//

The Jirnexu team. Photo credit: Jirnexu.

Kuala Lumpur-based fintech startup Jirnexu today announced that it has raised US$2 million in pre-series B funding. Japanese financial services company SBI Group led the investment, with existing backers Celebes Artha Ventura from Indoensia and Cento Ventures from Singapore also taking part.

Jirnexu – previously known as Saving Plus – provides a full-stack customer management software suite for financial service providers such as banks and insurers. It also runs several financial service comparison sites, including KreditGoGo in Indonesia and RinggitPlus in Malaysia.

The startup claims that more than half of Malaysia’s consumer banks have signed up to another of its offerings – XPressApply, an online service that simplifies application processes for various financial products. It has also recently introduced a real-time online chatbot for RHB Bank, allowing for live in-principal loan approval, and plans to roll this technology out with other banks in the coming months.

Jirnexu states that this year it has more than doubled the number of distribution agreements it has in place with banks and insurers, meaning it is set to reach its target of breaking even on cashflow by 2018.

The pre-series B cash injection brings the Jirnexu’s total funding to date to US$8 million, following a US$3 million series A round in May last year.  

The startup indicated in a statement that it will use the pre-series B funding and strategic assistance from SBI to consolidate its leadership in Malaysia, while further investing in the development of new products and services.

This post Fintech solutions startup Jirnexu nets $2m in pre-series B funding appeared first on Tech in Asia.

from Startups – Tech in Asia http://ift.tt/2i4b0vw

//

Alibaba founder Jack Ma. Photo credit: Alibaba.

Chinese billionaire Jack Ma received an honorary degree at the De La Salle University in Manila today.

Immediately after the awarding ceremony, the Alibaba chairman sat down and answered a range of questions from moderators and the audience – not all of them easy.

The eminently quotable Ma talked about his early Alibaba days, how the internet has changed the world, and what entrepreneurs must do to succeed.

Here are some of his memorable quotes:

When he started Alibaba, Ma, a former school teacher, said he had no training in technology nor knowledge of computers and the internet. What he had was the dream of being able to help small businesses.

I believe it is not the technology that changes the world, but the dream behind the technology.

Don’t worry whether your dream is silly, he said. Believe in something you’re passionate about.

There are about 7 billion people in the world and there’s just one you so [your dream’s] worth it.

And get a team who will believe in it too.

If it is just your dream, you can never go that far. But if it’s a group’s dream, you can go much further.

More than dreaming, what matters is how far you’re willing to go to achieve what you want. Be prepared to spend years to make it happen.

Ask yourself what you have, what you want, and what you can give up. What are you willing to sacrifice?

When he started his business in the 1990s, Ma said no one believed in the power of the internet. People didn’t want to invest in ecommerce.

If people help you, you’re lucky. If they don’t, that’s very common. Don’t be discouraged when people don’t help you. You should earn the right to be helped.

He believes good leaders possess different kinds of intelligence. There’s the old-fashioned IQ or intelligence quotient. Then there are other Qs.

If you want to be successful you should have great EQ – because EQ means knowing how to work with people. No matter how smart you are, if you don’t know how to work with people, you will never succeed, your dreams will just be dreams.

If you want to be respected, you should have LQ – the quotient of love, which is very important.

He shared why he likes the movie Forrest Gump. On the day he watched it, he was devastated after failing a string of projects and being betrayed by his friends. He drew inspiration from the character – Forrest Gump wasn’t a smart guy, he said, but he never gave up.

Be simple, stay foolish with your dream, and no matter what, just continue running.

He shared how Alibaba quietly dealt with challenges.

Don’t complain about others, only complain about yourself. If you complain, you have to have a solution. If there’s no solution, don’t complain.

Finally, on leadership and mentoring, he urged people:

Find a good boss. A good boss is better than a good company. A good boss will discipline you, train you, develop you.

This post 10 nuggets of wisdom from Jack Ma to Filipino entrepreneurs appeared first on Tech in Asia.

from Startups – Tech in Asia http://ift.tt/2zO8ZeI

//

The Brosa founding team. Photo credit: Brosa.

