EDBI, a fully owned subsidiary of the Singapore Economic Development Board (EDB), a government agency under the Ministry of Trade and Industry, has announced a merger with SEEDS Capital, a fully owned subsidiary of Enterprise Singapore.

The new entity, SG Growth Capital, brings together the investment expertise and networks of both investment firms to support the growth of innovative enterprises and anchor key operations and capabilities in the island nation.

Also Read: EDBI’s ex-CEO Chu Swee Yeok launches US$250M fund August Global Partners

The change will take place on April 01, 2025.

Over the past decades, EDBI and SEEDS have contributed to Singapore’s economic development through their investments.

EDBI has attracted and anchored foreign growth-stage companies and nurtured tech-centric local companies. At the same time, SEEDS Capital has grown the local startup ecosystem and worked with private funds to catalyse support for Singapore-based, early-stage technology startups.

SG Growth Capital will better leverage EDBI’s and SEEDS’s expertise and networks to grow their portfolio companies. There will be more collaboration opportunities between local and foreign companies.

This will also enable SG Growth Capital to develop more profound expertise in startup financing, venture building and deep tech areas.

Under SG Growth Capital, EDBI and SEEDS Capital will continue to work closely with the EDB and Enterprise Singapore to ensure that their investment focus remains aligned with both agencies’ economic priorities.

Png Cheong Boon, Chairman of EDB, will chair the Board of SG Growth Capital, with Cindy Khoo, Managing Director of Enterprise Singapore, as Deputy Chair.

Choo Heng Tong, Executive VP, EDB, will hold the concurrent appointment of SG Growth Capital’s CEO. Paul Ng, EDBI CEO, and Tan Kaixin, General Manager of SEEDS Capital, will continue leading EDBI and SEEDS divisions under SG Growth Capital.

Also Read: SEEDS Capital backs Singapore’s manufacturing-tech startup Factorem

Established in 1991, EDBI aims to attract and anchor high-potential foreign companies to Singapore and nurture tech-centric local companies into global and regional champions. Such investments are made both directly into startups and indirectly through a fund-of-funds approach.

Founded in 2001, SEEDS Capital seeks to build a vibrant early-stage VC ecosystem in Singapore by co-investing with private VC firms and corporate venture funds in local startups, with the private sector partners leading investment rounds.

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Image Credit: EDBI

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Mobile fintech penetration in six Southeast Asian countries has more than tripled since 2019, reaching 49 per cent in May 2024, a recent UnaFinancial research showed.

The Philippines leads with 63 per cent, followed by Malaysia (55 per cent), Indonesia (49 per cent), Thailand (45 per cent), Singapore (45 per cent), and Vietnam (32 per cent).

According to this report, the penetration of mobile fintech apps is expected to grow to 60 per cent by 2030. The highest levels will be observed in the Philippines (72 per cent), Indonesia (64 per cent) and Malaysia (61 per cent).

Also Read: How fintech is disrupting the Southeast Asian payments market

“The leadership of the Philippines is due to several factors, including the large share of the unbanked population, regulatory efforts to develop digital financial technologies, a large proportion of the young and tech-savvy population and a growing level of mobile and Internet penetration,” analysts at UnaFinancial explained.

“Indonesia also stands out with the highest growth rate of fintech users over the past five years. The level of mobile fintech app adoption increased from 9 per cent in 2019 to 49 per cent in 2024. Similar to the Philippines, Indonesia is actively developing fintech, supported by government efforts and a large share of the unbanked population,” they added.

The leading segments of fintech apps are digital wallets and payments (35 per cent) and mobile banking (18 per cent). The fastest-growing segment is lending apps, which increased from 1 per cent in 2019 to 5 per cent in 2024.

The lowest penetration levels are seen in investing and cryptocurrency trading apps (2 per cent each), likely due to decreased investment activity amid the unstable global economic situation.

The analysts considered data from data.ai on the number of active users of fintech applications starting in May 2019. In total, the sample included 8,740 apps (iOS + Android) across six Southeast Asian countries (Singapore, Malaysia, Thailand, Indonesia, the Philippines, and Vietnam).

Also Read: A new breed of fintech payment is here to slay the game

UnaFinancial is a group of companies developing digital financial solutions across Asia and Europe. Since its foundation, UnaFinancial claims to have served over 14 million clients and granted access to over US$1.5 billion in loans.

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In an era where technology is reshaping the global economic landscape, platforms that bring together innovators, investors, and industry leaders are crucial.

Since its inception, Echelon has stood at the forefront of this movement. The platform empowers startups, corporates, SMEs, government institutions, and other ecosystem stakeholders with essential tools and insights. Renowned for its impact, it offers access to market insights, growth programmes, digital solution marketplaces, market access programmes, brand credibility, and a platform for collaboration among some of the region’s most exciting innovators.

Held for the first time in the country through a partnership with BrainSpark, Echelon Philippines 2024 promises to be a landmark event, poised to drive the next growth phase in one of the fastest emerging tech markets globally.

Supporting and empowering the fastest emerging tech market

Echelon Philippines 2024 aims to harness the collective expertise of the Philippine and Southeast Asian startup ecosystems. The event seeks to catalyse growth and innovation by uniting visionary entrepreneurs and forward-thinking investors. On the cusp of a technological renaissance, the Philippines presents a unique opportunity for stakeholders to engage in meaningful dialogues about the drivers of collective progress.

