Asia’s startup ecosystem is undergoing a profound transformation driven by rapid technological advancements. Once considered a region that trailed behind in innovation, Asia has now emerged as a global powerhouse for startups, with technology acting as the driving force behind this evolution. From financial inclusion to artificial intelligence (AI) and the rise of e-commerce, the adoption of technology is not just shaping the future but fundamentally altering the way businesses operate today.

This article delves into how technology is revolutionising Asia’s startup ecosystem and the impact it is having on key industries and markets.

Fintech: The foundation of financial inclusion

In recent years, fintech has become one of the most significant drivers of growth within Asia’s startup landscape. According to a report by Bain & Company, the fintech market in Asia-Pacific is projected to reach US$1.5 trillion by 2030, reflecting the region’s appetite for innovative financial solutions. This growth is particularly apparent in regions with historically low levels of financial inclusion.

Mobile payment platforms, such as Alipay and WeChat Pay in China and Gojek and GrabPay in Southeast Asia, have revolutionised how people and businesses handle transactions. In India, Unified Payments Interface (UPI) UPI processed 117.6 billion transactions in 2023, showcasing the increasing adoption of digital payments. These platforms have made it easier for people to access banking and payment services, especially in rural areas where traditional banking infrastructure is scarce.

Emerging blockchain technologies are also shaping the future of fintech in Asia. Decentralised finance (DeFi) and digital assets are gaining traction as blockchain-based startups build new ecosystems to provide services outside of traditional banking. This shift is creating new avenues for both startups and investors in markets like Singapore and South Korea, where governments are fostering blockchain innovation through regulatory sandboxes and favourable policies.

E-commerce: Driving Asia’s digital economy

The e-commerce sector in Asia is one of the fastest-growing in the world. The region is home to several e-commerce giants, such as Alibaba, Shopee, and Flipkart, which continue to dominate and innovate in the market. E-commerce sales in Asia-Pacific reached US$2.992 trillion in 2022 and are projected to grow at a compound annual growth rate (CAGR) of 8.9 per cent through 2027, according to Statista.

Countries like China, India, and Indonesia are leading the charge, thanks to a tech-savvy population and high internet penetration rates. For instance, Indonesia’s e-commerce sector is forecast to reach US$90 billion by 2025, fuelled by rising internet connectivity and a growing middle class.

One of the biggest drivers of this growth is the adoption of social commerce—the integration of social media with e-commerce platforms. Platforms such as WeChat, TikTok, and Instagram allow businesses to engage with consumers directly through targeted marketing and seamless purchasing processes. Startups are leveraging these platforms to build direct-to-consumer (DTC) brands, bypassing traditional retail models and reaching consumers more efficiently.

Also Read: All you need to know about the fintech boom in Vietnam

Artificial intelligence (AI) and machine learning are also enhancing the e-commerce experience by providing personalised product recommendations, optimising logistics, and improving customer service. Companies like Lazada and JD.com use AI to predict consumer behaviour, streamline supply chains, and create a frictionless shopping experience.

E-commerce continues to thrive in Asia, with technology enabling startups to innovate and scale quickly, particularly through social commerce and AI-driven solutions.

AI and automation: Disrupting traditional business models

Artificial intelligence (AI) and automation are reshaping industries across Asia, providing startups with the tools to innovate and streamline operations. According to IDC, AI spending in Asia-Pacific is expected to reach US$46.6 billion by 2026, underscoring its growing importance in the region.

AI is particularly influential in sectors such as healthcare, manufacturing, and customer service. In healthcare, AI-powered telemedicine platforms like India’s Practo and Indonesia’s Halodoc are transforming how patients access healthcare. By leveraging AI for diagnostics and virtual consultations, these startups are providing critical medical services in regions with limited access to healthcare facilities.

The manufacturing sector, a critical driver of Asia’s economy, is undergoing a transformation thanks to automation and robotics. In China and Southeast Asia, AI and the Internet of Things (IoT) are being used to create smart factories that optimise production lines, reduce waste, and improve overall efficiency. AI-powered supply chain solutions help manufacturers predict demand, manage inventories, and minimise disruptions—critical in a post-pandemic world where supply chain reliability is paramount.

In the service sector, startups are using AI to enhance customer support through chatbots and natural language processing tools. These technologies not only improve customer satisfaction but also reduce operational costs for businesses by automating repetitive tasks and delivering real-time insights.

AI and automation are giving startups in Asia a competitive edge by enabling them to improve operational efficiency, deliver personalised services, and scale faster.

Cloud computing: Enabling scalability and flexibility

Cloud computing has become the backbone of modern startups in Asia. With the rise of Amazon Web Services (AWS), Microsoft Azure, and Alibaba Cloud, startups now have access to scalable and affordable computing infrastructure that allows them to operate with unprecedented flexibility. The cloud market in Asia-Pacific is projected to reach US$288 billion by 2030, according to GlobalData, underscoring its critical role in supporting business growth across the region.

For startups, cloud computing eliminates the need for costly IT infrastructure, allowing them to focus on core product development and customer acquisition. SaaS (Software-as-a-Service) models are particularly popular among tech startups, offering ready-made tools for everything from customer relationship management (CRM) to project management and data analytics.

In regions like Southeast Asia, where startup ecosystems are still developing, cloud computing has enabled rapid innovation. Startups in sectors like edutech and healthtech are leveraging cloud infrastructure to deliver services at scale, often to millions of users across multiple countries.

Venture capital: Fueling Asia’s startup growth

The influx of venture capital (VC) funding has been another major catalyst for the growth of tech startups in Asia. According to Preqin, venture capital investments in Asia-Pacific surpassed US$100 billion in 2022, with significant funding going into sectors like fintech, e-commerce, healthtech, and deeptech.

Also Read: How is fintech different in Asia

China and India continue to lead in terms of VC investments, but Southeast Asia is quickly emerging as a key destination for investors. Countries like Indonesia, Vietnam, and the Philippines have seen a surge in funding, driven by a growing middle class and increased digital adoption.

Corporate venture capital (CVC) also plays a key role, with companies like Alibaba, Tencent, and SoftBank investing heavily in regional startups. These investments provide startups not only with funding but also access to valuable networks, market insights, and strategic partnerships.

Venture capital is fuelling the rapid growth of tech startups in Asia, creating a vibrant ecosystem where innovation can flourish.

The future: Web3, metaverse, and digital economies

Looking ahead, the next frontier for Asia’s startup ecosystem is the convergence of Web3, the Metaverse, and digital economies. Startups across the region are already exploring the potential of decentralised technologies, NFTs, and virtual worlds. In countries like South Korea and Singapore, governments are actively supporting Web3 innovation through regulatory frameworks and pilot projects.

