COVID-19 has hit the fossil fuel industry hard. Throughout the pandemic, renewables seemed to offer a better dependable alternative to fossil fuels. Minimum disruption to the supply of renewables was due to the ease of set-up and remote operations.

However, in the case of fossil energy, disruption was more evident as it requires direct human management. With the benefits of renewable energy increasingly evident, a post-pandemic transition to a greener economy is gaining a lot of popularity among the government, corporates, and the public.

Bringing renewable energy to the forefront has both short-term and long-term benefits. The short-term benefits would lead to economic activation and job creation and, the long-term benefits would result in a more sustainable and environment-friendly fuel with lower/zero carbon footprint.

This is why the government in both developed and emerging economies are considering investing in green/renewable energy to stir the economy in post-pandemic stimulus measures.

Also, the public sentiment is now more supportive of transitioning to cleaner energy options to meet sustainability goals. Recent polling data indicates that voters across emerging and developed economies are broadly supportive of a green economic recovery from COVID-19.

Transition to a green economy will require incentivising the domestic markets to accelerate the adoption of renewable energy projects. Therefore, emerging economies would need to go beyond their prior commitment to investing in green energy.

Also Read: In Brief: Impact Partners supports US$1.1M funding round in solar energy marketplace SOLshare, CARRO opens used car automall

These economies would need to look into both structural and financial set-up to come with innovative ideas that can smoothen the pivoting of new green initiatives.

This article discusses these micro and macro ways of providing impetus to green/renewable projects through financial and structural solutions.

Government-led funding or stimulus package

The current pandemic resulted in significant foreign investment outflows and a reduction in exports.  The repercussions might be profound for the emerging economies.

In such a situation, emerging economies that are considering green investment as the next growth opportunity have a problem to solve in terms of procuring the necessary funds.

The government in emerging economies need to work on two fronts. One, they should explore more ways to gain domestic support from private firms and financial institutions and enable self-reliance.

Second, build green initiatives robustly into the economies by making it a part of the upcoming stimulus package aimed at reviving economic activities.

These stimulus packages should be well designed for long-term growth. They should aim at providing a boost to domestic entrepreneurship and funding as well as create new jobs. A part of this package should be allocated to the local community development, job creation for the workforce in the community, and promotion of gender equality through equal employment opportunities.

The key objective of these packages should be to develop new skills in the population; to prosper local communities, and to make the environment healthy with zero carbon footprint.

Also Read: Ecosystem Roundup: Transcelestial raises US$9.6M; dltledgers in talks for US$9M Series A; MDEC’s new grants programme to support SMEs making the digital leap

Promoting healthy competition for grants at colleges and universities

In emerging economies, educational institutes and universities are not thoroughly supported and utilised for research work. More than often, a lot of innovative ideas from research students do not take off due to a lack of funding.

It results in the foregone opportunity to tap into business and scientific ideas that could be utilised to create cheap green energy sources and run projects to meet energy requirements at the local level.

The process of driving innovation at education institutions could be facilitated with a call out to participate in grants. For an idea that is scalable to large geographies, private companies can also be invited to participate in the grant process.

The involvement of private companies/firms can help to accelerate the development and utilisation of energy solutions on a large scale. This process of funding and developing think tanks at the education institutes can provide impetus to making the next workforce equipped with new skills and hence job-ready.

Standardising of processes to accelerate renewal energy projects uptake

The process of accelerating green energy initiatives will require efficiency and transparency from emerging countries. For expediting the procurement of funds from both domestic and international investors, policies and processes should enable ease of business, reduce bottlenecks at the state/local community level, provide equitable tax benefits, and decrease time to get the project off the shelf.

Development of a packaged solution (consisting of protocols, tools, templates, etc.) at the national level and cascading it to the local government will result in streamlining and standardisation of the processes.

It will also help avoid several rounds in the tendering process, reduce project time and cost, and provide greater confidence to investors. For this task, a special committee can be appointed by the Central government. This committee can also collaborate with International bodies to learn about successful endeavours in other countries.