Also Read: Riding into its first profitable year, CARSOME looks forward to strengthen its presence in the Philippines

One of the primary objectives of Echelon Philippines 2024 is to foster regional partnerships for funding and investments. Through showcases and business matchings, the event will facilitate connections essential for scaling innovative ventures.

This focus on regional collaboration is particularly relevant as the Philippine tech ecosystem mirrors the growth trajectory seen in Indonesia between 2017 and 2019.

The surge of activity from local conglomerates and the emergence of capital-intensive business models underscore the potential for substantial growth and investment in the region.

Echelon Philippines 2024 will also spotlight thriving and emerging sectors, unveiling new opportunities for entrepreneurship and innovation. By sharing insights from these sectors, the event aims to inspire new ventures and encourage the entry of fresh talent into existing markets. This influx of new ideas and capabilities is essential for sustaining growth and maintaining a dynamic, competitive ecosystem.

Towards a promising future with Echelon Philippines 2024

As the Philippines’ tech ecosystem embarks on its early stages of growth, engaging in discussions about the fundamental drivers propelling progress becomes imperative. Echelon Philippines 2024 will serve as a platform for these crucial conversations, fostering an environment where new talent and innovative ideas can thrive. By providing a stage for regional and international stakeholders to connect, the event will play a key role in shaping the future of the Philippine tech landscape.

Recent reports from Cento Ventures and Foxmont Capital Partners, in collaboration with BCG, highlight the resilience and potential of the local startup ecosystem. In 2023, Philippine startups raised US$956 million in funding, showcasing the robustness of the market.

This surge in investment activity further strengthens the belief that the Philippines is poised for significant technological and economic growth. As we progress through 2024, the continued momentum and positive outlook underscore the strategic importance of events such as Echelon Philippines 2024.

Also Read: AI Singapore releases SEA-LION v2 designed to understand SEA’s linguistic, cultural diversity

By bringing together the brightest minds and key stakeholders, Echelon Philippines 2024 is set to empower the Philippine tech ecosystem and position it as a formidable player on the global stage.

Find out more about it here.

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Sustainability has increasingly dominated discussions in recent years, often appearing in news cycles and workplace conversations. The biggest development in conversations has been the Singapore Green Plan 2030.

However, due to its ever-evolving nature, the opportunities and role of tech in sustainability are still vague and broad for many in Singapore’s tech industries. In particular, Singaporean small and medium tech enterprises (SMEs) and startups still perceive sustainability as intimidating and an additional burden on already lean resources.

Yet, unbeknownst to many, exciting horizons have been quietly opening up worldwide as businesses, organisations, and supply chains inexorably shift into sustainability-driven, digitalised operating models. Foreseeing an acceleration of this global sea-change, the Government has reaffirmed in the Singapore Budget 2024 its determination to achieve the targets of the Green Plan. 

Thus far, technology has been playing an oft-overlooked, yet critical role in enabling large organisations to spearhead this evolution. This role is set to escalate in importance over the next few years in Singapore, beginning as soon as next year when companies go into their FY2025.

Unravelling the tech-sustainability nexus

Entrepreneurs know well that with new challenges, new opportunities will soon ensue. SGTech, in our close collaboration with the Singapore Government, is steadily growing a pool of tech SMEs and startups that exemplify viable use cases of tech being deployed to improve the sustainability performances of organisations and supply chains.

Greater transparency and efficiencies in sustainability claims

Environmental, social, and governance (ESG) practice and reporting is highly relevant for technology applications. Increasingly sophisticated software is deployed in supply chains, especially large supply chains spread across countries, time zones, tech and internet access, and behavioural cultures. This has improved inefficiencies and accuracies in data compilation, accounting, analysis, forecasting, and reporting, aiding corporate decision makers with better data clarity to set targets and commit resources.

Today, data analysts and marketeers are learning to acquire sustainability know-how to provide their employers and clients with data-driven insights, balancing resource commitment, profit, and sustainability outcomes.

Also Read: As the demand for energy soars, climate tech is here to save the day

Improved accuracy and resource intensity of production planning

In manufacturing, the speed and accuracy of production planning for lesser footprints can mean the difference between achieving or missing output and cost projections.

During SGTech’s 2023 TechBlazer nominations, we saw how AI-driven digital twin tech could decrease production simulation times and resource consumption from months into a mere fortnight into zero resource input, or how deploying Internet of Things devices enabled real-time data collection, facilitating more accurate responses to environmental challenges.

If scaled up, such technologies can enable manufacturers to significantly improve the sustainability, productivity and resource consumptions of their production lines.

Technology: The unsung backbone of sustainability

These use cases are only the beginnings of the expanding horizons for the role of technology in an increasingly sustainability-driven and digitalised world. 

Today, technology is a ubiquitous tool and capability across all sectors from hardware to software, and the digital space. As technology is increasingly integrated into supply chains operations, tech will also be increasingly used to improve sustainability and profit performance.

Contrary to popular perceptions, data centres and tech equipment producers today have incorporated sustainability ahead of the game and are in the midst of aiming for net zero environmental impact in their operations and supply chains. A rising number of software and tech consulting companies are now acquiring sustainability know-how to augment their tech-enabled green offerings to clients, while the tech sector’s expertise and influence on data privacy and security are fast becoming a critical pillar of organisational governance.

Additionally with generative A.I. changing the technology game, untold opportunities are lying in wait for tech applications to drive more sustainable organisational decision-making and behaviours. 

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

The Government is introducing changes at a measured and inclusive pace to enable our businesses to adjust and keep up. SGTech is also evolving along with industry shifts and regulatory developments, as we enable tech companies to achieve sustainability through our suite of SGTech Sustainability Programmes. 

