Why We Invested: Muhammed “Didit” Indraputra, Co-founder & CEO of PrimaKu

 

Jun Wakabayashi, Principal (若林純 / 協理)

Jun is a Principal leading the Beacon Funds Arm, that is in charge of meeting, helping, collaborating with, and investing in emerging venture capital GPs to grow the startup ecosystem in Southeast Asia and web3. By immersing himself in local markets and engaging with both founder and investor communities across SEA, Jun has been able to establish an extensive network that keeps AppWorks top of mind for startups seeking funding, community, and support. Prior to AppWorks, Jun attended NYU Stern where he received a B.S. in Finance, and spent the following years conducting sector-based market research at Focus Reports. Outside of work, Jun is an avid meditator and invests an inordinate amount of time maintaining both his physical and spiritual wellness.

Children are often said to be our future. In emerging economies like Indonesia, however, the healthy growth and development of a child is actually not a given. Things like malnutrition, poor hygiene, and overall lack of education have led to some of the highest rates of childhood stunting worldwide, thereby significantly throttling the economy’s inherent potential.

That’s why we were incredibly excited to back Didit, the co-founder and CEO of PrimaKu, an Indonesian community-based parenting app providing services to improve childhood growth and development. The company was initially set up as a CSR initiative led by a few well-meaning doctors, providing an app-based tool to help parents track the growth and nutrition of their babies in line with recommended standards. Didit later joined PrimaKu in 2021 to help scale the organization and create a one-stop solution for all parenting needs across every stage of child development. 

Second time at bat

We’re big fans of repeat founders, especially those that were not successful the first time around. Building a startup is like navigating one long, complex, ever-shifting maze. Having tried navigating it once before, you’ll have at least some baseline familiarity with routes that could and do work, versus those that absolutely don’t—granted the context is different every time. 

Didit took his first pass at the maze in 2019 with a company called AgenKan, a collateral-based lending platform targeting unbanked Indonesians. This was after 6 years of working as an esteemed private equity investor at Saratoga, after which point Didit finally decided to take a leap of faith and transition to the other side of the negotiation table. He put together a co-founding team, raised a bit of money from VCs, and then it was off to the races.

It was certainly a promising value proposition at first glance. The company issued small-ticket loans for more underprivileged citizens while securing their mobile phones as collateral. At its peak, AgenKan and its vast network of agents were disbursing roughly US$ 30K a month, with a 60% loan-to-asset ratio and < 15% default rate (< 3% credit loss due to collateral). Unluckily, COVID swept the world by storm not even a year after they started, with lockdowns effectivelybringing their business to a standstill. 

The following 5 months would put Didit’s conviction as an entrepreneur through the wringer. Multiple iterations would be tried and tested. A bridge round would then be raised from existing investors, putting Didit’s credibility as a founder and his personal capital on the line, all just to keep the company afloat. Unfortunately, given their largely offline-centric model, no amount of iteration could overcome the severity and stringency of lockdowns, despite Didit’s incessant willingness to press forward and dutifully generate a return for his shareholders. Towards the end of 2020, at the encouragement of his investors, a consensus was eventually made to shutter the company and move on to bigger and better things.

If you ask Didit today, he’ll still pinpoint this as his biggest failure, and one that characterizes the lowest point in his life. So much of his self-worth had been tied to the success of AgenKan, but the pandemic had brought the global economy to a halt and unfortunately his startup was not spared. Most sentient beings have a tendency to pursue pleasure and avoid pain; it is simply wired in our mammalian brains. But for Didit, although the proceeding few years would certainly include a brief period of healing and introspection, the majority of his time would be spent rebuilding his skill sets as an operator and in turn reinvigorating his passion for startups—eventually leading to part two of Didit’s founder journey as the co-founder and CEO PrimaKu. 

Everything app for parenting needs

Indonesia is a country that we’ve been covering for many years now, and for several reasons. Chief of which is its sheer size and more specifically the number of lives that can be positively impacted through technology. The Indonesian archipelago is not only home to the world’s 4th largest population but also ranks among the top 5 countries in terms of the number of babies born per year.

Healthcare outcomes, however, are still far from ideal. We were quite surprised to learn that the rate of stunting among babies under the age of 5 years old stood at 31% back in 2018—substantially higher than the average of 13% seen among middle-income countries. It’s actually been a significant public health concern for several decades now, largely brought on by malnutrition, poor sanitation, infectious diseases, and undereducation. Although this rate has since come down to 22% as of 2022, latent fears around the healthy growth and development of babies still deeply permeate the minds of recent mothers and caregivers alike. 

A father of three himself, Didit understands full well the challenges of raising healthy children and the accompanying anxiety shared among parents. That is what largely drove him to join PrimaKu in 2021, which was originally established a few years prior to help parents track the growth of their newborns and create some peace of mind. Since assuming the CEO role, Didit has helped PrimaKu cement widespread visibility among pediatricians and parents, thanks in large part to the establishment of an exclusive partnership with the Indonesia Pediatric Society (IPS). The app has been downloaded by millions of parents now, and has become the de facto parenting companion for many with just the growth tracking tool alone. 

Limitless potential for mom and babies

PrimaKu currently has an ecosystem of several hundred thousand highly engaged parents using their app every month, with several thousand more organically becoming new users every day. Consequently, the company has many potential avenues to drive early monetization efforts. 

The first of which came about from one of PrimaKu’s earliest users, Didit’s wife. She had complained about the hassle of booking vaccinations and tracking their babies’ vaccination schedules, which would often require up to 30 shots, in some cases at US$ 70 per jab, by the time they reached 2 years old. And so the good founder and husband that he is, Didit listened to his users and got to work. He spoke to a few clinics that were interested in driving up vaccination revenue and then sent out a simple google form to PrimaKu users to see who might be interested in booking an appointment. Turns out his wife’s pain pains were shared among many other users. 

But this is just the beginning. Didit’s ambitions extend far beyond vaccinations to also include things like teleconsultations, health records, and e-commerce—ultimately becoming a truly full-stack digital solution for all stakeholders across the board. 