We’ve all been there: you move somewhere, get your own place, then your mom comes to visit and you get an earful about your lifestyle choices. But what if your mom’s also an interior designer and insists you don’t buy any IKEA furniture?

Then you’re probably entrepreneur Ivan Lim and you spend four weekends running around showrooms and dealing with salespeople, dropping a bunch of money on designer furniture – and finally decide this is a problem that needs addressing.

We are in equal parts a furniture business and a technology business.

Together with co-founders Richard Li and David Wei, Lim decided to start Brosa, an ecommerce brand for designer furniture that aims to help customers find nice-looking products on the website, buy them for affordable prices, and have them delivered to their home.

“We are in equal parts a furniture business and a technology business,” Lim, who’s CEO of Brosa, tells Tech in Asia. The startup has built its own enterprise software to automate and optimize the processes involved in designing and sourcing products, packaging them, and scheduling shipments to customers.

At the same time, it uses machine learning and data science to plan for future demand and gather more information about its products.

Brosa has just clinched a series B round worth US$3.9 million. Existing investor AirTree Ventures returned for this round, which was joined by Bailador Technology Investments and BMY Group.

The startup will use its new resources to improve its tech and hire senior staff across a spectrum of roles, including software engineering and business. It will also revamp a number of physical outlets it has created to act like offline showrooms for its products.

Taking the market online

Brosa is poised to take advantage of the rising trend in online furniture retail as well as a global market valued at US$13 billion by Euromonitor International. The firm found that six percent of sales value worldwide in 2016 was online, up 13 percent from the year before.

Before Brosa, Lim oversaw growth at Elto, a marketer and developer marketplace that was acquired by GoDaddy in 2015. Wei co-founded group buying website Crowdmass, which he sold to Groupon in 2011. Li was running his own furniture manufacturing and exporting business.

Brosa is eyeing both Australia and other Asia-Pacific markets.

As Brosa scales up, it’s eyeing both Australia and other Asia-Pacific markets. Finding the right talent to do that is one of the greatest challenges it faces, according to Lim. The firm has increased its headcount from 25 to 70 since its series A in 2015.

Brosa doesn’t reveal revenue and gross merchandise volume figures. Lim offers only that order volume from customers has grown more than 10 times since its previous round. The startup has designed and launched over 2,000 new products and has its own 10,000-square-meter distribution center in Australia.

There are quite a few websites, both local and international, offering designer furniture in Australia. Singapore has its own share, including local startup HipVan. Brosa claims its competition is traditional offline retailers – which may be true, but both online and offline retailers often compete for the same customers.

Lim thinks Brosa’s advantage lies in its end-to-end service, which is built around the customer and offers them options in how to shop for furniture. “They can purchase online, call in or chat online with a stylist, book a styling appointment at our Brosa Studio, book delivery times via SMS and even watch their delivery arrive to them in real time. We create a far more painless experience,” he says.

Converted from Australian dollars. Rate: US$1 = A$1.28.

This post Australian ecommerce startup raises $4m to take furniture retail online appeared first on Tech in Asia.

from Startups – Tech in Asia http://ift.tt/2y4mEwj

//

Photo credit: Sven Scheuermeier / Unsplash.

US$179 billion. That’s how much the online travel booking industry was worth last year. That’s set to expand to US$288 billion by 2021.

Amid all that growth, travel startups are finding their niches, where they can avoid being massacred by the Expedias and Kayaks of this world.

Eric Gnock Fah started Klook in early 2014 to focus on the bits not covered by all the flight, hotel, and rental-booking sites – the actual fun part of the holiday. Like activities and days out – amusement park tickets, guided tours, a day of skydiving.

Today the Hong Kong-based startup is announcing its biggest ever round of funding – a US$60 million series C investment co-led by Goldman Sachs and existing investors Sequoia Capital and Matrix Partners. That’s on top of the US$37 million it has raised since launching.

The co-founding trio. Photo credit: Klook.

“We will use the fund to accelerate our global expansion for inbound and outbound Asia travel,” Fah tells Tech in Asia.