Echelon X: Exposure and industry leadership for Singapore’s tech companies

In May, I attended e27’s 10th edition of Echelon X, a tech business conference that connects industry leaders and provides access to market insights, growth programmes, and other opportunities. This year’s conference focused on AI’s future, market expansion opportunities, and for the first time, explored the relationship between sustainability and tech.

As the Head of Sustainability Strategic Programmes at SGTech, I spoke at a featured session about sustainability’s impact on the tech sector in both national and international contexts, especially on the impact and opportunities for Singapore tech SMEs and startups.

Echelon X has been a renowned platform in Singapore for tech companies to hold dialogue, network, find inspiration and synergise, and even co-create opportunities for developing new innovations to the benefit of the wider economy.

As e27 shifts to include addressing sustainability for the tech sector, I believe Echelon X can become the next big platform for tech companies to not only brainstorm and collaborate in solving Singapore’s sustainability problems with tech, but also to demonstrate industry leadership in leading change by becoming sustainable themselves.

Singapore has what it takes to lead sustainability in Asia – and I look forward to continued collaboration with platforms like e27 and Echelon X to intensify public-private collaborations for moving the needle of change for our national sustainability goals.

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

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Secai Marche, a Japan-headquartered company that connects farmers directly with restaurants and retailers in Southeast Asia, has received JPY300 million (US$2.1 million) to bring the total funding raised towards the Series A round to US$3.5 million.

The investors include Beyond Next Ventures, Spiral Ventures Asia, Mitsubishi UFJ Capital, Future Food Fund, Tsuneishi Shoji, Fukuoka Sonoriku, and Foodison co-CEO Toru Yamamoto.

The new tranche follows a US$1.6 million raise in January 2023 from The Agribusiness Investment & Consultation, Spiral Ventures Asia Fund I, and Beyond Next Ventures.

Also Read: How Secai Marche champions farm-fresh food in Southeast Asia

“In response to the rapid growth of the restaurant industry in Southeast Asia and the increasing demand for high-quality, cost-competitive services in Malaysia and Singapore, we will use the funds to expand our fulfilment centres, enhance the accuracy of demand forecasts using AI, and automate and optimise the last-mile deliveries,” Secai Marche co-founder and CEO Ami Sugiyama told e27.

“We also plan to allocate the funds for system development and marketing activities. This fundraising will serve as a starting point for rapidly expanding our market share in Southeast Asia,” she added.

Established in 2019 by Sugiyama and Shusaku Hayakawa, Secai Marche offers a platform for F&B businesses and retailers to purchase high-quality products directly from farmers and fishermen at competitive prices.

The online grocery platform sources over 4,000 items (fresh vegetables, fruit, eggs, and chilled seafood, etc.) directly from farmers in Southeast Asia and Japan. It has partnered with over 1,300 retailers and HORECA customers since its inception.

The startup claims to have achieved 200 per cent growth each year.

The Southeast Asian e-commerce market is projected to exceed US$240 billion by 2025. However, e-commerce has lagged in the fresh food sector due to underdeveloped refrigerated logistics networks (such as cold chains from producers to consumers and small-scale collection and delivery functions).

Since the COVID-19 outbreak, there have been more cases of producers selling directly to consumers via e-commerce, but this has been limited to those with their own refrigerated logistics capabilities.

“By providing a consistent fulfilment service with Japanese quality to many small and medium-sized businesses and producers having no refrigerated logistics capabilities, we are rapidly advancing the e-commerce of fresh food in Southeast Asia,” added Sugiyama.

Also Read: Malaysian B2B farm-to-table fulfilment platform Secai Marche bags US$1.6M in Series A

Fukuoka Sonoriku’s Executive VP, Yusuke Sonoda, said: “Secai Marche is a rapidly growing company that meets the needs of the times by providing a new supply chain in Southeast Asia, where refrigerated logistics networks are underdeveloped. We decided to invest in the company because their service will improve the entire food and agriculture industry by improving the ecosystem. Secai Marche’s end-to-end fulfillment service and Fukuoka Sonoriku’s logistic technologies and skills and agricultural production networks will lead to further development in Thailand and more in the future.”

Foodison CEO Toru Yamamoto said: “We expect that Secai Marche’s innovative approach with the Japanese quality and deep market knowledge will contribute significantly not only to Japanese fresh produce but also to building infrastructure for product distribution in Southeast Asia, particularly Malaysia.”

In 2021, the agritech firm raised US$1.5 million in a pre-Series A funding round from Japanese VC firms Rakuten Ventures and Beyond Next Ventures.

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Artificial Intelligence (AI) is rapidly reshaping the business landscape in Southeast Asia, opening up new opportunities and transforming traditional models. As AI technologies continue to advance, the region’s startups find themselves in a unique position to leverage these innovations.

In light of this, e27‘s flagship conference, Echelon X, hosted a fireside chat titled ‘How AI will Transform Business Models from Transactional to Relational and Why Southeast Asia Startups are Well-Positioned to Take Advantage of This’. The session took a retrospective look at the growth of AI and investing in Southeast Asia.

Moderated by Mohan Belani, Co-Founder and CEO of e27, and featuring Peng Ong, Co-Founder and Managing Partner of Monk’s Hill Ventures, the discussion highlighted key milestones, trends, and insights that have shaped the region’s landscape over the past few decades. From early developments in AI research to the emergence of innovative startups and the expansion of a vibrant investment ecosystem, the conversation explored factors that have contributed to the region’s transformation into a budding hub for AI innovation and investment.