The gaming industry is at the forefront of this transformation, with blockchain-based games like Axie Infinity (developed in Vietnam) leading the way in terms of innovation. The concept of play-to-earn (P2E), and chat-to-earn (Influencio AI) are gaining traction, offering players economic incentives through digital assets and NFTs.

As digital economies continue to grow, startups will have unprecedented opportunities to create new business models and redefine the way people interact, transact, and engage online.

Conclusion

Technology is undeniably shaping Asia’s startup ecosystem, creating a dynamic environment where innovation thrives across sectors. From the rise of fintech and e-commerce to the adoption of AI and blockchain, Asia’s startup landscape is more vibrant than ever.

With strong government support, a booming venture capital ecosystem, and a forward-thinking approach to emerging technologies, Asia is set to remain at the forefront of global innovation for years to come.

For startups, the message is clear: Asia offers a fertile ground for innovation, and the time to seize the opportunity is now.

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By 30 September 2024, every Singapore startup must appoint a Data Protection Officer to comply with the PDPA, avoid fines, and reduce exposure to risk.

For startups in Singapore, compliance isn’t just about following the latest tech trends—it’s about adhering to legal mandates that protect both businesses and their customers. With the 30th September 2024 deadline fast approaching, all companies, including startups, are required by law to appoint a Data Protection Officer (DPO) to ensure compliance with the Personal Data Protection Act (PDPA). Failure to do so can result in significant financial and reputational risks, but the benefits of having a DPO go far beyond just meeting regulatory requirements.

Here’s why your startup should prioritise this now:

It’s a legal mandate with a firm deadline

The PDPA mandates that every Singapore-based business, including startups, must appoint a DPO by 30th September 2024. This deadline is both a cut-off for compliance and the date from which all companies are legally obligated to have a DPO in place. The DPO’s role is to ensure that personal data is handled securely and in line with regulatory standards.

Startups often move fast, but ignoring this requirement can result in heavy fines and reputational damage—risks no growing company can afford.

Not just for tech startups

While tech startups may be at the forefront of data handling, any startup—whether in logistics, healthcare, education, or e-commerce—falls under the same requirement. The PDPA applies to any company that collects, uses, or stores personal data. No matter the industry, appointing a DPO is critical for ensuring data security and regulatory compliance.

Protecting your business from financial and legal risk

The financial risks of non-compliance with the PDPA extend beyond just regulatory fines. Your startup could also face lawsuits from customers or other stakeholders if their data is compromised. In addition, the reputational damage from a data breach can result in lost revenue and customer trust. A DPO ensures you meet legal requirements and protects your business from broader financial risks.

Building trust from day one

Data breaches are becoming more common, and customers are more concerned than ever about how their personal information is handled. By appointing a DPO and demonstrating your commitment to data protection, your startup builds trust from day one. In a crowded market, this can set you apart from competitors and give potential clients and investors confidence in your business.

Also Read: Embracing AI evolution: The crucial role of data management and cybersecurity in AI success

Data protection is more than just compliance

Data protection isn’t only about meeting legal obligations—it’s about preventing security issues before they arise. A DPO plays a crucial role in shaping your startup’s data protection strategy. Rather than reacting to problems, the DPO helps implement proactive data management practices, securing sensitive information and building long-term resilience. This strategic approach helps avoid risks that could otherwise damage your startup’s growth.

Pursuing certifications to boost credibility

Many startups aim to go beyond compliance and achieve certifications such as ISO 27001, which demonstrates that your business meets internationally recognised data protection standards. Achieving such certifications can enhance your credibility with customers, partners, and investors. A DPO guides your startup through the process, helping you not only meet compliance standards but exceed them, adding a competitive edge to your business.

Getting started: Appointing a DPO

For many startups, hiring a full-time DPO may seem out of reach, especially in the early stages. Fortunately, fractional or outsourced DPO services offer a practical solution. These services provide expert guidance and ensure you meet your legal obligations without the need to hire a full-time employee. This flexibility allows your startup to stay lean while ensuring compliance.

Conclusion: Don’t wait until it’s too late

Appointing a Data Protection Officer isn’t just about avoiding fines—it’s about protecting your startup’s future. With the 30th September 2024 deadline approaching, now is the time to act and secure your data. Ensuring compliance with the PDPA will help you avoid financial risks, build trust with your customers, and set your startup up for long-term success.

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Especially in the wake of a global pandemic, in the past decade, the world has seen more change than ever. Not only is the rate of technological advancement more rapid than ever, but nearly every industry on planet Earth is in a state of evolution. In order to keep up with these industry changes, businesses must learn to adapt to the modern workforce. In fact, the most effective way to remain successful in today’s workforce is to prepare for the challenges of tomorrow.

The value of skills-based learning and development

Custom skills-based learning and development training is one of the top methods for keeping sharp in our ever-changing environment. Implementing these trainingsoffers several benefits to companies that invest in them, improving the lives of employees and their employers.

These programs can not only expand employee skills and knowledge bases, but they can also lead to improved bottom-line profits. Studies have shown that nearly 80 per cent of employees are more likely to stay with a company that offers continuous training. With a modern solution that caters to both employees and the well-being of the company as a whole, it is no wonder these trainings have become so popular.

Addressing leadership gaps

Despite the clear benefits, studies on the subject are still reporting that this is an area that needs improvement. Over 60 per cent of leaders report not feeling fully prepared to respond to new technology and talent challenges. Additionally, over 40 per cent of C-Suite leaders say that skills shortages hold back their ability to respond to change.

To remedy these shortcomings, many services are dedicating resources into helping companies and employees to stay competitive and agile. With these initiatives, it is possible for all modern businesses to reap the benefits of custom training.

Artificial intelligence is a tool that has heightened the experience of creating and using custom training programs. Hand in hand with existing technology, AI enriched learning solutions are driving human centred success through their many key benefits. First, they are custom-developed, meaning they are versatile and able to be tailored to the needs of every company and its employees. Market research is used to advise the creation of the trainings so they can remain relevant and up-to-date on any changes. Additionally, they offer benefits that extend beyond the conclusion of the course, fostering impactful takeaways long after the initial implementation.

These programs are also the highest-quality available on the market. This is largely due to the integration with the latest research, innovations, and best practices. The role of artificial intelligence also makes a difference, as it combines the most cutting edge technology with some of the industry’s leading experts. Because of this, custom trainings are also incredibly cost-effective. In fact, leading creators of these programs pledge to beat or match current market training pricing.

Also Read: Fostering a thriving workplace with shared values through E&C training

The final key benefit to implementing custom training in the workplace is the speed at which they can be developed. Top providers are able to develop these courses rapidly, often in just a few weeks. Additionally, they are quick moving without sacrificing their proficiency in a variety of educational topics and focuses. 

Ultimately, the results of implementing these trainings speak for themselves. They are able to produce measurable results and return on investment (ROI) data directly back to company executives. These solutions deliver tangible improvements in not only employee performance, but also business outcomes. They also come built with customisable metrics and reporting to track progress and ROI in the way that works best for each company.

