Snap yourself using your smartphone camera and have your vital health signs displayed in under a minute? Though it may sound too good to be true, that is exactly what Nervotec promises its users.

All you have to do is to scan your face and the app will measure your oxygen saturation, heart rate, heart rate variability and stress level. After filling up a symptom checker, a health score is generated on the platform.

However, Nervotec had not always set out to serve to provide health tracking solutions for the public. Initially named Flaiight and started in June 2019 by former fighter pilot Jonathan Lau, the Singapore-based healthtech startup had targeted providing health management and workplace wellness tech solutions to ensure pilots were physically healthy before taking to the skies.

“In the beginning, we used wearable technology and gamified traditional psychometric assessments to generate a flight risk score for pilots. It was in this journey that we discovered that predictive analytics could have applications well beyond the flight assessment context,” shared Lau in an interview with e27.

Having faced difficulties in supplying off-the-shelf tracking wearables to corporations due to high costs and challenges in data collection, Lau shared the Nervotec team decided to develop an in-house solution to solve this issue.

Also Read: Singapore startup StretchSkin develops wearable sensors for the healthcare and gaming industries

Technology

The firm’s Awareness platform consists of two core technologies. The first is remote photoplethysmography (rPPg), which analyses the natural light reflected off a user’s face to detect and process signals that measure their vital signs including heart rate, heart rate variability, respiration and oxygen saturation level.

rPPg leverages computer vision and signal processing to generate vital sign readings on any smartphone camera. The app is compatible with older mobile Operating Systems, including Android 8.0 and iOS 10.

The second core technology is an AI predictive algorithm. Leveraging research in deep learning and neural networks, the algorithm is trained with clinical data from research partners to generate insights. This enables the platform to generate risk scores for “influenza-like illnesses”.

Besides enabling individuals to monitor their long-term health, the score also enables companies to track the physical wellbeing of employees.

Lau claims the accuracy of results on Nervotec’s platform is comparable to lifestyle trackers and smartwatches — which are within the four per cent threshold required for theUS Food and Drug Administration (FDA) certification.

The startup has filed a local IP patent and is working towards being FDA- and CE-certified.

When asked how the firm handles the personal health data of users, Lau emphasised that Nervotec adopts “internationally-accredited best practices for information security”.

Also Read: Data will help public-private partnerships build future resilience in SEA. Here’s how

“The entire scanning process is done on the smartphone with no connectivity to a cloud service required. This ensures that no recording of the face takes place and there is no possibility of interception of the measurements taken,” he elaborated.

Assisting firms in tracking employee wellness

He further noted that Nervotec has enabled its client enterprises to overcome health challenges posed by the current pandemic and ensure continued operations of their businesses.

As compared to conventional health tracking devices, Nervotec’s solution has a lower cost of adoption as the platform utilises the personal phone of employees, as compared to purchasing a tracking device outright.

Apart from monitoring vital health signs, the app can also store vaccination and swab tests reports to ensure companies remain compliant to new workplace management measures imposed by authorities.

According to Lau, Nervotec has been well received by firms in the construction industry. Besides signing a proof-of-concept contract with Japan-listed construction conglomerate Kaijima Corporation, it also has other pilot tests with undisclosed companies in the shipping and logistics industry. Lau expects Nervotec’s user base to hit upwards of 20,000 post-pilot.

Also Read: The changing face of healthcare in a post pandemic world

With global personal health and diagnostics technologies sector valued at close to US$90 billion, health tracking looks set to remain a key concern for governments, businesses, and individuals post-pandemic. With a switch to remote working, companies are placing a greater emphasis on employee wellness and there has been an uptake in digital solutions supporting this shift. Nervotec is looking to capitalise on this growing market.

With S$450,000 (US$399,000) in pre-seed raised from angel investors in September 2020, the startup is now looking to raise its seed round next month.

“For the foreseeable future, developing new technologies that improve public access to affordable and convenient healthcare solutions will continue to be our priority,” Lau signed off as he shared about Nervotec’s future plans.

—

Image Credit: Nervotec

 

The post Snap yourself using your smartphone, Nervotec app displays all your vital health signs within a minute appeared first on e27.

ELSA, a mobile app that uses Artificial Intelligence and speech recognition technology to help language learners improve their English speaking skills and pronunciation, has secured US$15 million in Series B funding, co-led by Vietnam Investments Group and SIG.

