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Thai logistics unicorn Flash Express launches full services in the Philippines

Flash Express, a Thailand-headquartered e-commerce logistics service provider, today announced the launch of its full services in the Philippine market. 

The Philippine unit aims to assist local micro, small and medium entrepreneurs (MSMEs) in growing their businesses and improving the logistics service industry.

According to a press statement, the company will provide clients with advanced logistical equipment, technology, and workforce. It will also enhance its serviceable regions of coverage through 138 hubs and centres across the country.

The Thai unicorn began its operation in the Philippines in August with Express service. It is now gearing toward making Flash Home available and operational to complement its current offerings to Filipinos.

Atty. Ruth B. Castelo, Undersecretary for Consumer Protection Group at the Department of Trade and Industry (DTI), said at a press conference that Flash Express would contribute to the local logistics industry, boost the economy, and increase the employment rate.

“As Filipinos, we didn’t rely on the negative impact of the pandemic; in fact, we recorded a relevant increase in the online business category for the past year,” said Castelo.

Also read: How the logistics partner can make or break the online shopping experience

Founded in 2017 by CEO Komsan Saelee, Flash Express began in the Thailand market as a free door-to-door pickup and delivery service with low COD charges, around the clock customer service, and 365-day operations without holidays. The startup then evolved to become a one-stop full-service e-commerce logistics company.

Its business lines include Flash Logistics (large items delivery service), Flash Fulfillment (warehousing and fulfilment solutions), Flash Express (the express delivery service that utilises technology and Big Data to optimise efficiency and service), Flash Home (parcel delivery agent service), and Flash Money (financial service).

In June, the firm added US$150 million to its kitty and became Thailand’s first unicorn, aiming to expand into Cambodia, Laos, Myanmar, and Vietnam. Earlier in 2020, it raised US$200 million in a Series D funding round led by PTT Oil and Retail Business Public Company.

At the peak of the COVID-19 pandemic, the e-commerce sector witnessed a boom across Southeast Asia. This led to the emergence of a reliable network of e-commerce logistics solutions.

According to Ken Research, the pandemic has stimulated the Philippines’ e-commerce market, which has seen a surge in online consumer activity. The sector’s top players, such as Lazada and Shopee, even recorded an increase of more than 2 to 3 million visits per month on applications and websites. 

Along with the government’s effort in providing tax incentives and infrastructure improvements, Ken Research estimated that the Philippines logistics market would cross US$19.8 billion by 2024 with a CAGR of 29.0 per cent over the forecast period 2020-2025.

Ready to meet new startups to invest in? We have more than hundreds of startups ready to connect with potential investors on our platform. Create or claim your Investor profile today and turn on e27 Connect to receive requests and fundraising information from them.

Image Credit: Flash Express

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In brief: India’s slice turns unicorn, Pixlr rebrands with new features, GapMaps expands to India

slice founder Rajan Bajaj

Credit car challenger slice raises US$220M to become unicorn

The crux: slice has raised US$220 million in a Series B round that values the company at over US$1 billion.

Investors: Tiger Global (lead), Insight Partners (lead), Advent International’s Sunley House Capital, Moore Strategic Ventures, Anfa, Gunosy, Blume Ventures, and 8i.

Plans: slice intends to use the funding to expand and strengthen its presence in the payments space, hire great talent, and expand its product offerings.

More about slice: It provides slice super card, a prepaid visa card with a credit line that allows customers to get credit card-like benefits. Users can sign up with slice in seconds, quickly get a virtual card (and get a physical card delivered to their home), and get 2 per cent cashback on each transaction. slice has also made it easier and more convenient for users to pay their bills by letting them slice the bill into three months instalments at zero cost. slice claims it ships over 200,000 cards each month.

Pixlr rebrands, adds new AI features

The crux: Photo editing, animation and design company Pixlr (owned by Inmagine) has launched Pixlr 2022 with new features to amplify the users’ image editing and designing experience.

With new branding, designs, features and a clean futuristic logo, Pixlr has evolved from just an editing tool to a practical design tool that fits every user, be it novices and professionals.

More about the features: The brand new version of AI-powered features come fully equipped with an interactive animation function, nifty brushes with more tablet-friendly functionality, and a rigorous healing tool. These features allow premium users to edit up to 50 images at once and wide-range formats selection.

Pixlr 2022 enables graphic animations in its cloud-based photo animation and design tools, Pixlr X and Pixlr E. Pixlr X helps all users to animate their projects and designs in a few clicks with its ready-to-use selections, while Pixlr E allows more adventurous and challenging animation experiences for all users. Pixlr 2022 also lets users remove unwanted textures and distracting backgrounds from any images.

Indodax delists Vidy, VidyX coins

The crux: Indonesian cryptocurrency exchange Indodax said it would delist cryptocurrency assets Vidy and VidyX on November 30. This follows requests from the country’s Financial Services Authority (OJK).

