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Ecosystem Roundup: Musk to consider offer to build EV battery plant in Indonesia | Alibaba injects US$230M into Lazada | Vertex Ventures launches US$64M Japan fund

Elon Musk

Dear reader,

Elon Musk’s recent meeting with Indonesian President Joko Widodo marks a significant step towards potentially expanding Tesla’s footprint in Southeast Asia.

Indonesia’s offer to host an electric vehicle battery plant, utilising the nation’s abundant nickel resources, aligns perfectly with Musk’s vision for sustainable energy solutions. The discussions, held after the World Water Forum in Bali, also included proposals for SpaceX to build a launchpad on Biak Island and an AI centre, highlighting Indonesia’s ambition to become a hub for advanced technology.

While Musk has yet to comment, the move underscores Indonesia’s strategic push to attract major tech investments and develop its EV sector. By leveraging its rich mineral resources and strategic location, Indonesia aims to position itself as a key player in the global electric vehicle market.

If Tesla accepts the offer, it could catalyse significant economic growth and technological advancement in the region. This potential partnership reflects broader trends of integrating advanced technologies into emerging markets.

Sainul,
Editor.

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NEWS

Indonesia minister says Musk to consider offer to build EV battery plant in country
Indonesia’s government has been trying for years to lure Tesla to build manufacturing plants related to electric vehicles as the government wants to develop its EV sector using the country’s rich nickel resources.

Vertex Ventures launches US$64M fund for Japan investments
Vertex Ventures Japan focuses on deeptech, digital transformation, AI, and the creator economy; The new fund’s launch follows Vertex Ventures Southeast Asia and India raising US$541 million for its fifth fund in September 2023.

Snowflake is in talks to buy Reka AI for US$1B
Reka AI develops large language models that can be used in areas like online customer support and caption generation; The company was founded by ex-employees of Google and Meta– Yi Tay and Dani Yogatama.

Alibaba adds US$230M into Lazada’s coffers
With this, the Chinese tech giant has poured a total of roughly US$7.7B into Lazada since 2016, when it invested US$1B into the Shopee rival to take a controlling stake.

Kasagi Labo secures US$12M to bring Japanese anime to global audience
The investors include Burda Principal, CMT Digital, SuperScrypt, Hashed, Sfermion, and Gold House Foundation; Kasagi’s platform aims to unite the entire anime content creation ecosystem, from IP owners to artists and voice actors.

Humble Sustainability raises funding to help organisations reduce e-waste
The investors include Gobi Partners, National Development Company, Double River Impact, and XA Network; Humble, which helps businesses sell their old IT equipment, claims to have diverted over 250k kilograms of e-waste from landfills so far.

BANIQL attracts US$1.6M for its innovative approach to nickel, cobalt extraction
The investors include BEENEXT, Seedstars, A2D Ventures, Sopoong Ventures, and XA Network; BANIQL can reduce water and energy consumption, minimise chemical usage, and decrease the ecological footprint associated with nickel and cobalt extraction.

Singapore VC Satori Giants enters Cambodia with investment in Jalat Logistics
X Venture Holdings is the other investor in the round; Jalat Logistics provides a management portal to streamline logistics operations and enhance service delivery.

Pine Labs gets Singapore court approval to shift base to India
Pine Labs offers a range of products and services to merchants such as cloud-connected point-of-sale machines and working capital; It is backed by Peak XV, Fidelity, Invesco, Temasek, PayPal and Alpha Wave and is valued at over US$5B.

Musk, Indonesian health minister, launch Starlink for health sector
Musk said the availability of the Starlink service in Indonesia would help millions in far-flung parts of the country to access the internet; The country is home to more than 270 million people and three different time zones.

Didi co-founder Liu steps down after decade at helm of Chinese ride-hailing firm
Liu, the daughter of Lenovo Group founder Liu Chuanzhi, was heavily involved in the company’s key financial decisions, including its merger with Alibaba-backed Kuaidi in 2015 and its takeover of Uber China business.

FEATURES

SEA startup surge: Major funding wins and strategic acquisitions across SEA
Explore the latest startup and investment news, featuring major fundings, M&As, and innovative ventures shaping the region’s tech landscape.

Collaboration and a sense of urgency: What it takes to support climate tech startups in Southeast Asia
How far can entrepreneurs and investors expect help from the government when it comes to supporting climate tech startups?

FROM OUR CONTRIBUTORS

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Infographic: A visualisation of Indonesia’s electric vehicle transition
To fully bring the local EV industry into the mainstream, Indonesia must craft supportive policies and strengthen its commitment to local production.

FROM THE ARCHIVES

Report: BNPL remains popular amongst Indonesian fintech services users
The survey also revealed that in choosing a fintech platform to use, Indonesian users considered three key factors.

These startups focus on informal plastic waste workers in fight against climate crisis
In many parts of Asia, plastic waste is commonly processed by informal workers who are part of the marginalised society.

7 ways to optimise your product page to attract more sales
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5 ways to monetise social media technology for startup success
Startups launching into the digital landscape need to use social media to promote and grow their businesses passionately.

Dream big, start small: Joel Neoh shares lessons from his years with Fave
In this interview, Joel Neoh reveals his more details of his plan to take a break after leaving Fave in March 2023.

To leverage Web3 technologies, Web2 companies may start by building the right culture
According to a panellist, Web3 is all about “a change in how we are looking at our community and our audiences”.

With US expansion on the horizon, Helport aims to help customer support teams cut down on error rate
This year, Helport has a major plan to expand in the US while maintaining its leading position in Southeast Asia.

Artem Ventures: Malaysia is a fantastic starter market, but startups need help to scale internationally
Artem Ventures is a VC fund management company currently managing a fund in partnership with insurance giant FWD Group.

500 Global: SEA’s agritech sector holds enormous potential as funding winter drives resilience
500 Global Partner Saemin Ahn highlights the rise of agritech in SEA. How can investors tap into this opportunity?

DANA Indonesia advocates fintech companies’ vital role in advancing financial inclusion
DANA Indonesia CEO Vince Iswara spoke about how fintech services introduced unbanked society to the ease and practicality of transacting and managing their finances.

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