Throughout the course of our many conversations, it was clear that Didit brought forth a unique blend of investor and operational experiences, underpinned by natural levels of empathy which have allowed him to more deeply connect with counterparties—a particularly crucial asset when tackling an industry as traditional and relationship-driven as healthcare. His resiliency, passion, and judgment as a founder have been self-evident, and collectively made our decision to invest all the easier. We look forward to helping him become an even more seasoned founder and accompanying him on this journey of transforming early childhood growth and development in Indonesia. 

混血新創打群架 B2B 創新商模前進大東南亞市場 Web3 再現橫空出世新商機 成雲端巨頭亞太區合作夥伴



AppWorks(之初加速器)主辦的AppWorks Demo Day #26與協辦的Wistron Demo Day #4今日於台北登場,共有19組新創團隊輪番展現成果。登台團隊中,有10組來自東南亞團隊,與台灣團隊五五波相互較勁,印證AppWorks正擴大融入大東南亞(台灣+東協)市場。此外,Web3與AI/IoT更是本次團隊最吸睛的軟實力,分別在軟體工具平台打造、廣告投放、無人機與資安等領域,以亮眼的數字成績印證產品的
市場成績 (Traction)

經濟蕭條+資本緊縮 = 獨角獸孕育期  正是投資新創最佳時機 

伴隨今年全球景氣逐漸復甦,OECD(經濟合作暨發展組織)於6月初再次上調今年世界經濟成長率預估值到2.7%,AppWorks看好的ABS (AI/Blockchain/Southeast Asia) 三大典範轉移,更將展現更明顯且強勁的成長/顛覆動能,AppWorks也因此在今年將專責鏈接東南亞的Beacon Funds升級為事業單位,深化AppWorks在東南亞的觸角。

Beacon Funds負責人若林純 (Jun Wakabayashi) 長期走訪東南亞,與各國的創投、新創生態系的頻繁交流,今日也在現場分享他的市場觀察與深度剖析:「自2022年起資本進入緊縮循環,大東南亞的投資交易活動,整體而言深受重創,其中新加坡、印度和台灣受到的打擊最為嚴重,越南和菲律賓受到的影響相對較淺,新創生態仍有正向萌芽。在典範轉移與資本緊縮的時空背景下,投資方態度更加謹慎,採更嚴格的估值標準,更看重新創的產品盈利能力與投報效益。」

若林純指出:「然而從歷史的角度來看,當經濟衰退且風口不再,反而有助於新創自我整頓,更鼓勵大膽的新創跳出來解決市場的新興痛點。2000年dot-com泡沫後的經濟衰退期間,誕生了 LinkedIn, mailchimp等巨獸;2008年金融海嘯後的蕭條期間,也陸續誕生Uber, Airbnb, Square等獨角獸;如今大東南亞(台灣+東協)市場也正邁向高利率環境的『新常態』,在今日登場的新創業者當中,也必定有部分人才將在數年後成為下一代的產業佼佼者。」


Beacon Funds負責人若林純

AppWorks董事長暨合夥人林之晨表示:「創業是一段漫長且獨特的探索之旅,許多看似奇蹟的成功案例,背後往往累積有5至10年的努力。今日的科技巨擘,在創業過程中也是歷盡長年艱辛,需要很多慧眼識珠的投資人與合作夥伴參與其成長,才能在未來共享成功果實。」隨著AW#26加入,AppWorks生態系活躍新創已達490家、1,589位創業者。過去一年來,所有新創加總營業額達153億美元,創造2.4萬份工作機會;累積募資金額達57億美元,總價值高達318億美元。


AppWorks 董事長暨合夥人林之晨

AW#26 新創大混血  以 B2B 商模邁進大東南亞市場  助企業無痛轉型 Web3

本次AppWorks Accelerator #26(AW#26)共有14組團隊登台,當中10組來自東南亞,已佔AppWorks登台團隊總數的7成,彰顯AppWorks深耕東南亞的耀眼成果。AW#26的新創們分別來自15個國家,包括台灣、菲律賓、印尼、越南、新加坡、香港及澳洲等,並有37%為連續創業者,創業題目含括Web3、 AI、IoT等,以及在醫療、教育、物流等領域的垂直產業經營。

值得關注的是,AW#26的新創團隊多以B2B商業模式發展,當中已出現能將產品在東南亞各國快速複製、快速滲透的越南新創Quqo,主攻街邊雜貨店App進貨管理服務。而Tokban則幫助印尼的五金建材行提供數位化進貨服務,使其能輕鬆快速對接供應商進貨,更在去年創下500萬美金的驚人年營收。而在Web3領域,更有Growing3發展出全新的廣告投放技術,為客戶創下CPA(Cost per Acquisition, 獲客成本)降低79%,轉化率提升376%的驚人成效。Morpheus Labs則是打造出亞洲第一個整合Web3開發工具與方案模組的開放式平台,不僅能跨行7大主鏈,更是知名雲端企業在亞太區的官方合作夥伴。

Wistron Accelerator #4 展現成熟商用實力  儼成企業與新創合作的效仿指標 

緯創資通董事長林憲銘指出:「緯創加速器成立至今已有2年半,秉持著開放心態不斷擴大與新創協作的領域,並挹注緯創在ICT產業生態系的資源,讓更多人看見台灣整合軟硬體的研發能量與實例,更期待能透過緯創加速器,為台灣新創環境多元性帶來更多活力,與AppWorks一起探索下一個十年的成長動能,幫助新創團隊成為帶動台灣整體產業往前進的最強引擎。」


緯創資通董事長林憲銘

Wistron Accelerator #5 現正招募中,向AI、物聯網、雲端、資安、教育與醫療相關新創招手,入選新創由緯創高階主管親自輔導並提供新創PoC實驗場景、商模成長等集團資源,幫助新創大幅降低試錯成本。緯創與AppWorks攜手合作迄今已長達9年,更在2021年啟動Wistron Accelerator,由AppWorks協助營運。Wistron Accelerator迄今已遴選出24組團隊,累積不少企業與新創的合作經驗。

