MAKA Motors nets US$37.6M seed funding

Indonesia-based electric vehicle (EV) startup MAKA Motors on Thursday completed its seed round, raising US$37.6 million.

AC Ventures, East Ventures, and South Korea’s SV Investment co-led the round. Northstar Group, Provident, AlfaCorp, Skystar Capital, Peak XV Partners (formerly known as Sequoia India and SEA), Openspace Ventures, Shinhan Venture Investment, BEENEXT, Kinesys Group, and M Venture Partners (MVP) also joined.

The funds will enable MAKA Motors to scale its operations, expand its R&D capabilities and facilities, and accelerate production.

Founded in 2021 by Gojek’s former Chief Transport Officer Raditya Wibowo and former VP of Transport Business Development Arief Fadillah, MAKA Motors aims to provide electric motorcycles that offer the perfect blend of driving range, power, usability, and durability at competitive pricing.

Salmon nets US$20M debt financing

Salmon, a consumer fintech company based in the Philippines, on Thursday bagged a US$20 million debt facility from US emerging-markets specialist investment firm Argentem Creek Partners.

This will allow Salmon to scale its lending operations across the country further. The fintech firm will expand its loan book, leveraging its existing point-of-sale and cash loan lending, and launch new products in the second half of 2023.

Launched in July 2022 by banking and fintech veterans Pavel Fedorov, George Chesakov, and Raffy Montemayor, the Salmon platform enables customers to access financial products from partners registered with the Securities and Exchange Commission (SEC) in the Philippines.

The fintech firm launched its first credit product four months after inception.

Earth VC backs US-based Group14

Singapore-headquartered global impact investor Earth Venture Capital on Wednesday announced it joined the funding round of US-based lithium-silicon battery company Group14.

Other prominent backers of this round are Microsoft’s Climate Innovation Fund, Lightrock Climate Impact Fund, Moore Strategic Ventures, Oman Investment Authority, and Molicel.

This capital raise will enable Group14 to scale up production capacity, expedite research and development efforts, and bring their lithium-silicon battery solutions to market at an accelerated pace.

Group14 develops lithium-silicon batteries by leveraging the unique properties of silicon to offer “unparalleled advantages” in terms of energy density, charging speed, and overall performance compared to traditional lithium-ion batteries. The firm claims its technology has the potential to accelerate the adoption of electric vehicles, enable efficient renewable energy integration and transform grid storage.

H1 2023 is the least funded half-year in SEA since 2020: Tracxn

Southeast Asia’s tech startups attracted 71 per cent less funding in the first half (January-June) of 2023 compared to the same period last year, as per the latest report released by market intelligence platform Tracxn.

The decline was primarily driven by a 72 per cent drop in late-stage investments, Tracxn said in its SEA Tech Semi-Annual Funding Report.

Funding into the tech space in H1 2023 dropped to US$2.3 billion from US$8 billion in H1 2022 (US$1.15 in Q1 2023 and US$1.17 billion in Q2). The US$100 million+ funding rounds also dropped to six in H1 2023 from 18 in the same period last year.

H1 2023 is the least funded half-year since 2020. After a peak in 2021, there has been a steady decline; investments fell by 39 per cent in 2022 from 2021, primarily due to the rising interest rates and the current macroeconomic environment.

Hydroleap nets US$4.4M

Singapore-based wastewater treatment startup Hydroleap on Tuesday announced US$4.4 million in a Series A funding round.

Japanese VC firm Real Tech Holdings led the round with participation from Mitsubishi Electric, Seeds Capital, Wavemaker Partners, and New Keynes Investments.

The State Government of Victoria in Australia also joined.

Hydroleap will use the funds to enter new geographies, such as Australia, Japan and Indonesia, over the next two years. The company aims to help companies across data centres, F&B, manufacturing, and mining industries lower their water and carbon footprints by treating wastewater efficiently and environmentally friendly.

Founded in 2016 by Mohammad Sherafatmand (a PhD from the National University of Singapore in Environmental Engineering), Hydroleap is a next-generation green wastewater treatment company. It offers an automated modular system that does not need any chemicals to perform. The technology works based on electrochemical principles where low-powered electricity is applied to activate the aqueous solution and form coagulant reagents to attract contaminants.

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Copyright: tuk69tuk

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In the not-so-recent past, the idea of a “venture capitalist” (VC) probably conjured up a specific kind of person: possibly someone with an established corporate background, maybe someone close to middle age, and maybe even a male.

Thankfully, those days are slowly fading away, and we find ourselves in the middle of an exciting turning point as more opportunities than ever before are helping create a more diverse set of venture capitalists in the industry – myself included.

A foot in the door

Since joining the Institute of Banking and Finance Singapore (IBFSG) in April 2019, I have had the privilege of getting an in-depth understanding of the financial sector. However, if you had told me this would be the trajectory of my life, I don’t know if I would have believed you.

Before this chapter of my life, I was working in a young and growing firm focused on menswear. That experience opened up the world of early-stage companies for me, and from then on, I knew I wanted to start my own business. When I began pursuing my master’s degree part-time, I started looking for something to do beyond the academic readings, lectures and projects that could help me enhance my professional career.

That’s when I came across Protégé Ventures, a student-run venture fund created by Singapore Management University’s Institute of Innovation and Entrepreneurship (SMU IIE). The programme promised to give me hands-on experience and insight into the behind-the-scenes of the venture capital industry, which I thought would be invaluable given how central today’s entrepreneurship is to our economy and future.

Also Read: When you steal a woman’s future, you steal her wealth

The programme delivered on its promises and more. I wasn’t just learning about deal sourcing, due diligence, and fundraising – I was actually involved with the work. These real-world experiences gained through internships and work placements were essential to supplement what I was learning in the classroom.

They also crumbled some of my preconceived notions about what a successful startup or business looked like. Take, for instance, my first-ever experience with Angie’s Tempeh, a startup working on manufacturing innovative products such as tempeh bak kwa and ready-to-eat tempeh. Who knew this was something the market wanted or needed?

However, after visiting the company’s factory, getting to grips with the product, and presenting our case to the investment committee, I realised that VCs don’t only have to focus on the latest cutting-edge technologies. They can also help companies break new ground in markets and under-explored sectors.

Investment’s gender problem

Perhaps one area that I’ve had to do the most rethinking around is who gets to be a VC.

