Kopi Kenangan is now a popular brand in Indonesia.

What started in 2017 in Indonesia with a single product is now a unicorn with multiple products, including ready-to-drink (RTD) beverages, sweet bread, cookies, and fried chicken.

The F&B retail unicorn struggled to scale the business during the COVID-19 pandemic and had to shelve its geographic expansion plans. But it made some great moves to navigate the crisis, including opening grab-n-go stores at petrol stations. The company is now present in two more countries, Malaysia and Singapore and is eyeing more markets with US$333 million in its coffers raised from the likes of B Capital Group, Horizons Ventures, Kunlun, and Falcon Edge Capital.

e27 spoke with Rahmat Budiardjo, CFO of Kenangan Brands, to learn how the company’s strategies around packaging helped it manoeuvre the pandemic crisis to make it a strong brand.

Edited excerpts:

How hard was it for Kopi Kenangan to establish the brand? What unique strategy did you adopt to make it a well-recognised brand?

There are mainly two strategies.

I- We utilise cheeky lines and branding themed love, ex-boyfriend/girlfriend and lingering feelings with them. This caught on with the consumers, who found it engaging, interesting, and relatable, enabling us to attract new consumers.

Also Read: Kopi Kenangan joins unicorn club following a US$96M Series C fundraise

II- Excellent product taste, positioning and pricing:
1) we are one of the first movers of coffee milk with gula aren
2) we used the same full-sized coffee machines as Starbucks
3) we use premium brand ingredients, e.g., Greenfields for fresh milk and Monin for syrups (same as Starbucks)
4) affordable pricing: around half of what Starbucks would cost for a similar cup of coffee.

How many products does Kenangan currently have? Does the company plan to add more F&B products in the future?

We have a few brands now at our company:

i. Kopi Kenangan: Our original brand, with mostly a grab-and-go store concept with a smaller store footprint but delivering the highest quality cup of coffee at a very affordable price.

ii. Cerita Roti (bread) & Kenangan Manis (Cookies): delicious selection of ready-to-eat old-fashioned bread with locally inspired flavours and modern soft cookies with modern and internationally inspired tastes.

iii. Chigo x Flip: fried chicken (boneless, wings, and bone-in) served with rice and/or fries topped with sambal; an existing up-and-coming yet famous brand known for selling high-quality burgers that we acquired; later merged with Chigo into Chigo x Flip.

iv. Kopi Kenangan Hanya Untukmu: our latest expansion towards the ready-to-drink market, packaged in PET bottles and sold in modern trade & general trade nationwide in Indonesia.

What roles does the packaging plan play in a product’s wide acceptance? What was the thought process behind the design?

For RTD (Kopi Kenangan Hanya Untukmu), the bottle’s packaging plays a vital role in attracting consumers to look at and eventually buy our product from the shelf. We design our packaging with broken white background to stand out above all other products, mainly dominated by chocolaty colours. We believe that once consumers try our product, they will continue buying it.

As for the Kopi Kenangan brand, our packaging also plays a vital role in continuously building brand equity. Every cup sold contains our brand identity and style, further reinforcing our brand in the consumers’ minds.

Opening grab-n-go outlets at petrol stations during the pandemic was a terrific idea. How well did the new strategy work for the company during lockdowns? Do you continue to sell via petrol stations?

During the pandemic, we focused on opening stores in petrol stations, which resulted in an increase in petrol stores’ composition to 20 per cent of our total store portfolio (vs 6 per cent in 2019). The strategy went well during the pandemic:

i. Store productivity for gas station format was higher compared to pre-pandemic level by around 30-40 per cent,

ii. During the pandemic, petrol stations outlets generated 80-100 per cent higher productivity compared to other formats in malls and offices,

iii. Due to its light CAPEX investment, it generated a much shorter payback period.

Do you have plans to introduce more technologies like AI to enhance the customer experience and overall efficiency?

We need to embrace AI as we grow. While we don’t have set our eyes on what will be the best implementation, we are in the early stage of exploring the use of AI for picking locations for new store openings.

What are your long-term plans?

Kenangan Brands have a long-term plan to be one of the largest coffee retailers in the world. When the time comes, we want to expand in Southeast Asia and other regions.

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Image credit: Kopi Kenangan.

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CHOYS, a SaaS insurtech platform for corporate employees in Southeast Asia, has closed a US$1.1 million seed funding round with investors, including Wing Vasiksiri, Foremast, Antler, and Fintech Nation Fund. 

The company will use the money for its go-to-market strategy across Southeast Asia and to bolster its product development initiatives.

Founded by Sharon Li and Vanessa Chen, CHOYS aims to make work life more meaningful and humanised. To achieve this, it empowers organisations with well-being tools and a platform to make a “bigger impact” through better understanding of and connecting with their people. The firm uses data analytics to create customised employee benefit experiences. 