Also participated in the round are returning investors Gradient Ventures (Google’s AI-focused venture fund), SOSV, and Monk’s Hill Ventures. New investors are Endeavor Catalyst and Globant Ventures, which will assist ELSA’s expansion efforts in Latin America.

This new capital will go towards R&D to further develop its voice recognition AI, build a scalable B2B platform and hire new talent.

With this round, the startup’s total financing has touched US$27 million. This includes its Series A round of US$7 million in February 2019.

ELSA (English Language Speech Assistant) was founded in 2015 by Stanford alum Vu Van and Dr. Xavier Anguera.

Also Read: 3 learnings from KKday CEO and Founder on how his travel startup overcame the pandemic

With over 13 million users worldwide, the app claims it helps language learners with an easy way to improve their English speaking ability by listening to how they pronounce words, sentences or conversations to pinpoint exact errors and provide real-time, accurate suggestions on their pronunciation mistakes.

ELSA recently piloted its B2B efforts with schools and companies in Vietnam and India. As a result, the company will now focus on creating a scalable B2B platform that allows cooperation with corporate partners around the world.

With the increase of remote work and investment from companies looking to improve the English speaking skills of their staff, especially in Asia and LatAm regions, ELSA said it has inked many partnerships with corporations and educational institutions worldwide.

Headquartered in the US, ELSA also has offices in Portugal and Vietnam. It claims the app is used by many private schools, public schools and language learning centres.

Also Read: ‘Founders should be able to back up their ideas with sales’: Golden Gate’s newly-appointed Principal Jeffrey Chua

As per the company, in 2020, ELSA nearly doubled its customer base, increased revenue by almost 300 per cent and introduced multiple product enhancements.

The firm’s geographical expansion will focus on the LatAm region where it has experienced exponential growth, plus ongoing investment in Vietnam, India and Japan, where growth was 5x last year with additional demand anticipated in 2021.

—

Image Credit: ELSA

The post ELSA to expand its AI English pronunciation assistant globally with a US$15M Series B financing appeared first on e27.

When it comes to notable hackathons and startup events in the Southeast Asian region, Startup Weekend would be one of the names that come out on top of mind. Major tech companies such as Carousell and Shopback have a history with the event; it has also garnered the support of organisations such as GIC, GovTech and Temasek.

In fact, the event’s latest iteration in September 2020 was graced by Deputy Prime Minister Heng Swee Keat and saw the participation of more than 450 innovators.

Its history began in 2012 when founder Durwin Ho returned from his participation in the NUS Overseas Colleges (NOC) programme in Silicon Valley. Seeing an opportunity in the market, two years later, the first Startup Weekend was launched –with the help of volunteers.

Starting off from hosting Startup Weekend events, together with Joyce Tay and Raymond Doraisamy, Ho founded StartupX in 2018, as part of the effort to “drive more impactful innovation on a global scale by bridging the gap between startups and corporations.” Through various partnerships, StartupX curates innovation programmes that range from workshops, seminars and mentorship programmes.

The company also runs HyperX, a sustainability-focused hackathon in partnership with Temasek, and HDB Cool Ideas Hack, a hackathon centred on smart and sustainable living solutions in HDB estates, in collaboration with the Housing Development Board.

“Most people see us as event organisers … we are more of an innovation programme specialists. What we do is that, essentially, we help companies innovate in a variety of different ways. Sometimes, it’s a form of a hackathon. Sometimes, it’s through pre-accelerator,” Ho explains in an interview with e27.

“Events are a very large part of it. But we don’t really see ourselves as event organisers,” he stresses.

Also Read: Photographers, food loss, and mental health: Meet the winners of Startup Weekend Jakarta 2019

But with its past experiences of hosting events, StartupX has plenty of insights and advice to offer to other companies who are exploring better ways to organise their events.

In this edition of deep-dive series, we will learn about:

• Key principles of good event organising
• Why speed and quality control is essential
• Tips for troubleshooting

Let’s start with these two things

Ho begins by stating how the team’s approach in running Startup Weekend changes as time goes by. In its early days, there were more concerns about creating a great participants experience through details such as food and swag, before the team evolved to focus on bringing quality content through speakers, judges, and mentors.

There are two principles that the team learned from this experience that Ho now considers as the essence of StartupX: Managing stakeholders’ expectation and alignment of objective, and a focus on providing a high-quality product.