What is Vidy: Vidy is a Singapore-based adtech firm. Vidy’s clients include prominent media entities across Singapore and Indonesia such as Vogue Singapore, CNN Indonesia, CNBC Indonesia, and Mothership. The firm is backed by MNC Group, Qtum, and Fenbushi Capital.

Indodax has advised its users to move their Vidy and VidyX holdings to their own wallets as the exchange will stop all trading in the coins by November 30.

Australian startup GapMaps expands to India

The crux: GapMaps, an Australian cloud-based mapping software specialist, has announced its expansion into 21 countries including India. In India, the company has appointed Subhashish Dey as Client Services Director.

Tim Shaw, GapMap’s director (market planning), said: “Many of our customers, especially the global brands, have encouraged us to enter new markets so they can use GapMaps overseas. This contributes to decisions on where we expanded the business.”

About GapMaps: Founded in 2013, GapMaps empowers decision-makers in multiple industry sectors to refine their network strategies with location intelligence and demographics. Its products can be adapted for any market or industry. Over 500 brands in Australia, New Zealand, Asia, the Middle East and Africa use the products to make location intelligence data easily obtainable for more accurate business decision-making.

Ready to meet new startups to invest in? We have more than hundreds of startups ready to connect with potential investors on our platform. Create or claim your Investor profile today and turn on e27 Connect to receive requests and fundraising information from them.

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Finnoventure Fund 1: Helping the Thai startup ecosystem thrive through innovation

Finnoventure

According to a Harvard study, due to digital disruption, since the year 2000 around 52 per cent of Fortune 500 companies have “gone bankrupt, been acquired, or ceased to exist”, and over 75 per cent of S&P companies are set to be replaced by 2027. In the 4.0 era, where tech startups and SMEs are causing industrial revolution across sectors through innovation, corporates are struggling to keep up and this is where corporate innovation can help bring these once-established companies into the 21st century and beyond. An innovative, out-of-the-box strategy with innovation at its core is the need of the hour for any business to survive today and corporations are no exception to this.

Corporate innovation comprises different aspects — product, division and business model innovation to name a few. The likes of Uber and Netflix are excellent examples of companies that have disrupted their respective industries by leveraging technology and implementing business model innovation.

Need for corporate innovation in Thailand: Challenges and opportunities

Southeast Asia is a digital haven and arguably the next Silicon Valley, and at the centre of this region is Thailand. In 2017, there were 600 startups in Thailand. This year, there are 2000. A bustling ecosystem with leading entrepreneurs, robust infrastructure, strong consumer trust, and most importantly, smooth capital flow from corporations and investors, Thailand’s startup scene is a promising one. However, there are still a few challenges when it comes to corporate innovation and how the lack of it affects startups. As the startup scene matures, there is a need for a better, closer relationship between corporates and startups; This is where corporate innovation can help.

Also read: Wealthech startup Kristal AI looks to democratise private banking

Industry leaders are starting to realise this gap with many corporates venturing into startup funding, establishing accelerators and incubators, and some even going the extra mile to launch corporate venture capital with the aim of strengthening relationships with startups and harnessing innovation. Unfortunately, not all stakeholders have the know-how of working with startups and engaging business units with technologies, which leads to a limited or confined interaction between the two parties. Hence, despite the growing demand for innovation and disruptive technology, many corporate innovation strategies eventually fail. According to Harvard Business School professor Clayton Christensen, there are over 30,000 new products introduced every year, and 95 per cent fail due to lack of innovation. Big names like Kodak, Nokia and Motorola have succumbed due to sheer lack of innovation.

As such, Krungsri Finnovate’s Finnoventure Fund I is helping the Thailand startup ecosystem thrive by enabling corporates to innovate and participate in digital disruptions by leveraging technology.  Krungsri Finnovate — a leading corporate venture capital supporting and investing in domestic and regional startups — has launched the country’s first startup private equity trust fund called “Finnoventure Fund I”. This fund is not only an excellent investment opportunity but also a great way to get access to business information and build partnerships with promising startups in the region.

Bolstering growth in Thailand by bringing startups and corporates together through innovation

Finnoventure

With Finnoventure Fund I, Krungsri Finnovate aims to enable corporate innovation while creating a healthy future for both startups and corporates in Thailand. They spent the first phase or the 1.0 era between the years 2017 and 2019 setting up startup incubators to understand how startups work on the ground.  In 2020, as they entered the 2.0 era, the core emphasis was placed on investments in and partnering with startups for the developments of innovations for business expansion. Currently Krungsri Finnovate has worked with more than 60 startups in over 100 working projects. Starting this year, in the 3.0 era, Krungsri Finnovate is ready to leverage investment in private equity trust funds so as to create growth opportunities for rising startups while generating investment returns and business growth for investors at the same time.

Finnoventure Fund I is set at 3 billion baht with a three-year investment term and ten-year fund life targeting both corporate and individual investors with ultra-high net worth income. This fund is the first of its kind in Thailand. “To be the first hereby means that we are the first CVC that enables external investors to invest into our fund via PE-trust structure in Thailand (following key role models like, Softbank, SBI and Credit Suisse). We aim to be a sustainable business unit selling our experience, know-how, and secret sauces of investment execution to external parties, shared Sam Tanskul, Krungsri Finnovate’s Managing Director.

