The new co-investors are Elev8.VC, Golden Gate Ventures, GREE Ventures, ST Engineering Ventures, and Verge Capital Management

SGInnovate has named five new co-investors that will join the company to “further strengthen the ability to assess and invest in exciting deep tech startups at the earliest stage”.

The five names are Elev8.VC, Golden Gate Ventures with its blockchain dedicated fund LuneX Ventures, GREE Ventures, ST Engineering Ventures, and Verge Capital Management. All are said to have been selected through a stringent process based on their investment track record, financial strength, management team capabilities, as well as the adequacy of facilities and resources.

“Coming from the private sector, these new co-investors add breadth and depth to our capabilities in areas such as MedTech, and help us better pursue our mission to work with scientist-entrepreneurs to build and scale high potential, early-stage deep tech startups founded in Singapore,” said Steve Leonard, Founding CEO, SGInnovate.

Aside from selecting new co-investors, SGInnovate also took part in the seed investment round to Merkle Science, led by LuneX Ventures. This would make it the first deal to be completed with
a newly-appointed co-investor.

Combining off-chain and on-chain data for better analysis, Merkle Science works with law enforcement agencies and blockchain companies to provide a risk-monitoring solution to detect and prevent the illegal use of digital currencies.

Also Read: Leisure marketplace SelenaGO raises seed funding from UMG Idealab

This funding round was also joined by Kenetic, Digital Currency Group, and Entrepreneur First.

“With digital assets moving more into the mainstream, KYC (Know Your Customer) and AML (Anti-Money Laundering) compliance are becoming increasingly important. Merkle Science will make it easier for all players in the ecosystem to be regulatory compliant and prevent any fraudulent activity from happening,” said Kenrick Drijkoningen, Managing Partner, LuneX
Ventures.

The five new partners join 17 other SGInnovate co-investors that were first announced in December 2017. Apart from the injection of capital, SGInnovate and its partners also provide strategic and management guidance to help early-stage deep tech startups grow their business and expand into new markets.

Since its inception in November 2016, SGInnovate has invested in more than 50 deep
tech startups, through a mix of direct investments and co-investments under Startup SG Equity.
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The company group plans to build the regional ecosystem with the investment

Golden Equator group, the Singapore-based group of businesses covering financial services, consultancy, and technology, announced that it has raised US$18 million (S$24.6 million) investment from Asia Pacific and Middle East angel investors.

This is the first investment the group has ever received, led by renowned entrepreneur-investor Taizo Son, who’s also a founder of Mistletoe. A host of other angel investors came from Japan, Korea, UAE, Qatar, Indonesia, Brunei, Taiwan, and Singapore who are a mix of members of the royal families, Chairmen of large MNCs, C-level executives from sovereign wealth funds, and academics

The company said that the investment will be directed toward building the regional innovation ecosystem. It will also enable the ecosystem builder’s business evolution, including overseas expansions, to continue using Singapore as a base to connect the broader Asia Pacific and Middle East.

“These angels’ strategic investment demonstrates that they understand the importance of and support our ecosystem-building efforts. By connecting the different communities in the region, we want to harness the synergy that will enable us to bring about changes that are relevant for the future together,” said Shirley Crystal Chua, Founder and Group CEO of Golden Equator.

The group is founded by Chua in 2012. The companies include traditional financial services businesses, but claim to continue upgrading by adapting and innovating new technologies, as well as technology-based businesses, which it continues to invest in.

Also Read: Indonesian social commerce platform TokoTalk raises US$3.2M

Golden Equator currently serves clients in 12 countries with covering 10 markets. Its fully-owned subsidiaries are a fund management company Golden Equator Capital, a multi-family office Golden Equator Wealth, a fintech for personal finance management platform Asia Finance, a digital and tech-focused business consultancy Golden Equator Consulting, and workspace SPECTRUM.

The investment follows Golden Equator’s announcement of Taizo Son as its Group Special Advisor in January 2018. The intention of the appointment is to bring together individuals, businesses, and government-level agencies to build a dynamic business ecosystem centred on technology and innovation, that create a social impact.

The Group also officially launched SPECTRUM in January 2018, which is now home to Taizo Son and his venture Mistletoe’s global headquarter.

On May 6, Golden Equator’s multi-family office (Golden Equator Wealth) will also be launching its NextGen Programme and its Family Office publication. The program aims to mould next-generation members of business families into future leaders through a customised curriculum across finance, wealth management, entrepreneurship, and leadership development.
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Image Credit: Golden Equator Group

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Do you consider yourself a diehard Marvel fan? It might be worth a ticket to Echelon!