“Because the worst thing you can do is bring in someone that doesn’t align with your objective, and … half of the battle will be in trying to fight them, trying to convince them of what you’re trying to do,” Ho stresses. “It’s not an easy process … You really don’t want to bring in people who are not very convinced or those who are just there for the money.”

So how exactly can one implement these principles in event organising?

According to Ho, when it comes to dealing with external parties such as clients, first and foremost they have to be clear with what they want –as this is something that goes back to the first principle of aligning objectives.

Also Read: Startup Weekend Jakarta 2019 will help young entrepreneurs and businesses succeed in Indonesia

“The second thing is that you cannot be an event organiser who is just concerned about taking checkboxes. Do I have a virtual platform? Yes. Do I have my speakers ready? Yes. But you also have to consider the kind of platform that you need, and how it suits your needs,” Ho says.

The next points are strongly related to learning from others’ experience –and put the focus on participants’ experience.

“Far too often, I see a lot of event organisers get overly concerned about meeting the expectation of stakeholders, the people who are their sponsors … [that] they forgot about the participant,” he stresses.

” … You have to ensure that the objective of the event is met. If it’s fostering connection … sharing knowledge from participants, or sharing knowledge from founders or whatever, make sure that those are the things that really come up,” he continues.

Quick, let’s do this

When asked about successful events in the past, and how StartupX managed to get it right, Ho gives two examples. The first one would be the COVID-19 edition of Startup Weekend Singapore.

“It’s supposed to be a giga edition. Giga, in our own terms, is 500 people or more; we run a mega before in 2018 with about 200 people. For this year, we initially planned for 500. But then our friend COVID-19 came, so we couldn’t do much about it and we had to scrap the entire plan,” Ho begins.

As expected, the team had to adjust and transform itself into a virtual event. Their effort seems to bear fruit as they managed to score 750 attendees from the expected 150 attendees.

Another success story is related to their pre-accelerator programme with Temasek, HyperX. COVID-19 hit hard just when the programme was about to host its demo day in April, pushing them to go digital as well.

Also Read: 6 lessons learnt from Startup Weekend Singapore final pitches

“The reason why I consider that very tremendous success in our books in StartupX is because of the speed in which we reacted and how we managed to bring together big names,” Ho says.

He stresses that the works that the team is doing are strongly affected by changes and trends in the outside world, be it micro or macro trends. This puts even extra emphasis on the importance of being aware of changes, and be swift in responding to it.

But here’s some tricks of the trade

The most exciting –if not stressful– part of event organising is the adrenaline rush that comes with the flood of activities and movements. There is also the anxious anticipation of things that can possibly go wrong.

When asked about his favourite tip for troubleshooting at events, Ho says that the team always have the role of “station master” ready at their every offline event.

A station master is an individual whose role is to manage the situation on the ground by assigning the right individuals to solve the right issue.

“He will always be free from the day-to-day routine stuff, he’s not the one handling the mic … but he will be the go-to person to handle problems,” Ho explains. “A station master doesn’t solve the problem [himself]. He is there to think about the right person to solve it, then assign the job.”

As the last word, Ho expressed his optimism for the return of offline events in Southeast Asia which has been indicated by the move of top global events such as the World Economic Forum to Singapore and RISE to Malaysia.

“Despite everything, there is still a big dichotomy between the virtual and physical. And I don’t think that’s replaceable, so you have to consider a hybrid model,” he says.

—

Image Credit: StartupX

The post Move fast, save things: How StartupX adapts to changes in the events industry during the pandemic appeared first on e27.

The banking landscape within Southeast Asia is primed for change with the rise of digital banks. With a high internet penetration within the region, digital banks are offering a valuable alternative to their physical ones, especially in reaching out to the millions of underbanked individuals regionally.

Regulators within Southeast Asia have been receptive to the entry of digital banks. In December 2020, the Monetary Authority of Singapore (MAS) shortlisted four candidates for new digital banking licenses. Malaysia and the Philippines finalised their digital banking frameworks, while Thailand announced plans to follow suit.

McKinsey Asia recently released a report detailing the opportunities for both incumbents and new entrants to enter this space and their observations from the Asian digital banking landscape.

Here are the main takeaways:

• Successful digital banks in Asia often operate under a consortia business model that contrasts to the vertical approach seen in Europe and the US

Consortia do present challenges and complexity of their own, particularly in ensuring alignment between partners. However, they also offer a path to scaling relatively quickly.