Attracting top talent and eliminating skill gaps

Custom employee training also has been shown to attract top talent. Studies have shown that employees want to work at a company that consistently commits to developing their staff. Showing investment in professional development is a green flag that looks good to those looking to find a new position.

Taking part in learning and development training also eliminates skill gaps between employees. This way, employees can gain knowledge in a subject area while simultaneously deepening their expertise in areas they are familiar with. Additionally, there is less of a difference in skill and knowledge between levels, which fosters camaraderie and boosts community within the company.

Commitment to growth drives success

There is no limit to the growth of companies that continuously commit to the growth of their employees. For rapid staff development in the modern workforce, there is no better place to look than custom learning and development training.

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Broom, a tech startup empowering Indonesia’s used car showroom ecosystem, has closed a US$25 million Series A extension investment round led by Openspace Ventures.

AC Ventures, Quona Capital, MUFG Innovation Partners, and PKSHA Capital also participated.

Additionally, Broom has secured credit facilities from various institutions, including Komunal, Funding Societies Capital, Modalku Finansial Indonesia, Alami, Koinworks, Helicap, and DBS Indonesia, as well as support from several high-net-worth individual investors.

Also Read: Broom bags US$10M to diversify product offerings

With this investment, the startup aims to accelerate market expansion, deepen strategic partnerships, and build a top-tier team to drive sustainable success in dealer and buyer segments.

Pandu Adi Laras, CEO of Broom, stated: “The automotive sector faces challenges such as outdated financing options and a lack of digital integration, which hinder both dealers and consumers. By providing comprehensive solutions, including more innovative and inclusive financing for dealers across Indonesia, we aim to transform the industry and drive sustainable growth.”

Broom focuses on empowering Indonesia’s used car showroom ecosystem through technology and optimising vehicle inventory access while serving as a partner in expanding showroom businesses in a better and more comprehensive direction.

In the first half of 2024, the company’s disbursement from the Buyback product—designed for automotive dealers to temporarily sell their vehicle stock for working capital—nearly doubled compared to the same period last year, with a 144.9 per cent increase, reaching US$72.5 million. This has supported more than 7,000 SME automotive dealers in growing their businesses.

Additionally, Broom Leasing Channeling (BLC), a new service launched in Q4 2023, has generated 2,300 transactions, with total revenue exceeding US$17 million and capturing a 25 per cent market share in H1 2024.

Also Read: Broom nets US$3M to provide financing, digitalisation solutions for Indonesia’s auto dealers

In H2 2024, the company focuses on operational expansion to Western and Eastern Indonesia, collaborating with 23 multi-finance companies to streamline transaction processes through API integration and strengthen organisational capabilities through talent retention and recruitment.

Indonesia’s automotive industry, one of the largest in Southeast Asia, presents immense opportunities, particularly in supporting traditional dealers as they adapt to digital transformation.

The post Indonesia’s Broom bags US$25M funding to accelerate market expansion appeared first on e27.

Dear reader,

SoftBank Group’s Vision Fund is reportedly preparing a US$500 million investment in OpenAI as part of a US$6.5 billion funding round.

This move, led by Thrive Capital with participation from Microsoft, highlights OpenAI’s soaring valuation of US$150 billion, making it one of the world’s most valuable startups. However, the investment comes at a time of flux for OpenAI.

The recent departure of CTO Mira Murati follows other leadership changes, raising questions about the company’s internal stability.

Additionally, OpenAI is exploring restructuring into a for-profit entity, which could signal a shift in strategy as it navigates both growth and societal responsibilities. The possible public benefit corporation model suggests OpenAI is considering how to balance profit-making with its mission to develop AI for the common good.

Interestingly, SoftBank’s investment marks its first direct backing of OpenAI, despite its earlier support of rival Perplexity AI. As OpenAI continues its rapid ascent in the AI landscape, these financial moves could reshape its future, both operationally and philosophically.

With discussions about CEO Sam Altman receiving equity, OpenAI is undergoing significant transitions, underscoring the broader evolution of AI companies as they reconcile commercial ambitions with global ethical responsibilities.

Sainul,
Editor.

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NEWS & VIEWS

SoftBank invests US$500M in OpenAI
The deal represents SoftBank’s first investment in the Sam Altman-led AI firm; Apple reportedly dropped out of plans to participate in the round, which currently values OpenAI at US$150B before the SoftBank investment.

Binance founder ‘CZ’ released from custody after four-month sentence
CZ’s sentence was the product of a federal investigation that found Binance had failed to stop widespread criminal activity on the world’s largest cryptocurrency exchange.

Singapore grants WazirX four-month moratorium for recovery
A Singaporean court acknowledged that the Indian crypto exchange has actively communicated with its creditors since the beginning of the proceedings and submitted a request for the moratorium, primarily focused on restoring cryptocurrency balances.

Sleek raises US$5M debt financing; its Singapore unit turns profitable
The investor is Fintech Nation Fund; Sleek, a platform that provides company registration, compliance, and financial services to SMEs, intends to use the debt financing to grow in Singapore, Hong Kong, Australia, and the UK.

HeiTech Padu acquires 30% stake in Islamic payment firm Souqa Fintech for US$3.94M
Souqa Fintech’s payment solutions PayHalal caters and compliments for the specific demand of Islamic financial solutions; It’ll enable HeiTech to propel further within the Islamic-based e-commerce ecosystem.

FEATURES & INTERVIEWS

Soonicorns on the horizon: Unveiling Southeast Asia’s future leaders
Strong economic growth, favourable government policies, increasing VC investment, and tech advancements drive the soonicorn startup boom.

Lytehouse improves workplace safety with AI-based video intelligence, teams up with Google Cloud
Lytehouse is part of the inaugural cohort of AI startups graduating from the Google for Startups Accelerator: AI First Singapore.

FROM THE ARCHIVES

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How to build an organisation of data scientists in a data-driven world
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How your face can determine the funds you raise (while crowdfunding)
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How early-stage deep-tech startups can attract and retain the right talent
It’s not exactly rocket science, but here are four things to note before going on the talent hunt for deep tech startups.

How the tech industry is redefining the remote work culture
It’s important to remain receptive to changing employee desires to establish the best practices for remote work.

What I learned about procrastination while scaling my startup to 4.2M users
The reasons we avoid a task are extremely personal. The commonly touted “productivity hacks” don’t always cut it for procrastination.

Save yourselves and stop making these pitch deck mistakes
Іt’s а cold wоrld оut thеrе, and sometimes you’ll get a little frosty too. So make sure you are prepared. Starting from your pitch deck.

Dynamic content in the era of machine learning
With machine learning, each variation is automatically crafted for the individual consumer, catering to unique tastes and interests.

