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Early-stage startups are particularly susceptible to the conundrum of needing partnerships to grow. They also face tremendous difficulties convincing clients and businesses to trust them and their products.
However, there is an arguably straightforward solution to this quandary. On Nhu Binh (Eric), CEO of Vietnamese ride-hailing platform <a href="https://www.emddi.com/">EMDDI</a>, once pointed out that knowing the pain points of clients and stakeholders empowers startups to provide the essential “painkillers” to resolve these issues. Startups are recognizing the power of collective action and the multiplier effect it can have, and how actively engaging with various stakeholders such as government bodies, academic institutions, corporates, and non-profit organizations can generate meaningful impact.
This was precisely the approach EMDDI undertook to develop partnerships as a young startup. When it noticed that incumbent taxi companies in Vietnam had yet to digitalize their operations and were losing out to ride-hailing platforms like Grab and Gojek, it offered to build apps and other digital infrastructure for these companies so that they could also obtain a share of the digital ride-hailing market. EMDDI also noted that digital payment companies were trying to come up with user retention strategies for their platforms and astutely integrated the services of taxi companies with their digital payment apps, giving taxi companies access to digital payment infrastructure while providing digital payment companies with more customers and users.
EMDDI’s partnership-focused approach is hardly anomalous. During the Deloitte Southeast Asia Innovation Festival 2023, nine startups and venture capital firms from seven cities in Southeast Asia were selected to showcase how partnerships are essential to elevating young businesses and amplifying their potential for wider societal change.
Notably, Do Bui, founding partner and CEO of <a href="https://thinkzone.vn/">ThinkZone Ventures</a>, emphasized the importance of empowering everyone within the ecosystem to create and contribute value. By providing value that other parties need, one can then find alignment with larger organizations or governing authorities.
Leveraging partnerships to create more value for stakeholders also forms the core of Filipino startup <a href="https://www.kravers.com/">Kraver’s Canteen (Kraver’s)’s</a> operations. Kraver’s works with local food and beverage businesses to foster customer loyalty and ensure that their customers have a seamless dining experience, thereby accelerating their growth.
Victor Lim, co-founder and CEO of Kraver’s, initially set up the company as a cloud kitchen. However, due to changing post-COVID conditions, he found that cloud kitchens were not meant to be standalone businesses. In fact, they can add more value to F&amp;B brands by providing another mode of customer engagement. By ensuring that all customers receive high-quality culinary and delivery experiences, Kraver’s enables smaller and independent F&amp;B brands to retain their customers. The brands are also able to sidestep the difficulties of competing directly with the behemoths in the food delivery industry, like Grab and Foodpanda, in terms of pricing. Instead, they can enhance their competitive edge by delivering better customer experiences and engagement.
<h3>Building new paths for better health and wellness </h3>
Beyond the establishment of partnerships within the startup ecosystem, the growing emphasis on health and wellness is spurring global action for more to be done—and Southeast Asia is no exception. Startups in the region are harnessing the power of technology to transform eating and wellness routines, giving consumers access to a higher quality of living while ensuring sustainable resource allocation.
<a href="https://nanka.in/">Nanka</a>, a Selangor-headquartered food tech company, Malaysia, has researched and developed plant-based alternatives to meat products for human and animal consumption using a local ingredient: jackfruit. Jackfruit is one of the key crops in Malaysia for export, and could also augment Malaysia’s internal food security. Additionally, the fruit is both nutritious and hearty, making it a valuable food source to Malaysians.
The potential of jackfruit has piqued the interest of food distributors and F&amp;B companies across Asia. For Syafik Jaafar, co-founder and head of strategy at Nanka, the opportunity lies in supplying jackfruit as a substitute for meat products and using its rinds for animal feed. By doing this, startups like Nanka can not only reduce the reliance on traditional livestock farming, but also utilize resources more efficiently and significantly lower their greenhouse gas emissions. More importantly, this could pave the way in encouraging the public to eat more healthily and be more conscious of their consumption choices.
The aspiration of healthy living weighs on the minds of consumers in Indonesia as well. With <a href="https://www.unicef.org/indonesia/nutrition">high rates of malnutrition and unhealthy eating</a> among the Indonesian population, more can be done to shape healthier diets in the country.
Enter <a href="https://www.lemonilo.com/">Lemonilo</a>, a fast-moving consumer goods startup with a vision to nurture a healthier generation of Indonesians. Best known for its iconic “green noodles”, the startup produces healthier alternatives of popular local food and snacks. Having identified working mums with kids as its target audience, Lemonilo strategically balances healthy options with cost and sustainability, performing quality checks with its suppliers and managing its overall supply chain to keep costs reasonable.
Acknowledging the mammoth task ahead of them, Bryan Gunawan, vice president of people at Lemonilo, says that its aim is to change consumers’ mindsets via conscientious trial-and-error. The focus is not to achieve immediate results from product development. To Gunawan, innovation does not always constitute adding more features to an existing idea—it can instead be about returning to the drawing board and starting out with something entirely different.
The focus in Thailand has been slightly different, with the accessibility of mental health services becoming one of the country’s key priorities. Kanpassorn “Eix” Suriyasangpetch, founder and CEO of <a href="https://ooca.co/en/">Ooca</a>, highlights the potential in Thailand for online counselling services to be consolidated and digitalized. Ooca unites disparate parts of the Thai mental healthcare system through a digital platform that connects people with mental health professionals to access online counselling services. The startup partners with various companies to offer its range of services and collaborates with healthcare providers, hospitals, and insurance companies