The majority of applicants in Singapore’s licensing round were consortia and half of the licenses were awarded to consortiums.

Also Read: Grab, Sea and Ant Group amongst 4 selected for Singapore digital banking licenses

Grab and Singtel secured the digital full bank license while a consortium comprising China-based Greenland Financial Holdings Group, Linklogis Hong Kong, and Beijing Co-operative Equity Investment Fund Management obtained the digital wholesale bank license.

On the investment side, investors, particularly venture capital firms, have become more cautious, lending more momentum to consolidation and consortia as funding approaches for digital bank launches.

• On the regulatory front, caution related to economic uncertainty has led some regulators to delay licensing timelines

Singapore’s licensing was delayed by close to five months, while Malaysia’s was delayed for half a year. On the whole, however, the pandemic has not shifted the path for digital banking in Asia.

Virtual banks were launched in Hong Kong and Taiwan in 2020 and the MAS shortlisted four candidates for new digital banking licenses, while Malaysia and the Philippines finalised their digital banking guidelines.

• Digital bank capital requirements are not always lower than those for traditional ones

• Successful and profitable digital banks distinguish themselves well

Thriving digital banks share the following strengths: A truly differentiated customer value proposition, early revenue generation, quick scalability, cost-efficiency

The successful value proposition extends beyond a visually appealing customer interface. Digital banks need to offer seamless onboarding, fast loan approval and disbursement, round-the-clock customer support among others.

Also Read: Treat your customers like humans, not data

These benefits should stem from more granular customer data digital banks can access and the lower marginal cost of loan disbursement.

• An experienced team can go a long way to securing licensing

The report identified 10 success factors to consider during a licensing application. They can be grouped under three broad categories: an experienced team that can implement a plan; the vision and roadmap for a stable and ultimately profitable and differentiated offering; and following the licensing process and engaging with the regulator.

—

Image Credit: Photo by Robert Bye on Unsplash

The post McKinsey on Asia’s digital-only banks: ‘Consortia present challenges but they offer a path to scaling relatively quickly’ appeared first on e27.

International Compliance Workshop (ICW), a Hong Kong-based supply chain management platform with an office in Singapore, has raised US$5.7 million in a Series A+ funding round, led by Infinity Ventures Partners.

Integrated Capital also joined the round, along with returning investors Hong Kong government-backed Innovation and Technology Venture Fund and MindWorks Capital.

This brings the total amount funding raised by ICW to US$9.8 million, according to Crunchbase data.

As per a press statement, the fresh funds will go towards improving the tech infrastructure of its compliance management system and product testing platform. Besides, ICW will look to embed new features into its B2B procurement platform iSource.

Also Read: Why it is imperative to invest in digitalising the supply chain

Launched in 2016, ICW assists retailers and manufacturers in digitalising their supply chain process — from procurement and product testing to compliance management. The startup claims it consolidates testing, inspection and certification resources onto its platform to provide “dedicated” quality control for clients.

ICW said it serves clients from over 50 countries from its offices in Singapore, the US, China and Hong Kong. Notable clients include US fashion brand Ralph Lauren and Australian retail store Kmart.

ICW noted its total number of enterprise subscribers and revenue in 2020 increased by 238 per cent and 168 per cent respectively, driven by increased demand for diversification of supply chains amid lockdowns imposed by Covid-19.

—

Image Credit: Photo by Simon Zhu on Unsplash

The post ICW raises US$5.7M Series A+ to further develop its B2B supply chain management platform appeared first on e27.

As a leading player in the global semiconductor industry, Taiwan is known for its innovation and development. Taiwan has claimed 12th place out of 141 economies in the 2019 Global Competitiveness Report released by the World Economic Forum. In recent years, the country has seen an increase in venture capital investment, government initiatives, and sectoral reforms that encourage innovation and leading to more global entrepreneurs setting up their base in the country.

In order to build a growing and resilient startup ecosystem, creating a stable venture capital market is not only necessary but also creates a strong incentive for startup founders and investors.

Examples of this are the Startup Regulatory Adjustment Platform and the Taiwan Startup Stadium established by the National Development Council (NDC). In December 2019, Taiwan’s National Development Fund announced that it is primed to make investments of at least US$180 million in the next few quarters. Coupled with incentives from the Ministry of Science and Technology, Taiwan is actively attracting international accelerators and venture capitals to open their offices in major innovation hubs.