Eyeing US, Europe

“We’ve rapidly established offices across all key Southeast Asian markets: Bangkok, Ho Chi Minh City, Jakarta, Singapore, Manila, and Kuala Lumpur,” says Fah, explaining how they spent part of the last investment in March. “We’ve also added Vietnamese and Thai local languages on our platform with bahasa Indonesia to follow later this month”

Klook connects with tour and activity providers around the world, giving holidaymakers an easy way to see what’s available in their locale. Covering more than 30,000 travel activities in over 120 destinations, it sees 1 million monthly bookings from around 50 countries, with most of its users in Asia. The startup now has 400 staffers – double its headcount at the start of the year.

The startup’s rooftop patio in crowded Hong Kong. Photo credit: Klook.

The co-founder and COO is leading the company’s expansion with 13 offices across the continent. He’s also establishing new bases in the US and Europe, which will become operational early next year. Goldman Sachs will play a role in guiding this expansion to Western markets.

“We expect to see growing demand with major international events attracting travelers worldwide to Asia, including the 2018 Winter Olympics held in Korea and the 2020 Tokyo Olympics,” Fah adds.

Even well ahead of the next Summer Olympics, the startup sees that Japan’s sun is rising. “Hong Kong and Taiwan travelers have always been very fond of visiting Japan – but we are seeing inbound Japan growth picking up from mainland China and many Southeast Asian countries, despite language remaining a major inconvenience,” explains Fah.

See: Klook co-founder on how the company scaled in Asia in 3 years

This post Travel activities startup Klook nets $60m appeared first on Tech in Asia.

from Startups – Tech in Asia http://ift.tt/2yM4Bgs

//

The Level3 co-working space. Photo credit: Level3.

Unilever announced today that 30 startups will join its Foundry program in Singapore. The companies are in different stages in their growth, not just early-stage, and come from Singapore, Indonesia, Malaysia, Australia, and even Europe and the US. They were chosen because they operate in sectors that Unilever deems promising for the future.

The sectors are retail, media and advertising, brand and content innovation, data insights and personalization, and sustainability and social impact.

The startups, collectively known as the Unilever Foundry 30 SEAA (for Southeast Asia and Australasia), will get access to Unilever’s brands and the Level3 co-working facilities housed in the company’s Singapore headquarters.

They will also receive mentorship, guidance, and collaboration opportunities from Unilever and its partners.

Head of Unilever Foundry SEAA and Level3 Barbara Guerpillon tells Tech in Asia that the startups will have access to Unilever Ventures, the company’s investment arm. “Unilever Foundry is not investing directly into startups but accelerates them towards business opportunities, and regularly shares information and best practices with Unilever Ventures,” she says.

The company put out the call for startups to join the program in September.

Part of the family

The startups that joined feel that being part of Unilever Foundry gives them access to more resources and networks. “The vast experience spanning across industries in the Foundry is a massive learning platform as well as potential business opportunity for startups like us,” Louis Liu, CEO of Singaporean fintech startup FOMO Pay, tells us.

“Joining the Unilever Foundry community has helped us get access to industry contacts,” says Derek Tan, co-founder of Viddsee, which streams short films from Asian creators.

The startups will receive mentorship, guidance, and collaboration opportunities from Unilever and its partners.

The company’s globale presence and influence is attractive to Prasoon Kumar, co-founder and CEO of BillionBricks, which makes shelters for the homeless.

BillionBricks just launched PowerHyde, a second version of its WeatherHyde extreme weather shelter, which is solar-powered. “We wish to learn from Unilever on how to push new products into market, how to build formidable supply chain and how to ensure that we are always focused on customer needs,” Kumar says.

“Another huge advantage is meeting like-minded people and being exposed to projects and ambitions so simple, and yet so powerful,” says Stella Hristova, head of marketing for beauty marketplace Vaniday.

Startups outside Asia also find value in connections for expanding in the region. “It gives us access to other startups who may be facing similar challenges to our business, that we can network with whilst also being able to call upon Unilever’s expertise in key domains like marketing and supply chain,” says Rob Hango-Zada, co-CEO of Australian logistics startup Shippit.

The startup raised US$1.6 million for its series A in May and is currently working out its expansion strategy.