OKR is a startup lifesaver. Here is how to craft them
OKRs (Objectives and Key Results) is a powerful framework. Here is how to make it an essential part of your workflow.

Unlocking personalisation mastery: 7 principles of intelligent customisation
Basic personalisation is failing to engage; tactics that centre on relevance rather than demographics are much more effective.

Unlocking the potential: How the digital ecosystem drives transformation in the insurance industry
Offering micro-insurance products with low premiums for users is key to success in the insurance industry today.

Unlocking marketing success for startups and small businesses: Strategies for excellence
When it comes to creating a marketing plan for startups and small businesses, there are unique approaches that founders need to keep in mind.

Navigating the AI landscape in 2024: Why there is an urgency for enhanced governance
There are two points that stand out in 2024, starting with how AI will experience a shift from a “nice-to-have” to “must-have”.

Book Excerpt: In this digital age, customer journey as we know it may no longer exist
In his upcoming new book, JC Sum stresses why changes in customer journey are inevitable –and that they do not discriminate.

What does data proliferation in the post-pandemic world mean
The successful implementation of hyper-automation will enable organisations to gain an edge over their competitors and streamline operations.

Leading during uncertain times: The rising importance of empathy
Empathy has never been more relevant than in the last two years; whereas sympathy is ‘I feel sorry for you’, empathy is ‘I understand you’.

How digital banking is driving financial inclusion in SEA
The success of digital banking has led to wider acceptance among regional financial regulators as well as driving financial inclusion in SEA.

India’s big opportunity with open data
An open-data regime, which allows the consent-based sharing of users’ financial data, has benefits across the financial system.

Are social sellers missing an important piece of the data puzzle?
As social media platforms are opening new avenues for selling, they often miss a crucial piece of the puzzle: customer data platforms (CDPs).

THOUGHT LEADERSHIP

Why sustainable power starts with data
Global power companies use data to determine where to allocate their budget for new projects and predict which assets are most likely to fail.

From trade to truce: The role of business in a fractured world
As geopolitical challenges continue to evolve, the role of businesses and brands as stabilising forces remains essential.

Can AI truly connect? The emotional dilemma of virtual influencers for women
The journey with AI influencers is just beginning, and their role in shaping the future of women’s empowerment depends on how we guide them.

The benefits of custom skills-based training in the modern workforce
For rapid staff development in the modern workforce, there is no better place to look than custom learning and development training.

How ignoring data protection could cost your startup
Data protection isn’t only about meeting legal obligations—it’s about preventing security issues before they arise.

How leading Asia corporates avoid the aimless innovation trap
Every business leader seeks innovation, essential for building a competitive moat, but a savvy leader also recognises the risks of unchecked innovation.

What are the benefits of a culture-based leadership style?
Organisations with a people-first culture often see improvements in customer satisfaction, sales, profitability, and workplace survey results.

The post Ecosystem Roundup: SoftBank invests US$500M in OpenAI | Binance founder released from custody in US appeared first on e27.

Most entrepreneurs understand that developing a new product or service involves multiple iterations, pivots, and extensive changes. When a company progresses from concepts to prototypes to minimum viable working versions to products ready to scale, the team’s required skills will inevitably also evolve.

The initial stages of a startup require people with a certain set of core strengths, and it can be difficult to accept that the people you initially envisioned — maybe people you trust who you’ve known professionally in a different capacity — may not be the best suited for the job.

Archetypes and the entrepreneur archetype

To address this common hiring oversight, it’s helpful to introduce the concept of archetypes. Archetypes are a representation (with a short, sweet name you can remember) of a set of characteristics that you use as a model to evaluate people. The beauty of archetypes is their flexibility; there’s no standard template, and the traits you choose to look for are subjective and tailored to your project’s needs. For any role you may be hiring, identify what archetype you’re looking for and create your interview around that. 

In your launch (and pivot) phase, it’s crucial to hire individuals fitting the Entrepreneur Archetype. It’s not the same as simply hiring people with entrepreneurship experience, no matter how positive or negative the outcome. Here, we focus on the core strengths and traits that typify entrepreneurial individuals:

They’re extremely comfortable with ambiguity

To survive the chaos and extreme ambiguity of a startup in the Launch Wave, entrepreneurs are smart, intuitive, and able to function without knowing all the facts, solving problems creatively without frameworks or processes. One way you can recognise them during the interview process is that they won’t ask a lot of questions about the scope of the role and responsibilities.

They’re well-rounded

You need people who can connect the dots at a time when you don’t even know where the dots are going to be. Except for certain deep tech or specialised companies, you want to hire people who have a range of experiences, who can find opportunities within the opportunity, stay alert, and move fast. Hiring someone who has worked on the same types of products in the same domain for a long time can be a red flag, since they may be set in their pre-existing knowledge, and everything will look like a nail for their hammer.

Also Read: Startups should celebrate failures. This is how to keep the experimenting culture alive

They’re proactive and risk takers

You need people who take the initiative even when good outcomes aren’t guaranteed. Startups have few playbooks, and most of the time you depend on people to just do things on their own without being told. Look for signs of initiative in their personal lives or how they approached their roles. Are they curious? How did they get into their different roles — was it part of the natural growth carried by inertia or were they their own agents of change? Did they do something unexpected?

They’re hard workers and roll up their sleeves

You need people who can wear multiple hats and have a generous understanding of what their contribution means. In a startup, one day you’re designing a feature and the next you’re printing shipping labels to ship a workaround that unblocks a customer. No prima donnas.

They work with enthusiasm and grit

You’re going to spend a lot of time together, under a lot of pressure. Things may go well, but they’ll also go sour often, so you need people who display stamina, grit, and a smile while they go through the thick of the storm. Look for signs of committing to something hard and seeing it through. Has this person jumped from job to job every year for the past ten years? That’s a red flag.

One of the mistakes entrepreneurs make is hiring someone for the needs of today (Launch) and tomorrow (Scale), because that’s rarely the same person. You’ll have different needs along your journey, but you need to hire (and fire) for the phase you’re in. This implies that in the future you may need to replace people as your needs change. Some people are avid learners and flexible, so they’ll be able to adapt and grow with the company. Others will have to go to make room for the newcomers with the skills required at that time — and that may include yourself.

Also Read: How early-stage deep-tech startups can attract and retain the right talent

In startup culture, grit and persistence — and the accumulation of vesting stock at the potential gigantic exit — might cause people to extend their welcome. Other people lack the self-awareness to realise it’s not working. Not recognising the mismatch of skills will make everybody unhappy, and cutting ties in this situation is the healthiest thing to do for everyone involved. You’ll have different needs along your journey, but you need to hire (and fire) for the phase you’re in.

