In the ever-evolving world of technology, artificial intelligence (AI) has emerged as a beacon of innovation, attracting significant capital and propelling startups to unprecedented heights. However, this blossoming AI spring season starkly contrasts with the chilly atmosphere pervading the rest of the tech landscape.

Amidst slashed valuations and the recent bankruptcy of banking giants like SVB and Credit Suisse, it is evident that we are in the midst of a capital winter that shows no signs of abating anytime soon. The situation is particularly challenging for startups in Southeast Asia, where many are grappling with unfavourable market conditions for the first time.

In this article, we will delve into practical strategies and tips for founders to navigate this capital winter, ensuring their ventures not only survive but also thrive in these trying times.

What does a capital winter mean for VC investment?

It’s an era of less FOMO but more SLOJI

The effects of the capital winter have reached all corners of the investment world, from the icy cold public equity market to growth equity and finally early-stage investment. With the exit forecast clouded by higher risk and uncertainties, VC investors are inevitably adjusting their investment approach.

Most VC investors in this region have become more patient and disciplined (with valuation). It is no longer a market driven by FOMO but rather a time to be SLOJI, “slow to join in.”

Also Read: Can Chinese VCs be a potential wild card for SEA during funding winter?

Traditionally, VC investors were driven by a fear of being late to the game and sought to invest early and cheaply. Now VC investors are more comfortable waiting slightly longer and even committing to higher valuations when founders demonstrate a stronger set of metrics or evidence of product-market fit (PMF). This also means a greater emphasis on due diligence and the importance for a startup to show solid fundamentals for long-term success.

Path to profitability is almost a must, on top of all other necessary metrics

Investors are currently placing a greater emphasis on profitability because they need to be more patient and disciplined, as well as consider the challenging macro environment. This does not necessarily mean that profitability is the sole metric used to evaluate a startup, but rather that a founder’s understanding and commitment to profitability is an important factor in investors’ assessments.

Here is some general advice for startups at different stages of development: If your startup is in the Series B or later stage, it should already have improving or excellent profitability metrics. At the Series A stage, it is important to demonstrate thoughts and plans for future profitability. For seed-stage startups, the focus should still be on product-market-fit (PMF), and if anything else, don’t pursue a cash-burning business model.

Balanced growth is even more important

The path to profitability is more like a check box. What investors are really eager to see is balanced growth. Growth is how a startup could eventually prove its PMF and disrupt the status quo. Balanced growth means growth plus a path to profitability, growth with at least steadily improving margins.

What does a capital winter mean to a founder and their startup?

Money is more expensive tomorrow

The capital winter started because we are now in a rising interest rate environment, where money is more expensive tomorrow. It also means every dollar you save/earn today is more valuable. That is why no investor will support cash-burning business models right now.

Cut, burn and survive

As the capital winter could be prolonged, it is time for a founder needs to know how to survive and sustain longer and wisely. Since money tomorrow is more expensive, cutting burn can already help you save more valuable money today.

Focus on your best PMF

There could be many directions/options for you and your startup. It is time to focus on your best PMF, where there is demand, paid users, or recurring cash flow. It is time to focus the resources on your best shot.

It is time to think like a camel rather than a unicorn

I really like this concept borrowed from this article in the Harvard Business Review, which was written in 2020 but seems only more relevant now.

Under a tough capital market like right now, many startups may die. The implication is that your competitors may die too. That’s why it is time for intelligent founders to prioritise survival over the blind pursuit of market share. Surviving and sustaining your startup with healthy growth and margin is already a victory.

Also Read: How to support startups to survive the ‘tech-winter’

VCs, among all types of investors, are the ones that stand the closest to founders. We are essentially on the same side because the success of VCs is entirely dependent on a startup’s success. Since we’re on the same side, when VC investors are now acting more patient and disciplined, founders should do the same together. It’s time to be a camel together.

What does a capital winter mean to a founder when it comes to fundraising?

For founders’ preparation, I’d say fundraising 101 is the eternal guideline and even works more effectively at a time like this: Know your investors, engage with them early, be transparent, know your stage, and so on. These are all critical factors.

I’ll pick two that were highlighted during the panel:

Engage with investors early, and build long-term trust

Investors will take longer to assess a startup. I’d encourage startup founders to engage with prospective investors early because trust takes time to build. Most investors appreciate receiving regular or occasional updates from founders, demonstrating their commitment and discipline.

Many alumni from our AppWorks Accelerator regularly send us updates from time to time. Those who continue to show progress and dedication usually have pretty successful fundraising results – because most investors on the list get to observe them long enough before they actually need funding.

PMF, PMF, PMF

Founders often ask what investors look for when evaluating potential investments. While founders are the experts on their own businesses, it is important to highlight key metrics that demonstrate strong PMF. In today’s business environment, PMF also requires a clear path to profitability.

This does not necessarily mean that early-stage startups need to immediately prove profitability, but rather that they should be able to demonstrate a vision for how their business can eventually monetise and become profitable. By focusing on these key metrics and showing a roadmap for profitability, founders can better position their businesses for success in the fundraising process.

How long will this capital winter last?

