Y Combinator-backed Peeba announced the setting up of its office in Indonesia, marking the first step of its Southeast Asia (SEA) expansion journey.

The online B2B wholesale marketplace wants to change the game for small retailers by enabling them to compete on the same footing as larger retailers through both online and offline channels. The company aims to do it by implementing a “sell first, pay later” model for small retailers.

In a press statement, Peeba says it that allows retail stores across Indonesia to buy products from thousands of curated
global and local brands on consignment, so they can pay for goods they are able to sell and return the rest to Peeba. According to the company, this means that small retailers do not need to incur hefty upfront payments, allowing them to stock high-quality products in their stores.

“Peeba takes care of end-to-end cross-border logistics, customs, duties and taxes while ensuring that goods are shipped to the retailer smoothly,” explains Jacky Lai, Founder and CEO of Peeba, in an email to e27.

“When small retailers are able to stock products from top brands, it makes them much more competitive as they can attract consumers a lot more effectively.”

Also Read: How express delivery services can become a key differentiator for e-commerce businesses

Lai also says that the platform uses machine learning to help predict what will sell well for stores in a particular category or area. “When retailers log on to Peeba, they automatically see recommendations that are most relevant to them.”

Founded in 2020 in Hong Kong, Peeba currently works with about 3,000 brands worldwide, connecting them with over 30,000 retail stores.

Understanding small businesses

When asked about the profiles of their targeted users, Lai describes them as independent online shops (such as Instagram and TikTok-based shops) and small retailers with physical stores.

“We are currently focused on serving retailers in the beauty, home and living, and baby and kids categories. We acquire them through a strong business development team that is in constant conversations with stakeholders in the retail ecosystem,” he says.

With regard to their revenue model, Lai says, “We make money when brands sell through retailers that choose to stock their products. Because of that, we review each and every brand application rigorously to make sure that they’re the right brand for the retailers that are on our platform.”

This year, Peeba aims to focus on its expansion plan in Indonesia, where the team has started hiring team members there.

“In the longer term, our goal is definitely to expand across Southeast Asia. We will take one step at a time and launch each market independently,” Lai closes.

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Image Credit: Peeba

The post Peeba debuts in Southeast Asia to help small retailers stay competitive appeared first on e27.

Over the past few years, we witnessed a significant evolution in the express delivery market alongside the global e-commerce boom. In Asia Pacific, where more than 60 per cent of e-commerce activities take place, the market continues to grow at a rapid pace due to international trade and rising disposable incomes – the courier, express, and parcel (CEP) market is currently valued at US$185.2 billion this year and is forecasted to grow at six per cent annually until 2028.

More than 90 per cent of businesses in the region are micro, small and medium-sized enterprises (MSMEs). To capture overseas market opportunities, MSMEs that have tapped into digital platforms face the daunting task of navigating complex business, inventory, logistics fulfilment and supply chain need with the limited resources they possess.

This is further interlaced with challenges such as rising customer expectations pertaining to delivery speed, convenience, and flexibility as omnichannel retail platforms increasingly become the default.

Express delivery services today are no longer a bonus feature but an expectation. This means that in order to meet customer expectations, a reliable logistics partner is crucial for optimising current processes and reducing operating costs.

The delicate balance between time and cost

Customers today demand faster and more affordable delivery options. In addition, they also expect transparency throughout the delivery process, with real-time updates on their shipments. Logistics operators are thus under pressure to fulfil these rising consumer expectations by being adaptable and agile, all while trying to maintain cost competitiveness.

Also Read: Unstoppable surge: Vietnam’s e-commerce growth continues to soar

However, as MSMEs themselves do not possess the comprehensive global logistics infrastructure that is necessary to optimise efficiency, it is crucial for them to outsource these business needs to achieve maximum time- and cost-effectiveness. This is where third-party logistics operators can serve as centralised platform partners to empower MSMEs with a holistic cross-border logistics solution and strike a perfect balance between efficiency and cost.

Even as more options become available to consumers, they continue to seek convenience, affordability, and efficiency with express delivery options. They expect merchants and MSMEs to provide more personalised services and naturally gravitate towards reliable delivery providers when given a choice.

To retain leadership positions and establish a competitive edge, logistics operators need to constantly explore new opportunities to expand the shipping freight network and set up regional air and logistics hubs in order to streamline goods flow and boost connectivity within markets.

Investments in smart logistics will pay off

With the rise in e-commerce offerings and supply chain capabilities, MSMEs are investing in infrastructure and service offerings that can support time-definite delivery services for cross-border e-commerce. This includes smart warehouses, improved transportation networks, and the use of cutting-edge technologies such as autonomous vehicles.

Beyond that, socially responsible businesses have also started looking at the use of electric vehicles and renewable energy sources to increase sustainability efforts in order to reduce carbon emissions and costs over time.

The digital push and consumers’ increasing digital savviness have also prompted businesses and logistics operators to digitalise legacy equipment, so they can better cope with the surge in demand during peak seasons such as major shopping festivals and holidays. This includes integrating new technologies into existing platforms to enhance transparency across the supply chain, allowing businesses and logistics operators to pre-empt and resolve any major issues ahead of time.