和泰聯網 x 三維人:攜手擴大 MaaS 車聯網生態系的創新應用 

本次Demo Day的企業與新創對談,邀請到和泰聯網執行副總經理邱威凱,以及車聯網軟體新創三維人 (3drens) 共同創辦人暨執行長余嘉淵同台,分享雙方如何攜手合作,打造yoxi車隊管理平台與構建 MaaS (Mobility-as-a-Service) 生態系,讓彼此皆得到雙倍的收穫。

在和泰集團的MaaS創新服務生態佈局中,包含原本的車量買賣生意、自駕租車iRent,以及計程車叫車服務yoxi。yoxi利用計程車使用行為進行分群,也為不同分眾群體打造專屬乘車券以優化叫車活躍率,目前yoxi叫車服務的活躍用戶數已超越80萬。

三維人是AW#7的校友,剛在今年完成300萬美金的Pre-A輪募資,目前專注於為物流以及出行產業客戶打造細緻的SaaS模組與車隊派遣管理系統。余嘉淵表示:「三維人起初是個非常技術導向的團隊,在與和泰聯網的合作中,有許多珍貴的學習,讓我深刻體會商業思維的重要性。同時我們也會以軟體思維協助企業客戶的車隊管理、任務指派、績效考核,讓企業中閒置資源發揮最大效用的目標上。也因為yoxi的成功案例,未來與和泰集團MaaS有更多合作。」三維人在台灣將持續加強與硬體廠商的合作,並協助物流業者數位轉型,並放眼東南亞的拓展機會,打造世界級的商用車隊軟體願景。


和泰聯網執行副總經理邱威凱(中)、三維人 (3drens) 共同創辦人暨執行長余嘉淵(左)

AppWorks 將在東南亞 4 國陸續展開新創業者的實體交流活動

AppWorks #27正在招募優秀的創業者,申請截至7月10日。AppWorks #27加速器將在2023年9月啟動,依據每位創業者的需求,計劃在印尼、越南、新加坡、菲律賓、台灣等市場推出專屬於創業者的交流與學習活動。其中包括與同屆創業者交流、與Mentors及AppWorks Partners Office Hours、面對台灣或是東南亞投資人的Demo Day,以及客製化市場的探索行程。旨在協助創業者銜接到創業者校友社群的人脈網絡,一起扶持及互相學習。

AW#26 登台新創團隊介紹 
  1. Allos(香港):透過因果關聯人工智慧協助藥廠模擬臨床試驗、協尋適合的受試患者。
  2. DashoContent (菲律賓):以AI驅動的行銷內容生成、為品牌媒合內容創作者的平台。
  3. Encoredays(台灣):主打40歲以上熟齡受眾的社群媒體,為品牌客戶提供高品質的 UGC(用戶原創內容),曾為全家便利商店的產品擊出200%舊客回購率、41%導購率的安打成績。目前Encoredays註冊會員數已突破4萬,更擁有300名以上的活躍創作者。 
  4. Forte Biotech(新加坡):主要為東南亞的養蝦業者提供低成本且快速的蝦活體健康檢測模組。全球養蝦業近9成產量來自亞洲,其中是越南、泰國、馬來西亞更是重點產出國,加總這三國的市場產值已高達130億美金。然而,蝦農場也存在高風險,若未能即時檢出病蝦,一隻病蝦即會迅速感染整個蝦池,導致該期養殖完全報廢。Forte Biotech的檢測模組,取代傳統又貴又慢的實驗室送驗,幫助蝦農們降低8成的檢測成本,更可直接在養蝦場用2小時得出檢驗結果。
  5. Gocochain(台灣):冷鏈物流的環境監測解決方案。
  6. Growing3(台灣):以創新技術為Web3項目方打造高效的廣告投放策略,透過分析鏈上數據分析、以獨創AI演算法匹配出錢包地址的Twitter身分,並以Twitter Ads整合目標受眾的投放策略,幫助項目方找出真正的高淨值用戶,高效增加粉絲量和網站轉化量,無需再仰賴空投、任務獎勵等傳統辦法。該團隊一推出此創新技術,不到半年已收穫XREX等7家付費客戶,客戶類型包含gameFi、NFT、Defi等,曾創下CPA降低79%,轉化數提升376%的驚人成績。
  7. InvestEd(菲律賓):透過AI演算法,提供開發中國家沒有銀行帳戶的學生客製化貸款。
  8. Keedle Education 籽樂教育(台灣):針對3-12歲孩子的社交情緒能力發展打造的適性學習平台,能讓家長和老師共同追蹤孩子現況,並獲得最適合孩子的日常教育方法。目前已打入台灣新竹、宜蘭等五大縣市的教育局處與特教中心,更獲得91%用戶的正向回饋,有效改善孩童的社交情緒與適性發展。籽樂的評量系統使用國際醫療鑑定等級的資料庫,運用AI解決過往數據老舊、無法保存等問題。籽樂今年將整合銜接教育端與醫療端資源,期望幫助更多孩子的情緒教育能在學校與家中無縫接軌。
  9. Kodifly(香港):專注於開發3D感知技術,提供交通移動系統即時監測與分析方案。
  10. Morpheus Labs(新加坡):打造亞洲第一個整合Web3開發工具與方案模組的開放式平台Morpheus SEED,幫助企業無痛進行Web3轉型。Morpheus SEED 不僅能以AI來驅動程式編碼,並拖曳各種工具模組加以組合,並可跨行以太 (Ethereum)、Hyperledger Fabric、VeChain等七大鏈。Morpheus Labs已連續2年百萬美締造金的營業額成績,是騰訊、華為、JP Games 亞太區雲端業務的官方合作夥伴,日前更拿下指標性客戶Staynex (當紅的NFT技術平台,專為為跨國連鎖飯店、高端酒店集團、渡假村提供會員住宿管理服務,是英國足球超級聯賽中最知名的阿森納球隊指定合作夥伴),並協助Staynex縮短70% 的NFT項目開發成本與時間。  
  11. Quqo(越南):為越南的街邊雜貨店打造進貨App服務,讓店家輕鬆完成快消品的採購,App去年剛上線,至今已快速累積近6000家客戶,正逐步滲透越南百萬間雜貨店的龐大市場,並將進攻泰國與柬埔寨。Quqo目前已和40家以上的FMCG供應商合作,近期更拿下指標性供應商DKSH(旗下品牌包含阿華田、立頓、殼牌等)。創辦人是來自拉丁美洲的連續創業家,在創立Quqo前已有三次新創出場經驗,有獨到眼光與強悍的營運管理能力。
  12. Soltera (菲律賓):提供新興市場公共事業體訂閱制的智慧電表管理平台 (Smart Metering-as-a-Service)。
  13. Sylk (新加破):創作者的Shopify,並幫助品牌媒合創作者,進一步協助品牌提供使用者原創性內容 (User-generated content)。
  14. Tokban (印尼):幫助印尼街邊的五金行建材行提供數位化進貨服務,使之能透過網站與App向供應商進貨,讓價格更透明、庫存管理更穩定。Tokban自2021年開始營運,2022年已創下驚人的500萬美金年營收。
Wistron Accelerator #4 登場團隊介紹
  1. AIpoint 臥龍智慧 (台灣): 將AI應用在水源處理與回收,研發友善環境工程技術。
  2. AiSeed 艾知科技 (台灣):結合AI應用、打造VTOL無人機產品,提供AI即時分析、自動化登艦等全方位解決方案。其最新機型不僅飛行高度達1000 呎,速度更快至每小時160公里,是一般無人機的3倍速,在續航力、抗天候風阻、障礙物判斷皆突破市場水準。
  3. DeepWave 迪威智能(台灣)AI聲學辨識SaaS模型,提升語音自動化辨識與處理精準度,不僅可應用在Koisk多媒體機台的人機互動,更可提升Chat GPT語音指令轉化精確性。
  4. Chelpis 池安量子(台灣)以「後量子加密」先驅技術,超前部署國際資安標準,提供企業長期資安服務。Chelpis也是國發會迄今唯一全額直接投資的新創團隊,目前已和中研院等全球學術前鋒合作,將於8月1日成立亞洲第一家「量子安全遷移中心」,為台灣增強「資安防護國力」。
  5. LongGood 龍骨王(台灣):提供數位長照/復健服務的醫病互動軟體公司,產品已受日本前兩大長照集團青睞採購,並逐漸導入近300家醫療長照機構落地應用,目前聚焦擴大日本市場。
關於 AppWorks 之初加速器集團