Founders should be aware that the current emphasis on profitability is not just a temporary trend but a fundamental shift in the way businesses operate. This shift is not limited to a few companies – tech giants such as Grab and GoTo have already adjusted their profitability targets to accelerated timelines to reflect this change.

Also Read: Startups that can reflect and pivot in time will thrive during funding winter: Ivan Ong of AFG Partners

While Vietnam may have experienced record-high GDP growth in the third quarter of 2022, the fourth quarter saw a decline in global demand that is expected to persist in the coming months. As a supply market, Southeast Asia may feel the effects of the global recession later on, which means that the “capital winter” may also last longer.

To prepare for these challenges, founders should prioritise profitability and survival for the next two-three years (at least) and adopt a long-term, sustainable mindset for their businesses.

Remember, it’s time to think like a camel. Other unicorn-wannabes will die in the desert.

For founders, why should now be a promising time rather than a discouraging time?

Many founders may feel discouraged thinking about a capital winter and global recession. I’d instead encourage founders that it is the best time. It is the best time for founders to care about users, solve real pain points, and set a healthy goal for the company to survive. It is the best time for investors to stop chasing FOMO and pay attention to fundamentals and holistic vision.

The truth is that VC investors can’t sit on a pile of cash even if they become more disciplined with investment; they are expected by their investors to deploy according to market opportunities even in the winter. We still are on the lookout for amazing founders to allow us to join them on their journey to disrupt this world and create abundance and a better future.

So I think this article should end on a positive note for you. Again, VC investors and founders are meant to always stand on the same side. The goal of AppWorks as a VC is to fund the most-talented founders and help you make the biggest impact on this world – that’s something that will never change. We are always here for you.

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The post Navigating the capital winter: Strategies for successful fundraising in a slow market appeared first on e27.

Mobee has launched its newly registered digital asset exchange in Indonesia after obtaining a license from the market regulator BAPPEBTI.

The startup has also raised an undisclosed sum in a funding round led by 1982 Ventures, with participation from strategic family offices and individuals.

The funds will be used to expand operations, launch new products, and hire more financial services and digital asset industry veterans.

Also Read: The regulatory war on cryptocurrency

Mobee was founded in 2022 by Andrew Tjahyadikarta and Jeff Pradana, an experienced banking and trading executive. Tjahyadikarta is the co-founder and former CEO of Kaja Group, an ultra-luxury hospitality and lifestyle entertainment group in Southeast Asia.

The digital assets exchange focuses on qualified investors, family offices, and institutional-grade clients. It offers a range of financial products for investors seeking passive income and more sophisticated wealth management products designed for active investors.

“Mobee will allow Indonesian investors to effortlessly access a wide range of institutional-grade investment products in digital assets and securities,” said Tjahyadikarta. “Our focus is to bring key players and businesses in Indonesia on-chain and provide them the level of service, trust, and security they are accustomed to as they begin to allocate more capital to digital assets.”

Also Read: IMF calls for cryptocurrency regulation to ensure financial stability

The Indonesian cryptocurrency market surged 50 per cent in 2022, reaching nearly 17 million registered users. There is significant room for growth as more qualified and institutional-grade investors enter the market. Mobee projects Indonesian crypto annual trading volume to reach over US$100 billion by the end of 2024.

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Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like connecting with investors, visibility through the e27platform, and other prizes. Join TOP100 here.

The post Mobee launches crypto exchange in Indonesia, secures funding appeared first on e27.

Over the last decade, Indonesia has witnessed a 6x increase in fintech players, rising from 51 in 2011 to 334 in 2022, says a new report jointly released by AC Ventures and Boston Consulting Group (BCG).

Initially, the growth was mainly driven by the payments segment. However, the fintech landscape in Indonesia is now diverse and dynamic, with lending, payments, and wealthtech becoming clear industries of the future.

The AC Ventures-BCG report Indonesia’s Fintech Industry is Ready to Rise charts the progress of fintech in the country across multiple sub-verticals, starting from the inception of fintech startups and the local digital economy in 2011 up until 2022.

Also Read: ‘Resistance to digital wealth management has almost disappeared in SEA’: Bambu CEO Ned Phillips

According to the report, fintech offerings are also experiencing a surge in customer engagement in Indonesia. The payments segment, which boasted over 60 million active users in 2020, is expected to have a compound annual growth rate (CAGR) of over 20 per cent until 2025.

More than 30 million active peer-to-peer borrower accounts were in the lending space in 2021. Meanwhile, the wealth segment had over nine million retail investors as of 2022, the VC Ventures-BCG reports notes.

The adoption of SaaS platforms is also growing, with six million SMEs currently using them, representing a 26x expansion over the preceding three years.

Investment trends also echo the diversification of Indonesia’s fintech market, with lending and payments no longer being the primary areas of interest. While lending and payments remain important, there is increasing investment into wealthtech, insurtech, and fintech SaaS.

The fintech market is expanding rapidly, with emerging players alongside established ones. Equity is targeted based on an operator’s or vertical’s maturity.

Early-stage funding deals receive over 80 per cent of the total invested capital. Funding from 2020 to 2022 reached US$5.4 billion, 2.7x more than in 2017-2019, adds the AC Ventures-BCG report. Growth and monetisation are the main focus in series D+ funding rounds.