Startups share common need for partnerships to scale effectively

Singapore

Malaysia

Thailand

Vietnam

Indonesia

Philippines

<h3>Qosmosys raises USD 100 million in gargantuan seed round</h3>
<a href="https://qosmosys.com/">The Singapore-based space technology company</a> has raised USD 100 million in a seed funding round, marking a milestone as ostensibly the largest seed round completed in its industry to date.
Qosmosys offers on-demand services to a wide range of clients, including both public and private entities seeking to engage in space-related activities. The newly raised funds will enable the company to develop its lunar transportation vehicle, ZeusX. This significant step aligns with its goal of conducting lunar missions utilizing the ZeusX spacecraft within the next four years, with a follow-up mission scheduled for 2029.
Qosmosys is not only aiming for lunar exploration but also has its sights set on going public with an anticipated IPO, projected to occur no later than 2028.
“This landmark investment represents a pivotal moment for both Qosmosys and the broader space exploration sector. We are profoundly thankful for the unwavering commitment demonstrated by our investors, who align with our belief that the moon presents boundless possibilities,” said Francois Dubrulle, CEO of Qosmosys.
<h3>Inteluck secures USD 34 million in Series C round</h3>
<a href="https://www.inteluck.com/">The Singapore-headquartered supply chain solutions provider</a> has completed its Series C funding round, securing USD 34 million. The round was led by Navegar and joined by existing investor East Ventures. Favour Capital provided exclusive financial advisory services.
Inteluck intends to use the capital to expand its regional presence and bolster its capabilities in the supply chain sector.
"As the industry grows from increased trade, infrastructure upgrades, and the development of traditional sectors, Inteluck is well-positioned to solve the unique B2B logistics challenges of the Philippines and its neighbors,” said Nori Poblador, managing partner at Navegar.
<figure id="attachment_146001" aria-describedby="caption-attachment-146001" style="width: 1024px" class="wp-caption aligncenter"><img class="size-large wp-image-146001" src="https://console.kr-asia.com/wp-content/uploads/2023/10/Inteluck-1024x576.jpeg" alt="" width="1024" height="576" srcset="https://console.kr-asia.com/wp-content/uploads/2023/10/Inteluck-1024x576.jpeg 1024w, https://console.kr-asia.com/wp-content/uploads/2023/10/Inteluck-300x169.jpeg 300w, https://console.kr-asia.com/wp-content/uploads/2023/10/Inteluck-768x432.jpeg 768w, https://console.kr-asia.com/wp-content/uploads/2023/10/Inteluck-1536x864.jpeg 1536w, https://console.kr-asia.com/wp-content/uploads/2023/10/Inteluck-480x270.jpeg 480w, https://console.kr-asia.com/wp-content/uploads/2023/10/Inteluck.jpeg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-146001" class="wp-caption-text">Photo courtesy of Inteluck.</figcaption></figure>
<h3>Qiscus bags IDR 32 billion in funding from Init-6</h3>
<a href="https://www.qiscus.com/en">The customer engagement platform</a> has bagged IDR 32 billion (USD 2 million) in funding from Init-6. It will use the funds to accelerate its market expansion in Southeast Asia next year.
In a statement shared with DailySocial, Delta Purna Widyangga, co-founder and CEO of Qiscus, expressed the company’s goals following this investment. “We are proud to announce the acquisition of new funding which will be allocated strategically to accelerate our market expansion in Southeast Asia, leveraging our existing presence in more than ten countries. With a focus on sustainable growth, we are committed to doubling our revenue by 2024 as the first step of this expansion," Widyangga said.
<h3>Better Bite Ventures announces investments in Fattastic, Pivot Eat, and Everything But</h3>
<a href="https://www.betterbite.vc/">The climate-focused food tech investment firm</a> has announced investments in three companies:
<ul>
<li aria-level="1">Fattastic is a Singapore-based company that is engineering plant-based fats to enhance the attributes of plant-based meats and dairy products. Its oil structuring technology can transform plant-based oils into solid states to resemble animal fats more closely.</li>
<li aria-level="1">Pivot Eat is an Australian company developing a novel process to improve the structure and scalability of whole-cut meat alternatives.</li>
<li aria-level="1">Everything But is a South Korean cultivated meats startup with a specific focus on pet food. The company is dedicated to creating protein-rich pet food that can be sustainably produced without compromising on taste, texture, or nutritional quality.</li>
</ul>
The investments were made via the firm’s early-stage First Bite initiative.
“Food production is a major contributor to greenhouse gas emissions, more than all transportation combined. As part of the broader transition to a net zero economy, we need new, more sustainable ways of making food. … The startups we are announcing today are pioneering new solutions to improve the taste and texture of meat and dairy alternatives,” said Michal Klar, founding partner at Better Bite Ventures.
Established in 2021, Better Bite Ventures is a USD 15 million fund with a portfolio of over 20 companies across the Asia Pacific. The fund typically commits between USD 50,000 and USD 150,000 per investment and boasts an impressive roster of food tech startups among its investees, including Green Rebel Foods, Tindle (by Next Gen Foods), CellX, and more.
<figure id="attachment_146000" aria-describedby="caption-attachment-146000" style="width: 720px" class="wp-caption aligncenter"><img class="size-full wp-image-146000" src="https://console.kr-asia.com/wp-content/uploads/2023/10/Better-Bite-Ventures-Satnam-Singh-Fattastic-Ann-Limley-Pivot-Eat-Yoonchan-Hwang-Everything-But.jpg" alt="" width="720" height="475" srcset="https://console.kr-asia.com/wp-content/uploads/2023/10/Better-Bite-Ventures-Satnam-Singh-Fattastic-Ann-Limley-Pivot-Eat-Yoonchan-Hwang-Everything-But.jpg 720w, https://console.kr-asia.com/wp-content/uploads/2023/10/Better-Bite-Ventures-Satnam-Singh-Fattastic-Ann-Limley-Pivot-Eat-Yoonchan-Hwang-Everything-But-300x198.jpg 300w" sizes="(max-width: 720px) 100vw, 720px" /><figcaption id="caption-attachment-146000" class="wp-caption-text">Image of representatives from Better Bite Ventures’ three new investees. From left to right: Satnam Singh, founder of Fattastic, Ann Limley, founder of Pivot Eat, and Yoonchan Hwang, CEO of Everything But. Image courtesy of Better Bite Ventures.</figcaption></figure>
<h3>Triple-A raises USD 10 million in Series A round</h3>
<a href="https://triple-a.io/">The Singapore-based cryptocurrency payments company</a> has secured USD 10 million in a Series A funding round. The round was led by Peak XV Partners (formerly known as

