With over 46 reports regarding corporate failures, frauds, and misconduct in accounting practices for businesses in Singapore. It is essential for businesses to take affirmative measures to acquire solid accounting systems and well-structured internal controls, which are critical to their stakeholders.

As the new year approaches, many Chief Financial Officers (CFOs) are looking for ways to improve their performance and drive success for their organisations. But predictions point to another challenging year, and given what will likely be an unstable financial year ahead, it is key for CFOs to set early goals for both themselves and those they work with. 

Here are four new year’s resolutions for CFOs that can help drive a solid financial outcome to an already turbulent 2022.

Sound accounting policies

Given the upheaval in the tech sector in 2022, the Finance function will play an increasingly prominent role. Growing sustainably and smart cash management are key themes for 2023, and it all starts with sound accounting practices. 

More than ever, high-growth tech firms need to realise the importance of investing in financial leadership and finance teams at an early stage. It is significant to devote even greater efforts to staff development, enhancing the efficiency and effectiveness of processes and ERP (Enterprise Resource Planning) implementation. 

This is part of the Finance Transformation journey that Max Tay, Head of Finance, embarked on when he joined Geniebook.  It is also critical for his team to develop the mindset that they need to be a strategic business partner to the other functions. 

Also Read: Report: Singapore businesses remain open to implement embedded finance, Web3 in 2023

It is important for businesses to have financial tools for sound company-level decision-making this year that could determine whether a technology firm’s services through the current ‘winter’. Some of them include cash burn analysis on a granular level, ROI analysis on existing and potential projects, accurate budgeting and forecasting, regular real-time reporting, and cost controls.

Embrace changes

We live in a technological age where businesses are constantly evolving, making it imperative for us to be adaptable and ever-ready to move away from traditional mindsets. We should not be contented or get too comfortable – automation is now key to success, and Chin Wai Hong, Head of Finance at Spenmo, is pleased that they are driving his finance team to achieve that. Through automating financial processes, she hopes that the finance team will be able to invest even more time in business partnering.

But despite the need to grow, adapt and scale quickly, there has been constant pressure for businesses to manage costs better. In 2023, specifically for the finance function, Aylwin Chia, Global Controller Of Velocity Global, hopes that we can strike a good balance between investing in people (both current and new hires) and technology (both enhancements/developments and new fintech solutions). 

Under current market conditions, he believes businesses should keep teams lean and versatile. More broadly, the team is to continuously challenge themselves to diverge from traditional finance activities by embracing technology such as Robotic Process Automation (RPA) or Machines Learning (ML) tools to streamline, automate and digitalise our processes. That way, they keep costs relatively low, eliminate human errors and set a strong foundation to scale in years to come with efficient financial processes while maintaining high-quality financial data.

In a nutshell, Shivani, the Financial Controller Of Blackpanda, puts it nicely. It is about making use of the best technology available to evolve our finance processes in 2023 and drive strong Data-based business insights.

Strategically mitigate rising costs

“Plan for the worst, hope for the best”, said Josephine Tan, Head of Finance of Azendian. In this case, it is important for finance teams to be averse to change or innovation instead of holding traditional values – financial prudence is the new trend.

With a gloomy global economic outlook in 2023, elevated core inflation and the implementation of the first of a two-step increase in GST in Singapore, one thing is certain – it will only get costlier to run a business. 

This year, Emelia Long, Financial Controller of Circular and Vincent Yeo, Head of Finance at Hydra-X, resolved to manage and mitigate rising costs strategically. It is essential for businesses to stretch the runway and reduce cash burn, especially in an increasingly cautious funding environment. Be it a bullish or bearish market, finance teams can help future-proof businesses by keeping a close eye on their financials. 

Also Read: Embedded finance can help legacy banks grow loan book, go to market quickly: FinBox CEO

The team will have to continually ensure financial data integrity and orderliness of data across databases, increasing the finance team’s agility to react and make efficient decisions. It is essential for decision-makers to set their resolutions in 2023 to seek opportunities to increase their agility.

Desire to be stronger business partners

Danny Lim, Financial Controller of ThoughtfullWorld, hopes for finance functions to constantly be close to the business. He posts that it is important to talk to business people frequently so that finance teams have a clear view and direction of the business. Businesses need to understand that finance teams aren’t just a cost centre but also serve as revenue drivers that drive decision-making by combining both financial and non-financial information, forming the core North Star metrics that organisations look for.

Karl Mead (Finance Lead, StaffAny) and David Cheng (CFO, FastCo) shared similar views. Their resolutions are to be more customer focus and foster a growth mindset within the company. The key is to add value throughout the organisation rather than just compiling reports.