In light of the current economic climate, investors are now looking for clear paths to profitability before a Series D. More than 80 per cent of fintech deals from 2020 to 2022 were for pre-Series C funding rounds, indicating strong support for early innovation. These trends will likely continue driving innovation and disrupting the existing financial services landscape.

Also Read: ‘Indonesia will soon see a proper credit boom for businesses, consumers’: AC Ventures

Additionally, new players in segments such as SaaS and insurance activities are emerging, indicating that fintech in Indonesia is maturing and moving toward more sophisticated products and services.

AC Ventures Founder and Managing Partner Adrian Li said: “The exponential rise in fintech players, burgeoning customer engagement, and escalating equity funding all indicate the sector’s vast potential. Our investment strategy aligns with this space’s most impactful and innovative enterprises.”

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Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like connecting with investors, visibility through the platform, and other prizes. Join TOP100 here.

The post Wealthtech, insurtech, SaaS fintech are the new hot verticals in Indonesia: AC Ventures report appeared first on e27.

Singapore-based startup Right-Hand Cybersecurity has received US$5 million Series A funding from former PayPal executive Jack Selby and his venture capital firm AZ-VC.

The startup will use the money to expand its operations across Asia and the US while investing heavily in its human risk management (HRM) platform.

Right-Hand aims to expand its platform integrations with commonly adopted technologies to improve employee behaviours and lower risk tendencies.

Also Read: ‘From a cybersecurity perspective, the Asian market still uses legacy tools’

Right-Hand aims to improve employee behaviours in real-time that are otherwise prone to cascade, potentially devastating cybersecurity breaches. Its HRM platform consolidates employee security behaviours and alerts in real-time from the platform and other security technologies like endpoint detection & response (EDR), email security, and identity and access management (IAM) technologies.

It assigns a risk score to different behaviours that stakeholders can interpret easily, providing visibility into employee risk in plain business terms.

The platform then analyses the collated employee data to generate real-time interactive and adaptive training that enables individuals to master cybersecurity behaviours that keep their organisations and themselves safer online.

Also Read: watchTowr can tell an organisation in real-time if it can get compromised

“What differentiates Right-Hand is that we go beyond just ‘checking the box’ for improving user behaviours to reduce cybersecurity risks,” said Founder and CEO Theo Nasser. “We tailor learning materials to individual behaviours and monitor employee risk profiles, reducing security alerts for the security operation centre – a radical departure from the ‘one size fits all’ security model that is commonly used.”

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Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like connecting with investors, visibility through the e27platform, and other prizes. Join TOP100 here.

The post Right-Hand Cybersecurity raises US$5M Series A for Asia, US expansion appeared first on e27.

Registration for TOP100 is now open and we are looking forward to seeing your startup on the list!

TOP100 Program gives you the one golden chance to connect with hundreds of investors, showcase your startup at Echelon, pitch on the TOP100 stage, and access special programs. Find out what’s new in TOP100 and join here: https://bit.ly/TOP100_2023

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Now that Echelon Asia Summit is coming back in full swing, e27 is determined to make one of its key features, the TOP100, one of the best yet!

The TOP100 program is an annual initiative organised by e27 to showcase and recognise the most promising startups in the Asia-Pacific region.

The program is open to exciting new startups from the Asia-Pacific region with innovative ideas that break barriers across different industries. The selection of the TOP100 involves a rigorous screening process, including an evaluation of the startup’s product or service, team, market potential, and traction.

Also read: Tokyo’s bid to be the world’s number one startup city with City-Tech.Tokyo

The selected startups are given the opportunity to pitch their business ideas at the Echelon Asia Summit this June 14-15, 2023, at the Singapore Expo. The program also provides exposure to investors, mentors, and potential partners, enabling growth among participating startups and helping them expand their networks across the larger global tech ecosystem.

The TOP100 program has become one of the most prestigious startup competitions in the region, attracting thousands of applicants each year and providing valuable visibility and support to the most promising startups in the region.

15 startups closer to competing at this year’s TOP100

Being a frontrunner refers to startups close to making it to this year’s TOP100 program.

With all the amazing startups sprouting across the Asia-Pacific region’s vibrant tech startup ecosystem, we now present you with 15 frontrunners closer to competing at this year’s TOP100. Get to know them here!

TemanTrip

TemanTrip is an Indonesian open trip sharing platform that connects travelers with local trip leaders. The platform aims to provide a hassle-free and cost-effective way for travelers to explore Indonesia’s diverse cultures and natural beauty.

One of TemanTrip’s unique selling propositions is that anyone can register as a trip leader, creating a diverse and authentic selection of trips for travelers. TemanTrip provides standardization for trip leaders by ensuring that all registered leaders have met specific requirements and have a verified profile.

Nextpay

Nextpay is the first all-in-one banking suite for small businesses in the Philippines. Entrepreneurs and small businesses can use Nextpay to receive payments via digital invoices and manage their finances.