Also Read: 13 cleantech startups to watch in Asia

A practice on similar lines is employed by IFC, a member of the World Bank Group in African countries. It provides a one-stop-shop program that includes advice to government, competitive financing, and tools for risk management and credit enhancement, etc. This program is unique because it de-risks the projects that deliver lower tariffs, streamlines processes, and achieves economies of scale.

Opening phases in the green energy project to different investors

Creating customised committees to finance various stages of a project life cycle is a way to meet the risk appetite of the various investors. This is one of the unique financing practices followed by Climate Investor One ( CIO), a finance facility , which separates funds for each phase.

This way it is able to attract investors who are interested in different phases of project life cycle, thus decreasing the overall financial risk associated with the project.

Innovative financing solutions

Blockchain is an innovative new platform that can be explored to connect renewable energy development projects with investors and energy consumers. WePower, an Ethereum based blockchain platform, is one such example.

The tech platform enables early purchase and sale of energy production to energy consumers and investors on development projects. It connects renewable energy producers with potential buyers, thus helping in accumulating funds for developing renewable/green initiatives.

Another example is Power Ledger (Australia based), a platform that enables households and companies owning renewable energy to trade electricity with local communities at reasonable prices.

While blockchains make the process of procuring finance simple at a micro level but the scalability at a large-scale needs testing. However, such efforts at the local community level could help meet local needs and reduce carbon footprints.

The current crisis has given us enough reasons to reinvent ourselves. Modernising energy through renewable and greener solution is a smarter way to transition away from outdated systems with a high carbon footprint.

With the transition accurately timed, the economic recovery has the potential to generate new jobs and take us closer to the goal of a more environmentally and financially sustainable future.

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Attribution data and in-app analytics are key to understanding user behaviour and ensuring growth. When it comes to app installs, competition is fierce, and today’s consumers have a combined total of close to five million apps to choose from in the Google Play and Apple app store.

That’s why it’s essential to work with an attribution platform where you can measure every channel to find out where your users come from, discover which channels perform best, and which campaign creatives convert.

From there, you can move to spend from underperforming campaigns and creatives to those that are driving results.

Leveraging apps trends for growth

When it comes to attracting more users, we always recommend using the data you have from your existing users to segment and target, so you can deliver the right message to the right people at the right time.

If you do that, you’ll be spending less and getting more users, and they will be far more likely to commit to using your app long term and converting to paying customers.

Churn is an unavoidable part of having an app, but understanding when and why users uninstall can give you new insights into the consumer lifecycle. If many users churn during the on boarding process, for example, you might need to re-evaluate your sign-up process.

Likewise, if the majority of your users churn at the 14-day mark, start thinking about how to keep your users engaged just before they would usually drop off.

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iSeller Founder Jimmy Petrus (centre)

iSeller, an Indonesian omni-channel sales SaaS platform, has secured an undisclosed sum in Series A round of financing, co-led by Mandiri Capital, the VC arm of Bank Mandiri in Indonesia, and Openspace Ventures, a leading VC firm in Southeast Asia.

The funds will be used for business expansion, including acceleration of merchant acquisition and on-boarding, as per a press statement.

Also Read: Sleekr, iSeller join forces to automate financial recording process for SMEs

iSeller is also doubling down on technology development to add additional omni-channel merchant solutions and features.

Established in 2017 by Jimmy Petrus, iSeller offers a cloud-based platform for omni-channel businesses by integrating in-store point of sale, online storefront, payment processing, order fulfilment and inventory management within a single interface.

Through its offerings, the startup aims to empower small and medium business owners with “an end-to-end digital ecosystem that allows them to manage and scale their businesses easier, faster and smarter”.

The company claims that it has doubled its revenue and active merchant pool, driven by an increased volume of online transactions during the COVID-19 period. It currently processes more than 5 million transactions a month.

“Since the COVID-19 lockdown in March, we have seen a rapid increase in demand, particularly for our online solutions such as retail online stores, F&B online ordering and e-menus,” said Kevin Ventura, iSeller’s Chief Commercial Officer.

Ventura remarked that the pandemic has increased awareness among retail and F&B businesses on the importance of having suitable technologies to sustain and grow their businesses.

