who has been there, done that, and knows the ropes of fundraising and term setting with early-stage investors.

Founder-mentors can be powerful advocates and filters for your company when sourcing customers or potential backers.

Also Read: 4 lessons for first-time founders embarking on their entrepreneurial journey

Remember, as investors run due diligence on you, it’s important that you also conduct due diligence on them as well. Not all investors are created equal, and you may sometimes find that their actions contradict their words only after the ink has dried.

That’s why first-time founders need to surround themselves with the right people. Mentors and angel investors play an indispensable role in guiding founders to understand the true nature of the founder-investor relationship.

By seeking out founder-mentors or angel investors who have experience working with venture capital firms or joining an accelerator programme that provides mentorship, first-time founders can better navigate the fundraising process with much greater ease.

Finding such advocates will help founders avoid bad actors, understand term sheet best practices, and put the startup on a solid footing for the journey ahead.

Mind your timing

Before any team looks to fundraise, the most important factor is timing. Timing is everything. Investors want to invest in attractive companies in an attractive space.

First-time founders should initiate fundraising efforts after gaining traction, signing on new customers, or proving their MVP.

The fewer founders have to show for the company, the worse the valuation and terms investors are likely to discount the uncertainty unless you already have some track record or successful exit behind you.

VCs tend to invest in underlying paradigm shifts on a more macro level, so always be prepared to answer: why now and why you?

Use a savvy lawyer

Another area that frequently trips up first-time founders is finding quality legal counsel. In developing markets, founders cannot rely solely on lawyers to negotiate in their best interest.

Venture capital is not a large or profitable enough vertical for legal specialisation outside of the Bay Area, so venture deals are often a low priority for emerging market lawyers.

When it comes to structuring a deal, lawyers play a fleeting role as the relationship may be strictly transactional. Their nature is based purely on winning something on paper for their clients, and once the deal is done, they move on to the next client.

For investors and founders, the first term sheet is just the beginning. Each round of investment adds another layer of complexity, requiring a solid foundation to build off, with the initial term sheet setting sustainable grounds for the company’s development.

Accepting a lousy term sheet is like building a house on poor soil, setting the structure up for collapse under adverse circumstances.

Understand the value of vesting

One of the most frequently misunderstood terms among first-time founders is vesting. Many founders ask me, why is vesting necessary? Or perhaps fear that the investors may try to drive out the founding team down the road for replacements.

Also Read: SEA tech founders playbook: A to Z of becoming a fundraising legend (Part 1)

Vesting is a prevalent industry practice, acting as a mechanism to create forward-looking incentivisation and alignment between founders and investors. Investors want founders to be in the deal for the long haul, rewarding their dedication to the company.

I have found that vesting-related issues most commonly arise among solo founders, with significant key-man risk. In contrast, teams with multiple co-founders tend to reinforce to buy into vesting terms.

If there is no founder vesting in place, co-founders who leave abruptly can just as easily take their shares with them.

I’ve seen cases where 40 per cent of the cap table is locked away due to a co-founder who decided to jump ship, leaving the other founders and investors with little recourse to salvage the company’s ownership outlook. For a more comprehensive explanation of founder vesting, you can reference this article.

Be wary of uncommon practices

As far as industry best practices go, some less common terms may put founders at a disadvantage if not understood properly.

For example, an investor can try to secure excessively generous veto rights, which could come into play if a company is looking to stay afloat by initiating a down round of financing. I’ve seen an investor veto the round in some cases as they thought the company could still raise at a markup. In the end, the company had to shut down.

To mitigate such an issue, it is important for founders to carefully design their cap table and avoid agreeing to unnecessarily strong minority veto rights unless you believe the situation truly calls for them.

There are even more stringent examples of uncommon terms. Some investors may force upon founder unfair guarantees, requiring founders to be personally liable for unforeseen tax consequences and subsequent reimbursements to the company.

This should be a major cause for consideration, as founders typically should not be responsible for these kinds of issues outside of integrity or fiduciary duty-related issues.

Nevertheless, unusual terms are put in place for unusual circumstances. Every deal is contextual, so be sure to understand the full scope of your situation and adjust the terms accordingly.

It is also worth noting that in emerging and frontier markets where venture capital tends to be more scarce, some investors, especially those from traditional backgrounds, may view and treat founders as employees on the cap table.

Also Read: SEA tech founders playbook: A to Z of becoming a fundraising legend (Part 2)

Now, there are certainly founders that do appreciate and require this level of involvement or guidance, but, for many, these types of investors may end up micromanaging every course of action, leaving little room for creative freedom, flexibility, or control. It’s imperative to understand which camp you prefer.

