🧱🛒 This Malaysian Startup Just Secured $825k in pre-Series A funding

GM. This is micro digest, the John Wick of SEA tech newsletters. Each sequel issue just gets better than the last.

Here’s what we got for you:

• 🌊 The SEA - HOMA2U - The Malaysian building materials platform can turn contractor’s trash into gold

• ⛵ SEAppets - Indonesian DishServe has shut down after the current funding winter impacted the company

• 💰 SEA Deals

• 🖼️ AI Image of the day

• 🐣 Tweet of the day

Markets 📈

The SEA 🌊

Now this is what I call - a blue-collar startup.

I’m talking about HOMA2U.

🤷‍♂️ Who is HOMA2U?

• Founded in 2017 by Pennie Lim, HOMA2U is a full-fledged overstock platform for home improvement based in Malaysia

• It’s a platform that basically offers building materials and interior finishes like tiles, ventilation blocks and sanitary & kitchen fittings for a bargain

• With an emphasis on sustainability, the company has reallocated more than RM20 million of excessive inventories to more than 8,000 households

• The platform currently houses more than 500 professional builders comprising architects, interior designers and contractors

🟨 What are Yellow Boxe?

• What sets HOMA2U apart from its competitors is its interesting concept called the yellow box

• It is a mobile showroom with a display of over 800 of their home interior products - all fitted in a compact 20 feet-used shipping container

• The goal is to provide customers with a seamless offline-to-online shopping experience while staying true to their sustainability roots

• The company is working towards opening 18 Yellow Boxes throughout Malaysia and Singapore

💰 Funding

• HOMA2U just announced that it secured $875,000 in pre-series A funding from Quest Ventures Asia Fund II, Worldwide Management Solutions and Qhazanah Sabah Berhad

• The fresh fund will be used to fund their regional expansion and product development and to promote a circular economy within the renovation and interior design industry

• The investment will also be used to promote environmental, social and governance sustainability goals

SEAppets ⛵

1. Alipay reported that transactions by Chinese tourists in Singapore almost doubled in the first quarter of 2023 compared to the previous quarter. This was driven by the reopening of borders for international travel and the average value per transaction also increased by over 40%. The Singapore Tourism Board expects Chinese tourist arrivals in 2023 to reach 30-60% of pre-pandemic numbers. Alipay is a digital platform for payments and services that connects merchants with over one billion consumers.

2. ASEAN SMEs have invested USD 78 billion in digitalization in the last three years, and plan to invest a further USD 130 billion over the next three years. They are looking to external tech providers to help accelerate their digital ambitions but have only digitalized a few functions and are currently using three tech solutions. Challenges for SMEs include access to knowledge and expertise, training programs for employees and advisory and consultation on technology adoption. SMEs are looking for advanced technology, more responsive customer care and better pricing when working with external tech providers.

For all you entrepreneurs out there, this is an opportunity! Time to build that B2B SaaS startup

3. BigPay, a fintech unit of Malaysia’s Capital A has appointed Zubin Rada Krishnan as acting Group CEO. Zubin was previously a partner with the Boston Consulting Group and a co-founder of Tuas Capital Partners. Capital A is the parent company of Malaysian low-cost carrier AirAsia and BigPay was founded in 2017 to provide digital financial services to Southeast Asians. BigPay has 1.37 million transacting and carded users.

4. ZEBOX, a global accelerator network founded by shipping conglomerate CMA CGM, launched its APAC headquarters in Singapore yesterday. The headquarters is backed by Enterprise Singapore, the Maritime and Port Authority of Singapore, and industry partners. ZEBOX has incubated 100 startups and raised USD 235 million in funding and focuses on operational efficiency, decarbonization, workflow automation and the future of work. The launch was supported by the Maritime and Port Authority of Singapore, with the goal of anchoring more marine tech startups in Singapore.

5. eBay today announced the appointment of Vidmay Naini as its General Manager for Global Emerging Markets. Naini has been with eBay for 18 years and previously led its Southeast Asia and India businesses. With 99% of eBay's small businesses exporting to 25 international markets on an annual basis, Naini expects to see strong growth in the region.

6. Indonesian ghost kitchen startup DishServe has shut down after the current funding winter impacted the company. Founded in 2020, it connected underutilised kitchens to F&B operators and had a network of 200 kitchen partners. It attempted to pivot its business model to focus on automation but was unable to raise enough funding. Cloud kitchens have become less popular post-pandemic, with Grab discontinuing its service in December 2022.

The tech winter has claimed yet another victim

SEA Deals 💰

1. VinFast, a Vietnamese electric vehicle maker has received pledges worth USD 2.5 billion for its future development which could delay its U.S. IPO. The pledges come from the company's owner, Pham Nhat Vuong and Vingroup, Vietnam's biggest conglomerate. This would bring the total funds raised for the company to USD 10.7 billion. The listing was originally planned for 2020 but the market valuation for EV startups has cooled due to the current economic outlook.

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AI Image of The Day 🖼️

The Beatles 2023 rooftop concert that will never be.

Tweet of The Day 🐣

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That’s a wrap for today. See you all tomorrow! 👋

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