Also Read: Boosting e-commerce growth in Asia: The power of collaboration

One such example is Cainiao’s radio-frequency identification (RFID) tags that are attached to every parcel, which provide real-time updates on the parcel’s location, with improvements in identification sensitivities. This greatly improves MSMEs’ overall visibility and efficiencies in the areas of inventory and supply chain management.

Evolution is crucial for growth

The spotlight on express delivery services continues to grow, presenting significant opportunities for MSMEs and logistics operators alike. By strategically engaging and partnering with logistics operators and platforms, MSMEs can level with larger counterparts in the global marketplace and meet consumers’ expectations for time-definite deliveries.

Increasingly, e-commerce has become crucial to the growth of the digital economy, and express deliveries are a key element for small businesses to elevate customer experiences and deliver exceptional services.

To thrive and stand out in a competitive landscape, businesses must embrace a more diverse and agile business model. This entails redefining their operations through strategic partnerships and demonstrating flexibility and transparency in delivery services.

The business climate today, which favours partnerships and technology adoption, has widened growth opportunities for small businesses in a globalised marketplace that once seemed beyond reach.

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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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Below are brief profiles of all the e27 Connect investors (who are verified by e27 and willing to be connected) that invested in July.

TNB Aura

TNB Aura uses data-driven methodologies to identify and invest in select companies that are primed for the future and ready to change the very face of their categories. It is an approved co-investment partner of Enterprise Singapore.

Verticals: All
Based in: Singapore
Investment locations: Singapore, Indonesia, Vietnam, Philippines, Malaysia, Thailand
Stages: Pre-Series A/bridge, Series A, Series B
Investment range: US$1M to US$10M.

The startup invested: GIMO.

Integra Partners

Integra Partners invests in early-stage companies that use technology to drive access and affordability to responsible financial services and digital healthcare companies in the Southeast Asian and South Asian regions.

Verticals: Finance, DeFi, healthtech, insurtech
Based in: Singapore
Investment locations: Singapore, Malaysia, Thailand, India, Pakistan, Vietnam, the Philippines, Indonesia
Stages: Seed, Pre-Series A/bridge, Series A, Series B
Investment range: US$1M to US$4M.

The startup invested: GIMO.

Resolution Ventures

Resolution Ventures is a seed-stage fund focused on investing in fintech companies built in Southeast Asia.

Verticals: Finance
Based in: Singapore
Investment locations: Singapore, Malaysia, Indonesia, Vietnam, Thailand, Philippines, Laos, Cambodia
Stages: Seed, pre-Series A/bridge, Series A
Investment range: US$250K to US$750K.

Also Read: Vietnamese earned wage access startup GIMO closes US$17.1M Series A

The startup invested: GIMO.

ThinkZone Ventures

ThinkZone Ventures is a local-resourced VC firm in Vietnam, focusing on pre-seed to Series A stratups from diverse verticals.

Verticals: AI, education, finance, healthtech, logistics/supply chain, medtech, platform, sharing economy, SaaS, transportation
Based in: Vietnam
Investment location: Vietnam
Stages: Seed, pre-Series A/bridge, and Series A
Investment range: US$50K to US$3M.

The startup invested: GIMO.

AC Ventures

AC Ventures is an early-stage technology venture fund focusing on investing in Indonesia’s digital disruptors.
Verticals: All/any
Based in: Indonesia
Investment location: Indonesia
Stages: Angel, seed, pre-Series A/bridge, Series A.

The startup invested: MAKA Motors.

East Ventures

East Ventures is a seed to early-stage venture capital firm based in Singapore, Indonesia and Tokyo. It was founded in 2010 by the co-founder of Mixi.jp and other prominent investors/entrepreneurs in Asia.

Verticals: All/any
Based in: Indonesia
Investment locations: Singapore, Thailand, Vietnam, the Philippines, Malaysia, Indonesia, Myanmar, Laos, Cambodia, Brunei, and Japan
Stages: Angel, seed, pre-Series A/bridge, Series A
Investment range: US$1M to US$50M.

The startups invested: MAKA Motors, Soleland.

Skystar Capital

Skystar Capital is an early-stage VC fund backed by leading corporate groups that invests in technology startups in the SEA region, particularly Indonesia.

Verticals: All
Based in: Indonesia
Investment locations: Indonesia, Singapore, Malaysia, Thailand, the Philippines, Vietnam, the United States of America
Stages: Seed, pre-Series A/bridge, Series A
Investment range: US$200K to US$2M.

The startup invested: MAKA Motors.

Openspace Ventures

Openspace Ventures makes investments in early-stage technology companies based in Southeast Asia.

Verticals: Agritech, consumer, education, finance, hardware, healthtech, SaaS
Based in: Singapore
Investment locations: Singapore, Vietnam, the Philippines, Malaysia, Indonesia, Thailand, Brunei, Myanmar, Laos, Cambodia
Stages: Series A, Series B.