As I mentioned at the beginning, men tend to dictate our cultural idea about what the investor world looks like and who can be a successful VC. Studies have shown that women hold only a fraction of all senior positions in private equity (PE) and VC firms, which has had the effect of limiting the investment dollars trickling down into women-led enterprises.

Why are women so poorly represented in this industry? In my view, one reason is possible that women are naturally more risk-averse than men, which may give some firms pause when it comes to hiring females. I also believe this could be owing to a lack of interest among women to get involved in the space, or maybe potential females are not sure how to get started in the first place – which becomes an artificial barrier to entry.

I have experienced these conversations playing out in my life as well. When I’ve spoken about this topic with my female peers, many have said they find the investing industry “daunting” and unfamiliar territory. Some have even expressed concerns about being outnumbered by men – which is fair enough, given that men do dominate the landscape.

Whatever the reason, it’s certainly not because women are ill-suited for this industry. We know from studies that more diverse teams are more profitable – one study showed that exit profits at venture firms with at least one female founder were 9.7 per cent higher. Another study by the International Finance Corporation revealed that private equity and VC funds with gender-balanced senior investment teams generated 10-20 per cent higher returns than homogenous ones.

Also Read: A woman among women: 27 female-led startups in SEA that are going places

From my experience, the benefit of having more women in the venture capital world is obvious. Women have different life experiences than men, which translates into unique perspectives on business and decision-making processes. Females may spot opportunities overlooked by men, as Janet Gurwitch – the only female partner in her firm – did when she fought to invest in Drybar, a cosmetics venture which is now a multi-million-dollar success story. When I worked on Angie’s Tempeh, I was able to bring a new perspective to the table that my male peers did not have.

Building the essential structures

The very nature of our work means we are willing to embrace anyone regardless of age, gender or background – as long as one can add value. Moreover, change is happening, even if slowly: women now represent 26 per cent of the global VC workforce, up from 15 per cent in 2016.

The way I see it, the problems in our industry are much more complex, subtle and culturally driven than we might realise. For instance, women’s communication skills may give them an advantage when it comes to relationship building, but they may be limited in their ability to network with established venture capitalists when it comes to typically male-dominated spaces. Overcoming this will be difficult, but it’s not impossible, especially given enough effort by all stakeholders.

It’s no secret that women are disproportionately more likely to face unconscious bias and gender stereotypes in the workplace, especially in male-dominated sectors like VC investing. Overcoming these barriers will be essential to unlocking a “diversity dividend” in this industry, especially in Asia.

One key tool will be providing opportunities and structures to train females through programmes such as Protégé Ventures. I consider myself lucky to have been able to benefit from the programme as it created the infrastructure that made it easy for me to access internships, training, resources and mentors. These programmes can also provide opportunities for women to gain a foothold in male-dominated social spaces, as I witnessed during Protégé’s 2023 LinkUp event.

The importance of these structures goes beyond supporting females, as they can benefit from a whole range of under-represented groups. In this way, educational institutions play an important role in helping younger people identify pathways into the VC world and working with firms to create the right programmes to support their long-term development.

It’s evident that the industry does want change, even if it has struggled to get there. However, I am confident in our ability and determination to achieve a level playing field for all – I know our more diverse future has enough space for all of us to thrive.

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The post From behind a women’s lens: Establishing a footing in the male-dominated VC industry appeared first on e27.

This article was first published on September 2, 2022.

Globally, the mobility landscape is evolving rapidly in terms of technology and consumer interest, specifically in the commercial vehicle segment that caters to the logistics industry. Rising fuel costs and climate change awareness are making internal combustion engine (ICE) vehicles unpopular. Electric vehicles (EVs) are slowly replacing them.

However, one of the biggest challenges in EV adoption is long charging time and short battery life; it often takes four to eight hours to charge an EV fully. In the last-mile delivery space, this means a loss of business, revenue and growth.

Four to eight hours of charging time also means only three to four EVs can be charged per day at charging stations. This makes EV charging an unfeasible, non-profitable, and uninvestable prospect.

A holistic approach

This is where Exponent Energy’s innovative energy solutions come in handy.

The Bengaluru-based deeptech startup, founded by Ather Energy’s former CPO Arun Vinayak and former HUL executive Sanjay Byalal, has built a battery pack (e^pack) and charging station (e^pump) to simplify EV charging. These two solutions together unlock a zero to 100 per cent rapid charge within 15 minutes for EVs with any number of wheels and provide a 3,000-cycle life warranty –- all while using affordable Lithium-ion cells to make rapid charging scalable.

Also Read: V-Flow’s recyclable energy solution with an expected lifespan of 25 yrs seeks to replace Li Ion batteries

The e^pump is their rapid charging station. A collection of e^pumps forms a network. Each e^pump delivers 600A of current to its e^pack (15x industry standard) while managing individual cell characteristics, including thermals, to ensure safety, long battery life and performance consistency even at 50 degrees Celsius.

According to Co-Founder and CEO Vinayak, currently, Exponent Energy is deploying 100 e^pumps in Bengaluru. “We plan to establish a minimum network of 100 e^pumps in all the cities we operate to support these vehicles and deliver 15-minute rapid charging consistently.”

Joining forces

Exponent Energy recently joined forces with Altigreen Propulsion Labs to introduce rapid charging technology for commercial EVs. The partnership entails jointly working on exponent-enabled EVs, with the first being in the 3-wheeler cargo vehicle category.

The intention is to accelerate EV adoption, ensure higher uptime, provide the safest solution and rapid charge capability, and be future-ready by being dependent on single chemistry.

“The Exponent-enabled Altigreen neEV HD has an 8.19 kWh e^pack, a proprietary battery by Exponent. The vehicle delivers a city drive range of 80-85 km and charges fully in 15 minutes at Exponent’s e^pump network,” added Vinayak.

The customer deliveries of the Exponent-enabled vehicles will begin from October 2022, starting with Bengaluru. It aims to make rapid charging a reality for e-commercial vehicles on Indian roads.

The prices will be revealed soon.

The future looks swift

Building such a network requires funds, said Vinayak, where Exponent Energy’s Series A round becomes crucial. Days ago, the firm raised US$13 million, led by Lightspeed India.

