Indonesia is one of the world’s largest agricultural nations, with the sector accounting for more than 40 per cent of its total employment. As one of the top 3 sectors in Indonesia, contributing 12.4% to their total GDP, agricultural goods account for a gross production value of approximately 106.54 billion U.S. dollars in 2021.

In order to grow sustainably, the industry will need to overcome challenges such as the limited access to cutting-edge technology and a high learning curve for adoption, as most parts of the agricultural supply chain reside in rural areas with inadequate infrastructure.

Bridging a sustainable agricultural supply chain for B2B and B2C markets

Sayurbox is building Indonesia’s fastest-growing supply chain platform with full integration from farm to end consumer. They serve fresh produce from farms directly to enterprise businesses, general trade, modern trade, and Horeca, as well as their direct-to-consumer e-grocery platform. Operating 24 hours a day, 7 days a week, Sayurbox provides overnight and same-day deliveries.

Sayurbox was founded to provide market access to local farmers through the digitalisation of Indonesia’s agri-supply chain. With more than 10,000 farmers spread across Indonesia, Sayurbox aims to create a sustainable and holistic ecosystem. They serve more than 5,000 SKUs of various products and collaborate with both internal delivery partners and third-party logistics partners who are ready to deliver to the designated location.

According to Metha Trisnawati, Chief Business Officer and Co-Founder of Sayurbox, “We have been focusing our effort in building the end-to-end supply chain infrastructures from the upstream, meaning, we build relationships with and grow our network of farmers and suppliers.”

Also read: The Future of Capitalism: Get the chance to win $5 million worth of investments

The company follows its dedicated social mission with the “Planting Program”, designed to support local farmers and increase the supply of agricultural products. They also implement a Zero Waste program by donating waste (both organic and inorganic) to recipient partners, including Lembang Park Zoo, Taman Safari, Lembang Dairy Farmers, and several others.

The first step to disruption would mean analysing the user segments that empathically profile the existing stakeholders. Thereafter, segmented personalised journeys are orchestrated for precise and tailored communication, enhancing marketing effectiveness through existing customer data.

Through CleverTap’s all-in-one customer engagement platform, Sayurbox is able to monitor the results for different types of communications sent and allow for necessary changes. For example, customers that are not responsive to specific messaging may be retargeted for other forms of marketing communications. Sayurbox can then check which strategies work best to engage customers effectively, By leveraging CleverTap’s segmentation capabilities, Sayurbox could target specific customer groups with tailored promotions, enhancing the overall user experience. This comprehensive solution not only improved customer satisfaction but also contributed to increased retention and conversion rates for Sayurbox, showcasing the power of CleverTap in optimising and maximising the impact of their communication efforts.

“Understanding the right segment has been helping us to improve the retention performance for that segment, and then making sure that we can continuously learn about their behaviour and then tailor into the communication upon switching through the CleverTap platform,” added Metha.

More than numbers

Building the right channels and distribution network is crucial in satisfying the needs of both the B2B and B2C markets. Enhancing click rates and conversions is more than just numbers. It can also create an impact on the customers’ everyday lives. 

For starters, creatively pushing different messaging can become a value-adding experience for those consuming the content they are pushing. For example, households looking for inspiration in meal plans will be able to find a wealth of information through the Sayurbox platform.

CleverTap is making this easier by building easy-to-use, complete and relevant features that are suitable for Sayurbox to manage the different segmentations within the latter’s users. As a result, Sayurbox is able to improve its conversion rate, thereby maximising its influence swiftly.

Metha appreciates this advantage for the Sayurbox team. “The efficient end-to-end setup compared with other platforms has helped us increase productivity during working time.” This helps them serve more farmers’ and clients’ needs and ensures Sayurbox delivers their programs to the right communities.

Also read: Airwallex Singapore in 2023: Growth, partnerships, and talent recognition

A multichannel platform also allows for multiple touchpoints, allowing the company access to helpful customer data and reach its audience from where they are standing. Relying on a single communication channel has never worked to build holistic customer relationships, and Sayurbox understands this on a fundamental level. Metha shared that “Engaging in a multichannel platform has been helpful in defining the journey for each segment. With every hypothesis formed, we onboard them on the first step of the journey, and they are afforded their personal navigation and exploration of the products.”

Metha added, “The ability to have multiple communications to reach our audience has been helpful for us to design and experiment on their effectiveness based on our customers’ lifecycle stage.”