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Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

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Artificial Intelligence ecosystem provider AI Singapore has released SEA-LION v2, the latest in its family of open-source language models specifically designed to understand and represent Southeast Asia’s linguistic and cultural diversity.

This enhanced model aims to provide more accurate and contextually relevant language processing capabilities tailored to the unique needs of the region, Dr. Leslie Teo, Senior Director at AI Singapore and the project lead, said in a LinkedIn post.

SEA-LION v2 is part of AI Singapore’s mission to develop AI capabilities, create social and economic impacts, nurture local talent, build an AI ecosystem, and position the island nation as a global AI leader. This model leverages a state-of-the-art open-source framework with continued pre-training and fine-tuning for Southeast Asia.

Unlike the original SEA-LION, which was trained from scratch, the second version is built on Meta’s Llama 3.

The original model was trained using 8x Nvidia A100 GPUs and created by a lean team of 20 Singaporeans. It outperformed other large language models (LLMs) on Southeast Asian tasks.

On the other hand, Version 2 was trained using 64x Nvidia H100 GPUs in just two days for each run. This excludes the numerous experimentations with hyperparameters and data mixes. Dr. Teo mentioned that the main challenge with continued pre-training (CPT) lies in maintaining existing knowledge while integrating new information.

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

The project is now part of the National Multimodal LLM Programme (NMLP), which sees the Singapore government setting aside SG$70 million (US$51.8 million) to develop AI talent.

AI Singapore reports that SEA-LION v2 demonstrates superior performance on tasks in regional languages while retaining Llama 3’s general capabilities. According to Teo, SEA-LION v2 includes the following key features:

• Continued pre-training and fine-tuning: Built on the Llama 3 architecture.
• Multilingual capabilities: Instruction-tuned in English, Bahasa Indonesia, Thai, Vietnamese, and Tamil.
• SEA training data: Trained with approximately 50 billion tokens from Southeast Asian languages.
• Open source: Licensed under the Meta Llama 3 Community License.

For now, SEA-LION v2 is available for download on HuggingFace as a base model, an instruction-tuned model, or quantised models. While there is no online demo, the instruction-tuned model supports basic “chats” when properly deployed in a suitable environment.

Plans are also underway to build on Google’s Gemma 2 and AI startup Reka’s models next.

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Fundraising or preparing your startup for fundraising? Build your investor network, search from 400+ SEA investors on e27, and get connected or get insights regarding fundraising. Try e27 Pro for free today.

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In today’s business landscape, Environmental, Social, and Governance (ESG) initiatives are no longer the domain of large corporations alone. Increasingly, small and medium-sized enterprises (SMEs) are recognising the importance of incorporating ESG principles into their operations.

For these smaller businesses, the benefits of embracing ESG are manifold, from enhancing brand reputation to attracting conscious consumers and investors.

Here’s how SMEs can champion ESG initiatives, even with limited resources, and make a meaningful impact.

Start with sustainable practices

SMEs can begin their ESG journey by adopting sustainable practices within their operations. This might include reducing energy consumption, minimising waste, and sourcing materials responsibly. Simple measures like switching to energy-efficient lighting, implementing recycling programs, or choosing suppliers with sustainable credentials can significantly reduce environmental impact.

For instance, a small café could opt for biodegradable packaging or a local clothing store could stock sustainably produced apparel. These changes may seem minor, but collectively, they contribute to a healthier planet.

Foster a positive workplace culture

The social aspect of ESG focuses on how businesses manage relationships with employees, suppliers, customers, and the communities where they operate. For SMEs, this can translate into fostering a positive workplace culture, ensuring fair wages, promoting diversity and inclusion, and supporting employee well-being.

A small business can implement flexible working arrangements, provide professional development opportunities, or establish an open-door policy for employee concerns. By prioritising their workforce’s needs, SMEs not only improve employee satisfaction and retention but also build a strong reputation as an ethical employer.

Engage with the community

Community engagement is another vital component of the social aspect of ESG. SMEs can make a positive social impact by supporting local communities, whether through charitable donations, volunteer initiatives, or partnerships with local organisations. For example, a neighbourhood bakery might donate unsold goods to a local shelter or sponsor a local sports team. These actions help build strong community ties and demonstrate a commitment to social responsibility.

Implement ethical governance practices

Governance refers to the systems and processes that ensure a company’s operations are ethical and transparent. SMEs can champion good governance by establishing clear policies and procedures, maintaining accurate financial records, and ensuring transparency in their business dealings.

Also Read: Why GoImpact believes that education is the key to promoting ESG investment

Even a small business can benefit from creating a code of ethics, conducting regular audits, and providing training on compliance and ethical conduct. Such practices not only mitigate risks but also enhance trust among stakeholders, including customers, suppliers, and investors.

Communicate your ESG efforts

Transparency is key when it comes to ESG. SMEs should communicate their ESG efforts to customers, employees, and other stakeholders. This can be done through regular updates on the company’s website, social media channels, or annual reports. By sharing their progress and challenges, SMEs can build trust and demonstrate their commitment to ESG values. Moreover, open communication can inspire others to adopt similar practices, amplifying the positive impact.

Seek collaboration and support

SMEs don’t have to go it alone. Many organisations and networks offer support and resources for businesses looking to implement ESG initiatives. For instance, SMEs can join industry associations that promote sustainable practices, participate in certification programs, or collaborate with other businesses on joint ESG projects. By leveraging these resources, SMEs can gain valuable insights, share best practices, and collectively work towards a more sustainable and equitable future.

