500 Southeast Asia
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500 Southeast Asia

Durians Daily #94: Bukalapak acquires 3 million new merchants in rural and small cities; Prenetics partners Cathay Pacific for digital health passport; 99.co hosts virtual property expo

User surge

  • 3 million new merchants have joined 500-backed Bukalapak’s platform in the first seven months of the year, the Indonesia-based e-commerce company said.
  • Bukalapak’s president Teddy Oetomo revealed most of the new merchants hail from smaller cities, outside of Indonesia’s bustling metropolitans.
  • According to the company’s data, as reported by The Jakarta Post, the unicorn has partnered with 5.4 million warung (food stalls) and individual agents through its Mitra Bukalapak program.
  • Revenue generated from Mitra Bukalapak’s offline partners makes up 30 percent of the platform’s total revenue. Launched in 2017, Mitra Bukalapak serves as a business-to-business marketplace where shop owners connect with consumer goods companies to replenish stock.
Credit: DealStreetAsia
  • With the Covid-19 crisis shifting consumer spending habits, e-commerce platforms in Indonesia, including Bukalapak, have been seeing surges of new users and merchants riding the digital wave.
  • A survey conducted by Redseer is expecting Indonesia’s e-commerce industry to grow 50% to reach US$35 billion this year from last year’s US$23 billion.

Pilot project

  • Hong Kong-based airline Cathay Pacific and 500-backed Prenetics have announced the launch of a digital health passport.
  • Travelers will be allowed to show their negative Covid-19 test results on a mobile app before boarding, which potentially can ease international travel restrictions on them, South China Morning Post reported.
  • The pilot will begin on the Hong Kong-London route from October 2020. The Commons Project, a Swiss-based non profit organisation backed by the Rockefeller Foundation, is also collaborating in the project.
Credit: South China Morning Post
  • Prenetics has helped signal the return of live football and cricket behind closed doors in the UK, successfully providing testing for the Premier League’s ‘Project Restart’ and the England and Wales Cricket Board.
  • Through a £4 million contract with the Premier League, Prenetics has carried out over 40,000 tests for players and staff.
  • It is also working with Matchroom Boxing, a leading boxing promoter, and Asia’s fastest-growing hotel business, Dorsett Hospitality International.

Virtual properties

  • Property buyers in Singapore will have the chance to view listings from the comfort of their own homes, as 500-backed 99 Group’s 99.co is launching a virtual property fair with national media network Mediacorp and real estate agency PropNex.
  • Happening from October 10 to December 4, The Singapore Property Show 2020 will be hosted on 99.co and feature 20 newly launched projects.
  • The virtual tour will include interactive tours of listings, allowing expo goers to view properties with a peace of mind.
Credit: EdgeProp
  • “Our technology enables a rich virtual viewing experience that is much more convenient, yet no less informative than physical ones,” said 99.co CEO Darius Cheung.
  • In recent news, 99 Group said it was hiring 100 staff members across multiple tech verticals to accelerate innovation in the real estate industry.
  • The company has already hired tech veteran Shivkumar Krishnan — who has previously worked at Microsoft, eBay, and Grab — as CTO.

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500 Startups is a venture capital firm on a mission to discover and back the world’s most talented entrepreneurs, help them create successful companies at scale, and build thriving global ecosystems. In Southeast Asia, 500 Startups invests through the pioneering 500 Durians family of funds. The 500 Durians funds have backed over 200 companies across multiple sectors from internet to consumer to deep technology. It continues to connect founders with capital, expertise and powerful regional and global networks to help them succeed.

This post is intended solely for general informational or educational purposes only. 500 Startups Management Company, L.L.C. and its affiliates (collectively “500 Startups”) makes no representation as to the accuracy or information in this post and while reasonable steps have been taken to ensure that the information herein is accurate and up-to-date, no liability can be accepted for any error or omissions. All third party links in this post have not been independently verified by 500 Startups and the inclusion of such links should not be interpreted as an endorsement or confirmation of the content within. Information about portfolio companies’ markets, competitors, performance, and fundraising has been provided by those companies’ founders and has not been independently verified. Under no circumstances should any content in this post be construed as investment, legal, tax or accounting advice by 500 Startups, or an offer to provide any investment advisory service with regard to securities by 500 Startups. No content or information in this post should be construed as an offer to sell or solicitation of interest to purchase any securities advised by 500 Startups. Prospective investors considering an investment into any 500 Startups fund should not consider or construe this content as fund marketing material. The views expressed herein are as at the date of this post and are subject to change without notice. One or more 500 Startups fund may have a financial interest in one or more of the companies discussed.

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500 Southeast Asia

500 Southeast Asia

500 Southeast Asia is an early-stage VC firm; The company has backed over 250 companies across multiple sectors from internet to consumer to deep technology.