NextPay offers a fast, simple, and affordable set of business banking services where business owners can easily sign up and start collecting money (e.g. send invoices, accept payments, etc.), manage their money (e.g. real-time reporting, integration with HRIS and accounting systems), and send money (e.g. salary payouts, supplier payments, and bills payments). There are no setup fees, maintaining balances, or ridiculous requirements either, making it accessible to even the solo entrepreneur.

Pin’J

Pin’J is a B2B closed-loop working capital financing fintech for workers in the gig economy. Their aim is to help individual gig economy workers secure their livelihood by optimising their income opportunities and working with gig economy businesses to fulfil their operation needs.

Pin’J’s closed-loop model is an embedded lending ecosystem that integrates inventory financing with end users to disburse credit from merchants onboarded as partners into the Pin’J platform. Through their B2B partner, Pin’J’s credit engine incorporates data analytics that is provided by partner companies to build a proprietary driver data model. Funds are disbursed by this engine.

GetSpaces

GetSpaces radically improves the commercial leasing journey by connecting spaces with businesses. The company wants to redefine traditional boundaries of space and time to enable everyone in Asia access to property on their own terms. Simply put, everyone should be able to access space based on their needs rather than be constrained by supply. That is why at GetSpaces, they offer the most flexible commercial lease solution in the market where businesses can rent a space for as short as an hour to as long as a few years.

Lokein

Lokein is a full-suite social commerce platform that helps easily digitise and digitalise business owners, brand owners, and MSMEs including second-hand goods merchants, while at the same time, helping them manage their business easily anytime, anywhere. With Lokein’s solution, MSMEs can simply digitalise and digitise their business with a no-code omni-channel social selling software that enables MSMEs to sell seamlessly and manage their businesses efficiently.

The software includes an e-commerce storefront, full-suite seller dashboard, custom landing page builder, built-in marketing tools with AI assistant, Bahasa Melayu Chatbot AI assistant, affiliate system, and e-POS manager. The solution is a lightweight, fast, responsive e-commerce software that comes with a pre-fixed template where users can set up their store in just seven minutes.

PETSKITA

PETSKITA is the first pet parenting app in Indonesia — a one-stop solution platform offering pet supplies and services with personalised “pet profile” features, transforming the way pet parents shop.

72% of Indonesian households own a pet. But, the pet industry in Indonesia and Southeast Asia is still very fragmented and under-penetrated. Some of the major problems being the hassle that pet parents face with having to navigate through many different platforms. It’s also hard to access trusted and quality products and services, which makes the overall buying experience for pet products inconvenient. PETSKITA is solving those problems by building a one-stop solution platform offering pet supplies and services with personalized “pet profile” features – transforming the way pet parents shop.

SMARTR

SMARTR is an enterprise software that leverages advanced data visualization and automation technologies to help organisations effectively discover, manage, and develop their talents. SMARTR’s mission is to empower young professionals to excel at what they do best.

They enable professional HR and business owners to make data-driven decisions for their training programs, help industry experts, trainers, and training centres to be worry-free through their partnership programs and focus on sharing their knowledge. They also help enable working professionals to reach their full potential through learning and competency development.

TABLE (Thailand) Co. Ltd.

TABLE is Thailand’s newest booking platform for lifestyle and beyond. They offer quick and convenient online table reservations, event discovery/booking as well as exclusive value-for-money deals and unforgettable experiences.

Since restarting activities in November 2022 (post-Covid), the company has grown from 0 to 100s of bookings per month — all organic (no paid ads) and branched out from Bangkok to add Koh Samui, Koh Phangan, Phuket, and Pattaya.

A step closer to the 2023 TOP100

After a rigorous screening process, these startups are a step closer to qualifying for this year’s TOP100.

If you are one of the founders of the startups above, a representative from e27 will be reaching out to you soon to discuss with you the next step in your application process. Feel free to get in touch with us for any inquiries.

Also read: Check out these 15 startups closer to conquering the 2023 TOP100

If you have an exciting startup with innovative ideas that can eclipse the best and the brightest in the region, join the 2023 TOP100 and stand a chance to pitch your ideas to some of the top investors in the Asia-Pacific at this year’s Echelon Asia Summit. Register for TOP100 here.

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Labviva, a Singapore- and US-based AI-driven life sciences digital marketplace, has secured US$20 million in Series A financing led by Biospring Partners.

Existing investors Senator Investment Group, B Capital, and Glasswing Ventures co-invested.

The Series A funding brings the total amount raised since inception to US$30 million.

The startup will use the funding to accelerate the deployment of Labviva’s platform at several global pharmaceutical and academic customers. It will also expand its global footprint and launch new and complementary product lines.

Labviva’s SaaS marketplace unifies the interface for product discovery and procurement and connects suppliers and purchasers, allowing scientists to make better purchasing decisions.

Also Read: From automation to hyper-personalisation: Leveraging AI for smarter marketing

The B2B platform enables life sciences and research organisations to manage corporate purchasing and procurement to accelerate life science research.

Driven by Artificial Intelligence, Labviva’s platform integrates directly with leading procurement systems, such as SAP Ariba, JAGGAER, Oracle Procurement Cloud, Microsoft Dynamics 365, and Coupa, to shorten implementation times and reduce the risk of research delays.