Often when you must let someone go because of performance, it’s not about their performance in general — it’s about their performance in that role at that moment. Usually, there’s a mismatch of archetype with what the role requires. Developing those core strengths is hard, even in normal conditions.

It’s even harder in a startup (a pressure cooker disguised as a company), where there’s an almost nonexistent training budget and coaching programs. That person would be much happier in a different role in which their core strengths match what the role requires. A startup can teach you a lot very fast about an industry or how to perform a particular function, but it’s not the place to develop new core strengths. What you hire is what you get.

Excerpted from Sail to Scale: Steer Your Startup Clear of Mistakes from Launch to Exit by Mona Sabet, Heather Jerrehian and Maria Fernandez Guajardo. Copyright 2024 Mona Sabet, Heather Jerrehian and Maria Fernandez Guajardo. Reprinted with permission.

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Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

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Without a doubt, leaders who prioritise “people and culture” at the heart of their strategies consistently build organisations that are both admired and exceptionally successful. Some business leaders, however, may find the idea of focusing on people or culture nebulous compared to driving their businesses through sales or other metrics alone because the impact of culture on tangible metrics like revenue and profit can be harder to quantify.

Sales figures provide immediate, concrete data that directly reflects business performance, whereas the benefits of a strong culture—such as improved employee engagement, retention, and innovation—manifest potentially over a longer period and are less directly measurable.

Additionally, leaders with a traditional mindset may view cultural initiatives as “soft” or secondary to the “hard” numbers-driven strategies of sales, potentially underestimating the profound influence that a positive, well-managed culture can have on long-term business success.

One question I would ask in these more traditionally driven companies is whether there is a clearly articulated go-to-market vision and sales plan anywhere because culture building requires the expression of a clear vision that binds all, usually emphasising in the most successful organisations, where and how to win in the market. The traditionally lead organisation, usually, in comparison, is one where focus on the current financial year, with attendant feast and famine, is the primary experience.

Culture building in organisational terms can be misunderstood. In what ways then, can a people first cultural building approach to organisational leadership help to transform not only the enterprise but it’s financial results?

Increased morale and engagement

When employees feel that their well-being and needs are a top priority, they are more likely to be authentically engaged and motivated. They feel valued, appreciated, and invested in. This in turn builds morale and commitment to the team and the organisation. An organisation which does not communicate well, and which lives month by month, quarter by quarter on the other hand, does not build long-term employee loyalty.

Also Read: Are you a human resource?

Stronger team cohesion

A people-first culture fosters a sense of belonging and camaraderie across team members and across organisational functions. When individuals feel supported, cared for, and heard, they are more likely to collaborate effectively and build stronger relationships within and across teams. Values such as “better together”, ensure ultimately that the customer is the winner, because cross functional priorities and goals are better aligned in the pursuit of stickier customer relationships.

Enhanced communication

Open and honest communication is a hallmark of people-first cultures. Team members are encouraged to express and share their ideas, concerns, and feedback without fear. Such transparency leads to better communications within the team, closely aligned to the goals of the company. Emphasis on creating a ‘psychologically safe’ space thereby enhances the productive bonding of diverse and passionate individuals towards one aligned goal of winning for the organisation and it’s clients in the market.

Improved retention and talent acquisition

Organisations that prioritise their employees’ well-being tend to have lower turnover rates, as people who feel that their personal and professional needs are being met, have less reason to look elsewhere. It also helps to attract new talent through personal recommendations and good reviews (such as Glassdoor), in the market. Remember, in sales, your folks have developed networks and it is highly likely that they will frequently meet the competition across the course of a year at various events. Become the workplace your competitors want to work at.

Higher productivity and creativity

Employees in people-first cultures are more likely to bring their full selves to work, which leads to greater creativity and innovation. They are also more bonded to the mission, meaning they are more likely to go that extra mile in achieving team and organisational goals.

Also Read: Why HR tech will make Asia’s next unicorns

Better problem solving

In an environment where team members are valued and encouraged to be heard, problem solving becomes more effective. Diverse opinions are welcomed, often leading to more comprehensive and creative solutions, usually and critically, with more widespread buy-in. This also ensures that good ideas are encouraged, and can come from anywhere in the organisation, as all have a unified understanding and mission around winning in market.

Reduced stress and burnout

Prioritising the well-being of the team can help to reduce stress and prevent burnout. When backed by resources and support, they will also feel better equipped to manage the challenges of their roles.

Positive impact on performance metrics

Organisations with a people-first culture often see great improvements in key performance metrics such as customer satisfaction, sales, profitability, and great places to work surveys.

In conclusion, embracing a people-first, culture-driven approach to leadership can profoundly transform an organisation and its outcomes. While traditional metrics like sales figures provide immediate, quantifiable results, the long-term benefits of a strong, positive culture—enhanced morale, team cohesion, communication, retention, productivity, problem-solving, and overall well-being—are invaluable.

These elements collectively drive sustainable success, fostering an environment where employees feel valued and motivated to contribute their best. By prioritising people and culture, leaders not only build admired organisations but also achieve exceptional and lasting business results, proving that the most successful enterprises are those that invest in their people.

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In today’s digital age, where personal development content is just a scroll away, women face a new challenge: AI influencers. Platforms like Instagram and TikTok are already crowded with influencers showcasing perfect lives, triggering cycles of comparison that leave many feeling inadequate.

Now, AI influencers for good add a new layer of complexity, bringing an emotional dilemma to the forefront — can a virtual being meaningfully contribute to deeply human conversations and needs? This is the struggle women face with AI, a technology that’s both promising and unsettling.

AI and the human experience

At the heart of this dilemma is the tension between trust and authenticity. By its nature, AI lacks the human touch—lived experiences, unique creativity, and authentic expression that shape our perspectives. Yet, at Taara Quest, we set out to challenge this notion with the introduction of ‘Taara’, a virtual influencer designed not just to promote beauty or luxury but to address real issues like anxiety, workplace harassment, and career struggles.

Despite these noble intentions, the reception of AI influencers like Taara has been mixed. When we launched her in July 2024, we felt a deep responsibility to create something that truly resonates with women globally. “We wanted Taara to be a source of strength for women, especially those working in tech who feel unheard and unseen.” However, our initial study — surveying 400 women across 41 countries — revealed deep skepticism. Women are asking: How can an AI possibly understand the complexities and struggles of our lives?

The emotional dilemma

This skepticism stems from the emotional core of human experience. While AI influencers can process vast amounts of data and offer personalised content, the question remains: Can they genuinely connect with the way we think and feel? In social media spaces, where authenticity is highly valued, many women find themselves torn between appreciating the efficiency of AI-driven content and resenting its inability to truly connect on an emotional level.