In short, doubling down on personalisation is critical. Businesses must understand that relevant communication is the best way to capture their attention and provide assurance that they are committed to solving their users’ needs. A superior product is crucial, yet effective communication tailored to the customer is transformative.

For more information on how to better engage your customers, visit the CleverTap website. 

To learn more about Sayurbox, visit their website.

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

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

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Neutura, a Jakarta-headquartered carbon removal startup, has secured an undisclosed amount in angel funding for its two biochar projects in 2024.

The names of the investors remain undisclosed.

The announcement was made during the COP28 event in Dubai.

Also Read: Hydrexia enables users to store and transport hydrogen more economically with less space

Founded in 2023, Neutura harnesses the untapped potential of agri-waste to leverage carbon opportunities.

Trees and plants, as biomass, naturally absorb CO2 through photosynthesis yet release it into the atmosphere upon decomposition. Neutura’s mission is to intercept these CO2 emissions by transforming biomass into biochar via pyrolysis, effectively sequestering carbon and preventing its release into the atmosphere.

Biochar is a carbon-rich charcoal produced through pyrolysis. Beyond soil enrichment, it enhances water retention, soil structure, and crop health, reducing reliance on chemical fertilisers for sustainable agriculture.

Neutura biochar serves as a long-lasting carbon-stable material capable of locking carbon for generations. It’s versatile, catering to soil enhancement and construction needs, all while generating carbon credits as an added value.

“We see agricultural waste not as a problem but as a potent solution,” said Laksamana Sakti (Alif), Co-Founder of Neutura. “By converting this waste into biochar, we are tackling multiple challenges–reducing GHG emissions, improving soil health, and creating sustainable farming practices.”

Neutura’s projects aim to transform agricultural waste into valuable resources and reshape the carbon removal landscape by focusing on sustainable waste management in Southeast Asia and Southern Europe.

Also Read: 16 youth ambassadors championing sustainability in e-waste

Neutura’s biochar benefits extend beyond farming, finding uses in metallurgy and cement and improving material properties while reducing environmental impact. The vision is to integrate biochar across industries for a greener planet.

With energy-efficient pyrolysis technology integrated into factories, Neutura’s projects follow a robust, scalable model. It aims for long-term profitability through biochar sales and carbon removal credit generation.

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Singapore’s EDP Renewables APAC secures US$95M from parent firm
It marks the first time the company secured additional backing since Portugal-based renewable energy major EDP Group acquired 91% of Sunseap through its subsidiary EDP Renewables in November 2021.

TikTok partnership reduces GoTo’s burden, pressures Sea: analysts
The e-commerce competition will remain elevated in the next two years. While TikTok and Shopee grapple for market share in Southeast Asia, rivals Shein and Temu could also join the fight.

Patrick Walujo’s Northstar closes SEA early-stage tech fund at US$140M
Northstar Ventures (NSV) I targets consumer internet, fintech, and enterprise software companies that operate in SEA, primarily in Indonesia; It has already backed more than ten startups in the region, such as Gently, Maka Motors, and Locofy.ai.

Delivery Hero trims Berlin workforce, closes Taipei, Istanbul tech hubs
The move is part of the online food delivery company’s plan to boost efficiency; in September, the company was mulling divesting its Southeast Asian business, including Foodpanda.

Biorithm scores US$3.5M for solution that prevents pregnancy complications
Lead investors are Adaptive Capital Partners and SEEDS Capital; Biorithm aims to end preventable pregnancy complications through protocol-based remote monitoring of maternal and fetal biometrics.

India’s Udaan bags US$340M in Series E money
The investors are M&G Plc, Lightspeed Venture Partners, and DST Global; Udaan lets buyers – which include small businesses such as shopkeepers, restaurants, and street vendors – source from a large selection of products at lower prices.

Udaan sacks at least 100 employees
This comes after the online B2B unicorn raised US$340M in Series E money last week; Last November, the company had fired at least 300 employees days after raising US$120 million.

OpenAI suspends ByteDance’s access to ChatGPT for usage terms violations
It was reported that ByteDance has been secretly using OpenAI’s API to train its own large language model at almost every stage, violating the ChatGPT creator’s business terms that forbid users from developing a rival AI model using ChatGPT outputs.

‘Tens of millions’ to enter Web3 through gaming in 2024: GameFi execs
In the last three months, around 1 million — or more — unique active wallets have played Web3 games daily, according to DappRadar data; The casual Web3 gaming space — including mobile games — is where Animoca’s Yat Siu expects to see the most activity.