The startup invested: MAKA Motors.

BEENEXT

BEENEXT is a venture capital firm investing in startups from India, Southeast Asia, Japan, and USA.

Verticals: All/any
Based in: Singapore
Investment locations: India, Indonesia, Japan, Thailand, Vietnam, Singapore, the Philippines, Bangladesh, Myanmar, and the US.
Stages: Angel, seed, Series A.

The startup invested: MAKA Motors.

Kinesys Group

Kinesys focuses on early-stage companies looking to potentially traditional markets or new emerging ideas.

Also Read: Former Gojek top execs’ e-motorcycle startup MAKA Motors closes a massive US$37.6M seed round

Verticals: All/any
Based in: Singapore
Investment locations: Indonesia, Singapore, Malaysia
Stages: Seed, pre-Series A/bridge, Series A
Investment range: US$100K to US$500K.

The startup invested: MAKA Motors.

M Venture Partners

M Venture Partners is an early-stage investor, raising innovators and disruptors in rising Southeast Asian and South Asian economies.

Verticals: All/any
Based in: Singapore
Investment locations: Singapore, India, Vietnam, Indonesia, Malaysia, the Philippines
Stages: Pre-seed, angel, seed, pre-Series A/bridge, Series A
Investment range: US$500K to US$2M.

The startups invested: MAKA Motors, KarirLab.

Alpha JWC Ventures

Alpha JWC Ventures invests in early to growth-stage high-technology companies.

Also Read: Earth VC backs US-based lithium-silicon battery firm Group14

Verticals: Advertising, agritech, AI, automotive, Big Data, blockchain, consumer, e-commerce, education, enterprise solution, entertainment, finance, F&B, govtech, healthtech, HR, ICT, insurtech, IoT, logistics/supply chain, manufacturing, marketplace, media, platform, productivity & CRM, real estate, retail, sharing economy, SaaS, transportation, travel
Based in: Indonesia
Investment locations: Indonesia, Vietnam, Singapore, Malaysia, Thailand, Taiwan, India
Stages: Seed, pre-Series A/bridge, Series A, Series B
Investment range: US$200K to US$10M.

The startup invested: KarirLab

SBI Ven Capital

SBI Ven Capital, founded in 2007 and based in Singapore, is a private equity firm that invests in financial services and technology sectors across Asia.

Verticals: E-commerce, finance
Based in: Singapore
Investment locations: Singapore, Malaysia, Indonesia, India, Thailand, Cambodia, the Philippines
Stages: Series A, Series B.

The startup invested: Eratani.

Genting Ventures

Genting Ventures is the corporate venture arm of Genting Group. It invests in early-stage startups with disruptive technologies.

Verticals: Any/all
Based in: Singapore
Investment locations: All/any
Stages: Seed, pre-Series A/bridge, Series A
Investment range: US$350K to US$1M.

The startup invested: Eratani.

1982 Ventures

1982 Ventures is an early-stage fintech-focused VC firm in Southeast Asia.

Verticals: Blockchain, enterprise solution, finance, insurtech, SaaS
Based in: Singapore
Investment locations: Singapore, Indonesia, Vietnam, the Philippines, Malaysia, Thailand, Pakistan, Bangladesh, Cambodia, Laos, Myanmar
Stages: Angel, seed, pre-Series A/bridge
Investment range: US$100K to US$500K.

The startups invested: Orderfaz.

ORZON Ventures

ORZON Ventures, powered by OR (a leading oil and retail company in Thailand) and 500 TukTuks, invests in promising Series A-B startups in Thailand and Southeast Asia in the mobility and lifestyle sectors.

Verticals: Any
Based in: Thailand
Investment locations: Thailand, Singapore, Malaysia, Indonesia, Vietnam
Stages: Pre-Series A/bridge, Series A, Series B, Series C & above
Investment range: US$500K to US$3M.

The startup invested: APX.

Wavemaker Partners

Wavemaker Partners invest in a broad range of technology-driven companies in the US and Southeast Asia.

Verticals: All/any
Based in: Singapore
Investment locations: Hong Kong, Singapore, the Philippines, Thailand, United States of America, Indonesia, Vietnam, Malaysia, Brunei, Myanmar, Cambodia, Laos
Stages: Angel, seed, pre-Series A/bridge, Series A
Investment range: US$250K to US$5M.

The startup invested: Hydroleap.

Earth Venture Capital

Earth Venture Capital is a global VC firm that aims to empower and nurture sustain global-mindset tech startups with solutions to prevent climate change.

Verticals: AI, robotics, energy, and IoT
Based in: Vietnam
Investment locations: Vietnam, Singapore, Hong Kong, Indonesia, Malaysia, the Philippines, India
Stages: Pre-seed, seed, pre-Series A/bridge, Series A
Investment range: US$500K to US$1M.

The startup invested: Group14.

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(The lead picture used in this article is AI-generated)

The post Meet the e27 Connect investors that invested in SEA in the past two weeks appeared first on e27.