Also Read: We’ll start to see more solo-GP VCs emerge in SEA: Wing Vasiksiri of WV Fund II

Lead investor Vasiksiri said: “As CHOYS onboard more companies and employees, their ability to track healthy behaviour through qualitative and quantitative means will increase, improving their well-being scoring mechanism.”

Rufus Sorsa, Associate Partner at Antler, said, “Recognising the undeniable link between employee wellbeing and company prosperity, CHOYS offers a comprehensive suite of innovative solutions designed to nurture the relationships between modern workforce and organisations.”

CHOYS’s partners include Glints, Hook Coffee, Singlife, WhiteCoat, and Classpass.

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Image Credit: CHOYS 

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As generative AI becomes more popular, various industries begin to explore different use cases for the technology including e-commerce—an area where it has many potentials.

For e-commerce and digital solutions provider Intrepid, one example of how it leverages AI includes individualised product recommendations feature in chat, based on a consumer’s personal inputs, according to CEO Jasper Knoben.

“Other examples include optimising written content on marketplaces based on search queries, and generating very appealing key visuals like campaign banners or product images at scale. In general, it is an amazing productivity driver if harnessed properly,” he writes in an email interview to e27.

“You could argue that the personalised homepage content and product recommendations that you encounter on e-commerce marketplace apps is also a form of AI, as it is powered by algorithms that take large quantities of data into account, like your demographics, your previous browsing and shopping history and many other factors.”

Examples of brands that have utilised this greatly include beauty brands which offers features to enable instant, personalised and professional skin analyses and matching product recommendations without the customer having to visit a physical store.

There are certainly many untapped opportunities here.

Also Read: How Transparently.AI uses Artificial Intelligence to detect accounting manipulation, fraud

“The more data an AI model has at its disposal and the more advanced the model, the more sophisticated it’s outputs can be. We have only scratched the surface of how far AI can go, which is an exciting and a bit scary prospect at the same time,” Knoben says.

“With the anticipated advances in AI, could an e-commerce marketplace run semi-autonomously in a few decades from now? With AI powering marketing, demand forecasting, inventory planning, pricing, content optimisation and personalisation of content and recommendations? How will the role and contribution of humans evolve? The changes will be profound and much wider than most people consider today, but what that future will look like exactly and how quickly the advances will be remains to be seen.”

How we are using AI today

In the SEA e-commerce industry, there are are already various case studies on how AI is being implemented for optimisation and personalisation by leading e-commerce platforms.

Knoben sees that some markets are ahead from the rest in this matter.

“For new innovations in e-commerce, Thailand and Singapore are typically leading markets. Thailand because of the size of the e-commerce market and the curious nature of shoppers who love new innovations, and Singapore because it is a small but advanced market with sophisticated shoppers and therefore also a good testbed for innovations before expanding across SEA.”

Also Read: These Artificial Intelligence startups are proving to be industry game-changers

But this does not mean that AI implementation in SEA is not without challenges. According to Knoben, there are three main barriers of entry for brands in SEA to implement AI in their e-commerce front:

Data quality and availability
“AI models require large quantities of high-quality data to train effectively. Brands need to ensure that they have access to reliable and relevant data sources. Data cleaning, integration, and management can be complex and time-consuming tasks,” the CEO says.

Infrastructure and scalability
“AI implementations require robust infrastructure and scalable systems to handle the computational demands of training and deploying AI models.” 

Talent and expertise
“Building and maintaining an AI team of AI specialists, data scientists, and machine learning engineers with the right talent and expertise can be a significant challenge, and expensive.”

Knoben also predicts that in five to 10 years from now, every global brand will have an in-house AI team.

“It is crucial that they know how to leverage AI as it will be a significant driver of efficiency, consumer experience and commercial performance in the future,” he says.

Also Read: RevComm’s MiiTel, Cloud IP phone powered by artificial intelligence, is changing how businesses engage customers

“The question is what is the most efficient set up to harness AI, where – like in e-commerce – I think a hybrid approach will thrive of having in-house experts that interface with the brands wider organisation and drive adoption and brand-specific innovations to maintain a competitive edge, while working with external partners to develop tailored models for specific use cases (like specific markets or platforms) as these players will have the scale to build the required expertise for each use case across many brands, and therefore should be able to leverage those economies of scale to offer more advanced capabilities at competitive costs.”

While the first wave of AI is still “very much” focused on generative AI, automation, and efficiency, Knoben believes that mass personalisation in marketing and e-commerce across the entire funnel to improve recommendations, user experience, and commercial performance will be the next frontier.

“Brands will want to have their own bespoke AI models, and agencies will increasingly shift from designing and executing campaigns, to developing the AI models that do this for brands. Whatever activities are performed by people at brands, enablers or agencies today to enable e-commerce, people will be developing and training AI models to do those activities for them in the future.,” he closes.