Recent data shows AI job losses are rising, but the numbers don’t tell the full story
Layoffs are a reality, but AI tech is also enabling business leaders to restructure and redefine the jobs we do; While positions like research and data analysis are in line for AI automation, companies will still need someone to prompt the AI, make sense of the results and take action.

In good times and bad: An outstanding investor will stand by you
To founders, the greatest margin of safety allowing for a good night’s sleep is knowing that investors will be there through the rainy days.

Navigating cybersecurity: Antivirus vs endpoint protection
As businesses grow, upgrading from antivirus to endpoint protection becomes crucial for a proactive cybersecurity defense.

Why 2024 will be interesting for Malaysia’s funding ecosystem?
Funding announcements by institutional investors like Khazanah and KWAP may attract additional private capital to the Malaysian funding ecosystem.

Security breach hits NFT Trader, resulting in major losses
Among the NFTs stolen in this incident are at least 13 Mutant Ape Yacht Club tokens and 37 Bored Ape tokens; Additionally, NFT Trader reported losses involving VeeFriends and World of Women NFTs, cumulatively valued at nearly US$3M.

The challenges ahead for generative AI
Rightsholder advocates are fighting this case convincingly. The outcome remains far from clear though, and could yet upend the practices of leading Generative AI companies like OpenAI and Stability AI.

Top 10 startup founders in the e27 community shaping the tech industry
This feature highlights our top 10 startup founders, offering valuable insights into their journeys and experiences within the ecosystem.

Funding winter hits startups: Scaling down, survival strategies take centre stage
The sudden scarcity of funds forces startups, even unicorns, to cut back as a global correction impacts valuations, triggering survival strategies and caution from investors.

How LUNO Expeditions aims to support early-stage fintech, crypto entrepreneurs
Led by seasoned global investor Jocelyn Cheng, Luno Expeditions will scale up investments to 200-300 per year.

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2023 has been the year of Gen AI, and Asia Pacific has led the way — with two-thirds of companies already investing in Gen AI or exploring potential use cases. More and more companies are investing in such new technologies as a business priority rather than just something “good to have” as leaders assess how to get the most out of every buck. 

In 2024 and beyond, businesses in Asia-Pacific will continue to embrace and leverage emerging technologies for business benefits and growth.

Some of these upcoming trends will include:

Generative AI hype will move from models to operationalisation

In 2024, organisations will continue to innovate and build Artificial Intelligence (AI) models, but, as with previous AI cycles, businesses will need to increase investment in machine learning (ML) operations. 

How quickly and effectively an AI model can make predictions or decisions will be affected by model optimisations, hardware and software optimisations, including CPU accelerators and data preprocessing. To succeed at making improvements to AI models, I urge businesses to deploy them at the edge.

But work does not stop there, as these models will need to be monitored for data and model drift once they are in action. The challenge for businesses would be to address any changes in the data or model and integrate these deployments into existing governance models.

Also Read: ‘Bringing world-class AI talent into Singapore can substantially enrich the industry‘

By ensuring continuous improvement, businesses will have the potential to surpass previous thresholds of success. Model supply chains, A/B testing, and feature store management frameworks will also need to be developed or integrated. For organisations using multi-cloud services and dealing with various data sources they cannot afford to ignore flexible architectures to avoid cloud concentration risks and lock-in.

Multi-cloud and hybrid cloud adoption will lead to distributed architectures

Enterprises are now diving headfirst into the realm of multi-cloud and hybrid cloud strategies by strategically weaving together the finest offerings from different cloud providers tailored to their business needs. 

This trend is set to continue well into 2024 as organisations embark on a quest to fine-tune their cloud expenditures to elevate the effectiveness and dependability of their applications. As the approach matures, it’s not just about optimising costs — it’s a journey toward technical and operational agility to unlock the full potential of distributed architectures. 

Embracing distributed computing is merely the prelude; the key to success depends on the widespread adoption of distributed databases, which should provide the foundation for developers to create innovative architectural models. The cloud revolution is not just about adoption but a combination of optimisation and architectural evolution.

Compute performance demands will be escalated

Meeting the escalating performance demands of applications has become a formidable challenge for enterprises in the modern landscape. This is a primary concern that revolves around the adverse consequences stemming from subpar user experiences. 

Modern consumers anticipate, and in certain instances demand, flawlessly smooth and highly responsive interactions with applications. Any delays in this regard can lead to dissatisfaction and a decline in trust towards the brand. 