Deals in brief: Qosmosys raises USD 100 million, Inteluck secures Series C funding, Init-6 backs Qiscus, and more

Venture Capital

Investment

Korea

India

Dutch food tech company <a href="https://meatable.com/">Meatable</a> has introduced its cultivated meat products to the world at a press tasting event held in Singapore. This tasting event showcasedpork sausages, hot dogs, and pulled pork tacos and was the first of its kind to be organized by Meatable, marking a significant step for the company following its <a href="https://kr-asia.com/deals-in-brief-meatable-secures-usd-35-million-in-funding-nine-new-deals-for-chinese-companies-and-more#:~:text=Meatable%20raises%20USD,with%20conventional%20meat.">recent fundraise of USD 35 million</a>, bringing its total funds raised to USD 95 million.
The event was held with the approval of the Singapore Food Agency (SFA), the world's first regulatory body to grant such authorization to Meatable. This highlights Singapore's pioneering role in developing a regulatory framework for the cultivated meat industry. Meatable had previously conducted a preliminary closed-door trade tasting session in June this year to lay the groundwork for this event.
Leading up to this event, Meatable has been enhancing its production process and improving the quality and taste of its cultivated meat products. The company's commitment to producing high-quality cultivated pork meat has helped it develop products that possess the ideal attributes of traditional meat, including fiber formation, protein content, fat accumulation, and essential flavors. More importantly, Meatable's products offer the familiar bite, texture, and taste synonymous with traditional meat, making them nearly indistinguishable.
Krijn de Nood, co-founder and CEO of Meatable, was enthused at the prospect of letting the public taste the company’s cultivated meat products, emphasizing its importance in product optimization and the path toward full regulatory approval for sales in Singapore. He also underscored the company's broader mission of satisfying global meat demand without causing harm to people, animals, or the environment.
Meatable’s production process utilizes its patented opti-ox technology, enabling large-scale production of cultivated meat by using pluripotent stem cells. This technique involves extracting a single cell sample from an animal without causing harm and using that sample to replicate the natural growth process of cells. This process enables Meatable to “move from cell to sausage” in eight days, which is ostensibly 30 times faster than traditional pig rearing. This efficiency positions Meatable’s solution as a cost-effective and scalable cultivated meat production method, all while addressing pressing environmental concerns associated with traditional meat production.
Meatable has <a href="https://kr-asia.com/foodtech-qa-with-daan-luining-co-founder-and-cto-of-meatable">joined forces with ESCO Aster</a>, Singapore’s sole licensed cultivated meat manufacturer, to build its first production facility outside the Netherlands. Additionally, Meatable is collaborating with Love Handle, a plant-based grocer in Asia, to develop a hybrid product line. Both companies plan to introduce products like pork sausages and dumplings in select restaurants and retailers starting next year.
<figure id="attachment_141847" aria-describedby="caption-attachment-141847" style="width: 1024px" class="wp-caption aligncenter"><img class="size-large wp-image-141847" src="https://console.kr-asia.com/wp-content/uploads/2022/11/Meatable_Cultivated-Pork-Products_Sausages_3-1024x683.jpg" alt="" width="1024" height="683" srcset="https://console.kr-asia.com/wp-content/uploads/2022/11/Meatable_Cultivated-Pork-Products_Sausages_3-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2022/11/Meatable_Cultivated-Pork-Products_Sausages_3-300x200.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2022/11/Meatable_Cultivated-Pork-Products_Sausages_3-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2022/11/Meatable_Cultivated-Pork-Products_Sausages_3-1536x1025.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2022/11/Meatable_Cultivated-Pork-Products_Sausages_3-2048x1366.jpg 2048w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-141847" class="wp-caption-text">Photo of Meatable’s cultivated pork sausages. Photo from KrASIA’s archive.</figcaption></figure>
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With USD 35 million secured to scale up production and advance its commercialization endeavors, both within Singapore and on a global scale, Meatable plans to debut in Singapore’s consumer market next year before expanding into the US and other international markets.
Cultivated meat holds immense potential to revolutionize the food industry while addressing growing demand for meat in an environmentally sustainable manner. Independent research conducted by CE Delft indicates that cultivated meat can <a href="https://gfi.org/press/new-studies-further-the-case-for-cultivated-meat-over-conventional-meat-in-the-race-to-net-zero-emissions/">significantly reduce greenhouse gas emissions and land use</a> associated with conventional beef production by up to 92% and 95% respectively. Recognizing this potential, investors have <a href="https://www.foodnavigator.com/Article/2023/08/08/We-re-all-pioneering-great-steps-forward-Dutch-cultivated-meat-start-up-Meatable-eyes-market-entry-in-2024-after-35m-fundraise">poured nearly USD 900 million into the sector</a>, underscoring its significance within the broader alternative protein landscape, which has raised approximately USD 14 billion to date.
In the coming months, Meatable will host additional tasting sessions both in Singapore and internationally. These events will aim to educate partners and consumers while providing valuable insights to further develop and offer cultivated meat at scale.

