Asia-Pacific’s small companies and startups on the rise
A drought in global venture capital activity has not deterred startups across Asia from breaking new ground. This year’s Forbes Asia 100 to Watch list spotlights small companies and startups that are targeting underserved markets or applying new technologies, from generative AI to blood-based cancer diagnostics.
These include eco-friendly innovations, such as the development of insect-based alternative proteins and the digitization of milk production to improve yields. Others include social commerce providers, which help users sell consumer products. Thirteen countries and territories are represented across 11 categories, including biotechnology and healthcare, e-commerce and retail, and finance. Leading the list for the second year in a row, Singapore contributed 20 companies to the list, followed by Hong Kong with 15 and mainland China with 11. The emerging innovation hubs of Indonesia and the Philippines contributed 11 and 9 companies respectively.
Forbes Asia 100 to Watch List 2023
East Ventures sits on 4th place with the most companies invested – totaling to six portfolio companies as follow:
Chickin uses IoT technology for poultry management and meat distribution. It offers smart farm equipment integrated with cloud-based technology, called CI-Touch, to optimize climate control, equipment management and livestock living conditions. It supports over 9,800 chicken breeders, the startup says.
East Ventures has invested in Chickin since July 2022.
Cosmart is a membership-based e-commerce platform for essential goods. Through its website and mobile app, users can make bulk purchases of household items and snacks, which the startup claims to offer at lower prices than supermarkets. In 2022, Cosmart secured $5 million in seed funding for its expansion in Southeast Asia.
East Ventures has invested in Cosmart since October 2022.
Fresh Factory is an integrated cold chain fulfillment company specializing in storing and delivering chilled, frozen and dry goods. The startup uses IoT devices in over 40 warehouses to monitor temperatures and track product location, among other functions. It has collaborated with Indonesian logistics giant Nusantara Card Semesta to establish the country’s largest cold chain fulfillment network, serving 103 cities, according to Fresh Factory.
East Ventures has invested in Fresh Factory since June 2022.
Gokomodo provides procurement and e-commerce services for companies in Indonesia’s agriculture and commodities industries. Through the startup’s online platform, companies can order products like farming tools and safety equipment from 68 brands, while suppliers can submit quotations and track their sales data, according to Gokomodo. In 2022, it raised US$26 million in a series A funding round led by Singapore-based East Ventures.
East Ventures has invested in Gokomodo since September 2022.
Targeting Southeast Asia’s creator economy, TipTip helps influencers in Indonesia connect with fans and monetize their content. Through TipTip’s website or app, influencers can conduct livestreams, share exclusive content for subscribers, sell tickets to events and more. With over US$23 million in funding, the startup claims it works with over 10,000 content creators.
East Ventures has invested in TipTip since March 2022.
As a renewable energy startup, Xurya rents solar panels to companies in Indonesia. The startup says it has completed 128 installations to date, including the design, operation and maintenance of the solar panels. Xurya’s panels can produce between 25% and 30% of a business’ electricity consumption, the startup claims.
East Ventures has invested in Xurya since September 2018.
Congrats to all our portfolio companies listed!
See the complete list at Forbes Asia.