Also Read: The synergy of AI and DeFi: Shaping the future of finance

This challenge will likely evolve in 2024 as enterprises embrace the proliferation of interconnected devices, which are all reliant on real-time data exchange across distributed systems to deliver a satisfactory user experience, ensuring that reliable and efficient communication among machines becomes indispensable.

Immediate demand for expertise to keep up with the cost of compute

As businesses increasingly turn to cloud infrastructure and services, the collective expenses associated with data storage, computing power, and egress bandwidth can swiftly strain financial resources and impact overall profitability. 

Beyond the immediate financial challenges posed by computational costs, concerns with vendor lock-in and reliance on specific cloud providers or proprietary technologies and abstractions can also make transitioning to alternative solutions challenging, resulting in substantial migration expenses or operational disruptions.

Mitigating these challenges demands expertise in cloud technologies, software development, and system administration. Enterprises will need to maintain a skilled workforce capable of effectively managing and optimising their applications to provide the best performance while sustaining a competitive cost structure.   

Looking ahead — not only in 2024 but even beyond — innovation and entrepreneurship in the Asia Pacific are on the rise, making it very important to democratise access to new technology for enterprises, regardless of their size and scale. Cloud platforms will need to remain simple, easy to use, and developer-friendly so that our economy’s engines can enjoy long-term benefits and maximise the advancements of emerging technologies.

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Singapore has positioned itself as a beacon in global startups and venture capital, ranking among the top ten startup ecosystems worldwide alongside major tech hubs like Silicon Valley, New York, and London.

This achievement is particularly noteworthy as Singapore is the sole Southeast Asian representative on this prestigious list, even amidst the challenges of a funding winter in the region. The number of unicorns has surged from 11 to 18, with four exits exceeding US$1 billion, led by Grab’s remarkable US$40 billion exit.

Singapore presents many opportunities for early-stage startups, as it saw a 33 per cent increase in early-stage deals. However, with a robust Singapore startup community, a pertinent question arises: How can early-stage startups distinguish themselves and navigate the competitive landscape to achieve success? This becomes crucial in a landscape where standing out from the crowd is imperative for the survival of emerging ventures. The following strategies can guide these startups toward success.

Understand the market and your target audience

Singapore serves as a gateway to Southeast Asia, a region with varying levels of digital economic maturity. Early-stage startups must set their sights further than Singapore and understand the specific cultural nuances and preferences of each market they plan to enter.

Also Read: Why Singapore’s traditional sectors need a digital makeover

To stand out, startups need to tailor their solutions to the specific conditions of each market they plan to enter. Differences in internet penetration, mobile phone usage, and e-commerce adoption require a nuanced approach. This includes recognising distinctions between urban and rural areas by addressing the digital economic divide faced by consumers outside cities.

Hence, early-stage startups must tailor their services accordingly. For example, a startup developing an e-commerce platform may need to consider offering cash-on-delivery options for rural customers who do not have access to online payment methods.

Building a product that is scalable by leveraging technology

In an increasingly scrutinised funding landscape, scalability is key to attracting interest and securing funding. Private funding in SEA has declined to its lowest level in six years, with 87 per cent of investors finding that fundraising has become more challenging and 88% of investors feeling they are facing a more difficult exit environment.

Early-stage startups should leverage their agility and lack of legacy systems to implement innovative technologies to scale, especially with the rise of AI. Some key considerations include implementing efficient data management, continuously monitoring the performance metrics of products, putting in place automated processes, as well as employing cloud-based solutions.

With these tools, startups can streamline operations, enhance efficiency, and gain a competitive edge, setting the stage for future success in a challenging funding environment.

Tapping into available resources

The dynamic startup ecosystem in SEA has bright spots such as Singapore and Indonesia, which offer robust government and private support, providing startups with essential resources for growth. Early-stage startups should actively seek opportunities, such as engaging with networks of industry experts or participating in programs and competitions organised by local entities.

For instance, in 2021, a logistics startup mentored by organisations like TiE Singapore secured approximately US$30,000 worth of startup resources at an event organised by Enterprise Singapore, a government agency supporting small and medium enterprise development. This success story underscores the tangible benefits of proactive engagement with available resources and the importance of leveraging the support systems embedded in the thriving SEA startup landscape.

Also Read: TiE Global Summit 2023: Connecting Singaporean startups to the world

Building connections and networks

Connections and networks are the lifeblood of early-stage startups, especially in a landscape where resources and recognition are limited.