Meatable unveils cultivated meat products at press tasting event in Singapore

… href="https://ampverse.com/">The Asian gaming ecosystem</a> has announced the acquisition of the technology and IP assets of <a href="https://www.championfy.com/">Championfy</a>, a Singapore-based startup specializing in gaming technology.
The acquisition falls under Ampverse’s investment strategy aimed at enhancing the capabilities of Ampverse Labs and solidifying its role as a leader in bridging the gap between brands and their audiences within the gaming industry. The move is expected to accelerate the development of Ampverse’s in-house products and services.
<h3>AWAK Technologies secures over USD 20 million in Series B round</h3>
<a href="https://awak.com/">The Singapore-based health tech startup</a> has secured over USD 20 million in a Series B funding round jointly led by venture capital firms Lion X Ventures and Vickers Venture Partners, with participation from investors including Temasek-backed Advanced MedTech and US-based healthcare venture capital fund Eckuity Capital.
The funds will support AWAK’s ongoing clinical trial with Singapore General Hospital and the enhancement of its peritoneal dialysis device. —The Business Times
<h3>Juniper Green Energy secures USD 350 million investment for renewable energy projects</h3>
<a href="https://www.junipergreenenergy.com/">The India-based renewable energy company</a> has secured a USD 350 million investment from Singapore-headquartered investment firm AT Capital Group and Dutch commodities trading firm Vitol. —DealStreetAsia
<h3>Bianjie.ai raises eight-figure RMB sum in Series A round</h3>
<a href="https://www.bianjie.ai/">The Chinese blockchain service provider</a> has raised an eight-figure RMB sum following the completion of a Series A round of financing. The round was jointly invested by two Hengdian Group-managed funds. The investment will enable Bianjie.ai to ramp up its technology R&amp;D and market expansion efforts. —<a href="https://www.36kr.com/p/2429565372404360">36Kr</a>
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<h3>Hukumku, Parallax, HN Novatech, and more led yesterday’s headlines:</h3>
<ul>
<li aria-level="1"><a href="https://www.hukumku.id/">Hukumku</a>, an Indonesia-based legal tech startup, has raised an undisclosed amount in a funding round led by Southeast Asian venture capital firm East Ventures. The funds will be used to accelerate product development and marketing efforts as the company plans to launch its platform in November this year. Hukumku aims to provide a wide range of legal services and become a one-stop solution for legal needs in Indonesia.</li>
<li aria-level="1"><a href="https://www.withparallax.com/">Parallax</a>, a Philippine cross-border payments company, has secured USD 4.5 million in a seed funding round led by Dragonfly Capital, with participation from Circle Ventures, General Catalyst, and angel investors including Balaji Srinivasan, Zach Abrams, and several founders and operators of other fintech companies. Parallax will use the funds to expand its team and scale its operations, focusing on the cross-border payment market.</li>
<li aria-level="1"><a href="https://hnnt.co.kr/">HN Novatech</a>, a South Korean food tech startup, has raised USD 4 million in a Series A bridge round led by Logan Ventures. The funding coincides with the launch of ACOMS, a proprietary heme-based seaweed ingredient for plant-based meat applications. The company aims to advance its innovative food technology with the newly acquired capital.</li>
</ul>
If there are any news or updates you'd like us to feature, get in touch with us at: <a href="mailto:hello@kr-asia.com">hello@kr-asia.com</a>.