Playing the long game

Is there any difference in term sheets for emerging markets compared to mature markets like Silicon Valley? Not really.

There are global standard practises and terms that appear across markets that are consistent with the asset class; however, each market and sector have unique conditions that require investors and founders to adjust terms accordingly.

Local investors may better understand regulatory conditions or cultural sensitivities, which allow both sides to come to an agreement that may better suit the on-the-ground circumstances of the market and company.

Ultimately, a term sheet is just a framework for partnership. What’s more important is whether or not you can see yourself working with this investor for the next five to ten years and then setting the terms from there.

Over the past decade, financial literacy among first-time founders in Taiwan and Southeast Asia has improved dramatically. Investors have also adopted global best practices to help them win deals by removing once-common archaic harsh terms.

At AppWorks, we aspire to work with founders throughout the entrepreneurial life cycle, guiding first-time founders in term sheet discussions and ensuring that founders are equipped with the tools for long-term success. Term sheets should not be a win-lose proposition for investors and founders.

As the ecosystem matures, the market will naturally filter out bad terms, leading to better investor-founder dynamics that foster higher-quality investment and innovation.

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

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Singapore-based Locofy, which builds a low-code platform to convert a design to code, today announced a US$3 million pre-seed funding round.

Developer tools and SaaS investor Accel, January Capital, Golden-Gate Ventures, Boldcap and an array of angel investors and advisors (including founders of Ola, Wego, GajiGesa, Hasura, Holistics, 1bStories, and Ohmyhome, to name a few) have participated in the funding round.

In an email to e27, Locofy co-founder Honey Mittal said that part of the funding will be used to scale the engineering and data science teams to automate the grunt work of developers and designers further and build collaboration modules for teamwork.

“We will also be building more frameworks such as React Native, Flutter, Vue, and other design tools such as Sketch and Adobe,” he continued.

The Locofy platform was built to help solve the problem of the global tech talent shortage that was further amplified by the COVID-19 pandemic. The platform aims to solve the problem by converting designs to code and easing the grunt work of engineers. They aim to achieve it by automating 50 per cent or more of the current workflow and freeing their time to focus on the complex business logic instead.

Locofy is in beta for its Figma to React conversion platform, and open for early access registrations for React Native, Flutter, and other Web & App frameworks.

Also Read: 27 Singapore tech startups that have made us proud this year

Run by a team of 10, the company is fully remote with its founders and incorporation in Singapore.

“We adapt to the current design tools and tech stack so that designers and developers do not have to switch from their beloved tools and programming language,” Mittal wrote. “… and we seamlessly convert their designs to front-end code using a combination of plugins, extensions, our own proprietary tech (Locofy Builder and AI) to provide pixel-perfect production ready frontend code and a live prototype that runs on code, so that the developers can focus on writing their business logic, other complex problems solving instead!”

Founded in 2021, Locofy co-founders Mittal (former Chief Product Officer at Homage, Finaccel, and Wego) and Sohaib Muhammad (former engineering head/lead at Homage, Wego, Gumi and featured at Google IO) have worked together for at least eight years.

“The idea came from our own needs, with the never-ending pressure to build world-class products and launch them fast with lean teams. For close to a decade, we just weren’t happy with the status quo and knew our frustrations were shared by other engineers and builders,” said Mittal.

“The shortage of good engineers and rising costs were also an important factor in us deciding that we wanted to solve this global problem our own way, focusing on our strengths. After building two Google Play Editor’s Choice Apps & one of the world’s first and fastest travel mobile websites together, we decided to build a platform to allow lean teams to build high performance and scalable products, keeping quality of code at the centre of everything.”

The co-founder also said that Locofy went from raising an angel funding round to registering the company over the span of one weekend in 2021, followed by the launch of its v1.0 and the closing of the pre-seed funding round.

Also Read: How Warung Pintar builds tech solutions to help warung owners embrace the future

It plans to launch its mobile solution (React Native, Flutter), introduce Drag Drop of components from popular libraries and custom design systems, and build AI-based solutions such as auto-tag and auto-layout.

“We would like to come out of beta for both web and mobile platforms this year and grow the community globally! We want to automate more than 20 million lines of code this year,” Mittal closes.

Low-code platforms have been growing in popularity with their ability to ease the workload for engineers, making the process of product development more seamless. Forbes noted its advantages that include agility and cost structure.

It is forecasted that by 2025, nearly 60 per cent of all part-time developers and roughly one-third of full-time developers will be low-code developers.

