Posted on

Ecosystem Roundup: Grab-Trans-cab deal under scanner; War blows apart Palestine’s tech industry

Dear Pro member,

The Gaza Strip has long been an unexpected tech hub, with an emerging ecosystem of talented tech freelancers, startups, and international collaborations. Despite its economic challenges, the region attracted the attention of global tech giants like Nvidia, which employed hundreds of engineers. The Palestinian tech ecosystem has seen investments of up to US$10 million, with initiatives like Gaza Sky Geeks providing pre-seed investments, training, and resources for entrepreneurs.

However, the recent escalation of hostilities has obliterated much of the progress made in Gaza’s tech sector. The destruction of infrastructure, including ISPs and universities, has left the tech industry in shambles. Electricity and internet access have been cut off, and many fear their safety, with frequent evacuations due to airstrikes.

This situation not only affects Gaza but also has ripple effects on the entire Palestinian tech scene. It’s particularly tragic given the growth and promise the region has shown in recent years, with companies attracting international clients and employment opportunities.

The conflict serves as a stark reminder of the fragile nature of tech ecosystems in conflict zones and the profound human impact when conflicts disrupt lives and the hopes and aspirations of tech workers and entrepreneurs striving for a better future.

It is hoped that peace can be restored, allowing the rebuilding and recovery of Gaza’s tech industry, which holds great potential for innovation, growth, and connectivity.

Sainul,
Editor.

================

SG competition watchdog raises concerns over Grab, Trans-cab deal
The CCCS stated that licensed ride-hailing operators in Singapore are prohibited from imposing exclusive arrangements’; Based on third-party feedback, it found that the deal may discourage Trans-cab drivers from using rival ride-hailing platforms.

MoneyHero cuts loss by 56% in H1 ahead of SPAC listing
MoneyHero started trading on the Nasdaq after merging with the SPAC, Bridgetown Holdings; The transaction values MoneyHero at an enterprise value of around US$310M and an equity value of roughly US$283M after reflecting net proceeds from the deal.

Philippine HR tech firm Sprout inches closer to profits in 2022
Sprout narrowed its losses before tax to about US$23.5K in 2022; This is a drop from roughly US$48.6K in 2021; Revenue grew 39% year on year to US$7.2M in 2022; The firm claims to have over 1,000 clients, including Lalamove, Foodpanda, and Canva.

MoneySmart hits profitability, eyes IPO by 2025
MoneySmart also said it hit operating profitability for the first half of this year; After aborting a US$161.7M reverse takeover deal to go public late last year, the company said it intends to pursue an IPO within the next two years.

CoinGecko remains profitable in crypto winter
While the crypto company didn’t disclose exact financial figures, it said that its revenue in 2022 was eight-figure and that it aims to hit an annual revenue of US$100M by 2026.

Quest Ventures invests in robotic prosthetics startup Vulcan Augmetics
Vulcan Augmetics makes wearable biosignal sensors and software that digitise the fitting and rehabilitation process for assistive devices; There are an estimated 57M amputees globally, with over 500,000 in Vietnam.

AMODA secures funding to enhance construction process in Indonesia
Lead investors are East Ventures and Living Lab Ventures; The startup uses cloud manufacturing and prefabrication technology to build solutions for individuals and businesses in Indonesia; The firm has a portfolio of over 200 construction assets.

Science Fund, Quest Ventures to bolster Kazakhstan startup ecosystem
Science Fund will leverage the extensive international network of Quest for research commercialisation, while the latter will draw from a deep pool of top scientific talent and ideas.

Japan-based Josys takes SaaS solution to Indonesia with new partnerships
Part of Josys’ service is to help enterprise clients manage the lifecycle of company-owned laptops, mobile phones, and other devices; The partnerships let the company expand this service across APAC; Josys recently raised US$93M in Series B.

Upbit Singapore secures provisional license for local digital assets biz
The approval allows the crypto firm to continue offering regulated digital payment services to both retail and institutional investors in the city-state until it gets the full license.

Tokopedia founder offloads US$1.7M in GoTo shares
William Tanuwijaya sold 332,220,000 series A shares of GoTo Group; The sale cut William Tanuwijaya’s stake in the company from 1.77% to 1.72%, though he remained GoTo Group’s biggest individual shareholder.

Spotify is launching a personalized in-app Merch Hub
Merch Hub provides personalised merch recommendations based on one’s listening habits; Previously, one could purchase artist merch from individual artist profiles and release pages; Now, you can access all artist merch in one dedicated place.

Palestine’s growing tech industry blown apart by Israel-Hamas war
International companies have, for many years, sought out a presence there to collaborate both with talented tech freelancers, and the startups which gradually emerged from the region.

Decoding technology’s future at She Loves Tech global conference 2023
She Loves Tech is a global platform committed to closing the funding gap for women in tech and women-impacted tech solutions.

Why India needs to improve access to instant healthcare solutions
The accelerating need for medical care is steering the country in the right direction in the midst of a Medtech revolution.

Mind the gap: How understanding the brain can help your startup succeed
Unlock the potential of neuroscience as your ally in the startup world and discover how to harness its power for your success.

VC deal-breakers: How anti-dilution clauses could sink your startup
Every term sheet is negotiable, and it’s in your best interest to seek legal counsel to ensure your startup’s future remains secure.

US Navy Chief Digital Transformation Officer reveals why most transformations fail
When it comes to digital transformation, Dr Patrick O’Connel highlights the importance of having a steady, strong budget.

How these SEA tech companies are using AI to improve their offerings
These two tech companies have used AI to help predict demands during the pandemic and answer customers’ questions about property price.

Diverse startups secure impressive funding this week
A week of noteworthy VC investments saw startups in telehealth, reseller ecosystems, embedded fintech, insurtech, and Web3 securing funds.

How a 10-day silent retreat made me a better investor
Vipassana taught me to focus on my breath and little by little I noticed myself redeveloping a sharp focus I hadn’t experienced in years.

What facilitates the adoption of digital currencies in Southeast Asia?
A number of countries in the region, including Indonesia, Myanmar and Cambodia, are working on digital currencies.

Back to the future: Why VR is the future face of education
This infographic reveals what Southeast Asia can learn from the US on the implementation of VR in e-learning.

Vietnamese delivery app Loship enhances customer experience with unique podcast feature
Loship introduces a novel podcast feature for customers, attracting over 100K listeners monthly and setting itself apart in the food delivery market.

The post Ecosystem Roundup: Grab-Trans-cab deal under scanner; War blows apart Palestine’s tech industry appeared first on e27.