Looking ahead into 2023

With that said, 2022 taught us that while things may look rosy and great at the current moment, the overall environment can change rapidly, and finance teams need to ensure that their businesses are constantly on their front foot to adapt quickly to market conditions.

Cost efficiency and revenue growth are at the front of businesses’ minds for the upcoming year, and while we acknowledge that the VC space is currently looking bleak, we believe businesses are still aiming to raise the bar to put themselves in good stead for the following years, allowing the finance teams to focus on business expansion and growth strategies.

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The “chilling” funding winter has already wreaked havoc across the startup world. With no hopes left to raise the much-needed capital to survive the onslaught of the winter, many companies winded down, and many have reduced their workforce. There are no hints that the winter will recede in the foreseeable future, as the factors that led to this situation still persist.

How long will this recession and funding winter last?

In this interview, Dusan Stojanovic, Founding Partner and Director at Singapore-based VC firm True Global Ventures, discusses the funding winter, its impact, exit opportunities, and how it plays out in Southeast Asia.

Excerpts:

How long do you think this tumultuous period will last?

Dusan Stojanovic: We believe the funding winter will last in the US till Q4 2023. However, we will see recovery earlier in regions such as the Middle East (Dubai) and Southeast Asia (Singapore) and later in most European countries, which are still very much affected by inflationary pressures caused by the Russia-Ukraine war.

Also Read: Next blockchain unicorn will be from gaming: Dusan Stojanovic of True Global Ventures

The funding winter is mainly driven by the non-profitable public tech market in 2022, with some companies’ valuations falling 90 per cent. We saw similar patterns in the private market during Q3 and Q4 2022.

There is always a delay between the public and private markets based on trading data on our portfolio company Forge Global (a global marketplace for private transactions). This fall is mainly driven by high inflation reflected in high-interest rates, which results in the dip of especially non-profitable public tech stock when doing discounted cash flow valuations.

On the positive front, we expect inflation to decrease to around 5 per cent as interest rates continue to drop and potentially even loosen monetary policy by Q4 2023. The last increase of interest rates in the US was 0.5 per cent and is expected to be a 0.25 per cent forecast in February 2023). This is a very US-centric view, but it is still where we have a majority of tech companies.

We also see considerable differences in inflation rates and macroenvironment and growth globally. The inflation rate is 17.6 per cent in Poland, where there is a lot of engineering talent. In Germany, it is 8.6 per cent; in Singapore, 6.7 per cent; and in Hong Kong, 1.8 per cent. This also reflects where the funding will be.

Generally speaking, we believe that the US funding will recover in Q4 2023. However, today, the funds are in the Middle East and many parts of Southeast Asia (due to strong capital inflow from mainland China).

When the funding winter stops depends on which geography we are talking about. We recommend founders take into consideration these geographical differences. For instance, the Middle East (Dubai), SEA (Singapore) and certain extent, Japan and South Korea as exceptions.

One reason for optimism in the UAE is because of the forecast GDP growth of 5.4 per cent, which is broken down into oil GDP growth of 8 per cent and non-oil GDP growth at 4.3 per cent compared to forecast global GDP growth in 2023 of 2.7 per cent (IMF, Q4 2022).

What does this mean for VCs in general and SEA VCs in particular?

Dusan Stojanovic: If VCs want to fundraise in general, the likelihood of getting LP traction is higher in SEA (Singapore), the Middle East (Dubai) and, to a certain extent, in the US. On the other hand, VCs should completely avoid European LPs from a fundraising point of view.

VCs should also let all their portfolio companies know they should have a runway for at least two years, which is the same answer as before when we started to see a downturn in Q2 2022. The two-year runway depends on geography, as mentioned above. The market can be more favourable in some geographies.

Also Read: True Global Ventures’s Web3-focused follow-on fund TGV4 Plus hits US$146M first close

You can get LPs to invest in you as VCs if you can prove that you can invest in cash-flow-positive companies. Many high-growth tech companies can turn around to be cash flow-positive with slightly lower growth in 12 months if they keep the same staffing/halt recruiting. Such companies can get funding from LPs in around 12 months.

How does the exit landscape look in SEA during the slowdown?

Dusan Stojanovic: We think most exit opportunities would be linked to consolidation, especially in tech, as opposed to IPOs for the first six months, as many companies may choose to delay IPO to focus on value creation while awaiting more favourable valuations.

Meanwhile, M&As will probably be the major form of exit for smaller companies as larger companies with strong balance sheets will continue to acquire for growth at decent valuations.

However, as the economic conditions improve in H2 this year, companies may take advantage of favourable market conditions and strong investor interest in new offerings to go public.

The number of IPOs in Singapore and globally will decrease significantly compared to 2022. However, the island nation’s economy has been recovering relatively well and the market is no longer in free fall.