In the complex terrain of regulatory demands and cultural nuances, actively connecting with local accelerators, incubators, and government agencies is not just advisable for startups — it’s imperative. These connections offer vital support, resources, invaluable market insights, access to distribution channels, and expansive customer networks crucial for growth.

A transformative impact of networking and mentoring is evident in the success story of Playgames 24*7 Pvt Ltd., an online gaming company. The three co-founders initially crossed paths at a TiE seminar, and since then, they have received unwavering support from the TiE community. This collaborative ecosystem has not only served as a foundation for their entrepreneurial journey but has also provided access to a network of experienced leaders in the industry.

The ripple effect of such holistic support is exemplified by how the gaming company now boasts a valuation of US$1.5 billion. These networks provide more than just resources; they offer invaluable benefits like mentorship, shared insights, and a sense of community. This helps propel startups towards success by laying the groundwork for sustained growth and expansion.

Singapore’s rise as a top global startup and venture capital hub underscores its resilience in the face of regional funding challenges. With an increase in unicorns and exits, the city-state provides a promising landscape for early-stage startups.

Success hinges on understanding diverse markets, demonstrating scalability, accessing available resources, and building strategic networks. By leveraging innovative technologies and fostering key connections, startups can navigate the competitive landscape and ensure their success in SEA’s dynamic startup ecosystem.

—

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While working in the hydrogen industry in China, Alex Fang realised that the real bottlenecks limiting the scale of hydrogen application are the safety and costs in the storage and transportation chain. He thought technology could drive down costs and enhance safety.

“However, I could not create technology from scratch. So, we conducted in-depth research with a couple of my business partners, searching extensively globally for application cases that had attempted to use magnesium alloy. In April 2023, we officially rolled out our magnesium-based solid-state technology for storage and transportation,” he recalls.

That was the beginning of Hydrexia.

Also Read: On the precipice of energy transition

Founded in 2016, Hydrexia provides solutions for hydrogen production, storage, transportation, and end-use applications. Based in China with offices in Singapore, Malaysia, and Australia, it enables users to store hydrogen more economically with less space and weight, at much-reduced pressure and with increased safety.

Magnesium-based hydride’s non-flammable and non-explosive properties allow for ambient pressure and temperature transportation without leakage or evaporation concerns. This ensures secure hydrogen storage and transport, even in densely populated areas.

“Our solution outperforms conventional industry approaches in safety, storage density, ease of use, sustainability, and cost-effectiveness. It is designed to mitigate the limitations of the conventional hydrogen storage methods,” claims Fang.

“In addition, our storage technology can effectively eliminate impurities such as carbon monoxide (CO) and hydrogen sulfide (H2S), resulting in an improved purity level of hydrogen. The hydrogen released from magnesium-based hydride meets stringent purity requirements for various industrial uses, including fuel cell applications,” he adds.

The startup serves customers across the entire industry value chain, covering hydrogen purification, storage and transportation, and end-use applications (upstream, middle stream, and downstream).

Fang claims Hydrexia has built a solid customer base, including Fortune 500 companies across China, Southeast Asia, Australia, Europe, and the US.

According to Fang, Hydrexia has faced many obstacles in the different phases of its development, particularly in the early stages, including finding a proper testing facility for its R&D and lack of funding.

The company has thus far completed four rounds of private equity financing, raising RMB500 million (US$70 million). It is now raising a strategic financing round, which is expected to be closed by the end of January 2024.

Also Read: How to navigate the investment opportunity in climate tech sector

The money will be used for R&D and to improve the current magnesium-based solid-state technology.

In October, Hydrexia became one of the 25 Asian companies graduating from the PETRONAS FutureTech 3.0 programme.

“Our mission is to empower the transition to sustainable green energy. As a technology-driven company, we will continue to embark on the path of technological innovations to serve hydrogen storage and transportation needs,” he concludes.

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In the dynamic e27 community, diverse voices actively shape discussions on emerging technologies and innovation. This feature spotlights our top 10 contributors, all distinguished investors, whose strategic insights and financial acumen significantly impact the startup landscape. Their nuanced perspectives within their respective domains offer a valuable glimpse into their experiences and provide insights for those navigating the intricate pathways of the ever-evolving startup ecosystem.

Jayne Chan

Chan leads StartmeupHK at Invest Hong Kong (InvestHK), an initiative supporting overseas founders of innovative startups in setting up or expanding in Hong Kong. The services include providing information on the local startup ecosystem, connecting individuals to the startup community, hosting events, and fostering a conducive environment for startup growth.