Here are the Unilever Foundry 30 SEAA, announced as part of the Millennial 20/20 conference currently taking place in Singapore:

• BillionBricks (Singapore)
• Crazy SOB (Israel)
• DÄV – Digital Avatar (Indonesia)
• Emporio Analytics (Singapore)
• FOMO Pay (Singapore)
• Genero (Australia)
• GetCraft (Indonesia)
• Happi (Singapore)
• Jumper.ai (Singapore)
• Kobe (Singapore)
• LoopMe (UK)
• Moving Walls (Malaysia)
• Narratrs (Singapore)
• Neuro Flash (Germany)
• Picasso Labs (US)
• POPxo (India)
• Shippit (Australia)
• Shopback (Singapore)
• Silot (Singapore)
• Stackla (Australia)
• Sticheo (Singapore)
• Taptopick (Indonesia)
• TaskSpotting (Singapore)
• Try and Review (Singapore)
• UShift (Singapore)
• Vaniday (Singapore)
• Viddsee (Singapore)
• ViSenze (Singapore)
• Wootag Pte Ltd (Singapore)
• Zap (Philippines)

This post These are the 30 startups joining Unilever Foundry in Singapore appeared first on Tech in Asia.

from Startups – Tech in Asia http://ift.tt/2zP08JN

//

Carousell co-founders Quek Siu Rui (L), Lucas Ngoo (M), and Marcus Tan (R). Photo credit: Carousell.

Carousell appears to have quietly unveiled its latest product. A new web page has recently gone live for Carousell Pro – a “new platform for professional sellers” to “create, manage, and analyze” their marketing efforts.

Set for an official launch on November 21, Carousell Pro will give sellers on the startup’s marketplace a range of analytics, management tools, and additional features.

Among these is the ability to do deep-dive analyses of listings’ performance, top searches, and users’ peak hours. Sellers will also have access to an “Enhanced Chat” feature connecting them directly with potential buyers for live online chats.

Pro users will be able to add more than four photos to their listings on Carousell’s marketplace, and share their listings on social media platforms.

They will also be able to get personalized support from Carousell via in-app live chat, and will receive monthly email reports on their listings’ performance.

The firm is also offering tailored Carousell Pro packages for employers and recruiters, and real estate agents. Carousell began hosting job ads as well as car and property listings in recent months.  

Making money

This would seem to be in line with what Carousell co-founder and CEO Quek Siu Rui told CNBC in an interview last November, a few months after closing its US$35 million series B funding round. He said that the company was seeking ways of monetizing its marketplace through offering premium listings and services for a fee.

In May, it introduced “Bumps” – a paid-for feature that allows sellers to enhance the visibility of their listings.

As for Carousell Pro, it would appear that sellers will pay a subscription fee – though it is not clear at this stage how much it might cost.

However, Carousell is offering to throw in 50,000 “Carousell Coins” free for the first 100 subscribers who sign up for Pro. Carousell Coins are the marketplace’s internal virtual currency, which can be used to cover listing fees where they are required, or to purchase “Bumps”.

Which begs the question: With a token ecosystem already in place, might Carousell’s next big fundraising effort be an ICO?

Tech in Asia has reached out to Carousell for additional details.

This post Carousell to launch Pro app targeting sellers, real estate agents, and recruiters appeared first on Tech in Asia.

from Startups – Tech in Asia http://ift.tt/2z4VKco

//

With its huge population, abundance of investors and soaring mobile phone users, Indonesia is a country ripe with potential to take the technology scene in Asia by storm.

With the boom of the country’s vibrant tech startup scene, services by these disruptive startups have increasingly become part and parcel of the population’s daily lifestyle. Prime examples include leaders like Go-Jek and Traveloka, who have dominated in their respective fields.

In this travel guide, we bring you useful tips to tour this bustling city.

Co-working spaces

Like the startup craze, the number of co-working spaces in Jakarta has blossomed. You can easily find one that caters to your basic needs, and beyond. Check out these spaces ideal for budding entrepreneurs to grow their startup:

• WorkOUT Coworking Space
• Cre8 & Cowork
• BITS Coworking Space
• Impact Hub Jakarta at Coworkinc.
• GoWork Coworking and Office Space
• Concrete Co-working Space
• Rework Kuningan – Coworking Space
• KIBAR

Or bookmark this page which contains a listing of 16 co-working spaces in Jakarta.