It’s possible that the memories of past crashes during market uncertainty will continue to make companies and investors cautious in the short term. It may lead to a decrease in the number of IPOs or a decrease in the overall performance of IPOs in Singapore in 2023.

Also Read: ‘The era of easy money is over’: VCs speak of funding winter and exit landscape in Southeast Asia

That being said, a robust tech stock exchange ecosystem is still missing in the region and, surprisingly, still in Singapore.

However, with the influx of capital from Hong Kong and mainland China, it could be an opportunity for the regional stock exchanges, particularly the Singapore stock exchange, to create a strong ecosystem for tech IPO.

We still think that the largest tech companies will still choose to IPO on Nasdaq in the US, especially those with Indonesia as a major target market, which still has the potential to create new unicorns in SEA.

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A lot of innovation happens within a span of a year and, in some cases, decades of innovation. In this case, we are talking about the incredible shifts AI tools have brought upon us in the way we work, market, and interact in the last year. It’s a challenge if you don’t adapt and an opportunity if you know how to quickly learn and apply it to your business.

We wanted to make it easier for organisations to navigate the ever-changing forces of marketing and consumer behaviour to get the most out of their ROI on every dollar spent.

To do this, we tapped into our very own think tank of the best brains in the industry from Wizly’s global community of marketing and product leaders to prepare the Marketing Predictions report for this year – where uncertainty and recession hang over us. 

We want you to be prepared, understand the why behind the latest trends in the industry, and give you access to our cerebral crystal ball of leaders who have worked with the likes of Google, Twitter, Canva, Wati, EY, Dentsu and are currently helping the next generation of growth companies move in the right direction.

Here are some top finds.

The force of AI

The biggest trend has been to find alternatives to data-driven strategies with the threat of a cookie-less world. The threat isn’t going away, and marketers will not only have to educate their stakeholders even more, but they will also have to foster more creativity to connect with customers.

Artificial Intelligence (AI) is rapidly transforming the way businesses operate and how marketing activities are being carried out. In 2023, AI is expected to have a major impact on the future of work and marketing. 

AI can be used to automate mundane tasks, analyse customer data, generate content ideas, and optimise campaigns for better results. We have already read, discussed, and also tried our hands on ChatGPT – the new craze. And there is absolutely nothing wrong with letting AI allow marketers to identify new trends quickly and respond faster to changes in the market. But experts warn of flaws that could result. 

Also Read: From paper to pixels: Juwai IQI’s transition to a digital workflow

“While we’re also experimenting with it, I think using ChatGPT for content needs guardrails, or we’re just going to have thousands of content pieces online – none of which ever really solves a problem. Use it as an enabler to simplify research and find frameworks but do not make it a means of going back to the times of ‘let’s just publish more content’ – that’s not how you win,” says Vanhishikha Bhargava, a B2B SasS Marketing Specialist.

The era of product-led community marketing

Product-led communities are a business already; they’re created as organisations with a purpose and culture. These communities also happen to be one of the most effective forms of marketing and help businesses achieve their goals. Therefore, product-led community managers approach community building with strategies to build this synergy.

In 2023, businesses will have to build a product-led community that advocates for their brand and interacts with other community members.

Companies need to sustain deep, focused relationships with their target group of customers now more than ever. The future of work is collaborative and online communities are building blocks for it. 

Wizly is one such organisation that helps companies solve crucial problems by enabling them to find, connect and engage with an invite-only global community of leading independent professionals on a unified platform. Wizly truly embodies the future of work using a product-led community approach to give companies access to hire, learn and work with a global pool of high-skilled talent for business growth.

TikTok enters B2B in full force, and marketers should double down

Once you understand who your audience is, where they are, and what they think and do when they are on the platform, use Tiktok to find a connection with your audience and create value using a short-form video. B2B companies like Shopify and Grammarly have been using Tiktok to their advantage to make their brands known and define themselves.

“Throughout the pandemic, TikTok managed to attract a larger audience and is not only used for the younger generation anymore. It is an effective marketing tool to sell your products or services through short videos,” says Marina Masisca, an independent marketing consultant.

The urgency for product-led strategy

Companies need to build winning product experiences using product-led growth (PLG). If you are able to make your product do the talking and become the primary driver of its own growth, you’ve won half the battle. 

Also Read: 3 of the strangest uses of artificial intelligence that could make sense in the future

Address the product and its need by using the three key elements of a product-led strategy for a successful PLG strategy. If you are not actively considering how to minimise friction at each customer interaction, maximise product adoption by making it easier for users to adopt, and drive customer loyalty and advocacy through your product, it is time to be highly concerned about your product-led competitors.

“Asian businesses, including B2B businesses, will need to explore additional customer acquisition and customer nurture models to thrive as customer expectations of value and immediacy grow.  David Isaac, Corporate Venture Building, Casuality.