“Labviva helps manage a company’s spending, giving customers back control, with real-time purchasing insights to realize significant hard cost savings while providing the scientific and technical staff with the product content and scientific insight to improve the speed and quality of their product selection process,” said Siamak Baharloo, CEO and Co-Founder, Labviva.

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Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like connecting with investors, visibility through the e27platform, and other prizes. Join TOP100 here.

The post B2B life sciences marketplace Labviva secures US$20M Series A appeared first on e27.

Chronic diseases remain a problem in Southeast Asia, where 116 million people have hypertension and 99 million are diabetic or pre-diabetic. This situation is worsened by the inability of patients to maintain their treatment due to high costs, poor accessibility, and inconvenience.

To solve this problem, Common Health launched its e-commerce platform in Myanmar on March 20 to make products and services for people with chronic diseases more affordable, accessible, and conveniently available.

The company provides services that range from an e-commerce platform that allows users to access essential medication at low prices to a convenient home delivery service. Apart from the e-commerce service, it also provided telemedicine support, including a family medicine doctor matched to each household and 24-hour on-call service. These services are available through websites, Facebook, Viber, and a phone line, and are currently available for customers in Yangon and Bago.

Originating from the US, Common Health was founded in 2019 by Matthew Guilford and began its operations in Myanmar in 2021. It supports primary care, medicine delivery, and financial assistance for more than 30,000 clients through a partnership with UNICEF. In less than two years, Common Health said its platform had been used to provide more than 140,000 high-quality telemedicine consultations and deliver more than 17,000 orders for essential medicines.

“We are excited to launch this new service as a first step in helping families across Southeast Asia save money and achieve better outcomes when it comes to chronic diseases,” Guilford said in a statement on the launch of its e-commerce service.

“And we look forward to incorporating new offerings like diagnostics and inpatient insurance to make Common Health the first port of call for people with diabetes, hypertension, and other health needs.”

Also Read: ‘It will take another 5-10 years to rebuild the Myanmarese startup ecosystem’

In an email interview with e27, Guilford explains that the focus of Common Health lies in saving money and achieving better health for families with chronic diseases.

“We think that the combination of immediate value, long-term impact, and focus is pretty special,” he says.

“We have aligned our business model around delivering low prices for customers. For example, when we start collecting service fees it will be a flat amount per order, not a percentage of the order value. And we are constantly working with pharmacies, distributors, and manufacturers to leverage economies of scale and pass those savings on to customers.”

He further explains that the company focuses on people with chronic diseases because it is an area where they can deliver “real, positive impact on health over the long term.”

“Every one of our customers gets matched with a family medicine doctor, who uses telemedicine consultations to help get the customer’s health condition under control. We do home delivery not only because it is convenient, but because it makes it easier for people to adhere to their therapy. We are committed to world-class standards for quality, which is particularly important when handling cold chain items like insulin,” Guilford says.

“Overall, we believe in the adage that ‘what gets measured gets managed.’ That’s why in addition to tracking commercial metrics, we place an equal focus on clinical indicators like HbA1c for people with diabetes and blood pressure for people with hypertension. We don’t see many platforms that are doing both of these things in a serious way.”

In terms of funding, Common Health plans to bootstrap until it achieves product-market fit.

Also Read: Myanmar startup Better HR secures 6-digit bridge funding for Asia expansion

“Initially we funded operations out of personal savings (which were not enormous), and then we received a B2B contract to design and deliver services for families with children in Myanmar. Instead of taking a profit margin from this work, we reinvested in developing our offering for people with chronic diseases. We now have 52 people in the business and based on our piloting over the past few months, we are confident that we have achieved product-market fit,” Guilford says.

From Myanmar to SEA

Common Health started working in Myanmar in 2019. The company sees it as an “attractive market” where it can make “a positive impact” with its 53 million population, 114 per cent smartphone adoption, and the consumer-driven healthcare system. It also has high rates of chronic diseases and challenges with healthcare access and affordability, according to Guilford.

But what about the recent political situation in the country?

“The political situation has, of course, created a more complex operating environment. But that hasn’t changed the fundamentals that make Myanmar a compelling place to work and to have an impact. Now, more than ever, families need help in accessing quality health products and services at an affordable cost,” the founder says.

Myanmar is definitely not the last destination for Common Health. It plans to expand to other SEA countries where chronic diseases remain challenging.

“There are 151 million people in Southeast Asia with diabetes, prediabetes, or hypertension – not counting
other conditions like chronic kidney disease, cancers, and mental health. Every country has its own unique health system and differences in consumer behaviour. At the same time, we believe that our value proposition of saving money and achieving better health is relevant to anyone with a chronic disease. We aim to be serving customers in our second market by this time next year,” Guilford says.

Common Health has experimented with various approaches in acquiring its users and discovered that its best leads come via word-of-mouth from existing customers.

Also Read: Razer co-founder Lim Kaling to sell his stake in Myanmarese military-linked Virginia Tobacco Co.

“We see a lot of cases where a customer will refer us to a friend or a family member who also has a chronic disease, and we have strong conversion rates from those leads. Our focus is on building long-term relationships with customers who will order from us on a regular basis and make full use of the family medicine doctor service. That gives us the resources – and the need – to invest in finding the right customers,” Guilford explains.