People to know/meet

A trip to Jakarta doesn’t happen just any day.

While you’re there, make the most of your time meeting some of Indonesia’s most outstanding individuals in person. Every one of them has made their own praiseworthy contribution to the prospering startup field.

• Achmad Zaky, CEO, Bukalapak
• Albert Lucius, CEO, Kudo
• Yuanita Agata, Marketing Lead, LINE
• Jonathan Sudharta, CEO, HaloDoc
• Willix Halim, COO, Bukalapak
• Haifa Ambadar, CEO, Female Daily
• George Hendrata, CEO, Tiket
• Crystal Widjaja, SVP, Business Intelligence, Go-Jek Indonesia

All of them will be speaking at Tech in Asia Jakarta 2017, so catch them there for an exciting experience! Check out which sessions they’ll be speaking at.

Accelerator/incubator programmes

With the rise of tech startups, you’ll find many accelerator and incubator programmes coming up as well. In fact, the Indonesian government also bolstered incubating efforts earlier this year. If you’re searching for a good and suitable programme to help boost your startup, here are some that you can consider.

• Merah Putih Incubator
• Alpha Startups Bootcamp
• Plug and Play
• Ideabox
• GnB Accelerator

Getting around

Just thinking about getting through Jakarta’s infamous, nightmarish traffic jams can leave you shuddering. Even for the locals, it’s no better. However, with some handy tips and a list of your available commuting options, you can better prep yourself for the battle ahead.

Private hires are by far the most common mode of transport, even for the locals. Bluebird and Express are two of Jakarta’s more reliable taxi providers, and cabbing around is a convenient way to beat the heat. But if you can’t stand being stuck in traffic jams and/or are in a rush for time, two-wheelers will be your best bet.

• UberMOTOR: Fares are fixed and displayed in the app before you hop on the bike.
• GrabBike: Launched in 2015, GrabBike offers medical insurance for all passengers and drivers, for your peace of mind.
• Go-Jek: Needing no introduction, their green helmets and jackets have become a trademark of the city landscape.

Where to stay

Not sure where to stay in Jakarta? It can be a tough decision to make if you’re staying in Jakarta for the first couple of times. Proximity to our conference venue is key to ensure that you get to Jakarta Convention Center in the shortest time possible. Here are some mid-range hotel suggestions we’ve got:

• Sawana Suites
• Batavia Apartments
• Somerset Berlian Jakarta

On a budget? You may want to consider staying at these guest houses:

• House of Arsonia Tulip
• LeGreen Suite Pejompongan

For more hotel suggestions, check out our list here.

What to bring

• Pocket Wifi: Unless you want to keep combing for places that have free wifi, bring your own pocket wifi for a stable connection!
• Travel Adaptor/Charging station: Does scrambling around for a two-pin plug with a flat electronic device sound nice to you?
• Powerbank: Your electronic devices aren’t going to run the whole day without getting a power boost, so remember to bring this!
• Raincoat/Umbrella: Being a tropical city, you never know when the occasional shower will hit you. Bring along a raincoat to cover yourself and avoid getting drenched!

If you’ve any other tips that we’ve left out below, please feel free to contribute in the comments section below!

Doors to the sixth edition of Tech in Asia Jakarta 2017 will open in nine days’ time, where Tech in Asia will play host to 5,000 tech fans comprising startups, corporates, investors, developers, and more from all walks of life.

Hear from an all-star lineup of speakers and power-packed agenda, and get to rub shoulders with the movers and shakers of the local startup ecosystem. Get your passes before it’s too late and we’ll see you on November 1 & 2!

This post Every tech startup’s must-have guide to Jakarta appeared first on Tech in Asia.

from Startups – Tech in Asia http://ift.tt/2h4yktg

//

We’re right back at it with the roundup of startup funding in Japan. Read on to see what caught investors’ eyes last week.

LeapMind

LeapMind is a startup that handles data and automation.

The startup provides technology solutions through deep learning and neural networks. Companies can pay LeapMind to leverage their software and hardware for their own projects. According to the company, their product can be used on projects ranging from designing smart-home electronics to managing emergency response robots.

The startup recently announced receiving over US$101 million in funding.