Avengers: Endgame is out and we are here to spoil everything! Jokes, your humble author won’t be able to see it for a few weeks.

But we did think we would have some fun in the moment and provide an opportunity to nab some tickets to Echelon.

Here is how it works. We will provide three clues to a ‘name the character’ trivia question. The answer to the question is a promo code for free Echelon tickets.

Important: You must enter it in the format of E27-XXXXX . Make sure it is spelt with capital letters. If you have questions, comment in the section below this article and we will answer your queries.

Guess this Marvel character

Clue #1: He is not the most savoury of men, his job is immoral, but he is a happy man. You can tell because he whistles while he works.

Clue #2: He raised the man who would go on to save the universe on multiple occasions. If you ask him, he would say it was because, “he was small and could fit into places a grown man can’t go”.

Clue #3: If roses are red, this man is a violet.

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The partnership will have Grab invest in Ninja Van and enable GrabExpress to offer intercity parcel delivery and other courier options

Logistics tech company Ninja Van announced a partnership with Grab Inc., seeking to empower small-medium sellers and social commerce communities through a logistics network expansion with intercity parcel delivery and other courier options.

With the partnership, Ninja Van’s logistics services will be integrated on the Grab app via GrabExpress, Grab’s on-demand parcel, and courier delivery service, sometime in the current quarter.

As part of the strategic partnership, Grab has invested in Ninja Van. Ninja Van will also work towards adopting GrabPay across its platform and collaborate to roll-out lending and insurance products offered by Grab Financial Group to its merchants and delivery partners.

It will also include more options like nationwide scheduled deliveries for GrabExpress.

GrabExpress is currently available in 150 cities across Singapore, Malaysia, Thailand, Philippines, Vietnam, and Indonesia.

On the other hand, as a last-mile logistics company, Ninja Van said that it’s covering more than 450 cities across the region, connecting sellers and shoppers in Singapore, Malaysia, Thailand, Philippines, Vietnam, and Indonesia.

Also Read: Golden Equator Group of Singapore raises US$18M led by Taizo Son

“By leveraging Grab’s wide user base, we can offer users the most convenient way to access our full suite of logistics services, and provide reliable, hassle-free delivery services powered by technology,” said Lai Chang Wen, Co-Founder, and CEO, Ninja Van.

The service will be rolled out in phases across the region.
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Four batches of GK-Plug and Play Indonesia participating startups have obtained a total of US$20 million in investment

The local branch of Silicon Valley-based accelerator programme GK-Plug and Play Indonesia on Thursday announced insurance company Sequis Life and horticultural company Great Giant Pineapple as its new corporate partners.

The two companies will existing partners Astra International, BNI, BTN and Sinarmas in the accelerator programme’s ecosystem.

“Synergic collaboration must be formed not only between startups, government, and venture capital, but
also with large corporate giants who have the capital, resources, and human capital to support
the innovation ecosystem,” said Melisa D. Alim, GK-Plug and Play Indonesia Vice President of Corporate and Partnership.

At the Expo Day 4.0 event in Jakarta, the programme also named the 16 Indonesian and foreign startups that have successfully completed the three-month accelerator programme as its fourth batch:

Piniship (Indonesia)
The startup helps export-oriented companies with cargo delivery scheduling, price comparison, documents procession, and payment transactions.

LogicNesia (Indonesia)
A distribution optimisation software for manufacturers and logistics to maximise vehicle drop-in locations, reduce delivery cost, and vehicle utilisation.

Also Read: Plug and Play’s Christian Knipfer describes Taiwan’s strengths in building a startup ecosystem

Lacak.io (Indonesia)
The platform helps logistics companies track their fleets or drivers’ location, measure each delivery’s performance, and evaluate drivers’ driving behaviour.

RaRa Delivery (Indonesia)
A last-mile delivery service for e-commerce businesses that aims to make same-day delivery scalable with asset-light operational model and AI-enabled real-time optimisation technology.

ATM Sehat (Indonesia)
Anjungan Telehealth Masyarakat (ATM) Sehat is an all-in-one device that for public health promotion, monitoring, and prevention. Users can perform health checks and screening, do live consultation, buy health products, and even call an ambulance using a panic button with just one device.

TernaKopi (Indonesia)
The startup produces cold brew coffee that is deemed safer for customers with gastritis problem. It already runs a coffee shop in East Jakarta.

Redkendi (Indonesia)
Redkendi is an online marketplace for meal catering services.

Bizhare (Indonesia)
Bizhare is an equity crowdfunding platform that enables users to start investing in franchise businesses from US$400. It also distributes financial statements and monthly profit distribution through its e-wallet feature.