The funding comes soon after the startup launched what it claims to be the world’s fastest-charging electric three-wheeler and received the backing of the family office of Pawan Munjal, Chairman and CEO of Indian two-wheeler honcho Hero MotoCorp. Existing institutional investors, YourNest VC, 3one4 Capital, and AdvantEdge VC, also participated in the Series A round. Interestingly, this is also Lightspeed India’s first investment in the domestic EV space.

Also Read: Indian EV makers need to improve the perception on quality: Ather Energy’s Tarun Mehta

Exponent will use the money to scale up the charging network to 100 points per city, besides streamlining battery pack production and delivering more exponent-enabled EVs. “We also target to deploy 2,000 Exponent-enabled electric three-wheelers along with 100 e^pumps in Bengaluru before expanding to other locations,” he noted.

The company generates revenues by selling battery packs to original equipment manufacturers (OEMs) and the charging network. Apart from the monetisation logic of including the battery pack and charging infrastructure as a package deal, it also makes sense to do so from a technology perspective.

“Our technology already delivers a seamless charging experience. With our vehicle partnership in place, we will scale up our production and network presence to 100 e^pump location points per city to deliver freedom and flexibility to our customers,” concluded Vinayak.

Can Exponent Energy’s innovative charging technology start a revolution in the EV space?

As of June 18, 2023, Exponent Energy has successfully conducted comprehensive testing of its EV batteries in collaboration with TUV India, the Indian branch of TUV NORD Group. The testing reports reveal a mere 13 per cent battery degradation after 3,000 cycles of rapid 15-minute charging for Exponent’s innovative e^pack battery pack.

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The post (Updated) Exponent Energy unlocks a zero to 100 per cent 15-min rapid charge for electric vehicles appeared first on e27.

Dear Pro member,

Indonesia is set to witness a battle in the electric motorcycle space — particularly between two-year-old home-grown company Maka Motors and four-year-old Singapore-born firm ION Mobility.

Maka Motors, founded by two Gojek alumni, has just raised a staggering US$37.6 million in its seed funding round from a slew of investors, including AC Ventures, East Ventures, SV Investment, Northstar Group, Peak XV, Openspace Ventures, and BEENEXT. The company is already working on its first mass-market product, slated for launch in 2024. Maka will also start building its factory in West Java later this year.

ION Mobility has the backing of Indian two-wheeler behemoth TVS Motors. While ION doesn’t have as big a war chest as Maka, it has already soft-launched its first model in Jakarta and has received pre-orders. ION is also setting up a Jakarta factory and working on its experience centres.

The Indonesian market is also flooded with e-motorcycle companies, mostly white-label or those that have outsourced design and development to China or other European players, with minimal in-house design and engineering value-add beyond assembly, sales, and marketing. But Maka and ION are confident of getting an edge with their full-stack approach.

Who is going to win this war? Let’s wait and see.

Take a look at the major developments in the startup scene in Southeast Asia.

Sainul,
Editor.

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Alibaba injects US$845M into Lazada as competition intensifies
According to our calculations, the Chinese tech giant already invested US$5.99B in Lazada before this round, including the US$1B in 2016 to take a controlling stake.

Indonesian e-motorcycle startup MAKA Motors closes US$37.6M seed round
Lead investors are AC Ventures, East Ventures, and SV Investment; MAKA Motors’s first product is currently in development and slated for launch in 2024, with its first batch of pilot vehicles ready for deployment this month.

Filipino consumer fintech startup Salmon nets US$20M debt financing
US-based Argentem Creek Partners is the investor; Salmon enables customers to access financial products from partners registered with the Securities and Exchange Commission in the Philippines.

Proptech firm Lamudi lays off employees in Indonesia
The proptech firm claimed to have had significant growth in the past two years, with an 88% increase in revenue; The restructuring is expected to sustain this momentum.

JustCo posts US$99M in FY22 revenue, cuts operational losses by 55.3%
Membership fees continue to be the largest revenue source for the co-working space firm, contributing US$86M in the period; Revenue from ancillary services grew 42% to US$9.6M.

Hong Kong-based Rice Robotics nets US$7M to expand into Japan
Rice Robotics specialises in workforce automation using robotics tech; Part of the fresh funds was already used to establish a production plant in Hong Kong.

Surge leads US$3.3M seed round of SG cloud security firm PingSafe
PingSafe provides a cloud security platform that protects companies’ data and apps from cyber-attacks; Its Offensive Security Engine helps clients identify potential vulnerabilities for enhanced protection.

Earth VC backs US-based lithium-silicon battery firm Group14
Group14 claims its battery offers better energy density, charging speed, and overall performance compared to traditional Li-on batteries.

Grab confirms acquisition of SG taxi operator Trans-Cab
The Straits Times pegs the deal size at ~US$100M; With this, Grab will have control of over 2,200 taxis and more than 300 private-hire vehicles, including Trans-Cab’s maintenance workshop and fuel pump operations.

Indonesian conglomerate Astra to buy OLX Autos local unit
OLX Autos is a classified ads platform for used cars owned by the global tech investor firm Prosus; In March, Prosus was reportedly in talks with several players to sell OLX Autos’ India and Indonesia businesses.

AIOX invests in SG-based design studio XM Group
XM Group through its subsidiary XM Studios has produced collectibles for some of the most recognizable brands in pop culture, including Marvel, DC, and Transformers.

US investor Ares to acquire SG-based PE firm Crescent Point
Crescent Point focuses on investing in Chinese and SEA consumer businesses; It has around US$3.8B in AUM as of March this year; Its notable investments include AirAsia, Baozun, and Nghee Ann City.

Google is testing an AI tool that can write news articles
The tool, internally codenamed “Genesis,” can take in information and then generate news copy; The tech giant has pitched the AI tool to The New York Times, The Washington Post and News Corp.

Tesla’s Elon Musk optimistic on progress for self-driving, robots
He set new targets for AI products including self-driving software and using humanoid robots in factories; The e-vehicle maker is in early talks with a major automaker to license its full self-driving technology.

There is talent shortage in the e-motorcycle space in SEA: ION Mobility CEO
Indonesia’s e-scooter market is not picking up as there are few appealing offerings for riders to make a switch, says James Chan.

An inside look at Green Rebel’s SEA expansion plans
Since debuting in Singapore last year, Indonesia-based foodtech startup Green Rebel has introduced its products in Malaysia and South Korea.

