The right move
- Before Covid-19, 500-backed fintech company Split helped consumers book trips and pay for them through instalment plans. But things took a drastic turn — with the travel industry going through turbulence as a result of the shuttering of borders worldwide.
- Dylan Tan and his team cracked their heads and made a change. Shifting from travel but offering the same payment flexibility, they tapped into e-commerce and retail outlets.
- So far, it has been the right move.
- “Here we are six months later. We’ve processed about 4 to 5 million of sales in that span of time,” Dylan told BFM in an interview yesterday.
- Admittedly, Dylan said the pivot was a risk as he didn’t know if consumers would be willing to spend, considering the current state of the economy.
- “There was a lot of unpredictability in income… we didn’t know if people were going to shift their money from travel to consumer goods. We had no idea if we wanted to do this. We just did it. Malaysians loved it and we started scaling from there,” Dylan said.
- Split’s current vendor list includes a wide variety of brands across Malaysia & Singapore in the fashion, electronics, furniture, jewelry, personal care, fitness, gifts, and F&B sectors.
- Without needing a credit card, consumers can make purchases with up to three interest-free repayments through their debit cards.
- Hear Dylan’s full interview on BFM here.
Healthtech vs Covid-19
- Gillian Tee, co-founder of 500-backed elderly care company Homage, recently sat down with The Straits Times to talk about the role they’ve been playing in combating the coronavirus pandemic.
- With an “army” of 400 healthcare professionals deployed to man screening stations, carry out swab tests, and provide telemedicine consultations, the Homage team has been serving as much as they can.
- “We never expected to play such a role in the fight against Covid-19. They have gone into quarantine zones, nursing homes, hospitals and migrant worker communities and dormitories,” Gillian said.
- Gillian and her team knew they couldn’t sit around with a health crisis unfolding in front of their eyes.
- “We just felt this strong sense of urgency to act because we knew that with the number of healthcare professionals on our platform, we couldn’t sit back and needed to be a part of the solution.”
- Homage, which raised a Series B round in January this year, has expanded to Malaysia with more than 3,000 curated care and medical professionals across both markets, servicing both consumers and healthcare organisations.
- In June, it launched Homage Health, a service providing telehealth consultations and medicine delivery for those who may be at a greater risk of contracting Covid-19 during the pandemic.
- The battle is far from over, though. Gillian said the pandemic has only solidified her conviction in digital products that provide healthcare at scale.
- Read her interview with The Straits Times here.
Sustainable efforts
- Indonesia’s 500-backed aquatech company eFishery has been ranked in Cleantech Group’s annual #APAC25 list.
- Cleantech Group is a global provider of research, consulting and events to catalyze opportunities in sustainable innovation. The list shines the spotlight on independent companies from the Asia Pacific region engaged in sustainable innovation that are viewed by the market as likely to have significant impact in a five-to-ten-year time frame.
- More than 11,000 companies were nominated from Cleantech Group’s programmes and a panel of professionals.
- The recognition showcases eFishery’s commitment to serve local fish and shrimp farmers with digital tools that amplify their businesses.
- “This Covid-19 pandemic has taught us that essential verticals such as agriculture are important, and we have to sustain that. We have to make sure that food production is done in a sustainable, fair, and efficient manner.” said eFishery co-founder and CEO, Gibran Huzaifah.
- Over 8,000 farmers and 30,000 ponds across Indonesia are on eFishery’s platform. The solutions provided by the Bandung-based company have helped farmers accelerate their annual income levels up to $100,000, which in turn allows them to set up more ponds and help create more jobs in rural areas.
- Download the complete #APAC25 list here. Congrats on the recognition, team eFishery!
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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 Southeast Asia family of funds. The 500 Southeast Asia funds have backed over 240 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.
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