Dear reader,
TikTok’s buying of a controlling stake in Indonesia’s Tokopedia (owned by GoTo Group) for US$1.5 billion will likely be the last major deal of the year in Southeast Asia. The investment will enable the Chinese entertainment giant to circumvent an Indonesian government ban on TikTok’s e-commerce shop and tap into the Southeast Asian country’s fast-growing e-commerce sector worth multi-billion dollars.
In 2023, the global tech startup ecosystem displayed remarkable resilience and innovation, navigating a complex landscape shaped by challenges and opportunities. Despite the ongoing impact of the COVID-19 pandemic, startups leveraged digital transformation trends, contributing to a robust and dynamic ecosystem. VC investments poured into diverse sectors, such as AI, sustainable technologies, and healthcare (although Southeast Asia witnessed the lowest funding in six years).
The maturation of emerging technologies, including blockchain, AR, and quantum computing, has fuelled groundbreaking solutions and market disruptions. Governments and corporations worldwide increasingly recognise the importance of fostering innovation and supportive environments through regulatory frameworks and incentive programmes. Collaboration between startups and established companies has become a hallmark, fostering synergies that drive progress.
However, challenges persist, including talent shortages, geopolitical uncertainties, and ethical concerns surrounding technology. Startups have also faced heightened scrutiny on issues like data privacy and security. As the ecosystem evolves, emphasis on sustainable and responsible practices has gained traction, aligning with a global push towards ethical tech.
In this special edition, we bring you a list of the top startup stories of 2023.
Sainul,
Editor.
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News
Alibaba pours US$634M into Lazada as competition heats up
The funding comes as Alibaba continues to adjust its strategies amid fierce competition in China from PDD and Tencent; Alibaba has shelved the planned spinoff of its Cloud Intelligence Group, as trade restrictions had hampered the business unit’s growth.
Klinik Pintar bags US$5M to expand its tech-enabled clinics in Indonesia
The investors are Altara Ventures, Infocom, Golden Gate Ventures, Skystar Capital, and Venturra; The startup provides healthcare services, such as doctor consultations, nursing, medicine, laboratory tests, and vaccinations for all ages.
2024 will be the year that redefines Web3 gaming: SKALE co-founder
“The real power of Web3 is that it brings more power, transparency, fairness, and monetisation to players. It extracts power from the big publishers and puts it back in the hands of devs and players,” he argues.
Barca’s BIHUB invests in friendly football matches discovery app CeleBreak
The app offers four modes: women’s, men’s and mixed football, as well as futsal; Users also get the chance to join training sessions, tournaments and leagues; In the last 12 months, 30K+ people have used it to play football.
Top news of 2023
WTF is going on at OpenAI? We have theories
What the hell is happening at the most hyped company in the world?! Here are some totally speculative theories that occurred to us and others around the web.
SVB is largest bank failure since 2008 financial crisis
Startup-focused lender SVB Financial Group (SIVB.O) became the largest bank to fail since the 2008 financial crisis in a sudden collapse that roiled global markets and left billions of dollars belonging to companies and investors stranded.
Binance CEO steps down as part of US$4B settlement with US
The announcement of Changpeng “CZ” Zhao’s stepping down capped yearslong investigations by the Department of Justice and others into anti-money laundering violations and sanctions violations.
17LIVE goes public via merger with Vertex’s SPAC
Singapore’s first SPAC, VTAC, was listed in January 2022; The entertainment firm opted to list via a SPAC merger because VTAC was headed by its longtime partner, Vertex.
Qatar firm JTA leads Indonesian MSME lender Investree’s US$231M Series D round
Investree also formed a JV with JTA that will serve as the Middle East hub for the lender to offer digital lending technology solutions.
MetLife, Khazanah join US$196M Series B round of insurtech startup bolttech
bolttech works with insurers, telcos, retailers, banks, e-commerce and digital destinations to embed insurance into the customer journeys at the point of need.