How to champion ESG initiatives as a service business

If you are a service based business like ours and have no idea how you can champion ESG initiatives, even with limited resources, and make a meaningful impact, here’s how:

• Adopting sustainable practices: Service businesses or agencies like ours can reduce their carbon footprint by promoting remote work, using green web hosting, and prioritising digital over print materials to minimise waste.
• Fostering an inclusive workplace culture: Create an inclusive work environment through unbiased hiring, diversity training, and flexible work policies, ensuring employee well-being and a positive culture.
• Engaging with the community: Support local communities by offering pro bono services, participating in charitable activities, and collaborating with clients to promote social causes.
• Implementing ethical governance practices: Good governance involves establishing clear ethical policies, maintaining transparency in business practices, and prioritising data privacy and security.
• Promoting ESG in client campaigns: Encourage clients to incorporate ESG values in their marketing, highlighting sustainability initiatives and advocating for social responsibility.
• Continuous improvement and innovation: Stay informed about ESG trends, invest in training, and explore innovative solutions to continuously enhance their ESG alignment.

Also Read: ESG frameworks and standards: Cutting through the complexity for private markets

Continuously seek to improve and innovate. Stay informed about ESG trends and invest in relevant training. Remember, even small steps can lead to significant positive change.

Conclusion

For SMEs, embracing ESG initiatives is not just a trend but a strategic move that can lead to long-term success. While the challenges may seem daunting, especially with limited resources, small businesses can start with manageable steps that align with their values and capabilities.

By prioritising sustainability, fostering a positive workplace culture, engaging with the community, implementing ethical governance, and communicating their efforts, SMEs can make a big impact. Ultimately, these efforts contribute not only to the business’s success but also to the well-being of the wider community and the planet.

In a world where consumers and investors are increasingly looking for businesses that align with their values, SMEs that champion ESG initiatives will stand out. The journey may require time and effort, but the rewards—both tangible and intangible—are well worth it.

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

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The cleantech startup ecosystem in Southeast Asia is rapidly evolving, driven by a growing awareness of environmental issues, supportive government policies, and increasing investment interest.

This region, characterised by its rich biodiversity and vulnerability to climate change, presents a fertile ground for innovation in clean technologies. Startups in this space focus on renewable energy, waste management, water conservation, and sustainable agriculture, among other areas.

The regional cleantech startup ecosystem also sees significant investment from VC investors and impact investors, who increasingly consider the space as viable investment opportunities driven by the global push towards sustainable development.

We have compiled below a list of 30 fast-growing cleantech startups from across Southeast Asia:

Umitron

It has developed AI and IoT-based aquaculture solutions for farms to optimise their feeding practices, lowering their costs and preventing waste and environmental damage. Its technology stack includes solar-powered IoT devices deployed on aquaculture farms in the ocean to film fishes and measure patterns in their behaviour using computer vision.
Through machine learning algorithms, the solution can detect when fish are hungry and automatically release feed for them. It also leverages satellite imagery to augment these insights by providing information about the sea’s temperature.

Founding year:	2016
Total funding raised:	US$0.4 million
Investors:	ENEOS Group, QB Capital, Toyo Seikan Kaisha, Shoko Chukin Bank, Inter-American Development Bank, Mirai Creation Fund, INCJ, D4V, IDEO, SMBC Trust Bank, NCB Venture Capital

VFlow Tech

VFlowTech is vanadium-based redox flow (VRF) battery company. It claims to have developed “the cheapest and most efficient modular VRF batteries”, which deliver long-lasting, reliable energy storage solutions for renewable integration at an affordable price. VRF battery works through the continuous reduction and oxidation reaction between the vanadium redox couples with no detrimental issues and with the cross-mixing of the redox couples. VFlowTech’s storage solution has an expected life span of 25 years and is safe and environmentally friendly battery technology.

Also Read: Global port operator PSA joins VFlowTech’s Series A extension round

Founding year:	2018
Total funding raised:	US$13 million
Investors:	PSA International, Real Tech Holdings, Sing Fuels, Pappas Capital, Carbon Zero Capital, İnci Holding, Wavemaker Impact, SEEDS Capital, Entrepreneur First, TK & Partners, STI

SensorFlow

SensorFlow develops room automation and energy management systems focussed on the hospitality sector. It provides its solution on a subscription-based model. The product is built on top of a proprietary network stack which helps automate a building using a single gateway resulting in complex installations readily optimizing energy consumption. Its product line includes occupancy sensors, smart thermostats, door sensors, and split unit thermostats.

Founding year:	2016
Total funding:	US$11.6 million
Investors:	Openspace Ventures, GAW Capital Partners, Aurum Land, Cocoon Capital, 2be.lu, InSitu, Entrepreneur First, Playfair Capital, SGInnovate, SparkLabs Global Ventures, Tigris Capital, Cub Capital, Xpanasia, Plug and Play APAC

Barramundi

It is a producer of fish using sustainable aquaculture farming solutions. The company uses a Biofloc farming solution and offers different fish along with by-products, such as the swim bladder, head, bone, and scale.

Founding year:	2008
Total funding:	US$11.2 million
Investors:	UOB, Oceanus, Commonwealth Capital Ventures, CRISTA Ministries, Louis Dreyfus Company, Far East Ventures, Southern Capital, WarifTech, AMBRA Solutions, Hammarviken Business Development, RCL Partners, Temasek Life Sciences Accelerator

Unravel Carbon

Unravel Carbon helps companies track and reduce their carbon emissions. An AI-powered decarbonisation platform, Unravel Carbon converts any company’s accounting data into full supply chain carbon data in seconds, provides detailed emissions analytics, generates climate solutions, and auto-populates regulatory disclosure reports.