For the next year, Common Health has plans to expand its business further.

“We have an ambitious roadmap for 2023 across all aspects of the business. We will expand our home delivery infrastructure from Yangon and Bago to a total of 20 cities, ensuring that customers across the country can have home delivery of insulin and other critical medications,” Guilford closes.

“The number one product-related request from customers is that we include diagnostics like HbA1c and lipid profile tests in our platform, so we will work with laboratories to pilot this. We will begin to build more proprietary technology assets, particularly around logistics. And we have already started due diligence for our second country. It will be a busy nine months!”

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Echelon Asia Summit 2023 is bringing together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups get the chance to pitch to 5000+ delegates, among other benefits like a chance to connect with investors, visibility through e27 platform, and other prizes. Join TOP100 here.

Image Credit: Common Health

The post How Common Health aims to make chronic diseases treatments more accessible in Myanmar appeared first on e27.

Customer retention is crucial for businesses of any size or industry. Keeping customers happy helps ensure their loyalty, leading to long-term success and cost savings from reduced marketing expenses. However, businesses must understand customer needs, preferences, and market trends to offer effective solutions and gain their trust.

As an industry leader taking the initiative to address this challenge, CleverTap recently held The Big Leap Roadshow Vietnam with the theme, “Retention Playbook Vietnam: Mapping Personalised Customer Journeys”on February 22nd, 2023. The event was attended by over 100 growth leaders, entrepreneurs, investors, and other key industry stakeholders from Vietnam’s dynamic tech startup scene.

The event featured a multitude of activities designed to provide attendees with valuable knowledge and insights into customer retention strategies. The interactive format included presentations, panel discussions, Q&A sessions, and networking opportunities. Industry leaders from reputable companies such as Sky Mavis, Central Retail, and Piktina in Vietnam shared their best practices and expertise, which helped inspire engaging conversations about customer retention, sustainable growth, and expansion strategies. The event’s goal was to equip attendees with practical solutions to navigate the challenges of the ever-changing business landscape.

Also read: 8 startup frontrunners vying for a spot in the 2023 TOP100

Participants also got to share their ideas on strategies to convert potential buyers into actual customers, keeping them engaged, and ultimately turning them into active brand ambassadors. 

Here is a recap of some of the exciting insights brought up during the event:

Combining gamification and personalised customer journey mapping

One incredibly valuable tool for customer retention is personalised customer journey mapping, which enables businesses to gain insight into their customers’ experiences and learn how customers interact with their brands at different touch points. Sky Mavis has taken this a step further by introducing gamification elements such as points systems, rewards, and leaderboards into the user experience which encourages customers to remain engaged with a product or service over time.

By understanding customers’ motivators, we try to reproduce the experience for them as fast as we can for the succeeding encounters. As a Web3-based game provider, we have a unique comparative advantage of gamification capability. We used this to gamify the entire user journey process to retain our users and make them stay,” shared Quinn Campbell of Sky Mavis.

Data-driven omni-channel approach to customer engagement and retention

In highly competitive segments like food retailing, Gail Sarintip Satitsatian of Central Retail highlighted the value proposition of its seamless online-to-offline omni-channel focus to ensure a smooth customer journey as a unique selling point to retain customers. In fact, e-retailing has become a vital shopping channel for Vietnamese consumers with total revenue for the sector growing by 20% to reach $16.4 billion in 2022 — a trend further reinforced by the COVID-19 pandemic. Central Retail offers online ordering for offline pickup or delivery to accommodate the growing popularity of online shopping. This incentivises customers to continue engaging with the brand, even when they cannot visit physical stores due to their busy schedules.

Also read: Tokyo’s bid to be the world’s number one startup city with City-Tech.Tokyo

Moreover, with digital tools, the company can easily track behaviours, gather data, and analyse customer patterns, leveraging the insights to improve customer experience and make personalised offers for each individual shopper. Data analytics also facilitates customer segmentation, enabling businesses to categorise their customers, develop in-depth knowledge of each customer group, and customise the products/ services accordingly. More importantly, businesses can leverage predictive data analytics tools such as machine learning algorithms to forecast future trends based on past behaviour patterns across different channels to future-proof their success and maintain long-term relationships with their user base going forward!

Unlock the brand power for customer loyalty and retention

Customer loyalty has declined over the past decade, with the pandemic further exacerbating the trend, with 75% of American customers trying new shopping behaviours and switching brands during the pandemic. Huyen Trinh, Co-founder of Piktina, believes that building customer loyalty is still possible, but requires new approaches. Simply offering great prices and vouchers is no longer enough. Brands must create an attractive environment and provide superior customer value to stand out and retain customers.

Also read: Echelon Asia Summit is back! Get to know our PR partner

“Loyalty has drastically dipped in the past 10 years. It’s in part due to companies relying on monetary incentives to retain their customers. At Piktina, we want customers to be loyal to us and who we are as a brand, not the coupons. We believe that the best consumer retention and expansion strategy is to turn customers into our brand ambassadors,” shared Huyen.