Also Read: Decoding Generative AI success with the AI PaaS from DataStax

For instance, in Indonesia, Taara’s message of empowerment resonates, but trust issues persist due to recent technological breaches. In parts of Africa, the concept of an AI influencer is often misunderstood, with some mistaking Taara for financial tools or automated customer service bots. These gaps in AI literacy highlight a broader issue — regional and cultural contexts significantly influence how AI is perceived, and trust remains a considerable hurdle.

The search for authenticity

A deeper issue arises when AI influencers, despite their non-human nature, start to embody unrealistic human ideals. We spent six months developing Taara’s appearance in collaboration with women from all over the world. Despite our best efforts, she still reflects an idealised image of femininity — perfect skin, symmetrical features — qualities that many women already struggle to achieve in a world dominated by unrealistic beauty standards.

As much as we strove to create an imperfect, relatable appearance for Taara as a mature woman in her 30s, the inherent biases in AI image models were difficult to overcome. No matter how we prompted her, she would always appear slightly too thin, reveal more skin than intended, and look closer to 20 than 30.

Only when we prompted her as a 50-year-old did we start to see signs of aging. The technology behind AI models is still largely trained on data that reflects filtered, sexualised imagery. “Creating a virtual woman who embraces imperfection is an uphill battle we’re determined to fight.” 

A double-edged sword

For women, AI influencers represent both promise and peril. On one hand, they offer scalable solutions for spreading messages of empowerment, especially in regions where women might face social or political restrictions or repercussions advocating for their rights or minority issues. With the power of scale and possibility draw from existing knowledge and experience as data, AI influencers can serve as thought leaders, spokespersons, mentors and educators to underserved and underrepresented communities. 

On the other hand, AI’s potential to add to economic divides and societal polarisations cannot be ignored. As AI becomes more entrenched in digital spaces, it risks becoming a tool for manipulation and propaganda. The ethical implications are vast—how do we ensure AI is used for empowerment rather than exploitation? How do we deal with data going into the models behind the virtual persona? These are the questions we must navigate as AI influencers like Taara continue to evolve​.

Also Read: If there is one thing investors are afraid of, it is lack of commitment from founders

Navigating the future of AI influencers

So, where do we go from here? The future of AI influencers lies in a careful balance and radical transparency. AI can amplify voices, raise awareness, and shed light on stigmatised topics. But to truly serve as advocates for women, they need to be more than just digital avatars.

They must evolve to reflect the diverse, complex realities of the women they aim to empower. At Taara Quest, we’ve learned that collaboration—between developers, advocacy groups, and women themselves—is key. AI influencers should not be created in isolation. They must be shaped by the communities they serve, ensuring they resonate with lived experiences and diverse perspectives​. 

AI as a bridge, not a barrier

The journey with AI influencers is just beginning, and their role in shaping the future of women’s empowerment depends on how we guide them. AI has the potential to be a powerful ally, amplifying voices and creating spaces where real human stories are heard and addressed.

But to truly succeed, AI must evolve beyond the technical and into the profoundly human. It must move past perfection and instead embrace the imperfections and complexities that define real-life experiences.

As we continue to innovate, the question is not whether AI can understand us, but how we, as creators and advocates, can ensure that it serves as a bridge—helping women feel seen, heard, and valued in ways that foster real change. AI might not be human, but with the right guidance, it can become a catalyst for a more inclusive and empowered world.

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Southeast Asia has witnessed a remarkable rise in high-growth technology startups, often referred to as “soonicorns.” These startups, valued between US$50 million and $1 billion, are poised to become the next generation of unicorns.

Strong economic growth, favourable government policies, increasing VC investment, and technological advancements drive the soonicorn boom.

While the future looks bright for Southeast Asia’s soonicorns, they face several challenges, including intense competition, regulatory hurdles, and talent shortages. However, the region’s vast market potential and supportive ecosystem present significant opportunities for these startups to achieve sustainable growth and become global leaders.

Below is Southeast Asia’s list of prominent soonicorns:

SiCepat

SiCepat is an app-based provider of e-commerce delivery services. It offers same-day, on-demand, multi-modal, and international shipping services. The company enables users to track packages, check shipping costs and check receipts.

Headquarters: Indonesia
Founding year: 2014
Total funding raised: US$323.5 million
Investors: MDI Ventures, Daiwa Securities Group, DEG, Indies Capital Partners, Pavilion Capital Partners, Kejora Capital, Trihill Capital, Falcon House Partners, Tokopedia, Barito Pacific, InterVest.

TNG Digital

An app-based mobile wallet startup. TNG’s services include online shopping, travel booking, bill payments, money transfer, toll payments, and QR transit. Users can reload the wallet via online banking, credit or debit cards, or purchase Touch ‘n Go Reload PIN (soft pins) at the Customer Experience Centre. It also allows users to keep track of their expenses.

Also Read: Malaysian e-wallet firm TNG Digital scores US$168.3M financing led by Lazada

Headquarters: Malaysia
Founding year: 1997
Total funding raised: US$168.3 million
Investors: Lazada, AIA.

Mirxes

It is a developer of miRNA-based tests for the detection of cancer. The company’s core technology is a highly specific RT-PCR primer that imposes a conformational restriction on miRNA for efficient binding to mature, but not precursor miRNAs, coupled with optimised RT-PCR reagents. These primers confer high specificity, sensitivity, and enhanced signal-to-noise ratio in amplification reactions. Mirxes also manufactures miRNA detection and quantification kits for research and is developing miRNA-based liquid biopsy kits for gastric cancer, lung cancer, and breast cancer detection.

Headquarters: Singapore
Founding year: 2014
Total funding raised: US$207 million
Investors: EDBI, Mitsui, nhhventures.com, Rock Springs Capital, CCB International, Kaixuan Venture Capital, Zhengda Life Science Fund, Tenda Capital, Charoen Pokphand Group, Keytone Ventures, Venturecraft, Gaorong Capital.

AscendEX

AscendEX is an online trading and exchange platform for cryptocurrencies. It provides solutions such as cash and margin trading, futures and copy trading, staking and yield farming of digital assets, and more. AscendEX also enables users to purchase cryptocurrencies by making fiat payments.

Founding year: 2018
Total funding raised: US$50 million
Investors: Polychain, Hack VC, Jump Capital, Alameda Research, Uncorrelated Ventures,
AcheronTrading, Nothing Research Ltd, Eterna Capital, Palm Drive Capital, SkyGate Digital, AlphaCoin Fund, Varys Capital, Evernew Capital, Marshland Capital.

BandLab

BandLab is a cloud-based music creation startup. It features a digital audio workstation for users to compile music. The chat feature built into the platform helps users to communicate with other users.

Headquarters: Singapore
Founding year: 2014
Total funding raised: US$143 million
Investors: Cercano Management, Prosus, K3 Ventures, Vulcan Capital, Caldecott Music Group.

M-DAQ

M-DAQ is a platform offering trade management solutions for investors. It assists users in making cross-border investments in exchange-traded products. The firm also offers cross-border trading, broker services, and solutions to enable inbound and outbound trades.