Singapore-based startup Bunker, which provides a modern financial analytics platform for SMEs, has secured over US$5 million over two funding rounds.

The investors include January Capital, Alpha JWC, GFC, Northstar Group, Money Forward, Alpine Ventures, and Patamar Capital.

Angel investors, namely Chris Lin, Rosemary DeAaragon, Tiger Fang, Gaurav Gupta, Christian Sutardi, Warren Tseng, Jonathan Wong, Nakul Malhotra, and Shaun Hon, also participated.

Bunker was founded in 2021 by CEO Shivom Sinha, formerly VP (strategic finance) at Gojek and Senior Associate (Strategic Finance) at Uber.

Bunker is an intuitive platform that gives executives “deep financial visibility” by turning the thousands of overlooked rows in the general ledger into actionable insights.

Also Read: Meet the e27 Connect investors that invested in SEA in the past two weeks

The startup’s proprietary solution scans the thousands of overlooked rows of transactions and other data in a company’s accounting or enterprise resource planning (ERP) software. Companies use this platform to spot vendor-specific costs and terms of payment negotiation opportunities, drive ad-hoc budgeting, and manage investor relations or fundraise with smoother due diligence processes.

The platform integrates with software such as Xero, NetSuite, QuickBooks, Jurnal, Accurate, and SAP. Unlike existing business intelligence software, which can take weeks to deploy, Bunker takes days, and no complex implementation or training from the client is required.

It has customers in Singapore, Indonesia, the Philippines, and Hong Kong.

“In today’s economic landscape, CEOs and CFOs are holding their finance strategies to the highest standards, but monthly FP&A cycles fall short – they’re still too shallow and too slow. The richest financial data for critical insights still lies the general ledger but unpacking it continues to be a gruelling exercise. Bunker bridges this gap, enabling leadership to plan and execute with surgical precision,” said CEO Sinha.

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The post Ex-Gojek VP’s modern financial analytics platform Bunker secures US$5M appeared first on e27.

The work of Intensel is strongly related to the fact that climate change and financial risk are increasingly intertwined. As global warming continues to escalate, so is the risk of disasters such as floods and typhoons, leading to significant losses yearly. In fact, in 2021, Swiss Re predicted up to 18 per cent losses in GDP due to climate risks globally by 2050 if no mitigation actions are taken.

This means there is an urgency for real estate owners and other stakeholders to understand and mitigate their exposure. Unfortunately, as pointed out by Dr Entela Benz, CEO of Intensel, adequate data analytics to quantify these risks at the asset level are still lacking. Apart from that, climate risk disclosures have also become mandatory under International Sustainability Standards Board (ISSB) standards in many regions.

This is where Intensel comes in with its solutions.

“At Intensel, we aim to demystify the financial impacts of climate change. Leveraging AI, big data, and our team’s combined expertise in climate science and finance, we’ve created a unique analytics platform,” explains Dr Benz in an email interview with e27.

“This tool employs in-depth climate science modelling paired with financial risk modelling to quickly pinpoint asset-level exposure and vulnerability across 10 climate hazards, including rainfall floods, storm surges, typhoons, and sea level rise. It also calculates the dollar-value-at-risk under three different time horizons and six climate scenarios worldwide.”

The subscription-based software platform allows stakeholders in various sectors, including banking, real estate, insurance, and asset management, to comprehend their climate-related financial risks and opportunities, with the end goal to empower them in optimising their portfolios, becoming more climate-resilient and compliant with increasing regulatory standards such as those from the ISSB.

Also Read: Following fund completion, Eurazeo aims to support up-and-coming leaders in climate tech

“Our firm belief is that understanding risk, recognising opportunity, and acting decisively can help shape a more sustainable, climate-resilient future,” Dr Benz stresses.

The Intensel platform is the result of over three years of research and development. According to Dr Benz, it involved managing and interpreting terabytes of modelling data powered by AI and cloud computing.

“In Q1 2022, we successfully launched our digital climate platform on a subscription basis, offering global coverage across ten climate hazards, featuring the latest Shared Socioeconomic Pathways (SSPs). To better cater to the needs of asset managers and other high-volume data users, we’ve developed APIs. We also offer real estate flood scores as a standalone product, further broadening our portfolio of services,” she says.

“We’re continuously working to enhance the capabilities of our platform. Some of the latest additions include loss estimations adjusted for asset-level flood mitigations and GDP adjusted for the climate change impact on the economy. Future plans include the introduction of country and district-level hazard maps and index benchmarking.”

In 2022, Intensel received a grant from the Monetary Authority of Singapore’s Financial Sector Technology and Innovation (FSTI) Proof-of-Concept (POC) Scheme which allowed it to partner with the Dutch multinational bank ING Group. It has also been selected for various accelerator and impact programmes in the Asia Pacific.

Impacting climate works in the region

As with any climate tech startup, Intensel pays attention to the impact that it is making on its clients.