Focus on hi-touch point customer experiences

Customers will most likely be facing tight budgets, so keeping them satisfied and loyal will be critical. Carrying out your customer’s best experience while using the product plays a significant factor in your success. To do this, start with a clear mission and think seriously about the experience you want to create. 

“Instead of focusing on growth or market share, companies will need to focus on experience and loyalty. Customers will be more aware of their spending and have high expectations from companies.” Alicia Crowther, Three Digital Consulting.

Consumer-centric content marketing

Brands must provide high-value information, answer consumer questions, and guide them toward making the best purchase decision. It helps brands move beyond transactional messaging and tell a story.

On the other hand, finding the right ebook, social sharing platform, success stories, or influencers helps brands engage and bond with their target consumers by relating to their real lives- that approach will be more successful if branded content is more organic and authentic.

The full report, Marketing Predictions 2023, dives into how organisations can effectively market in the coming decade of product-led communities using AI, strong brand narratives, and consumer-centric messaging to yield the best ROI for every marketing dollar spent. You can download it here. 

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

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The content was first published by Global Class.

Image Credit: Global Class

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Malaysian fintech startup HelloGold shutters its consumer business
The app made use of blockchain innovation to enable customers to save money using gold for as low as RM 1; Users are given until 2nd February 2023 to withdraw their funds.

Sea Group mulls selling game maker Phoenix Labs
The plan is part of Sea’s efforts to cut costs and focus on its core business; The sale process has not yet started. Sea is reportedly in discussions with an adviser regarding the plan.

ComfortDelGro pumps US$4.3M into mobility-focused impact fund
The transport firm said it will look at the startups targeted by Shift4Good and make investments either on its own or through the fund.

Indonesian POS startup iSeller bags US$12M Series B
The investors are Intudo Ventures, KVision, Mandiri Capital Indonesia, and Openspace Ventures; With the deal, iSeller also completed its acquisition of local payment gateway Yukk.

Locad rakes in US$11M to build supply chain network across APAC
The investors include Reefknot Investments, Access Ventures, JG Summit, Sequoia Surge, and Febe Ventures; Locad organises end-to-end e-commerce fulfilment through its network of warehouses and shipping carriers across SEA.

Farquhar VC to help Korean university-affiliated startups to go global
Hanyang University and Farquhar VC will also explore joint funding initiatives to invest and scale HYUH startups globally; To date, Hanyang University Holdings has invested in more than 50 startups.

Sinar Mas unit leads pre-series A of Indonesia’s DCT Agency
DCT Agency connects companies and brands to influencers for marketing campaigns and live commerce sessions on TikTok; The startup currently has more than 500 online personalities on its network.

YC-backed Filipino fintech startup PayMongo names Jojo Malolos new CEO
Malolos is co-founder of GoTyme Bank, one of the digital banks licensed by the country’s central bank; PayMongo has been under public scrutiny for the past several months after a news report emerged of many scandals.

WhyQ adds US$1.1M to Series A1 to enable hawkers to go, sell online
The lead investor is Kairos FoodTech Fund of Kairos Capital; WhyQ plans to use the money to expand its digitalisation platform and support the growth of small businesses in Singapore and Malaysia.

Imajin announces seed funding from East Ventures, 500, Init 6
The firm will use the money for hiring, expanding, and developing products; Imajin connects local manufacturers with potential customers; it has so far partnered with over 500 SME manufacturers.

‘The era of easy money is over’: Southeast Asian VCs speak
While the funding winter will continue into H1 2024, SEA remains a bright spot due to its favourable demographics and supply chains shifting to the region.

Being a first-class listener will serve you best: PR expert Jon Howard
The Strategy Director at Bud Communications says to be curious about the other person’s perspective and no to worry about whether or not you’re the smartest person in the room.

How Perfect Day aims to win over Singapore’s alternative dairy market
Founded in 2014, Perfect Day works on the intersection of biological engineering, food innovation, and consumer products.

Malaysia can be a global SaaS leader, says Indelible Ventures
‘Because of the low cost base, we can actually leverage the growth that we get here and then turn into creating globally competitive products that can then penetrate other markets across the globe’, says Managing Partner Kevin Brockland.

Mark Cuban-backed blockchain firm Injective launches US$150M Web3 initiative
Injective aims to support developments in the interoperability, DeFi, and PoS infra sectors, among others; Investors in the initiative will provide token and equity investments as well as mentorship.

Demand for Web3 talent remains amid downturn, BNB Chain says
Amid mass tech layoffs, the firm currently lists 173 roles on its own platform; BNB Chain also pointed to the nearly 30,000 opportunities in the global Web3 space listed online.