Attracting international accelerators

International accelerators such as Rainmaking Innovation Taiwan has currently set up four offices in key parts of the country: Taipei, New Taipei City, Tainan and Kaohsiung. The latest Tainan office, Rainmaking Center of Excellence and Expertise (CEE), is located in the Southern Taiwan Science Park (STSP) in which IC, optoelectronics, precision machinery, biotechnology, computer and peripherals, and communications industries are the major industries.

Rainmaking Innovation is dedicated to boosting the potentialities of entrepreneurship and to foster and tailor it best with preeminent enterprises and startups worldwide. “We work with our clients to build a clear view of fast-evolving markets so that we can identify the opportunities they’re best positioned to own,” said Sonia Chuang, the Director of Rainmaking Innovation Taiwan.

Also read: Are cyber attacks more life-threatening than we think?

Chuang has witnessed that a good number of startups encounter constant setbacks and have experienced difficulty in breaking that cycle due to their lack of experience. The solution to the issue is to customise different approaches for anticipated encounters.

Rainmaking Innovation supports startups by offering them tremendous tools to solve problems that may emerge during the process of either scale-up or while managing one’s corporation.

Inspiring innovation across many sectors

In addition, the National Health Research Institute (NHRI), known for its excellence in medical research and databases, is accelerating healthcare innovation by working with startups and industry leaders. For instance, the genetic testing company, Taiwan Genome Industry Alliance, founded by the NHRI’s incubation centre with support from industry leaders, is cooperating with the NHRI to develop next-generation sequencing, animal cancer models and other clinical technologies.

The development of startups in Taiwan has been bursting at the seams. Based on results from the World Economic Forum, in the last two years alone, Taiwan achieved first place in the Asia Pacific region and fourth in the world. Moreover, the honour of Super Innovator also went to Taiwan.

Also read: Meet these 10 verified investors that are ready to connect with you

The Taiwan government has been pushing policies and action plans since 2018, embarking on a journey to crack down on problems with funding, human resources, market, and setting up a united system that is capable of coming up with solutions to complex problems surrounding the tech ecosystem.

The National Development Council (NDC) has already held some 10 meetings and workshops with over 100 Taiwan startup communities to build up a brand for recognition. After all the campaigns and consultations, NDC and the Taiwan startup community has come up with the brand Startup Island Taiwan.

Onward to a brighter future

Finally, in May, the Chairman of Financial Supervisory Commission (FSC), Tian-Mu Huang (黃天牧), has given the go signal to start planning the new transaction board for startups, rather than the available over-the-counter market, emerging stock market, listed stocks, or even the Go Incubation Board for Startup and Acceleration Firms (GISA board).

This brand-new idea breaks through the limits of business activities. Compared to the GISA board, established in 2013, which only allows fundraising with the exclusion of insurance that seeks to protect interested parties. Furthermore, the NDC suggested that the FSC should launch a small-medium scale firm friendly project designed specifically to facilitate capital and venture security, while encouraging more potential ventures to fundraise in the capital market.

Also read: Witness Malaysia’s newest digital solutions at the MYHackathon 2020 Finale & Showcase

With almost 1800 startups operating in under five years that are recognised by the Ministry of Economic Affairs, accelerators are helping company founders to scale up their businesses and navigate their target markets.

According to the 2019 Taiwan Startup Ecosystem survey conducted by PricewaterhouseCoopers Taiwan (PwC Taiwan), nearly one-third of respondents are serial entrepreneurs, with almost half that are targeting the Southeast Asia and North America markets. Significantly, over 60 per cent had participated in accelerators in their early phase, and most respondents determined the challenge of funding, market expansion, and talent acquisition after working with quality consultation services.

Startups in Taiwan are rising rapidly amidst past challenges, and the country’s startup ecosystem is working tirelessly to continue attracting venture capital companies while maintaining overall global interest in recent years. Despite many challenges, Taiwan is on the road to becoming a new startup hub in Asia with more government funding and support from innovation-supporting laws.

The post Why Taiwan Matters: local and international initiatives in Taiwan startup ecosystem appeared first on e27.

Eco-business, a Singapore-headquartered media company focussed on Asia’s sustainable development, has raised an undisclosed amount of investment from private equity firm Tembusu Partners.

As per a statement, Tembusu and Eco-business will partner to scale the latter’s environment, social and governance (ESG) activities across Asia Pacific.