Shane Chesson, Founding Partner at Openspace Ventures, said: “The omni-channel sales software opportunity in Indonesia and the region is ripe for growth. COVID-19 has irreversibly accelerated the adoption of digital payments and the importance of smooth online integrations to multiple partners.”

Mandiri Capital’s investment begins a long-term strategic collaboration between Mandiri Bank and iSeller to create a comprehensive digital business ecosystem. The collaboration would further benefit Mandiri’s 200,000 MSMEs and large enterprises in Indonesia. 

“The robustness of iSeller’s omni-channel platform aligns perfectly with the vision, strategy and digital innovation of Mandiri in the near future. We trust that strategic collaboration with our merchant ecosystem and Mandiri business groups will help iSeller to achieve massive growth, paving the way to profitability,” said Eddi Danusaputro, CEO of Mandiri Capital.

iSeller would leverage on integrations with Mandiri’s products and services to provide merchants with a smooth and seamless transaction experience.

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Image Credit: iSeller

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GudangAda CEO Stevensang

Even as COVID-19 threw the normal life out of gear and felled businesses around the world, two-year-old Indonesian startup GudangAda achieved a rare feat.

This online B2B marketplace for FMCG products not only posted an envious growth, thanks mainly to a steep rise in e-commerce activities, but also successfully secured two rounds of investments, that too in quick succession.

Within just a month of raising a seed funding round led by Alpha JWC and Wavemaker Partners in February, it filled its coffers with a massive US$25.4 million Series A led by Sequoia India and Alpha JWC — taking its total raise to over US$35 million.

The Jakarta-headquartered startup, led by Founder and CEO Stevensang, is currently in talks for US$75 million Series B round.

In this interview, Stevensang talks about his startup journey, the company’s goals and future plans, as well as the online B2B industry for FMCG products in the archipelago.

Also Read: Are B2B marketplaces finally entering their boom time in Asia?

Edited excerpts:

Started in 2018, GudangAda achieved a rare feat of securing two round of funding in quick succession. How did you manage to maintain the investor interest intact? What is your magic formula?

Luckily, we’ve been receiving a good number of inbound investor interests and our early investors were also very helpful in making introductions.

I think our magic formula is our rate of business growth itself. Since launching in early 2019, in our early days, our transaction volume had more than doubled every single month, until hitting US$1 billion GMV in the first 12 months.

Since then, we have managed to double many of our operational metrics every quarter this year despite COVID-19.

You worked with Orang Tua Group for 25+ years before starting GudangAda. Do you think your entry into the startup scene should have happened much earlier?

It depends on how you want to see it. I personally think that I joined the startup scene at the right time; my 25 years of experience gave me unique perspectives into the industry pain-points with strategic insights to solve them.

In this industry, having a good relationship and building trust with wholesalers and retailers are key to success.

My experience combined with GudangAda’s proven business model have created successful relationships and trust. This has been the strong foundation of our sustainable growth to date.

Also Read: How emerging markets can become green economies

So, yes, my past experience was important for our initial launch but it was really GudangAda’s proven business model that enabled our business to scale up fast until on-boarding more than 50,000 key wholesalers and 200,000 total merchants today.

What was the motivation to start GudangAda? What were the gaps you found in the offline FMCG industry that you thought should be plugged using tech?

It all started with a concern about the future of traditional traders in the midst of digital era. Indonesia is the largest archipelago in the world and this causes inefficiency in the supply chain, bringing logistics cost up to 24 per cent of the country’s GDP, one of the highest in the world.

The FMCG supply chain from manufacturers, distributors, wholesalers and retailers are facing a high operating cost and a low productivity due to inefficient operational structure and shortage of qualified salesmen.

Wholesalers as the key player in the industry mostly run their business in a passive approach, which shrinks their business and they are not able to expand their customer base and categories.

Retailers are also facing challenges to discover the right products at the right time and right price.

GudangAda empowers all FMCG players by providing a marketplace platform that helps them to transact in a faster, cheaper, smarter and bigger way.

GudangAda has already found a place in the startup scene in Indonesia, given the pace of growth. Do you think it has the potential to be the next Unicorn?