How Rebase is leveraging Web3 to enhance real-world interactions
NFTs are often associated with digital art and profile pictures; however, their use cases are more than that; They have the potential to be a valuable addition to people’s day-to-day activities and hobbies.

8 billion people milestone: Reaching new heights for humanity
The world’s population is currently increasing at 0.83 per cent per year while some countries have a dramatically higher population growth rate than others.

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If we don’t drastically reduce our emissions – and tackle the climate crisis now – we’ll run out of time. To have productive conversations, to take impactful action, to rewind the effects of climate change, all of it.

It’s a statement most of us already know is true, but few want to hear. Let alone say.

Climate change is the most prevalent issue we face, and it could be the most significant hurdle in human history. Extreme droughts, flooding, ocean acidification, and biodiversity loss aren’t scenes written for a movie set in a post-apocalyptic society. They’re disasters we’re already facing and at an alarming rate.

Keeping global temperatures within 1.5 or two degrees Celsius of pre-industrial levels means redirecting our attention towards the hard-to-abate industries – the ones that need the most drastic, revolutionary change.

Shipping is one of the largest emitters of greenhouse gasses, far surpassing aviation, agriculture, you name it. But as an industry, it presents historical challenges. Yes, its negative impact on the planet is practically unsurpassable, but it’s simultaneously responsible for the highest levels of global trade.

Currently, around 11 billion tons of goods are transported via ship each year. Reducing shipping trade may reduce GHG emissions, but there’s no saying its replacement (say, aviation taking up the global trade mantel) will serve our planet any better. Reduce trade, and you reduce supply, not to mention the world economy.

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

Suddenly, we’re presented with new but equally as challenging considerations. The pieces of the puzzle may fit, but it doesn’t make for an attractive picture.

The only real answer? Change the picture

If we’re going to reach net zero by our targeted 2050, the shipping industry has no choice but to electrify its operations. More specifically, adopt advanced battery technology.

Electric vehicles and modes of transport have been a hot topic for a while now. In October 2022, US President Joe Biden pledged to award US$2.8 billion in grants for projects that expand the manufacturing of electric vehicle batteries. But the emerging benefits of battery-powered vessels are taking the shipping industry by storm, and the market value is set to grow exponentially.

The United Nations (UN) has listed a number of alternative energy sources as potential solutions – wind, solar, green hydrogen, geothermal, hydropower, ocean energy, and bioenergy. There’s the pros and cons, the fors and againsts for every energy type (you only need to look at Lloyd’s List or The Economist to read more Op.Eds. on that), but each of these solutions has one common denominator: it needs energy storage systems to power.

From delivering voltage and frequency balancing to providing black start continuity to taking on the role of first response dynamic power — these factors are all crucial to electrifying ocean vessels. Not only do batteries propel ships, but they’re also integral to propelling the marine industry into a net zero future. Now, the demand for batteries is rapidly increasing as the benefits — environmental, cost, energy saving, etc. — become much more slap-in-the-face-obvious.

So what’s standing in the way?

In one short word: infrastructure.

We began to see battery-powered vessels emerge 12 years ago, but at the time, their application would peak with short-haul and small-to-medium-sized ferries. A decade ago, shipowners were hesitant to implement energy storage systems due to factors such as space, weight, costs, and infrastructure constraints.

You could argue it’s reductive, but the infrastructure is the big player and the final word in battery-powered vessels going the distance – figuratively and literally. But there are alternatives. Shift’s PWRSwäp is derived from the need to combat firstly the short-term cost of establishing the infrastructure we need and secondly the long-term uncertainty that’s often the prohibitor to technology advances.

PWRSwäp removes the roadblocks that come with purchasing a battery and investing in the infrastructure requirements. It’s the first of its kind, a pay-as-you-go energy-subscription service which allows ships to use and pay for only the energy they need, and vessels can ‘trade’ energy, swapping used battery cells for charged cells. This technology allows vessels to transition seamlessly to hybrid or full electric. Importantly, it also ensures that the size and weight of the battery are a fraction of what a traditional energy storage system would be.

Win-win-win – and so on

As these conversations and talking points may be (and the reality of the tech matches), it’s equally as important to address the concerns face-on. Not just the obvious commercial consideration, something we’re largely steered by at Shift, but things like safety standards.

Also Read: Preference for green jobs is the “most exciting” climate tech development: Lightspeed

Battery fires are a prominent hazard in the shipping industry. The concern isn’t exactly helped by historic news of batteries going awry and their suppliers making the same mistakes over and over. But lithium is extremely flammable, and fires can occur onboard vessels with marine batteries igniting from damage, overcharging, or overheating.

To make it worse, battery fires can be difficult to extinguish and can reignite days or even weeks later if not handled correctly or without the proper technology in place. Regulations for the safe storage and use of lithium-ion batteries and fire testing varies between countries and projects, meaning there’s very little drive to create uniformity and reliability in how we classify ‘safe’ ESS.