Also read: These startup champions are ready to build a new Hong Kong

Krungsri Finnovate believes that the scope of social commerce and eCommerce in Thailand is great owing to factors like a fast adapting population, a growing online marketplace, and increasing social media penetration. These trends have expedited further amidst the pandemic. Today, Thailand has 46 million registered Facebook users. Studies reveal that social commerce revenue in Thailand grew from $3 billion three years ago to about $11 billion in 2020, half of the total e-commerce market. Another notable trend is that in Thailand, almost half of all e-commerce takes place through social media or chat rooms on Facebook, WhatsApp or Line’s app. These are the trends that Finnoventure Fund I is tapping into to foster a robust startup ecosystem in the country.

Sam said, “We are an underserved bank country where a number of businesses and retailers are not able to leverage financial services, such as investment and lending properly, proven by a number of Ponzi schemes and loan shark cases. Thus, there is huge potential for any fintech company that can bridge these gaps and help Thais to improve on financial literacy. Besides, Thais hold the largest ratio of automobiles per head. And, we have considerable experience and industry knowledge in these emerging tech trends. Plus our core investors who join the Fund with substantial amounts will be able to work together to endorse the startup ecosystem through our Strategic Partnership Expertise.”

Bringing Thai startups to the region and beyond through meaningful partnerships and collaborations

FinnoventureThe core objective of Finnoventure Fund I is to create a collaborative ecosystem with innovation at its core and help Thai corporates innovate while enabling startups to get the right kind of support they need to further their business goals.

“We aim to encourage corporates to understand more about the potential of tech startups, and understand how nontraditional innovative, disruptive business works in the 4.0 era while encouraging startups to thrive by getting the right support from corporates without deviating from their core focus areas, said Sam.

Also read: QBO partners with e27 for Startup Venture Fund Pitch

Also, Krungsri Finovate is a corporate venture capital arm under the Bank of Ayudhya (BAY) and Mitsubishi UFJ Financial Group (MUFG), is one of the bank’s major shareholders. MUFG brings extensive global startup investment experience to the table. With names like Grab and Coinbase in their portfolio, they will bring invaluable insights and industry expertise. “With MUFG, Finnoventure will have access to industry insights, expertise, network and experience. We also plan on leveraging MUFG’s presence in other Southeast Asian countries, such as Vietnam and Indonesia, to help us establish ourselves as a leading regional VC” added Sam.

To know more about Krungsri Finnvoate’s Finnoventure Fund I, visit https://www.krungsrifinnovate.com/en/Home

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Photo by Alexandr Podvalny from Pexels

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This article is produced by the e27 team, sponsored by Krungsri Finnovate.

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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Pomelo Pay raises US$10M; Wavemaker, Genting Ventures join Fasal’s US$4M round

Fasal co-founders Shailendra Tiwari (L) and Ananda Verma

Pomelo Pay raises US$10M Series A for global expansion

Singapore- and UK-based digital payments company Pomelo Pay has raised US$10 million in a Series A round led by UK-based independent investment firm Inference Partners.

Pomelo Pay last raised a US$2.9 million seed investment led by Force Over Mass, which also invested in this round.

The investment will allow Pomelo Pay to expand its presence across global markets, including Europe and Asia, starting with plans to double its workforce in London, Singapore, Vietnam, Thailand and the Philippines.

Also Read: Telling the fortune of digital payments in 2021, CNY style

Launched in 2018, Pomelo Pay allows merchants to digitise their payment infrastructure and take payments from anyone in any location (physical or digital) at near-zero costs. The company provides integration with over 30 payment networks globally.

Its payments platform is also used by banks and non-banking financial institutions (NBFIs), enabling them to offer a broad suite of payment acceptance solutions to their end customers.

The company claims it crossed US$500 million in total payments processed for 2021 and projects a growth of 5x by 2022.

Pomelo Pay has 50 people across its headquarters in London and offices in Singapore and Vietnam.

Precision agri platform Fasal raises US$4M in pre Series A

India-based precision agriculture platform Fasal has raised US$4 million in pre-Series A round led by 3one4 Capital with participation from Genting Ventures (Malaysia) and existing investors Wavemaker Partners and Omnivore.

Other investors in this round include The Yield Lab Asia-Pacific, Antares Investments, and Sandeep Singhal of Nexus.

Fasal will use the funds raised in this round to expand its business across India and Southeast Asia, strengthen its full-stack services, and ramp up hiring for sales and marketing, agronomy, and technology teams.

Fasal’s eco-friendly and affordable precision farming solution is disrupting the US$42 billion progressive horticulture industry by ensuring maximum yield from small farms.

Also Read: Fasal’s IoT device increases yield, reduces wastage by helping horticulture farmers make smart decisions on crops

Based out of Bangalore, Fasal was founded in 2018 by Shailendra Tiwari and Ananda Verma. It is a full-stack AI-powered IoT SaaS platform for progressive horticulture. Fasal delivers farm and crop-specific actionable insights to farmers in vernacular languages using on-farm sensors and scientific algorithms.