We are working hard and very excited to fulfil our mission to empower the supply chain players and traditional traders in Indonesia.

Being a unicorn means committing to rapid growth, building the right product, securing the right investment, and creating a space to scale. Judging by our current momentum, I am optimistic we will get there in the near future.

You are a deep-pocketed player (having raised over US$35 million in just under a year). Why do you need this much money and why do you need to keep raising money by diluting more equity?

As we follow an asset-light model with high capital efficiency and very manageable expenses, we have a multi-year cash runway today and are reaching profitability soon next year.

We generate diverse revenue streams today from marketplace commissions to various service fees, including principal distribution, logistics and more.

Our targets for the short- and mid-term are to continue scaling current operations, solidify GudangAda logistics services, launch new business initiatives (for example, various partnerships across our supply chain and ecosystem), tech capabilities (we will be renewing our app) and enhancing product features.

We will also use the funds for recruitment as we are expanding our team to help with the strategy and operations.

What is the size of the total addressable market in Indonesia? How much market share do you have?

It is a US$100-billion industry for FMCG and staple foods in Indonesia.

We can’t disclose our market share. However, we have close to 300,000 merchants with ~100 per cent of FMCG key wholesalers.

How intense is your competition with the likes of Tokopedia and Bukalapak? How did you manage to find a place among them?

We do have some advantages in this competition because we have built a long-term relationship and trust with key wholesalers. We also apply a neutral third-party model to empower them instead of replacing them.

Also Read: Understanding the culture of relationship-building in Asia

Our close relationships are shown in recent activities where we worked closely with traditional traders to provide them with 200,000 masks so they can work safely.

We have been also actively giving the market insights and predictions regularly, so they can overcome the challenges caused by COVID-19.

Additionally, the FMCG and staples industry is huge enough and relatively untouched by technology.

So, with more players coming in, it will increase awareness and accelerate the tech adoption and help the traditional traders transform their business faster.

Did you face any challenges from the offline industry at the beginning of your firm? How did you manage to convince customers about the benefits of partnering with you?

Our core philosophy is not to disrupt the industry but to empower every player in the market.

I would say that the biggest challenge we face is technology adoption — most of the traditional traders are not tech-savvy. This means we need to use personal approach to educate them about the benefits of going digital. This is where strong relationships and trust are highly needed.

We have a strong team (over 600 sales people) in the field who consistently educate our members and potential members about GudangAda benefits. We have a regular training for all our members so they can optimise our service at their maximum advantage.

We assure them that we are not disrupting their supply chain but instead focus on digitalising the process for maximum growth and efficiency. With this approach, we aim to digitalise 100 per cent of the industry in the next three to five years.

As for the benefits, we enable faster transactions, offer competitive prices, smart analytical insights, more product selections and business partners to transact with (close to 300,000 members in more than 500 cities).

We also build a data-driven marketing and sales approach to help their business grow effectively. We empower the sourcing and the sellers all together.

There are 60 million MSMEs in Indonesia. How do you plan to exploit this fast-growing industry which employs about 95 per cent of the employment?

Our vision is to build a solid B2B e-commerce infrastructure in Indonesia so that traditional traders and the whole supply chain players can grow their business effectively, which eventually will grow the economy as a whole.

GudangAda is the solution for these MSMEs as we provide the full ecosystem services — from sourcing, selling, buying, logistics, to payment.

While raising Series A, Gudangada said it plans to use the capital to also launch new services. What are these new services? Do you intend to venture out to new areas?

After the series A funding, we have expanded to reach more retailers and brand owners. We have also launched GudangAda logistics services to help our members become more efficient with their delivery operational costs

As for category expansion, we are now working to expand from FMCG, staple to other categories such as house-ware, consumer electronics, office stationery, etc.

I learn you are in talks for Series B funding. How much do you plan to raise and from which investors? Do you expect your current backers to return to invest?

We are targeting a next round of US$75 million or more, as a solid next step for extending our ecosystem build-up to empower Indonesia’s B2B e-commerce with omni-channel services for the entire supply chain.