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Image Credit: Intrepid

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If you step back to consider just how big the internet is, it’s easier to understand why search engines lie at the heart of it. For decades, search engines have served as the primary gateway to the internet, enabling users to discover websites, articles, images, videos, products, and services and find the information they need.

The essential role of search has made it indispensable to digital marketing, an industry that is in the midst of being disrupted by generative AI applications for the better. 

Today, brands around the world use search engine optimisation (SEO) as well as search engine marketing (SEM) with pay-per-click (PPC) advertising to generate traffic, encourage product discovery, drive conversions and more.

Though still in nascent stages, the integration of generative AI with search is poised to elevate SEO and create new playing fields for SEM — particularly in the diverse and digitally-first APAC region. As industry leaders like Microsoft’s Bing and Google lay the groundwork for this new paradigm, the time for brands to educate themselves on the inherent opportunities of generative search is now. 

A new era of personalised search   

When it comes to AI, innovations to search have been ongoing, with applications like Google’s iterative AI helping marketers drive efficiencies for many years now. But generative AI’s ability to converse with users and be trained on the fly has the potential to fundamentally change the way people use and interact with search. 

For example, Google’s SGE (currently an experiment in Search Labs) now uses AI on search queries to provide an answer. In Google’s case, the user’s entire Knowledge Graph would likely be deployed to ensure that generative AI provides the most relevant information for the user since Google prizes relevancy and trust above all else. SGE also cites sources when responding to the query, allowing users to click through to cited websites to learn more.

While this isn’t too different from current search capabilities, users can now also choose to stay on the search page to ask follow-up questions, continuing their conversation with the AI and narrowing the scope of their research until they find their desired solution. Each question helps the generative AI to build a deeply tailored and unique user journey funnel — all without leaving the Search page. 

Also Read: Rewriting the creation process of ad creatives using generative AI

To understand the opportunities this new search format offers to businesses, let’s consider an e-commerce use case. Say you are trying to decide which ski jacket to purchase for a winter trip; you could start with a broad question about different types of ski jackets, then ask the AI to compare the pros and cons of a particular type of jacket before finally asking it to find a retailer who stocks that jacket, and purchasing on their website. 

This change will have huge implications for Organic and Paid Search. For organic, instead of appearing at the top of the search results page, the objective could be to appear as one of the first sources cited by the AI.

Similarly, for Paid, the objective would revolve around being the first ad to be shown during the conversation, which means an ad would have to be deemed by the AI as being the most relevant to the user’s search experience.

While it’s still too early to tell how ad placements or AI optimisation will work, one thing remains certain — having relevant, rich content that is crawlable by the AI will be the key to “winning” in the era of generative search.

Optimising for generative search in APAC 

As one of the most populous and diverse regions that are leading the world in internet penetration and mobile adoption, APAC’s users and brands have everything to gain from the personalised and localised experience that generative search offers. 

Also Read: How to leverage personalised advertising in 2023

For example, Google is undoubtedly the most popular search engine in the world, holding over 85 per cent of the global search market share. But in APAC, localised search engines like Baidu (China), Naver (South Korea), and Yahoo.jp (Japan) play integral roles in the daily lives of users in their respective regions. And some platforms are already ahead in the AI game. 

South Korea’s Naver, for example, integrated AI in late 2021 to support a significant shift in South Korean search behaviours becoming more “exploratory,” with users going deeper into topics that aligned with their interests and search intent. Naver saw a significant increase in these exploratory searches, accounting for nearly 65 per cent of all queries.

As a brand, now is the time to review your SEO and SEM strategies and consider if additional attention to localised content, ad budgets, or search engines will be beneficial to your targeting.

Considering APAC’s high rate of mobile adoption, it is also worth considering how you can optimise your strategies to be mobile-first. Region-specific nuances and search best practices will be key to setting up for success in the new era of generative search.

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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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Image credit: Canva Pro

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Digital transformation in the food services industry in Singapore

Consumer behaviours are always changing and evolving, pandemic or not. Following the recent trends that the food services industry is facing, we look at some of the transformations that companies in the F&B sector have undertaken. 

Robots and machines in kitchens 

The use of robots and machines ensures quality and affordability, driving down the costs of keeping food fresh and increasing productivity. These machines work at a faster pace without getting tired and help ensure safety, for example, by using robots to cut the more difficult meats. 

Usage of operational technology 

Kiosks are fast becoming a common feature in the food services industry, with bigger chains like McDonald’s and KFC using them in most outlets. We even see ordering kiosks sprouting in food courts and confectioneries. These kiosks allow customers to place orders and complete payments. 

Certain restaurants have also deployed automation systems that allow guests to see information about their reservations, orders and promotions all under one platform. This eliminates the need for a human worker to clarify and confirm their booking or order details and allows guests to keep information in check. Such operational systems reduce human error, increase productivity, and reduce the chances of theft. 