Entering the marketing landscape in 2023

In sum, Retention Playbook Vietnam touched on big ideas and major changes that are taking place in the regional marketing landscape in 2023. The event called for businesses to prioritise customer retention through more innovative tactics, as customer retention is projected to become even more important than ever before. As such, companies should strive not only to focus on short-term gains but also consider investing resources into ongoing learnings so they are best prepared when faced with any unexpected developments along their journey ahead!

The post Get creative in your customer retention strategies with these insider insights! appeared first on e27.

You may not think Singapore’s innovation and technology story has anything to do with fashion, but I hope to persuade you otherwise as I explain how cutting-edge tech developed in the Little Red Dot is already being used by the fashion sector in its Environmental, Social, and Governance (ESG) push to net zero.

Those of you who like to read about startups, innovation, and technology may not realise that the fashion industry is undergoing its own technology revolution with the help of sustainability data.

The clothes you’re wearing right now as you read this – do you know what their carbon footprint is? Probably not, and you wouldn’t be alone. (It’s also likely worse for the environment than you’d care to imagine). And when you scale that premise across billions of people in Asia, it becomes a challenge worth addressing. 

After all, we all need to wear clothes every day, right? And most of us, if asked, would say we care about the environment and solving this climate crisis that we find ourselves in together.

Airing fashion’s dirty laundry

The fashion industry, in fact, has a reputation for being one of the world’s most polluting industries. Second, only to oil and gas, the global fashion and textile industry accounts for around 10 per cent of the world’s carbon dioxide output. 

In Asia alone, where 50 per cent of all garments globally are manufactured, developing countries and industrial powerhouses alike produce up to 23 million tonnes of waste annually.

However, issues within sustainable fashion begin much earlier up the supply chain, starting with massive amounts of resources consumed to produce apparel. 

The fashion industry is estimated to consume 79 trillion litres of water annually, contributing about 20 per cent of all industrial wastewater discharge. 

Most retailers also outsource their operations to developing countries in Asia due to the lower cost of labour. Yet, this oftentimes gives rise to ethical issues such as abysmal working conditions, allegations of child labour, and low wages.

Also Read: Using Smthgood to promote conscious fashion through social commerce

According to a McKinsey study, at the current rate of emissions, the fashion industry is set to miss the goal of limiting global warming to 1.5ºC, agreed upon in the Paris Climate Agreement, by up to 50 per cent. 

Fortunately, growing consumer demand for sustainable fashion has created a greater impetus for businesses to pivot towards sustainability.

Today, 68 per cent of consumers across all generations are willing to spend more for sustainable fashion, up from 58 per cent two years ago. 

Consumers today also want greater transparency: they want to know that the materials used in production were sustainably sourced and that the suppliers whom brands worked with complied with ESG standards. 

With such a strong business and regulatory push, it is apparent that fashion retailers in Singapore and elsewhere must embrace sustainable fashion and urgently integrate sustainability across their entire supply chain.

Difficulties with supplier sustainability monitoring in fashion

Sustainability is quickly finding its footing in the fashion industry locally and regionally. 

While businesses in the fashion industry are increasingly trying to decarbonise their operations, reduce their scope three emissions, and ultimately achieve net zero, challenges remain.

Supplier sustainability monitoring refers to the act of monitoring the ESG credentials of a company’s end-to-end chain of suppliers – in this case, a fashion company. 

For the fashion company in question to control its overall emission levels as it manufactures trendy dresses, shirts, and sneakers while also planning its net zero pathway, the first thing it needs to have is the visibility of suppliers in different parts of its supply chain to ensure they are making good on ESG commitments.

In sectors with complicated and extensive supply chains like the fashion industry, supplier sustainability monitoring is extremely challenging and inefficient due to the complexity of liaising with multiple stakeholders and the current manual process of questionnaires and meetings. 

This leads to suppliers being under-engaged by companies and unsure of how they can progress towards sustainability.

Additionally, implementing supplier sustainability monitoring can require large sums of capital financing, further deterring companies on their green journey.

Lack of standardised reporting formats and difficulties in establishing traceability

Fashion companies mean well when they roll out sustainability initiatives, but these are usually limited in effectiveness since they cannot determine when, how much, and why emissions are being released. 

Not knowing these, companies cannot pinpoint the part of the supply chain to target to reduce emissions, compounded by the fact that the fashion industry is still in the early stages of understanding and defining product-level traceability. 

Also Read: How blockchain can enhance sustainability in fashion

Answers to questions like, “What should we be tracking – emissions from the manufacturing of garments or the origin of the raw materials?” are still being determined. 

Standards within the fashion industry, which set requirements for third-party certification of recycled content, are also often nuanced and different for suppliers and end-retailers, causing confusion and uncertainty.

As a result, fashion retailers are unsure of the certification they require from their suppliers, and suppliers are, in turn, unsure of which certifications to attain. 

Even when retailers and suppliers agree on the certifications required, they often struggle with understanding and obtaining the required data to acquire those certifications.

Here’s what this all means: if we are to build a sustainable fashion industry in Singapore and the wider Asia region, the synergy of technology and data is needed more than ever to help traditional fashion companies quantify emissions across end-to-end supply chains.