Famm

Famm is a service that makes calendars out of users’ photos.

The startup provides a way for parents to make a keepsake of their children’s growth. Users can share their photos with the startup and the startup will arrange them by date into a photo calendar. The startup will send one calendar free to users every month, with more copies being available with a paid subscription.

The startup received roughly US$4 million in investments last week, reports The Bridge.

Agrimedia

Agrimedia is a platform that tries to bridge the gap between cities and farmers.

The startup uses web media to find people who are interested in agriculture and farming. While the company also finds full time workers for farming projects, the focus is on finding recreational farmers who want to help with community projects in their region. You could say that Agrimedia is somewhat like WWOOF for domestic projects.

The startup received an investment of just under US$2.2 million last week, reports The PR Time.

One Pay

One Pay is an app for payments and personal finance.

The service is aimed at small business owners and consumers who want a convenient and cheap payments method. Unlike similar services such as Coiney, One Pay only charges users when they use the app for payments. The platform also doesn’t require the use of physical cards, since users can store their payment info simply by taking photos of their credit cards.

The startup received an investment of roughly US$880,000, which may be a record for a startup founded by a highschooler according to The Bridge.

Sarah

Sarah is an app that lets users find restaurants by the dishes they serve.

Sarah is like the inverse of the normal process of finding restaurants: instead of starting with what kind of cuisine you want to eat, you start with the dish itself and see what restaurants serve it. For example, if you really want to eat a chicken burrito, Sarah will show you all the restaurants nearby that serve chicken burritos and include reviews on each store’s dish. According to the PR Times, over 200,000 dishes have been added to the app so far.

The startup raised US$700,000 in its latest round of funding, reports The PR Times.

Gatari

Gatari is working on an augmented reality/mixed reality communication tool.

While virtual reality headsets often use controllers or accelerometers, Gatari is focusing on making voice commands an easy way to manipulate augmented reality. In this demo you can see how the company’s technology can automatically translate and display messages by users in a virtual reality setting.

The company received investments totalling US$351,000 last week.

Converted from Japanese yuan. Rate: US$1 = JPY 111.73.

世界を変えようとするチャレンジングで革新的な人々や企業をサポートし、イノベーションがさらなるイノベーションを生み出すような未来の実現を目指しています。Tech in Asiaはそういったチャレンジングな方々に、アジアでのビジネスの洞察や互いに刺激しあうためのコミュニティを提供します。

公式サイトはこちらです。

This post 6 rising startups in Japan appeared first on Tech in Asia.

from Startups – Tech in Asia http://ift.tt/2zKQ4kW

//

Ho Chi Minh City. Photo credit: chalabala / 123RF.

Vietnamese news and lifestyle site Saigoneer raised an undisclosed amount of seed funding from 500 Startups and Vietnam Innovative Startup Accelerator (VIISA), it announced today.

In a statement, the startup said it would be receiving investment from both backers, as well as joining VIISA’s accelerator program.

Saigoneer produces a range of English-language news, arts, and culture content covering Ho Chi Minh City, with sections on its site including “Old Saigon” – which examines local history – and regular features like “Hẻm Gems” – hẻm being the Vietnamese word for the small lane and alleyways which host the city’s multifarious dining and drinking establishments.

The platform publishes these in-house articles alongside sponsored content from brand owners and marketers.

In addition to branded pieces, Saigoneer generates revenue from banner ads, business listings, sponsored video, and by monetizing its newsletter. It also offers some offline products, including a street food map which it brand for local hotels, co-founder Brian Letwin tells Tech in Asia.

Native advertising

It is Saigoneer’s plans to further grow the marketing side of its business that have caught the eye of investors.

Brand owners have been steadily upping their digital ad spend year-on-year. A study by Google and Singapore’s Temasek Holdings last year suggests that Southeast Asia’s online ad market will grow sixfold to hit US$200 billion in value by 2025. By 2018, internet ad budgets in Vietnam are expected to grow to three-and-a-half times what they were in 2012:

But many publishers in Southeast Asia have not developed adequate products to take advantage of the opportunity, says Letwin.