Eco-friendly waste and packaging 

As consumers are increasingly focused on healthy meals and sustainability, brands have little choice but to keep up with this trend. F&B businesses in Singapore are highly encouraged to ‘go green’ by using biodegradable packaging or reducing the usage of disposables.

This awareness has been brought to the fore during dining restrictions in the time of the pandemic, where all orders were packed for takeaways or deliveries.  

Support for companies in the food services industry in Singapore

COVID-19 was the catalyst which showed businesses across all industries that digitalisation, innovation, and technology are necessary for survival.

Also Read: Conscious consumption is driving the trend in foodtech: Study

In Singapore, the government saw that it was critical not just to help companies tide over the challenging period but to help businesses emerge stronger from the crisis. To this end, the government played a key role in nudging businesses to digitally transform.  

In food services, for example, traditional hawkers were encouraged to accelerate their digitalisation efforts through on-ground visits by officers, subsidies, and support schemes. As a result, the Singapore F&B industry is now more readily adopting new tech and mobile applications.

Listed below are some of the support schemes that businesses in the food services industry may benefit from.

Hawkers Go Digital Programme 

This collaborative workgroup includes delivery platforms, hawkers associations, community partners, and government agencies, working together to support hawkers by promoting digitalisation, developing a sustainable commercial model, and increasing consumer awareness about delivery platforms. 

Energy Efficiency Grant 

The grant will provide up to 70 per cent support for SMEs to adopt pre-approved energy-efficient equipment in the following categories: LED lighting, air-conditioners, cooking hobs, refrigerators, water heaters and clothes dryers. Grant support for qualifying costs will be capped at S$30,000 per company per year. 

Productivity Solutions Grant (PSG) 

The PSG was launched in April 2018 to support businesses in their transformation journey and covers sector-specific solutions such as retail, food, and logistics. Businesses can receive up to $30,000 in funding to improve business productivity through IT solutions and equipment. 

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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

Join our e27 Telegram group, FB community, or like the e27 Facebook page

Image credit: Adobe Firefly

The post Singapore’s food services in 2023: Trends, challenges & opportunities appeared first on e27.

A slew of new verified investors (including VCs, venture debt funds, incubators/accelerators, and angels) joined the e27 platform in the past few weeks (Connect investors are those that are verified by e27 and agreed to get connected). These investors are based in different geographies, including Indonesia, Singapore, Malaysia, the Philippines, Thailand, and South Korea, and invest in different stages and verticals.

Below are the profiles of the ten of them.

K300 Ventures

K300 Ventures is an early-stage blockchain investor.

Verticals: Blockchain, Blockchain games, Defi (Decentralized finance)
Based in: Vietnam
Investment locations: Singapore, Hong Kong, Vietnam, and the US
Stages: Pre-seed, angel, seed, pre-Series A/bridge, Series A, and Series B
Investment range: US$10K to US$1M.

nVentures

nVentures is a seed fund focusing on B2B fintech startups in South & Southeast Asia

Verticals: Finance
Based in: Singapore
Investment locations: Sri Lanka, India, Bangladesh, and Singapore
Stages: Pre-seed and seed
Investment range: US$50K to US$250K.

Meixner

Meixner is an angel investor investing primarily in SaaS, developer tooling/experience and platforms.

Verticals: Any/all
Based in: Thailand
Investment locations: All/any
Stages: Pre-seed, angel, and seed
Investment range: US$1K to US$30K.

Lestari by Pijar Foundation

Lestari is a hub, connector, and accelerator of new ventures and technological initiatives that embrace future trends, opportunities, and challenges.

Verticals: Any/all
Based in: Indonesia
Investment location: Indonesia
Stages: Pre-seed, angel, and seed
Investment range: US$10K to US$200K.

Founders Launchpad

Founders Launchpad invests in early-stage companies.

Verticals: Agritech, AI, Big Data, cleantech, consumer, education, e-commerce, enterprise solution, healthtech, SaaS, social enterprise, sharing economy, productivity & CRM, mobile, medtech, marketplace, insurtech, IoT, and logistics/supply chain
Based in: The Philippines
Investment location: The Philippines
Stages: Pre-seed, angel, and seed
Investment range: US$25K to US$100K.

Springcamp

Springcamp is an early-stage, sector-agnostic investor in Korea.

Verticals: Any/all
Based in: South Korea
Investment locations: South Korea, the US, Singapore, and Vietnam
Stages: Pre-seed, seed, pre-Series A/bridge, and Series A
Investment range: US$100K to US$4M.

Growth Charger

Growth Charger incubates, accelerates and builds businesses.

Verticals: Agritech, healthtech, education, smart cities, biotech, consumer, finance, AI and, Big Data
Based in: Malaysia
Investment locations: Malaysia, Singapore, Thailand, Vietnam, the Philippines, and Indonesia
Stages: Pre-seed, seed, and pre-Series A/bridge
Investment range: US$10K to US$50K.