“So far, we’ve facilitated the analysis of over 2,000 assets, identifying more than US$30 billion in potential losses attributable to climate change. We believe our platform can help companies quantify how they can avoid climate-related losses and reduce the financial risk of climate change globally,” Dr Benz says.

“At Intensel, we acknowledge that even with significant emission reductions and a limit to global warming at 1.5 degrees Celsius, climate change impacts are inevitable. Hence, urgent adaptation measures are needed. We advocate for asset-level climate risk assessments by fund managers and asset owners. Our core objective is to minimise global financial risks from climate change by utilising our platform, which quantifies potential climate-related losses, enabling clients to take necessary mitigation steps.”

Also Read: Why these startups focus on informal plastic waste workers in the fight against climate crisis

Intensel has teams based in Hong Kong, Singapore, and India, with its leadership team consisting of Dr Benz, COO Ashley Hegland, and CFO Ben Shum.

“In our early stages, we were fortunate to have garnered financial backing through a seed funding round, supported by notable investors and advisors such as the Asian Development Bank (ADB) and the Hong Kong University of Science and Technology. Additionally, we benefited from participating in the Hong Kong Science Park and Technology Corporation’s incubation programme, which was instrumental in our development and growth,” Dr Benz says.

“Our selection by the two accelerator and impact programmes is a recognition of the strength and potential of our solution to meet the increasing market demand to comprehend climate-related financial risks through high-quality climate data and robust analytics.”

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Image Credit: Intensel

The post Demystifying the financial impacts of climate change with Intensel appeared first on e27.

This article is published as a series in the e27 accelerator partnership with Rainmaking.

What does the future of work and life look like for you in 10 years? Imagine the possibilities that lie ahead in the next decade: robots seamlessly serving customers in restaurants and cafes, AR and VR technologies projecting your colleagues into your physical office, and wearables and sensing devices enhancing well-being and health tracking.

The future of work and life is brimming with innovation, and it will radically transform human experiences in the way we live and work through interactions with new technologies. 

While we all may have a different view on how the future of living and working looks Kajima Development, a wholly owned subsidiary of Kajima Corporation, aims to take on a mission to shape this future.

The mission begins within the walls of their newly constructed Innovation Hub, The Gear. Nestled in the vibrant Changi Business Park of Singapore– a cutting-edge facility serves as Kajima’s regional headquarters and is designed as a living lab, encouraging experimentation, exploration, and co-creation.

Kajima Development Pte Ltd is a Singapore-based real estate developer with business interests across the SEA region. Founded in 1840, Kajima’s services include design, engineering, construction, and real estate development.

At The Gear, Kajima will adopt open innovation, conduct R&D on advanced built environment technologies, and testbed solutions for productivity improvement, sustainability, and occupant wellness. 

Kajima is launching The Gear Startup Residency Programme through a collaboration with Rainmaking APAC in the region. The programme provides early-stage startups in the built environment sector with a unique opportunity to accelerate their solutions and validate their business models in a live testbed environment.

Also read: Rainmaking launches US$22M fund, to jointly invest in maritime startups with SEEDS Capital

The 6-month programme will provide startups in the built environment the opportunity to solve real business challenges and co-create new solutions with Kajima.

What’s in it for startups

• Accelerate your solution validation in a world-class innovation testbed with live building data and R&D facilities
• De-risk and speed up your business desirability and viability validation through the structured methodology and iterative approach, and dedicated 1:1 deep dives with the Rainmaking APAC team and expert mentors
• Close collaboration and insights exchange with Kajima business leaders through 1:1 and collective sessions
• Expand your network with exclusive access to a tight-knit community of like-minded startups, local and Japanese partners

More about the programme

• It is a 6-month physical programme hosted by Kajima and Rainmaking APAC
• Timeline: September 2023 to March 2024
• Who can apply: Startups who want to accelerate prototype validation and commercialize your solution in a live testbed environment.  
• Focus areas: Revolutionising the Future of Work; Integration of Health and Wellness in Buildings; Transforming the Future of Services; Advancing Construction Productivity
• Cost: Free of charge and no equity will be taken
• Geographical scope: The programme will be in-person, based at The GEAR in Singapore. We welcome foreign startups who are looking to expand and are based out of Singapore to apply to the programme as well.

Applications close on 11th August, 2023 and you can find more here.

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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: Freepik

The post The Gear: A new accelerator programme for early-stage startups in the built environment sector appeared first on e27.

GIMO, a Vietnam-based startup providing flexible pay and financial well-being solutions for underbanked workers, has raised an undisclosed sum in Series A funding to close the round at US$17.1 million.

TNB Aura led the round and saw participation from existing backers Integra Partners, Resolution Ventures, Blauwpark Partners, ThinkZone Ventures, and Y Combinator.

Genting Ventures, TKG Taekwang, George Kent, and Asia-focused private credit financier AlteriQ Global also joined.

The final closing, comprising equity and debt financing, came five months after GIMO secured US$5.1 million in the first close.