Also Read: Plug and Play Indonesia brings in 17 startups into its 3rd batch

Bandingin (Indonesia)
Bandingin is a price comparison platform for various insurance products.

PayOK (Indonesia)
The startup aims to simplify personal finance by offering consumer behaviour insights. In addition to monitoring and visualising their spending habits, users can also get relevant promotions at merchants.

Aquifi, Inc. (US)
The startup automates repetitive, time-sensitive tasks such as end-of-line and order inspection with proprietary 3D sensors and deep neural networks.

Intello Labs (India)
Intello Labs said it has pioneered a “first-in-the-world” app and equipment to test, grade, and analyse the visual quality parameters of agricultural commodities.

Magpie (the Philippines)
Magpie is a digital payments platform that enables financial institutions to create experiences from mobile-based invoice collection to text message-based payments using their APIs.

PolicyPal (Singapore)
The startup builds a mobile app that enables users to compare and get insurance policies at affordable prices.

Also Read: 11 startups graduate from Plug and Play Indonesia as the accelerator opens third batch registration

CoinHako (Singapore)
Cryptocurrency wallet CoinHako has operations across Southeast Asia and hosts a portfolio of multiple cryptocurrencies paired with local currencies.

Throughout the programme, the startups are being provided with mentoring programmes, connection to venture capital firms and media, business tools, coworking space, initial investment fund, as well as opportunities to collaborate with GK-Plug and Play Indonesia’s corporate partners.

The programme said that all startups that had been supported throughout its four batches had obtained investment funds of more than US$20 million, with US$5 million obtained in 2018 alone.

GK-Plug and Play Indonesia has opened application for its fifth batch, which will be focussing on six verticals including IoT and Mobility, Food and Agriculture, as well as Fintech and Insurtech.

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Image Credit: GK-Plug and Play Indonesia

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Two simple ways to determine whether your startup idea is ready to take off —or not

The startup life is very attractive to many and it tends to attract too many ambitious people that ultimately end up hating themselves for even trying to start one.

More and more university graduates in Southeast Asia are opting the entrepreneurial path following their graduation; many do not even wait until their graduation to begin. But success remains the exception instead of the rule, and many of the companies they have founded failed to last beyond the first year.

Entrepreneurship is very much like a theatrical performance, in the way that people tend to not see what goes on backstage.

So this let’s take a peek behind those curtains and understand what it takes to build and run a sustainable startup. Why is this important? In case you haven’t realised, 90 per cent of startups fail within the first year. If that is new information to you, strap in as we enlighten you on the two reasons why startups have failed and whether you have what it takes to succeed.

Also Read: 3 startups shaping AI in Southeasia Asia

Market

Ambitious human has an idea, they start working on the idea and development of the product or service. Once they start trying to sell, they realise no one is catching onto what they have built, and soon they find themselves hating what they have created and canning the product or service.

Or worse, they sail that burning ship and go down in flames with it.

According to the Lean Startup methodology, which was pioneered by Eric Ries in his book of the same title, many startups failed to take off simply because founders never take the time speak to their potential customers. About their needs, and how your product can help fulfill these needs. This is a barrier in product development as they never get to find out if there is even a demand for their product.

Be sure to consider whether there is even a need for your product/service.Analyze the market and evaluate the current solutions for what you have in mind.

In addition to conversing with potential customers, doing even a simple SWOT Analysis would be useful to comprehend the market need.

It is also important to understand who your potential competitors –and what you get to offer to differ yourself from them.

Also Read: Check out the 6 sizzling startups that pitched at MOX Demo Day batch 5

Money

So you found a need for your product in the market? Great! Now, have you considered all aspects of the finances required?

Taking into account how much you have on you right now, would you have enough to keep the business afloat for at least 12 months? How about three years? Do you need more cash to fund your operations?

Alexander Jarvis, founder of 50Folds has done a very in depth analysis that talks about understanding and proper utilisation of a runway calculator.

What if you realised that you do not have enough to support your operations? Then it is time to look into other potential sources.

Despite the rise of alternative fundraising methods such as ICOs, venture capital funding remains a popular, go-to method of financing a business for most tech startups.

But make sure to prepare yourself well for it. Not only in terms of the information that you need to provide on your pitch deck, but also the time you will need to pitch –and the time the potential investor will need to get back to you.

Fact: In Southeast Asia, it often takes three to six months for investors to decide whether or not they are even interested to invest. So be prepared for a marathon.