The platform is also working on new services, including F&V market linkages and parametric crop insurance.

To date, the startup claims to have helped save more than nine billion litres of water from irrigation, reduced pesticide expenditure by ~60 per cent, and increased yields across 40,000+ acres of farmland.

Ready to meet new startups to invest in? We have more than hundreds of startups ready to connect with potential investors on our platform. Create or claim your Investor profile today and turn on e27 Connect to receive requests and fundraising information from them.

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Pace raises US$40M Series A as it aims to increase user base by 25x over next 12 months

Turochas “T” Fuad

Pace Enterprise, a buy-now-pay-later (BNPL) startup founded by Spacemob founder Turochas “T” Fuad, has bagged US$40 million in its Series A investment round.

The Series A investors include UOB Venture Management (Singapore), Marubeni Ventures (Japan), Atinum Partners (South Korea), AppWorks (Taiwan), and a series of family offices from Japan and Indonesia.

Existing investors Vertex Ventures Southeast Asia, Alpha JWC, and Genesis Alternative Ventures also joined.

Pace will use the funds to expand its technology, operations, and business development to hit a gross merchandise value run rate of US$1 billion in 2022 and grow its user base by 25x over the next 12 months.

Also Read: Debunking BNPL myths: Is it going to be the primary mode of payment?

CEO Fuad said: “…the region [Southeast Asia] is expected to become the world’s fastest-growing BNPL market. This funding supports Pace in achieving its mission of democratising financial services for all by helping us pave our expansion into Japan, Korea, and Taiwan.”

Joon Oh, executive Director, Atinum Partners, commented: “The financial services industry in Asia is shifting dynamically, but Pace has managed to establish primacy in markets by tapping into local consumer curves to establish itself as a dominant player with its clear vision. Through this funding, we hope for Pace to continue empowering more people across Asia with innovative fintech services.”

Launched in 2021, Pace offers BNPL solution for offline and online merchants to match customers with appropriate spend limits. It currently allows consumers to split their purchase bills into three equal interest-free payments over 60 days.

The startup currently operates in Singapore, Malaysia, Hong Kong, and Thailand.

As per a press statement, Pace has more than 3,000 points of sale across the region. It has grown its overseas operations by working closely with regulators and adapting ultra-local approaches, such as integrating frequently-used in-market payment methods to build resonance with merchants and shoppers. It will continue to replicate a hyperlocal framework as it goes live in new countries.

In June, Pace received an ‘eight-figure USD’ debt financing round led by Genesis Alternative Ventures. In addition, it also announced an exclusive regional partnership with luxury goods and retail specialist Valiram.

This debt round was preceded by a “seven-figure seed funding” round co-led by Vertex Ventures and Alpha JWC at the time of its official launch in January.

A well-known face in Southeast Asia’s startup ecosystem, Fuad has previously launched and sold three startups. His first startup was WUF Networks, an Internet of things software company based out of Silicon Valley. The company was acquired by Yahoo! in 2005.

Fuad was also CEO and founder of travelmob, an online marketplace for vacation rentals. Headquartered in Singapore, travelmob was acquired by HomeAway (now part of Expedia) in mid-2013.

Also Read: Buy now, pay later: The changing face of finance for a mobile generation

In 2016, the serial entrepreneur established and ran Spacemob. He was appointed as Managing Director of WeWork Southeast Asia and Korea after the Spacemob acquisition.

In between his startups, Fuad was Managing Director for Skype Asia Pacific, responsible for its business expansion across Japan, China, Australia, Taiwan, Korea, India and Southeast Asia.

Ready to meet new startups to invest in? We have more than hundreds of startups ready to connect with potential investors on our platform. Create or claim your Investor profile today and turn on e27 Connect to receive requests and fundraising information from them.

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Discussing the future of healthcare tech with Blair Hirst

Technology and COVID-19 are forcing healthcare to change at a rapid pace. From the rise of wearables to telehealth and beyond, healthcare tech is shaping up to be a very interesting industry in the next few years.

Our guest today is Blair Hirst, a biomedical engineer by trade, the founder of Digital Health Review, a platform for people to educate themselves about what’s going on in the world of healthcare including products, services, and more. She’s also the Senior Engagement Manager at Acorn AI Labs, a company focused on medical data solutions.

In this conversation, we talked a lot about healthcare, and somehow we ended up mentioning the role of government, politics, lobby groups, insurance companies, and big pharma affecting how it all works.

More specifically, we spoke about:

– What is the current state of the health care tech industry?
– How do you think COVID-19 has impacted technology in healthcare?
– Do you think people will learn anything from COVID-19 and adapt so it doesn’t happen again?
– Should healthcare be for-profit or non-profit?
– What are the pros and cons of getting into the industry right now?
– What are some barriers to entry?
– Speak to the regulatory hurdles?
– What do you think are the major shifts occurring in the digital health industry as it concerns consumer usage?
– What are some examples of interesting companies in the last two years?
– What are some types of products and services coming up soon?
– What is going to define the growth of technology adoption in healthcare?
– What trends do you see emerging in the next five to 10 years?