Safety and reliability were woven into the fabric of Shift from the outset. Observing the same mistakes made by other manufacturers over the years only motivated our own extremely stringent safety standards to increase. And with that, we created fire-resistant marine batteries. Our CellCool© system encases each cell in its own cooling liquid, which reverses a thermal runaway incident within a cell or block of cells. This allows the batteries to operate at their optimum temperature without the risk of overheating or catching fire.

Prioritising safety – and striving towards the industry’s most stringent regulations time and time again – underpins decarbonisation. It emphasises the well-being of crews, passengers, communities and the public and reinforces the longevity and untapped potential of battery technology in the climate crisis.

Our road to decarbonisation needs to be easy and accessible for business if we are going to succeed. This technology is not an idea for ‘five to ten years in the future’; it’s a tangible reality that is available today.

PWRSwäp’s capabilities are unique, sure, but its trajectory is equally unparalleled. The rapid uptake of battery technology that we see in the industry and interest from the market is something we’re ready to support. At Shift, we’re building charging stations along shipping routes to make the transition to hybrid or fully electric much more straightforward. Unlike refuelling with diesel or using other fuel-driven propulsion systems, the process of deploying, recharging and adopting PWRSwäp is rapid and simple.

At the end of the day, reaching our climate change goals will not be the result of one initiative, one policy, one company or one solution. At Shift, we’re constantly elevating our technology, focusing on partnerships with industry innovators and forward-thinking organisations. Proactively moving the needle on climate change.

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

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This seems to be an exciting time for consumers and producers of alternative dairy products in Southeast Asia, particularly Singapore. According to data by Mordor Intelligence, this is influenced by the rising prevalence of lactose intolerance, which led to consumers searching for a healthier alternative.

According to the report, plant-based beverages are “naturally lactose-free and are generally considered to be lower in cholesterol and fat than animal-derived milk.”

“Further, the market is witnessing penetration of local brands specialising in innovative product offering to serve the consumer need for dairy-free beverages,” the report writes.

At e27, we have also witnessed the rise of local tech startups that are working in the sector, producing the alternatives to existing dairy products, particularly cow’s milk.

The promise of success also draws global startups to try their hands in this market, including California-based Perfect Day, which has recently launched its animal-free milk Very Dairy.

Also Read: Cell-based milk startup TurtleTree bags US$30M Series A to expand product portfolio

The milk is not plant-based; it is made of animal-free whey protein. The company describes it as “the same nature-identical protein found in traditional dairy, but without involving a single cow.”

“The microflora is given the genetic code for whey protein, fed plant sugar, then, through the process of fermentation (similar to making bread or beer), convert these ingredients into the animal-free whey protein, identical to what one finds in traditional milk,” the company explains.

This results in a vegan-friendly milk product that is lactose-, cholesterol- and hormone-free, low in sugar and saturated fat, and rich in protein and calcium.

In an interview with e27, Alex Brittain, SP of International at Perfect Day, explains that the company aims to create an impactful product by making it to be as close as possible to the traditional milk that consumers know and love. It also adds additional values such as its health and environmental benefits.

“It is what we are seeing universally in the markets where we are launching,” he explains. “That is like the number one driver of choice, followed by health and sustainability in that order.

Eyeing Asia

Founded in 2014 by bioengineers Ryan Pandya and Perumal Gandhi, Perfect Day works on the intersection of biological engineering, food innovation, and consumer products to create a greener tomorrow.

Also Read: Why Sesamilk thinks plant-based milk is healthier than cow milk and has a bright future

In Singapore, the launch of its Very Dairy milk follows the launch of animal-free ice-cream brand Coolhaus in July 2022. The ice cream product is developed using the same animal-free milk protein as Very Dairy.

The brands are available in various supermarket chains in Singapore for S$4.95 for the milk’s one-litre package.

“Our international expansion has only just started, and it’s starting with Asia, [particularly] in Singapore and Hong Kong … I think we have been really, really pleased with the reception and the support that we’ve been getting from retailers, distribution partners, and manufacturing partners that we have identified in the region,” Brittain says.

“I think the alternative protein landscape is well-developed here … When we talk to consumers, they are open to trying new, different innovation.”

But this does not mean that entering the Singapore market is not without challenges. In the context of ice cream brands, Brittain names strong attachment to existing major brands as something that is “deeply ingrained” in the market.

“It is hard coming in as a fledgling player with new technology to break into people’s repertoires and habits. [But] one of the good things about [ice cream] is that, basically, it is a category where consumers are open to trying new innovation,” he says.

Following the launch of its ice cream and milk brands in Singapore, Perfect Day aims to introduce its brands to new markets before expanding to other product categories.