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Image Credit: SpaceX on Unsplash

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Nikkei Inc came through and bought a majority stake in the media company based in Singapore

Nikkei Inc announced today that it has acquired a majority stake in Singapore-based media startup DealStreetAsia.  DealStreetAsia reports on private equity, venture capital activity, deal flows, fundraising, and startup news across Southeast Asia and India.

The deal is facilitated by Nikkei Group, which owns the Financial Times (FT) and publishes the Asian news in English under the title Nikkei Asian Review.

With the acquisition, the company said that it also strengthens Nikkei and FT’s arm of corporate news and data service scoutAsia.

“With the partnership, it will expand and deepen our reporting of the thriving Asian technology and startup landscape, with a strong focus on developing the editorial offering at Nikkei Asian Review, a key product in our global strategy,” said Naotoshi OKADA, President and CEO of Nikkei Inc.

“Joining forces with Nikkei will help us accelerate our mission of helping the PE-‑VC industry and dealmakers understand the changing megatrends in this space,” said Joji Thomas Philip, Founder, and Editor in Chief of DealStreetAsia.

Also Read: GK-Plug and Play Indonesia names new partners, graduates 16 startups

DealStreetAsia was launched in 2014, and runs a business event called the Asia PE-‑VC Summit that is held every September in Singapore. It attracts the regionʼs top private equity, venture capital, and M&A executives and startup founders.

One of the existing investors in DealStreetAsia, the Indian business daily Mint, published by Hindustan Times, will continue to be a minority shareholder. Other shareholders, including SPH Ventures, North Base Media, Alpha JWC, Ozi Amanat’s K2 VC, SGAN, and angel investors such as Paytm CEO and founder Vijay Shekhar Sharma and chairman of Rogers Holdings, Jim Rogers, among others, have all agreed to exit.

e27 previously reported that the Financial Times was in the process to acquire DealStreetAsia. The representative from the company had replied and declined to comment further at that time.
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Image Credit: DealStreetAsia

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The corporate venture capital arm of UMG Group has invested in the leisure marketplace company from Indonesia

Indonesia-based leisure marketplace SelenaGO announced that it has received an undisclosed amount of seed investment from UMG Idealab. The announcement was made official on April 22, in Arkadia Communal Space, Jogjakarta.

The company stated that it will use the funding for wider market penetration, starting from Jogjakarta as one of the main tourist cities in Indonesia.

SelenaGO just changed its old website handle from GOSelena to SelenaGO. It also just wrapped up on the launching event of the sites featuring its CEO Artin Wuriyani, Viva Barista, and co-founder of Filosofi Kopi, a renowned local coffee place, Handoko Hendroyono.

The city’s tourism department and tourist village management, as well as community and workshop management, were also present during the launching event.

SelenaGO has four categories of activities; Trip, Workshop, Watching (for music, movies, and other cultural events), and Hangout (dedicated for the hangout activity itself).

Also Read: Nikkei buys majority stake in DealStreetAsia

“We hope that the platform can be the main reference for the public and tourists that look for activities to fill their leisure time. We target not only individuals or businesses but also community and youth that are looking to start a leisure business or even looking to start a positive movement,” said the representative of SelenaGO.

SelenaGO’s platform seeks to allow event organisers or service providers to ditch manual ticket management. It lets users register as sellers, fill in the activity or event details, and arrange the schedule of the activities while Selena will be the event promoter.
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Find out their take on country’s fragmented startup market at Echelon Asia Summit 2019

Part of helping women grow into an equal part tech workforce is highlighting the people who are paving the road. This year’s Echelon Asia Summit will feature a host of women serving badassery on multiple sectors.

Among the 19 awesome women featured this year there are four names that have been making marks with their positions in various venture capital firms in Southeast Asia. From Indonesia to Thailand, here are the names you can look forward to meeting:

1. Melisa Irene, Principal, East Ventures Indonesia

Irene started off as an intern in East Ventures while finishing her final bachelor degree thesis in Accounting. She continued to work hard through the firm and is now the youngest Partner in the history of the early stage startup-focussed VC.

Irene now works with startup founders across the region to provide coordination and support for venture growth and fundraising. Irene said that her true reason for staying in the company since her intern days was simply because she wants to be in the front seat watching the digital transformation in Indonesia.

“Always betting on young founders and their nascent startups are a learning curve on its own for me,” she said. One thing that Irene always considers important when dealing with startups and funding is how to move faster without compromising the integrity and managing the expectation.