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Image Credit: Locofy

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In May 2021, The Jakarta Post published a coverage about the prospect of electric vehicles (EV) in Indonesia, as the largest market in Southeast Asia. While the market for EVs remains in its infancy with about 15,000 EVs –mainly bikes– being sold in Indonesia in 2019, representing less than 0.2 per cent of annual vehicle sales, the prospect is still promising.

“When we studied a number of scenarios for the sector’s growth, our ‘reference scenario’ found demand for passenger cars reaching 250,000 units per year by 2030 – or 16 per cent of all new passenger car sales. Demand for electric two-wheelers could reach 1.9 million units per year in that time frame, or 30 per cent of new two-wheeler sales,” the article writes.

There are three factors that can support the growth of EVs in Indonesia –one of them being the technology used behind these vehicles.

This is the part where Indonesia-based startup SWAP Energy intends to play. The West Jakarta-based startup builds battery swapping infrastructure in the country with more than 400 swap stations already available in Greater Jakarta Area and Bali.

Its IoT technology connects batteries, swap stations, and e-motorcycles, enabling riders to see the status of their motorcycles, easily top-up mileage, and even turn off the motorcycles remotely via the SWAP application for security purposes.

The company aims to have a total of 1,500 swap stations placed in big cities in Indonesia by end of 2022. To support this goal, it recently secured an undisclosed, oversubscribed Pre-Series A funding round led by Kejora-SBI Orbit. The funding round also included participation from Baramulti Group, Living Lab Ventures (an affiliate of Sinar Mas Group), New Energy Nexus Indonesia, Yifang, Raksasa Capital as well as a number of strategic corporate investors and high-net-worth individuals.

“Upon closing this oversubscribed Pre-Series A funding round, we will expedite our plans to accelerate the battery swapping reach and the adoption of electric motorcycles in our beloved cities,” said Irwan Tjahaja, SWAP Energy co-founder and CEO in a press statement. “In order to cater for the growing demands and trends of electric vehicles, we believe that strong infrastructure, enjoyable driving experience, and best after-sales services should be our highest priority.”

Also Read: How consumers are prioritising sustainability beyond the single lens of eco-friendly products

Swapping for the better

As an EV battery swapping platform, the advantages that SWAP Energy offers include improving the use of electric motorcycles, helping users to use them for a longer time with a convenient method.

“Before [the existence of] SWAP, the electric motorcycle was almost impossible to be used for long-range activities. The problem lies with limited space for batteries. If the battery size is too big, the cost would be too high,” Tjahaja explains in an email to e27.

“SWAP answers to those problems. You can extend your journey by swapping the battery; nine seconds is all you need,” he adds.

This is especially beneficial for users who are using electric motorcycles for business purposes. For example, in Indonesia, the national postal service recently implemented the use of electric motorcycles for its postal service workers. The existence of battery swapping platforms enables them to cut down on downtime caused by hours of battery charging.

The founding of SWAP Energy itself was based on the prospect of EVs in Indonesia. However, Tjahaja believes that in order for this potential to be realised, there has to be an infrastructure that supports the use of EVs for the general public –which includes battery-swapping facilities.

“I was very much interested in battery solutions. I believe that Indonesia has big potential for EV if we can provide a good infrastructure for it,” he says.

The CEO points out that there are currently 130 million motorcycles in the Indonesian market, and the company believes that they can make a significant impact if they can replace them with electric ones.

To promote the use of EVs, in addition to providing a technology that supports its use, SWAP Energy educates potential customers through the use of social media, events, and e-commerce platforms.

Also Read: COVID-19, the environment, and the tech ecosystem: what opportunity is available out there for us?

It also teamed up with SMOOT, the e-motorcycle brand that PT Pos Indonesia uses for its postal service workers. It also works together with other companies such as Lazada Logistics, Alfamart, and Circle K.

In the future, SWAP Energy aims to secure more partnerships with more brands, particularly ride-hailing and logistics companies.

“We continuously improve SWAP ecosystem and its assets; from the battery, the swapping station, and its application to provide a seamless experience and more accessible for other e-motorcycle brands to adopt and use our infrastructure. We are currently having ongoing discussions with other e-motorcycle brands to use our battery ecosystem,” Tjahaja said.

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Image Credit: SWAP Energy

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Singapore-based The Parent Inc. (formerly Tickled Media), the owner of theAsianparent, one of Southeast Asia’s leading community and content platforms for mums and parents, has received an undisclosed investment from LINE Southeast Asia Corp.