With Snoop Dogg in tow, Novelship plans to expand its sneakers marketplace
Snoop Dogg will work with Novelship to expand its collections from the current 30 sneaker brands and 40 apparel brands under its portfolio.

Breaking barriers: How crypto is disrupting education funding
Cryptocurrency and blockchain can empower education companies to access global investors, new funding sources and drive growth and impact.

Threads: Revolutionising social media for creative entrepreneurs
Meta’s ‘Threads’ surges with 60 million users in just two days – A deep dive into its potential impact on business strategies.

Mind the category curve: Are you driving it, or will it drive right over you?
Category Design thinking shows you that a category cannot exist around one company and needs an entire ecosystem of players.

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Copyright: smyslovkir

The post Ecosystem Roundup: Layoffs at Lamudi Indonesia, MAKA Motors closes US$37.6M seed round appeared first on e27.

X-PITCH is once more inviting early-stage startups, extending its renowned competition to Singapore. Referred to as the X Games for startups, participants undergo a sequence of high-intensity pitch challenges (ranging from 15 seconds to 60 seconds and 3 minutes) with the aim of securing awards and investments.

In the X Games for Startups, contestants win awards and investments through a series of high-intensity pitches. X-PITCH is not only a challenge but also a fantastic opportunity for founders to drastically improve their pitch and re-examine their business. Since 2018, the contest has been held in skyscraper elevators, self-driving buses, and MRTs. This year, the event will take place on the Singapore River.

As a landmark startup contest in Asia, X-PITCH has attracted more than 8,000 startups and 100,000 people from over fifty countries in the past two years. Winners have successfully raised a total of US$38 million through the event and connected with investors, corporates, government agencies, and accelerators for collaboration.

“We are hosting X-PITCH in Singapore for the first time. Through this platform, we hope to help startups from all over the world connect to the vibrant market of the city-state and Southeast Asia. Like previous years, the competition format is also a global first. This time, we are going to do it on bumboats!” said K. Yu, Organising Committee Chair of X-PITCH 2023.

Also read: Meet the 10 winning X-PITCH 2022 startups who were announced in the Metaverse

e27 to co-host X-PITCH 2023

e27 has proudly served as a media and investor relations partner for the past two X-PITCH events. Continuing this successful collaboration, X-PITCH and e27 are teaming up once again to organise the Grand Finale in Singapore and bring together key stakeholders in the region to celebrate this year’s X-PITCH.

Through this partnership, e27’s extensive network and expertise will play a crucial role in providing startups, investors, and relevant stakeholders with a dynamic platform to connect, engage in discussions, and foster innovation in the deeptech space. Together, we aim to accelerate the growth and development of groundbreaking technologies that will shape the future of various industries.

X-PITCH 2023 now open for applications

The theme of this year’s contest is “Accelerating Deeptech,” highlighting the forefront of technological advancements in four domains: advanced manufacturing, healthcare, sustainability, and the digital economy. At the November 10 Grand Finale, ten awards will be presented, with the top three teams receiving investments totalling at least US$1 million.

In previous X-PITCH events, e27 has offered a complimentary Pro Connect membership to applicants. This year, applicants will receive a 30-day complimentary membership to help them kickstart their journey to X-PITCH in Singapore. This membership grants them the opportunity to connect with 500+ active and verified investors in the region.

Deeptech startups from Asia and around the world are welcome to sign up here. We warmly welcome all ambitious entrepreneurs to participate and showcase their groundbreaking innovations on this prestigious platform.

The post X-PITCH 2023 to bring next-gen innovations to Singapore appeared first on e27.

Early this month, Bangkok-based climate-tech-focused The Radical Fund announced the first close of its US$40 million fund. The company’s key focus markets are Indonesia, Singapore, the Philippines, Thailand, Vietnam, and Malaysia.

e27 spoke to The Radical Fund’s CEO and Managing Partner, Alina Truhina, to learn more about the fund’s focus, target sectors, investment philosophy, and Southeast Asia’s climate-tech investment space.

What are The Radical Fund’s overarching goals? When do you expect to hit the final close?

Our major goals are to:

1- invest in and support early-stage portfolio companies to deliver more solutions that drive an inclusive climate transition in Southeast Asia (because SEA is adversely affected by climate change and is also responsible for a growing share of global GHG emissions).

2- contribute to a growing ecosystem of early-stage entrepreneurs at the forefront of developing innovative tech-enabled ventures appropriate for SEA populations.

3- deliver scaled commercial returns (ROI) and embedded impact (climate) across the region.

4- engage more LPs, partners, VCs, government and academia in driving the climate mitigation and adaptation agendas forward through entrepreneurship.

With the first close of your climate-tech fund, what types of climate startups are you specifically looking to invest in? Have you identified any companies yet?

The Radical Fund’s investment goes beyond traditional cleantech and climate tech verticals. The fund also backs scalable ventures that may not look like traditional climate businesses and have — or may potentially have — climate impact as part of their model and ethos.

Under climate adaptation (de-risking the impact of climate change for individuals, communities and economies) comes sectors such as fintech, data & analytics, insurtech, edtech, e-commerce, health & well-being, manufacturing, and supply chain.

Under climate mitigation (directly addressing the key drivers of climate change, including GHG emissions) are sectors such as agritech, mobility, waste management, forestry, and fisheries.

Also Read: The Radical Fund hits first close of US$40M climate tech fund

We have engaged with 100-plus founders over the last quarter, and a few in our pipeline that we’re looking closely at are within the circular economy, construction tech, nature-based solutions, and fintech, among others.

We hope to announce our first investment within the quarter.

Can you walk us through the investment process at The Radical Fund? What criteria do you use to evaluate potential investments? How do you differentiate yourself from other climate-focused funds?

Criteria

Our initial investments are at pre-seed, seed and pre-Series A, with further follow-on rounds. As we invest in the earliest stages of a venture’s journey, we focus on the founder/founding team. We need to know whether they can build and scale a venture that is commercially viable and has (or may) address a climate opportunity or need.

For us, evaluating the founder’s ability to build and execute in the right way is as equally — if not more — important as the analysis of the financial and investment opportunity.

We have an inclination for local founders or those who understand their market and, more importantly, the customers they are trying to serve. We also have a bias towards female entrepreneurs.