Also Read: What does it take to raise Series B funding? Learn from Gilmour Space and Bambu

We will officially launch it in the coming months. Having said that, we welcome any interested partners who would like to start knowing us early.

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Image Credit: GudangAda

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Microsoft Indonesia President Director Haris Izmee (L) with Bukalapak CEO Rachmat Kaimuddin

Microsoft has formed a strategic partnership with Indonesia’s leading e-commerce platform Bukalapak.

As part of the agreement, the e-commerce firm will adopt Microsoft Azure as its preferred cloud platform, while Microsoft will make a strategic investment in Bukalapak.

As per a Bloomberg report, Bukalapak is raising a US$100 million funding round, in which Microsoft will co-invest, along with existing backers GIC and Emtek Group, for a valuation between US$2.5 billion and US$3 billion.

Also Read: This is how we scaled up the Bukalapak engineering team

As per a press statement, the partnership will leverage Microsoft’s expertise in building a resilient cloud infrastructure to support Bukalapak services for more than 12 million micro, small and medium enterprises (MSMEs) and 100 million customers.

“This partnership signals a deep collaboration with Microsoft on an array of technology projects that will transform the technology-driven commerce solutions and operations solution and operations in Indonesia,” said Rachmat Kaimuddin, CEO of Bukalapak.

“As a global technology leader, Microsoft’s confidence with Bukalapak highlights our position as the leading homegrown technology player in Indonesia and our continued objective to create a positive impact on our country and customers,” he added.

Additionally, the two companies plan to collaborate on providing digital skills training for Bukalapak employees and merchants. This is part of their ambition to bridge the digital gaps present within the archipelago.

“Bukalapak and their services have had a real and enduring impact on Indonesian society, and their innovation mindset in a rapidly changing market will create new opportunities for merchants, businesses and consumers,” said Haris Izmee, President Director of Microsoft Indonesia.

Also Read: Bukalapak launches new fintech unit Buka Investasi Bersama

Bukalapak was founded in 2010 with the mission of empowering Indonesia through digital technology. In addition to e-commerce, the unicorn also offers financial services and payment options for its users.

Beyond e-commerce, Bukalapak aims to transform the economy through digitalising traditional warungs (mom and pop kiosks) to enable businesses across the archipelago to gain access to an online economy.

In December last year, Shinhan GIB, the investment banking unit of South Korean financial group Shinhan Financial Group, announced participation in Bukalapak’s Series F round.

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Image Credit: Bukalapak

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The Indonesian venture capital (VC) firm association (Amvesindo) announced in a virtual event today that Indonesian startups had secured US$1.9 billion in funding through 52 funding rounds by Q3 2020 –just as the COVID-19 pandemic peaked in Southeast Asia and many parts of the world.

These funding rounds were dominated by three verticals: Fintech, edutech, and SaaS with six transactions respectively.

Of the companies that have made significant funding round announcements within this period, F&B chain Kopi Kenangan topped the list with US$109 million in funding followed by logistics tech startup Kargo with US$31 million.

In his presentation, Amvesindo chairman William Gozali explained that while startup investments in Indonesia experienced a decline in 2017, the number continued to rise between 2018 and 2019.

“The Indonesian startup ecosystem is only about a decade old with the unicorns being founded around 2008-2009. There is something that we refer to as the ‘iron triangle’: E-commerce, fintech, and logistics. These three verticals support each other in its growth and this is something that we expect to continue to happen,” he said.

The fact that the increase continued throughout the pandemic is “a reason for us to be optimistic,” according to him.

Also Read: As IDX commissioner, this is how Pandu Sjahrir aims to help more Indonesian startups go public

As a crucial part of the Indonesian startup ecosystem, the VC industry in the country has experienced rapid growth of assets in the past three years from 2018 to 2020. According to the research, by December 31, 2019, the local VC industry asset growth reached IDR19 trillion (US$1.3 billion), a 58.72 per cent growth from the same period in 2019.

According to Amvesinso, the remaining challenge that the industry continues to face today includes profit and revenue sharing instrument from the VC firms’ portfolio companies.