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Image Credit: Perfect Day

The post Not a single cow harmed: How Perfect Day aims to win over Singapore’s alternative dairy market appeared first on e27.

Jon Howard is the Strategy Director at Bud Communications. Specialising in company reputation management, he’s directed full corporate rebrands, delivered multi-year B2B comms strategies and has worked with and reported to multiple C-suite types.

Howard originally hails from the UK’s south coast and worked in Germany and Finland before moving to Singapore. After studying journalism, his big break in PR came managing a press office for one of the UK’s biggest consumer lobby groups.

He is a regular contributor of articles for e27 (you can read his thought leadership articles here).

In this candid interview, he talks about his personal and professional life.

How would you explain what you do to a five-year-old?

We create and share interesting stories with journalists and other famous internet people at Bud Communications. That’s because we think they’ll also find these story ideas exciting and want to tell more people about them. These stories are about technology and focus on exciting inventions, smart business people and teams that want to do good things for the world.

What has been the biggest highlight/challenge of your career so far?

The biggest challenge was getting into the communications and PR industry in the first place. Back in 2008, I was finishing up a Master’s degree, and every role I applied for required prior work experience. All I had to show was several internships, some unpaid freelance writing and significant bar/pub work to pay for my studies.

Luckily two great hiring managers looked past my lack of experience and gave me a shot. In the present day, it serves as a constant reminder to pay it forward if an entry-level applicant has a lot of passion and hunger to learn but not necessarily the roll-call of big names on their CV (yet).

How do you envision the next five years of your career?

I want to find myself within a compassionate team who speaks plainly and always has each other’s backs.

Also Read: It is your passion, not education, that drives your future: Meghan Bridges of Rainmaking Innovation

What are some of your favourite work tools?

I’m a big fan of the likes of EdX and Udemy. They have some top-notch courses that are budget-friendly and curated by top-class academics and educators.

On the specific note of workplace tools, this year we’ve introduced the HR platform 15Five, which is fantastic to see how team members are feeling weekly, as well as being able to schedule line management meetings and even 360 reviews and annual appraisals.

Regarding finance matters, Spenmo was recently added to our toolset, which has simplified our team’s corporate expenses and made the reimbursement process more frictionless.

What’s something about you or your job that would surprise us?

One major misconception about being a great communications/PR pro is that you need to be the dominant voice at parties, always leading conversations and giving people “aha moments” with every sentence.

The truth is, being a first-class listener and the one asking thoughtful questions will serve you best. Practise active listening skills, always be curious about the other person’s perspective and don’t worry about whether or not you’re the smartest person in the room.

Do you prefer WFH or WFO, or hybrid?

I need a degree of routine and consistency, so I’m in the office almost daily. I’m also much more productive in an office environment. That probably sounds weird to many people, but thankfully commuting in Singapore is far more painless than, e.g. London. 

If I still lived there, my answer would probably be quite different. I don’t lose a lot of time travelling to work in Singapore, and internet connectivity is good regardless of the mode of transport.

What would you tell your younger self?

“Don’t worry; adults are also making it up as they go along. Be kinder to yourself.”

This line would have gone a long way to helping my perpetual feelings of imposter syndrome, especially earlier in my career.

Can you describe yourself in three words?

Work in progress.

Also Read: Consistency is key in life: Baradhwaj R of MoEngage

What are you most likely to be doing if not working?

While living in Finland, I picked up padel tennis, a cross between tennis and squash and now slowly growing in Singapore, with new-ish courts in Jurong. I’m also kickstarting a homebrewing side gig, which I hope can become a mega business empire one day.

Learning languages is also perfect for mental stimulation, and I am a heavy Duolingo user. Lastly, one of the biggest habits I picked up during the COVID-19 lockdown in Europe was learning piano and sustaining a habit of playing for around 15-20 minutes daily.

What are you currently reading/listening to/ watching?

Reading – Black Box Thinking by Matthew Syed is all about failure, why it’s healthy and how to learn from mistakes.

Listening – Up until England was knocked out of the World Cup, and I felt sad, I listened to The Guardian’s Football Daily podcast first thing each morning.

Watching – I’ve been sucked into The White Lotus “whodunnit” hype over on HBO. Meanwhile, for some of the best content on YouTube, shoutout to travel vlogger Indigo Traveller, who puts himself in extremely dangerous situations to tell important stories in conflict-ridden areas.

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WhyQ, a digital innovation startup focused on helping micro-SMEs digitise their businesses, has secured an additional RM4.6 million (US$1.1 million) in a Series A2 extension round.

Kairos FoodTech Fund of Kairos Capital Group led this round. The initial Series A2 round of RM11.8 million (US$2.7 million) closed in 2021 and included Delivery Hero, Chope, Angel Central, and RB Investments.