“We see the way things are going in more developed markets and are focused on creating narrative-driven, branded content that is both editorial in style and clearly labeled as paid,” he says. “Other publishers still write in an overly ‘PR’ tone and often don’t mark paid content as such, resulting in weaker brand trust. That can impact perception of the publisher’s editorial voice and integrity.”

While there are a number of “expat”-focused publications in Ho Chi Minh City – such as AsiaLife, Oi, and The Word – Letwin explains that they represent only part of Saigoneer’s competition for ad budgets, with Vietnamese-language sites like VnExpress and Zing also angling for brand owners’ money.

Letwin says that the startup will use its seed funding to hire more hands, increase its IT resources – both for technical and HR purposes – and to enhance its abilities in producing mobile and video content.

It also has expansion to Hanoi and other Vietnamese cities – and perhaps even farther afield – in its plans, with a follow-up funding round slated within the next 12 months.

This post Vietnam news site Saigoneer bags 500 Startups backing appeared first on Tech in Asia.

from Startups – Tech in Asia http://ift.tt/2zwQeLX

//

The Golden Temple in Amritsar, India – one of ZUZU’s biggest locations in terms of the number of hotels it lists there. Photo credit: masterlu / 123RF.

Singapore-based startup ZUZU Hospitality Solutions – a platform where small, independent hotels can list their rooms – today announced it raised US$2 million in its recently closed seed round, adding to the US$1 million it had previously secured from angel investors.

The round was led by US-Singaporean firm Wavemaker Partners, which launched its third Southeast Asia fund earlier this month.

Singapore’s Golden Gate Ventures also participated, along with Alpha JWC and Convergence Partners from Indonesia. Paul Brown, CEO at US restaurant chain Arby’s and a former senior executive at Hilton and Expedia joined in. Singaporean early-stage fund Goodman Capital followed on from its earlier investment in the startup.

The opportunity in front of us is big.

ZUZU was founded by Vikram Malhi and Dan Lynn – two former employees of internet travel portal Expedia – launched last year. With over 20 years’ experience between them working at the coalface of the online travel industry, Malhi and Lynn believed that they had identified a gap in the market.

Virtual brand

As with larger chains, small hotel operators need to get their rooms listed on aggregator and price comparison sites – like Expedia.com, Hotels.com, and Priceline-owned Bookings.com – where travelers compare, book, and pay for hotel rooms.

ZUZU provides a platform for this purpose, working as a “virtual brand.” In this way, independent hotels can list their rooms on Zuzuhotels.com and market themselves under the ZUZU brand.

But Malhi and Lynn felt that these smaller players were in need of something more. ZUZU doesn’t just help consumers find good deals with independent hotels. It also acts as a consultancy, helping those hotels manage their operations and market themselves more effectively by offering services in things like bookkeeping, online distribution, and revenue management.

In line with this, ZUZU operates on an account-based model, aiming to work as an outsourced sales, distribution, and revenue team for their hotel partners. It doesn’t charge an upfront fee, instead making money from variable, performance-related payments.

ZUZU faces a struggle in ensuring it stands out in the increasingly crowded short-term rentals space.

The startup claims that the hotels it works with experience a 60 to 100 percent increase in online bookings after signing up. Malhi said in a statement that it has partnered with more than 150 hotels across Asia; based on the ZUZU Hotels site, these appear to be based in India, Taiwan, and Thailand.

Business-facing model

ZUZU faces a struggle in ensuring it stands out in the increasingly crowded short-term rentals space. It is not the only player to have sought differentiation by pursuing a business-facing model. Singapore’s RedDoorz has also focused on SaaS as well as providing a booking portal for consumers, while Indonesia’s Tinggal recently decided to shutter its listings business altogether and bet its future on providing hotel management software. Others have diversified in a different direction; Airy Rooms, another Indonesian budget bookings site, has begun offering airplane tickets.

The startup said in a statement that its newly secured seed funding will be invested in further development of its “proprietary technology platform – specifically its revenue management technology” and its account management capabilities. “The opportunity in front of us is big,” said Malhi. “Now it’s time to grow.”

This post Expedia alumni get $2m to build business for independent hotels appeared first on Tech in Asia.

from Startups – Tech in Asia http://ift.tt/2hXPCHY