Also Read: GIMO bags US$1.9M to improve financial stability for blue-collar workers in Vietnam

The fintech firm will allocate a significant portion of the funds to bolster its R&D efforts and accelerate product development to introduce more social impact initiatives. A portion will be dedicated to enhancing customer success and support initiatives besides forging strategic alliances with key partners and industry leaders.

GIMO is an earned-wage access company aiming to better the financial lives of Vietnamese underbanked workers via mobile-enabled financial solutions that start with on-demand pay.

The startup currently serves 500,000 workers from medium to large-sized multinational manufacturing companies across Vietnam.

GIMO claims that despite the economic slowdown in 2023, it grew 15 per cent and is on track to reach 2.5 million underbanked employees by 2025.

“This significant investment will enable us to drive our vision forward, fuel innovation and continue to serve the underserved communities in which we live and operate,” said GIMO Co-Founder and CEO Quan Nguyen.

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The post Vietnamese earned wage access startup GIMO closes US$17.1M Series A appeared first on e27.

Global investment company Eurazeo recently announced the final closing of its Eurazeo Smart City Fund II 1 at EUR400 million (US$445 million), joined by five sovereign wealth funds and development institutions and 18 corporations in Europe and Asia.

In a press statement, the company said that this fund is dedicated to new technologies and digital innovation for sustainable cities, targeting the key sectors of the low-carbon economy: renewable energy, advanced mobility, logistics, manufacturing and the built environment.

While Eurazeo primarily invests in Europe, it also invests in companies in Asia, Israel, and North America. The fund has already invested in several climate tech startups such 1Komma5° (carbon-neutral residential solutions and power services in Europe), Electra (fast-charging network electric vehicles in France, Italy, Benelux), Swapp (AI-powered construction documents) and Urban Chain (peer-to-peer renewable energy exchange platform in the UK).

It aims to invest in 25 companies with investments ranging between EUR1 million (US$1.1 million) and EUR20 million (US$22 million), targeting seed, Series A, and Series B companies with a “sweet spot” in Series A companies with an investment ticket of EUR5-12 million (US$5.5-13.3 million).

In an email interview with e27, Julien Mialaret, Operating Partner at Eurazeo, says that the company is looking for global leaders in climate tech. As an Article 8+ Sustainable Finance Disclosure Regulation Impact fund (SFDR Fund), it is investing in solutions that address eight points in Sustainable Development Goals (SDGs), including poverty eradication, affordable and clean energy, as well as industry, innovation, and infrastructure.

Also Read: Climate tech startups can play a role in helping SMEs bridge sustainability, digital transformation: Paessler

Eurazeo has this requirement that 50 per cent of the portfolio must demonstrate a verifiable environmental impact, measured through specific KPIs and monitored by an impact committee.

“These are companies developing new technologies and digital innovation for sustainable cities. There are five key sectors to achieve the goal of the renewable energy transition, net zero emissions and transition to a low-carbon economy: new energy, advanced mobility, logistics, Industry 4.0, and the built environment. This is where we focus, and we seek regional and global leaders to support,” he says.

Building sustainable cities

Mialaret shares the most crucial development and trends in sustainable cities that Eurazeo aims to pursue with its investment.

“New digital services and technologies that make life in major metropolises more sustainable and improve quality of life. We are not only interested in new buildings or districts, but more often in the legacy city: the city that needs cleaner mobility, power, logistics and green buildings,” he says.

He also points out that there are several challenges that climate tech startups face in growing and building a sustainable business, and it centres on the adoption rate and affordability of their solutions.

“We are displacing legacy (carbonated) technologies with more sustainable, carbon-neutral ones. This takes time, capital and industrialisation as a scale to have better unit economics than the older technologies being displaced,” Mialaret says.

Also Read: The Radical Fund hits first close of US$40M climate tech fund, targets early stage SEA startups

In supporting its portfolio companies, Eurazeo offers two main benefits outside of capital:

1. Cross-border development to new markets
“Eurazeo is present globally with 12 offices spread across Asia (Singapore, Shanghai, Seoul), Europe and the US. We can help entrepreneurs move into new markets,” says Mialaret. He gives the examples of WeRide, the Chinese autonomous mobility company that is now localised in Singapore, and WeMaintain, a French/UK proptech company that is now operating in Singapore as well.

2. Building new companies with the 18 corporate partners investors in the Smart City fund II
An example of this would be EVCO in Singapore which is a JV between SMRT (an LP and investor in the Smart City II fund) and DST Car (a portfolio company from China in the Smart City Fund).

According to Mialaret, partnerships with different parties are crucial in helping climate tech companies grow their businesses. This is why Eurazeo has five sovereign investors in the Smart City II fund.

“Partnerships with large corporations are also critical to help startups scale faster. By being a supplier to these corporations, entering technology partnerships or growing new JV with them,” he says, giving the example of EVCO’s partnership with SMRT in Singapore.

For the rest of 2023, Eurazeo plans to continue on expanding its team in Asia. Ernest Xue has recently joined the company as Investment Director – Venture Smart City in Singapore; the company has also invested in six companies in the Asia region.