Founding year:	2021
Total funding raised:	US$8.8 million
Investors:	Surge, Alpha JWC Ventures, XA Network, Rebel Fund, Global Founders Capital, Amasia, Y Combinator

AirCarbon

It provides a blockchain-based carbon credits trading exchange. The trading platform is easy to use, frictionless, and charges a low commission fee.

Founding year:	2019
Total funding raised:	US$70 million
Investors:	Trirec, Mubadala, Banpu, PJSC, Deutsche Borse Group, Hub71

Green Li-ion

It provides a battery recycling service. Its modular hardware solutions convert spent batteries into cathode and anode materials, creating a circular economy for lithium-ion batteries.

Also Read: Battery recycling startup Green Li-ion secures US$20.5M pre-Series B funding

Founding year:	2020
Total funding raised:	US$41 million
Investors:	Twin Towers Ventures, Banpu NEXT, Trirec, Equinor, EDP, Envisioning Partners, SOSV, ERV, Entrepreneur First, LINICO Corp, DPI Energy Ventures, MB Energy Partners, EDP Ventures, Ilshin, GS Holdings, Ilshin Holdings, LINICO, HAX, TES-AMM

Apeiron Bioenergy

Apeiron Bioenergy collects and processes a range of renewable feedstocks, including used cooking oil (UCO) and palm oil mill effluent (POME), and acts as a critical exporter across the Asian market.

Over the past 15 years, Apeiron has built its presence in over ten countries and collected more than 500 million litres of UCO between 2017 and 2021, offsetting an estimated 1.5 million tonnes of carbon emissions.

Founding year:	2007
Total funding raised:	US$37 million
Investors:	CGIF, ASEAN, Proterra Investment Partners, Mitsui Chemicals

Nutrition Technologies

The startup provides insect-based products for agriculture and livestock. It develops its product using black soldier fly larvae and recycles nutrients from agricultural and food processing by-products. Nutrition’s product offerings include insect-based organic fertilisers for agriculture, protein feed for livestock, and also oil.

Founding year:	2016
Total funding raised:	US$34 million
Investors:	Bunge, PTT, Openspace Ventures, Hera Capital, Sumitomo, ING Bank, Mandala Capital, SEEDS Capital, Enterprise Singapore, Nullabor, Neptune, Alpha Founders Capital, Primex Capital

bbp

bbp is an energy efficiency company that enables businesses to achieve their carbon neutrality and sustainability goals. It claims to enable companies to achieve up to 40 per cent of energy and cost savings using patented HVAC optimisation technologies, IoT, proprietary software algorithms, and machine learning.

At present, bbp serves customers across Southeast Asia, China, India and Taiwan. Its customers include semiconductor manufacturers, Fortune 500 companies and real estate companies.

Founding year:	2012
Total funding raised:	US$33 million
Investors:	KKR, Tembusu Partners, Boltzmann Consulting, K3 Ventures, Red Maple Leaf Biotechnology

BoomGrow

Kuala Lumpur-headquartered BoomGrow is an indoor farming company operating in the vertical farming and precision farming space. It grows fresh, clean, hyperlocal produce such as butterhead, romaine, kale, Swiss chard, basil, and mint. These are otherwise imported from cold countries.

Founding year:	2015
Total funding raised:	Undisclosed
Investors:	Gobi Partners’s Dana Impak Fund, Big Sky Capital, Arch Free Ventures

Also Read: BoomGrow: Transforming Malaysia’s food landscape with hyperlocal indoor farming

NLYTech Biotech

NLYTech Biotech is a biotechnology manufacturer that focuses on the development of the environmentally friendly solution in replacing single-use plastic products.

It focuses on the research and development of biodegradable products made with 100 per cent natural ingredients (without polymer content) to replace fossil-based single-use plastic and paper products.

Founding year:	2018
Total funding raised:	US$2.5 million
Investors:	Undisclosed

EcoWorth Tech

The company turns cellulosic waste biomass into carbon fibre aerogel (CFA), a patented advanced material mainly used on transforming wastewater streams into waste-to-worth opportunities. Made from natural and sustainable material, CFA has a competitive advantage in being low-cost and non-toxic, with an extremely high absorbency and affinity for liquid organics, and actively repels water.

Founding year:	2016
Total funding raised:	US$700K
Investors:	Undisclosed angels

TrinityEco

Started by three partners, TrinityEco is focused on helping SMEs and investors meet increasing ESG demands through fintech and regtech, which enhances companies’ profiles and processes.

Founding year:	2019
Total funding raised:	Undisclosed
Investors:	Undisclosed

Cosmos Innovation

Cosmos Innovation is an AI-first company building next-generation perovskite silicon tandem solar cell technology. It AI platform — Mobius — can discovering the combination of materials, processes, and architectures that yields the most efficient solar cells.

Founding year:	2019
Total funding raised:	Undisclosed
Investors:	Innovation Endeavors, Xora Innovation, Two Sigma Ventures, ENI Next, WTI, Shinrai Investments, Demis Hassabis, Tomaso Poggio, Richard Socher, Arun Varma Penmetsa

Tigasfera

It has developed EcoSfera, a containerised, on-site waste conversion system to produce on-demand energy and valuable byproducts. It can turn organic and inorganic waste into combustible synthesis gas (syngas) to generate electricity and bio-carbon for agriculture and power plants. The system employs cutting-edge gasification and pyrolysis technology, cleaner than conventional incinerators and diesel generators.