Indonesia’s Investree nets up to US$231M in Series D
Investree has set up the JV with lead investor JTA International; The resulting entity, called JTA Investree Doha Consultancy, will act as the Middle Eastern hub for Investree to offer digital lending services to SMEs.
US court orders SoPa to pay pre-IPO shares to co-founder and ex-CMO
The US court ruled that Thomas O’Connor had “validly exercised his right to purchase 1,148 shares of Society Pass under the terms of the Warrant.
Singaporean Sim Wong Hoo, who sued Apple for patent infringements over iPod, dies
In 1992, Creative Technology founded by Sim Wong Hoo became the first Singaporean company to list shares on the Nasdaq.
Most-read articles of 2023
Starting with a clear culture in mind is vital for companies: Huy Nghiem of Finhay
‘Short-term financial stability is as important as long-term goals; If we cannot meet the former, we can’t meet the long-term goal either’, says the Finhay CEO.
Meet the 25 investors that invested in AI startups in SEA in 2023 so far
With AI fast becoming the most popular tech tool in the new era, we look at the investors that invested in SEA’s AI startups in 2023.
Use Triphie to get highly customised itineraries for your next trip to Malaysia
Users can input their preferences, such as preferred activities, budget, and travel dates, and Triphie’s AI algorithm uses this info to generate customised itineraries.
E-motorcycle adoption in Indonesia: How to tap into this US$19.2B opportunity
In 2022, there were already 25,782 e-motorcycles in Indonesia, with more than 1,500 swapping stations available per Q1 2023.
Exclusive: Proptech company iMyanmarHouse acquires used cars listing portal CarsDB
The collaboration has expanded iMyamarHouse’s user base and catalysed cross-platform interactions, creating a one-stop digital destination for both real estate and automotive enthusiasts.
Top authored articles of the year
100 million inbound travelers in Saudi Arabia to access ChatGPT in Arabic via BuzzAR
Choco Up to provide US$5M funding to fuel BuzzAR’s expansion in Saudi Arabia, serving ChatGPT in Arabic to a targeted 100 million inbound travellers.
Decoding startup journey: Top 5 challenges entrepreneurs encounter
Thriving in the startup ecosystem requires overcoming numerous obstacles, as failure to do so can have dire consequences.
Decoding startup journey: Top 5 challenges entrepreneurs encounter
Thriving in the startup ecosystem requires overcoming numerous obstacles, as failure to do so can have dire consequences.
Discover TikTok Shop: The ultimate shopping-entertainment experience in Vietnam
In a short time, TikTok Shop has shown the special influence of this platform on businesses, sellers, and shoppers across the country.
How to meet your customer expectations fluently with the power of business messaging
The conversational future is here, and businesses need to start exploring how to incorporate business messaging in their marketing strategy.
Unlocking angel investing: 6 key steps for making your first investment
In this article, I hope to share several steps that you should consider before cutting that first cheque as an angel.
What can LKY teach you about identifying and building your first 100 fans
Here’s what Lee Kuan Yew’s documentary on Netflix taught me about how finding your first 100 raving fans can set you up for success.
The future of cybersecurity: A plan to fill the workforce gap and protect the world
As evidenced from the numbers, we are unable to narrow the cybersecurity workforce gap just by hiring from this limited pool of people.
What makes a great customer experience?
Unpredictable markets, hybrid lifestyles, and social responsibility are why customers are rapidly changing.
NCET cracks down on illicit activities in cryptocurrency market
Some experts believe that the US government’s actions signal a coordinated regulatory campaign to stymie the growth of the cryptocurrency industry.
Why live commerce is here to stay in Asia
Here is something to consider: the live commerce market in China alone is now worth more than US$60 billion a year.
Deciphering consumer sentiment: Understanding APAC consumers’ outlook for the year ahead
Brands should hone their messaging around the durability of their items as consumers look to make their money count.
The post Ecosystem Roundup: TikTok invests US$1.5B in Tokopedia, and this year’s top stories appeared first on e27.