Also Read: What startups need to know about Claims Code, the new rulebook for making credible climate claims

“We are accelerating with almost half of the 18 corporate partners from ASEAN/Asia. We want to give these corporations first mover advantage in new sustainable services for cities like SMRT with EVCO EV logistics,” Mialaret closes.

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Image Credit: RunwayML

The post Following fund completion, Eurazeo aims to support up-and-coming leaders in climate tech appeared first on e27.

How does one start a business? This is a big question that young, aspiring entrepreneurs often ask the more experienced entrepreneurs around them. Many aspects are involved in starting a new business, but the human resource aspect—the people that you are building the business with—often comes out on top. After all, starting a business with the right co-founder can make or break a business.

While there is always an option to go solo, there are also many good reasons to have co-founders. So how does one find the right co-founder? How do you deal with the dynamics within the team? What to do when things go wrong? To answer these big questions, e27 reaches out to three startup founders and one investor to learn from their insights and experience.

Finding your co-founder

Some entrepreneurs decide to start their businesses by themselves, but according to our sources, starting with Theodoric Chew, Co-Founder and CEO of Intellect, having co-founders brings immense value to the entrepreneurial journey, which he describes as can be a roller coaster ride.

“On a personal level, a co-founder can provide invaluable emotional support and motivation during the highs and lows of building a company together, especially at the start when we had to do everything ourselves. From a practical perspective, it allows us to focus on our respective strengths and ensure all crucial aspects of the business receive attention,” he elaborates.

Chew explains how he and co-founder Anurag Chatani covers different business areas in running Intellect. Regular check-ins help to ensure that the co-founders are “on the same page” in growing the company. Yet at the same time, having a co-founder allows the company to have different perspectives.

Also Read: Threads: Revolutionising social media for creative entrepreneurs

Wallex Founder Hiroyuki Kiga agrees that having a co-founder can help with the loneliness that can come with entrepreneurship.

“Having a sparring partner (or partners) who you can bounce ideas off with, have disagreements with, maybe something needed when you don’t know who to talk to,” he says.

Outside of the tech industry, co-founders of strategic communications company TriOn & Co take turns to share their stories. For Joel Lah, Fintech Lead and Chief Research Officer, having co-founders enable the team to be accountable to each other, and it helps to keep the work standards high.

Another point that young entrepreneurs should consider is that investors tend to favour investing in teams of co-founders. According to Karan Mohla, General Partner, B Capital, having a team of co-founders demonstrates a shared commitment and increased expertise. However, he acknowledges that it is not a blanket rule.

“Lastly, as there always are risks associated with starting any business, a co-founder can not only help share the financial burden but provide emotional support as well during turbulent times,” he stresses.

But what are the qualities that one should look for in a co-founder? All of our sources agree that it all has to start with having a shared vision, being trustworthy, and having a strong sense of resilience. But there are also other qualities that one should pay attention to.

“A shared sense of humour is also an excellent bonus to get through the challenging and tiring times,” says Charu Srivastava, Corporate Affairs Lead and Chief Strategy Officer at TriOn & Co.

Also Read: Breaking barriers: Hidden hurdles faced by women entrepreneurs

When things get tough with your co-founder

Another question that often arises when it comes to working with a co-founder is when things get tough. What are the arrangements that co-founders can come up with to help prevent unnecessary conflicts? Or at the very least, help them to deal with conflicts wisely?

“Bringing on a co-founder involves multiple considerations; hence it is essential to have clear agreements and contracts in place to protect the interests of all parties involved … Equity split and ownership are discussions that are sensitive and complex and are also important but often difficult to have among co-founders,” explains Mohla of B Capital, stressing the importance of putting things on paper.

According to Kiga, another valuable piece of advice is to understand what is most important for all parties involved, especially regarding major decisions such as an acquisition.

“When it comes to these liquidity events, there will be shareholders who will support you and shareholder(s) who may stand in the way. Of course, you can’t make everyone happy. One way to resolve these types of disagreements is to make sure you understand what is important for each shareholder. Once you know these variables, the negotiations with our shareholders, not with the acquirer, became smoother,” he elaborates.

How should you approach conflict when you can no longer avoid it? The three co-founders of TriOn & Co share how they handle it.

According to Srivastava, as much as they wanted to keep initial costs low, they saw the need to invest in hiring a lawyer to make sure that there were no loopholes in their contracts.

Also Read: The story of an ‘accidental entrepreneur’

This is something that Marion Ang, ESG & Government Lead and Chief People Officer, agrees on.

” … Having a solid groundwork for the business is no easy feat, but we were clear that we wanted a proper foundation laid to build upon. We did not want to cut corners and run the risk of future complications,” she stresses.

“So, while it cost us money and time, we made sure no stone was left unturned when it came to the foundation of the business – from our HR policies, shareholders’ agreement, contracts, governance structure, accounting, benefits and legal agreements, just to name a few.”

Another challenge people tend to avoid is discussing morbid topics such as what happens if one of the co-founders dies or becomes mentally incapacitated. According to Lah, the topic of leaving the company is also something that they discuss early on.

