Indonesia is an agricultural powerhouse with over 42 million hectares under cultivation, yet productivity is widely considered to be suboptimal. According to the World Bank, 93 percent of Indonesia's agriculture output is dominated by smallholder farmers who earn an average of US$ 3.20 per day, younger generations are becoming increasingly uninterested in the sector.
Born into a family with a farming machinery business, William Sjaichudin has long been familiar with Indonesia’s farmers and agricultural dynamics since he was a kid. After graduating from Purdue University as a professional golfer, William returned home to help with the family business. He discovered that the Indonesian agriculture industry has yet to be transformed by technological advances like other industries.
On 25 October 2022, East Ventures moderated a Fireside Chat with the Indonesian Minister of Health, Budi G. Sadikin at the Embassy of the Republic of Indonesia in Singapore. The session was attended by Singaporean health sector private players, Indonesian businesses, and the Indonesian diaspora in Singapore.
Kevin Zhang, 28, is the founder and CEO of data-driven logistics startup Inteluck. Headquartered in Singapore—with offices in the Philippines, Thailand and China—the startup allows its enterprise customers to book delivery trucks and track them on its digital platform. It also offers other services including warehousing and storage.
Singapore-based Web3 company AWST officially launches on 25 October. Leading to its launch, AWST has raised up to US$ 1.7 million in funding led by East Ventures, with participation from 500 Global and Antler. AWST is also the first Web3 company in Asia to work closely with Stripe to facilitate mainstream NFT transactions.
FitHappy, an Indonesian-based healthtech startup, announced that it has secured an undisclosed amount of pre-seed funding from East Ventures, with participation from other investors.
The global supply chain crisis from the Russo-Ukrainian war and the tightening policies by the Chinese government have resulted in many central banks worldwide raising their benchmark interest rates, and the capital market is more gloomy than it was in the middle of last year.
Runchise, a restaurant management startup and culinary franchise in Indonesia, has officially launched its online application to increase operational efficiency and profit for restaurant or franchise owners, especially in the culinary field. At the same time, Runchise announced the completion of seed funding led by East Ventures.
Mulyono Xu, a local Acehnese man, had spent most of his life in China since he started studying in China almost 20 years ago. His seasoned experience in e-commerce solutions in one of China’s giant tech marketplaces, Alibaba Group, gave him a ‘time-travel advantage’, a fresh perspective on what Indonesians need as the country’s digital ecosystem matures and the solution for it.
Pocket, a family financial management platform startup, raised pre-seed funding led by East Ventures
Pocket, an Indonesia-based fintech startup providing a holistic financial health platform for families, announced the completion of an undisclosed amount of pre-seed funding led by East Ventures. Pocket will allocate the fresh funds mainly for product penetration in increasing adoption and users. Pocket will also invest in developing its product and offering to complete the platform ecosystem.