Deals in brief: IFC and Amartha collaborate to help finance Indonesia’s women-owned microenterprises, Novelship concludes Series B round, and more

<h3>Hukumku scores funding in East Ventures-led round to democratize legal access in Indonesia</h3>
<a href="https://www.hukumku.id/">The Indonesia-based legal tech startup</a> has completed a funding round led by Southeast Asian venture capital firm East Ventures.
Hukumku will use the funds to accelerate its product development and marketing efforts, ahead of its plan to launch its platform in November this year. It aims to provide a wide range of services and become a one-stop solution for legal needs.
“We are grateful for the support of East Ventures in our mission to democratize and revolutionize legal access in Indonesia. [Its] belief in our vision reinforces our commitment to harnessing technology to make legal services accessible for all,” said Fritz Hutapea, co-founder and CEO of Hukumku.
<h3>Parallax raises USD 4.5 million to streamline cross-border payments</h3>
<a href="https://www.withparallax.com/">The Philippine cross-border payments company</a> has raised USD 4.5 million in a seed funding round led by Dragonfly Capital, with participation from Circle Ventures, General Catalyst, and angel investors including Balaji Srinivasan, Zach Abrams, and several founders and operators of other fintech companies.
Founded last year, Parallax will use the funds to expand its team and scale its operations, tackling the cross-border payment market that’s ostensibly valued at USD 21 trillion.
<h3>HN Novatech secures USD 4 million in Series A bridge round</h3>
<a href="https://hnnt.co.kr/">The South Korean food tech startup</a> has secured USD 4 million in a Series A bridge round led by Logan Ventures.
HN Novatech’s completion of the bridge round coincides with its launch of ACOMS, a proprietary heme-based seaweed ingredient for plant-based meat applications. The company’s representatives were recently in Singapore to co-organize a launch event with venture builder Singapore Tembusutech Innovation and business consultancy KILSA Global.
<figure id="attachment_145167" aria-describedby="caption-attachment-145167" style="width: 598px" class="wp-caption aligncenter"><img class="size-full wp-image-145167" src="https://console.kr-asia.com/wp-content/uploads/2023/09/HN-Novatech.jpeg" alt="" width="598" height="356" srcset="https://console.kr-asia.com/wp-content/uploads/2023/09/HN-Novatech.jpeg 598w, https://console.kr-asia.com/wp-content/uploads/2023/09/HN-Novatech-300x179.jpeg 300w" sizes="(max-width: 598px) 100vw, 598px" /><figcaption id="caption-attachment-145167" class="wp-caption-text">Photo of HN Novatech CEO Kim Yang-hee (front row, left) with her team at the company’s launch event held in Singapore on August 16, 2023. Photo courtesy of HN Novatech.</figcaption></figure>
<h3>NTU, NUS, and Temasek jointly launch SGD 75 million deeptech pilot program</h3>
Singapore's Nanyang Technological University (NTU), National University of Singapore (NUS), and Temasek have signed a memorandum of understanding to launch a SGD 75 million (USD 55 million) pilot program.
This initiative aims to expedite the development of successful deeptech startups originating from research pipelines at NTU and NUS. Both universities will develop a common IP licensing framework, expediting the licensing and translation of university-developed technology for spin-off companies. The outcome will reportedly be a shorter process of one month, instead of the typical five-month period.
Temasek will contribute SGD 65 million (USD 47.7 million) to the initiative, mainly through its early-stage deeptech investing platform, Xora Innovation, while NTU and NUS will each invest SGD 5 million (USD 3.67 million) in the endeavor.
<figure id="attachment_145166" aria-describedby="caption-attachment-145166" style="width: 1024px" class="wp-caption aligncenter"><img class="size-large wp-image-145166" src="https://console.kr-asia.com/wp-content/uploads/2023/09/NTU-NUS-Temasek-Deeptech-Pilot-Program-1024x683.jpg" alt="" width="1024" height="683" srcset="https://console.kr-asia.com/wp-content/uploads/2023/09/NTU-NUS-Temasek-Deeptech-Pilot-Program-1024x683.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2023/09/NTU-NUS-Temasek-Deeptech-Pilot-Program-300x200.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2023/09/NTU-NUS-Temasek-Deeptech-Pilot-Program-768x512.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2023/09/NTU-NUS-Temasek-Deeptech-Pilot-Program-1536x1024.jpg 1536w, https://console.kr-asia.com/wp-content/uploads/2023/09/NTU-NUS-Temasek-Deeptech-Pilot-Program.jpg 1920w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-145166" class="wp-caption-text">Representatives of the signatories at the memorandum of understanding signing ceremony held on September 12, 2023. From left to right: Ho Teck Hua, president, Nanyang Technological University, Tan Eng Chye, president, National University of Singapore, and Russell Tham, head of emerging technologies and joint head, Temasek’s Enterprise Development Group (Singapore). Photo courtesy of NUS Enterprise.</figcaption></figure>
<h3>HSBC Malaysia launches MYR 500 million fund to support tech-led startups</h3>
HSBC Malaysia has unveiled a MYR 500 million (USD 106.9 million) fund aimed at providing financial support to high-growth, new economy businesses in Malaysia. It will primarily assist tech-driven enterprises and emerging startups at the Series B stage and beyond, with a focus on Malaysia's digital economy. —TechNode Global
<h3>Aelf launches USD 50 million fund for Web3 blockchain projects</h3>
<a href="https://aelf.com/">The Singapore-based blockchain solutions company</a> has initiated a USD 50 million investment fund, Aelf Ventures, to provide blockchain projects with financial support. The fund will focus on Web3 projects, especially high-performance Layer-1 blockchain initiatives with the potential to serve as foundational networks for transaction validation. —Tech in Asia
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<h3>Protégé Ventures, Vertex Ventures Southeast Asia and India, Animoca Brands, and more led yesterday’s headlines:</h3>
<ul>
<li aria-level="1"><a href="https://protege.vc/">Protégé Ventures</a>, a student-run venture fund program affiliated with the Singapore Management University Institute of Innovation &amp; Entrepreneurship (SMU IIE), has launched the Marina &amp; David Su Protégé Ventures Fund II with SGD 500,000 (USD 367,000) in funding. This sector-agnostic fund is aimed at supporting early-stage technology startups founded by students or recent graduates from Singapore's polytechnics and universities seeking pre-seed to seed funding. It promotes innovation and entrepreneurship within Singaporean tertiary institutions.</li>
<li aria-level="1"><a href="https://www.vertexventures.sg/">Vertex Ventures Southeast Asia and India</a>, an early-stage