First Move

First Move is a founder-led early stage VC firm.

Verticals: Any/all
Based in: Singapore
Investment locations: Singapore, Indonesia, Malaysia, Vietnam, Thailand, and the Philippines
Stage: Pre-seed
Investment range: US$50K to US$150K.

Crusade Partners

Crusade Partners is an investment firm that offers venture debt capital to early and growth stage technology companies based in Southeast Asia and Hong Kong.

Verticals: Any/all
Based in: Hong Kong
Investment locations: Hong Kong, Singapore, Thailand, Vietnam, Indonesia, and the Philippines
Stage: Venture debt
Investment range: US$500K to US$3M.

Sopoong Ventures

Sopoong is an impact investor in Korea.

Verticals: Energy, F&B, agritech, platform, enterprise solution, finance, smart cities, consumer, education, healthtech, HR, transportation, sharing economy, and marketplace
Based in: South Korea
Investment locations: South Korea, Singapore, Vietnam, the US, and Laos
Stages: Pre-seed, seed, pre-Series A/bridge, and Series A
Investment range: US$150K to US$600K.

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The image used in this article is AI-generated.

The post Meet the new 10 investors joining the e27 Connect platform appeared first on e27.

Hiring the wrong person can have dire consequences to businesses, but unfortunately, there were obstacles that recruiters often face in ensuring that they got the right person for the job. These challenges range the increasing volume of applicants due to ease of applying for jobs in the digital age to the impracticality of the screening interview process. These are the problems that Psylent aims to solve with its AI-based solutions.

“A few years ago my husband was looking for a new job. He submitted a job application at 9 PM, and by 7 AM the following morning, he received a rejection email from the local team. He suspected that the system had automatically rejected him based on his resume or the closed questions regarding his years of experience in specific areas,” writes CEO Sjiva De Meester in an email to e27.

“Curious, he made slight adjustments to his re-submission, increasing his stated experience from four to five years. Surprisingly, within a week, he was invited for an interview.”

De Meester explains that her husband was eventually accepted at the company, but he chose to decline the offer. The fact that he was rejected before he was eventually accepted was considered odd.

“I was (and still am) astonished by the inefficiency of the recruitment system, as many companies rely on resume screening tools and applicant tracking systems (ATS) to manage the influx of applicants. However, it has become evident that these methods are not effectively addressing the challenges posed by high volumes of candidates,” she says.

Also Read: How AnyMind Group achieved profitability through its approach to human resource and leadership

Psylent builds a Virtual Recruiters that aims to help talent acquisition professionals delve deeper into candidates beyond their resumes. It handles large volumes of applicants, facilitating effective shortlisting to ensure the fair and objective selection of suitable individuals for the job.

The two available solutions are ChatNINA (enabling candidates to be interviewed via chat solutions) and Avatar API (enabling candidates to be interviewed in the metaverse).

“These Virtual Recruiters can be accessed through chat interviews and within the metaverse, offering innovative and immersive interaction options for both recruiters and candidates. Moreover, their 24/7 availability allows candidates to apply for positions and complete initial assessments at their convenience, accommodating different time zones and busy schedules, and enhancing the overall recruitment experience,” De Meester says.

According to the CEO, traditional self-reporting personality questionnaires are prone to bias as candidates can provide socially desirable responses, reducing their reliability. Candidates with limited self-awareness can also struggle to accurately answer such questions.

“Conversely, our virtual recruiter acts more like a friendly psychologist, employing a line of questioning that delves into significant life events and formative decisions. This self-authoring approach promotes authentic responses, bypassing the influence of social desirability and catering to individuals with lower self-awareness, ultimately enhancing accuracy in assessing personality,” De Meester elaborates.

“Additionally, traditional questionnaires lack engagement, leading to subpar candidate experiences. While gamified solutions offer some improvement, concerns arise regarding the relevance of behavior in a gamified format compared to real job scenarios. Recognising the significance of candidate experience, companies are venturing into the metaverse to optimise engagement and immerse candidates in a more captivating experience. As the only assessment company pioneering recruitment in the metaverse, we provide not only high quality insights but also an excellent candidate experience. Simply put, it’s smart and sexy.”

Also Read: Scaling is hard: Here are 7 things Human Resources can do to manage it

The solutions target MNCs hiring graduates, high-volume industries as well as developers, studios, and consulting companies.

Beyond the platform

Psylent is a spin-off of 9 Yards Innovation, a boutique consulting firm specialising in bespoke tech solutions at the intersection of data and psychology. The firm undertakes projects across Asia, Europe, and the US.

“In recent years, our emphasis has been on enhancing candidate experiences, offering end-to-end solutions that encompass reviewing shortlisting vendors, developing award-winning customized assessment centers, and providing interview training,” explains De Meester.