Also Read: What you can learn from Carsome about championing mental health for employees

Thanks so much to Beck and I hope you enjoy the show!

If you don’t see the player above, click on the link below to listen directly!

Acast
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Stitcher

The article was first published on We Live To Build.

Image Credit: adamhoglund

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

GIMO_Funding_News w

GIMO, a Vietnam-based on-demand pay solution provider, has secured US$1.9 million in a seed financing round led by Singapore’s Integra Partners.

Resolution Ventures, Blauwpark Partners, and TNB AURA VN Scout also co-invested.

In March, the firm received undisclosed seed funding from ThinkZone Ventures, BK Fund, and other strategic angel investors.

As per a press note, the fresh financing will assist GIMO in strengthening its financial stability and accelerating financial inclusion throughout Southeast Asia. GIMO also plans to allocate a portion of the funding to hire more senior engineers, enhance risk management competencies, and leverage customer experience through advanced technologies such as data analytics and artificial intelligence.

Also read: All you need to know about the fintech boom in Vietnam

Launched in early 2021, Gimo offers earned wage access (EWA) to employees ahead of their payday, helping them deal with unexpected financial expenses. Workers can receive their salary almost instantly via a mobile app integrated with the company’s payroll system.

The app also reports users’ workdays and daily earnings in real-time, alongside personal finance tips.

“Blue-collar workers are among the most vulnerable to financial distress. When unexpected bills arise, they don’t have a lot of safe and affordable options. GIMO looks to change that,” said GIMO co-founder and CEO Quan Anh Nguyen. “By helping workers get paid as they earn it, we hope to give them the peace of mind to focus on what matters.”

In the long run, besides paycheques, GIMO aims to create a digital financial platform that will allow blue-collar workers to organise their money better — be it spending, savings, or investments.

For employers, GIMO’s solution can be a supplementary financial resource for businesses to reduce payroll risks and optimise internal cash flow.

At the height of COVID-19, employers worldwide, including Walmart, Pizza Hut and Visa, are also turning to EWA solutions to reduce turnover, enhance productivity, and increase business savings.

To date, GIMO claims to have provided on-demand pay to over 25,000 workers, primarily in the manufacturing and retail sectors. The number of beneficiaries has grown 130 per cent monthly, states the company.

According to a Fitch Ratings report, around 290 million people in Southeast Asia are unbanked or do not get access to formal financial services.

Also read: wagely bags US$5.6M to give Indonesia’s low-paid workers access to their earned wages

GIMO joins other regional firms such as Indonesia’s wagely and GajiGesa to double down on improving financial stability for workers through EWA. Other noted EWA providers are US-based Payactiv, UK-based Wagestream, Mexican firm Minu, and US-based Even. 

Dailypay, a leading US-based EWA provider, raised US$500 million this year and reached unicorn status. Payactiv also counts more than two million users and has processed more than US$5 billion in earned wage access. This highlight the tremendous potential of the space.

“It would be impossible for EWA firms in Vietnam to copy the business model of those based in the US or UK, where personnel records and salary information are more transparent,” said Nguyen. “That’s why here at GIMO, we customise our product offerings to match employers’ payroll systems and welfare policies.”

In Vietnam, nearly two-thirds of the adult population does not have a bank account, according to the World Bank’s Global Findex Database 2017. To deal with urgent payments, they often rely on expensive financial services such as long-term, large-ticket-size bank loans or high-interest-rate loans.

Ready to meet new startups to invest in? We have more than hundreds of startups ready to connect with potential investors on our platform. Create or claim your Investor profile today and turn on e27 Connect to receive requests and fundraising information from them.

Image Credit: GIMO

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Ecosystem Roundup: Pace raises US$40M Series A, Jokowi to launch VC fund, Mavcap to invest US$38M in SEA startups

Pace raises US$40M Series A as it aims to increase user base by 25x over next 12 months
Investors include UOB Venture Management, Marubeni Ventures, Atinum Partners and AppWorks; Pace, which has more than 3,000 points of sale across the region, looks to hit a gross merchandise value run rate of US$1B in 2022.

Indonesia’s Jokowi to launch VC fund backed by state-owned enterprises (SOEs)
Telkom Group, Bank Mandiri, and Bank BRI seem to be the initial investors of the fund, which was also backed by other big SOEs; The agreement has yet to be finalised, but the fund will invest in startups established by Indonesian founders and operate in the country.

Malaysia’s Mavcap to invest US$38M in SEA startups via two new funds
Orbit Malaysia Fund I and Ficus SEA Fund will back startups in the verticals such as AI, fintech, healthtech, greentech, industrialtech, IoT, and edutech; The Orbit fund I will be managed by Kejora Capital; Ficus SEA has a Shariah-compliant investment structure.