“With global attention on climate issues and the critical need for action to secure a livable future, the transformative power of technology can be pivotal. We expect to see more greentech companies coming out of Asia, poised to tackle the specific challenges that prevail here.”

Jimmy Ng

Ng, a VC at Gobi Partners GBA, sources, selects and supports startups in Hong Kong and GBA. Embracing Gobi’s core mindset, borrowed from Thomas Tsao, is that great entrepreneurial talent is evenly distributed around the world, but access to opportunity is not.

“Founders, there will always be some parts of your startup operating in a ‘duct tape’ mode where things are being done improperly, barely manageable, and unscalable.

Prioritise fixing duct tapes in critical areas, including:

• Founding team dynamics and morale
• Burn rate/runway
• Product-market fit/sales.

Without these three, everything else is meaningless in this market.”

Liu Genping

Genping is a Partner at Vertex Ventures Southeast Asia & India, with a keen interest in tech and startup investments. He focuses on early-stage TMT sectors in Southeast Asia, particularly in internet/mobile and enabling technologies.

Also Read: Top 10 contributors in communications and marketing excellence

Looi Qin En

Looi, a Partner at Saison Capital, actively leads pre-seed and seed investments in fintech, B2B commerce, and Web3 startups.

“The convergence of fintech and blockchain is the seismic shift that will reach its defining moment in the coming year. Despite US$100 billion+ invested in fintech to date, we still face many challenges – it still remains expensive, slow and inefficient to move money across borders. With the blockchain’s transparent and tamper-proof ledger, 2024 might just herald a new era where money isn’t just transferred; it’s transformed.”

Michael Proman

Proman serves as the Managing Director and Partner at Scrum Ventures, contributing to the growth of the Bay Area-based firm and the establishment of their first vertically-focused fund in sports and entertainment.

“Now is a prime time for entrepreneurs, but funding is becoming more selective, emphasising the need to attract and retain fans while leveraging new technologies for growth. In the sports industry, innovation is crucial, yet it tends to lag behind. Startups often focus on specific solutions, overlooking the transformative potential of technology for the holistic fan experience. Drawing insights from industries like travel, which has tackled similar challenges, can provide valuable guidance for staying ahead of the curve.”

Michelle Ng

Michelle Ng serves as the Head of Environmental, Social, and Governance at Quest Ventures. In this role, she collaborates closely with startups, overseeing their growth acceleration through a blend of incubation services and programs while also taking charge of key markets in Southeast Asia and emerging Asia.

Also Read: Top 10 contributors steering innovation in the tech community

“The silver economy’s full potential is yet to be harnessed by investors and entrepreneurs. Longevity serves as a macro tailwind, driving the digitalisation of healthcare, caregiving consolidation, and the rise of technologies like blockchain. Investors increasingly focus on key areas within the senior-centric healthcare sector, such as telemedicine, wearable devices, and patient analytics.

Early-stage social enterprises in Singapore are entering a rapidly evolving tech-enabled silver marketplace, providing a testing ground for innovative ideas before potential expansion into larger markets like Japan and China. With the right funding at the right stage, startups in the silver economy can optimise their business models for a growing consumer class and capitalise on the maturing silver market.”

Nicko Widjaja

Nicko Widjaja, Founding CEO of BRI Ventures, leads the corporate VC initiative backed by Bank Rakyat Indonesia in Jakarta. With over a decade in venture capital, corporate transformation, and the startup ecosystem, Widjaja was previously the Founding CEO of MDI Ventures, a Telkom Indonesia-backed venture capital firm with investments spanning over 10 countries.

“It goes without saying that venture capital in Indonesia is an exceedingly risky and competitive business. With high stakes, we in the corporate venture space tend not to get too excited when startups show us their ‘magnum opus’ or various forms of get-rich-quick schemes that come with their budding companies. Instead, we’re looking for plays that can help us satisfy a more nuanced double bottom line.”

Olena Petrosyuk

Olena Petrosyuk, Partner at Waveup, advises global firms on market entry, valuation, and fundraising. She has secured over US$1 billion in funding, facilitating rounds ranging from US$1 million to US$100 million for startups across sectors from Brazil to China, including B2B SaaS, healthtech, and Web3.

Also Read: Top 10 startup founders in the e27 community shaping the tech industry

Rachel Lau

Rachel Lau is Managing Partner at RHL Ventures, a private investment firm focusing on growth capital investments in Southeast Asia and the US region.

“AI hardware chips will likely be the driving force as the innovation cycle becomes shorter each year!”