We also look for founders who show a specific domain or sector expertise — for example, if they spent years working in a particular industry and have been close to some of the challenges of that industry, which they may now be trying to address.

Other than the founders, we evaluate the market opportunity, product, commercial, and traction, to name a few, but with an added lens of climate. The latter means having the intention to implement climate goals and management.

Importantly, we take a very individualised approach to evaluating the ventures relative to the stage that they are at. We would not, for example, expect a pre-seed company to have a comprehensive data room with all commercial, product, governance and other aspects complete.

Differentiation

We are focused on inclusive climate transition, which includes climate adaptation and mitigation. This means we do not just focus on carbon emissions reduction or decarbonisation and look for solutions that help SEA adapt to the consequences and opportunities resulting from climate change.

We look for companies that demonstrate and can deliver scaled, sustainable commercial returns and embedded climate impact outcomes at scale.

We back founders as early as pre-seed and also seed and pre-Series A. We are an ‘operational’ VC, delivering hands-on technical expertise to founders in a tailored way. Our team consists of operators, former entrepreneurs, tech and climate specialists.

We bring experience from other emerging markets, notably Africa and South Asia, and are part of a group providing access to the UK, Europe, Africa, and the US.

In your opinion, what are some of the biggest challenges or barriers faced by climate-tech startups today? How does The Radical Fund address these challenges and help its portfolio companies overcome them?

One of the biggest challenges is access to technical expertise: either scientific and/or operational (for example, product development or data science). There are countries with more mature support ecosystems that act as a catalyst (financial and IP) for entrepreneurs to start and grow their ventures.

For example, Singapore has a very healthy supply of R&D grants, subsidies, and access to organisations that act as a scientific community.

This is not the case in other markets, and therefore it is harder for early-stage ventures to get access to vital materials, resources (like lab space), and funding to get to the next stage of their growth.

Another challenge is the risk culture and misperception of some of the stakeholders. It saddens us to hear that some potential clients, corporates, and investors (including LPs) still view climate as a purely philanthropic agenda, not a commercially viable investment.

Therefore, it takes time for a founder to convince the other party that climate solutions enable cost saving or reduction and/or additional value and profit.

Also Read: This family office has launched a startup accelerator with a mission to protect, restore biodiversity in SEA

The Radical Fund will support in two ways:

We have a venture-building approach to investing and supporting our portfolio companies. For us, ‘value creation’ is rooted in providing hands-on product, growth and technical support alongside climate impact management, governance and investment.

By investing locally (we do not invest in the US or Europe or bring ventures from the West to SEA), we contribute to building a healthy climate venture ecosystem and shifting stakeholders’ mindsets. This is embedded in our philosophy and model, and we plan to do much more of this in partnership with many other like-minded VCs and LPs.

What impact do you hope to achieve by investing in climate-tech startups? Are there any specific environmental or social outcomes you aim to contribute to?

The Radical Fund is powering an inclusive climate transition in SEA by enabling early-stage ventures to tap into opportunities and scale solutions along climate-resilient pathways. That is the outcome we are focused on.

The other important outcome we look to drive in the region is to catalyse and develop more early-stage founders for a thriving startup economy in SEA.

Last but not least, as a fund, we are very focused on diversity and inclusion, in addition to being environmentally conscious. As a team, we are currently 66 per cent female, and we have embedded metrics we track to ensure we keep ourselves accountable as a fund and in whom we invest.

How do you measure the success of your climate-tech investments? Do you use specific metrics or indicators to evaluate financial returns and impact?

We collect and help founders develop commercial data and metrics that underpin their business growth: we are very focused on business performance and traction to help the ventures get to product-market fit faster. For example, we look at the retention and engagement rate of users; we are very customer and user-centric, as that is a key signal of whether the founders are building a product that people want to pay for. Of course, we also collect financial and investment data such as valuation growth and fundraising.

We take a precise approach to determining each company’s KPIs (or impact metrics). So a circular economy business may have emission-based KPIs, but they may also create jobs and influence how their local communities understand climate change.

Every founder and business is different; our role is to see what is possible and how to support them on their climate and commercial success journey.

A recent news report said there is a reluctance among LPs to back debut funds. Are you facing any such challenges? How keen are LPs on climate tech funds in SEA?

While the market is challenging, we are seeing the benefits of marketing a fund with a differentiated investment thesis, a robust local commitment, a proven global track record, and, dare I say, a female leader. It also helps that we are attractive to diverse investors.

There is an increased appetite and appreciation for climate- or sustainability-focused funds, especially an interest from second generations of family offices, foundations and impact investors.

Also Read: Climate tech is in a chicken-and-egg situation in Southeast Asia

Corporates are approaching us as they see the value of diversifying their investments beyond their own VC funds and backing fund managers like ourselves, as we have the on-the-ground and long-term operational experience and extensive knowledge of picking the right founders.

More development finance institutions and governments are deploying strategic funds: e.g., we are in conversations with a few that see the opportunity to co-design vehicles with us to deploy grants and debt to complement our VC investments for our portfolio.

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Earlier in June, Singapore-based Novelship named rap icon Snoop Dogg its new strategic advisor for the sneaker marketplace. According to the company, they were the first brand from Southeast Asia (SEA) to have this kind of partnership with the star.

Snoop Dogg will work with the brand to expand its collections from the current 30 sneaker brands and 40 apparel brands under its portfolio while promoting accessibility to the latest footwear trends for collectors in Asia via Novelship’s platform.

“Through continuous innovation and hard work from our team, we constantly strive to understand our consumers and the sneaker landscape. However, despite market changes, our passion for the sneaker industry has always remained the same,” says Richard Xia, the Co-Founder and CEO of Novelship, when asked about the secret behind securing a high-profile partnership.

“I think having this passion as our core allows us to be closer to our users and of course, people who share the same love for sneakers. With this passion as our foundation, countless years of dedicated work to bring greater value to our users will eventually lead us to high-profile key opinion leaders in the field.”

Founded in 2018, Novelship started as a marketplace for buyers and sellers to trade authentic sneakers, limited-edition apparel, and exclusive physical and digital collectibles.

Also Read: Shoes from waste plastic bottles! Neeman’s is going places with its sustainable footwear products

“Sneakers have long been seen as an asset, and it still is for trading, especially with the reselling market projected to grow into a US$6 billion global business by 2025. But more than that, it’s becoming the zenith of self-expression – a statement piece that appeals to the collectors emotionally,” shares Xia in a press statement.