Founded in 2009, Eco-Business is an independent media and business intelligence company that publishes news and opinions in multimedia formats on business and policy developments around the world with a sustainability and ESG-focused lens.​

Aside from this, it also acts as a platform for individuals and organisations to publish jobs, events, press release and research.

Eco-Business syndicates its content to various information providers such as Dow Jones’s Factiva, in addition to providing research, consulting and training for government and private sector organisations.

Also Read: Post-pandemic, SEA will see a sustainable leapfrog into the digital age; Cathay Innovation report

As part of this deal, Eco-business founder and managing director Jessica Cheam and executive director Junice Yeo will join the Tembusu team as ESG advisors.

“COVID-19 has highlighted that crucial relationship between humanity and our natural world. For far too long, people and ecosystems have been exploited to the detriment of the long-term resilience of our global society. ESG has moved from a fringe issue into the mainstream and governments and companies must urgently look at it,” said Cheam.

According to consulting firm Deloitte, ESG assets are estimated to grow at a 16 per cent compound annual growth rate (CAGR), totalling almost US$35 trillion by 2025.

Cheam believes that after the world recovers from the pandemic eco-businesses will largely help organisations navigate the new landscape and tie recovery policies to more positive sustainable development outcomes.

Eco-business has a presence  in Manila, Beijing, Zurich, New York, and more.

—

Image Credit:  Image taken from the company’s Facebook Page

The post Eco-business raises funding from Tembusu Partners to grow its sustainability-focused news platform appeared first on e27.

The Malaysia Digital Economy Corporation (MDEC) has launched Alternative Funding Program to help the country’s micro companies with cash-flow problems.

As part of this, it has partnered with 11 equity crowdfunding (ECF) and P2P platforms to provide MSMEs with financial help.

The partners include ATA Plus, CrowdPlus.asia, Eurecca, Leet Capital, pitchIN, B2B Finpal, CapBay, Funding Societies, microLEAP, MoneySave and QuicKash.

“With the continued disruption to businesses caused by the COVID-19 pandemic in 2020, it is crucial for startups in Malaysia to be able to explore multiple avenues for funding. While initiatives like the Dana Penjana Nasional have done much to address the funding gaps for startups in Malaysia, it is in the best interest of MDEC for them to have more options to ensure sustainable cash flow,” said Surina Shukri, CEO of MDEC.

Also Read: MDEC spearheads alternative funding to help Malaysian startups thrive during the COVID-19 pandemic

To be eligible for the programme, companies should be locally incorporated and have operations running for at least one year with a minimum annual turnover of RM300000 (~US$74,156).

This is MDEC’s second year running the same programme led by its Global Growth Acceleration Division (GGA).

Last year, 16 companies had participated and managed to raise a total of RM19.89 million (~US$5 million).

Among the startups that successfully raised funding through the programme include PolicyStreet (US$1.8 million), which is the largest funds raised to date from an ECF platform in Malaysia.

“MDEC has been promoting ECF and P2P funding platforms actively to startups and I believe that the concerted effort put in by MDEC has led to an increase in public awareness towards the benefits of ECF and P2P investment,” Wilson Beh, co-founder of PolicyStreet said.

Entrepreneurs who wish to participate in the programme can submit their applications now. The deadline is March 31, 2021.

MDEC is an agency under the Ministry of Communications and Multimedia Malaysia and is tasked with spearheading the development of the country’s digital economy.

—

Image Credit: MDEC

The post MDEC joins hands with 11 ECF platforms to provide funding to Malaysia’s micro companies with cash-flow problems appeared first on e27.

HK-based travel and leisure booking platform Klook raises US$200M; Investors include Aspex Management (lead), Sequoia China, Softbank Vision Fund 1; Post-pandemic, Klook is focused on two main areas — digitising the experiences booking sector and launching new verticals such as staycations and car rental. More here

Will Ovo complicate a gojek-Tokopedia merger?; A merger could put gojek’s payments platform GoPay front and centre in Tokopedia – a huge coup; For gojek, teaming up with Tokopedia could mean access to the platform’s millions of merchants —  potential clients for GoPay’s productive loans — or collaborations between the two companies’ respective PayLater products. More here