Deals in brief: Hukumku, Parallax, and HN Novatech secure funding, Singapore institutions launch SGD 75 million deeptech pilot program, and more

Temasek

<h2>Jul 28, 2023</h2>
Across Southeast Asia, China, and India, technology companies raised approximately USD 1.2 billion in total from 14 deals we tracked this week. This excludes four deals with undisclosed funding amounts.
Evidenced by investments in companies like Immuno Cure, MiRXES, Bunker, and Zluri, there appears to be a growing interest among investors in the biotechnology and fintech sectors, hinting at a potential trend.
In Malaysia, GoodMorning Global's crowdfunding project on MyStartr raised a record MYR 20 million (USD 4.4 million), indicating that despite the venture capital funding downturn, startups have alternative avenues to raise capital.
That's all from us for this week. If there are any news or updates you'd like us to feature, get in touch with us at: <a href="mailto:hello@kr-asia.com">hello@kr-asia.com</a>
Thanks for joining us.
<h3>ICYMI, these deals headlined this week:</h3>
<ul>
<li aria-level="1">Peak XV Partners led <a href="https://sg.sunrate.com/">Sunrate's</a> Series D extension round, providing funds to fuel the platform’s development and expansion plans.</li>
</ul>
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<ul>
<li aria-level="1">Web3 cybersecurity startup <a href="https://zyber365.com/">Zyber 365</a> has raised USD 100 million from SRAM &amp; MRAM Group via a Series A round, and plans to utilize the funds to expand its operations, enhance technological capabilities, and establish a global presence.</li>
<li aria-level="1"><a href="https://www.geelycv.com/">Geely's Yuan Cheng Auto</a> has completed its Series A round, raising USD 600 million, and will use the funds to support its R&amp;D efforts and strengthen its market position.</li>
<li aria-level="1">In tandem with its IPO application in Hong Kong, cancer diagnostics company <a href="https://mirxes.com/">MiRXES</a> has raised USD 50 million in a Series D round, with participation from both new and existing investors.</li>
<li aria-level="1">Indonesian aquaculture startup <a href="https://efishery.com/en/">eFishery</a> has raised USD 200 million in a Series D round led by 42XFund. It will utilize the funds to expand its farming community and to increase the volume of transactions on its platform.</li>
</ul>
<h3>Immuno Cure raises Series A funding ahead of its plan to IPO</h3>
<a href="https://www.immunocure.hk/">The Hong Kong-based biotechnology corporation</a> has announced that it has closed the first tranche of its USD 27 million Series A funding round, raising USD 12 million.
Led by the AEF Greater Bay Area Fund that Gobi Partners manages, Immuno Cure will use the funds to accelerate the development of DNA vaccines and antibodies, and to prepare for an initial public offering in Hong Kong.
<h3>GoodMorning Global crowdfunds USD 4.4 million to fuel growth plans</h3>
<a href="https://www.goodmorning.com.my/">The Malaysia-based plant-based meat company</a> has garnered MYR 20 million (USD 4.4 million) in an equity crowdfunding project on the MyStartr platform. It set records for having the highest number of investors and the highest amount raised in a single equity crowdfunding project.
GoodMorning Global will use the funds to support its R&amp;D efforts, cover operational expenses, and optimize its debt structure. —e27
<h3>Auxilo Finserve raises USD 57 million in primary equity capital</h3>
<a href="https://www.auxilo.com/">The Indian non-banking financial company</a> has raised USD 57 million in its latest funding round, led by Tata Capital Growth Fund II, Trifecta Leaders Fund I, and Xponentia Opportunities Fund II. Existing investor ICICI Bank also participated in the round.
Focused on education, Auxilo Finserve will utilize the capital to fuel its growth by expanding its loan base and broadening its product offerings. —VCCircle
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<h2>Jul 27, 2023</h2>
<h3>Peak XV Partners leads Sunrate’s Series D extension round</h3>
<a href="https://sg.sunrate.com/">The global payment and treasury management platform</a> has concluded an extended Series D round, with Peak XV Partners (formerly known as Sequoia Capital India and Southeast Asia) as the lead investor. Prosperity7 Ventures and SoftBank Ventures Asia also participated in the Series D2 round.
Sunrate will utilize the funds to fuel its global expansion plans, prioritizing product and technology development, talent acquisition, and exploring other strategic opportunities.
<h3>Aethir secures undisclosed pre-Series A funding</h3>
<a href="https://www.aethir.com/">The Singapore-based decentralized cloud infrastructure company</a> has raised an undisclosed amount of funding after completing its pre-Series A round. Leading the round were investors including Sanctor Capital, HashKey, Merit Circle, and CitizenX, with participation from others including Mirana Ventures, Animoca Brands, Momentum6, Big Brain Holdings, Builder Capital, Tess Ventures, Arthur Hayes from Maelstrom, and more.
Aethir has raised over USD 9 million to date, and is now valued at USD 150 million. The newly raised funds will be utilized to scale its decentralized cloud infrastructure. —PR Newswire
<h3>Zyber 365 bags USD 100 million following completion of Series A round</h3>
<a href="https://zyber365.com/">The Web3 cybersecurity startup</a> has raised USD 100 million in a Series A funding round, from UK-based SRAM &amp; MRAM Group. It intends to utilize the funds to expand its operations, enhance its technological capabilities, and establish a robust global presence.
Zyber 365 was founded two months ago, in May 2023. —The Economic Times
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<h3>Geely’s Yuan Cheng Auto raises USD 600 million in Series A funding</h3>
<a href="https://www.geelycv.com/">The Geely-owned new energy automobile brand</a> has announced the successful completion of its Series A round, raising USD 600 million in funding. The round was led by Boyu Capital and Guangzhou Yuexiu Industrial Investment Fund, with participation from a mix of new and existing investors. The funds will be utilized to support its R&amp;D efforts and strengthen its position in the market. —<a href="https://www.36kr.com/p/2359179992301056">36Kr</a>
<h3>TopOlefin Technology raises USD 139 million in Series B round</h3>
<a href="http://topolefin.com/">The Chinese advanced polymer materials maker</a> has raised around RMB 1 billion (USD 139 million) in Series B financing, with both new and existing investors taking part. The funds will primarily be used to finance the construction of its second-phase production facility. —<a href="https://www.36kr.com/p/2359179992301056">36Kr</a>
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<h2>Jul 26, 2023</h2>
<h3>MiRXES files Hong Kong IPO application

