A Recap On What Happened This Week: Asian Startup News Overview (April 21st

By: Asia Business Outlook Team | Friday, 28 April 2023

Asian startups are thriving today for a variety of reasons, including a large pool of young and educated workers, an increasing number of tech-savvy consumers, supportive government policies, and a growing network of investors and incubators.One of the most significant factors contributing to the success of Asian startups is the large and rapidly growing market for tech products and services in the region. Asia is home to some of the world's most populous countries, such as China and India, which have a combined population of over 2.7 billion people. This presents a massive market for startups to tap into and grow their businesses.

This week, an Asian startup, ZEBOX, announced the opening of its APAC offices, while Endowus, a Singapore-based fintech firm, officially launched its digital wealth management services in Hong Kong, the company's first international market.

Here is a list of 5 startups that excelled this week.

ZZEBOX

ZEBOX, an international accelerator network developed by shipping behemoth CMA CGM to bring greater technological innovation to the supply chain industry, announced the opening of its APAC offices today. ZEBOX Asia, based in Singapore, will investigate markets such as Indonesia, Malaysia, Taiwan, Japan, and Korea.

The APAC hub is supported by Enterprise Singapore, a board under the Ministry of Trade and Industry that promotes SME development, and the Singapore Maritime and Port Authority, as well as industry partners Bureau Veritas Marine and Offshore, PSA unboXed, and Synergy Marine Group.

ZEBOX, which was founded in 2018 by CMA CGM Group chairman and CEO Rodolphe Saadé, already has hubs in France, the United States, the United Kingdom, West Africa, and the Caribbeans, and has worked with 100 startups that have raised a total of $235 million in funding. BNP Paribas, CEVA Logistics, Infosys, BNSG Railway, Port of Virginia, and Centrimex are among the 20 corporate partners with whom entrepreneurs engage while in ZEBOX's incubator.

Hardarshak

A firm that focuses on MSME, Haqdarshak Empowerment Solutions Pvt Ltd (HESPL), has completed its pre-Series A1 financing round with contributions from the Financial Health Innovation Fund and Innovating Justice Fund, both of which are administered by Village Capital. The company hid the terms of the financial transaction, but two persons with knowledge of the matter told VCCircle that the amount was anticipated to be between $1.8 and $1.9 million.

Other investors who took part in the round were Abhishek Rungta (INT), Deep Bajaj (Sirona Hygiene), Bhavin Pandya (Games 24X7), M/S Morpheus Ananta, and Bindu Subramaniam (SaPa), among others. The Benagluru-based company plans to use the funds to increase its staff and upgrade its technological infrastructure.

Haqdarshak, created by Aniket Doegar, aims to bridge the information and access gap between citizens and social protection organisations (both public and private) by utilising technology and its field agent network.

Capria Ventures

Capria Ventures, based in the United States, has announced the first closure of its Global South Fund II, which hopes to raise $100 million.

Bill Gates' Gates Ventures is one of the fund's anchor investors. Crystal Springs Foundation, OIP Investment Trust, Sall Family Foundation, Brakeman Family Trust, and two Pioneer Square Labs founders are among the other institutional investors.

Capria intends to invest in 20 to 25 early-stage firms. According to a release, it would concentrate on firms in Southeast Asia, the Middle East, Latin America, and Africa.

In line with current trends, the venture capital firm will look for founders and startups leveraging generative AI in industries such as agritech, finance, edtech, healthtech, HR tech, logistics, and climate tech. Four investments have already been made by the new fund in Latin America and Africa.

Bite Ventures

Better Bite Ventures, based in Singapore, has announced the first four deals in its First Bite programme, which invests in alternative protein entrepreneurs in the Asia Pacific area.

Singapore is the source of two of its new investments. Allium Bio intends to process mycelium and microalgae to produce sustainable components, whilst Cultivaer (which is still in stealth mode) intends to speed the scalability of fermentation-based alternative proteins.

Klevermeat, an Indian company that makes cell-based seafood, and EatKinda, located in New Zealand, make ice cream out of cosmetically defective cauliflower that would otherwise go to trash.

Endowus

Endowus, a Singapore-based fintech firm, has officially launched its digital wealth management services to Hong Kong, the company's first international market.

According to a release, investors in Hong Kong can now build single- and multi-fund portfolios using Endowus' 140 funds across multiple asset classes.

According to the company, it is Hong Kong's first fee-only, non-commission-based digital wealth management platform. For the expansion, it has worked with PIMCO, JPMorgan Asset Management, and Allianz Global Investors.

Endowus purchased a majority position in Hong Kong-based investment management Carret Private last year.