Malaysia’s fintech startup CapBay bags US$20M Series A; Investors include KK Fund and local angel investors; CapBay is a multi-bank supply chain finance and P2P financing platform; It uses existing trade data and relationships to facilitate inclusive business financing; It claims to have funded US$24.7M across 500 investment notes on its platform since launch in March ’20. More here

Kollective Ventures and Joseph Phua’s family office Turn Capital acquire taiwanese podcast startup SoundOn; SoundOn will continue to operate under its current brand; SoundOn produces its own content shows featuring Taiwan’s top influencers, besides connecting podcasters to advertisers; It claims to have 35M monthly podcast downloads. More here

Malaysian logistics and supply chain platform iStore iSend raises US$5.5M; Lead investors are Gobi Partners and EasyParcel; The startup has plans to expand to markets such as Philippines, Thailand and Vietnam; iStore iSend is an end-to-end fulfilment solution company providing clients with a complete omnichannel experience. More here

Singapore’s consumer credit management platform Lendela bags US$2M pre-Series A; Promise Future International and Luxembourg-based 2be.lu Investments led the round; Lendela connects borrowers to partner lenders through an online loan application form; In 2018, it raised US$942K seed led by Cocoon Capital and IMO Ventures. More here

‘Founders should be able to back up their ideas with sales’: Golden Gate’s newly-appointed Principal Jeffrey Chua; According to him, post-COVID, investments will get easier and things will move faster and smoother; Due to the pandemic, a lot of deals that were in the US$10M+ range were slowed down or stalled since people were not allowed to travel and visit these firms in person. More here

Thai online car rental marketplace Drivehub raises “seven-figure” Series A; Lead investors are Toyota Tsusho, CAC Capital, KK Fund; The money will be used to expand into new markets in Indonesia, Malaysia and Singapore; Drivehub claims it has grown by 50 per cent compared to the same period last year. More here

MC Payment poised to become Singapore’s first listed digital payments firm; Artivision shareholders approved the proposed reverse takeover of e- payments company MC Payment; With the expected completion of the acquisition on Feb 18, Artivision will be renamed MC Payment, and is set to be listed on the SGX-ST. More here

500 Startups promotes Ee Ling as Regional Director to spearhead innovation programmes in APAC; Ling will be heading its BD for corporate and startup innovation programmes in the region; She was previously the Singapore Country Lead (Innovation & Partnerships) for 500 Startups and has built and led innovation programmes for corporates and startups in the city-state and Malaysia. More here

Podcast Network Asia (PNA) raises US$750K to expand to Thailand, Indonesia, Malaysia; Investors include Foxmont Capital, Venturra Discovery, Kumu; PNA provides podcast creators with access to production support and monetisation opportunities; It claims to have grown its roster to 415 podcasts, with over 10M listeners. More here

Catcha Investment joins SPAC craze, files to raise US$250M in US IPO; While it may pursue an acquisition or a business combination target in any business, industry or geography, it intends to focus its search on a target with operations or prospective operations in the technology, digital media, fintech, or digital services sectors across APAC, in particular SEA and Australia. More here

Singapore faces talent crunch as tech giants scale up; The city-state is aiming to become a regional tech hub but faces a severe talent crunch as more firms move in; Tencent, Bytedance, Zoom, Grab and Sea are among companies expanding in Singapore, fuelling a war for tech talent in the city-state, where the jobless rate had reached a 16-year high due to a coronavirus-induced recession. More here

MDEC launches Alternative Funding Program 2021; It will partner with 11 crowdfunding operators to help Malaysian entrepreneurs tide the economic challenges brought on by COVID-19; This follows the successful launch of the same programme in 2020 which saw a total of 16 companies successfully listed on participating platforms with a total of US$5M raised.

Indonesia bourse launches tech classification to lure investors; It seeks to attract more investment in technology and health care stocks as it looks to encourage trading amid the COVID-19 pandemic; The new IDX Industrial Classification consists of 12 sectors, 35 subsectors, 69 industries and 130 subindustries. More here

5 promising AI startups in the Philippines ready for investments; They are Expedock, Rumarocket, Aiah, PhilCare and FinScore; Local VC Kickstart Ventures is in pursuit of worthy AI startups in the region to invest US$200M in funding. More here

India explores a digital version of the rupee;It is one of the many ways that country’s central bank RBI is considering increasing the adoption of digital payment systems; For digital currencies, the Central Bank Digital Currencies will be legal tender and a central bank liability in the digital form. More here