In line with the growth of the VC industry, the micro-finance industry in Indonesia also experienced growth. The association praised this progress, especially when considering the social impact that micro-financing can make to the finance ecosystem in the country, especially in the financial inclusion aspect.

“Financial inclusion continues to become a popular theme in Indonesia. In this segment, there are at least 16 active players and a great number of them happens to be an Amvesindo member. By the end of 2019, they have served up to 13 million debtors with IDR29 trillion (US$1.9 billion) outstanding debt,” Gozali said.

“The role that the VC industry plays in this segment includes the provision of formal financial services,” he continued.

Startups and the national economy

In the near future, Amvesindo predicted that the Indonesian VC industry will continue to experience growth. They predicted social commerce, food tech, and any verticals that are related to digitalisation of supply chain and SMEs.

Also Read: Startup Studio names the 20 Indonesian startups in the first batch of its accelerator programme

The association also highlighted the role that startups play in helping the national economy to recover from the impact of the pandemic. It gave the example of agritech startups that enable financing for farmers, and digital identity providers that enable banking institutions to ease credit restructuring process.

Amvesindo hopes for more investment in sectors such as farming and agriculture, in addition to verticals with high growth potential.

Founded in 2016, the association was started by 12 VC firms in Indonesia with the goal to become a gathering forum for industry players. It also aims to help the government and the Financial Service Authority (OJK) in setting up regulations and programmes.

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Image Credit: Bayu Syaits on Unsplash

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UMG Idealab, the Indonesia-based venture arm of UMG Group Myanmar, has invested an undisclosed amount in SociaBuzz, an online marketplace that connects businesses/individual customers with social media influencers/creators/talents.

SociaBuzz CEO Rade Tampubolon said in a statement that the seed funding will be used for improving its line of products and marketing.

“Our objective is that through our platform, more users will reap the benefits to create ideas and products from what they love and are passionate about,” he added. 

Founded in 2015, SociaBuzz aims to link individuals and businesses with suitable content creators and talents for their personal/business needs. Currently, the startup has around 72,000 influencers/creators/talents and 1,350 active users (both businesses and customers).

The company runs multiple products to help creators and talents profit from their passion and creativity.

Also Read: Superfanz: Growing visibility for creators in the wake of COVID-19

While Gigs is a platform to discover creators and talents and get bookings from potential clients, Shoutout allows creators to earn profit by creating personalised video shoutouts for various users or businesses.

The other product is Tribe, which allows users to get direct support from their audience and community. Shop, on the other hand, is a service where content creators can sell digital goods directly to their fans. The fifth product Affiliate allows creative talents to promote and earn commission from their products.

The startup earns revenues by taking a commission on each transaction carried out on its platforms.

Since 2016, UMG Idealab has invested in close to 40 startups. In 2020, it funded three companies in the technology industry, two venture builders and an SME.

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Image Credit: Unsplash

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The iMedia team

iMedia, an integrated digital media group in Malaysia, today announced it has acquired a 90 per cent stake in BeautifulNara, a Malay language portal.

This deal marks the fourth acquisition by the group within the last three months.

Also Read: Media buys controlling stake in Goody25’s Malaysian parent

With BeautifulNara joining OhMedia, Ittify and Goody25 in the group, the combined network will have a reach of over 13 million Malaysians, the company claimed.

As part of the acquisition, iMedia has signed an exclusive advertising representation agreement (EARA) with Nara Media, which will be responsible for the acceleration of revenue across websites.

In addition, it will build its content marketing business and introduce social selling as a new revenue platform.

Led by CEO Shahzeeq, BeautifulNara will continue to work closely with iMedia to focus on the overall expansion of its websites, including affiliated pages such as Amazing Nara, covering trending daily news and Kimchi Daily,  featuring all things KPOP. Together, they hope to build a larger community of Malay speaking audience and social media influencers.

Voon Tze Khay, CEO and Co-founder of iMedia, said: “This acquisition will further strengthen the company’s dominant position in the Malay language content network in Malaysia and our reach to the overall Malay urban youth speaking online community.”