Sophie Chiu

Sophie Chiu is Principal at AppWorks, a startup accelerator and early-stage VC firm in Greater Southeast Asia. The six-month AppWorks Accelerator admits 20-30 startups per batch, boasting over 500 active startups and 1,500+ founders in its extensive alumni network. With a total AUM of US$400 million, AppWorks is dedicated to supporting founders in Greater Southeast Asia.

“Tough markets make great founders outshine more. Don’t lose hope, and keep up the good fight.”

—

Editor’s note: e27 aims to foster thought leadership by publishing views from the community. Share your opinion by submitting an article, video, podcast, or infographic

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

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In my post last week, I wrote about the highlights of this year’s regulatory updates. This time around, this article will focus more on several notable news in the funding space, especially by local institutions that may be interesting for startups. 

Khazanah is Malaysia’s sovereign wealth fund responsible for managing and preserving the nation’s wealth. It is also in charge of making “strategic investments” for the country. In 2021, Khazanah announced the Dana Impak fund (impact fund), an RM6 billion (US$1.2 billion) fund to be deployed over five years in six areas ranging from digital society, health, education, social mobility, food and energy security to climate-related startups. 

In March, Khazanah announced its partnerships with two global VCs, 500 Global and Gobi Partners, to get more investments into Malaysian startups. 

Note that Khazanah as a fund also invests in startups, usually in larger ticket sizes. This year saw several startups, notably insurtech startup PolicyStreet as its lead investor in the RM67 million (US$15.3 million) and agritech startup BoomGrow via Khazanah’s backed Gobi Dana Impak Ventures (GDIV) fund for an undisclosed sum.

More institutional funding in the startup ecosystem?

In September, Kumpulan Wang Persaraan (KWAP) (‘Retirement Fund (Incorporated)’, a public pension fund for civil servants, announced an RM500 million (US$107 million) Dana Perintis (‘pioneer fund’).

Also Read: Cyberwatch 2024: A startup’s guide to a secure future

The fund will be deployed by KWAP directly in direct investment into startups and via ‘fund on the fund’ to identified VCs and accelerators within the next “18 to 24 months”. In 2017, KWAP invested in Uber on its Series G round for the sum of RM170 million (US$30 million). KWAP is one of the several government-linked investment companies in the country. 

Consolidation of the government’s funding agencies under Khazanah

The prime minister announced this year that two government funding agencies, Penjana Kapital and Mavcap, will now be placed under Khazanah’s purview. To summarise, both of these entities invest in local VC fund managers via the ‘fund of fund’ structure. Fund managers may be keen to hear updates in the coming months, perhaps on its new funding direction.

In a World Bank study on Malaysia’s funding ecosystem, which I co-authored in 2022, one of the policy recommendations that we’ve suggested to address the funding gap was for the government to act as the anchor investor to crowd in more private capital into startups. 

More corporate ventures and “innovation centres” via the Future Malaysia Programme

I anticipate more companies embarking on new corporate venture capital (CVC) and “innovation centres” activities, especially involving publicly listed companies. 

To date, CelcomDigi and Sime Darby Plantations, both Khazanah’s portfolio companies, have announced their own type of “innovation centres” to promote innovation and entrepreneurship together with Plug and Play APAC, a global innovation platform. 

Also Read: A year in review: 2023 regulatory updates impacting startups in Malaysia

Another new entrant in the ecosystem is Antler, a global VC fund that may also lead to new startup creation and new deal flow. The news reported that Antler had completed its first cohort and is now inviting aspiring founders to apply for the second cohort. 

These partnerships came from Khazanah’s “Future Malaysia Programme”, an RM180 million (US$38 million) initiative by Khazanah to partner with local and foreign ecosystem enablers to grow the startup ecosystem. 

Securities Commission of Malaysia via Capital Markets Malaysia, its affiliate arm, is also actively promoting more publicly listed companies to get involved in corporate venture capital programmes. So, we may hear more news from the corporate sector in the coming months.

These initiatives may likely increase the number of new startups in the coming months in the ecosystem. The accelerator and incubator may also increase the chances for the startups to survive and get funding as the founders get access to experts and mentors in the programme.

In the recent article, I wrote about the regulatory updates, including the extension of the current tax incentives for angels and VC funds and additional funding in the equity crowdfunding and peer-to-peer (P2P) financing space. These efforts may help in ensuring continuity to get more private capital in the ecosystem.