Also Read: EcoSfera helps turn your household waste into energy in the comfort of your home

Founding year:	2014
Total funding raised:	Undisclosed
Investors:	PETRONAS’s FutureTech 3.0

Solar AI

The startup seeks to make rooftop solar accessible and hassle-free for smaller, underserved property owners by providing them with zero upfront cost.

Its primary product is its RTO solar programme, which enables customers to own a solar panel system with zero upfront cost, paying a flat monthly fee for installation, maintenance, servicing, and energy generation guarantee.

Compared to the traditional solar offer that demands an upfront cost of US$15,000 to US$50,000, the startup’s RTO model helps de-risk solar as a renewable energy solution, particularly in Southeast Asia, with a penetration rate of less than 1 per cent.

Founding year:	2020
Total funding raised:	US$1.5 million
Investors:	Earth Venture Capital, Undivided Ventures, Investible, David Pardo

Trash Panda

Trash Panda (Circula Recoon Systems) is a digitised waste recovery solution for communities, businesses, institutions, and industries. It collects a wider range of segregated recoverable waste and funnels cashback to customers and clients from waste buyers who recycle the collected waste into new consumer products.

Founding year:	2020
Total funding raised:	Undisclosed
Investors:	Undisclosed

Nibertex

Nibertex has developed 100 per cent PFAS-free, waterproof, breathable membranes. It utilises advanced polymer sciences to create films completely free from PFAS chemicals. These membranes eliminate the use of these harmful chemicals, significantly reducing environmental pollution and potential health hazards associated with traditional waterproof textiles. They can achieve “superior performance” using safer, compliant chemicals while offering enhanced breathability and durability.

Founding year:	2020
Total funding raised:	Undisclosed
Investors:	Foxmont Capital Partners, a consortium of Southeast Asian families

Carbon Balance

The startup leverages technology to achieve a balance between business growth and sustainability while promoting awareness of climate change. Its reporting and online tools are accessible for e-commerce businesses of all sizes. The solution is customisable for various e-commerce platforms, easy to implement, and visible throughout the entire online customer journey.

Founding year:	2023
Total funding raised:	US$125,000
Investors:	Antler

Hydroleap

Hydroleap provides innovative, chemical-free, high-performance, and modularised electrochemical technologies to replace conventional chemical and energy-intensive processes.

Hydroleap’s two core electrochemical technologies are electrocoagulation (Hl-EC) and electrooxidation (HL-EO). These technologies effectively reduce up to 95 per cent of pollutants found in wastewater, thereby facilitating water upcycling across numerous industries.

Founding year:	2016
Total funding raised:	US$4.4 million
Investors:	Real Tech Holdings, Mitsubishi Electric, Seeds Capital, Wavemaker Partners, New Keynes Investments, the State Government of Victoria

Agros

The startup provides sustainable agriculture solutions for small and medium-sized horticulture farmers across Asia. The company is helping horticulture farmers to decarbonise, whilst doubling their profit through a full-stack solution.

Its first two products – Agrosolar and Agrosoil – are solving major agriculture problems like fuel dependency and soil degradation. After switching to Agros’ ecosystem, farmers can double their profits from reduced input costs, improved yields, and higher prices from better-quality crops.

Founding year:	2019
Total funding raised:	US$2.83 million
Investors:	Gaia Impact Fund, Wavemaker Partners

FlyORO

FlyORO is a provider of last-mile sustainable aviation fuels (SAF) blending technologies. Its modular, on-demand blending service of SAF and jet fuel enables aviation on its emissions reduction journey. It enables flyers the flexibility to align their ESG targets per flight. With a small form factor of 40ft, it is space-efficient and portable and can be installed anywhere at or off the airport base. This solution allows airport fuel operators to serve flyers more effectively with a simplified supply chain.

Also Read: FlyORO wants to decarbonise aviation with its last-mile sustainable fuel blending tech

Founding year:	2021
Total funding raised:	US$1.6 million
Investors:	Audacy Ventures, Investible, unnamed private investors

Protenga

Protenga has developed a next-generation Smart Insect Farm system. Harnessing the power of Black Soldier Flies with its production technology, Protenga produces sustainable and high-quality protein, oil and frass products for feed and fertiliser.

Founding year:	2018
Total funding raised:	US$2 million
Investors:	SEEDS Capital

Waste Labs

Waste Labs is an AI startup that enables recycling and circular supply chains by optimising waste collecting. The platform gives data-driven insights and prescriptive recommendations to waste managers, allowing them to create and operate efficient waste collection systems anywhere in the globe.

The platform combines waste-specific data and optimisation algorithms developed over more than a decade of research and development, and it may serve a variety of business and sustainability goals.

Founding year:	2020
Total funding raised:	US$500,000
Investors:	Entrepreneur First, Fund4SE, strategic angels

Nanotronics

Nanotronics is a deeptech startup producing advanced and sustainable nanomaterials for various industrial applications enabling key industries to create innovative and breakthrough solutions.

Founding year:	2014
Total funding raised:	US$280,000
Investors:	Undisclosed

Allium Bio

Allium Bio is combining the strengths of microalgae and mycelium in a novel co-culture fermentation method to create a new plant-based protein that grows faster, is significantly cheaper to harvest, and has unique functional properties (emulsification, binding, etc.). It has secured pilot projects with multiple plant-based meat customers across APAC, and partnerships with leading microalgae and mycelium research labs.