SEA’s podcast market is ripe for adoption; we just need to educate the public, says Joseph Phua; He expects there to be a significant number of podcast ventures pop up soon in SEA, and is looking to make further investments/acquisitions in the general audio entertainment space. More here

IdeaSpace grants US$20K each to top 3 Philippine startups in virtual accelerator programme; The startups are Workbean, Humble and Agro-DigitalPH; Along with 20 other hopefuls, the three startups underwent IdeaSpace’s four-month acceleration programme. More here

Vietnam launches National Technology Innovation programme; It aims to facilitate and support enterprises to transfer, innovate, and perfect technologies as well as create high-quality products with high added value; Furthermore, it will promote the transfer of technologies for agricultural development in rural and mountainous areas and regions and train scientific and tech HR. More here

From under US$1: Ovo rolls out new investment product; The Indonesian e-wallet unicorn Ovo and mutual fund platform Bareksa have teamed up to launch a new investment product allowing small savers to buy funds for as low as US$0.71 from their app; The aim is to increase financial inclusion and encourage more Indonesians, especially the younger generation, to start investing. More here

VeMoBro e-commerce platform launches in Philippines; It offers a wide variety of products from food and grocery items, home essentials, tech gadgets and accessories, and automotive products; The platform connects MSMEs to potential customers; A business unit of Polaris Digital Platform Enterprise, VeMoBro has a logistics system with its experienced freight forwarding partner. More here

—

Image Credit: Unsplash

The post Ecosystem Roundup: Will Ovo complicate a gojek-Tokopedia merger?; Singapore faces talent crunch as tech giants scale up appeared first on e27.

Ula, an Indonesia based micro-retail e-commerce platform, announced today it has raised a US$20 million Series A funding round, co-led by Quona Capital and B Capital Group.

Existing investors Lightspeed India and Sequoia India also participated.

This follows a US$10.5 million seed funding in June 2020.

As per a press note, the fresh investment allows Ula to grow its geographical footprint, expand its suite of products and services and move into new retail categories.

Since launching in January 2020 with teams in Indonesia, India and Singapore, Ula provides micro retailers with the necessary tools and technologies that assist in digitalising their supply chain, inventory and working capital management. It claims to have grown to serve over 20,000 stores, primarily in East Java.

“Small stores are deeply integrated into the economic and cultural fabric of Indonesia. They are micro-entrepreneurs with highly cost-efficient operations compared to their modern retail counterparts,” said Nipun Mehra, Co-founder and CEO of Ula.

Also Read: Everybody is helping MSMEs go digital today, but Indonesia-based Titipku aims to do it differently

“However, their small scale, limited upstream product availability, high prices, poor service and limited working capital makes them the most vulnerable segment of the retail value chain. These problems aren’t restricted to one category — FMCG and other consumables, apparel, electronics, etc. all encounter common problems,” he added.

In many emerging markets, traditional in-store retail accounts for nearly 80 per cent of the total retail market. Within Indonesia, the market size is estimated to be upwards of US$200 billion, growing at over US$15 billion annually.

These small retailers operate with an up to 10 per cent cost advantage over modern retailers often employ family members and operate out of their homes. They also have insights into local consumer behaviours which could be leveraged to their advantage.

However, inefficient product sourcing, limited access to affordable technology solutions, and a high cost of available working capital hurt their ability to compete and grow.

Also Read: Leveraging new tech to propel SME trade in ASEAN

Ula seeks to solve these issues by assisting in procurement and providing logistics solutions for micro retailers, thereby allowing them to carry less inventory and freeing up capital.

“Ula is transforming the entire retail value chain with its retailer-first approach, empowering the small retailer by offering them a wide range of products, competitive prices and doorstep delivery,” said Ganesh Rengaswamy, Managing Partner at Quona Capital.

“Indonesia’s retail spend is expected to surpass US$0.5 trillion over the next four years, driven by millions of small retail stores. Ula is at the forefront of transforming Indonesia’s SME supply chain by democratizing access to merchandise and driving financial inclusion through technology,” said Kabir Narang, Founding General Partner at B Capital Group.

Ula is currently setting up tech teams in Indonesia, India and Singapore and also hiring across key roles in category management, analytics, credit as well as city P&L leaders in Indonesia.

—

Image Credit: Ula

The post Ula closes US$20M Series A to assist Indonesia’s small retailers with procurement, logistics solutions appeared first on e27.