As always, the devil is in the execution. Ease of doing business is a major issue that policymakers need to address as we strive to create a more vibrant funding landscape for Malaysia. As a startup lawyer who regularly deals with the ecosystem, I am hopeful to see more Malaysian startups get funded in 2024. 

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In the ever-evolving landscape of cybersecurity, businesses are confronted with a dynamic array of threats that demand more sophisticated defence mechanisms. While traditional antivirus software has long been a stalwart guardian against known malware, the growing complexity of cyber threats necessitates a shift towards a more comprehensive solution — endpoint protection.

In this article, we will delve into the differences between antivirus and endpoint protection, outlining when and why businesses should consider upgrading to the latter.

Coverage

Traditionally, antivirus solutions focus on individual files or the entire system. While endpoint protection encompasses the entire endpoint environment, this solution extends coverage to include a broader range of security measures.

Adaptability

Antivirus relies on predefined and known signatures. Antivirus solutions will struggle with newer, unknown threats and are generally more reactive in nature. Meanwhile, endpoint protection incorporates advanced features like behavioural analysis, heuristics, sandboxing, and machine learning, making it more proactive and adaptable to emerging threats.

Management and control

Antivirus is often standalone with limited centralised management capabilities. Endpoint Protection is designed for centralised management, enabling administrators to monitor and control security measures across multiple devices within an organisation.

Also Read: Two decades of digital defence: Why cybersecurity must remain a top concern for everyone

When should businesses consider upgrading?

As businesses grow and face more sophisticated threats, the scalability and advanced features of endpoint protection become crucial for effective defence.

Here are a few questions businesses should ask themselves:

• Am I dealing with more than just known malware? Have we encountered emerging and unknown threats like targeted phishing attacks, ransomware, and Advanced Persistent Threats (APTs)? As a benchmark, businesses with less than US$1 million in annual revenue are less likely to attract advanced attackers. Hence, they would be considered in the low-risk bracket. Businesses with US$1 million to US$10 million revenue would be considered medium risk, and any business with more than US$10 million revenue would be at high risk.
• Is my IT team struggling to keep up with security concerns? Do they require more centralised management over security control? As a benchmark, businesses with less than 10 employees would have a low priority. Businesses with 10 to 100 employees would have a medium priority, and it becomes a significant pain point for businesses with over 100 employees.
• Is my business dealing with sensitive data, intellectual property, or customer information that could be attractive to cyber threat actors?

Final thoughts

The cybersecurity landscape demands a proactive and adaptive defence strategy, making the shift from antivirus to endpoint protection a logical and imperative step for businesses as they grow.

As the threats continue to evolve, endpoint protection provides a broader set of tools and features to safeguard not only against traditional malware but also the multifaceted challenges posed by the modern cyber landscape.

By understanding the differences and recognising the need for a more comprehensive solution, businesses can fortify their defences and navigate the digital frontier with greater confidence and resilience.

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01Fintech, a growth-stage private equity firm founded by a former Ant-Group executive, has invested US$20 million in Validus, a small-and-medium-enterprises (SME) supply-chain financing platform with operations in Indonesia, Singapore, Thailand and Vietnam.

The investment will enable Validus to accelerate its expansion plans in fast-growing markets like Indonesia and enhance its technology innovation.

Also Read: Validus, TTC Group, Do Ventures form JV to boost SME lending in Vietnam

Founded in 2015, Validus drives financial inclusion and prosperity for small businesses by leveraging data and AI to drive growth financing to the under-served SME sector. Its offerings include loans, business accounts, corporate cards, payments and expense management.

To date, Validus claims to have disbursed more than US$3 billion in loans to small businesses across Southeast Asia.

Validus is headquartered in Singapore and has a presence in Indonesia, Singapore, Thailand, and Vietnam.

Validus’s other backers are Vertex Ventures Southeast Asia and India, Vertex Growth, FMO, and several major East Asian financial institutions, including NorinChukin Bank and NongHyup Financial Group.

Southeast Asia represents a tremendous US$490 billion SME financing gap opportunity for specialised digital lenders with strong credit assessment capabilities. The Asian Development Bank estimates that SMEs make up 97 per cent (71 million) of all regional enterprises (71 million), employ 69 per cent of the labour force and contribute significantly to 42 per cent of the GDP.

Also Read: Validus teams up with Nafoods to provide business financing to farmers, distributors in Vietnam

Still, most SMEs do not have access to sufficient credit and liquidity required for their daily working capital needs. Over 60 per cent of these private enterprises cannot get loans when needed; operators and their employees are forced to live cash-in-hand, creating a bottleneck for growth.

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