The two companies aim to disrupt the fast-growing mother and baby-care market category through this deal. They will also explore synergies in the APAC digital advertising market, which is poised to grow 13 per cent annually from 2021 to 2031, amassing a total addressable market of US$2.8 trillion.

“We are thrilled to add LINE to our illustrious list of strategic partners. In 2019 we were privileged to add strategic investors JD.com (Jingdong) and SCB 10X (holding company of Siam Commercial Bank), which catapulted our leadership in our commerce line in Indonesia and Thailand. We will continue the strategy and raise it to a new level with LINE,” said Founder and CEO Roshni Mahtani.

Also Read: How theAsianparent aims to help reduce stillbirth rates in Southeast Asia

The startup began as a parenting blog. It has since evolved into a multinational tech company and digital publishing house that focuses on content and community platforms for Asian women. The firm aims to help parents have healthy pregnancies and raise healthy children and families.

The Parent Inc. owns and operates several media platforms, including Mama’s Choice, a direct to consumer brand that manufactures and retails safe, natural, Halal, and FDA-approved pregnancy, nursing, baby care, and household products for families in Asia. Its other publications are Asian Money Guide (a personal finance and career portal for women), HerStyleAsia (delivering cutting-edge content on the Asian entertainment, style, and culture scenes), and Nonilo (a food, home, and DIY lifestyle hub).

theAsianparent is available in 11 languages in 13 countries, including Thailand, the Philippines, Malaysia, Indonesia, Vietnam, Hong Kong, Sri Lanka, India, Taiwan, Japan and Nigeria.

Today, the firm claims to reach over 35 million users monthly. According to Mahtani, the company’s revenue grew 100 per cent in 2021 y-o-y.

Also Read: theAsianparent closes Series C round with an investment from SCB 10X

In May 2018, The Parent secured US$6.7 million in a funding round, led by local leisure and travel services company Global Grand Leisure. Singapore-based VC firm Mountain Pine Capital and existing investors also contributed to this round. This came three years after it raised a ‘multi-million dollar investment’ from Vertex Venture Holdings.

The Parent’s other investors are Fosun International and Mirae Asset-Naver New Growth Fund.

The Asia Pacific baby care products market is expected to grow at a compound annual growth rate of around 8 per cent from 2021 to 2026 to reach a market size of US$48 billion in 2026, from US$28 billion in 2019.

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Regeneration-as-a-service startup Handprint raises US$2.2M from Thunes, others

Handprint, a Singaporean startup building sustainability infrastructure for the digital world, has raised US$2.2 million in seed funding, led by leading payments network Thunes, with participation from unnamed angels.

The funding will be used to build Handprint’s technology further and expand its network of impact partners. The startup aims to advance its mission to transform the extractive economy into a regenerative economy — making it simple, easy and impactful for companies of all sizes to protect and regenerate the planet.

Also Read: Climate tech is in a chicken-and-egg situation in Southeast Asia

The strategic investment will also combine the Thunes global payment network with Handprint’s technology, allowing funds to reach unbanked and hard-to-reach communities worldwide and cutting the cost of intermediaries.

Launched in Singapore in 2020, Handprint allows companies to select from verified impact projects, embed impact into their business functions (like payments processes and e-commerce tools), track how their positive impact grows over time, and create opportunities for customers engagement.

Its clients include Lazada, the healthy food chain SaladStop, and global media platform Teads for its Asia operations.

Do Ventures backs South Korean edutech startup Ringle

Early-stage VC firm Do Ventures has invested in South Korea’s edutech startup Ringle, a premium online English tutoring service that connects learners with tutors from leading universities in the US and the UK.

The edutech startup will use the funding to expand in the Vietnam market. The capital will also be used to enhance its AI-based platform.

Also Read: Edutech in a post-pandemic world: Where do we go from here?

Founded in 2015, Ringle claims it helps learners achieve a high level of English proficiency. During the lessons, tutors use Ringle Docs, a tool developed by Ringle that enables tutors to correct the users’ English in real-time. The corrections are available both throughout and after the lessons, helping the users with initial comprehension and post-class review.

After each lesson, Ringle generates a script of the conversation using speech-to-text technology and provides a recording of the conversation to help students review.

The company also leverages AI to analyse students’ speech pace, vocabulary range, and frequently-used words and phrases, assisting with diagnosis and maximising learning efficiency.

Most of Ringle’s current users are professionals seeking career advancement and aspiring high school students looking to study abroad.

The platform has over 1,300 active tutors, 950 lesson materials, and an extensive video and snackable content library. Ringle has earned over 100,000 users worldwide since its launch.

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