Our other sources gave the same advice.

“While this is not ideal, it does not hurt to plan ahead as an exit strategy can be an important guide for your business continuity plan. From the get-go, founders should form a clear vision of the direction of their company and calibrate their strategy accordingly. This is also important because questions about disbandment will likely arise from board members, investors and employees,” says Mohla.

“Any disbandment should never become a distraction for the business, and founders should focus on the day-to-day needs of their business and employees. As company shareholders, at the end of the day, founders need to always think about what is best for the company, not just their individual interests.”

For Chew, while he and co-founder Chatani have yet to encounter such a situation in their partnership, they are committed to having open and honest communication.

Also Read: Empowering startup entrepreneurs: Harnessing benefits of Web3

“It’s crucial to approach the process fairly and respectfully, ensuring an amicable separation that minimises the impact on the business and allows each individual to pursue their respective paths,” says Chew.

Ultimately, Kiga advises young entrepreneurs not to jump straight into things.

“Evaluate and understand what each person can bring to the table. Doing a startup is a long-term commitment, and there will be challenges. It comes down to who you want to go through those challenges with and being able to make sacrifices together,” he closes.

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Image Credit: RunwayML

Editor’s Note: This feature article is part of the Young Entrepreneur series, where entrepreneurs and investors share their experience and insights to help aspiring startup founders find their way. If you are interested in taking part in this project, please reach out to e27 content team at writers@e27.co

The post Finding the right co-founder involves having tough conversations–and a great sense of humour appeared first on e27.

2MR Labs (Tomorrow Labs), an Asia-based digital assets launchpad, has raised an undisclosed sum in a new funding round led by Temasek’s Heliconia Capital.

Plug and Play APAC, The Assembly Place, PG, and LucidBlue Ventures also co-invested in the round.

The additional cash injection will enable 2MR Labs to support businesses transitioning into Web3. The firm looks to build its first phygital economy and bring digital assets into the forefront of the Asia consumer landscape, driving widespread adoption and redefining how businesses operate in a new digital era.

In addition, 2MR Labs has also announced a series of strategic investments and brand partnerships. With a focus on building a robust Phygital (physical plus digital) economy, these alliances aim to drive widespread adoption of Web3 technologies and strategies.

Also Read: How the right ecosystem partners can propel Web3 games in the next market cycle

The strategic alliances are curated with five leading brands: Plug and Play APAC, a global startup innovation platform; The Assembly Place, a community-focused co-living company; PG, a Web3 venture builder; MetaOne, a Web3 gaming platform; and UKISS Technology, a self-custody cold wallet provider.

Plug and Play APAC

2MR Labs will facilitate the transition of Plug and Play APAC’s business network into the Web3 era with a “robust” digital transformation framework. The framework will encompass strategy, guidelines and best practices for blockchain integration and transformation.

The Assembly Place

The alliance with The Assembly Place empowers a co-living experience by combining 2MR Labs’s digital assets launchpad service with The Assembly Place’s resident community and business network.

PG

PG’s investment will elevate 2MR Labs’s Giants Planet, enabling the delivery of real-world value to its community members. This strategic partnership also signifies both parties’ commitment to onboard Web2 brands and non-crypto native users into the Web3 space. Possibilities like loyalty programmes and community management will further drive adoption and engagement.

MetaOne

The integration of MetaOne’s gamer community into 2MR Labs’s Giants Planet reward ecosystem will provide more rewards and benefits to MetaOne’s growing user base. Furthermore, 2MR Labs will offer strategic support to MetaOne’s business development and global expansion plans.

UKISS Technology

The unique partnership with Singapore-based blockchain security expert, UKISS Technology, involves collaborating on a co-branded hardware wallet – Hugware X 2MR – enabling simple and secure Web3 adoption amongst businesses and individuals. This partnership empowers the community with a state-of-the-art self-custody private key management solution coupled with real-world assets’ utility.

The digital assets launchpad will look to deliver real-world value in the Web3 space through tokenised assets to create a dynamic ecosystem that fosters collaboration and impactful Web3 solutions for the digitally savvy masses.

Also Read: How to embrace a product mindset for digital success

2MR Labs builds technologies that bring real-world value to global brands in the form of digital assets. It was co-founded by Heliconia; Arthur Lin, Founder of Action X (world-leading sports entertainment); and Charlie Hu, Founder of LucidBlue Ventures (blockchain venture building fund).

Gamified launchpad, Giants Planet, is the first Phygital ecosystem wholly owned by 2MR Labs. Integrating explore-to-earn game mechanics, players are accompanied by their pet Giants to complete location-based quests, connect with community members, and unlock in-game & real-life rewards. The frontier Phygital economy is powered by the BGPS tokens that enable access to an ecosystem of partnering communities and real-world goods and services.

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(The image used in the article is AI-generated).

The post Temasek-owned Heliconia Capital invests digital assets launchpad 2MR Labs appeared first on e27.