Week 30 in brief: Sunrate's Series D2 round, GoodMorning Global's record crowdfund, and more

Fintech

… than USD 500 billion by 2030.
Companies have started to help farmers streamline their processes, including <a href="https://eratani.co.id/en">Eratani</a>, which offers an all-in-one management platform for farmers in Indonesia. They are able to manage their access to the funding required for operation costs, and even receive insights on how to improve their yields based on the data collected by the company.
Meanwhile, aquatech startup <a href="https://efishery.com/en/">eFishery</a> is targeting to reduce costs for the aquaculture industry with its automatic feeding tool. Sensors are used to detect the movement of fish to determine if they are hungry or full, and the amount of feed being dispensed will be optimized based on this data.
Improving the efficiency of these processes could go a long way to reduce the costs incurred by farmers, and at the same time, cut down on the wastage of resources.
With Asia expecting to experience an <a href="https://foodindustry.asia/hubfs/The%20Future%20of%20Proteins%20in%20Asia.pdf?hsLang=en">increase in protein consumption through 2030</a>, alternative protein sources could be a solution to produce more food while consuming fewer resources.
The projected market size of alternative proteins in Southeast Asia is estimated to be USD 1.7 billion by 2025, and startups like <a href="https://greenrebelfoods.com/">Green Rebel</a> are taking advantage of this flourishing market. Making plant-based meat delicious, affordable and accessible has been one of the aims of the company. Moreover, they have catered their products to the various styles of Asian cooking, including steaming, stir-frying, and grilling — and this may help consumers transition towards plant-based meats without much of a hassle.
After experiencing success in Indonesia, Green Rebel has expanded to other countries like Singapore, Malaysia, and most recently, the Philippines.
<h3>#4. Southeast Asia has identified wind and solar energy as the primary sources of renewable energy</h3>
<img class="aligncenter wp-image-142867 size-large" src="https://console.kr-asia.com/wp-content/uploads/2023/04/american-public-power-association-513dBrMJ_5w-unsplash-1024x681.jpg" alt="" width="1024" height="681" srcset="https://console.kr-asia.com/wp-content/uploads/2023/04/american-public-power-association-513dBrMJ_5w-unsplash-1024x681.jpg 1024w, https://console.kr-asia.com/wp-content/uploads/2023/04/american-public-power-association-513dBrMJ_5w-unsplash-300x200.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2023/04/american-public-power-association-513dBrMJ_5w-unsplash-768x511.jpg 768w, https://console.kr-asia.com/wp-content/uploads/2023/04/american-public-power-association-513dBrMJ_5w-unsplash.jpg 1200w" sizes="(max-width: 1024px) 100vw, 1024px" />
USD 7.72 billion worth of investments have been poured into renewable energy across the region, where investors have identified solar to be a key driver in the energy transition.
Different approaches to utilizing renewable sources of energy have emerged, including Energy-as-a-Service (EaaS), as well as providing distributed energy resources and grid management solutions.
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<a href="https://cleantechsolar.com/">Cleantech Solar</a> offers solar panel installation services for a wide range of buildings, as they boast an impressive portfolio of implementing these panels across diverse sectors, including the automotive, textile and pharmaceutical industries.
Other startups like <a href="https://www.divigas.co/">DiviGas</a> are looking to improve the efficiency of producing hydrogen as an alternative source of energy. Purifying hydrogen can be a challenging process as it can be mixed with carbon dioxide or other acidic gases, and DiviGas has manufactured a new polymeric membrane that separates hydrogen with up to 99.95% purity.
<h3>#5. The mass adoption of electric vehicles still faces numerous challenges</h3>
<img class="aligncenter wp-image-142866 size-full" src="https://console.kr-asia.com/wp-content/uploads/2023/04/dcbel-uBKg9f0aUrY-unsplash.jpg" alt="" width="1000" height="667" srcset="https://console.kr-asia.com/wp-content/uploads/2023/04/dcbel-uBKg9f0aUrY-unsplash.jpg 1000w, https://console.kr-asia.com/wp-content/uploads/2023/04/dcbel-uBKg9f0aUrY-unsplash-300x200.jpg 300w, https://console.kr-asia.com/wp-content/uploads/2023/04/dcbel-uBKg9f0aUrY-unsplash-768x512.jpg 768w" sizes="(max-width: 1000px) 100vw, 1000px" />
The global electric mobility market size is expected to increase to USD 944 billion by 2030, from USD 151 billion in 2020.
With the main driver of growth stemming from the increasing price of fossil fuels, governments in Southeast Asia have been committed to providing incentives to encourage the adoption of this alternative mode of transport.
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However, the main challenges that are hindering the mass adoption of electric vehicles (EVs) include the need to provide enough charging points to accommodate the number of EVs on the road, and to optimize the battery life of each EV.
Singapore-based <a href="https://www.chargeplus.com/">Charge+</a> has developed a slim AC EV charger with dual charging points that can be implemented in carparks with space constraints, making EV charging more accessible for densely populated countries in the region.
With motorbike pollution being a major problem in <a href="https://asia.nikkei.com/Spotlight/Comment/Vietnam-s-true-carbon-threat-its-kingdom-of-50m-motorbikes">countries like Vietnam</a>, EV motorbikes like those manufactured by <a href="https://ionmobility.com/">ION Mobility</a> could be the solution that aims to accelerate the transition from Internal Combustion Engine (ICE) motorbikes to their electric counterparts.
This summary was adapted from the Climate-Tech Market Report by Venturra, a Southeast Asia-focused venture capital firm. For the full report, please visit <a href="https://unfolded.venturra.com/southeast-asia-climate-tech-market-today/">here</a>.