Ascendo Ventures launches US$33M fund for early-stage ESG-themed startups
New Horizon Fund will focus on sustainable and renewable energy, foodtech, digital technologies impacting carbon emissions, and innovative businesses with blockchain-driven decentralised governance structures; It will opportunistically make follow-on investments in the portfolio companies of its first fund.

SoftBank-backed Ajaib pours US$52M into Indonesian bank Bank Bumi Arta
Ajaib seems to be following in the footsteps of other tech companies such as Gojek, Sea Group, Akulaku, and FinAccel, which have invested in small local banks to turn them into digital banks; Last month, Ajaib entered the unicorn club after raising US$153 million in a round led by DST Global.

ARC Group launches US$20M SPAC opportunity fund, hits first close
The ARC Opportunity Fund can invest in 10-12 SPACs across varied sectors, geography, and sizes with each fund; It will target Asian sponsors who want to create SPACs; It is exploring options to work with sponsors looking to create SPACs in Singapore.

Wavemaker-backed agritech firm gets US$4M in pre-series A
Other investors are 3one4 Capital, Omnivore, The Yield Lab Asia Pacific, and Antares Capital; Fasal runs a SaaS platform powered by AI and IoT; Its solution gathers data from sensors installed on farms, creating crop-specific analytics.

Indonesian home cleaning firm bags US$3M in Series A round
Investors include Posco Venture Capital, A Ventures, ES Investor, Honest Ventures, and Enlight Ventures; Okhome offers various kinds of home care services, including general cleaning, disinfection, and air conditioner maintenance.

Banks and fintech: An arranged marriage built on trust, but does it last long?
Some banks tout happy engagements with tech startups, but how does the “marriage” go when trust, legacy system and security hurdles come into play?

Payroll services startup GIMO raises US$1.9M
Investors are Integra Partners, Resolution Ventures, Blauwpark Ventures, and TNB Aura AN Scout; GIMO allows employees to access their earned salary almost instantly via a mobile app integrated with the company’s payroll system.

Vietnamese HRtech firm nets seed money from CyberAgent Capital
Recruitery allows companies connect with headhunters to make new hires; The firm has helped over 1,000 businesses expand regionally and has operations in countries like Vietnam, Indonesia, Singapore, and the Philippines.

SG-based OCBC mulls setting up crypto exchange
OCBC’s CEO Helen Wong said crypto technology is worth studying but the bank won’t rush into the space; Goldman Sachs Group and JPMorgan Chase already offer futures trading in cryptocurrencies.

F10 Singapore names 9 startups in third incubator cohort
The participants specialise in areas such as buy now, pay later, NFTs, data analytics, the gig economy, financial literacy, and regulatory tech; Selected startups will receive coaching and gain access to F10’s network of mentors, experts, and investors.

Could China’s CBDC threaten decentralised cryptocurrencies?
As China continues to make advances in developing its CBDC, it’s worth asking how the arrival of currencies like the eYuan will impact the world of cryptocurrencies.

How to tackle employee mental health to build a resilient workforce
A proactive approach to building resilience, wherein businesses can anticipate and react to future events swiftly and decisively, will better equip them with ways to tackle the next wave of health concerns– be it a real issue like influenza or a silent one like mental health.

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Robert Downey Jr.-backed RWDC Industries completes US$95.1M Series B2 round

Robert Downey

Singapore-based RWDC Industries, which develops a biodegradable alternative to plastic, has closed a US$95.1 million Series B2 funding round co-led by Vickers Venture Partners and Temasek.

CPV/CAP Pensionskasse Coop (Switzerland), Optimas Global Healthcare Fund (Hong Kong), and existing shareholders also co-invested, bringing its total funding raised to date to US$208 million.

RWDC Industries will use the funding to expand its PHA production capacity in its plant located in Athens in the US state of Georgia to 50 kiloton per year and develop a production facility in Singapore. The company is in discussions with the Singapore authorities to secure a site.

Also Read: Why ‘Iron Man’ star Robert Downey Jr. placed a bet on Singapore’s biodegradable plastic startup RWDC Industries

RWDC CEO and Co-founder Daniel Carraway said: “The funding helps us accelerate the production of Solon, our sustainable PHA material. It will support the largest packaging users (converters and brand owners) and consumers to reduce their use of fossil fuel-based plastics significantly.”

“It will speed up the adoption of sustainable packaging and help many of the world’s largest brands meet their sustainable packaging commitments of having 100 per cent of their packaging be recyclable, biodegradable or compostable by 2025,” he added.

RWDC executive chairman and co-founder Roland Wee commented: “The funding will enable us to innovate and expand the range of applications of PHA. It will also support the production of Solon in Singapore, which is home to many of the global FMCG brands that rely on packaging to keep their products fresh and safe. I will also help us to be strategically located in Asia, which is the epicentre of the global plastic waste and marine litter problem.”

Founded in 2015 by Wee and Carraway (CEO), RWDC develops cost-effective biopolymer material solutions. In particular, it produces medium-chain-length polyhydroxyalkanoate (mcl-PHA) biopolymers designed for use across a broad range of applications.