2009年成立,由「創業者」為「創業者」設立的加速器,和基於加速器發展的新創社群與創投機構,致力在大東南亞地區協助下世代的創業者,抓住數位革命的成長機會。正如同Mobile Internet帶來了巨變,我們相信ABS–AI、Blockchain與Southeast Asia是今日的三大典範轉移。我們認為,創造一個偉大事業的過程中,團隊是主角,而投資人則是配角,我們專注扮演配角,從種子時期開始支持有想法的團隊,一路陪著他們打造區域級、世界級的偉大企業。AppWorks目前共提供Accelerator、Funds與School等三項主要服務。
更多資訊:appworks.tw

關於 AppWorks Accelerator 之初加速器

2010年成立,每半年嚴選本區域最具潛力的新創團隊進駐。輔導新創團隊尋找Product-Market Fit,幫助成長期團隊建立 Sustainable/Scalable Business Models。成立以來,從AppWorks Accelerator畢業的活躍新創已達490家、1,589位創業者。AppWorks生態系所有新創加總營業額達153億美元;提供就業數23,999位,年增6%;累積募資金額57億美元,年增10%;總市值318億美元,年增2%。其中,AppWorks生態系已有120家活躍新創、279位創業者來自Web3領域,整體營業額達16億美元;累積募資金額9.9億美元,年增8%;總市值131億美元,年增5%。
更多資訊:appworks.tw/accelerator

#關於 AppWorks Funds 之初創投基金

AppWorks管理三支創投基金總共募集2.12億美元,我們與認同AppWorks理念的投資人合作,其中包括在科技製造、金融、媒體、電信等領域領先的企業。我們通常投資種子輪至C輪的新創,每年進行20-30個投資案,目前為止已投資100家新創,其中許多在其所處產業或領域中居於領先地位,如:Lalamove、Dapper Labs / Flow、Animoca Brands、91APP、Figment、Carousell、ShopBack、Tiki、17LIVE、KKday 等。此外,AppWorks Funds至今已有5個IPO案 (Uber、隆中網絡、創業家兄弟、松果購物、91APP)、4個IEO案,以及1隻百角獸 (Hectocorn)、2隻十角獸(Decacorn) 與 5 隻獨角獸 (Unicorn)。
更多資訊:appworks.tw/investments

#關於 AppWorks School 之初學校

AppWorks School 成立於 2016 年,致力協助渴望投身數位、網路與電商產業的人才,提供免費、實作、高效、與業界結合的紮實

培訓計畫。成立至今,已培訓超過 800 位學員,其中 90% 投身於網路界,在台灣大哥大、momo、91APP、KKBOX、Line TV、WeMo Scooter、Line Taxi、Hahow、VoiceTube 與 Gogoro 等知名新創與科技公司擔任軟體工程師。現提供軟體培訓營、校園培訓計畫、在職進修、企業代訓等服務,經營iOS、Android、Front-End、Back-End、Data Engineering、Automation Test、System Design、Blockchain 等課程專班。
更多資訊:school.appworks.tw

AppWorks 活動聯絡人(含發稿後媒體聯繫):Michelle Lin | +886-928-038-997 | [email protected]

AppWorks #26 + Wistron #4 Demo Day Features B2B Startups Targeting Southeast Asia and New Web3 Models

AppWorks Accelerator today held its 26th demo day, unveiling 14 startups targeting Southeast Asia markets and innovative web3 models. The event was held in tandem with Wistron Demo Day #4, which featured five startups in the AI and IoT spaces.