The good news is that digital tools that can comprehensively monitor various ESG credentials and the sustainability performance of suppliers are being built right here in Singapore.

A common digital ESG registry for Singapore’s blooming fashion industry

At homegrown ESG fintech, STACS, we contribute to Singapore’s sustainable fashion transformation in partnership with the Singapore Fashion Council (SFC), the official trade association for the textile and fashion industry in Singapore, to empower the sector to become greener through better data and green finance. 

We also see this as part of a bigger picture focused on enabling the ASEAN supply chain to become sustainable and competitive on a global scale, maintaining its role as a leading supply chain for the world.

Technology is key to aggregating granular, high-quality ESG data, including industry-recognised data disclosures from disclosure platforms like CDP, ESG certificates from global certification bodies, and real-time project data from technology partners using various technologies like IoT, AI, and drones.

So how does this work if we drill down to each stakeholder in Singapore’s fashion landscape? There are broadly three: small and medium-sized enterprises (SMEs), large corporations, and financial institutions. 

For fashion industry suppliers looking to attain the appropriate green certification, technology is being used to connect them with relevant certification bodies (i.e. industry-specific certifications like Better Cotton and Oeko-Tex or general certifications such as B Corp certification), removing uncertainty and expediting the process.

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

The same new technologies being developed right here in Singapore are allowing fashion SMEs to enjoy lowered barriers to sustainability, gain a better understanding of their sustainability position through their digital ESG profiles, and have access to green data to evaluate their suppliers’ sustainability performances. 

In addition to securing green certifications, this also helps SMEs access low-interest-rate ESG financing to enhance their sustainability practices on their journey to net zero.

Finally, a common, standardised ESG registry empowers banks and investors to achieve effective monitoring of fashion industry investment portfolios, providing confidence that the companies they choose to finance are, in fact, meeting their ESG commitments.

In the bigger picture, this is supporting effective ESG finance decisions across fashion and other industries, mobilising capital towards sustainability projects while reducing fears of greenwashing.

For the hardest-to-abate parts of the fashion supply chain, identified through tracking and monitoring using these new technologies, carbon credit offsetting can help to remove any residual emissions to attain the final step towards net zero.

Consumer trends come and go, but sustainable fashion is here to stay

Spurred by rapidly growing consumer demand for environmental consciousness and transparent fashion, designers and manufacturers in Singapore and the wider region that fail to integrate sustainability into their supply chains risk losing competitiveness and customers. 

Southeast Asia, of all regions, is where the issue is most pressing, given the pivotal role it plays in the global fashion supply chain (and where ESG registry technology can be best put to use today).

Countries in the region must accelerate their green journeys or face being cut out of supply chains and consumer mindshare.

Technologies and innovation can be game changers for the fashion industry. 

While net zero might seem a tall order, the first step companies must take is a simple yet powerful one: understand their sustainability profile through digital technology and hard data because the numbers don’t lie.

From there, Singapore’s fashion businesses will be better placed to chart out their sustainability roadmaps, innovate, and take the next step in their journey to net zero – while winning the hearts and minds of consumers, investors, and the planet.

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The post How Singapore is leveraging technology to become a sustainable fashion hub appeared first on e27.

Indonesian insurtech company Qoala has closed its Series B extension funding round, raising US$7.5 million.

responsAbility Investments AG led the round, and Appworks and existing investors Eurazeo and Indogen joined.

The funding will further boost Qoala’s product and geographic expansion, focusing on addressing the challenges of insurance accessibility and affordability in emerging markets in Southeast Asia.

“Through this Series B+ funding, we will further simplify insurance ownership by advancing our product offerings and experience. These advancements will strengthen our position as we strive for sustainable growth in the region,” said Harshet Lunani, Founder and CEO of Qoala.

Also Read: Why Asia’s insurance industry is poised for collaborative disruption

The Series B+ deal comes less than a year after Qoala announced a Series B fund-raise of US$65 million led by Tara Reeves of Eurazeo, with participation from Flourish Ventures, KB Investment, MassMutual Ventures, MDI Ventures, SeedPlus and Sequoia Capital India.

Launched in 2018 by Harshet Lunani and Tommy Martin, Qoala distributes retail insurance products to consumers for car, bike, home, and health through its omnichannel platform.

Qoala claims it has processed over US$30 million in claims by partnering with insurers across its three markets — Indonesia, Thailand and Malaysia.

“Qoala’s growth through the pandemic indicates that its omnichannel approach can distribute insurance to parts of the population that are currently not served by incumbents or have not previously been insured at all,” said Ruzgar Barisik, on behalf of responsAbility’s financial inclusion private equity practice.

In 2020, Qoala secured US$13.5 million Series A financing led by a JV between funds from South Korea’s Kookmin Bank and Telkom Indonesia’s Centauri Fund.

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Echelon Asia Summit 2023 brings together APAC’s leading startups, corporates, policymakers, industry leaders, and investors to Singapore this June 14-15. Learn more and get tickets here. Echelon also features the TOP100 stage, where startups can pitch to 5000+ delegates, among other benefits like connecting with investors, visibility through the e27platform, and other prizes. Join TOP100 here.

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