5 Takeaways From Venturra’s Report On The State Of Climate Tech In Southeast Asia

Transportation

Hi, it’s Edmund.
The meat substitute market is growing fast, and yes, we mean growing both literally and figuratively. It is expected to reach sales of <a href="https://www.ipes-food.org/_img/upload/files/FakeMeatSpotlight.pdf" target="_blank" rel="noopener noreferrer">USD 28 billion in 2025</a>, up from USD 4.2 billion in 2020, according to an IPES-Food report.
Meat substitutes are defined as non-meat variants such as plant-based meat products and cell-cultured meat.
There are a myriad of reasons propelling the <a href="https://www.cbinsights.com/research/future-of-meat-industrial-farming/" target="_blank" rel="noopener noreferrer">meatless trend</a>. Beyond COVID-19, they include factors such as urbanization and population growth.
This week, we chatted with Daan Luining, co-founder and CTO of <a href="https://www.meatable.com/" target="_blank" rel="noopener noreferrer">Meatable</a>, a Dutch foodtech company that creates cultivated meat that not only looks and tastes like traditional meat but has a similar nutritional profile.
The startup recently announced its partnership in Singapore with ESCO Aster, a Singaporean food manufacturer to produce cultivated pork, including dumplings and sausages, for consumers.
Read more about Meatable's business strategy and find out how cultured meat is different from plant-based meat. Click <a href="https://kr-asia.com/foodtech-qa-with-daan-luining-co-founder-and-cto-of-meatable" target="_blank" rel="noopener noreferrer">here</a>.
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The Uptake | Non-traditional meats

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… technology transfer and when the production is up and running, we will start filing for approval with the SFA.
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Kr: Cultured meat is <a href="https://www.mckinsey.com/industries/agriculture/our-insights/cultivated-meat-out-of-the-lab-into-the-frying-pan" target="_blank" rel="noopener noreferrer">more costly</a> than regular meat. For example, Eat Just’s lab-grown chicken dish was priced at <a href="https://www.channelnewsasia.com/singapore/lab-grown-chicken-nuggets-1880-eat-just-price-customers-495251" target="_blank" rel="noopener noreferrer">SGD 23</a> at private members’ club 1880 in Singapore. Do you think cultivated meat’s high cost will hamper consumer demand?
DL: Our focus will begin with working directly with restaurants to sell our cultivated pork. This is for two reasons: the supply will be limited in the beginning, and chefs can help us educate consumers, as restaurants are a perfect backdrop for storytelling around food.
In the earlier stages, we expect the price point to be slightly higher than farmed pork meat. However, in the future, after scaling and through continuous process development, we expect to achieve cost parity with conventional meat.
Kr: What trends do you see in the cultured meat industry moving forward?
DL: We believe in a future of meat with minimal impact on the planet and animals. We envision a future where cultivated meat is available in the supermarket, along with plant-based meat and organically grown meat.
McKinsey &amp; Company estimates that the market for cultivated meat could reach <a href="https://www.mckinsey.com/industries/agriculture/our-insights/cultivated-meat-out-of-the-lab-into-the-frying-pan" target="_blank" rel="noopener noreferrer">USD 25 billion by 2030</a> if cultivated meat companies are able to “replicate a wide variety of both processed meats and whole cuts” and distribute them globally.

Foodtech: Q&A with Daan Luining, co-founder and CTO of Meatable

Deep Tech

Europe

Q&amp;A