AppWorks Accelerator #26 (AW#26) demo day featured a total of 14 teams on stage, with 10 from Southeast Asia, reflecting AppWorks commitment to the region. As a batch, AW#26 founders hail from 15 different countries, including Taiwan, the Philippines, Indonesia, Vietnam, Singapore, Hong Kong, and Australia—with 37% of which being serial entrepreneurs. The batch included companies innovating in the fields of AI, education, healthcare, IoT, logistics, and web3, among others.

Of particular note, the majority of AW#26 startups focus on B2B models. This includes Vietnam-based Quqo, a digital supply chain solution developer for SMEs and mom-and-pop shops; and Tokban, a marketplace for construction materials in Indonesia connecting local hardware stores with suppliers, which achieved US$5 million in revenue in 2022. In the web3 space, Growing3 has developed on-chain digital marketing solutions that reduce customer acquisition costs by 79% and improve the conversion rate by 376%; and Morpheus Labs, which has created an open platform that helps businesses integrate web3 tools through cross-chain low-code solutions, acting as the official partner of well-known cloud companies throughout the APAC region.

For 2023, the global economy has demonstrated durability, as the world has largely adjusted to sudden and elevated higher interest rates and an end to easy money while staving off the threat of recession. The OECD has raised estimates for world economic growth to +2.7%, reflecting a positive outlook for investment and growth. Under this context, AppWorks sees its A.B.S. (AI, Blockchain, Southeast Asia) strategy as uniquely suited to capture opportunities in this macro environment. During this cycle, AppWorks has strengthened its Beacon Funds strategy, partnering with local venture capital firms to tap into emerging opportunities in Southeast Asia and create synergies between the region and Taiwan.

“The bullwhip effect stemming from sudden and elevated rate hikes is only just now hitting private markets, impacting founders and investors alike across Greater Southeast Asia. Startup and technology hotspots like Singapore, Indonesia, and Taiwan have experienced a material pullback in investment activity, whereas markets like Vietnam and the Philippines exhibited some degree of insulation, reflecting the sheer nascency of these ecosystems. We’re now seeing a complete reset on how startups are viewed and valued, with investors displaying a renewed focus on profitability, margins, and overall business fundamentals,” said Jun Wakabayashi, Principal of Beacon Funds, AppWorks. “We believe this shifting paradigm will not only help existing founders clean house and recalibrate their business models, but also forge a new generation of bold and ambitious entrepreneurs looking to tackle the plethora of pain points emerging as the rising tide of free-flowing capital recedes. There is never a better time to be a founder than now.”

Jun Wakabayashi, Principal of Beacon Funds, AppWorks

AW#26 demo day featured the following companies:
  1. Allos: Explainable medical insights through Causal AI (Hong Kong);
  2. DashoContent: AI-powered content subscription platform for marketing (Philippines);
  3. Encoredays: Creator community for micro-influencers aged over 40 (Taiwan);
  4. Forte Biotech: Accessible diagnostics for farming risk management (Singapore);
  5. Gocochain: Environmental monitoring solution for cold chain logistics (Taiwan);
  6. Growing3: On-chain data analytics and marketing solutions for web3 (Taiwan);
  7. InvestEd: Algorithm-based financing products for unbanked GenZs (Philippines);
  8. Keedle Education: Personalized behavioral and emotional learning for K-12 (Taiwan);
  9. Kodifly: Intelligent mobility and transportation system (Hong Kong);
  10. Morpheus Labs: Enabling web3 transformation (Singapore);
  11. Quqo: Digital supply chain solutions for SMEs (Vietnam);
  12. Soltera: Smart Metering-as-a-Service for utilities (Philippines);
  13. Sylk: Shopify for creators helping brands match with creators (Singapore);
  14. Tokban: B2B marketplace for construction materials (Indonesia);

In partnership with AppWorks, Wistron Accelerator has been running since 2021 and has featured 24 teams so far, focusing on companies in AI, cloud, healthcare, information security, IoT, and other cutting-edge sectors. Wistron Accelerator allows startups to conduct Proof of Concepts within real-world scenarios in Wistron Group and together explore avenues of growth over the next decade.

Wistron Demo Day #4 featured the following companies:
  1. AIpoint: AI no-code smart water treatment and recycling platform (Taiwan); 
  2. AiSeed Tech: Full autonomy eVTOL solution (Taiwan);
  3. Chelpis: Quantum safe solutions (Taiwan);
  4. DeepWave: AI-powered audio processing service (Taiwan);
  5. LongGood Meditech: Empowering lives through digital rehabilitation (Taiwan);

“Entrepreneurship is a long and unique journey of learning by doing and often from failures. What may appear as a miraculous overnight success is often the result of 5-10 years in the relentless making. Today’s tech giants all have endured arduous times in the past, with the support of investors and partners playing a big part in their path to victory. With our 26th batch, AppWorks Accelerator has brought yet another carefully selected group of future star founders to the broader venture community, and we’re proud to continue to play a part in nurturing these changemakers over the next 10 years,” said Jamie Lin, Chairman, AppWorks.


Jamie Lin, Chairman, AppWorks

With the addition of AW#26, there are now a total of 490 active startups and 1,589 founders in the AppWorks Ecosystem. These companies collectively generate US$15.3 billion in revenue, employ 24,000 individuals, and have raised US$5.7 billion with an aggregate valuation reaching US$31.8 billion.

AppWorks #27 is currently recruiting for its cohort, with applications closing on July 10, and will launch in September 2023. AW#27 will offer founders intensive exchange and learning activities in Taiwan and Southeast Asia to learn from entrepreneurs throughout the region. These include exchanges with fellow founders, office hours with mentors and AppWorks partners, demo days with investors from Taiwan and Southeast Asia, and customized market exploration itineraries. The batch will help entrepreneurs connect with AppWorks’ founder and alumni network to support and learn from each other.