Also Read: M-DAQ acquires Malaysia’s Easy Pay Transfers for ASEAN expansion

Headquarters: Singapore
Founding year: 2010
Total funding raised: US$252 million
Investors: Affinity Equity Partners, Alternatives.pe, Samsung Venture Investment, Ant Group, EDBI, GSR Ventures, Vickers Venture Partners, NTT Communications, Murano Corp, Citi Ventures, GSR Ventures, Shinhan Financial Group, Aetius Capital, Voveo Capital, Amand Ventures, assets-inc.com.

MatchMove

MatchMove offers businesses a white-label wallet that can be used for online and offline purchases. It also provides a virtual card that can be linked to the wallet. The wallet facilitates QR-based payments and can be integrated into websites for accepting online payments.

Headquarters: Singapore
Founding year: 2009
Total funding raised: US$15,60,00,000
Investors: Nityo, Singapura Finance, Vickers Venture Partners, Iconic World, NTT Docomo Ventures, PT Kresna Graha Investama, GMO Venture Partners, Credit Saison, RMA, Crystal Loft, Plug and Play APAC, KFC Ventures.

aCommerce

The platform offers end-to-end e-commerce solutions for brands. Its services include website development, performance marketing, warehousing, fulfilment, shipping, and delivery. Its product offerings also include multi-channel management, inventory management, logistics management, custom integration, and more.

Headquarters: Thailand
Founding year: 2013
Total funding raised: US$118.8 million
Investors: Indies Capital Partners, Emerald Media, Blue Sky Alternative Investments,
DKSH, Sinar Mas, January Capital, MDI Ventures, Inspire Ventures, Ardent Capital, Sumitomo, JL Capital, APD, CyberAgent Capital, Ntt Docomo Ventures, Asia Pacific Digital, GMO Venture Partners, Ideosource, Alpha JWC Ventures, Maloekoe Ventures

Aerodyne

It is a provider of SaaS and AI-based drone analytics startup. The data collected by drones is processed by AI-based proprietary software in order to offer actionable insights. Its nested drones return to automated stations for data download and autonomous recharging for subsequent missions.

Headquarters: Malaysia
Founding year: 2014
Total funding raised: US$86 million
Investors: PETRONAS, Kumpulan Wang Persaraan, Realtech Fund, KOBASHI HOLDINGS,
Autonomous Control Systems Laboratory, North Summit Capital, ARC Ventures, Gobi Partners, Indorama Group Investments, 500 Global, Maples Group, Leave a Nest Capital, Leave a Nest, VentureTECH, InterVest, Kejora Capital, Drone Fund, Mavcap, Intres Capital Partners, Plug and Play APAC.

ADA

A provider of digital analytics and artificial intelligence services. The company provides business insights, data enrichment, advanced analytics, understanding the consumer mindset, and executing end-to-end digital marketing solutions. It also offers integrated digital, analytics, marketing, and e-commerce solutions.

Headquarters: Singapore
Founding year: 2018
Total funding raised: US$140 million
Investors: Mitsui, SoftBank, Sumitomo.

Cialfo

A cloud-based platform offering school management software, the platform offers various features, including a database of postsecondary schools, reports and insights, sharing of electronic documents, personalised college recommendations, and tracking of completion.

Also Read: Edutech firm Cialfo raises US$20M more to extend its Series B round to US$60M

Headquarters: Singapore
Founding year: 2012
Total funding raised: US$77 million
Investors: Tiger Global Management, DLF Venture, Lim Teck Lee, January Capital, Vulcan Capital, SEEK Investments, SIG Venture Capital, Square Peg Ventures, Bisk Ventures, Alto Partners, Enterprise Singapore, Seed Capital, YK Capital, Govin Capital, DBS Bank, Singapore Airlines, Singapore Health Management, Sycamore Partners, Arcus Invest, George Street Capital, WATIGA, Dragonfly Education Group, B Capital, Cowrie Capital, Blowfish Ventures, Great Noble International, DIVINE BLESSING INVESTMENTS, Gracejoy Liquids, SEEDS Capital.

SOCAR

SoCar is an app-based car rental platform. The app enables users to search, compare, and book car rentals on the platform after providing relevant details. Its features include a keyless/app-controlled lock system, complimentary parking passes & insurance, and online payments among others. It also offers door delivery and pick-up for rental services.

Headquarters: Malaysia
Founding year: 2017
Total funding raised: US$73 million
Investors: EastBridge Partners, Sime Darby, Eugene, KH Energy.

Syfe

An app-based for trading in ETFs and stocks. It allows users to buy, sell, and trade ETFs and stocks through app-based platforms. It features a digitised wealth manager for risk assessment, tracking investment performance, customising investment portfolios, and accessing recommendations and insights for users.

Headquarters: Singapore
Founding year: 2017
Total funding raised: US$85.6 million
Investors: Valar Ventures, Unbound, Presight Capital, Apeiron Investment Group, Unbound, AmpVentures, Shubham Global Ventures, Tona Investment, SBM Ventures, CVP, J B Ventures, Rawlinson & Hunter, Moon Land Holding, Pitanga Invest, GE32, ICOA Ug, Altruistas.

StashAway

StashAway is an app-based robo advisor and savings platform for individuals. The startup offers money management solutions to consumers, portfolio management, and options to invest in ETFs. It also assists with risk management and retirement planning to help with personal finance management.

Headquarters: Singapore
Founding year: 2016
Total funding raised: US$75.3 million
Investors: Eight Roads Ventures, Peak XV Partners, Square Peg Ventures, Burda Principal Investments, ACA, Community Holdings, United Networks Limited, Summit Partners, SEA Dragon Venture Platform, Sprint Time Investment, Sprint Time, Fidelity International Strategic Ventures.

OY!

An app-based messaging and payment solution for businesses. Apart from the basic features of the messenger app, the app also lists local businesses, including contact details, location, and other relevant information. Its payment solutions include payment gateways, bulk payments, invoice payments, and more. Businesses listed include restaurants, healthcare service providers, government services, retail, and other professional services.

Headquarters: Indonesia
Founding year: 2017
Total funding raised: US$75 million
Investors: MDI Ventures, Pavilion Capital Partners, AC Ventures, Central Capital Ventura, Orion, Saison Capital, Wavemaker Partners, SBVA, Alfamart.

Osome

Osome provides software-based accounting services for small and medium-sized businesses. It offers services for accounting, taxation, bookkeeping, business reporting, payroll management, and more. Additionally, it enables users to share documents in any format with service providers.