“More than acquiring limited releases or drops, we’re seeing more enthusiasts looking at the stories behind the sneakers and prioritising how it suits their individual styles. But there’s still a sense of ‘gatekeeping’ within the community – an underlying judgement to qualify legitimate collectors based on their preferences or the number of pairs they own. By partnering with Snoop Dogg, Novelship will be able to create greater accessibility for veterans, new collectors as well as the everyday Joe looking to sport some new kicks for everyday wear and every occasion.”

In 2022, the company raised close to US$10 million funding round to further expand in Asia Pacific and explore metaverse integration.

Novelship said it has seen exponential growth in the past couple of years with a CAGR of 37 per cent in revenue and 55 per cent in transactions.

Through an email interview with e27, Xia explains the role that this partnership plays in the company’s growth strategy and what is coming up for Novelship. The following is an edited excerpt of the conversation.

Also Read: This startup by an Indonesian farmer produces ‘leather’ used in shoes and wallets without killing a single animal

Do the back-to-back global crises affect your business? How did you deal with it?

The negative global market sentiment is sure to affect almost every business in some form, and our business is not excluded.

Users’ wallets are getting tighter, and we see that in our users opting for cheaper alternatives. To adapt to changing times, we’ve made a strong push to source for even cheaper alternatives to “hype” sneakers and gears and now even provide an under-retail segment for classic sneakers.

As mentioned, optimising our own cost structure also allowed us the bandwidth to pass on the savings to our users.

What is the role of partnerships like this in your business strategy? What outcome do you expect to achieve from it?

Having a strategic advisor like Snoop not only cements our position as a market leader in the industry but also enables us to gain even more insights into subtle shifts in the market and how we can better value-add with the collections we offer to our customers.

The main outcome is, of course, to not only tap into the credibility and reach of Snoop as a cultural icon but also to tap into his views and insights into how we can provide even more for our ever-expanding user base regionally.

Can you tell us about your revenue model? How did you come up with it?

We realised that there was a gap in service matching and authenticity. Coming from a consumer’s perspective, my co-founder and I always found difficulty in getting the latest drops and authentic products.

We simply seek to match users who’d like to sell, and users who’d like to buy, and to provide a peace of mind for our buyers.

Also Read: 5 proven ways to accelerate your e-commerce sales on a shoestring budget

What is the approach that you are taking to build a profitable business?

Being a commission-based company, naturally, costs are what would determine our profits. With our presence in several different countries, we have constantly developed and optimised ways to reduce our fulfilment costs, from sieving out the logistics workflow that works best for each market and also how to make cross-border transactions even more efficient.

We’ve recently managed to reduce delivery fees in Singapore by almost 50 per cent, which our Singaporean users certainly enjoyed!

Who are your users, and what is your user acquisition strategy?

We have two groups of users, sellers and buyers. Essentially, our strategy is simple. With an established regional network, we are able to facilitate cross-border transactions, enabling sellers to reach customers that they previously couldn’t access directly. For our buyers, we consistently strive to lower prices and have expanded the range of products and collections, creating a one-stop platform for everything streetwear.

What improvements do you plan to implement to your products?

We are currently working on improving the quality of our customer service to users, with changes to our user UX/UI already in the pipeline. Customers can expect a more seamless browsing and purchasing user journey, helping them to sieve through our products for the exact items they want at the prices they have wished for.

We are also strategising on different services across different price tiers to tailor them to varying customer needs and income levels. This includes a tiered mystery box that allows customers to get up to 3x to 10x the value they’re paying for!

What is your major plan for the rest of 2023?

We are confident that in times of uncertainty, so long as we continuously innovate our services and how to further optimise costs, it will prime us to be ready to face whatever market conditions and our customers can be assured that we will always be the best one-stop platform for anything streetwear.

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Image Credit: Novelship

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Indonesia-based electric vehicle (EV) startup MAKA Motors has completed its seed funding round, raising a massive US$37.6 million, co-led by AC Ventures, East Ventures, and South Korea’s SV Investment.

Northstar Group, Provident, AlfaCorp, Skystar Capital, Peak XV Partners (formerly known as Sequoia India and SEA), Openspace Ventures, Shinhan Venture Investment, BEENEXT, Kinesys Group, and M Venture Partners (MVP) also joined.

The funds will enable MAKA Motors to scale its operations, expand its R&D capabilities and facilities, and accelerate production.

Founded in 2021 by Gojek’s former Chief Transport Officer Raditya Wibowo and former VP of Transport Business Development Arief Fadillah, MAKA Motors aims to provide electric motorcycles that offer the perfect blend of driving range, power, usability, and durability at competitive pricing.

Also Read: There is talent shortage in the e-motorcycle space in SEA: ION Mobility CEO

The company’s first mass-market product is currently in development and slated for launch in 2024, with its first batch of pilot vehicles ready for deployment this month.

MAKA Motors will also build its factory in West Java starting later this year.

“By conducting our R&D process in-house and locally, we address the limitations faced by many current 2-wheeler EV companies which outsource their R&D and end up missing out on crucial user insights, control over their supply chain, and potential cost efficiencies. Eventually, we aim to lead the market with innovative solutions that meet the unique needs of Indonesian riders,” said MAKA Motors Founder and CEO Wibowo.

“Since the beginning we have conducted a rigorous in-house research and development process, recruiting top-notch team members with extensive experience working with leading automotive companies in Indonesia, Japan, and Germany in collaboration with world-class technical partners and suppliers. Beyond creating superior vehicles, we dream of building exceptional hardware engineering capabilities in Indonesia and bringing our brilliant local talents home to join us in our mission,” added Co-Founder and CTO Officer Fadillah.

Early this year, Singapore-based smart e-motorcycle firm ION Mobility secured US$18.7 million in a Series A financing round led by India’s two-wheeler major TVS Motors. It is currently focused on the Indonesian market and soft-launched its first model, M1-S, in Jakarta last November.

In Jakarta, ION is setting up a factory which can produce up to 50,000 M1-S per year in the first phase.

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Indonesian foodtech startup Green Rebel further strengthens its expansion plan in Southeast Asia (SEA) this year with a partnership with Starbucks Malaysia and Nando’s Singapore–which the company announced in June.