AppWorks

Founded in 2009, AppWorks is a leading startup community and venture capital firm built by founders, for founders. We are committed to backing the next generation of entrepreneurs in Greater Southeast Asia (ASEAN+Taiwan) and helping them facilitate the region’s transition into the digital age. Just as how mobile and the internet completely transformed the status quo, we believe the current era of technology is currently being defined by major three paradigm shifts: AI, Blockchain, and Southeast Asia (ABS). 

As such, whether it’s mentorship, investment, or talent, AppWorks has established a one-stop-shop for ambitious founders willing to bet against the consensus and drive a change they want to see in the world. We help startups build disruptive businesses from even an inkling of an idea into world-class enterprises through our three primary lines of service: Accelerator, Funds, and School.
More information: appworks.tw

 

AppWorks Accelerator

AppWorks Accelerator is a launchpad for bold and ambitious entrepreneurs targeting Greater Southeast Asia (GSEA). Every six months, we take in startups with strong potential, equipping founders spanning all walks of life with the necessary resources, mentorship, and guidance to get their ventures off the ground.

There are now a total of 490 active startups and 1,589 founders in the AppWorks ecosystem. Collectively, all companies in the ecosystem generate annual revenue totaling US$15.3 billion and have created 23,999 jobs (+6% YoY). Altogether, the ecosystem raised a total of US$5.7 billion (+10% YoY), with an aggregate valuation reaching US$31.8 billion (+2% YoY). The AppWorks web3 ecosystem now has 120 startups and 279 founders. AppWorks web3 companies generated revenue totaling US$1.6 billion, and raised US$990 million (+8% YoY), with an aggregate valuation of US$13.1 billion (+5% YoY).
More information: appworks.tw/accelerator

AppWorks Funds

AppWorks manages three venture capital funds totaling US$212 million, collaborating with investors who share our vision, including leading enterprises in sectors spanning technology manufacturing, finance, and media and telecom. We invest in startups ranging from Seed Round to Series C and fund around 20 to 30 deals a year, now with 100 names in our portfolio, including leading startups in several verticals such as Lalamove, Dapper Labs/Flow, Animoca Brands, 91APP, Figment, Carousell, ShopBack, Tiki, 17LIVE, and KKday, while having produced five IPOs (Uber, GameSparcs, Kuobrothers, Pcone, 91APP), four IEOs, one hectocorn, two decacorns, and five unicorns.
More information: appworks.tw/investments

AppWorks School

Established in 2016, AppWorks School has strived to cultivate a pipeline of skilled engineers to help our community meet the technical demands of tomorrow. Quality talent has always served as the bedrock of innovation, yet shortages still remain the foremost challenge that tech companies in GSEA face today.

AppWorks School has trained over 800 aspiring software engineers; 90% of these graduates went on to pursue successful software development careers in prominent companies such as Taiwan Mobile, momo, 91APP, KKBOX, WeMo Scooter, and Gogoro. AppWorks School currently provides Coding Bootcamp, Campus Program, Upskill Program, and Corporate Training Program with courses in several domains: Android, iOS, Front-End, Back-End, Data Engineering, Automation Test, System Design, and Blockchain.
More information: school.appworks.tw

AppWorks Event Coordinator: 
Michelle Lin | +886-928-038-997 | [email protected]

For Media Inquiries:
John | +1-614-441-5191 | [email protected]

緯創加速器第五屆報名啟動!限額招募 7 家 AI、物聯網、雲端、資安、教育與醫療科技新創

在緯創資通董事長林憲銘 (中) 高度支持,以及 CVC 企業投資辦公室團隊共同努力下,每年兩屆的 Wistron Accelerator 已成功邁入第三年,正式啟動第五屆新創報名申請。

由緯創資通成立、AppWorks 協助營運的 Wistron Accelerator 緯創垂直加速器,自 2021 年 4 月正式啟動至今,將邁入第五屆,自即日起至 2023 年 7 月底以前,開放包含 (不限於) AI、物聯網、雲端、資安、教育與醫療科技領域的新創申請。Wistron Accelerator 每年限額招募兩屆,前四屆共有 24 家新創獲選加入,第五屆將限額招募 7 家,額滿即停止接受申請。獲選團隊將自 2023 年 9 月至 2023 年 12 月展開加速,自加速器畢業後,也將成為緯創新創生態系的一員,持續與緯創集團建立長期且深度的合作關係。

過去兩年多以來,在緯創由上至下、由內而外的推動與努力下,Wistron Accelerator #5 將聯合緯創及集團旗下多家企業與事業單位共同參與:

  1. Wistron 緯創資通 (包含 IIC 新創整合中心、CVC 企業投資辦公室)
  2. Wiwynn 緯穎科技
  3. WNC 啟碁科技
  4. Wistron ITS 緯創軟體
  5. WMT 緯創醫學

為了更廣泛且深入與新創探索各種可能的長期合作機會,Wistron Accelerator 將由各投入的企業與事業單位 C-level 高階主管親自參與,除了擔任 Mentors,提供獲選的新創與創業者在個人經驗、產業洞察、事業經營的交流外,也將提供新創進行 PoC (Proof of Concept) 實驗、加速商業模式成長的場域,新創可因此大幅減少摸索、試錯與實驗的機會成本。

根據過往四屆的實證經驗,緯創憑藉著在全球 ICT 產業的領導地位,以及上下游生態系的完整佈局,在 PoC 實驗場域、軟硬體整合開發、新創生態系協作三個面向上,為加入 Wistron Accelerator 的新創團隊,提供最實質的挹注與加速。

例如,Wistron Accelerator #1 的 Authme、專攻身分認證及詐欺防範的 AI 解決方案。緯創先提供內部 PoC 實驗場域,讓 Authme 無需大幅度建置基礎設備,就能在緯創導入新的身分認證解決方案,利用 AI 人臉辨識系統,確保是員工識別證上的本人進入廠房、辦公大樓等內部空間,防堵潛在的資安風險,以及資料外洩的可能性。內部實驗成功後,緯創與 Authme 更進一步拓展新市場,共同合作遠距醫療 KYC 身分認證的 PoC,為不便親赴醫院就診的民眾,提供更為便利的數位解決方案。