“We will continue to build upon the revenue potential in sponsored content and video advertising that is in line with the rapid growth in the region’s overall digital advertising spend. We see this as an opportunity for a sustainable solution to generate greater revenue,” Tze Khay added.

Also Read: How Southeast Asia is becoming an entertainment capital of the world

Launched in 2013, BeautifulNara primarily focuses on the latest news in the local entertainment and lifestyle scene, as well as the trendiest stories on celebrities, fashion and travel.

The portal has social following of over 1.2 million followers on Facebook and Instagram combined, and recorded an average of 9.6 million page views and 1 million users per month.

In September, iMedia acquired a controlling stake in Goody Technologies, which runs the internet properties Goody25 and GoodyMY. This came just a few days after REV Asia signed an agreement to acquire iMedia

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Image Credit: iMedia

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Key panelists from among the event’s 100+ speakers

By now, we all know how COVID-19 has battered the industry and ecosystem globally — with offline tech events among the casualties. To this end, major event organisers had to either cancel, postpone indefinitely, or move their event to the virtual realm.

While these key overseas startup events saw changes in response to the pandemic — especially in terms of the initial dates set — one rising conference in South Korea has kept things according to the original plan while removing the element of offline gathering. From the timeline, to the experienced lineup of speakers and investors, to the agenda and various side events, COMEUP 2020 has been moving ahead at full speed with its entire programme unscatched.

Also read: Cashflow and financing: what companies need to know

The organising committee has made this possible by establishing a clear identity for the event and setting a global standard model (at the onset of the pandemic) with their thorough preparations as an online-oriented event.

Launched in 2019, COMEUP serves to promote the Korean startup ecosystem at home and abroad, while also embracing innovation from international startups. That year, the conference welcomed over 21,000 attendees from 60 countries, with more than 4,900 startups and 650 VCs in participation. Even though it’s only in its second year, the event has seen a rapid growth in interest from foreign startups and stakeholders. Not surprisingly, considering the force behind its organising committee: their local government via the Ministry of SMEs and Startups, the Korea Institute of Startup and Entrepreneurship Development (KISED), and the private startup ecosystem.

A locally initiated gathering for the global audience

Spread across three days, the event’s virtual platform will hold keynote speeches, panel discussions, exhibitions, networking events, and other startup-exclusive events. Each component in the agenda aligns with the theme, “Meet the Future – Post Pandemic” and will explore how startups everywhere will solve and overcome the global challenges.

This year, there will be over 100 subject matter experts who will cover 12 sessions on topics critical to startups today: K-Quarantine, Policy, Digital Healthcare, Environment, Open Innovation, AI & Robots, Telecommuting, Manufacturing, Commerce, and Education. The sessions are based on three focus areas: Social System, Work, and Life.

Also read: How interns with innovative skills can help bolster the workforce

Among the line-up of speakers are well-known global lecturers, such as Co-Founder and CTO of IONQ, Professor Kim Jungsang of Duke University, CEO of Kurly, Kim Seulah, and professor Henry Chesbrough of UC Berkeley, known for his contributions in open innovation.

Participating in the K-Quarantine sessions are Chun Jongyoon, CEO of Seegene. Seegene is the manufacturer of COVID-19 test kits and widely regarded as an exemplary company of K-Quarantine. Joining him is Kim Jinyong from Incheon Medical Center, Division of Infectious Diseases, the office that established global standards with its “drive-through testing”.

Investor networking and business matching

Selected startup participants will have the opportunity to network with the 90 plus investors joining the virtual event, such as Albert Shyy, Managing Director at Burda Principal Investment, Andreas Surya, Principal at Kejora Ventures, and more. Corporate partners will also be joining the event, so startups will

K-Startup Grand Challenge 2020: COMEUP Stars

The three-day gathering will not be complete without the special events geared towards startups. A few months ago, the COMEUP organisers opened the global call for startup applications for an opportunity to pitch their innovation at the event. From over 1,000 applications received during the call for applications, 120 startups made it to the “COMEUP Stars” roster — 59 of which are from South Korea.

These COMEUP Stars are provided with support for production of their corporate promotional videos and online booths, as well as opportunities to make promotional pitches to the investors participating in the event.