Founding year:	2022
Total funding raised:	US$150,000
Investors:	Better Bite Ventures

Gree Energy

Gree Energy makes biogas projects financially viable by unlocking the full potential of carbon crediting programmes, renewable energy and green finance. It creates scalable solutions by leveraging the power of the global sustainability economy to rethink how food industries treat their waste in emerging countries.

Founding year:	2013
Total funding raised:	US$3.55 million
Investors:	Earthcare Group, Water Unite Impact

WasteX

The startup provides an end-to-end solution to farms and agricultural producers, helping them utilise biomass waste by converting it into biochar and then applying it in their operations for operational, financial, and environmental benefits. Its mission extends beyond immediate benefits to farmers.

Also Read: WasteX nets funding to help farm producers convert biomass waste into biochar

At the centre of WasteX’s biochar technology is its proprietary small-scale and semi-automated carboniser equipped with a unique dual-action burner. WasteX utilises both biomass fuel and captured syngas produced during biomass pyrolysis, enhancing energy efficiency. Furthermore, by recapturing and reutilising syngas for heat generation used in biochar production, WasteX minimises the potential for methane.

Founding year:	2022
Total funding raised:	US$450,000
Investors:	P4G Partnerships

Nika.eco

Nika.eco uses artificial intelligence (AI) to create advanced climate models for determining carbon credit issuance. It tracks forest carbon, conducts deep dives into geospatial data and analyses additionality, baseline, leakage and permanence data. Carbon project investors and developers can use this data to develop nature-based projects and reach their net zero goals.

Founding year:	2022
Total funding raised:	Undisclosed
Investors:	Silverstrand Capital, Timbul Ventures, DMV Investments, Orvel Ventures, and Ascend Network

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Image Credit: 123RF.

 

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As a PR professional in the heart of Vietnam and Southeast Asia, I’ve witnessed countless tech startups struggle to be heard. As an entrepreneur myself, I saw this frustration firsthand, and I understand that in the ever-evolving realm of tech startups, capturing attention and earning the trust of your audience can make or break your ventures.

Beyond press releases: Unveiling the power of PR

But how can this official definition apply to tech startups? Quite simply, it means crafting a narrative that resonates with your target customers, investors, employees, the media, and the public using various PR tactics to tell the story behind your brand and your products.

PR is more than just issuing press releases or holding press conferences. PR itself is about building a message, spreading it out to the public, and connecting the relationships with your target audience. In the day-to-day running of my own company, Ivy+Partners, I endeavour to showcase that PR encompasses a broad spectrum of activities.

From media interviews and influencer collaborations to launch events and community engagement initiatives, Ivy+Partners encompasses a diverse array of strategic endeavours aimed at fostering meaningful connections and communication.

I’ve heard many startup founders say that they want to “invest in building up the product first and spend money on PR and Marketing later” or “prioritise Marketing over PR because PR can not convert to sales.” But is this right?

Investing in PR shouldn’t be optional; it’s a necessity to carve a niche in the market. PR is a powerful tool that drives growth by enhancing brand visibility and fostering customer trust, which is essential for converting interest into loyal customers.

A positive and resilient brand image, cultivated through consistent PR efforts, acts as a buffer during crises, helping you manage setbacks effectively. Additionally, PR builds strong relationships with media and influencers, amplifying your reach and influence within relevant circles.

Also Read: PR’s unchanging essence: Human connections amidst AI and automation

PR myths debunked

Despite the undeniable advantages of engaging in PR activities, PR often falls prey to misconceptions that can deter tech startups from utilizing their full potential. Here are some of these myths, along with the truths behind them:

PR is only for big businesses and celebrities?

In fact, PR can be beneficial for startups at all stages, from pre-launch, launch, funding round, maturity — it can help you to:

• Build the right communication strategy for your product that can set you apart from competitors
• Connect, build, and manage your reputation as well as the relationship with key players such as investors, stakeholders, and partners.
• Build your employer branding that showcases your company culture and values, attracting top talent and fostering employee loyalty.
• Reach your community your target audience, and connect with them on an emotional level, creating a sense of brand loyalty and positive brand sentiment.
• Build brand awareness and a positive public image that increases recognition and trust over time.
• Prevent and solve the crisis.

By implementing a well-rounded PR and communications strategy, startups can achieve significant benefits in fundraising, recruiting, sales, and overall marketing efforts. It’s a strategic investment that pays off in the long run.

PR is the same as Marketing?

While PR and Marketing are different, they both support each other. Siloed PR and marketing efforts are a thing of the past. PR helps to build brand awareness and foster positive relationships, while marketing focuses on driving sales and lead generation. However, true success lies in the synergy between these two disciplines. This collaborative approach forms the foundation of Integrated Marketing Communication (IMC).

PR is expensive?

Budget is important, but it is not the deciding factor in the success of a PR campaign. Building the right story and choosing the right channels will help you do that. If you wanna do a budget-wise PR campaign, you can focus on leveraging all your own and earned media channels before thinking of paying media.

Your own and earned channels could be your company website and social media, your employees’ word of mouth or their social media channels, your partners, investors and stakeholder’s network, your media friends, and even your customers…

In conclusion, every startup needs PR at some point. The earlier you start, the better it is. Cause PR is a marathon, not a sprint run. You should be ready before you need it or it will be too late. And at the end of the day, PR thrives on a two-way street. Sometimes, you might not have complete control over the final public message, but you should know that’s the beauty of organic and authentic communication.

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Image credit: Ivy+Partners

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