Since launching in Singapore in March last year, which marked its debut outside of Indonesia, the company has introduced its products in Malaysia and South Korea. After this, Green Rebel is getting ready to enter the Philippines and Vietnam in August, with other markets in the pipeline.

According to CEO and co-founder Helga Angelina Tjahjadi, ever since its beginning in 2020, the co-founders–Tjahjadi and her husband, CIO Max Mandias–have envisioned Green Rebel to be a global company.

“We believe in taking a strategic yet personal approach to our expansion plan, and choose to work with B2B and B2C partners whose vision and business approach are in alignment with ours,” she said.

Green Rebel’s bestselling products include Beefless Rendang, Beefless Satay, Chick’n Karaage, and Beefless Steak which the company said is Asia’s first whole-cut meatless steak, launched in 2021.

Also Read: Why Buhler believes that collaboration is key to support the alternative protein industry

In an email interview with e27, we asked Tjahjadi about the advantages that Green Rebel has as a foodtech startup that was born and bred in SEA that allow them to accelerate their expansion in the region.

According to her, there are four ways Green Rebel products stand out:

1. Deliciously authentic Asian flavours
2. Whole-cut, plant-based beef, chicken and dairy-free cheese
3. Heat-stable products suited for high-moisture and high-heat Asian as well as Western cooking methods
4. Strong nutrition profile and clean label

All the products are made from 100 per cent locally sourced, natural plant-based ingredients and free of added MSG, preservatives and refined sugar.

“Our proprietary food tech is crucial to creating a plant-based protein that is stress-tested for the high-moisture cooking typical of SEA and Asian cuisine. Our Rebel Texturization technology enables us to create a whole-cut ‘meat’ with a fibrous texture like the real thing in our Beefless, Chick’n, and Vish products, while our Rebel Emulsion — a proprietary formulation of coconut oil, water and natural vegan seasoning — acts as an animal fat replacement to achieve the distinctive taste, aroma and juiciness one associate with animal protein,” Tjahjadi explains.

“Green Rebel’s ‘meats’ are able to absorb deep flavours and marination, and are also heat stable—making them perfect for Asian culinary methods like braising, steaming, stewing, hotpot, skewers for grilling, even deep frying.”

In addition to its nutrition profile and clean labelling, Green Rebel has also tested the environmental impact of its products.

“We have also done independent LCA (Life Cycle Assessment) testing on our products and discovered that our meatless beef has 91 per cent less global warming potential than local beef, and similarly our meatless chicken has 84 per cent less global warming potential than local chicken,” Tjahjadi says.

Also Read: Good Startup closes its first alternative protein fund at US$34M, targets 35 companies

Introducing meatless meat

The journey of Green Rebel began in 2013 when the co-founders–who were both practising vegans–returned from their studies in the Netherlands and learned that there was a gap in the Indonesian and SEA market for vegan food.

“That same year, we launched Burgreens — which has now grown to be the largest vegan restaurant chain in Indonesia — using Max’s plant-based recipes,” Tjahjadi says.

“To be honest, we were a little ahead of the plant-based trend, and we put in a lot of effort in market education and were starting to see some traction as plant-based alt proteins became more popular in Indonesia.”

The co-founders noted how the COVID-19 pandemic triggered a heightened consciousness of health and wellness amongst its consumers. This eventually led to the company pivoting its bestsellers at Burgreens into frozen food items under the Green Rebel brand.

This does not mean that its expansion journey is not without challenges. The first challenge is related to market education.

“Our marketing efforts are not only about promoting Green Rebel products and their unique selling points. We also focus on educating consumers about the health and environmental benefits of plant-based diets, plant-based meat, and dairy alternatives,” Tjahjadi explains.

Also Read: OFF FOODS raises US$1.7M in seed funding round to promote alternative protein in Indonesia

“As one of the pioneers in the plant-based space in the region, our journey requires a lot of effort. Our approach is to collaborate with like-minded investors, F&B players, other plant-based F&B manufacturers, and communities who are bullish about revolutionising the food industry to be healthier, more sustainable, and more compassionate.”

Another challenge is related to the diversity of Asian cuisines and cultures, which the company sees as an exciting challenge.

“We need to localise some products in some markets, which is challenging from a manufacturing point of view, as well as our approach in working with distributors and partners in each country. As we roll out into new markets, we ensure we have strategic B2B and B2C partnerships specific to each market, backed by on-ground market research that delves in-depth into local tastes and preferences. We do this by working with restaurant partners, retailers and distributors that understand Green Rebel’s USPs,” Tjahjadi elaborates.

What is on the menu

Throughout 2022-2023, Green Rebel is focusing on its SEA expansion.

“There is a growing number of flexitarians in Southeast Asia with over 20 per cent of urban consumers identifying themselves as flexitarians, notably in Indonesia, Thailand, and Singapore. This is due to the growing awareness of the health and environmental benefits of plant-based protein, coupled with exciting options that are popping up in the market,” Tjahjadi says.

Localising products will be part of their strategy while being mindful of popular Indonesian flavours such as rendang or satay.

“On the product innovation front, we are about to launch two new regional flavours in the second half of this year — Chinese and Filipino.”

Earlier this year, Green Rebel launched dairy alternatives in the form of plant-based cheddar and mozzarella in
Indonesia, and will roll out this category into Singapore, Malaysia, Vietnam, and the Philippines in the near future.

“Most Southeast Asians are lactose intolerant, and dairy isn’t part of our traditional diet. In fact, nine out of 10 Indonesians are lactose intolerant, so we created products that are accessible for this consumer sector. Our dairy alternatives contain up to 50 per cent less fat and calories than their regular versions,” the CEO closes.

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Image Credit: Green Rebel

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The Indonesian startup and tech ecosystem is one of the largest in the Southeast Asian region. Given the current tumultuous times that come with today’s volatile market conditions, learning about methods to optimise customer experience is necessary to keep and preserve enterprise competitive positions. Coming up with strategies that consolidate marketing best practices is especially important in today’s business landscape, particularly for a market as competitive as Indonesia’s. For this reason, Indonesian business leaders have come together to share their expert opinions, key insights, and personal business experiences in order to help Indonesian entrepreneurs strategise and explore a variety of marketing approaches that are suitable for their respective businesses.