Also Read: This Indian startup makes cutlery using sugarcane waste

PHAs are linear polyesters naturally produced by bacterial fermentation of plant-based oils or sugar and are widely recognised as the only commercially viable biodegradable bioplastic. RWDC claims its PHA is fully biodegradable in soil, water and marine conditions (i.e. all potential end-of-life scenarios), fully biodegrading within weeks with no toxic residue.

Early this year, Hollywood star and ‘Iron Man’ star Robert Downey Jr. invested in RWDC via his venture fund Footprint Coalition. This round came less than a year after RWDC raised US$22 million in Series A funding, co-led by Vickers Venture, in April 2019. Previously, the startup bagged US$13 million in October 2018.

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#MeToo in startups in SEA and the silence surrounding it is deafening

The Harvey Weinsteins of SEA’s startup scene: Why casting couches, sexual abuses go unreported?

Why do casting couches, sexual abuses in the startup industry go unreported? (Image Credit: 123RF)

Celine (name changed), who is currently fundraising for her startup based in Singapore, received a WhatsApp message from an unknown US number at 2 PM on October 28.

The person introduced himself as an employee at a software giant and said they had met at a tech event back in 2018. He also shared a picture of himself to see if Celine remembered him. This picture was followed by his bathroom selfie with his shirt off. Celine ignored him.

“But when he received no response from my side, he messaged again saying he is also an angel investor who invested between US$100,000 and US$300,000 in startups and wanted to meet me over a drink when he comes to Singapore on November 4. When I told him I was no longer looking for investors, he abruptly sent me a picture of his genitals. At that time, I was on a video call with my boyfriend to whom I gave a real-time explanation of what was going on,” Celine said as she recounted the horrific episode.

A horrified Celine later shared this incident with a WhatsApp group of female founders of which she is a member. She received tremendous support and encouraged many others to share their experiences. Celine later posted her experience on Twitter, along with the sleazy picture sent by the “pervert”.

Unhealthy work environment

Globally, the startup scene is notorious for an unhealthy work environment. Harassment and exploitation, such as kissing, passing inappropriate comments, and sexual innuendos, are common. Asia is no exception.

But such incidents often go unreported because many victims choose silence to avoid possible backlash and retribution from the harassers, as well as victim-shaming by the public. Thankfully, Celine mustered the courage to speak out.

After Celine shared her story with e27, we spoke to multiple women in the industry, including high-profile female founders and investors, to understand how grave the issue is. Our findings have been shocking, and we realised that Celine’s case is just the tip of the iceberg. The rot actually runs much, much deeper.

Also Read: Has the tech world done enough to check #MeToo? These speakers are discussing this topic at Echelon

Sadly, in some cases, while women promptly forward their complaints to the concerned persons/departments, they often get ignored by their employees to avoid possible damage to their brands. All this, despite the global #MeToo movement that resulted in exposing tens of high-profile international figures, especially in Hollywood. While the #MeToo campaigns had some ripples in the startup world (remember the Dave McClure exposé of 2017), they died down soon without making a significant impact.

“A common problem is that many victims cannot immediately identify whether an incident of inappropriate touch or insinuation by men come under the definition of sexual harassment. Moreover, they are often afraid of reporting such incidents due to the possible backlash. The victims don’t want to be labelled themselves as ‘difficult’”, said Shannon Kalayanamitr, partner and advisor at Gobi Partners and CEO of Thai startup 5G Catalyst Technologies.

Despite being a well-known face in Southeast Asia’s startup industry, Kalayanamitr has also experienced sexual violence in the past. In one of her earlier companies, a senior male colleague in the management team she directly reported to, tried to take advantage of her. “On many occasions when work meetings ran late, he would speak about having sexual relations with me and attempt to kiss me a few times forcefully,” she said.

Kalayanamitr acknowledged that sexual harassment victims are quick to blame themselves and fear the consequences of speaking out. In her case, she felt she had no other choice but to smile, shake it off, and work through the advances — for, the future of the company was at stake, and there were broader implications on her career and reputation.

Then why speak up now?

“Over the years, I have been a mentor, guide, and advisor for women who have experienced sexual harassment. While closely working with them, I have come to realise how rampant sexual abuse is. What is more important is that nothing has been done to address the problems in the workplace effectively,” she said. “As a mother of two daughters, I want to see a change in the system, to create a safer place for all women, and encourage employers to proactively address this issue in their workplace with proper guidelines and protocols to deal with such situations without fear of repercussions to the woman.”

More skeletons in the closet

Jennifer Cheng Lo, an entrepreneur (JennClub.com), investor for her own Family Office NewChic Capital, and a partner at Ace Investment Management, also faced verbal and written harassment and inappropriate behaviours — at different times in her life and career. As recently as last week, she was sexually harassed in public at a conference while having lunch with the media and investors.