Kairos Capital previously invested in Good Meat, Roslin Technologies and Mission Barns.

With this additional funding, WhyQ plans to expand its digitalisation platform and support the growth of small businesses in Singapore and Malaysia. It will also improve its existing products and develop new ones.

“Collaborating closely with hawkers in Singapore for the past five years has allowed us to understand the challenges that small business owners face regarding digitalisation. Leveraging on our experience partnering with small-scale F&B owner-operators like hawkers, we would like to extend our expertise to help small business owners in Malaysia digitalise properly, with simple and free products,” said Varun Saraf, CEO and Co-Founder of WhyQ.

WhyQ started as a hawker food delivery service in 2017 and became an MSME-focused food delivery platform in Singapore. The firm has since added products to build digital infrastructure, enabling MSMEs to sell and grow their business online. It offers two free products: an eBiz app EBiz and a digital bookkeeping app Kira Kira.

Also Read: ‘The era of easy money is over’: VCs speak of funding winter and exit landscape in Southeast Asia

EBiz enables MSMEs to create their own online storefronts, connect with popular marketplaces, such as Foodpanda, accept online payments, and connect with logistics services like Lalamove within 60 seconds. This makes it easy for MSMEs to set up a digital presence quickly and easily and start selling online.

Kira Kira, on the other hand, allows small businesses to track their daily transactions, manage their accounts, and apply for low-interest loans from partners such as Funding Societies. This makes it easy for businesses to stay on top of their finances and access the funding they need to grow.

WhyQ currently powers over 20,000 small businesses in Singapore and Malaysia.

“SMEs are the economic backbone of Southeast Asia, accounting for more than 90 per cent of all companies and are the primary drivers of social mobility. The pandemic has increased demand for more adoption and integration of digital technology among SMEs. However, many SMEs face numerous barriers to adopting technology at a critical time of need. WhyQ is well positioned to help SMEs with their digitalisation challenges by providing the digital infrastructure and tools to close the digital divide for merchants in SEA,” said Eric Cheong, Co-Founder and Managing Partner of Kairos Capital.

As part of its planned project trajectory in 2023, WhyQ plans to add more features to the eBiz app, such as customisable templates for online storefronts and integrations with popular e-commerce platforms like Shopee and Lazada. It also plans to partner with more logistics providers and payment gateways to give small businesses even more options for fulfilling orders and accepting payments.

Additionally, it plans to enhance its digital bookkeeping app with new features, such as automatic sales & expense categorisations, inventory management, and bill payments. It will also continue to expand its network of lending partners to provide more options for small businesses seeking low-interest and quick loans.

WhyQ will also strengthen the digital payment infrastructure for MSMEs by offering a wide range of payment solutions that solve the needs of merchants as they go digital.

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The post WhyQ adds US$1.1M to Series A1 to enable hawkers to go, sell online appeared first on e27.

Locad, an e-commerce fulfilment startup in the Philippines, has secured US$11M in a Series A investment round led by Singapore-based global VC firm Reefknot Investments.

Access Ventures, JG Summit, and returning investors Sequoia Surge, Febe Ventures, Antler, Hustle Fund, and Foxmont also participated.

The capital will be used to build an extensive and interconnected supply chain network across Asia Pacific through its technology platform. This move will provide e-commerce brands with logistics capabilities to tackle the US$170 billion e-commerce markets across Southeast Asia and Australia.

Also Read: ‘The era of easy money is over’: VCs speak of funding winter and exit landscape in SEA

Locad coordinates the physical movement of goods for an online world. It is the logistics engine for e-commerce brands, automating inventory distribution, warehouse storage, and shipping across Asia Pacific.

The tech platform synchronises inventory across online channels. It organises end-to-end fulfilment through its network of warehouses and shipping carriers across Singapore, the Philippines, Thailand, Hong Kong, and Australia.

The startup has served over 200 brands across Singapore, the Philippines, Australia, Thailand, and Hong Kong. It claims to have shipped more than two million orders while maintaining a 99 per cent same-day order fulfilment rate.

Ervin Lim, VP of Reefknot, said: “Locad’s unique operating model of intelligently allocating inventory across distributed warehouses ensures that inventory is kept close to the customers, thereby enabling high cost and time savings for both brand and consumer. We believe that Locad’s logistics engine will spur greater participation in the digital economy as consumers outside of Tier-1 cities can now receive orders 2-3X faster at a fraction of the usual cost.”

Also Read: Startups should adopt the glocalisation mode of design and thinking: Reefknot’s Marc Dragon

Reefknot partners with high-growth technology companies pushing new frontiers within the supply chain and logistics space. Its first US$50 million fund has invested in Roambee, Pickupp, Secondmind, and Previse.

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

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