Online booths and other exciting features on a powerful platform

The COMEUP homepage will be structured to showcase and stream all the programmes, such as the main conference and the rest of the events. Additionally, the IR pages and corporate overview pages of the COMEUP Stars will be visible, so anybody can access their information.

The excitement doesn’t end there. Online booths will also be built so investors can login and view the corporate information of these startups and make business matching requests. This feature will enable real-time matching of startups, investors, and buyers, and host one-on-one counseling sessions.

Also read: Why innovations in the air traffic space remain a priority for a more resilient future

The platform itself was designed to present a lively atmosphere by implementing Virtual Showrooms that utilise VR technology in the homepage so the users will feel as if they are participating in an offline event hall.

Minister Park Young-sun from the Ministry of SMEs and Startups has great hopes about the event’s direction moving forward, saying, “COMEUP 2020 consistently hosts online events despite the difficulties presented by the COVID-19 crisis and I wish the event creates a lot of interest and participation from all involved.”

COMEUP 2020 is happening virtually from November 19 to 21, 2020. For more information and to sign up to the exciting event, click here.

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Indonesian travel tech company Tiket records spike in sales despite pandemic

The story: Indonesian online travel agency (OTA) Tiket announced that it has recorded a skyrocketing spike in flight ticket sales in Q3 2020, despite pandemic hit. It further claims that the increase is three times more in comparison to Q2 2020.

“The positive trajectory of anchoring sectors such as transportation and accommodation becomes the benchmark in monitoring the current recovery condition. With skyrocketing transactions and numbers of users on the app, as well as the declining trend of refunds and reschedules, we are primed to assist all travelling and holiday needs from our fellow Indonesians,” said Gaery Undarsa, co-founder of Tiket.

Future plans: In Q4 2020, Tiket will leverage domestic destinations’ promotion in an attempt to revive Indonesia’s tourism industry and to contribute to the nation’s economy. It will also offer clients discounted packages as it expects demands to grow during the holiday season.

India’s Fedo raises US$1M to help insurers predict health risks of clients

The story: Bangalore-based insurtech platform Fedo has raised US$1M in a pre Series A funding round.

Investors: Mumbai-based early-stage VC Unicorn India Ventures (lead), SEA fund, Ashish Mehrotra (Former CEO, Max Bupa)

About Fedo: Fedo’s AI allows insurers to onboard, track and manage product portfolios of their clients. It helps insurers to enhance sales, reduce costs and enrich the quality of their portfolio using data.

More about the story: Other than helping insurers Fedo has also partnered with health departments of local governments in and outside of India to help support population risk predictions.

Also Read: Traveloka confirms US$250M fundraise, admits historic drop in biz activity due to COVID-19

Due to the current COVID-19 crisis, there is a rise in awareness of insurance products which has resulted in an increase in demand for good insurance policies.

“Our vision is to offer AI-backed solutions to insurance providers, which enables early identification of potential health risks by using non-invasive methods thereby reducing out of pocket expenditures of individuals and making insurance accessible, affordable and personalised,” said Prasanth Madavana, co-founder of Fedo.

CapBay acquires Kenanga to create Malaysia’s Islamic Supply Chain Finance fintech

The story: CapBay has acquired a 49 per cent stake into Kenanga Capital Islamic Sdn Bhd (KCI), a subsidiary of Kenanga Investment Bank Berhad (KIBB), forming a joint venture to create Malaysia’s Islamic Supply Chain Finance fintech.

The reason: The acquisition will allow both the companies to establish a seamless digital platform by leveraging on CapBay’s strong technological expertise. The goal is to allow SMEs to have access to quick and affordable financing.

“We have always been committed to offering our customers the solutions they need to advance the growth of Malaysian businesses of all sizes. I am confident that this partnership with KIBB will allow us to grow as an organization and better serve our customers as we invest in our infrastructure and service offering,” said Ang Xing Xian, co-founder of CapBay and CEO of KCI.

The partnership is expected to support underserved SMEs that are estimated to grow five folds from its current amount.

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Image Credit: Unsplash

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