Headquarters: Singapore
Founding year: 2017
Total funding raised: US$75 million
Investors: Constructor Capital, Altair, Illuminate Financial, AFG, Rockstone Ventures,
Target Global, Altair Capital, Phystech Ventures, s16vc, ACE & Company, HS Investments, Terra VC, LVL1 Group, Masik Enterprises, AltaClub, Bon Vivant Holdings, Berryfield Ventures, Pagil, Adru Tech, Elliott Trade and Investment, Cognitum, Banean, Digital Direction Singapore Services, XA Network, 10 Square Capital, Altair Capital, AdFirst, Ad.ru, INVESTORO, GLOBAL ACCELERATION ACADEMY.

Zipmex

An app-based exchange platform for cryptocurrencies. The startup allows users to create personalised investment portfolios to start investing in multiple digital assets. Zipmex also provides real-time transactions with multi-layer authentication and also supports margin trading on a selected range of cryptocurrencies.

Headquarters: Singapore
Founding year: 2018
Total funding raised: US$62.9 million
Investors: Krungsri Finnovate, Mindworks Capital, Master Ad, TNB Aura, B Capital, Plan B Media, Jump Capital, Krungsri, V Ventures, Thoresen Thai Agencies, Infinity Blockchain Ventures, Segway Ventures, Aura Ventures.

Moladin

An online listing platform for used cars. Buyers can search for cars on the platform and get the contact details of the owners. Car owners can also advertise their cars on the platform.

Headquarters: Indonesia
Founding year: 2016
Total funding raised: US$146 million
Investors: Ascend Capital Group, DST Global, East Ventures, Northstar Group, Peak XV Partners, Global Founders Capital, K3 Ventures, CyberAgent Capital, Berjaya, TH Capital.

Shipper

Shipper is a web-based online platform offering shipping solutions. The platform aggregates various shipping providers, enabling users to find, compare, and place shipping orders. It offers features like order management, pickup scheduling, international and express deliveries, returns management, etc. In addition, it provides an API to integrate with e-stores and customised checkout options.

Headquarters: Indonesia
Founding year: 2016
Total funding raised: U$S132 million
Investors: DST Global, Prosus, Floodgate, Lightspeed Venture Partners, AC Ventures,
Y Combinator, Insignia Ventures Partners, Peak XV Partners, Naspers, Convergence Ventures, Endeavor, Indogen Capital, Digitaraya, NOMD, Alter.

Fazz

Fazz provides SaaS-based accounting and finance management solutions. It offers solutions for bill payments, money transfers, inventory management, loans and cards.

Headquarters: Indonesia
Founding year: 2016
Total funding raised: US$155 million
Investors: Fintech MUFG, Tiger Global Management, DST Global, Insignia Ventures Partners, ACE & Company, EDBI, InterVest, Ilham, Y Combinator, B Capital, Lendable, Quiet Capital, BRI Ventures, Tiger Global Busines, Vertex Ventures, Convergence Ventures, MDI Ventures, Indigo, GMO Venture Partners, Insignia, Vis Capital, Magic Fund, Partech Partners, AC Ventures, Rancilio Cube SICAF.

Mekari

Mekari provides an HR management and accounting solution startup. It offers talent for HR and payroll management, Jurnal for accounting and bookkeeping solutions, Klikpajak for online tax payment and reporting, and Sleekr, an employee administration solution.

Headquarters: Indonesia
Founding year: 2015
Total funding raised: US$71 million
Investors: Money Forward, MidPlaza, East Ventures, Mandiri Capital Indonesia, PT Prasetia Dwidharma, Beenext.

Pintu

An app-based platform for storing, buying, and selling digital assets and cryptocurrencies. The startup offers a deposit account, exchange platform, digital wallet for storing and receiving digital assets, and more.

Headquarters: Indonesia
Founding year: 2016
Total funding raised: U$S154 million
Investors: Pantera Capital, Northstar Group, Lightspeed Venture Partners, Intudo Ventures, Alameda Research, Blockchain, Castle Island Ventures, ventures.coinbase.com,
Coinbase, Fifth Down Capital.

PropertyGuru

A provider of an online property listing platform to buy or sell residential properties. The platform enables users to specify their requirements and search for the properties by applying the filter based on location.

Also Read: EQT Private Capital Asia to acquire PropertyGuru for US$1.1B

Headquarters: Singapore
Founding year: 2007
Total funding raised: US$690 million
Investors: KKR, TPG, Square Peg Ventures, Emtek, REA Group.

Flash Coffee

It is a tech-enabled coffee chain that offers caffeine products. The startup offers a variety of coffee and non-coffee products, including snacks, seasonal specials, flash combos, essentials, flavoured lattes, flavoured Americanos, tea-based drinks, frappes, and refreshers.

Headquarters: Indonesia
Founding year: 2019
Total funding raised: U$S65 million
Investors: White Star Capital, Delivery Hero Ventures, Geschwister Oetker, Conny & Co, Citadel, Vulpes Ventures, Al-Dhow Engineering General Trading & Contracting, OurCrowd, Global Founders Capital, Dxventure, Digital Rain Venture, Flash Ventures, minimal vc, 3 Peaks Ventures.

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Image Credit: 123RF.

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Sleek.com, an online platform that provides company registration, compliance, and financial services to small and medium-sized enterprises (SMEs), has secured US$5 million in a debt financing round led by Singapore-based Fintech Nation Fund.

Sleek intends to allocate the funds to bolster its growth initiatives, thereby solidifying its market position in Singapore, Hong Kong, Australia, and the UK.

Also Read: Soonicorns on the horizon: Unveiling Southeast Asia’s future leaders

Co-founder Julien Labruyere said, “The funds will be allocated to accelerating our growth in a sustainable manner, as we have done throughout the past years, driving 30 per cent growth year on year while decreasing our cash burn dramatically and improving our customer satisfaction metrics.”

The startup also announced that its Singapore unit has achieved profitability in Q2 and aims for group profitability by the end of this year.

Founded in 2017 by Labruyere and Adrien Barthel, Sleek is a back-office operating system for SMEs that provides company registration, accounting, tax, payroll, and a neobank business account, all built in-house. The AI-powered platform automates repetitive and manual tasks coming with company admin, allowing its staff to focus on value-added services.

Present across Singapore, the UK, Australia, and Hong Kong, Sleek claims it has served over 450,000 clients across 110 countries and processed millions of bookkeeping transactions digitally.

Founded in 2020 by Varun Mittal, Fintech Nation has evolved from a grassroots platform to an ecosystem builder comprising an investment platform and a think tank. The investment platform arm invests in early-stage fintech and embedded finance companies in Southeast Asia and offers a range of investment vehicles to suit every requirement.

Also Read: 6 common questions about establishing a fintech company in Vietnam

The think tank arm aims to use advocacy and access as its two pillars to bring startups, financial institutions, and investors’ aspirations and motivations to policymakers, regulators, and other official development institutions. The ecosystem builder arm focuses on recognising emerging and existing industry leaders and organising meetups and masterclasses.

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