獲選錄取  Wistron Accelerator 的新創團隊,將可獲得的協助包含:

  1. 緯創集團各企業 / 事業單位 C-level 高階主管提供產業面的專業建議
  2. 與緯創獨家合作 PoC
  3. 由緯創提供新台幣 20 萬研發費用贊助 
  4. AWS Cloud Credits

緯創資通董事長林憲銘指出:「希望 5 到 10 年後,台灣有更多具有國際影響力的新創出現。」他認為,長期以來,台灣的人才取向偏向硬體產業,雖然創造很大的成果,但無法確認未來是否仍有效,應該思考加碼投資在 AI、雲端、資安、物聯網等軟體領域。他進一步指出:「萬事不能只靠自己,很多事情需要建立一套機制與夥伴合作,讓我們跳脫既有的模式與舒適圈,因此,新創加速器對緯創而言,不會只用緯創角度來看,因為不是緯創來幫助新創,而是倒過來,緯創從新創身上得到更多的幫助,這讓我們更有動力將新創加速器持續做下去。」

AppWorks 合夥人程九如指出:「創業過程通常是創業者先挖掘出尚未被解決的問題,並以此提出假設來打造產品、服務或商業模式,加入 Wistron Accelerator,緯創能與新創合作提供大規模、系統化的 PoC 實驗場域來驗證創業假設,減少創業者大量摸索與試錯的時間。能站在緯創這樣的巨人肩膀上,是創業旅程中難得的契機。優秀創業者應該要把握這樣的機會。」 

關於 Wistron Accelerator 緯創垂直加速器

緯創資通集團身為全球 ICT 產業領導廠商之一,正積極佈局未來、邁向永續。憑藉堅強的研發及技術創新能力,以及多元化產品發展,將硬體設備結合軟體服務、雲端數據系統,提供技術服務與解決方案,建立新技術產業鏈以及創新平台,大力將事業擴展至教育、企業服務、物聯網及醫療等新領域。

緯創邁向永續的關鍵作法之一,就是採取積極的前瞻性投資,引進策略技術夥伴,投資並攜手新創團隊。緯創近幾年已投入超過新台幣 100 億元,共有 60 家投資甚或長期經營的案例。

為了擴大與新創合作的廣度與深度,緯創分別在 2020 年,成立企業投資辦公室 (CVC);在 2021 年與大東南亞領先的新創加速器 AppWorks 合作啟動 Wistron Accelerator 緯創垂直加速器,透過策略投資與結盟,積極佈局未來的成長引擎,由 AppWorks 提供營運等核心業務,並以每年舉辦兩屆、限額招募 7 家新創來進行。前四屆加速器共有 24 家新創獲選加入。

緯創與 AppWorks 從 2014 年就開始展開策略結盟,不僅是 AppWorks Fund II、Fund III 的主要股東之一,之後也陸續投資了 MoBagel (AppWorks #16)、ANIWARE (AppWorks #17) 與 LucidPix (Appworks #18)  等自 AppWorks Accelerator 畢業的新創校友,雙方有長期的策略合作關係與綜效。

【歡迎所有 AI、物聯網、雲端、資安、教育與醫療科技的創業者,申請加入 Wistron Accelerator

Why We Invested: Harshet Lunani and Tommy Martin, the dual-core behind Qoala

Sophie Chiu, Principal (邱敬媛 / 協理)

Sophie is a Principal leading the Southeast Asia Arm, that is responsible for meeting, helping and investing in great founders in the region. She joined AppWorks as an Associate in 2020 and was subsequently promoted as a Principal in 2023. Prior to AppWorks, Sophie had 10 years of public equity experience. She was part of the portfolio management team at Neuberger Berman, focusing on emerging market opportunities. Prior to that she served as a research analyst at Credit Suisse, JPMorgan, and London-based Autonomous Research. Sophie holds a Master of Finance with distinction from Warwick Business School and BS Finance from National Taiwan University. Her passion and expertise, however, extend far beyond just researching companies and industries. She is also an author of two published poetry books and holds a keen interest in human psychology and human behavior.

Qoala is an InsurTech company that has experienced remarkable growth, now boasting a presence across three Southeast Asian markets: Indonesia, Thailand, and Malaysia. Harshet Lunani and Tommy Martin, Qoala’s co-founders, possess strong insights and a deep understanding of the pain points found throughout the insurance industry value chain. Although this industry seems mature and proven in developed markets, its complexity and strict regulation have made it challenging for technology adoption. Meanwhile, the correlation between insurance penetration and economic growth is not guaranteed, which presents an inherent risk. However, it is precisely this challenging path that attracts committed and insightful founders like Harshet and Tommy. Their dedication to making a difference is a key reason why we are placing faith in them and Qoala to continue growing and transforming the insurance landscape in Southeast Asia.  

Dedicated builders driven by ambition and unwavering vision

For some people, life is full of hero’s journeys. They will always end up on a challenging path. At first, it may seem to be deemed by fate. Eventually, it becomes a deliberate choice as a less traveled or seemingly impossible path usually bestows the richest life experiences and most fruitful outcome or even profoundly impacts the world. This is what Harshet has been through and shaped his experience as a founder. 

Hailing from a small town in India without much privilege, Harshet learned the lesson of survival from a young age. He left home to study in a (non-privileged) boarding school from age 8 to 17, where he became ‘battle-tested’: rigorous daily routines, necessary social skills to survive among teenagers living 24/7 together, being a top player in cricket, and remarkable academic performance. His grit and determination eventually secured him a sponsored master’s degree in math at University of Oxford and job offer in London, working at Merrill Lynch and then Lehman Brothers. However, Harshet joined these two banks during the Global Financial Crisis in 2007-2008. So, he soon witnessed how a seemingly large and impregnable financial institution could collapse overnight, and how it had an impact on so many individuals losing their life savings. This seeded a deep-down entrepreneurial desire for Harshet to build something that could make the world a more secure place. After working in finance, Harshet joined BCG and later Endeavor, where he gained access to large corporations and startups to learn about business models and entrepreneurship. When he had the chance to help BIMA, an InsurTech startup from Ghana, launch in Indonesia, Harshet immediately jumped on the opportunity. 

