Hello Pro member,
Is failure a failure?
We know it is not because we always have one or more lessons to gain from our failures, which will come in handy when building another venture. Plus, failures help you avoid mistakes in the future.
With high expectations, Warren Leow in 2017 launched Amazing Fables, which published personalised content to inspire young kids via rich storytelling, vibrant visuals, positive values, and exciting facts. He sold around 10,000 books, and orders poured from many countries. But three years later, he had to wind it up. High customer acquisition costs, low lifetime value and lower-than-expected gross profit margins led to Amazing Fables’s untimely death.
“It was breakeven on sales but needed a positive cashflow ROI on the first purchase to keep the engine chugging along for a bootstrapped company,” he said.
Along the Amazing Fables journey, he learnt many lessons.
In our first article from the failure series, he talks about the venture, the experience, and the lessons learnt.
Besides this, today’s ER edition also carries news items about eFishery’s unicorn club entry, B Capital’s closing of a new healthcare fund, Una Brands’s US$30M fundraising, Betterhalf’s Series A round, among other features, authored articles, and Top100 updates.
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Indonesia’s eFishery said to earn unicon tag in new funding round
The aquatech startup is said to be in advanced stages of finalising US$150M new round, likely to be anchored by Malaysia’s Khazanah Nasional Berhard.
Despite slowdown, SG continues to dominate equity funding in SEA
Singapore accounts for 56.3% of the deal volume, followed by Indonesia (22.4%); Early-stage funding in the island nation maintains its upward trajectory at 568 deals in 2022.
Changpeng Zhao says Binance and FTX ‘are different’
The tweets were in response to an editorial published by Forbes that draws parallels between the recent moves of the two crypto exchange firms.
B Capital closes inaugural US$500M healthcare fund
B Capital Healthcare Fund I targets firms from digital health to biotech that are building breakthrough products and solutions; The current B Capital global healthcare portfolio includes over 20 companies in the US, Asia and Europe.
SoftBank gets US$115M from sale of 3.8% stake in India’s Delhivery
The Japanese VC firm continues to be the largest shareholder in the logistics company, holding around a 13.5% stake; SoftBank has invested in a slew of unicorns such as Flipkart, Oyo, Lenskart, Unacademy, and Swiggy.
SG’s Blockchain Founders Fund closes US$75M fund
Fund II received support from key industry investors such as Polygon, Ripple, Octava, and AppWorks; BFF invests in pre-seed and seed-stage startups that use Web3 and blockchain tech to create new solutions.
E-commerce aggregator Una Brands rakes in US$30M
The lead investor is Northstar Group; Una Brands’s flagship brands, ErgoTune and EverDesk, are now in multiple countries across the APAC region and beyond.
DigiFT, a DEX by ex-Deputy China CEO of Citibank, bags US$10.5M funding
The investors include Shanda Group, HashKey Capital, Hash Global, Xin Enterprise, and North Beta Capital; DigiFT will use the new funds to support license applications in Asia, the Middle East, and Europe.
CrediLinq in advanced stages of making a strategic acquisition in Indonesia
The firm also actively seeks acquisition opportunities in Singapore; Founder Deep Singh said if traditional banks fail to embrace the embedded finance wave, it can become an existential threat to them.
AI-powered match-making platform Betterhalf nets US$8.5M Series A
The investors include Finsight Ventures, co-founders of Instagram and Dropbox, and Rebel Fund; Betterhalf claims it has recorded a 17% m-o-m growth, recording US$2.5M annualised revenue and has 1M+ monthly active users.
SEA fintech firm Fazz raises US$5.3M new funding from MUFG
The overall round could be larger; In September, Fazz raised US$100M in Series C comprising US$75M in equity from various investors and US$25M in debt facility from Lenable.
ILex gets US$4.5M to tackle inefficiencies in corporate lending
Hong Kong-based VC firm QBN Capital led the round; ILex’s loan distribution platform aims to offer banks, asset managers, and debt advisors operational efficiencies in primary syndication and secondary trading processes.
Philippine store management firm Enstack nets US$3M in Series A round
The investors include Mangrove Capital, Xendit, and Shinsegae International CEO William Kim; Enstack provides SMEs with an end-to-end app to manage multiple storefronts, inventory, payment and shipping solutions.
Malaysia streaming platform for Muslim children raises US$2.8M
The investors include Y Combinator, Gobi Partners, and former employees of Meta, Google, and IQIYI; The firm says it has also recorded over 22,000 subscribers.
Tech jobs return to SEA, open opportunities for tech talents in non-tech industries
As encouraged by the pandemic, digitalisation has pushed non-tech companies to seek qualified tech talents to support their transformation.
SGX-listed Thakral pours US$750K into SG analytics firm Climate Alpha
Climate Alpha uses machine learning to generate forecasts for land and property value for every year up to 2040 under multiple climate scenarios.
East Ventures, Temasek Foundation launch US$650K climate tech competition
The Climate Impact Innovations Challenge provides a platform for Indonesian startups and entrepreneurs to showcase their sustainable solutions to tackle ecological issues and mitigate the effects of climate change.
The first 10 frontrunners closer to competing in the 2023 TOP100
From our diverse pool of applicants, get to know the first group of startups that are close to competing at this year’s competition.
Brand new days: How startups can approach growth in a post-pandemic world
In the pre-pandemic world, growth is often identical with speed; Startups often stay in a cycle of raising funding to expand to new markets before they are hit with the reality of sustaining a business.
Warren Leow talks about Amazing Fables shutdown
Amazing Fables published personalised content to inspire young kids via rich storytelling, vibrant visuals, positive values, and exciting facts; It sold 10K units before the business shut down in 2021.
KittyKat does affordable brand photoshoots for small online businesses
The Singapore startup works affordably with brands and SMEs to create photos, videos, and GIFs; It has already worked with nearly 100 SMEs, brands, and MNCs across the US, Australia, and Asia.
Navigating a recession: How founders can protect revenue as funding dries up
The challenging part about recessions is that they are out of our control, and the best way to navigate them is to manage our own businesses effectively.
Empowering women at work: Pre-hiring stage is the key
The greatest push for gender equality at work starts from the very beginning of the funnel: even before the hiring stage.
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Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.
The post Ecosystem Roundup: SG tops SEA’s equity funding amid slowdown, eFishery said to earn unicorn tag, SG blockchain investor closes US$75M fund appeared first on e27.