Also Read: Asia is a red hot arena for e-sports athletes. Find out why in this Echelon Asia Summit panel

Irene will appear on Echelon’s Capital stage to talk about how best to navigate Indonesia’s fragmented market and how to include more cities other than Jakarta. Irene will share the stage with Raditya Pramana, Partner of Venturra Discovery Endeavour Indonesia.

2. Shannon Kalayanamitr, Venture Partner, Gobi Partners Thailand

Shannon Kalayanamitr left the women-focussed e-commerce she founded, Orami, in 2017. With 18 years of entrepreneurial experience in building startup companies and executive committee positions under her belt, she joined GobiPartners Thailand as a Venture Partner.

As an advocate at UN Women He for She her roe at Echelon Asia Summit this year will be talking about smart capital and how to grow beyond seed stage with the right strategic investor. Her corporate and strategic development, as well as marketing and media insight, will be under the spotlight alongside Jeffrey Paine, Partner, Golden Gate Ventures and Michael Blakey, Managing Partner, Cocoon Capital,

3. Priyadarshini Majumdar, Business Strategist, AstropreneursHUB

Priyadarshini Majumdar has a history of depression and she detailed her journey in a vulnerably beautiful post. Rediscovering her love for space, she is now a part of Astropreneurs HUB, the space technology-focussed incubator that offers technical and business mentorship as well as an opportunity to validate outer space technology.

Priya, Majumdar’s nickname, serves as photonics and optics engineer, bringing her experience on the NUS Galassia CubeSatellite on board. She will be talking in the Spacetech panel in Echelon Asia Summit 2019.

4. Gail Wong, Co-Founder, Ladies Investment Club Singapore

Leaving her cushy job as a corporate finance banker with Morgan Stanley in Asia, Europe, and US, Gail Wong started coaching business leaders to define and design success on their own terms. She also champions financial zen and mastery for all women through her coaching programs and community-building initiatives.

With Ladies Investment Club (LIC), Wong joined forces with other badass, self-funded female investors on a mission to find, support, and nurture female founders on their journey to business ownership. LIC is Driven by the desire of wanting to see more women-led start-ups and early stage companies.

Wong’s panel in Echelon will focus on diversity and level playing field for women in the wake of #MeToo.

Also Read: Taking Echelon Asia Summit 2019 to a new level with 13 more exhibitors!

More highlights on women panelists to come on the road to Echelon Asia Summit 201 on May 22-23. Have you booked your ticket yet? Use the code ECHELONFUTURE to secure yours.
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Now is the time to forge the path to a bright future

Already excited for Echelon? Buy your tickets here! Enter promo code ECHELONFUTURE for free tickets!

When Echelon was first organised, it was designed to gather a small, but enthusiastic group of people who were interested in bringing a startup culture to Singapore.

As it grew, and began to incorporate a regional focus, Echelon became a core ecosystem builder in Southeast Asia. My how things have changed.

In 2019, startup folks often talk about a saturation of events. Whether it is private companies or the government, a lot has changed in the decade since Echelon first got off the ground.

But what makes Echelon special is that we are the startup industry. We live this life day-in day-out — which means the event brings together the correct people. All of the attendees at Echelon are startup stakeholders with something to offer.

It also means we have our fingers on the pulse of the startup space, and one thing has become particularly clear: The maturation process has begun.

The days of “rah rah” ecosystem building are fading, and it is time to start to point what we have built in the correct direction. This means serious discussions about privacy, workplace culture, shady business practices and much more.

Also Read: Think you know the Marvel universe? Test your knowledge for Echelon tickets

It means looking to our neighbors in China and our faraway cohorts in America to learn from their history. One of the advantages of working in Southeast Asia is that we can learn from the mistakes made in China and the US. But rather than assuming we can learn-and-avoid, stakeholders need to see-and-prepare.

Just because a topic is not brought to the forefront in public dialogue does not mean it will not come to pass. So, if we already know Southeast Asia will need to navigate its maturation, then now is the time to begin the discussions.

At Echelon, a some of the talks that will aim to discuss these ideas are as follows:

•  Can a regional startup hold its own against international players in a crowded e-payments space?
• How much should we allow tech to aid a child’s learning journey?
• Tech disruption in the newsroom; How the media landscape will shift in the next five years
• How one e-commerce startup is reinventing itself after a layoff and rebranding
• Building a healthier workplace using data; Are there really tangible benefits?

This year, we will bring together the Southeast Asia ecosystem to discuss these an other topics at Echelon Asia Summit 2019! Sounds pretty great huh? Register here!

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Already excited for Echelon? Buy your tickets here! Enter promo code ECHELONFUTURE for free tickets!

Photo by Ian Yeo on Unsplash

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