The Big Leap Roadshow in Jakarta organised by CleverTap, the all-in-one customer engagement platform that helps brands personalise and optimise all consumer touch points to improve user engagement, retention, and lifetime value, convened Indonesia’s leaders in tech and marketing to discuss ways and methods to implement customer retention strategies.

Also read: Planting the seeds of innovation through the Leave a Nest business tour

Personalisation and optimising customer journeys were overarching themes of the conversation. Attendees from various sectors of the industry got together to discuss retention strategies for accelerated growth. The event was focused on the Retention Playbook Indonesia: The Indonesia Retention Pinnacle: Personalised Customer Journeys with Innovative Technology. The goal was to help startups learn how to retain and win customers during global economic headwinds.

The panel of speakers was comprised of the top tech industry leaders in Indonesia, including Chrisanti Indiana, Co-Founder & CMO at Sociolla, Lika Aprilia Samiadi, VP of Marketing at Rukita, Rajesh Grover, Group VP – Digital & Omnichannel at Kanmo Group, Junior Lie, Head of Retention at Bima+, and moderated by Joe Maulana, Country Manager at CleverTap.

The attendees engaged in a meaningful conversation on the status of today’s market. They explored the broader marketing landscape and approaches to monetisation within their individual companies. Additionally, they delved into innovative mobile and omnichannel techniques to enhance customer engagement and satisfaction. Furthermore, they recognised the importance of devising customer retention strategies suitable for the post-pandemic era.

Knowing your customers and what to sell them

Junior Lie talked about their marketing strategies for launching new games. Lie explained that it is crucial to gather data and understand what the customer does to know the best approach to engage with them, as well as to improve the apps and systems to make them more relevant. It is also important to consider channels and customise content. Being mindful of customer touchpoints and ensuring a good customer journey is critical. This is why at Bima+, their team embodies this philosophy by understanding the preferences of their existing customer base and coming up with creative ways to market new offerings to them.

Meanwhile, Chrisanti Indiana shared that Sociolla’s brand promise to their customers is to be their best friend throughout the customer journey. They apply this brand promise not only through how they communicate to the customers but also through the tools that their team uses. “We meet them where they are. We make sure we understand our customers, and not just rely on their profiles. For example, we do this through personalised recommendations. We communicate with them, and say, “Hey bestie!”. We offer them the best experience that they can have.”, Chrisanti elaborates. By cultivating a personalised relationship with its customers, Sociolla stays true to its brand promise of being a friend to clients.

Also read: Echelon: Developing the next generation of world-changing companies

On the other hand, Lika Aprilia Samiadi highlighted the significance of impactful marketing. At Rukita, their approach goes beyond the mere pursuit of attention or impressions; they prioritise reaching the right audience and delivering the precise message through appropriate channels.

They understand that the real power lies in data-driven insights and fostering strong engagement, which extends beyond completing transactions. By prioritising customer experience, they unlock additional opportunities. For instance, when customers book a co-living space, they can seamlessly access other services such as cleaning and laundry, leading to more transactions and a deeper understanding of each customer. Consequently, Rukita strengthens its brand equity and gains insights into tenant categories based on specific needs and price points. “We try to build a personal connection with all of our tenants and keep the close relationship so that when they move out, maybe move to a different city, there is a preference for our brand if we have a presence there”, Aprilia shared.

This insight has also extended to innovations in their suite of offerings, with Rukita recently opening residences on top of co-living spaces.

Why personalisation is king

Rajesh Grover passionately explained the transformative power of personalisation and customisation strategies in captivating and delighting their customers at Kanmo Group. Within the realm of streaming content, the possibilities are vast and diverse. By closely analysing user behaviour such as their viewing patterns or preference for live or on-demand content, each user is treated to a unique and tailored experience, with messaging and presentation crafted specifically for them. In the pursuit of personalisation and engagement, Grover’s team places unwavering reliance on data-driven insights, allowing them to make informed decisions at every step.

“It is important to know how to use the data, not just generalising it, but being conscious of the many different businesses and customer segments and their preferences”, Rajesh emphasised. Keeping the momentum of customer engagement is important as well. For their team, they developed a feature to extend the TV experience to mobile phones seamlessly, thereby enabling mobile use as a complementary experience.

Also read: HUB.ID: Bridging the Indonesian startup ecosystem to the world

Looking ahead, the panellists further emphasised the importance of customer retention strategies, highlighting a paradigm shift from mere customer acquisition to cultivating customer loyalty enabled by a seamless customer journey.

They stressed the significance of consistent communication and experiences across various channels, be it online or offline. Equally crucial is the implementation of robust systems to streamline data analysis, enabling the deployment of personalised marketing strategies and the delivery of highly relatable messaging. Furthermore, data serves as a valuable asset not only for customer conversion but also for trend prediction. Hence, understanding ongoing conversations, local contexts, and emerging trends becomes an indispensable aspect of staying ahead, especially in a business ecosystem as vibrant as Indonesia’s.

Creating value for your customers

The ultimate goal for any business is to generate substantial value for customers by adopting purpose-driven marketing strategies, rather than solely focusing on cost leadership. It involves addressing the reasons why people should choose to purchase the product, fostering an authentic and transparent experience. While this approach may require more time, its importance cannot be overstated.

In the time of the dubbed “tech winter,” it is unwise to burn money on acquiring large, previously unexplored customer bases. Instead, businesses should focus on nurturing existing customer bases through marketing strategies that actually work: maximising channels and leveraging personalisation to deliver precise messaging. At the end of the day, brand building hinges on the quality, rather than the quantity, of the messaging.

CleverTap has a solid presence in APAC, helping build amazing user experiences for the world’s leading digital-first brands via their intuitive platform, combining the best analytics, segmentation, and engagement tools. With this, businesses can continue building mutually valuable relationships with their customers in the long run. To date, CleverTap has been enabling customers like AirAsia, Electronic Arts, Canon, and TED to retain their customers, among a plethora of many other businesses.

To learn more about CleverTap and its tools to enable and optimise customer retention for your business, visit https://clevertap.com.

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This article is produced by the e27 team, sponsored by CleverTap

We can share your story at e27, too. Engage the Southeast Asian tech ecosystem by bringing your story to the world. Visit us at e27.co/advertise to get started.

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