Psylent operates on an annual SaaS subscription model based on volume, which is a widely adopted approach among recruitment providers. Through the company’s consulting works over the years, it cultivates a network within the HR community, particularly in Southeast Asia.

The company has not raised external funding for its product which it develops while concurrently working on consulting projects.

“Our primary goal is to onboard more clients and scale. We are actively pursuing global collaborations to further support these objectives. Additionally, we have some exciting partnerships in the pipeline, scheduled to be announced in September, which will contribute to the continued development of our metaverse platform and API integration capabilities,” De Meester closes.

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Image Credit: Psylent

The post How Psylent uses AI to bring the recruitment process to the future appeared first on e27.

PasarMIKRO, a fintech company focussing on smallholder farmers, fishermen, and traders in Indonesia, has raised an undisclosed amount in funding from German finance company DEG and Ceniarth, a single-family office dedicated to impact-first investing.

This funding comes off the back of the startup’s seed round in November 2022, led by Trihill Capital, with participation from 1982 Ventures, Genting Ventures, Resolution Ventures, Gayo Capital, and Rabo Foundation.

It will utilise the investment to expand its trade and trade finance service offerings and strengthen its network of smallholder farmers, fishermen, and traders.

Also Read: 1982 Ventures backs Indonesian agri commodity marketplace PasarMikro

Founded by Dien Wong (CEO), Edo Djayaputra (COO), and Hugo Verwayen (CFO), PasarMIKRO is an agri-fintech company focusing on empowering smallholder farmers, fishermen, and traders.

The company has developed an agri-trade platform that digitally enables secure and trusted transactions, fast payments, and access to trade credit.

The platform also offers a digital ledger for transaction records and provides traceability functionality for transparency throughout the supply chain.

Last November, PasarMikro raised US$2.5 million in seed funding, backed by Trihill Capital, Resolution Ventures, and Genting Ventures.

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Image Credit: PasarMIKRO

The post Indonesia agri-fintech startup PasarMIKRO nets investment from DEG, Ceniarth appeared first on e27.

At e27, our mission is to nurture inventive thinkers and offer a space where exceptional individuals can disseminate their distinct perspectives and know-how. Our Contributor Programme stands as a gateway for fervent contributors to engage in rich dialogues about entrepreneurship, technology, and innovation.

Weekly, we showcase articles from our community members. These pieces showcase dives into emerging patterns, sector studies, and new notions. Join us as we aim to expand your horizons and pique your interest.

The wave of layoffs in 2023 and the Vietnamese market

By definition, the cause of layoffs is not a performance issue but rather a problem with the internal hiring plan. This leads to redundancy of personnel, waste of resources, and company costs.

CEO and Co-Founder of Adamo Software, Kevin Nguyen’s article highlights the challenges faced by major tech companies following the COVID-19 boom. As of 2023, many report disappointing growth rates and consequent large-scale layoffs. Notable firms like Alphabet, Meta, and Amazon have reduced thousands of employees, while Asia’s tech industry, including companies like GoTo Group and Kakao, experience similar reductions. Vietnam’s tech sector, heavily dependent on outsourcing, is impacted as well. While layoffs pose challenges, they also present opportunities for adaptation, growth, and resilience in the face of economic uncertainty.

From chatbots to therapists: How AI break ground in bridging the mental health care divide

One of the most pressing concerns is the ability of AI to empathise at the same depth as a human therapist. Empathy, after all, is a distinctly human trait, one that’s critical in therapy. Can a machine truly understand the subtleties of human emotions and react accordingly?

Web3 and AI Journalist, Harshajit Sarmah’s article highlights the global mental health care gap, with many facing barriers such as cost, distance, and stigma. The World Health Organisation notes that one in four people will experience mental health challenges. As a potential solution, the rise of AI therapists like Mind-r.ai’s Solace is discussed. These offer more accessible and affordable mental health support. However, challenges like replicating human empathy and ensuring data privacy in AI remain. The ultimate goal is to make mental health care universally accessible.

How Southeast Asian brands are reimagining the future of digital experiences

Trust is paramount in the digital economy, especially when customer expectations are heightened during uncertainty. In pushing the envelope of their digital-first strategy, brands must also strive to scale up trust in the digital economy.

Vice President and MD at Adobe (Southeast Asia and Korea), Simon Dale’s article explores the evolving role of the digital economy in Southeast Asia. Adobe’s Future of Digital Experiences report indicates that 60 per cent of Southeast Asian consumers see the digital economy as pivotal in their lives. The ascent of generative AI offers unprecedented opportunities for businesses to enhance efficiency and tailor customer experiences. With 73 per cent of SEA consumers showing a preference for online shopping, the demand for brands to ensure top-notch omnichannel experiences is growing. Yet, as businesses innovate, the study underscores that trust remains paramount, with 36 per cent of consumers ranking it as their top consideration when making purchases in a digital-first world.