As the General Manager of BIMA for four years, he set up the entire business from scratch, growing the business to US$1.5M scale with 80 employees in Indonesia. Unlike when he started his career in finance, this time, Harshet experienced the storm face-first. Smartphones were experiencing massive penetration in Indonesia and Gojek had just reached unicorn status. Harshet foresaw the inevitable dead-end of BIMA’s business model based on selling insurance products from phone balances. Unable to convince the Ghana headquarters, Harshet remained resolute to continue his journey on InsurTech but instead building something on his own. This is a field where he built tremendous expertise and track record, and recognized the potential to create significant value for stakeholders and individuals alike, resonating with the vision of the world he wanted to build. However he knew he had to take the lead role in creating such a business, and ultimately left to launch Qoala in 2018.

Before Qoala, there was actually a first attempt that fell short called Kelola. Undeterred, he met with Tommy Martin, the investor behind Kelola, who has a strong background in fintech. Tommy’s experience as an engineer at Nokia, business consultant at Accenture and EY, and product and marketing lead at Traveloka offered a holistic perspective that complemented Harshet’s skills. They quickly found that they had great compatibility and set sail to start Qoala together. Tommy’s expertise in product development and business strategy has been crucial in enabling Qoala to build products that cater to the intertwined interests of all users and stakeholders in the industry. Tommy, like Harshet, had witnessed the transformative power of a successful business firsthand through his parents, who turned their family’s fortunes around through entrepreneurship. So that Tommy could be the first generation in his family to live a comfortable life and even study abroad. However, watching his parents conquer their life ambitions helped Tommy form a deep-down desire to build something on his own too. Tapping into his entrepreneurial DNA, Tommy felt compelled to take an 80% pay cut and go against his parents’ wishes by returning to Indonesia. This unwavering determination serves as his guiding light, and he is committed to building a business that can change people’s lives and create his own path. 

Strategic approach to innovation and staying ahead of the curve

The partnership between Harshet and Tommy has proven to be a powerful combination. Harshet’s experience building BIMA allowed him to identify the tremendous potential of the next paradigm shift, while Tommy’s insights into major digital platforms enabled Qoala to establish its initial product-market fit through a collaboration with Traveloka. This success was no mere coincidence; the duo had devised a methodical roadmap for expanding Qoala’s presence within the existing value chain. They first targeted areas with high traffic and data concentration, which allowed Qoala to develop unique products. With these products in hand, they focused on building critical distribution channels, eventually becoming vital partners for insurers. This entire process has been tech-enabled, and as the momentum grew, Qoala expanded into Thailand, a larger market essential for a VC-backed company’s growth.

Today, the rest is history. Qoala achieved fourfold growth in gross written premium over the past two years, with a primary footprint spanning three markets. However, the ambitious founders show no signs of stopping. They are now exploring an additional step in the growth flywheel by testing direct-to-consumer (D2C) channels with the data and know-how accumulated over the past four years. Although still in early stages, Qoala possesses all the necessary elements to capture the market quickly as consumers become more mature and educated. It is hard not to be inspired by visionary founders who always stay ahead of the curve. 

SEA a nascent landscape for InsurTech to make their mark

While advanced APAC countries boast an average insurance penetration rate of 9%, Southeast Asia’s figures have remained relatively low at 1-3% for Indonesia, Vietnam, and the Philippines. In comparison, India demonstrates a higher penetration rate of 4-5%, despite having a lower Gross National Income (GNI) per capita. While the mandatory auto insurance requirement in India is one primary driver of adoption, there’s also an intrinsic hidden risk: The correlation between insurance penetration and economic growth is not guaranteed. Or we should say, the correlation depends on many external factors such as money supply and stock market capitalization as demonstrated by several academic studies (Chang et al., 2012, Pradhan et al., 2016, Dash et al., 2018).

The insurance sector is a tough space. A green field like Southeast Asia has huge uncertainties, while mature markets have left limited room for startups to disrupt. In high penetration countries such as the US, Taiwan, Hong Kong, and South Africa, market structures are relatively unshakeable due to stringent regulations and high barriers to entry. Drawing from our experience in Taiwan, we have observed that most digital players face challenges in scaling their businesses. For consumer-focused ideas, the market size often has an actually lower ceiling than expected, limiting growth potential. Meanwhile, enterprise-focused initiatives struggle to expand as enterprise customers possess substantial bargaining power and resources, which enable customers to implement digital solutions independently.

That silver-lining is the digital-native mindset of Southeast Asia. From Qoala, we’ve seen that insurance companies in the region are increasingly open to collaborating with digital solutions, while digital platforms (such as Shopee, Traveloka, Tiki, etc.) are motivated to monetize their traffic through financial products. Additionally, individual consumers in the region have also embraced digital technologies, making them more receptive to innovative insurance offerings. 

AppWorks is here to support great entrepreneurs in the region

Success in this market requires visionary founders with a deep care for users across the entire value chain. Harshet and Tommy, the founders of Qoala, have demonstrated this through their exponential growth. Their methodical approach, combined with their complementary founder qualities resulted in amazing growth traction and market expansion. Most importantly, they are both ambitious and driven by their ultimate north star. As a firm believer in supporting great entrepreneurs, AppWorks is proud to back Harshet, Tommy, and the Qoala team, and we look forward to contributing to their journey with our ecosystem of 400 active startups and over 1,400 likeminded founders.

If you are a founder working on a startup in SEA, or working with AI and web3, apply to AppWorks Accelerator to join the largest founder community in Greater Southeast Asia.