“In the early days of my career as an actor and model, I experienced first-hand the toxic culture in media and entertainment, which also permeated the finance industry during my experience at a hedge fund. Sometimes, men sitting in powerful positions belittled me and made me feel inferior due to the uneven power dynamic, making crude comments and assumptions about my success,” she described.

Also Read: Reactions to JD founder’s alleged sex crime show just how far #MeToo has to go in China

She also mentioned there are some famous investors and two tech companies that have now become unicorns, from whom she keeps a significant distance due to some incidents in the past, including inappropriate messaging and solicitation. “Even now, although being the manager of my own family office and projects, I don’t feel safe. Recently, some incidents on my social circles and network involving bullying and defamation, from both women and men, made me realise that the #MeToo movement is far from over. As a mother of three, including two daughters, I hope to see young female founders come out and share their experiences because strength really comes through unity,” she added.

Cheng Lo even lost her pregnancy due to the stress of harassment in one of the environments she worked.

The story of Aparna Bhatnagar Saxena, CEO of TORAJAMELO (an impact business that focuses on women artisans in rural communities in Indonesia) and an unapologetic feminist, is more horrifying. Saxena had to face not just sexual attacks but also gender and race discrimination. She was asked questions about her marital status (‘why are you single?’, ‘you must be difficult’), career choice (‘why do women need to earn?’, ‘marry a rich well-settled guy); and independent outlook.

“I was also propositioned and even physically touched during dinner meetings and work parties,” says Saxena. “Even in my current role, the questions are being asked ‘why I, an Indian woman, has been made CEO’.”

Through TORAJAMELO, Saxena and the team call out sexual harassment, create a safe space for women, and support diversity and inclusion.

The tales of Jingjin Liu are no less horrendous. Liu is the founder of Zazazu, a sexual wellbeing hub in ASEAN that synchronises education, consultation and products to empower women to own their sexual wellbeing.

“On one occasion, I was presenting the statistics to a US-based investor when he asked me if I was drawing conclusions out of my own ‘unsatisfying’ sex life, as founders tended to solve a problem that they face themselves. He also explained a lot about his experience in his sex life and ‘urged’ me to tell customer testimonials and my own experience,” Liu recounted.

“On another occasion, an investor grasped my necklace (which was also a discreet vibrator) without my permission. The ornament hung at the height of my chest, and he asked me to demonstrate afterwards. I also had a meeting with an investor who told me that I needed a male co-founder to get institutional funding as women have traditionally no saying in ‘sex, tax and politics’,” Liu revealed.

Also Read: Former Head of MaGIC, Cheryl Yeoh, says she was sexually assaulted by Dave McClure

These stories indicate that sexual harassment has become the order of the day in the highly male-dominated startup industry. According to Michael C. Rabonza, Partner at Connecting Founders based in Bangkok, the mistreatment of women — from sexual harassment to subordination in society — is the single most prevalent human rights abuse in history.

Connecting Founders is an advisory firm that represents women-owned businesses in attracting the right type of capital and strategic partners for their business throughout all stages of their growth.

Then there is the problem of lack of knowledge and awareness. “Sexual harassment is not always widely understood. Knowing it and getting awareness about the right to live free from violence is essential to check violence against women. Everyone needs to understand sexual harassment — men, women, people of diverse gender identities — and be clear what is respectful and safe behaviour,” says Melissa Alvarado.

“Perpetrators, or potential perpetrators of sexual harassment, need to be clear about boundaries and harassment, and there need to be institutional rules and consequences available for protection of victims and accountability for perpetrators. Those in leadership positions can seek to create workplace cultures and safe and respectful partnerships for everyone,” explained Alvarado, the Programme Manager (Ending Violence against Women) at UN Women, an organisation dedicated to gender equality and women’s empowerment. [Here is a UN Women document on how to help founders and employers to be proactive and tackle the issue head on].

Pocket Sun, MD of Sogal Ventures and founder of SheVC, agreed. In her view, sexual harassment happens way too often, and there should be a zero-tolerance policy. Everyone deserves to feel safe at work and in public spaces, yet it’s still not a given for most women. “Jennifer [Cheng Lo] is very brave to share her experience publicly. I hope that women have safe spaces like SheVC (a community for female investors in Asia) to find solidarity and be heard and that harassers will face the consequences.”

How to check sexual attacks at workplaces, investor meetings and events?

“Creating a workplace culture that is respectful, safe and diverse is a good way to start,” replies Alvarado. “Listening to employees, including women, is an important first step to understanding what a respectful workplace looks and feels like. Clear messaging from the top that harassment and abuse will not be tolerated is key, and there should be follow-up and accountability when harassment happens. Employees are usually quite aware when harassment is not addressed and is met with silence. Laying out the company’s values and having clear policies and systems to address harassment is critical.”

But Rabonza has a different take. “I believe we need more women in power. The sooner we can achieve this, the world will be a safer, kinder, more equitable place,” he said.

Jamille Tran contributed to this story.

Ready to meet new startups to invest in? We have more than hundreds of startups ready to connect with potential investors on our platform. Create or claim your Investor profile today and turn on e27 Connect to receive requests and fundraising information from them.

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