Feeding the future: Innovation, entrepreneurship, and the rise of food tech in Asia

For food tech startups, there is no better place to be. But it’s a crowded marketplace with intense competition for the attention of investors and potential partners. Creating a strong and compelling profile is key to making your startup stand out from the crowd.

Corporate Communications Manager at Nurasa, Diane Fermin Roeder’s article highlights Asia’s pivotal role in food innovation due to population growth, emerging food technologies, ethical considerations, and increased investment. Innovations like plant-based and precision-fermented meats are poised to revolutionise food production.

Also Read: Voices of innovation: Showcasing e27’s top contributors of the week

The crowded food tech startup arena demands a strong profile, achieved through crafting an authentic, customer-focused brand story, humanising the business with relatable experiences, and leveraging networking opportunities for growth. The article underscores the importance of standing out, fostering partnerships, and communicating a sustainable future in the alternative protein industry.

Securing tomorrow’s metaverse today: Why safety in the new frontier must leverage on hardware

I personally look forward to delving into this digital universe, but not before we are able to implement proven solutions that secure our data in this new and exciting realm. Hardware solutions offer real-time protection against cyber threats, ensuring that users can enjoy immersive experiences without compromising their data security.

Founder and CEO of Flexxon, Camellia Chan’s article discusses the upcoming metaverse and its cybersecurity challenges. It highlights the risk of cyberattacks due to the convergence of physical and digital systems, emphasising the need for strong security measures. The author suggests utilising AI-embedded hardware for real-time threat detection and protection to ensure a secure metaverse experience.

How can your business benefit from the NFT phenomenon

While the market for NFTs has largely been focused on art, many other potential uses are just beginning to be investigated. Decentraland is one such platform that is leveraging blockchain technology and NFTs to create a user-owned virtual environment.

Founder and CEO of Converco, Moch Akbar Azzihad M’s article discuss the rise of NFTs and their potential as a development opportunity for young businesses. While NFTs initially gained traction, the market saw a decline due to cryptocurrency value fluctuations. However, as the NFT market stabilises and addresses energy inefficiency, opportunities persist. To engage in the NFT sector, a thorough understanding of blockchain technology is essential, as well as evaluating its potential benefits and calculating associated costs.

How to navigate the ethical landscape of Responsible AI

Responsible AI constitutes our greatest chance at cultivating a future wherein AI is wielded for good while mitigating its risks. By embracing the cardinal principles of fairness, transparency, accountability, and human oversight, we craft AI systems that align with our values, working harmoniously alongside us.

President of BeLive Technology, Sunil Nair’s article introduces Responsible AI, guided by fairness, transparency, accountability, and human oversight. It emphasises using AI ethically, ensuring unbiased decisions, transparency, accountability for consequences, and human intervention. Responsible AI rebuilds trust, enhances decision-making, reduces harm, and fuels innovation. It urges industries to create ethical AI practices and envisions a future where AI is a trusted ally, benefiting humanity.

Rising trend in Vietnam: Young professionals embracing social media content creation

Social networking platforms like Facebook or Youtube are always the most attractive communication channels with billions of users. It is easy to understand why businesses and advertisers always look to the characters with the most attractive channels to place their ads to reach more viewers.

Also Read: Community voices: Weekly compilation of expert insights on marketing, AI, and blockchain

CEO and Co-Founder of Adamo Software, Kevin Nguyen’s article highlights Vietnamese youth embracing content creation on platforms like TikTok and YouTube for its income potential and flexibility. Generation Z is gravitating towards non-traditional careers, with 33 per cent working part-time in content development. This trend, driven by social media’s reach and monetisation opportunities, is shaping the creative economy in Vietnam while presenting challenges of consistent innovation for content creators.

Business plans vs business planning: Harnessing the power of both

The business plan, said differently, should showcase your business planning skills more than your great idea. And it should show that because you can think ahead and come up with a convincing strategy, you are worth investigating further.

Business Coach and Co-Founder of Impactified, Antoine Martin’s article talks about how writing a business plan can become a pitfall for entrepreneurs if it lacks substance and strategic thinking. While many focus on presenting a great idea, potential partners, like investors, are more interested in evaluating the entrepreneur’s business planning skills. A solid business plan should demonstrate structured thinking, financial viability, legal considerations, and market validation. Simply having a good idea isn’t enough; the plan should showcase the entrepreneur’s ability to turn the idea into a viable and scalable business.

How to achieve cybersecurity independence in Southeast Asia

Fostering a cybersecurity workforce equipped with the latest skills and knowledge will be paramount in securing the region’s digital sovereignty. Governments and private enterprises should invest in training programs and create opportunities for professionals to specialise in cybersecurity.

Content and Social Media Marketing Manager at ArmourZero, Bernadetta Septarini’s article explores the significance of achieving cybersecurity independence in Southeast Asia during the month of independence celebrations. It highlights challenges, initiatives like the ASEAN Cyber Capacity Programme, best practices, AI’s role, and the importance of a skilled cybersecurity workforce for a safer digital future.

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The post Contributor spotlight: A roundup of this week’s startup discussions appeared first on e27.

Dear Pro member,

Singapore-based fintech firm, FOMO Group, has made significant strides in expanding its foothold in the Asian financial landscape through strategic acquisitions. It has acquired two local financial institutions, CapBridge and 1exchange, to venture into the capital markets.

CapBridge, a digital online investment syndication and distribution platform, presents an opportunity for FOMO Group to broaden its service offerings to cater to a wider range of customers. Additionally, 1exchange, with its cost-effective listing venue tailored for SMEs, corporates, and institutions, complements FOMO’s vision of becoming a fully-integrated, regulated, and licensed digital payment and digital asset solution provider in the region.

FOMO Group seeks to capitalise on the growing demand for fintech solutions and financial services in Asia by venturing into the capital markets space. With these strategic acquisitions, the company aims to strengthen its market position and unlock new revenue streams.

As the financial landscape continues to evolve, FOMO aims to accelerate innovation and adaptability, enabling the company to stay ahead in the competitive fintech industry and seize emerging opportunities in the dynamic Asian market.

Scroll down to have a glimpse of the top startup news stories collated from across Southeast Asia.

Sainul,
Editor.

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FOMO Group acquires CapBridge and 1exchange
CapBridge is a digital online investment syndication and distribution platform, whereas 1exchange is an RMO-licensed private securities exchange that offers a cost-effective listing venue designed for SMEs, corporates and institutions.

MAS eyes AI, Web3 projects with US$112M fintech scheme
The Financial Sector Technology and Innovation Scheme 3.0 will fund projects that tackle key areas of development in the fintech industry; FSTI 3.0 will have six tracks that cover the program’s different investment activities.

Singapore’s DotBio raises US$5.6M pre-Series A
The investors include Proxima Ventures and Gaorong Capital; DotBio, which specialises in antibody therapies, said it will use the funds to start its pre-clinical studies in areas such as animal efficacy, as well as chemical, manufacturing and controls.

BintanGo expands into live commerce with US$2.2M raise
The investors include Investible and Contents Technologies; BintanGo, which provides tools for digital content creators in Indonesia, aims to become a live-commerce enabler on TikTok, Instagram, Shopee, and YouTube.

Moonbox raises US$1M to launch AI-powered NFTs, apps
The investor is OKX Ventures; Moonbox develops an interactive protocol with AI that can give life to different digital assets, including NFTs.

Patrick Grove’s SPAC inks US$685M deal with Norwegian company
His SPAC Catcha Investment has agreed to merge with Crown LNG, a Norwegian firm that builds offshore liquefied natural gas terminals for harsh weather locations; The merged company, Crown LNG Holdings Limited, plans to list on the NYSE.

Ant Financial sells Paytm stake worth US$628M to founder Vijay Shekhar Sharma
Ant Financial will acquire a 10.30% stake in the Indian financial services firm in a move that appears to be orchestrated to cut the Indian firm’s exposure to the Chinese company.

Steve Jobs’s son launches VC fund to invest in cancer treatments
Reed Jobs is launching Yosemite, which has raised US$200M from medical institutions like Memorial Sloan Kettering Cancer Center, The Rockefeller University, and M.I.T, as well as from venture capitalist John Doerr.

Corporate investment strategies have become more mature, aggressive over time: Joseph Phua
The founder of Paktor and 17LIVe says the treatment of startups by old-school incumbent businesses in Asia has evolved in the last decade.

How Bossjob plans to win the Japanese market with its AI-powered career platform
Prior to its expansion to Japan, Bossjob entered Singapore and Indonesia and is preparing to enter Hong Kong in Q3 2023.

How Qashier plans to continue supporting SMEs with its product innovation
Qashier has recently introduced its flagship smart point-of-sale terminal Qashier X2 and the lightweight and portable QashierXS.

Indonesia may have a bright future in Web3 space, but some homework remain
The archipelago has all the elements of a supportive Web3 ecosystem with a close-knit community to forward-looking initiatives.

The wave of layoffs in 2023 and the Vietnamese market
While challenging, layoffs can also be seen as an opportunity to seek growth and advancement in your career.

From chatbots to therapists: How AI break ground in bridging the mental health care divide
We’re at the precipice of what could be a seismic shift in how we understand and address mental health.

Tap into the potential of your location data to boost business growth
How harnessing the power of your location data can help empower your business with the help of UNL’s unique location technology.

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The post Ecosystem roundup: FOMO Group acquires CapBridge, 1exchange; DotBio, BintanGo secure investments appeared first on e27.